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EXHIBIT 10.17

 

EMPLOYMENT
AGREEMENT

 

This EMPLOYMENT AGREEMENT (the "Agreement"), dated and
effective as
of November 1,
2018 (the
"Effective Date"),
by and between Amazing Energy
Oil and
Gas, Co., a Nevada
corporation with principal executive offices at 5700 West Plano
Parkway, Suite
3600, Plano TX
75093 (the "Company"),
and David C.
Arndt, an
individual whose address is
6804 Lovington Drive, Dallas,
TX 75252 (the
"Employee") (each
of which a "Party"
or, collectively, the
"Parties").

 

W I T
N E S
S E T H:

 

WHEREAS, the Company desires to employ
Employee for management
and executive services
as Chief Operating Officer,
and Employee desires to serve the
Company in that capacity upon the terms and subject to the
conditions contained
in
this Agreement

 

NOW,
THEREFORE, in
consideration of the
mutual
covenants and agreements herein
contained, the
Parties hereto
hereby agree as
follows:

 

1.
 Employment.

 

(a) Services.
Upon effective date, Employee
will be employed by the Company
as the Chief Operating Officer to
provide services related
to such office. Employee will
report solely to the Company's Chief Executive
Officer. Employee agrees to perform such
Services faithfully,
to devote a significant portion of
his working
time, attention and energies to the business of the
Company, and while remaining employed,
to not engage in any other business activity that directly
conflicts with
his duties and
obligations to the Company. At the
commencement of
the Term, Employee shall be made an employee of
the Company and shall
be and remain employed by
the Company.

 

(b) Acceptance.
At the commencement of the Term, Employee hereby
accepts such employment
and agrees to render the Services.

 

(c) Inependent
Investment Activities Notwithstanding
any provision to
the contrary herein,
Employee shall be free
to engage in any
independent investment activity(ies), provided such
independent investment activity(ies) are not in
conflict with nor
do they interfere with
his duties and obligations to
the Company. To the extent
that Employee has
any prospective investment or other opportunity in the field of operations of the Company, then
Employee shall first notify the
Company and shall present such
opportunity to the Company. The Company,
acting through
its Board of Directors,
shall have fifteen (15) days to accept
or reject such opportunity. If
the Company elects not to
proceed with such opportunity after the
fifteen (15)
day period,
then Employee shall be free to pursue such
opportunity independently.

 

2. Term
of
Employment. The term
of employment
(the "Term")
shall commence on the Effective Date and shall continue until December
31, 2021,
unless sooner terminated pursuant to Section 8
of this Agreement. Notwithstanding anything
to the contrary
contained herein,
the provisions of this Agreement
governing protection of
Confidential
Information shall continue in effect as specified in Section 5
hereof and survive the
expiration or termination
hereof. The Term may be
extended for additional one (1) year
periods upon mutual written
consent of Employee and
the Board of
Directors.

 

3. Best
Efforts; Place of Performance. Employee shall devote
his business time, attention
and energy to the business and
affairs of the Company,
and shall use his
commercially
reasonable best
efforts to advance the lawful interests of the Company
and shall not during the Term be
ctively
engaged in any other business activity that will
adversely interfere
with the performance by Employee of his duties hereunder or
Employee's availability to
perform such duties or that
will adversely
affect, or negatively reflect upon
the Company. The
duties to be
performed by the Employee hereunder
shall be performed primarily t
the offices of the
Company in Plano,
Texas, but
Employee may
be required to travel to
various company sponsored field sites to
oversee drilling,
completion, production
and rework operations
on behalf of the
Company.

 

	

Employment Agreement

 

1

 

 

4. Compensation.
As compensation for the performance by
Employee of the duties under
this Agreement,
the Company
shall pay Employee as
follows:

 

(a) Base
Salary. The Company
shall pay Employee a
Base Salary equal
to$ 10,000.00
per month for the period
November 1, 2018 to December 31, 2021.
Payment of Base Salary shall
be made on a
semi-monthly basis,
in accordance
with the Company's
previously
established payroll payment policy.
The Company
shall pay Employee any
amounts accrued and unpaid hereunder at such
time as the Chief Executive Officer, in good
faith,
believes that
there is adequate cash for
such payment,
with such payment not to
be unreasonably
denied.

 

(b) Discretionary
Bonus.
Employee shall be
eligible to receive
an additional annual bonus of up
to three
times his preceding twelve months Base Salary {the "Discretionary Bonus")
based upon Employee's performance of duties and responsibilities assigned to him by the
Chief Executive Officer
of the Company. Factors
to be considered
by the Board of
Directors and the
Compensation Committee
shall include, but not be
limited to, growth in
the Company's market
capitalization,
the liquidity
and performance of
the Company's Common
Stock as well as
other factors considered relevant to the Board and
the Compensation
Committee. The Discretionary Bonus shall
be payable either as
a lump-sum payment or
in installments
as determined by the Board of
Directors and the Compensation
Committee of the Company in its
sole discretion. In
addition, the Board of Directors of
the Company shall annually
review the Bonus to
determine whether
an increase in
the amount thereof is warranted. For
purposes of calculating the
first year's bonus, January
1, 2019 shall
be used as the starting
point for calculation.
The Compensation Committee shall
also consider the
issuance of additional
stock options to the
Employee in its sole
discretion.

 

(c)

Uplisting Bonus and Grant of Common Stock Options. If the
Company's Common Stock
should ever be uplisted to the
American Stock Exchange, the
New York Stock Exchange, or
the NASDAQ Exchange (or any
trading tiers of the NASDAQ Exchange), Employee
shall be paid a one-time Uplisting Bonus {in
cash) of an amount equal to
the sum of Employee's Base Salary
for the twelve-month period
immediately preceding the day
that the Company's
Common Stock
begins trading on any
of the aforementioned exchanges.

 

Further, Company
hereby grants to
Employee, an option to purchase
up to 1,000,000shares
of the Company's Common
Stock at a price of $ 0.30
per share, subject
to the following vesting schedule:
(a) 100,000
shares shall
vest on the Effective
Date of this Employment
Agreement (b)
300,000
shares shall vest
to Employee on November 1,
2019, (c)
300,000 shares
shall vest to Employee on
November 1, 2020
and {d)
300,000
shares shall vest to Employee on
November 1, 2021.
Unexercised
options shall expire
on the last day of
the thirty-sixth month after vesting has
occurred.

