Document:

Fifth Amendment to Credit Agreement

 Exhibit 10.1 
 FIFTH AMENDMENT 
 TO 
 CREDIT AGREEMENT 
 DATED FEBRUARY 27, 2004 
 BY, BETWEEN AND AMONG 
 BEASLEY
MEZZANINE HOLDINGS, LLC, 
 BANK OF MONTREAL, CHICAGO BRANCH, AS ADMINISTRATIVE AGENT 
 AND 
 THE LENDERS PARTY THERETO

 This FIFTH AMENDMENT (the “Amendment”) dated as of April 13, 2007, is entered into by, between and among
BEASLEY MEZZANINE HOLDINGS, LLC (“Borrower”), BANK OF MONTREAL, CHICAGO BRANCH (“Bank of Montreal”), as administrative agent for Lenders (in such capacity the “Administrative
Agent”), and THE LENDERS (as defined in the Credit Agreement). 
 WHEREAS, Borrower, the Lenders and the
Administrative Agent are parties to that certain Credit Agreement dated as of February 27, 2004, as amended by the First Amendment to Credit Agreement dated June 18, 2004, the Second Amendment to Credit Agreement dated June 27, 2005,
the Third Amendment to Credit Agreement dated January 30, 2006, and the Fourth Amendment to Credit Agreement dated February 1, 2007 (as amended, the “Credit Agreement”); 
 WHEREAS, Borrower desires that Lenders (i) increase the aggregate amount of Term Loan Commitments by $28,055,555.55 to $128,055,555.55, which
increased amount shall be used by Borrower to repay the outstanding Revolving Loans (but not reduce the Revolving Loan Commitments) and to repay, in full, the Loans of The Bank of New York, (ii) to decrease the aggregate amount of the Revolving
Loan Commitments by $17,243,055.55 to $102,131,944.45, and (iii) increase the maximum amount of Incremental Facility by $15,000,000 to $90,000,000 and to include revolving loans as part thereof; 
 WHEREAS, after giving effect to this Amendment, the Lenders shall have extended to Borrower revolving and term credit facilities in the aggregate
amount of $230,187,500 and an uncommitted credit facility of up to $90,000,000; 
 WHEREAS, upon the effective time of this Amendment,
Wells Fargo, National Association shall replace The Bank of New York as the “Syndication Agent”, and BNP Paribas shall replace Wells Fargo, National Association as a “Co-Documentation Agent”; and 
 WHEREAS, Borrower, the Administrative Agent and the Lenders desire to enter into this Amendment to effect the foregoing and to amend certain other
provisions of the Credit Agreement as more particularly set forth below; 
 NOW, THEREFORE, Borrower, the Administrative Agent
and the Lenders hereby agree as follows: 

 1. Defined Terms. Capitalized terms which are used herein without definition and which are defined in the
Credit Agreement shall have the same meanings herein as in the Credit Agreement. 
 2. Amendments to Credit Agreement. Subject to the
satisfaction of the conditions set forth in Section 4 below, the Credit Agreement is hereby amended as follows: 
  

	 	A.	The following defined terms set forth in subsection 1.1 of the Credit Agreement are hereby deleted in their entirety and replaced with the following new definitions:

 “Consolidated Excess Cash Flow” means, for Borrower and its Subsidiaries on a consolidated
basis, for any Fiscal Year of Borrower, the amount by which Borrower’s and its Subsidiaries’ operating revenues collected in Cash during such Fiscal Year exceed the sum (without duplication) of (i) Borrower’s and its
Subsidiaries’ consolidated operating expenses paid in Cash in such period (including, without duplication, Consolidated Cash Interest Expense and general and administrative expenses), plus (ii) the amount (without duplication) paid in Cash
by Borrower and its Subsidiaries in such period for (a) principal repayments of the Consolidated Total Debt (excluding payments made from Consolidated Excess Cash Flow), including voluntary prepayments of the Term Loans in accordance with
subsection 2.4B(i), plus (b) Consolidated Capital Expenditures paid in Cash, plus (c) Cash distributions permitted under subsection 7.5 hereof, plus (d) fees and expenses paid in Cash by Borrower and its Subsidiaries hereunder or
under the other Loan Documents for the effectiveness of such agreements and for amendments and waivers thereto excluding such costs that are paid with proceeds of Loans, plus (e) all legal fees and expenses paid in Cash by Borrower and its
Subsidiaries with respect to any acquisition or disposition of a Station permitted hereunder excluding such costs that are paid with proceeds of Loans hereunder, plus (f) the aggregate amount of Holdings Advances made in such Fiscal Year, plus
(g) all Cash invested in Investments during such Fiscal Year as permitted by subsection 7.3(v), (viii) and (ix) or used in consummating Permitted Acquisitions excluding Investments or Permitted Acquisitions made with Cash constituting
proceeds of Loans hereunder. For purposes of calculating Consolidated Excess Cash Flow with respect to assets not owned by the Borrower and its Subsidiaries for the full Fiscal Year, Consolidated Excess Cash Flow shall be calculated as if any
operations disposed of by any Borrower and its Subsidiaries at any time during the preceding 12-month period had not been owned by the Borrower and its Subsidiaries for any of the full preceding 12-month period. 
 “Revolving Loan Commitment Termination Date” means the earlier of (i) June 30, 2015 or (ii) the date on
which the Commitments are terminated and the Loans and other Obligations are declared immediately due and payable in accordance with Section 8. 
 “Revolving Loans” means the Loans made or maintained by Lenders to Borrower pursuant to subsection 2.1A(ii) and the Incremental Revolving Loans, if any. 
  

	 	B.	The definition of Consolidated Operating Cash Flow in subsection 1.1 of the Credit Agreement is hereby amended by deleting clause (viii) thereof and replacing it with
the following: 

 “all legal fees and expenses incurred by Borrower and its Subsidiaries with respect to any acquisition or
disposition of a Station permitted hereunder as a “like-kind” exchange under 

  

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Section 1031 of the Internal Revenue Code or a “reverse like-kind exchange” under the Internal Revenue Code, and” 
  

	 	C.	The following new defined terms are hereby added to subsection 1.1 of the Credit Agreement: 

 “Effective Date” means the “Effective Date” as defined and used in the Fifth Amendment to this Agreement dated
as of April 13, 2007. 
 “Effective Time” means the “Effective Time” as defined and used in
the Fifth Amendment to this Agreement dated as of April 13, 2007. 
 “Incremental Loan” shall have the
meaning set forth in subsection 2.11A. 
 “Incremental Revolving Loan” shall have the meaning set forth in
subsection 2.11A. 
 “Incremental Revolving Loan Notes” shall have the meaning set forth in subsection 2.11C.

 “Pre-Effective Time Credit Agreement” means the Credit Agreement as in effect immediately prior to the
Effective Time. 
 “Pre-Effective Time Term Loans” means the “Term Loans” as defined in the
Pre-Effective Time Credit Agreement. 
 “Replacement Property” shall have the meaning assigned to that term
in subsection 2.4B(iii)(a)(4). 
 “Reverse Like-Kind Exchange Accommodation Titleholder” shall have the
meaning assigned to that term in subsection 2.4B(iii)(a)(4). 
 “Reverse Like-Kind Exchange Permitted
Acquisition” shall have the meaning assigned to that term in subsection 2.4B(iii)(a)(4). 
  

