Document:

exhibit_10-1.htm

 

Exhibit 10.1

Second Amendment to

Credit Agreement

 

This Second Amendment to Credit Agreement (this “Amendment”) is dated as of March 30, 2012 by and among Alliance Data Systems Corporation (the “Borrower”), the Guarantors party hereto, the Banks party hereto, SunTrust Bank and Wells Fargo Bank, N.A., as Co-Administrative Agents, and Wells Fargo Bank, N.A., as Administrative Agent and Letter of Credit Issuer.

 

w i t n e s s e t h:

 

Whereas, the Borrower, the Guarantors, the Banks, and the Bank of Montreal as Administrative Agent have heretofore executed and delivered a Credit Agreement dated as of May 24, 2011, as amended by the First Amendment thereto dated as of September 20, 2011 (as so amended, the “Credit Agreement”; terms defined therein being used herein as so defined unless otherwise defined herein); 

 

Whereas, the Borrower has requested that the maturity date of the Term Loans be extended to May 24, 2017;

 

Whereas, each Bank listed on Schedule I hereto has agreed to so extend its outstanding Term Loan in the amount stated opposite its name on Schedule I hereto;

 

Whereas, by letter dated January 27, 2012, Bank of Montreal has resigned as Administrative Agent and Swing Lender, and Wells Fargo Bank, N.A. has succeeded Bank of Montreal in such capacities;

 

Now, Therefore, for good and valuable consideration the receipt of which is hereby acknowledged, the Borrower, the Guarantors, the Banks and the Administrative Agent hereby agree as follows:

 

Article I

Amendments

 

1.1.Section 1.1 of the Credit Agreement is hereby amended by inserting in alphabetical order new definitions to read as follows (and such new defined terms shall also be applicable for purposes of this Amendment):

 

“Extended Maturity Date” means May 24, 2017.

 

“Extended Term Loan” means with respect to any Extending Term Loan Bank at any time, the portion of such Bank’s outstanding Term Loan extended pursuant to the Second Amendment or pursuant to Section 2.18.

  

  

  

 

“Extending Term Loan Bank” means any Bank that has agreed to extend all or a portion of its outstanding Term Loan until the Extended Maturity Date pursuant to the Second Amendment or pursuant to Section 2.18.

 

“Non-Extended Term Loan” means any outstanding Term Loan that is not an Extended Term Loan.

 

“Non-Extending Term Loan Bank” means any Bank that holds any Non-Extended Term Loan.

 

“Second Amendment” means the Second Amendment to Credit Agreement, dated as of the Second Amendment Effective Date, among the Borrower, the Guarantors, the Banks party thereto and the Administrative Agent.

 

“Second Amendment Effective Date” means March 30, 2012.

 

1.2.Section 1.1 of the Credit Agreement is hereby amended by replacing paragraph (iii) of the term “Interest Period” in its entirety and as so amended shall read as follows:

 

(iii)(A)any Interest Period for any Loan (other than an Extended Term Loan) that would otherwise end after the Maturity Date shall end on the Maturity Date (unless such date is not a Business Day, in which case such Interest Period shall end on the latest Business Day to occur prior to the Maturity Date) and (B) any Interest Period for an Extended Term Loan that would otherwise end after the Extended Maturity Date shall end on the Extended Maturity Date (unless such date is not a Business Day, in which case such Interest Period shall end on the latest Business Day to occur prior to the Extended Maturity Date).

 

1.3.The term “Letter of Credit Issuer” in Section 1.1 of the Credit Agreement is hereby amended in its entirety to read as follows:

 

“Letter of Credit Issuer” means the Wells Fargo Bank, N.A. (or any of its affiliates) in its individual capacity and any other Bank which at the request of the Borrower and with the consent of the Administrative Agent (in the Administrative Agent’s reasonable discretion) agrees, in such Bank’s sole discretion, to become a Letter of Credit Issuer for the purpose of issuing Letters of Credit.  The Letter of Credit Issuer on the Effective Date was the Bank of Montreal (and its affiliate BMO Harris Bank N.A.) in its individual capacity.  As of the Second Amendment Effective Date, the Letter of Credit Issuer is Wells Fargo Bank, N.A. in its individual capacity.

  

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 1.4.The term “Term Loan” in Section 1.1 of the Credit Agreement is hereby amended by adding the following at the end thereof:

 

From and after the Second Amendment Effective Date, the Term Loans shall be comprised of Extended Term Loans and Non-Extended Term Loans.