 

(d)
Withholding; Employee Status. The Company shall
withhold
applicable federal state and local taxes and social security and such other amounts
as may be required by
law from all amounts
payable to Employee
under this
Section 4. Employee shall be
classified as a W-2
employee and Company
agrees to pay all employer-based
taxes levied by
any and all governmental agencies.

 

(e) Expenses. The
Company shall reimburse
Employee for all
normal reasonable and necessary Expenses incurred by Employee in
furtherance of the business and
affairs of the Company, including
but not limited
to transportation
expenses, lodging expenses, business meals
and company sponsored
entertainment. Reimbursements shall be
made to Employee on timely basis after Employee has
completed
an Employee Request for Reimbursement
of Business Expenses Form and provided Company with copies of
receipts,
credit card
statements, vouchers or other
proof of Employee's
expenditures.

 

(f) Other
Benefits.
Employee shall be
entitled to all
rights and benefits under any benefit
or other plan (including,
without limitation, dental,
medical, medical reimbursement and hospital plans,
pension plans, employee stock
purchase plans,
profit sharing plans,
bonus plans
and other so-called "fringe" benefits)
as the Company shall make
available to its senior
executives
from time to
time.

 

 

	

Employment Agreement

 

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(g) Vacation.
During the Term of this
Agreement, Employee shall be entitled
to take up to three weeks
(15 total days)
of paid Vacation per year,
with such Vacation
days being in addition to
holidays observed by the
Company.

 

5.  Confidential Information.

 

(a) Employee
recognizes and acknowledges that in the
course of his
duties he is likely to receive confidential or proprietary
information owned by the
Company, its affiliates or third Parties with whom the Company or
any such affiliates has an
obligation of confidentiality. Accordingly, during and
after the Term,
Employee agrees to keep confidential and
not disclose
or make accessible to any other
person or use for any other purpose other than in
connection with the fulfillment of
his duties under this Agreement, any
Confidential and Proprietary Information (as
defined below)
owned by, or received
by or on behalf
of, the
Company or any
of its affiliates. "Confidential and
Proprietary Information"
shall include,
but shall
not be limited to, confidential or
proprietary scientific or
technical information, data,
business plans (both current and under
development),
trade secrets, or any other
confidential or proprietary business information
relating to
development programs, costs,
revenues, investments, credit and financial data, financing
methods, or the business and affairs of the
Company, including any
Confidential and Proprietary
Information that may have been
developed by Employee. Employee agrees to return immediately all Company material and
reproductions (including but not limited,
to writings,
correspondence, notes,
drafts, records, invoices,
technical
and business policies, computer programs
or disks) thereof in Employee's
possession to the Company upon
request and in
any event immediately upon termination of employment.

 

(b) Unless
granted prior authorization by the Chief Executive
Officer, or
in furtherance
of Employee's
duties as an executive of the Company, Employee
agrees not to disclose
or publish any of
the Confidential
and Proprietary Information, or any
confidential,
scientific, technical
or business information of any other Party to whom the
Company or any of its
affiliates owes an
obligation of confidence, at any time
during or after his employment with the
Company.

 

(c) Notwithstanding
the foregoing,
the following shall not be
considered to be Confidential Information:
(i) information publicly available (ii)
information which becomes available to Employee on non-confidential basis from
sources other than Company,
provided such Employee does not
know or have reason to know
that such sources are prohibited by contractual, legal or
fiduciary obligation from transmitting such information to
Employee (iii) and
information that was lawfully in
the possession of an Employee prior to the
Effective Date of
this Agreement,
provided such Confidential
Information was not provided to Employee by Company. Company acknowledges that
Employee is bringing with him certain
contacts and
industry knowledge. Such
information shall not be the
Confidential Information
of Company, but
shall remain the confidential
information of Employee.

 

(d) 
The provisions of this Section
5 shall survive any
termination of this
Agreement.

 

6.
Non-Competition,
Non-Solicitation and
Non-Disparagement.

 

(a) Employee
understands and recognizes that his
services to the
Company are special and unique
and that in the
course of performing
such services Employee will have
access to and knowledge
of Confidential and
Proprietary Information
(as defined in Section
5) and Employee agrees
that, during the Term
and for a period of twelve (12)
months thereafter, he shall not
in any manner,
directly or indirectly, on behalf of himself or any person,
firm, partnership, joint venture, corporation or other business entity ("Person"),
enter into or engage
in any business which
is
engaged in any
business directly or indirectly
competitive with the business of the Company, either as an
individual for his own
account, or as a partner, joint
venturer, owner,
executive, employee, independent contractor, principal,
agent, consultant, officer, director or
shareholder of a Person in a business competitive with
the Company within the
geographic area of the
Company's
business. The Company acknowledges the need for
Employee to be employed in his
profession and, for the
purposes of this
Agreement, competition shall mean pursuing
oil and gas opportunities that compete directly with the same specific projects that Employee was exposed to as an
Employee.

 

	

Employment Agreement

	

 

3

 

 

(b) The
Company and Employee
each agree that both during the Term and at
all times thereafter, neither
party shall directly or indirectly disparage, whether or not
true. the name or
reputation of
the other party or any of its
affiliates, including but
not limited to,
any officer, director,
employee or shareholder of
the Company or any of its
affiliates.

 

(c) In
the event that Employee breaches any provisions of Section 5 or this Section 6 or there is a
threatened breach,
then, in addition
to any other rights
which the Company may
have, the Company shall be entitled to injunctive relief to
enforce the restrictions contained in such
Sections.

 

(d) Each
of the rights and remedies
enumerated in
Section 6(d) shall be
independent of the others
and shall be in addition to and
not in lieu of any other rights and remedies available to the
Company at
law or in equity. If any
of the covenants contained in this Section
6, or any part of any of them, is hereafter
construed or adjudicated to be invalid or
unenforceable,
the same shall not affect the
remainder of the
covenant
or covenants
or rights or
remedies which shall be given full effect
without regard to the invalid
portions.
If any of the covenants
contained in this Section 6
is held to be
invalid or unenforceable because of the duration of such provision or
the area covered thereby, the parties agree that the court making such determination shall have the power to
reduce
the duration and/or
area of such
provision and in its
reduced form such provision shall then
be enforceable.
No such holding of invalidity or unenforceability in
one jurisdiction shall bar or in any way affect the
Company's right to the relief
provided in this Section 6 or otherwise in
the courts of any other state or
jurisdiction within the geographical scope of such covenants as to breaches
of such covenants in such other
respective states or
jurisdictions, such covenants
being, for this
purpose, severable into
diverse and independent
covenants.