	 	D.	The defined term “Incremental Term Loan Commitment Termination Date” is hereby deleted and replaced with the following new definition: 

 “Incremental Loan Commitment Termination Date” means the earliest of (i) December 31, 2010, (ii) the date
of termination of Lenders’ obligations to make Loans and to issue Letters of Credit or permit existing Loans to remain outstanding under this Agreement, and (iii) the date of indefeasible prepayment in full by Borrower of all Obligations
and the cancellation and return (or stand-by guarantee) of all Letters of Credit or the cash collateralization of all Letter of Credit Obligations, and the permanent reduction of all Commitments to zero dollars ($0). 
  

	 	E.	The defined term “Notice of Incremental Term Loan Request” is hereby deleted and replaced with the following new definition: 

 “Notice of Incremental Loan Request” has the meaning set forth in subsection 2.11B. 
  

 3 

	 	F.	Subsection 2.1(A) of the Credit Agreement is hereby amended by deleting the present text thereof in its entirety and substituting in its place the following:

 (i) Term Loans. Each Lender having a Term Loan Commitment (as defined in the Pre-Effective Time Credit
Agreement) severally agrees (a) to continue its Pre-Effective Time Term Loans as Term Loans hereunder at the Effective Time (and Borrower hereby agrees to such continuation), and/or (b) to lend to Borrower (and Borrower agrees to borrow)
on the Effective Date an amount as a Term Loan hereunder, so that, after giving effect to the making of all such Term Loans of all Lenders and such continuation of Pre-Effective Time Term Loans, each Lender having a Term Loan Commitment will make
and/or hold, as the case may be, a Term Loan in the amount of its Pro Rata Share of the aggregate amount of the Term Loan Commitments, to be used for the purposes identified in subsection 2.5A. The amount of each Lender’s Term Loan Commitment
is set forth opposite its name on Schedule 2.1 annexed to the Fifth Amendment to this Agreement dated as of April 13, 2007, the aggregate amount of the Term Loan Commitments is One Hundred Twenty-Eight Million Fifty-Five Thousand Five
Hundred Fifty-Five and 55/100 Dollars ($128,055,555.55), and the aggregate amount of the Term Loan Commitments to be drawn or continued on the Effective Date after giving effect to the preceding clauses (a) and (b) is One Hundred
Twenty-Eight Million Fifty-Five Thousand Five Hundred Fifty-Five and 55/100 Dollars ($128,055,555.55); provided that the Term Loan Commitments of Lenders shall be adjusted to give effect to any assignments of the Term Loan Commitments
pursuant to subsection 10.1B. Upon funding of the Term Loan Commitment by a Lender, such Lender’s Term Loan Commitment shall expire immediately and without further action on the date hereof. Amounts borrowed under this subsection 2.1A(i)
and subsequently repaid or prepaid may not be reborrowed. 
 (ii) Revolving Loans. Each Revolving Lender severally
agrees, subject to the limitations set forth below with respect to the maximum amount of Revolving Loans permitted to be outstanding from time to time, to lend to Borrower from time to time during the period from the Closing Date to but excluding
the Revolving Loan Commitment Termination Date an aggregate amount not exceeding its Pro Rata Share of the aggregate amount of the Revolving Loan Commitments to be used for the purposes identified in subsection 2.5A. The amount of each Lender’s
Revolving Loan Commitment is set forth opposite its name on Schedule 2.1 annexed hereto and the aggregate amount of the Revolving Loan Commitments is One Hundred Two Million One Hundred Thirty-One Thousand Nine Hundred Forty-Four and
45/100 Dollars ($102,131,944.45); provided that the Revolving Loan Commitments of Lenders shall be adjusted to give effect to any assignments of the Revolving Loan Commitments pursuant to subsection 10.1B; and provided, further
that the amount of the Revolving Loan Commitments shall be reduced from time to time by the amount of any reductions thereto made pursuant to subsection 2.4. Each Revolving Lender’s Revolving Loan Commitment shall expire on the Revolving Loan
Commitment Termination Date, and all Revolving Loans and all other amounts owed hereunder with respect to the Revolving Loans and the Revolving Loan Commitments shall be paid in full no later than that date. Subject to reduction of the Revolving
Loan Commitments pursuant to subsection 2.4, amounts borrowed under this subsection 2.1A(ii) may be repaid and reborrowed to but excluding the Revolving Loan Commitment Termination Date. 
 Anything contained in this Agreement to the contrary notwithstanding, the Revolving Loans and the Revolving Loan Commitments shall be
subject to the limitation that in no event shall the Total Utilization of Revolving Loan Commitments at any time exceed the Revolving Loan Commitments then in effect. 
  

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	 	G.	Schedule 2.1 to the Credit Agreement is hereby amended by deleting the present text thereof and substituting in its place the new Schedule 2.1 attached to this
Amendment. 

  

	 	H.	Subsection 2.2(A) of the Credit Agreement is hereby amended by deleting the present text of the third paragraph thereof (including the table set forth therein) and
substituting in its place the following: 

 With respect to Term Loans and Revolving Loans, the
“Applicable Margin” for each Base Rate Loan and LIBOR Rate Loan shall be the percentage set forth below for that type of Loan based upon the Consolidated Total Debt Ratio as set forth and adjusted below: 
  

							
	 Consolidated Total Debt Ratio
	  	Applicable Margin	 
	  	Base
Rate Loan	 	 	LIBOR
Rate Loan	 
	 Greater than or equal to 5.50:1.00
	  	0.250	%	 	1.500	%
			
	 Greater than or equal to 5.00:1.00 but less than 5.50:1.00
	  	0.000	%	 	1.250	%
			
	 Greater than or equal to 4.50:1.00 but less than 5.00:1.00
	  	0.000	%	 	1.000	%
			
	 Less than 4.50:1.00
	  	0.000	%	 	0.750	%

  

	 	I.	Subsection 2.2(B)(v) of the Credit Agreement is hereby amended by deleting the present text thereof in its entirety and substituting in its place the following:

 (v) no Interest Period with respect to any portion of the Term Loans shall extend beyond June 30, 2015,
and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date; 
  

	 	J.	Subsection 2.4(A) of the Credit Agreement is hereby amended by deleting the present text thereof in its entirety and substituting in its place the following:

 (i) Scheduled Payments of Term Loans. Borrower shall make principal payments on the Term Loans in
installments on the dates and in the amounts set forth below: 
  

				
	 Quarter Ending
	  	 Scheduled Repayment of
 Term Loans

	 June 30, 2009
	  	$	1,600,694.44
	 September 30, 2009
	  	$	1,600,694.44
	 December 31, 2009
	  	$	1,600,694.44
	 March 31, 2010
	  	$	1,600,694.44

  