 

1.5.Section 2.2(b) of the Credit Agreement is hereby amended in its entirety and as so amended shall read as follows:

 

(b)The Borrower shall give the Swing Lender a Notice of Borrowing in respect of Swing Loans not later than (i) 1:00 p.m. (Chicago, Illinois time) in the case of Swing Loans denominated in U.S. Dollars and (ii) 9:00 a.m. (Chicago, Illinois time) in the case of Swing Loans denominated in Canadian Dollars, in each case on the date of Borrowing of such Swing Loans (which shall be a Domestic Business Day), specifying the amount of such Borrowing.

 

1.6.Section 2.5(b) of the Credit Agreement is hereby amended by inserting immediately following the phrase “Term Loan” appearing therein the following:

 

(other than any additional Term Loan advanced pursuant to Section 2.16, which shall be governed by the applicable Commitment Amount Increase)

 

1.7.Section 2.5(b) of the Credit Agreement is hereby further amended by amending the proviso at the end thereof in its entirety and as so amended shall read as follows: 

 

; provided that to the extent not previously paid (i) the aggregate unpaid principal balance of the Non-Extended Term Loans shall be due and payable on the Maturity Date, (ii) the aggregate unpaid principal balance of the Extended Term Loans shall be due and payable as provided in Section 2.5(c) and (iii) the aggregate unpaid principal balance of any Term Loans advanced pursuant to Section 2.16 shall be due and payable as set forth in the applicable Commitment Amount Increase.

 

1.8.Section 2.5 of the Credit Agreement is hereby further amended by inserting the following at the end thereof as new Section 2.5(c): 

 

(c)In addition to the principal payments listed in Section 2.5(b), commencing on June 30, 2016, the Borrower unconditionally promises to pay to the Administrative Agent for

  

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the account of each Extending Term Loan Bank the then unpaid principal amount of the Extended Term Loan of such Bank in installments payable on the dates set forth below, with each such installment being in the aggregate principal amount for such Extending Term Loan Bank equal to the original aggregate principal amount as of the Effective Date (or, in the case of Term Loans advanced pursuant to Section 2.16, the date such Term Loan was advanced) of the Term Loans of such Extending Term Loan Bank (or its predecessor in interest with respect to such Term Loan), to the extent that such Term Loans have become Extended Term Loans, multiplied by the applicable percentage set forth opposite such date below (and, if applicable, as may be required pursuant to Article 6 or Section 2.16):

 

	
Installment Date

	  	
Percentage 

	
June 30, 2016

	  	
1.25%

	
September 30, 2016

	  	
1.25%

	
December 31, 2016

March 31, 2017

	  	
1.25%

1.25%

 

; provided that to the extent not previously paid the aggregate unpaid principal balance of the Extended Term Loans shall be due and payable on the Extended Maturity Date.

 

1.9.The last sentence of Section 2.11(a) of the Credit Agreement is hereby amended in its entirety and as so amended shall read as follows:

 

Notwithstanding anything to the contrary contained elsewhere in this Agreement, (i) all then outstanding Loans (other than Extended Term Loans and Term Loans advanced pursuant to Section 2.16) shall be repaid in full on the Maturity Date, (ii) all then outstanding Extended Term Loans shall be repaid in full on the Extended Maturity Date and (iii) all outstanding Term Loans advanced pursuant to Section 2.16 shall be repaid in full as provided in the applicable Commitment Amount Increase.

 

1.10.Section 2.16(c)(A)(iii) of the Credit Agreement is hereby amended in its entirety and as so amended shall read as follows:

 

(iii)shall not mature earlier than the Extended Maturity Date,

 

1.11Section 2.16 of the Credit Agreement is hereby further amended by inserting the following at the end thereof as new Section 2.16(e):

  

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(e) Effective as of the Second Amendment Effective Date, the Borrower, the Administrative Agent and the Co-Administrative Agents have agreed to Commitment Amount Increases totaling $125,000,000 of additional Revolving Credit Commitments and $125,500,000 of additional Term Loans pursuant to Commitment Amount Increase Requests in compliance with Section 2.16(b).