 

(e) The
provisions of this
Section 6 shall
survive any
termination
of this Agreement unless terminated pursuant to Sections
8(c) and (d)
upon which termination the provisions
of this Section shall automatically terminate.

 

(f) Notwithstanding
any provision to the
contrary herein,
Employee shall be
free to conduct business of any form
or fashion with any contact
that he had prior to the
Effective Date of
this Agreement.

 

7. Representations
and
Warranties. Employee hereby represents and warrants to the best of his knowledge and
belief to the Company as follows:

 

(a) Except
as set forth below, neither the execution
or delivery of this Agreement nor the
performance by Employee
of his duties and
other obligations hereunder violate or will
violate any
statute, law,
determination or award,
or conflict with or constitute a
default or breach of any covenant or obligation under (whether immediately, upon the
giving of notice or
lapse of time or both)
any prior employment agreement, contract, or other
instrument to which Employee is a Party or by
which he is bound;

 

(b) Employee
has the full right,
power and legal
capacity to enter and deliver this Agreement and
to perform the duties and other obligations
hereunder;

 

(c) This
Agreement constitutes the legal,
valid and binding obligation of
Employee enforceable
against
Employee in accordance with
its terms; and

 

(d) No
approvals or consents of
any persons or entities are required
for Employee
to execute and deliver this Agreement or perform its duties
and other obligations hereunder.

 

8. Termination . This Agreement may be terminated as
follows:

 

(a) Employee
hereunder may
be terminated by the Board
of Directors of the Company for "Cause". Any of the
following actions
by Employee shall
constitute "Cause":

 

(i) The willful failure, disregard or
refusal by Employee to perform his duties
hereunder,
which is not cured
by Employee within
fifteen (15) days after
notice thereof is given to Employee.
by the
Company;

 

Employment Agreemen                                                                                                                                    

 

4

 

 

(ii) Any
willful, intentional or grossly negligent act by
Employee, not
excusable under the business judgment rule, having the
effect of injuring, in a
material way (whether financial or otherwise and
as determined in good-faith by
a majority of the Board
of Directors of the
Company), the business
or reputation of the Company or any of its affiliates, including
but not limite to,
any officer, director, executive or
shareholder of the Company or any of its affiliates

 

(iii)
Willful misconduct by Employee in respect of
the lawful duties or
obligations of
Employee under
this Agreement, including,
without limitation, gross
insubordination with respect
to directions received by
Employee from the Board of Directors of the
Company, which is not
cured by Employee within fifteen (15) days
after notice thereof
is
given to Employee by the Company

 

(iv)
Employee's
conviction of any
felony or a misdemeanor involving moral turpitude (including entry of
a nolo contendere plea)

 

(v)
The determination by the Company, after
a reasonable and
good-faith investigation by an independent
investigator following a written allegation by another employee of the
Company, that Employee
engaged in some form of
harassment prohibited by law (including,
without limitation,
verbal harassment, age,
sex or race
discrimination);

 

(vi) 
Any misappropriation or embezzlement of
the property of the
Company or its
affiliates (whether or not a misdemeanor or felony)

 

(vii) Breach by Employee of
any of the provisions of Sections 5, 6 or
7 of this Agreement and

 

(viii) Breach
by Employee of any provision of this Agreement which is not
cured by Employee
within thirty (30) days
after notice thereof is given to
Employee by the Company,
unless such breach is not
curable.

 

(b) Employee's
employment hereunder may
be terminated by the Board of Directors of
the Company due to Employee's Disability
or Death. For purposes of this Agreement, termination
for "Disability" shall
occur (i)
when the Board of Directors of the
Company has provided a written termination
notice to Employee supported by written statement from a reputable independent
physician to the effect that
Employee shall have
become so physically
or mentally incapacitated as to be unable to resume, within the
ensuing twelve (12) months, his
employment hereunder by
reason of physical or mental illness or injury, or (ii)
upon rendering of a
written termination notice by the
Board of Directors of the Company after Employee has been
unable to substantially
perform his duties hereunder for 90
or more consecutive days,
or more than 120 days in
any consecutive twelve month period,
by reason of any physical or mental
illness or injury.
For purposes of this Section
8(b), Employee agrees to make himself
available and to cooperate in any
reasonable examination by a reputable independent physician retained by the Company.

 

(c) Employee's
employment hereunder may be
terminate by the
Board of Directors of the Company (or its
successor) upon
the occurrence
of a Change of Control. For purposes of
this Agreement
"Change of Control" means
(i) the acquisition, directly
or indirectly, following the date
hereof by any
person (as such term is defined in
Section 13(d) and
14(d)(2) of the Securities Exchange
Act of 1934, as
amended,) in one
transaction or a
series of related
transactions,
of securities of the Company
representing in excess of forty percent (40%)
or more of the combined voting power
of the Company's
then outstanding securities
if such person or his or its affiliate(s) do not
own in excess of 40%
of such voting power on the date of
this Agreement,
or (ii) the
future disposition by the Company (whether direct or indirect, by
sale of assets or
stock, merger,
consolidation or otherwise) of all or substantially all of its business and/or assets in one
transaction or series of related transactions (other than a
merger effected exclusively for the purpose of changing the domicile
of the
Company).

 

(d) Employee's
employment hereunder may
be terminated by Employee for Good Reason.
For purposes of
this Agreement,
"Good Reason"
shall mean any of the
following: (i) the assignment to Employee of
duties inconsistent
with Employee's
position, duties,
responsibilities, titles or
offices as
described herein (ii) any
material reduction
by the Company of Employee's duties and
responsibilities;

 

 

	

Employment Agreement

 

 

5

 

 

(iii) any reduction by
the Company of Employee's benefits payable hereunder; or (iv)
Company's material
breach
of any of its
obligations under this Agreement.

 

9. 
Compensation upon
Termination.

 

(a) If
Employee's employment is terminated
as a result of his
Death or Disability,
the Company shall pay to Employee's
spouse, as applicable,
the amount of Base Salary earned by
Employee through the date of the Death or through the
date of termination notice due to disability, plus any
amounts owed
to Employee hereunder that are
accrued and unpaid

 

(b) If
Employee's employment is terminated
by the Board of Directors of
the Company for Cause,
then Company shall pay to Employee the Base
Salary through the date of his
termination and Employee shall have no
further entitlement to any
other compensation or benefits from the Company

 

(c) If
Employee's employment is
terminated by the Company
(or its successor) upon
the occurrence of a Change of Control,
the Company (or its
successor, as applicable) shall pay in
one lump sum to Employee
any amounts owed to Employee hereunder that
are accrued and unpaid plus
the Base
Salary that
would be earned through the end of the Term of
this Employment Agreement.