 5 

				
	 Quarter Ending
	  	 Scheduled Repayment of
 Term Loans

	 June 30, 2010
	  	$	1,600,694.44
	 September 30, 2010
	  	$	1,600,694.44
	 December 31, 2010
	  	$	1,600,694.44
	 March 31, 2011
	  	$	1,600,694.44
	 June 30, 2011
	  	$	2,561,111.11
	 September 30, 2011
	  	$	2,561,111.11
	 December 31, 2011
	  	$	2,561,111.11
	 March 31, 2012
	  	$	2,561,111.11
	 June 30, 2012
	  	$	2,561,111.11
	 September 30, 2012
	  	$	2,561,111.11
	 December 31, 2012
	  	$	2,561,111.11
	 March 31, 2013
	  	$	2,561,111.11
	 June 30, 2013
	  	$	3,201,388.89
	 September 30, 2013
	  	$	3,201,388.89
	 December 31, 2013
	  	$	3,201,388.89
	 March 31, 2014
	  	$	3,201,388.89
	 June 30, 2014
	  	$	3,201,388.89
	 September 30, 2014
	  	$	3,201,388.89
	 December 31, 2014
	  	$	3,201,388.89
	 March 31, 2015
	  	$	3,201,388.89
	 June 30, 2015
	  	$	69,150,000.00

 ; provided that the scheduled installments of principal of the Term Loans set forth above
shall be reduced in connection with any voluntary or mandatory prepayments of the Term Loans in accordance with subsection 2.4B(iv); provided, further that the Term Loans and all other amounts owed hereunder with respect to the
Term Loans shall be paid in full no later than June 30, 2015, and the final installment payable by Borrower in respect of the Term Loans on such date shall be in an amount, if such amount is different from that specified above, sufficient to
repay all amounts owing by Borrower under this Agreement with respect to the Term Loans. 
 (ii) Scheduled Reductions of Revolving Loan
Commitments. The Revolving Loan Commitments shall be permanently reduced on the dates and in the amounts set forth below: 
  

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	 Quarter Ending
	  	 Scheduled Reduction
 of Revolving
 Loan Commitments

	 June 30, 2013
	  	$	5,106,597.22
	 September 30, 2013
	  	$	5,106,597.22
	 December 31, 2013
	  	$	5,106,597.22
	 March 31, 2014
	  	$	5,106,597.22
	 June 30, 2014
	  	$	5,106,597.22
	 September 30, 2014
	  	$	5,106,597.22
	 December 31, 2014
	  	$	5,106,597.22
	 March 31, 2015
	  	$	5,106,597.22
	 June 30, 2015
	  	$	61,279,166.67

 ; provided that the scheduled reductions of the Revolving Loan Commitments set forth above
shall be reduced in connection with any voluntary or mandatory reductions of the Revolving Loan Commitments in accordance with subsection 2.4B(iv); and provided, further, that the Revolving Loans and all other amounts owed hereunder
with respect to the Revolving Loans shall be paid in full no later than the Revolving Loan Commitment Termination Date, and the final installment payable by Borrower in respect of the Revolving Loans on such date shall be in an amount, if such
amount is different from that specified above, sufficient to repay all amounts owing by Borrower under this Agreement with respect to the Revolving Loans. 
  

	 	K.	Subsection 2.4(B)(iii)(a) of the Credit Agreement is hereby amended by adding the following new subsection: 

 (4) Further, notwithstanding the foregoing provisions of subsection 2.4B(iii)(a)(1), Borrower shall not be required to use the Net Cash
Proceeds from the disposition of a Relinquished Station (but only to the extent that such Net Cash Proceeds do not exceed the amount of the purchase price, plus reasonable fees and expenses, paid in connection with the Reverse Like-Kind Exchange
Permitted Acquisition) to prepay the outstanding Loans and/or permanently reduce the Revolving Loan Commitments (but shall use such Net Cash Proceeds to repay the outstanding Revolving Loans without a reduction of the Revolving Loan Commitment to
the extent required by subsection 2.4B(iii)(a)(1)), provided (A) no Event of Default then exists or would exist after giving effect to the disposition of such Relinquished Station, and (B) Borrower structures the Asset Sale as a
Reverse Like-Kind Exchange and in the manner specified below. In connection with effecting a Reverse Like-Kind Exchange, Borrower shall (A) enter into a loan arrangement permitted by IRS Rev. Proc. 2000-37 with one or more entities formed to
serve the function of an exchange accommodation titleholder in the Reverse Like-Kind Exchange (each, a “Reverse Like-Kind Exchange Accommodation Titleholder”), pursuant to loan documentation that is reasonably satisfactory to the
Administrative Agent, (B) secure and assign to the Reverse Like-Kind Exchange Accommodation Titleholder a contractual right to acquire the assets of a Station or Stations identified by Borrower as a Permitted Acquisition (the
“Replacement Property”), (C) secure a contractual right to receive the Replacement Property from the Reverse Like-Kind Exchange Accommodation Titleholder on terms reasonably satisfactory to the 

  

 7 

 
Administrative Agent (the “Reverse Like-Kind Exchange Permitted Acquisition”), and (D) prior to advancing any funds to the Reverse
Like-Kind Exchange Accommodation Titleholder in connection with such loan arrangement, deliver to the Administrative Agent a First Priority security interest in all contractual rights of Borrower against the Reverse Like-Kind Exchange Accommodation
Titleholder, including, without limitation, the loan documentation and purchase rights referenced in (A), (B) and (C) above. In the event the Reverse Like-Kind Exchange is not consummated within the time periods required by IRS Rev. Proc.
2000-37, then the Net Cash Proceeds shall be applied as provided for in subsection 2.4B(iii)(a)(1) hereof. 
  

	 	L.	Subsection 2.4(B)(iii)(d) of the Credit Agreement is hereby amended by deleting the present text thereof in its entirety and substituting in its place the following:

 (d) Prepayments and Reductions from Consolidated Excess Cash Flow. In the event that there shall be
Consolidated Excess Cash Flow for any Fiscal Year (commencing with Fiscal Year 2007), then no later than one hundred twenty (120) days after the end of such Fiscal Year, Borrower shall prepay the Loans and/or the Revolving Loan Commitments
shall be permanently reduced in an aggregate amount equal to 50% of such Consolidated Excess Cash Flow if (y) any Event of Default has occurred and is continuing or (z) if the Consolidated Total Debt Ratio at the end of such Fiscal Year is
greater than or equal to 5.50:1.00; provided, however, that if neither of the foregoing clause (y) or (z) is applicable, no payments shall be required hereunder with respect to Consolidated Excess Cash Flow. 
  

	 	M.	Subsection 2.5(A) of the Credit Agreement is hereby amended by deleting the present text of the first sentence thereof in its entirety and substituting in its place the
following: 

 The proceeds of the Term Loans and the Revolving Loans shall be applied by Borrower to
(i) refinance the Indebtedness under the Pre-Effective Time Credit Agreement, (ii) pay the purchase price and related fees and expenses for Permitted Acquisitions, and (iii) provide financing for working capital and other general
corporate purposes of Borrower and its Subsidiaries; provided that, at the Effective Time, Twenty-Eight Million Fifty-Five Thousand Five Hundred Fifty-Five and 55/100 Dollars ($28,055,555.55) of the proceeds of the additional Terms Loans made
at such time shall be applied to reduce the outstanding Revolving Loans. 
  