 

1.12.Article 2 of the Credit Agreement is hereby further amended by adding the following new Section 2.18 after the end of Section 2.17:

 

Section 2.18.  Future Extensions.  Notwithstanding anything herein to the contrary:

 

(a)At any time after the Second Amendment Effective Date, any Non-Extending Term Loan Bank may, with the consent of the Borrower (but without the consent of the Administrative Agent, the Co-Administrative Agents or any other Bank), extend all, or any portion of, its Non-Extended Term Loan (but if electing to extend only a portion of its Non-Extended Term Loan, in an aggregate amount not less than $5,000,000), to May 24, 2017, subject to Section 2.5(c), converting such Non-Extended Term Loan (or portion thereof) into an Extended Term Loan and such Bank (as to the portion so extended) into an Extended Term Loan Bank.

 

(b)At any time after the Second Amendment Effective Date, and from time to time, the Borrower may request and any Bank may agree to extend the maturity date applicable to all or any portion of its Term Loan or Revolving Credit Commitment to a date after the Extended Maturity Date (with respect to Term Loans) or after the Maturity Date (with respect to Revolving Credit Commitments).  Any such extensions under this Section 2.18(b) shall only require the consent of the Borrower, such Bank, the Administrative Agent and the Co-Administrative Agents (in each case with respect to the Administrative Agent and the Co-Administrative Agents, which consent shall not be unreasonably withheld, delayed or conditioned), and this Agreement may be amended accordingly as needed to implement such extension for such Bank, but as conditions to any such extension (i) the Borrower’s request for such extension shall be in a minimum amount of $50,000,000 of Term Loans or Revolving Credit Commitments, as applicable, (ii) the request for such extension and the opportunity to extend its Term Loan or Revolving Credit Commitment, as applicable, shall be made available pro rata to all Banks holding Term Loans or Revolving Credit Commitments, as applicable, (iii) no Default shall have occurred and be continuing

  

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at the time of the request or the effective date of the extension or will result therefrom, and (iv) all representations and warranties contained in Article 4 hereof shall be true and correct in all material respects at the time of such request and on the effective date of such extension.

 

Article II

Extension of Maturity Date

 

Each Bank listed on Schedule I hereto extends the final maturity date applicable to the amount of its Term Loans stated opposite its name on Schedule I hereto to May 24, 2017 (with such required quarterly installment payments as detailed in Sections 2.5(b) and 2.5(c) of the Credit Agreement, after giving effect to this Second Amendment).  The final maturity date applicable to each Non-Extended Term Loan shall be the Maturity Date.  The Extending Term Loan Banks understand and agree that the Non-Extended Term Loans shall become due and be payable, together with all interest and fees related thereto, on the Maturity Date, which is prior to the Extended Maturity Date.  

 

Article III

Replacement of Agent

 

3.1.On January 27, 2012, Bank of Montreal notified the Borrower and the Banks that it was resigning as Administrative Agent and Swing Lender, and hereby further resigns as Co-Administrative Agent and Letter of Credit Issuer.  In accordance with Section 7.8 of the Credit Agreement, effective as of the date hereof, (a) the undersigned Banks, constituting the Required Banks, hereby appoint Wells Fargo Bank, N.A., as the successor Administrative Agent and Co-Administrative Agent under the Credit Agreement and the other Credit Documents, (b) the Borrower hereby consents to the appointment of Wells Fargo Bank, N.A., as successor Administrative Agent and Co-Administrative Agent under the Credit Agreement and the other Credit Documents and (c) Wells Fargo Bank, N.A., hereby accepts its appointment as the successor Administrative Agent and Co-Administrative Agent under the Credit Agreement and the other Credit Documents.  Effective as of the Second Amendment Effective Date, (i) Wells Fargo Bank, N.A., shall succeed to, and be vested with, all of the rights, powers, privileges and duties of the Administrative Agent and Co-Administrative Agent in its capacity as Administrative Agent and Co-Administrative Agent, respectively, under the Credit Agreement and the other Credit Documents, (ii) all references to the Administrative Agent and to Bank of Montreal as Co-Administrative Agent in the Credit Agreement and the other Credit Documents shall hereafter refer to Wells Fargo Bank, N.A., in its capacity as Administrative Agent and Co-Administrative Agent, respectively and (iii) Bank of Montreal shall be discharged from the duties and obligations of Administrative Agent, Co-Administrative Agent and Letter of Credit Issuer under the Credit Agreement and the other Credit Documents.

 

3.2.Effective as of the date hereof, Wells Fargo Bank, N.A. hereby agrees to serve as Letter of Credit Issuer and Swing Lender under the Credit Agreement.