 

(d) If
Employee's employment is terminated by the Company
other than as a result of Employee's
death or disability or for reasons
other than those specified
in
Sections 9(b) or
(c), then
the Company shall continue to pay to
Employee the Base Salary and benefits until the
earlier to occur of: (1) the
end of the Term of
this Employment
Agreement, or (2) the date that is one
year following such termination,
and additionally, in one lump sum payment (within 15 days
of such termination), any
amounts owed to Employee
hereunder which were previously accrued or
unpaid.

 

(e) If
this Agreement is terminated
pursuant to Section 8(d), Company shall continue to pay to Employee
the Base Salary and benefits until the earlier to occur
of (1) the end of the Term of this Employment
Agreement, or (2) the
date that is one year following such termination;
and shall pay in
one lump sum payment (within 15 days of such
termination), any amounts owed to Employee hereunder
which were previously accrued or unpaid.

 

(f) Upon
termination of Employee for any reason, Company will pay to
Employee
(within 15 days of termination) any expense reimbursement
amounts owed through
the date of
termination.

 

(g) This
Section 9 sets forth the only obligations of the Company
with respect to the termination of Employee's
employment with the Company, and Employee
acknowledges that,
upon the termination of its employment, ii shall not be
entitled to any
payments or benefits which are not explicitly provided
in
Section 9.

 

(h) The provisions of this Section 9 shall survive any
termination of
this Agreement.

 

10.
Miscellaneous.

 

(a) This
Agreement shall be governed by, and
construed and interpreted in
accordance with, the laws
of the State of Texas, without giving effect to its principles of
conflicts of
laws.

 

(b) THE
PARTIES AGREE THAT IN THE EVENT THAT LITIGATION ARISES OUT OF OR IS
RELATED TO THIS AGREEMENT, ANY ACTION
MUST BE BROUGHT IN COLLIN COUNTY, TEXAS, AND BOTH
PARTIES HEREBY CONSENT TO PERSONAL
JURISDICTION THERE.

 

(c) This
Agreement shall be binding upon and inure to the benefit
of the Parties hereto,
and their respective
heirs, legal
representatives,
successors and
assigns.

 

(d) This
Agreement may not be
assigned by Employee except to an entity that is
affiliated with
Employee. Employee may
assign Employee's payments or
right to receive payments to any entity
that is affiliated
with Employee.
The Company may assign its rights, together
with its obligations hereunder in connection with any
sale, transfer or other disposition of all or
substantially all of its business or assets.

 

 

	

Employment Agreement

 

 

6

 

 

(e) This
Agreement cannot be amended
orally, or by any course of conduct or
dealing, but only by a written agreement signed by the
Parties hereto.

 

(f) The
failure of either Party
to insist upon the strict performance of any of the
terms, conditions and
provisions of this Agreement
shall not be
construed as a waiver or
relinquishment of future
compliance therewith, and
such terms, conditions and
provisions shall
remain in
full force and effect. No waiver of
any term or condition of this Agreement on the part
of either Party shall be effective for
any purpose whatsoever
unless such waiver is in
writing and signed by such
Party.

 

(g) All
notices, requests, consents and other communications, required or permitted
to be given hereunder, shall
be in writing and shall be delivered
personally or by an overnight courier service
or sent by
registered or certified
mail, postage prepaid, return
receipt requested,
to the Parties at the addresses
set forth on the first
page of this
Agreement, and shall be
deemed given when
so delivered personally or by overnight courier, or,
if mailed, five days after the date of deposit
in the United States mails. Either Party
may designate
another address, for receipt
of notices hereunder by giving
notice to the other
Party in accordance with this paragraph (g).

 

(h) This
Agreement sets
forth the entire agreement and understanding of the Parties
relating to the subject matter hereof. No
representation, promise or
inducement has been made by either Party that is
not embodied in this Agreement, and neither
Party shall be bound by or liable for any alleged representation, promise
or inducement
not so set forth.

 

(i) The
section headings contained herein are for reference
purposes only and
shall not in any way affect the meaning or
interpretation of this
Agreement.

 

(j)
This Agreement may be executed in any
number of counterparts,
each of which shall constitute
an original, but
all of which together shall
constitute one and the same instrument.

 

 

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Employment Agreement

 

 

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IN WITNESS WHEREOF, the
Parties hereto have executed this Agreement to be
effective as of the Effective Date.

 

AMAZING ENERGY OIL AND GAS, CO.

 

 

	
By:

	/s/ Willard G. McAndrew
III
	

 

	
 

	

 

	
 

	
 

	Willard G. McAndrew
- Chief Executive
Officer	

 

	

 

	

 

	

 

	
 

	
 

	

 

	
 

	

 

	
 

	
 

	
       

	

 

	
 

	

 

	
 

	
 

	
/s/ 
David C. Arndt

	

 

	
 

	

 

	
 

	
 

	David C. Arndt -
Employee	

 

	
 

	

 

	
 

	
 

	
 

	

 

	

 

	

 

	

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	

Employment Agreement

 

 

8Exhibit 10.1

 

TERMINATION AND RELEASE AGREEMENT

 

This TERMINATION AND RELEASE AGREEMENT is entered into as of December 11, 2018 (as amended, modified, extended, supplemented, restated and/or replaced from time to time, this “Termination Agreement”) and is by and among PROTECTIVE LIFE INSURANCE COMPANY, a Tennessee corporation (the “Lessee”); PROTECTIVE LIFE CORPORATION, a Delaware corporation (the “Guarantor”); WACHOVIA DEVELOPMENT CORPORATION (the “Lessor”); WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), SUNTRUST BANK (“SunTrust”) and CITIBANK, N.A. (“CitiBank”; Wells Fargo, SunTrust and CitiBank may be referred to individually, as a “Lease Participant”, and collectively, as the “Lease Participants”); and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), as administrative agent for the Lessor and the Lease Participants (in such capacity, the “Administrative Agent” and together with Lessor and Lease Participants, the “Financing Parties”).