	 	N.	Subsection 2.11 of the Credit Agreement is hereby amended by deleting the present text thereof in its entirety and substituting in its place the following:

 A. Borrower shall have the right, from time to time on or before the Incremental Loan Commitment
Termination Date, to request additional term loans (each an “Incremental Term Loan,” and, collectively the “Incremental Term Loans and “Term Loans” shall thereafter be deemed to include all Incremental Term
Loans) and/or revolving loans (each an “Incremental Revolving Loan,” and, collectively the “Incremental Revolving Loans” and “Revolving Loans” shall thereafter be deemed to include all Incremental
Revolving Loans) pursuant to an incremental facility (the “Incremental Facility”); provided, that at the time any Incremental Term Loan and Incremental Revolving Loan (each an “Incremental Loan,” and,
collectively the “Incremental Loans”) is made pursuant to the Incremental Facility, (a) no Event of Default or Potential Event of Default shall have occurred and be continuing or result from the making of such Incremental Loan;
(b) Borrower shall have delivered to Administrative Agent (1) a Compliance Certificate certifying, among other things, that 

  

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Borrower is, as of the date of such Incremental Loan and after giving effect to both such Incremental Loan and the Permitted Acquisition, if any, for which
the proceeds of such Incremental Loan will be used, in compliance with all terms and conditions contained in this Agreement and the other Loan Documents, including the financial covenants set forth in this Agreement, accompanied by a written
calculation, in detail satisfactory to Administrative Agent, of such financial covenant compliance and (2) such other information as may be required by Administrative Agent or any Lender; (c) the principal amount of the requested
Incremental Loan shall be at least Ten Million Dollars ($10,000,000) and the aggregate original principal amount of all Incremental Loans outstanding (excluding any Term Loans borrowed on the Effective Date) do not exceed an amount equal to Ninety
Million Dollars ($90,000,000) minus the original principal amount of the Incremental Loan being requested and Borrower shall be limited to five (5) Incremental Loan requests after the Effective Date; (d) each Incremental Term Loan
shall constitute a Term Loan, and each Incremental Revolving Loan shall constitute a Revolving Loan, and (i) rank pari passu in right of payment and of security with the other Term Loans and Revolving Loans, as applicable, and (ii) mature
and amortize in a manner reasonably acceptable to the Incremental Loan lenders, but in any event have an average weighted life equal to or longer than the Term Loans and Revolving Loans, as applicable, and mature on a date no earlier than
June 30, 2015, provided, that the applicable interest rates may differ from the then existing Term Loans and Revolving Loans; and (e) the proceeds of any Incremental Loan may be used for general corporate purposes, including the
purpose of consummating a Permitted Acquisition, provided that the proceeds of Incremental Term Loans of up to Twenty-Five Million Dollars ($25,000,000) of the Incremental Facility that are borrowed by Borrower within six (6) months
following the Effective Date may be used by Borrower to repay outstanding Revolving Loans (but not reduce the Revolving Loan Commitments). Notwithstanding anything to the contrary contained herein, all Credit Parties hereby acknowledge and agree
that Lenders are not making a commitment herein to make the Incremental Facility available to Borrower. Until such time as the Incremental Loan lenders agree to make the Incremental Facility available to Borrower, the Incremental Facility is and
shall remain uncommitted. 
 B. Borrower shall provide notice to Administrative Agent and each Lender of its desire for
an Incremental Loan (a “Notice of Incremental Loan Request”), the proposed amount thereof, whether the request is for a revolving loan and/or a term loan, and specifying the time period within which each Lender is requested to
respond (which shall in no event be less than twenty-one (21) days from the date of delivery of such notice to the Lenders). Each Lender shall have the option (in its sole and complete discretion) to subscribe for its Pro Rata Share of such
proposed loan under the Incremental Facility; provided, however, that if any Lender has not subscribed for its Pro Rata Share of such proposed Incremental Loan, then Administrative Agent shall be permitted to secure new lenders in
respect of such Pro Rata Share. 
 C. The terms of any Incremental Loan pursuant to the Incremental Facility including,
without limitation, the manner in which interest shall be determined, the amount and timing of fees, if any, payable with respect to such Incremental Loan and the amortization schedule relating to such Incremental Loan shall be set forth in a
supplement to this Agreement (a “Supplement”) in form and substance reasonably satisfactory to Administrative Agent, executed by Administrative Agent, the Incremental Loan lenders and each Credit Party, provided that the
effect of such Supplement, together with all other Supplements made, is not more binding or restrictive on Borrower or beneficial to the Incremental Loan lenders (other than with respect to pricing) than the Term Loans and Revolving Loans, as
applicable, are to existing Lenders and Borrower, as applicable. Each Credit Party shall execute and deliver to Administrative Agent such assumptions, guarantees, 

  

 9 

 
security documents, opinions and other documents as may be reasonably required by Administrative Agent and Lenders and obligations shall be evidenced, as
applicable, by promissory notes substantially in the form of Exhibit X (each, an “Incremental Term Loan Note” and, collectively, the “Incremental Term Loan Notes”) and by promissory notes substantially in the
form of Exhibit X-1 (each, an “Incremental Revolving Loan Note” and, collectively, the “Incremental Revolving Loan Notes”), and Borrower shall execute and deliver an Incremental Term Loan Note and an
Incremental Revolving Loan Note, as applicable, to each Incremental Loan lender in the principal amount of such lender’s Pro Rata Share of the Incremental Loan being made. Each Incremental Term Loan Note and Incremental Revolving Loan Note
shall represent the obligation of Borrower to pay the amount of the applicable Incremental Loan advanced by such lender, together with interest thereon as prescribed in the applicable Supplement. 
  

	 	O.	Subsection 3.1(A)(iii) of the Credit Agreement is hereby amended by deleting the present text thereof in its entirety and substituting in its place the following:

 (iii) any Letter of Credit having an expiration date later than the earlier of (a) 30 days prior to
June 30, 2015, and (b) the date which is one year from the date of issuance of such standby Letter of Credit; provided that the immediately preceding clause (b) shall not prevent Issuing Lender from agreeing that a Letter of
Credit will automatically be extended for one or more successive periods not to exceed one year each unless Issuing Lender elects not to extend for any such additional period; and provided, further that Issuing Lender shall give notice
that it will not extend such Letter of Credit if it has knowledge that an Event of Default has occurred and is continuing (and has not been waived in accordance with subsection 10.6) at the time Issuing Lender must elect whether or not to allow such
extension; 
  

	 	P.	Subsection 7.5(iii) of the Credit Agreement is hereby amended by deleting the present text thereof in its entirety and substituting in its place the following:

 (iii) as long as no Event of Default or Potential Event of Default has occurred and is continuing or would
result therefrom and the Consolidated Total Debt Ratio at such time and immediately prior to and after (on a pro forma basis giving effect to the repurchase) is less than 6.25:1.00 (and Borrower shall have delivered to Administrative Agent a
Compliance Certificate to such effect): Borrower may make Cash advances to Holdings or NewHoldco in an amount sufficient to enable Holdings to repurchase and (except for holding the applicable repurchased public Securities as treasury stock) retire
or otherwise terminate up to an aggregate of Fifty Million Dollars ($50,000,000) of the public Securities of Holdings during the term of this Agreement; 
  

	 	Q.	Subsections 7.5(iv) and (v) of the Credit Agreement are hereby amended by replacing “6.00:1.00” with “6.25:1.00” in each such subsection.