  

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Article IV

Conditions Precedent

 

4.1.This Amendment shall become effective upon satisfaction of the following conditions precedent:

 

(a)the Administrative Agent shall have received counterparts hereof executed by the Borrower, the Guarantors, the Required Banks, and each affected Bank; 

 

(b)the Administrative Agent shall have received certified copies of resolutions of the boards of directors (or equivalent governing body) of the Borrower and each Guarantor authorizing the execution and delivery of this Amendment and indicating the authorized signers of this Amendment and the specimen signatures of such signers;

 

(c)the Administrative Agent shall have received copies of the Borrower’s and each Guarantor’s articles of incorporation and bylaws (or comparable organizational documents) and any amendments thereto, certified in each instance by its Secretary or Assistant Secretary;

 

(d)the Administrative Agent shall have received an opinion of counsel to the Credit Parties in a form reasonably acceptable to the Administrative Agent and Co-Administrative Agents covering such matters relating to the transactions contemplated hereby as the Administrative Agent or either Co-Administrative Agent may reasonably request; and

 

(e)the Borrower shall have paid the fees as agreed between the Borrower and the Co-Lead Arrangers in the Fee Letter dated March 6, 2012.

 

Article V

Miscellaneous

 

5.1.To induce the Administrative Agent, Co-Administrative Agents and the Banks to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent, Co-Administrative Agents and the Banks that:  (a) the representations and warranties contained in the Credit Agreement are true and correct in all material respects as of the date hereof with the same effect as though made on the date hereof (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date); (b) no Default or Event of Default exists; (c) this Amendment has been duly authorized by all necessary corporate proceedings and duly executed and delivered by the Borrower and each other Credit Party and the Credit Agreement, as amended by this Amendment, is the legal, valid and binding obligation of the Borrower and each other Credit Party, enforceable against the Borrower and each other Credit Party in accordance with its terms; and (d) no consent, approval, authorization, order, registration or qualification with any Governmental Authority is required for, and the absence of which would materially adversely affect, the legal and valid execution and delivery or

  

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performance by the Borrower or any other Credit Party of this Amendment or the performance by the Borrower or any other Credit Party of the Credit Agreement, as amended by this Amendment.

 

5.2.This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment.  Delivery of a counterpart hereof by facsimile transmission or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery of a manually executed counterpart hereof.

 

5.3.Except as specifically provided above, the Credit Documents shall remain in full force and effect and are hereby ratified and confirmed in all respects.  The execution, delivery, and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power, or remedy of the Administrative Agent, the Co-Administrative Agents or any Bank under the Credit Agreement or any Note, nor constitute a waiver or modification of any provision of any of the Credit Agreement or any Note.  This Amendment shall be a Credit Document as defined in the Credit Agreement.

 

5.4.This Amendment and the rights and obligations of the parties hereunder shall be construed in accordance with and be governed by the laws of the State of New York.

 

[Signature Pages follow]

  

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Alliance Data Systems Corporation, as Borrower

 

	
By  /s/ Charles L. Horn

	
Name:  Charles L. Horn

	
Title:  Executive Vice President and Chief Financial Officer

 

	
ADS Alliance Data Systems, Inc., as a Guarantor

 

	
By  /s/ Charles L. Horn

	
Name:  Charles L. Horn

	
Title:  Executive Vice President and Chief Financial Officer

 

	
Epsilon Marketing Services, LLC, as a Guarantor

 

	
By  /s/ Charles L. Horn

	
Name:  Charles L. Horn

	
Title:  Vice President

 

	
Epsilon Data Management, LLC, as a Guarantor

 

	
By  /s/ Charles L. Horn

	
Name:  Charles L. Horn

	
Title:  Vice President

 

	
Alliance Data Foreign Holdings, Inc., as a Guarantor

 

	
By  /s/ Charles L. Horn

	
Name:  Charles L. Horn

	
Title:  Vice President

 

	
ADS Foreign Holdings, Inc., as a Guarantor

 

	
By  /s/ Charles L. Horn

	
Name:  Charles L. Horn

	
Title:  Vice President

  

-9-

  

	
Comenity LLC, as a Guarantor

 

	
By  /s/ Cynthia L. Hageman

	
Name:  Cynthia L. Hageman

	
Title:  Assistant Secretary

	
Alliance Data FHC, Inc., as a Guarantor

 