 

W I T N E S S E T H:

 

WHEREAS, the parties to this Termination Agreement are parties to that certain Second Amended and Restated Investment and Participation Agreement dated as of December 19, 2013 (as amended, modified, extended, supplemented, restated and/or replaced from time to time, the “Participation Agreement”);

 

WHEREAS, Lessee intends to purchase the Facility on the Scheduled Lease Termination Date in accordance with the terms of the Lease;

 

WHEREAS, Financing Parties have agreed to the arrangements described in the prior paragraph;

 

WHEREAS, on the Payoff Date (hereinafter defined), Lessee shall pay the Lease Facility Payoff Amount (hereinafter defined) and the MVA Payoff Date Fees (hereinafter defined), in accordance with the terms of this Termination Agreement;

 

WHEREAS, Lessee has requested that upon receipt of the Lease Facility Payoff Amount and the MVA Payoff Date Fees in accordance with the terms of this Termination Agreement, (a) Financing Parties terminate their respective interests in (i) the Ground Lease and that certain Party Wall Agreement dated November 6, 2014 (as amended, modified, extended, supplemented, restated and/or replaced from time to time, the “Party Wall Agreement”; collectively, the Ground Lease, the Party Wall Agreement, the Operative Documents (as such term is defined in Schedule 1.01 to the Participation Agreement) and any agreements, instruments, documents or certificates executed and delivered by Lessee or Guarantor in connection with any such Operative Documents may be referred to hereinafter as the “Operative Documents”), by and between Lessor and Lessee, and (ii) the other Operative Documents, except as to each of the foregoing subsections (i) and (ii), with respect to certain provisions set forth herein or in the Operative Documents, (b) Lessor transfer to Lessee all of Lessor’s title to and legal and beneficial ownership interest in the Facility, including all of Lessor’s title to and legal and beneficial ownership interest in accessories, equipment, parts, fixtures and devices affixed or placed on the Facility and modifications, alterations, renovations, and improvements to the Facility, (c) Financing Parties  (i) release the liens in favor of Financing Parties created pursuant to the Operative Documents and (ii) along with the other parties hereto, terminate the Operative Documents, except with respect to certain provisions set forth herein or in the Operative Documents, and (d) certain other reversions of interest, transfers,

 

 

terminations and assignments (all as more specifically referenced in Sections 3 and 7 hereof) be effected; and

 

WHEREAS, Lessor and the other Financing Parties have agreed to the requests of Lessee in the prior paragraph on the terms and conditions set forth herein.

 

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereto agree as follows:

 

A G R E E M E N T:

 

1.                                      Definitions.  Capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in Schedule 1.01 to the Participation Agreement.  The term “Lease Facility” shall refer to the transactions contemplated by the Operative Documents.

 

2.                                      [Intentionally Left Blank.]

 

3.                                      Facility.  The parties to this Termination Agreement acknowledge and agree that (a) Lessee hereby requests to terminate the Operative Documents on the Payoff Date, except with respect to the Continuing Obligations (hereinafter defined) which shall continue as obligations under the terms of this Termination Agreement, and (b) execution and delivery of this Termination Agreement by the parties hereto shall constitute a request by Lessee (and the agreement to such request by the other parties to this Termination Agreement) that upon payment of the Lease Facility Payoff Amount and MVA Payoff Date Fees in accordance with the terms of this Termination Agreement, then without the need for further action, (i) the Operative Documents shall be (and hereby are deemed to be) terminated, except with respect to the Continuing Obligations which shall continue as obligations, and (ii) Lessor’s title to and legal and beneficial ownership interest in the Facility, including all of Lessor’s title to and legal and beneficial ownership interest in accessories, equipment, parts, fixtures and devices affixed or placed on the Facility and modifications, alterations, renovations, and improvements to the Facility, shall be (and hereby are deemed to be) transferred to Lessee (A) free and clear of any Lien created by, through or under Lessor other than Permitted Liens or Liens created at the request of or as a result of the actions of Lessee or anyone acting by, through or under Lessee, or a result of the failure of Lessee or Guarantor to carry out any of their obligations under the Lease or the other Operative Documents (individually and collectively, as the context shall require, “Lessor Liens”) and (B) without recourse, representation or warranty of any nature whatsoever (except as to the absence of such Lessor Liens as aforesaid).  Further, upon payment of the Lease Facility Payoff Amount and MVA Payoff Date Fees in accordance with the terms of this Termination Agreement, then without the need for further action, (x) Lessor hereby is deemed to have assigned (and does assign) to Lessee the benefits in respect of any Vendor’s warranties or undertakings, express or implied, relating to the Facility (including any labor, equipment or parts supplied in connection therewith) to the extent of any such warranties or undertakings in favor of Lessor, and, to the extent assignment of the same is prohibited or precludes enforcement of any such warranty or undertaking, Lessor hereby is deemed to have subrogated (and does subrogate) Lessee to Lessor’s rights in respect thereof and (y) Lessor is deemed to have authorized (and does authorize) Lessee, at Lessee’s expense, to assert any and all claims and to prosecute any and all suits, actions and proceedings, in its own name or in the name of Lessor, in respect of any such warranty or undertaking and to retain the proceeds received in connection therewith.  All the foregoing assignments and authorizations shall be made without recourse and without any representation or warranty whatsoever, other than the absence of Lessor Liens.

 

4.                                      Payment of Purchase Price.  Lessee shall pay the Lease Facility Payoff Amount to Administrative Agent for the Facility on December 19, 2018 (the “Payoff Date”).  The aggregate amount due and owing by Lessee as of the Payoff Date in connection with the Operative Documents (the “Lease

 

2

 