  

	 	R.	Subsection 7.6(C) of the Credit Agreement is hereby amended by deleting the present text thereof in its entirety and substituting in its place the following:

 C. Maximum Consolidated Total Debt Ratio. Borrower shall not permit the ratio of (i) Consolidated
Total Debt as of the last day of any Fiscal Quarter to (ii) Consolidated Operating Cash Flow for the four consecutive Fiscal Quarter period ending as of the last day of such Fiscal Quarter during any of the periods set forth below to exceed the
correlative ratio indicated: 
  

 10 

			
	 Periods
	  	Maximum Consolidated
Total Debt Ratio
	 March 1, 2007 – December 31, 2008
	  	6.25:1.00
	 January 1, 2009 – December 31, 2009
	  	5.75:1.00
	 January 1, 2010 – December 31, 2010
	  	5.25:1.00
	 January 1, 2011 and thereafter
	  	4.75:1.00

  

	 	S.	Subsection 7.7(v) of the Credit Agreement is hereby amended by deleting the present text thereof in its entirety and substituting in its place the following:

 (v) Borrower and its Subsidiaries may make Asset Sales of assets having an aggregate, cumulative fair market
value not to exceed Forty Million Dollars ($40,000,000) since the Closing Date; provided that (a) the consideration received for such assets shall be in an amount at least equal to the fair market value thereof and (b) the sole
consideration received shall be Cash or Cash and Permitted Sale Notes; 
  

	 	T.	Subsection 7.7(vi) of the Credit Agreement is hereby amended by deleting the present text thereof in its entirety and substituting in its place the following:

 (vi) Borrower and its Subsidiaries may make other Asset Sales; provided that either (I) each of
the following conditions is satisfied: (a) the assets subject to such Asset Sales, in the aggregate together with all other assets sold pursuant to Asset Sales of the Borrower and its Subsidiaries since the Closing Date did not generate more
than 15% of Consolidated Operating Cash Flow taken as a single accounting period (calculated on a cumulative basis since the Closing Date) and excluding for such purpose Borrower’s corporate overhead to the extent deducted in determining net
income, (b) the consideration received for such assets shall be in an amount at least equal to the fair market value thereof and (c) the sole consideration received shall be Cash or Cash and Permitted Sale Notes or (II) Requisite Lenders
approve of such Asset Sale; 
  

	 	U.	Subsection 10.6 of the Credit Agreement is hereby amended by inserting “or Incremental Revolving Loan Lenders” after the term “Incremental Term Lenders”
in the sixth line thereof. 

  

	 	V.	New Exhibit X-1, Form of Incremental Revolving Loan Note, attached to this Amendment is hereby added to the Credit Agreement. 

 3. Representations and Warranties. Borrower represents and warrants to the Administrative Agent and the Lenders as follows: 
  

	 	A.	The representations and warranties of Borrower contained in the Credit Agreement, as amended hereby, (i) were true and correct in all material respects when made, and
(ii) continue to be true and correct in all material respects on the date hereof, except to the extent such representations and warranties by their terms are made solely as of a prior date. 

  

	 	B.	No Event of Default or Potential Event of Default has occurred and is continuing. 

  

 11 

	 	C.	The execution and delivery of this Amendment (i) have been duly authorized by all necessary limited liability company action on the part of Borrower; and (ii) do not
result in a breach of or constitute a default under any Contractual Obligation of any Obligor or require any approval of stockholders or any approval or consent of any Person under any Contractual Obligation of any Obligor or the consent or approval
of any Governmental Authority. 

  

	 	D.	This Amendment has been duly executed and delivered by Borrower and is the legally valid and binding obligation of Borrower, enforceable against Borrower in accordance with its
terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 

 4. Conditions to Effectiveness. This Amendment shall be effective as of April 13, 2007, subject to the satisfaction in full, or waiver by the
Administrative Agent in writing on or prior to such date, of the conditions precedent set forth in subsections 4.3 of the Credit Agreement, as applicable, and the following conditions: 
  

	 	A.	Receipt by the Administrative Agent of original or facsimile counterpart signatures to this Amendment, duly executed and delivered by Borrower and all of the Lenders.

  

	 	B.	Administrative Agent shall have received such management prepared projections for the Corporate Borrowers and their respective Subsidiaries for Fiscal Year 2007 and ending on
the June 30, 2015 (representing projections of anticipated results based on assumptions believed to be reasonable as of the Effective Date. 

  

	 	C.	Counsel to Administrative Agent shall have received payment in full for all reasonable legal fees charged, and all reasonable, out-of-pocket costs and expenses incurred, by
such counsel in connection with the transactions contemplated under the Credit Agreement and this Amendment to the extent invoiced prior to the Effective Date, and Administrative Agent or its Affiliates shall have received payment in full for all
fees, and reasonable, out-of-pocket costs and expenses incurred, that are due and payable by Borrower thereto on or prior to the Effective Date, provided that, with respect to such out-of-pocket costs and expenses (but not such fees),
Administrative Agent shall have invoiced the same prior to the Effective Date. 

  

	 	D.	Since December 31, 2006, no event or change has occurred that has caused or evidences, either in any case or in the aggregate a Material Adverse Effect.

  

	 	E.	Borrower shall have paid an upfront “amendment” fee payable to each current Lender that executes and delivers this Amendment in an amount equal to 0.05% of such
Lender’s current Commitment (prior to the effectiveness of this Amendment) under the Pre-Effective Time Credit Agreement, the full amount of which shall be earned and payable to each such Lender for its own account on the Effective Time.

  

	 	F.	 Borrower shall have paid an upfront “new-money” fee payable to each Lender that increases its Commitment from its Commitment set forth in the
Pre-Effective Time 

  

 12 

	 	 
Credit Agreement in an amount equal to 0.125% of such increased allocated Commitment, the full amount of which shall be earned and payable to each such
Lender for its own account on the on the Effective Time. 

 The time that this Amendment shall become effective in
accordance with the foregoing terms and conditions is referred to herein as the “Effective Time” and the date of such effectiveness is referred to herein as the “Effective Date”. 
  

	5.	Miscellaneous Provisions. 

  

	 	A.	Except as otherwise expressly provided by this Amendment, all of the terms, conditions and provisions of the Credit Agreement shall remain the same. It is declared and agreed
by each of the parties hereto that the Credit Agreement, as amended hereby, shall continue in full force and effect, and that this Amendment and the Credit Agreement shall be read and construed as one instrument. This Amendment shall be deemed one
of the “Loan Documents” under the Credit Agreement. 

  

	 	B.	THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

  

	 	C.	Headings or captions used in this Amendment are for convenience of reference only and shall not define or limit the provisions hereof. 