	
By  /s/ Charles L. Horn

	
Name:  Charles L. Horn

	
Title:  Vice President

  

-10-

  

	
Wells Fargo Bank, N.A., as Administrative Agent and Co-Administrative Agent

 

	
By  /s/ Terry Dallas

	
Name:  Terry Dallas

	
Title:  EVP

  

-11-

  

  Wells Fargo Bank, N.A., individually as a Bank, 

	
  

	
as Letter of Credit Issuer and as Swing Lender

 

	
By  /s/ Terry Dallas

	
Name:  Terry Dallas

	
Title:  EVP

  

-12-

  

 

	
  

	
SunTrust Bank, individually as a Bank and as Co-Administrative Agent

 

	
By   /s/ David A. Bennett

	
Name:  David A. Bennett

	
Title:  Vice President

  

-13-

  

 

	
  

	
Bank of America, N.A.

 

	
By   /s/ Steven A. Mackenzie

	
Name:  Steven A. Mackenzie

	
Title:  Senior Vice President

  

-14-

  

 

	
Barclays Bank PLC

 

	
By   /s/ Michael Mozer

	
Name:  Michael Mozer

	
Title:  Vice President

  

-15-

  

 

	
JPMorgan Chase Bank, N.A.

 

	
By   /s/ Tina Ruyter

	
Name:  Tina Ruyter

	
Title:  Executive Director

  

-16-

  

 

	
Royal Bank of Canada

 

	
By  /s/ Scott Umbs

	
  

	
Name:  Scott Umbs

	
  

	
Title:  Authorized Signatory

  

-17-

  

 

	
Bank of Montreal

 

	
By  /s/ Mark W. Piekos

	
  

	
Name:  Mark W. Piekos

	
  

	
Title:  Managing Director

  

-18-

  

 

	
Credit Suisse AG, Cayman Islands Branch

 

	
By   /s/ Shaheen Malik

	
  

	
Name:  Shaheen Malik

	
  

	
Title:  Vice President

 

	
By   /s/ Kevin Buddhdew

	
  

	
Name:  Kevin Buddhdew

	
  

	
Title:  Associate

  

-19-

  

 

	
Scotiabanc Inc.

 

	
By   /s/ J. F. Todd

	
  

	
Name:  J. F. Todd

	
  

	
Title:  Managing Director  

  

-20-

  

 

	
Sumitomo Mitsui Banking Corporation

 

	
By   /s/ David W. Kee

	
  

	
Name:  David W. Kee

	
  

	
Title:  Managing Director

  

-21-

  

 

	
CIBC, Inc.

 

	
By   /s/ Erin Roche

	
  

	
Name:  Erin Roche

	
  

	
Title:  Executive Director

 

By  /s/ Zhen Na

     Name:  Zhen Na

     Title:  Director

  

-22-

  

Mizuho Corporate Bank, Ltd.

 

	
By   /s/ Bertram H. Tang

	
  

	
Name:  Bertram H. Tang

	
  

	
Title:  Authorized Signatory

  

-23-

  

 

	
The Royal Bank of Scotland plc

 

	
By   /s/ Fergus Smail

	
  

	
Name:  Fergus Smail

	
  

	
Title:  Director

  

-24-

  

 

	
The Huntington National Bank

 

	
By   /s/ Amanda M. Sigg

	
  

	
Name:  Amanda M. Sigg

	
  

	
Title:  Vice President

  

-25-

  

 

	
KeyBank National Association

 

	
By  /s/ David A. Wild

	
  

	
Name:  David A. Wild

	
  

	
Title:  Sr. Vice President

  

-26-

  

 

	
The Northern Trust Company

 

	
By   /s/ Morgan A. Lyons

	
  

	
Name:  Morgan A. Lyons

	
  

	
Title:  Senior Vice President

  

-27-

  

 

	
Union Bank, N.A.

 

	
By   /s/ Eric Wilson

	
  

	
Name:  Eric Wilson

	
  

	
Title:  Senior Credit Analyst

  

-28-

  

 

	
PNC Bank National Association

 

	
By   /s/ Thomas E. Redmond

	
  

	
Name:  Thomas E. Redmond

	
  

	
Title:  Senior Vice President

  

-29-

  

 

	
Raymond James Bank FSB

 

	
By   /s/ Joseph A. Ciccolini

	
  

	
Name:  Joseph A. Ciccolini

	
  

	
Title:  Vice President – Senior Corporate Banker

  

-30-

  

 

	
Manufacturers Bank

 

	
By   /s/ Sean R. Walker

	
  

	
Name:  Sean R. Walker

	
  

	
Title:  Vice President

  

-31-

  

 

	
Modern Bank, N.A.