Facility Payoff Amount”) is set forth in Exhibit A hereto, and shall be the following amounts:  an amount equal to the sum, as of the Payoff Date, of (a) the aggregate amount of the Unrecovered Lessor Investments attributable to the A Percentage Lessor Investments, plus (b) all accrued but unpaid A Percentage Yield through the end of the Lease Term, plus (c) the aggregate amount of the Unrecovered Lessor Investments attributable to the B Percentage Lessor Investments, plus (d) all accrued but unpaid B Percentage Yield through the end of the Lease Term, plus (e) all accrued, unpaid Supplemental Rent through the end of the Lease Term, plus (f) all other amounts owing by Lessee under the Operative Documents; provided, the Lease Facility Payoff Amount shall not include the fees and expenses payable to Wells Fargo’s counsel, Moore & Van Allen PLLC (“MVA”), in connection with the transactions contemplated in this Termination Agreement (the “MVA Fees” and together with the Lease Facility Payoff Amount, the “Purchase Price”).  Lessee hereby agrees to pay, or cause to be paid, to MVA by wire transfer, in federal funds, pursuant to wire instructions from MVA, (x) on the Payoff Date, the portion of the MVA Fees invoiced to Lessee on or prior to December 17, 2018 to felicia.lee@protective.com (the “MVA Payoff Date Fees”) and (y) within thirty (30) days from the date of delivery of any subsequent invoices to Lessee, the remainder of the MVA Fees, which fees shall be reasonable and incurred solely in connection with the transactions contemplated in this Termination Agreement.  If, for any reason, any of the Purchase Price or any other amount is voided, rescinded, disgorged or must otherwise be returned by Administrative Agent, any other Financing Party or MVA as a result of Lessee’s insolvency, bankruptcy or otherwise, Lessee acknowledges and agrees that (x) such payment obligation shall be deemed to have continued in existence, notwithstanding any application by Administrative Agent, such other Financing Party or MVA, and (y) the Operative Documents shall continue to be effective or be reinstated, as the case may be, as to such amounts, all as though application by Administrative Agent, such other Financing Party or MVA had not been made.

 

5.                                      Payment Procedure for Lease Facility Payoff Amount.  Lessee shall pay the Lease Facility Payoff Amount on the Payoff Date for the benefit of Financing Parties by wire transfer, in federal funds, in accordance with the following instructions:

 

	
Bank Name:
    	
 
    	
Wells Fargo Bank, N.A.
    
	
 
    	
 
    	
Charlotte, NC USA
    
	
ABA No.:
    	
 
    	
                          
    	
 
    
	
Account No.:
    	
 
    	
                          
    	
 
    
	
Ref:
    	
 
    	
Protective Life Insurance Company — 2013 Synthetic   Lease
    
	
Attention:
    	
 
    	
                          
    	
 
    

 

6.                                      Termination and Release; Continuation of Certain Provisions.  Upon receipt by Administrative Agent of the Lease Facility Payoff Amount and receipt by MVA of the MVA Payoff Date Fees in accordance with the terms of this Termination Agreement, in each case in good and immediately available federal funds, on the Payoff Date and without the need for any further action (but subject to the provisos to this sentence), (a) the obligations of Lessee for payment of Rent and the obligations of Lessee for payment of the Lease Facility Payoff Amount shall be satisfied in full, the Lease Termination Date shall be deemed to have occurred as of the Payoff Date, the Liens on the Facility created pursuant to the Operative Documents shall be released and the Operative Documents shall terminate and shall be of no further force or effect; (b) Lessee and Guarantor and their respective successors and assigns shall be released from each and all of their respective obligations, liabilities, claims and demands of every kind and nature, known or unknown, suspected or unsuspected, disclosed and undisclosed, arising out of or in connection with the Operative Documents; provided, notwithstanding the foregoing, or any other provisions of this Termination Agreement, and without the need for further action, Lessee shall continue to be obligated for, and Guarantor shall continue to guarantee, in accordance with the Guaranty, any and all (i) unpaid amounts constituting MVA Fees, (ii) obligations, liabilities, claims and demands of Lessee, actual or contingent, which arose under the Lease, or by reason of events or circumstances occurring or

 

3

 

existing, on or prior to termination of the Lease, and which have not been satisfied (which obligations, liabilities, claims and demands shall continue until satisfied and which include without limitation obligations for Rent and the Termination Value, the Purchase Price and amounts owing pursuant to Section 16 of the Lease) and (iii) obligations, liabilities, claims and demands of Lessee which by the terms of any Operative Document (including without limitation pursuant to Section 11.03 of the Participation Agreement) expressly survive termination (collectively, all such matters identified in the foregoing proviso to this sentence are referred to herein as the “Lessee Continuing Obligations”); and (c) Financing Parties and their respective successors and assigns shall be released from each and all of their respective obligations, liabilities, claims and demands of every kind and nature, known or unknown, suspected or unsuspected, disclosed and undisclosed, arising out of or in connection with the Operative Documents; provided, notwithstanding the foregoing, or any other provisions of this Termination Agreement, and without the need for further action, Financing Parties shall continue to be obligated for their respective obligations, liabilities, claims and demands which by the terms of any Operative Document expressly survive termination (collectively, all such obligations, liabilities, claims and demands identified in this subsection (c) are referred to herein as the “Financing Party Continuing Obligations”; collectively, Lessee Continuing Obligations and Financing Party Continuing Obligations, may be referred to herein as “Continuing Obligations”).  Receipt of the Lease Facility Payoff Amount by Administrative Agent shall be deemed to have occurred upon confirmation of the same by Administrative Agent.  Receipt of the MVA Fees by MVA shall be deemed to have occurred upon confirmation of the same by MVA.

 

7.                                      Reversion of Rights and Contracts.  Upon payment of the Lease Facility Payoff Amount and the MVA Payoff Date Fees in accordance with the terms of this Termination Agreement, and without the need for further action: (a) the various agreements, licenses, Applicable Permits and contracts, including without limitation Related Contracts, provided by Lessee to Lessor shall be deemed to revert and to transfer (and shall revert and transfer) to Lessee, (b) service contracts with Lessee, property rights and licenses granted by Lessee to Lessor shall be deemed to terminate (and shall terminate), and (c) third-party service contracts shall be deemed to be assigned by Lessor to Lessee (and shall be so assigned), all the foregoing reversions, transfers, terminations and assignments shall be made without recourse and without any representation or warranty whatsoever, other than the absence of Lessor Liens.

 

8.                                      Characterization.  For the purposes of commercial law and Federal, state and local income and ad valorem taxes, among any other applicable Federal, state or local insolvency, reorganization, moratorium, fraudulent conveyance or similar law, the parties hereto intend that (a) the Lease shall have been (and shall be) treated as the repayment and security provisions of a loan by Lessor to Lessee in the amount of the Facility Cost, (b) all payments of Rent, the Termination Value and the Purchase Price shall have been (and shall be) treated as payment of principal, interest and other amounts owing with respect to such loan and (c) Lessee shall have been (and shall be) be treated as entitled to all benefits of ownership of the Facility, or any part thereof, before and after the date of this Termination Agreement.  In addition, the parties hereto acknowledge that after payment in full of the Ownership Interests, the Yield accrued thereon and any other obligations of Lessee under this Termination Agreement, any remaining proceeds of the Facility shall be distributed to Lessee.