  

	 	D.	This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed
an original, but all of which together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to
the same document. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 13 

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

			
	BORROWER:
	
	BEASLEY MEZZANINE HOLDINGS, LLC
		
	By:	 	 /s/ Caroline Beasley

	Name:	 	Caroline Beasley
	Title:	 	Executive Vice President & CFO
	
	LENDERS:
	
	BANK OF MONTREAL, CHICAGO BRANCH, as a Lender and as Administrative Agent
		
	By:	 	 /s/ Naghmen Hashemifard

	Name:	 	Naghmen Hashemifard
	Title:	 	Director

 [SIGNATURE PAGE TO BEASLEY FIFTH AMENDMENT; ADDITIONAL SIGNATURE PAGES OF 
 LENDERS ARE ATTACHED] 

			
	LENDERS:
	
	BMO CAPITAL MARKETS FINANCING, INC., as a Lender
		
	By:	 	 /s/ Naghmen Hashemifard

	Name:	 	Naghmen Hashemifard
	Title:	 	Director

 [SIGNATURE PAGE TO BEASLEY FIFTH AMENDMENT] 

			
	LENDERS:
	
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Todd A. Shipley

	Name:	 	Todd A. Shipley
	Title:	 	Senior Vice President

 [SIGNATURE PAGE TO BEASLEY FIFTH AMENDMENT] 

			
	LENDERS:
	
	BANK OF SCOTLAND, as a Lender
		
	By:	 	 /s/ Karen Welch

	Name:	 	Karen Welch
	Title:	 	Vice President

 [SIGNATURE PAGE TO BEASLEY FIFTH AMENDMENT] 

			
	LENDERS:
	
	BNP PARIBAS, as a Lender
		
	By:	 	 /s/ Ola Anderssen

	Name:	 	Ola Anderssen
	Title:	 	Director
		
	By:	 	 /s/ Gregg Bonardi

	Name:	 	Gregg Bonardi
	Title:	 	Director

 [SIGNATURE PAGE TO BEASLEY FIFTH AMENDMENT] 

			
	LENDERS:
	
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a
 Lender

		
	By:	 	 /s/ Doreen Barr

	Name:	 	Doreen Barr
	Title:	 	Vice President
		
	By:	 	 /s/ Laurence Lapeyre

	Name:	 	Laurence Lapeyre
	Title:	 	Associate

 [SIGNATURE PAGE TO BEASLEY FIFTH AMENDMENT] 

			
	LENDERS:
	
	 GENERAL ELECTRIC CAPITAL CORPORATION,
 as a Lender

		
	By:	 	 /s/ Karl Kieffer

	Name:	 	Karl Kieffer
	Title:	 	Duly Authorized Signatory

 [SIGNATURE PAGE TO BEASLEY FIFTH AMENDMENT] 

			
	LENDERS:
	
	ING CAPITAL, as a Lender
		
	By:	 	 /s/ William C. James

	Name:	 	William C. James
	Title:	 	Managing Director

 [SIGNATURE PAGE TO BEASLEY FIFTH AMENDMENT] 

			
	LENDERS:
	
	 COOPERATIEVE CENTRALE RAIFFEISEN-
 BOERENLEENBANK B.A., “RABOBANK
 NEDERLAND”, NEW YORK BRANCH, as a Lender

		
	By:	 	 /s/ Laurie Blazek

	Name:	 	Laurie Blazek
	Title:	 	Executive Director
		
	By:	 	 /s/ Brett Delfino

	Name:	 	Brett Delfino
	Title:	 	Executive Director

 [SIGNATURE PAGE TO BEASLEY FIFTH AMENDMENT] 

			
	LENDERS:
	
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Keith Kubota

	Name:	 	Keith Kubota
	Title:	 	Vice President

 [SIGNATURE PAGE TO BEASLEY FIFTH AMENDMENT] 

			
	LENDERS:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	 /s/ Vipa Chiraprut

	Name:	 	Vipa Chiraprut
	Title:	 	Vice President

 [SIGNATURE PAGE TO BEASLEY FIFTH AMENDMENT] 

 SCHEDULE 2.1 
 LENDERS’ COMMITMENTS AND PRO RATA SHARES 
  

																			
	 	  	Revolving Loan Commitment	 	 	Term Loan Commitment	 	 	Total	  	Pro Rata Share	 
	  	Amount	  	Percent	 	 	Amount	  	Percent	 	 	 	  	 	 
	Bank of Montreal, Chicago Branch	  	$	18,814,316.26	  	18.4215784408	%	 	$	0.00	  	0.0000000000	%	 	$	18,814,316.26	  	8.1734743459	%
							
	BMO Capital Markets Financing, Inc.	  	$	0.00	  	0.0000000000	%	 	$	15,760,683.74	  	12.3076922921	%	 	$	15,760,683.74	  	6.8468894879	%
							
	Bank of America N.A.1	  	$	11,672,222.22	  	11.4285714258	%	 	$	9,777,777.78	  	7.6355748394	%	 	$	21,450,000.00	  	9.3184903611	%
							
	Bank of Scotland	  	$	6,897,222.22	  	6.7532467507	%	 	$	20,000,000.00	  	15.6182212588	%	 	$	26,897,222.22	  	11.6849186945	%
							
	BNP Paribas	  	$	9,550,000.00	  	9.3506493501	%	 	$	15,500,000.00	  	12.1041214756	%	 	$	25,050,000.00	  	10.8824327993	%
							
	Credit Suisse First Boston	  	$	4,795,405.98	  	4.6953046922	%	 	$	4,017,094.02	  	3.1369931611	%	 	$	8,812,500.00	  	3.8284007602	%
							
	General Electric Capital Corporation	  	$	9,550,000.00	  	9.3506493501	%	 	$	13,777,777.78	  	10.7592190911	%	 	$	23,327,777.78	  	10.1342504610	%
							
	ING Barings	  	$	11,672,222.22	  	11.4285714258	%	 	$	9,777,777.78	  	7.6355748394	%	 	$	21,450,000.00	  	9.3184903611	%
							
	 Cooperatieve Centrale Raiffeisen-
 Boerenleenbank B.A., “Rabobank
 Nederland”, New York Branch
	  	$	7,958,333.33	  	7.7922077885	%	 	$	11,666,666.67	  	9.1106290702	%	 	$	19,625,000.00	  	8.5256584306	%
							
	US Bank National Association	  	$	9,550,000.00	  	9.3506493501	%	 	$	8,000,000.00	  	6.2472885035	%	 	$	17,550,000.00	  	7.6242193864	%
							
	Wells Fargo Bank, National Association	  	$	11,672,222.22	  	11.4285714258	%	 	$	19,777,777.78	  	15.4446854688	%	 	$	31,450,000.00	  	13.6627749118	%
							
	Total	  	$	102,131,944.45	  	100.0000000000	%	 	$	128,055,555.55	  	100.0000000000	%	 	$	230,187,500.00	  	100.0000000000	%

	 1
	 Includes amount of Commitments of Fleet National Bank which merged with and into Bank of America N.A.Form of Nonqualified Stock Option Grant Agreement under 1997 Stock Plan.

 Exhibit 10.1 
 [EMPLOYEE NAME] 
 Employee ID Number: 
 Grant Number:

 ECHELON CORPORATION 
 NONQUALIFIED STOCK OPTION GRANT AGREEMENT 
 Echelon Corporation (the “Company”) hereby grants you, [NAME OF EMPLOYEE]
(the “Employee”), an option under the Company’s 1997 Stock Plan (the “Plan”) to purchase shares of common stock of the Company. The date of this Agreement is [DATE] (the “Grant Date”). In general, the latest
date this option will expire is the expiration date indicated on this Notice of Grant (the “Expiration Date”). However, as provided in this Agreement, this option may expire earlier than the Expiration Date. Subject to the provisions of
Appendix A (attached to this Agreement) and of the Plan, the principal features of this option are as follows: 
  

							
	 Maximum Number of Shares Purchasable with this Option:
	  	[NUMBER]	  	 Exercise Price per Share:
	  	US $            
				
	 Vesting Commencement Date:
	  	[DATE]	  	 	  	 
				
	 Scheduled Vesting Dates:
	  	 	  	 Number of Shares
	  	 
	 [DATE]
	  		  	[NUMBER]	  	
	 [DATE]
	  		  	[NUMBER]	  	
	 [DATE]
	  		  	[NUMBER]	  	
	 [DATE]
	  		  	[NUMBER]	  	
		  		  		  	
		  		  		  	
		  		  		  	

 Expiration Date: Five Years from the Grant Date; provided, however, this option may
terminate earlier than the Expiration Date, as set in Appendix A. 
 IMPORTANT: 
 By your signature and the signature of the Company’s representative below, you and the Company agree that this Option is granted under and governed
by the terms and conditions of the Plan and this Agreement. Optionee has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all
provisions of the Plan and Agreement. Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Agreement. Optionee further agrees to notify
the Company upon any change in the residence address indicated below. 
  