 

	
By   /s/ Daniel Bennett

	
  

	
Name:  Daniel Bennett

	
  

	
Title:  Senior Vice President, Deputy Chief Credit Officer

 

 

-32-exh10_12.htm

 

 

 

Exhibit 10.12

HPEV, Inc., Contract With Independent Contractor

1. This agreement is between HPEV, Inc., (Client) located at 27420 Breakers Drive, Wesley Chapel, FL, 33544 and Summit Management Consulting, Inc., (Contractor) located at  27420 Breakers Drive, Wesley Chapel, FL, 33544.

2. Contractor agrees to perform the following services for Client:

	
●  

	
Supply manager to be interim President for Client as required for commercialization of a hybrid plug-in electric vehicle.

3. This contract will be for one month starting on April 1, 2011 and will renew at the beginning of each month unless notified fifteen days in advance the contract is being terminated.

4. Client will pay Contractor $5,000 each month for services performed.

5.  Client will not:

(a) withhold Social Security and Medicare taxes from Contractor's payments or make such tax payments on Contractor's behalf, or

(b) withhold state or federal income tax from Contractor's payments or make state or federal unemployment contributions on Contractor's behalf. Contractor will pay all applicable taxes related to the performance of services under this contract. This includes income, Social Security, Medicare, and self-employment taxes. Contractor will also pay any unemployment contributions related to the performance of services under this contract. Contractor will reimburse Client if Client is required to pay such taxes or unemployment contributions.

6. Fringe Benefits. Neither Contractor nor Contractor's employees are eligible to participate in any employee pension, health, vacation pay, sick pay, or other fringe benefit plan of Client.

7. Invoices. Contractor will submit Client approved travel expense on the company form and submit invoices for other Client approved reimbursable expenses.

8. Independent Contractor Status. The parties intend Contractor to be an independent contractor in the performance of the services. Contractor will have the right to control and determine the methods and means of performing the contractual services.

9. Other Clients. Contractor retains the right to perform services for other clients.

10. Assistants. Contractor, at Contractor's expense, may employ assistants as Contractor deems appropriate to perform the contractual services. Contractor will be responsible for paying these assistants as well as any expense attributable to them, including income, Social Security, and Medicare taxes, and unemployment contributions. Where required Contractor will maintain workers' compensation insurance for all of its employees.

11. Office Space and supplies

A. Contractor, at Contractor's expense, will provide office space necessary to perform the contractual services. Contractor will be reimbursed for those office expenses that are to be used solely for Client in performance of his duties as interim CEO along with the required reasonable and proper travel expenses in the performance of the contractual assignment. These travel expenses will be reimbursed upon submission of an expense report along with documentations for the expenses. Contractor may request  from Client an advance to  cover unusual travel expenses.

12. Disputes. If a dispute arises the parties will try in good faith to settle the dispute through mediation under the rules  as established  by the American Arbitration Association. However, either party reserves the right to take the matter to court.

13. Governing Law. This agreement will be governed by and construed in accordance with the laws of the state of Florida.

 

 

  

  

  

 

14. Modification. This agreement may be modified only by a written agreement signed by all the parties.

15. Waiver. If one party waives any term or provision of this agreement at any time, that waiver will only be effective for the specific instance and specific purpose for which the waiver was given. If either party fails to exercise or delays exercising any of its rights or remedies under this agreement, that party retains the right to enforce that term or provision at a later time.

16. Severability. If any court determines that any provision of this agreement is invalid or unenforceable, any invalidity or unenforceability will affect only that provision and will not make any other provision of this agreement invalid or unenforceable and such provision shall be modified, amended, or limited only to the extent necessary to render it valid and enforceable.

Client

HPEV, Inc. is a Delaware Corporation with headquarters located at 27420 Breakers Drive, Wesley Chapel, Florida, 33544.

/S/ Tim Hassett__________________

HPEV, Inc.

 

 

Contractor

 

 /S/ Quentin Ponder________________

Summit Management Consulting, Inc.

Dated: April 1, 2011

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