 

9.                                      Delivery of Documents.  Prior to the Payoff Date, all Lien release documents and termination documents regarding the Ground Lease, the Party Wall Agreement and the Lease, in each case with regard to the Operative Documents and as required pursuant to the Operative Documents, shall be completed, executed (to the extent necessary) and delivered, as directed by Lessee to a third party reasonably agreeable to Administrative Agent, such delivery to be in escrow, pending payment on the Payoff Date of the Lease Facility Payoff Amount and the MVA Payoff Date Fees in accordance with the terms of this Termination Agreement.  All such documents must be reasonably satisfactory to Lessee, Lessor and Administrative Agent.  All such documents (a) shall be, without the need for further action,

 

4

 

automatically released from escrow upon receipt on the Payoff Date of payment of the Lease Facility Payoff Amount and the MVA Payoff Date Fees in accordance with the terms of this Termination Agreement and (b) may be filed for recordation, at Lessee’s expense, and upon direction from Lessee.

 

10.                               Resignation of Administrative Agent.  After (a) the delivery and filing for recordation, as the case may be, of the Lien release documents referenced in Section 9 hereof and (b) completion by Wells Fargo, as agent, of its other obligations hereunder and under the Operative Documents, as applicable, but in no event more than ninety (90) days after the Payoff Date, unless extended by Wells Fargo delivering written notice to Lessee and Lessor of such extension, Wells Fargo shall be deemed to have resigned its capacity as “Administrative Agent” hereunder and pursuant to the Operative Documents, as applicable, and all parties to this Termination Agreement hereby agree that such resignation shall be automatically effective at such time, without the need for further action, and notwithstanding any further or additional requirement hereunder or in the Operative Documents, as applicable, to the contrary, including without limitation any notice requirements; provided, Wells Fargo shall automatically be reinstated, in such capacity as Administrative Agent, hereunder and under the Operative Documents, as applicable, without the need for further action, in the event such an agent entity is necessary for the functioning or interpretation of Section 11.03 of the Participation Agreement or any other Continuing Obligation.  Notwithstanding any provision of this Termination Agreement or any Operative Document to the contrary, Wells Fargo, in such capacity as Administrative Agent, shall be entitled to all benefits, rights and protections afforded to Administrative Agent under the Operative Documents until such resignation is effective and during any time when Wells Fargo’s obligations as Administrative Agent are reinstated hereunder or under the Operative Documents, as applicable.

 

11.                               Conditions Precedent.  This Termination Agreement shall become effective upon execution by all parties hereto and delivery of the same (free of escrow restrictions) to MVA, counsel to Wells Fargo.

 

12.                               Miscellaneous.

 

(a)                                 Severability.  Any provision of this Termination Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

(b)                                 Counterparts.  This Termination Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed to be an original, and it shall not be necessary in making proof of this Termination Agreement to produce or account for more than one such counterpart.  Delivery of an executed counterpart may be made either by certified mail (return receipt requested), hand delivery or email.  Said delivery by email shall be as effective as delivery of a manually executed counterpart hereto and shall constitute a representation that an original executed counterpart will be promptly provided.

 

(c)                                  Headings.  The headings of the various articles and sections of this Termination Agreement are for convenience of reference only and shall not modify, define, expand or limit any of the terms or provisions hereof.  Unless otherwise stated, references to Sections made in this Termination Agreement shall be interpreted as references to the applicable Section herein.

 

5

 

(d)                                 GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL; VENUE.

 

(i)                                     This Termination Agreement (including without limitation the validity and enforceability hereof) shall be governed by, and construed in accordance with, the laws of the State of New York, other than the conflict of laws rules thereof (other than Section 5.1401 of the New York General Obligations Law), except to the extent (if any) that the laws of the State of Alabama mandatorily apply.

 

(ii)                                  Lessee and Guarantor hereby irrevocably submit to the exclusive jurisdiction of any New York State or Federal court sitting in New York City and any appellate court from any thereof in any action or proceeding by any Financing Party in respect of, but only in respect of, any claims or causes of action arising out of or relating to this Termination Agreement or the other Operative Documents (such claims and causes of action, collectively, being “Permitted Claims”), and Lessee and Guarantor hereby irrevocably agree that all Permitted Claims may be heard and determined in such New York State court or in such Federal court.  Lessee and Guarantor hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding in any aforementioned court in respect of Permitted Claims.  Lessee and Guarantor hereby irrevocably agree that service of copies of the summons and complaint and any other process which may be served by any Financing Party in any such action or proceeding in any aforementioned court in respect of Permitted Claims may be made by delivering a copy of such process (A) regarding Lessee, to Lessee by courier and by certified mail (return receipt requested), fees and postage prepaid, at the following address for Lessee: 2801 Highway 280 South, Birmingham, Alabama 35233 and (B) regarding Guarantor, to Guarantor by courier and by certified mail (return receipt requested), fees and postage prepaid, at the following address for Guarantor: 2801 Highway 280 South, Birmingham, Alabama 35233.  Lessee and Guarantor agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

(iii)                               Nothing in this Section 12(d) shall (A) affect the right of any Financing Party to serve legal process in any other manner permitted by law or affect any right otherwise existing of any Financing Party to bring any action or proceeding against Lessee, Guarantor or any of property of Lessee or Guarantor in the courts of other jurisdictions or (B) be deemed to be a general consent to jurisdiction in any particular court or a general waiver of any defense or a consent to jurisdiction of the courts expressly referred to in Section 12(d)(ii) above in any action or proceeding in respect of any claim or cause of action other than Permitted Claims.

 

(iv)                              EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR TO DEFEND ANY RIGHTS UNDER THIS TERMINATION AGREEMENT OR ANY OTHER OPERATIVE DOCUMENT OR UNDER AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS TERMINATION AGREEMENT OR ANY OTHER OPERATIVE DOCUMENT, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

6

 

(v)                                 Each of the parties to this Termination Agreement hereby irrevocably waives any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Termination Agreement or any other Operative Document brought in the courts expressly referred to in Section 12(d)(ii) hereof and hereby further irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum.