					
	 OPTIONEE:
	 		 	ECHELON CORPORATION
			
	  
	 		 	  

	 Signature
	 		 	By
			
	  
	 		 	  

	 Print Name
	 		 	Title
			
	  
	 		 	
	 Residence Address
	 		 	
			
	  
	 		 	

  

 Page 1 of 5 

 APPENDIX A – TERMS AND CONDITIONS OF NONQUALIFIED STOCK OPTION GRANT 
 1. Vesting Schedule. The right to exercise this option will vest as to 25% of the total shares at each one year anniversary of the date of grant, until the right
to exercise this option shall have vested with respect to one hundred percent (100%) of such Shares. Shares scheduled to vest on any such date actually will vest only if the Employee has not incurred a Termination of Service prior to such date.

 2. Termination of Option. In the event of the Employee’s Termination of Service for any reason other than Disability or death, the Employee
may, within thirty (30) days after the date of such Termination of Service, or prior to the Expiration Date, whichever shall first occur, exercise any then vested but unexercised portion of this option. In the event of the Employee’s
Termination of Service due to Disability, the Employee may, within one (1) year after the date of Termination of Service due to Disability, or prior to the Expiration Date, whichever shall first occur, exercise any then vested but unexercised
portion of this option. 
 For purposes of this Agreement, the Employee shall be deemed to have incurred a Termination of Service prior to
any period of notice for termination of employment mandated under applicable law. The Employee’s date of Termination of Service shall mean the date upon which the Employee ceases active performance of services following the provision of a
notification of termination or resignation from employment or service, and shall be determined solely by this Agreement and without reference to any other agreement, written or oral, express or implied, including the Employee’s contract of
employment, if any. 
 3. Death of Employee. In the event that the Employee dies while an Employee or during the thirty (30) days or one
(1) year periods referred to in Paragraph 2 above, the Employee’s designated beneficiary, or if no beneficiary survives the Employee, the administrator or executor of the Employee’s estate (the “Transferee”), may, within one
(1) year after the date of death, exercise any unexercised portion of the option that was vested prior to the Employee’s Termination of Service. Any such Transferee must furnish the Company (a) written notice of his or her status as a
Transferee, (b) evidence satisfactory to the Company to establish the validity of the transfer of this option and compliance with any laws or regulations pertaining to such transfer, and (c) written acceptance of the terms and conditions
of this option as set forth in this Agreement. 
 4. Persons Eligible to Exercise Option. Except as provided in Paragraph 3 above or as otherwise
determined by the Committee in its discretion, this option shall be exercisable during the Employee’s lifetime only by the Employee. 
 5. Option is
Not Transferable. Except as provided in Paragraph 3 above, this option and the rights and privileges conferred hereby shall not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not
be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this option, or of any right or privilege conferred hereby, or upon any attempted sale under any
execution, attachment or similar process, this option and the rights and privileges conferred hereby immediately shall become null and void. 
 6.
Exercise of Option. This option may be exercised by the person then entitled to do so as to any shares which may then be purchased by (a) giving notice in such form or manner as the Company may designate, (b) providing full payment
of the Exercise Price (and the amount of any income tax the Company determines is required to be withheld by reason of the exercise of this option or as is otherwise required under Paragraph 8 below), and (c) giving satisfactory assurances in
the form or manner requested by the Company that the shares to be purchased upon the exercise of this option are being purchased for investment and not with a view to the distribution thereof. Notwithstanding any contrary provision of this
Agreement, if the expiration date of this option falls on a Saturday, Sunday or California holiday, the Employee may exercise any then vested but unexercised portion of this option at any time prior to the close of business on the first business day
following that Saturday, Sunday or California holiday. 
 7. Conditions to Exercise. Except as provided in Paragraph 6 above or as otherwise required
as a matter of law, the (i) Exercise Price for this option and (ii) minimum federal, state and local income, employment and any other applicable taxes required to be withheld by the Company as a result of the exercise of this option shall
be made by “net exercise” unless the 

  

 Page 2 of 5 

 
person entitled to exercise otherwise elects to pay such amounts by (a) cash, personal check, cashier’s check or money order, (b) pursuant to
a broker assisted cashless exercise program implemented by the Company on such terms and conditions as the Administrator may specify and as may be amended from time to time, or (c) through surrender of other shares of common stock of the
Company, provided that if such other shares of common stock of the Company were acquired directly or indirectly from the Company, such shares shall have a Fair Market Value equal to the Exercise Price of the exercised options shares and shall have
been owned for more than six (6) months as of the date of surrender. For this purpose, “net exercise” means a procedure by which such person will be issued a number of Shares determined in accordance with a formula X = Y(A—(B+C))
/ A (rounded up to the nearest whole Share), where: 
 X = the number of Shares to be issued upon exercise of the option; 
 Y = the total number of Shares with respect to which the person has elected to exercise the option; 
 A = the Fair Market Value of one (1) Share; 
 B = the exercise price per share; 
 C = the minimum federal, state and local income, employment and any other applicable taxes
attributable to one (1) Share which are required to be withheld by the Company as a result of the exercise of the option. 
 8. Tax Withholding and
Payment Obligations. The Company will assess its requirements regarding tax, social insurance and any other payroll tax withholding and reporting in connection with this option, including the grant, vesting or exercise of this option or sale of
shares acquired pursuant to the exercise of this option (“tax-related items”). These requirements may change from time to time as laws or interpretations change. Regardless of the Company’s actions in this regard, the Employee hereby
acknowledges and agrees that the ultimate liability for any and all tax-related items is and remains his or her responsibility and liability and that the Company (a) makes no representations or undertaking regarding treatment of any tax-related
items in connection with any aspect of this option grant, including the grant, vesting or exercise of this option and the subsequent sale of shares acquired pursuant to the exercise of this option; and (b) does not commit to structure the terms
of the grant or any aspect of this option to reduce or eliminate the Employee’s liability regarding tax-related items. In the event the Company determines that it and/or an affiliate must withhold any tax-related items as a result of the
Employee’s participation in the Plan, the Employee agrees as a condition of the grant of this option to make arrangements satisfactory to the Company to enable it to satisfy all withholding requirements. The Employee authorizes the Company
and/or an affiliate to withhold all applicable withholding taxes from the Employee’s wages. Furthermore, the Employee agrees to pay the Company and/or an affiliate any amount of taxes the Company and/or an affiliate may be required to withhold
as a result of the Employee’s participation in the Plan that cannot be satisfied by deduction from the Employee’s wages or other cash compensation paid to the Employee by the Company and/or an affiliate. The Employee acknowledges that he
or she may not exercise this option unless the tax withholding obligations of the Company and/or any affiliate are satisfied. Notwithstanding the foregoing, upon exercise of the option via a net exercise or stock swap transaction, the Company will
withhold a portion of the Shares with respect to which the Employee (or such other authorized person) has elected to exercise the option that have an aggregate market value sufficient to pay the minimum federal, state and local income, employment
and any other applicable taxes required to be withheld by the Company as a result of the exercise of the option. No fractional Shares will be withheld or issued pursuant to the issuance of Shares; any additional withholding necessary for this reason
will be done by the Company through the Employee’s paycheck. With respect to its executive officers (as determined by the Company), the Company will withhold an amount equal to the fair market value of two (2) Shares from the last paycheck
due to such executive prior to the exercise of the option. With respect to other Employees, the Company, in its discretion, may withhold an amount equal to the fair market value of two (2) Shares from the first paycheck due to the Employee
following the exercise of the option. In the event that the cash amounts withheld by the Company exceed the withholding taxes that are due after the automatic withholding of whole Shares, the Company will reimburse the Employee for the excess
amounts. In the event the withholding requirements are not satisfied through the withholding of Shares (or, through the Employee’s paycheck, as indicated above), no Shares will be issued to the Employee (or his or her estate) unless and until
satisfactory arrangements (as determined by the Administrator) have been made by the Employee with respect to the payment of any income and other taxes which the Company determines must be withheld or collected with respect to the exercise of the
option. By accepting this option, if the Employee elects to exercise via a net exercise or stock swap transaction, then the Employee expressly consents to the withholding of Shares and to any additional cash withholding as provided for in this
paragraph 8. 
  

 Page 3 of 5 

 9. Suspension of Exercisability. If at any time the Company shall determine, in its discretion, that the listing,
registration or qualification of the shares upon any securities exchange or under any applicable law, or the consent or approval of any governmental regulatory authority, is necessary or desirable as a condition of the purchase of shares hereunder,
this option may not be exercised, in whole or in part, unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company. The Company shall make
reasonable efforts to meet the requirements of any applicable law or securities exchange and to obtain any required consent or approval of any governmental authority. 
 10. Address for Notices. Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company, in care of Human Resources Department, at Echelon Corporation, 550 Meridian
Avenue., San Jose, CA 95126, or at such other address as the Company may hereafter designate in writing. 
 11. No Rights of Stockholder. Neither the
Employee (nor any transferee) shall be or have any of the rights or privileges of a stockholder of the Company in respect of any of the shares issuable pursuant to the exercise of this option, unless and until certificates representing such shares
shall have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Employee (or transferee). Nothing in the Plan or this option shall create an obligation on the part of the Company to
repurchase any shares purchased hereunder. 
 12. No Effect on Employment. The Employee’s employment with the Company and its affiliates is on an
at-will basis only, subject to the provisions of applicable law. Accordingly, the terms of the Employee’s employment with the Company and its affiliates shall be determined from time to time by the Company or the affiliate employing the
Employee (as the case may be), and the Company or the affiliate shall have the right, which is hereby expressly reserved, to terminate or change the terms of the employment of the Employee at any time for any reason whatsoever, with or without good
cause (subject to the provisions of applicable law). 
 13. Other Benefits. Except as provided below, nothing contained in this Agreement shall affect
the Employee’s right to participate in and receive benefits under and in accordance with the then current provisions of any pension, insurance or other employee welfare plan or program of the Company or any affiliate. Notwithstanding any
contrary provision of this Agreement, in the event that the Employee receives a hardship withdrawal from his or her pre-tax account under the Company’s 401(k) Plan (the “401(k) Plan”), this option may not be exercised during the six
(6) month period following the receipt of such withdrawal, unless the Company determines that such exercise (or a particular manner of exercise) would not adversely affect the continued tax qualification of the 401(k) Plan. 
 14. Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement
and one or more provisions of the Plan, the provisions of the Plan shall govern. Terms used and not defined in this Agreement shall have the meaning set forth in the Plan. This option is not an incentive stock option as defined in Section 422
of the Internal Revenue Code. The Company may, in its discretion; issue newly issued shares or treasury shares pursuant to this option. 
 15. Maximum
Term of Option. Except as provided in Paragraph 3 above, this option is not exercisable after the Expiration Date. 
 16. Binding Agreement.
Subject to the limitation on the transferability of this option contained herein, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

17. Committee Authority. The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration,
interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon the
Employee, the Company and all other interested persons. The Committee shall not be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 
  

 Page 4 of 5 

 18. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation
or construction of this Agreement. 
 19. Agreement Severable. In the event that any provision in this Agreement shall be held invalid or
unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement. 
 20. Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered. The Employee expressly warrants that he or she is not accepting this Agreement in
reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company.

 21. Amendment, Suspension, Termination. By accepting this option, the Employee expressly warrants that he or she has received an option to purchase
stock under the Plan, and has received, read and understood a description of the Plan. The Employee understands that the Plan is discretionary in nature and may be modified, suspended or terminated by the Company at any time. 
 22. Labor Law. By accepting this option, the Employee acknowledges that: (a) the grant of this option is a one-time benefit which does not create any
contractual or other right to receive future grants of options, or benefits in lieu of options; (b) all determinations with respect to any future grants, including, but not limited to, the times when the stock options shall be granted, the
number of shares subject to each stock option, the Exercise Price, and the time or times when each stock option shall be exercisable, will be at the sole discretion of the Company; (c) the Employee’s participation in the Plan is voluntary;
(d) the value of this option is an extraordinary item of compensation which is outside the scope of the Employee’s employment contract, if any; (e) this option is not part of the Employee’s normal or expected compensation for
purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (f) the vesting of this option ceases upon termination of employment for
any reason except as may otherwise be explicitly provided in the Plan or this Agreement; (g) the future value of the underlying shares is unknown and cannot be predicted with certainty; (h) if the underlying shares do not increase in
value, this option will have no value; (i) this option has been granted to the Employee in the Employee’s status as an employee of the Company or its affiliates; (j) any claims resulting from this option shall be enforceable, if at
all, against the Company; and (k) there shall be no additional obligations for any affiliate employing the Employee as a result of this option. 
 23.
Disclosure of Employee Information. By accepting this option, the Employee consents to the collection, use and transfer of personal data as described in this paragraph. The Employee understands that the Company and its affiliates hold certain
personal information about him or her, including his or her name, home address and telephone number, date of birth, social security or identity number, salary, nationality, job title, any shares of stock or directorships held in the Company, details
of all stock options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in his or her favor, for the purpose of managing and administering the Plan (“Data”). The Employee further
understands that the Company and/or its affiliates will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of his or her participation in the Plan, and that the Company and/or any of its
affiliates may each further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan. The Employee authorizes the Company to receive, possess, use, retain and transfer the Data in
electronic or other form, for the purposes of implementing, administering and managing his or her participation in the Plan, including any requisite transfer to a broker or other third party with whom he or she may elect to deposit any shares of
stock acquired upon exercise of this option of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of stock on his or her behalf. The Employee understands that he or she may, at any time, view the
Data, require any necessary amendments to the Data or withdraw the consent herein in writing by contacting the human resources department and/or the stock option administrator for his or her employer. 
 24. Notice of Governing Law. This option shall be governed by, and construed in accordance with, the laws of the State of California without regard to principles
of conflict of laws. 
  

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