 

Subject to the other applicable provisions of this Termination Agreement or any other Operative Documents, the parties hereto shall have the right to proceed in any court of proper jurisdiction or by self-help to exercise or prosecute the following remedies, as applicable:  (A) all rights to foreclose against any real or personal property or other security under applicable law by judicial foreclosure; (B) all rights of self-help including without limitation peaceful occupation of real property and collection of rents, set-off and peaceful possession of personal property; (C) obtaining provisional or ancillary remedies including without limitation injunctive relief, sequestration, garnishment, attachment, appointment of receiver and filing an involuntary bankruptcy proceeding; and (D) when applicable, a judgment by confession of judgment.

 

(e)                                  Further Assurances.  The parties hereto shall promptly cause to be taken, executed, acknowledged or delivered all such further acts, conveyances, documents and assurances as the other parties may from time to time reasonably request in order to carry out and effectuate the intent and purposes of this Termination Agreement and the transactions contemplated hereby.  With regard to the matters referenced in the preceding sentence, Lessee shall pay all fees and out-of-pocket expenses associated therewith (including without limitation the reasonable fees and expenses of outside legal counsel).

 

(f)                                   Agreement.  This Termination Agreement shall not be terminated, amended, supplemented, modified, restated or discharged, and no provision of this Termination Agreement shall be waived, except in each case by an instrument in writing executed by the parties to this Termination Agreement.

 

(g)                                  Strict Construction. The parties to this Termination Agreement have participated jointly in the negotiation and drafting of this Termination Agreement.  In the event any ambiguity or question of intent or interpretation arises, this Termination Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Termination Agreement.

 

(h)                                 Waiver of Notice.  Each party to this Termination Agreement acknowledges and agrees that all notices, consents, approvals and other actions required to consummate the transactions contemplated hereby have been, or prior to the time when required will have been, obtained, given, filed or taken and are or will be in full force and effect, and to the extent that any of the foregoing has not been obtained given, filed or taken, any obligation to do so shall be waived, to the extent permitted under applicable law.

 

[signature pages follow]

 

7

 

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Termination Agreement to be duly executed under seal and delivered as of the date and year first above written.

 

LESSEE:

 

	
 
    	
PROTECTIVE LIFE   INSURANCE COMPANY, as the Lessee
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Steven G.   Walker
    
	
 
    	
Name:
    	
Steven G. Walker
    
	
 
    	
Title:
    	
EVP and Chief Financial   Officer
    

 

(signature pages continue)

 

TERMINATION AGREEMENT

PROTECTIVE LIFE INSURANCE COMPANY

 

 

GUARANTOR:

 

	
 
    	
PROTECTIVE LIFE   CORPORATION, as the Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Steven G.   Walker
    
	
 
    	
Name:
    	
Steven G. Walker
    
	
 
    	
Title:
    	
EVP and Chief Financial   Officer
    

 

(signature pages continue)

 

TERMINATION AGREEMENT

PROTECTIVE LIFE INSURANCE COMPANY

 

 

LESSOR:

 

	
 
    	
WACHOVIA DEVELOPMENT   CORPORATION, as the Lessor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Weston Garrett
    
	
 
    	
Name:
    	
Weston Garrett
    
	
 
    	
Title:
    	
Managing Director
    

 

(signature pages continue)

 

TERMINATION AGREEMENT

PROTECTIVE LIFE INSURANCE COMPANY

 

 

LEASE PARTICIPANTS:

 

	
 
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION, as a Lease Participant
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Karen Hanke
    
	
 
    	
Name:
    	
Karen Hanke
    
	
 
    	
Title:
    	
Managing Director
    

 

(signature pages continue)

 

TERMINATION AGREEMENT

PROTECTIVE LIFE INSURANCE COMPANY

 

 

	
 
    	
SUNTRUST BANK, as a   Lease Participant
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Doug Kennedy
    
	
 
    	
Name:
    	
Doug Kennedy
    
	
 
    	
Title:
    	
Director
    

 

(signature pages continue)

 

TERMINATION AGREEMENT

PROTECTIVE LIFE INSURANCE COMPANY

 

 

	
 
    	
CITIBANK, N.A., as a   Lease Participant
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert Chesley
    
	
 
    	
Name:
    	
Robert Chesley
    
	
 
    	
Title:
    	
Vice President
    

 

(signature pages continue)

 

TERMINATION AGREEMENT

PROTECTIVE LIFE INSURANCE COMPANY

 

 

ADMINISTRATIVE AGENT:

 

	
 
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION, as the Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Karen Hanke
    
	
 
    	
Name:
    	
Karen Hanke
    
	
 
    	
Title:
    	
Managing Director
    

 

(signature pages end)

 

TERMINATION AGREEMENT

PROTECTIVE LIFE INSURANCE COMPANY

 

 

EXHIBIT A

 

LEASE FACILITY PAYOFF AMOUNT
 (Payoff Date December 19, 2018)

 

	
Entity
    	
 
    	
Unrecovered
   Lessor
   Investments
   attributable to
   A Percentage
   Lessor
   Investments
    	
 
    	
Accrued but
   unpaid
   A Percentage
   Yield
    	
 
    	
Unrecovered
   Lessor
   Investments
   attributable to
   B Percentage
   Lessor
   Investments
    	
 
    	
Accrued but
   unpaid
   B Percentage
   Yield
    	
 
    	
Unpaid
   Supplemental
   Rent
    	
 
    	
Unpaid other
   amounts under
   Operative
   Documents
    	
 
    	
Total
    	
 
    
	
Wachovia Development Corporation, as the Lessor
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
3,750,000.00
    	
 
    	
$
    	
9,153.65
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
3,759,153.65
    	
 
    
	
Wells Fargo Bank, National Association, as a Lease Participant
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
21,250,000.00
    	
 
    	
$
    	
40,655.38
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
21,290,655.38
    	
 
    
	
SunTrust Bank, as a Lease Participant
    	
 
    	
$
    	
25,000,000.00
    	
 
    	
$
    	
47,829.86
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
25,047,829.86
    	
 
    
	
CitiBank, N.A., as a Lease Participant
    	
 
    	
$
    	
25,000,000.00
    	
 
    	
$
    	
47,829.86
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
25,047,829.86
    	
 
    
	
Wells Fargo Bank, National Association, as the Administrative Agent
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    
	
Total
    	
 
    	
$
    	
50,000,000.00
    	
 
    	
$
    	
95,659.72
    	
 
    	
$
    	
25,000,000.00
    	
 
    	
$
    	
49,809.03
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
0.00
    	
 
    	
$
    	
75,145,468.75
    	
 
    

 

A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]