Document:

Exhibit 10.32(a)

 

	
        Amendment to Loan Documents
	
         

 

THIS AMENDMENT TO LOAN
DOCUMENTS (this “Amendment”) is made as of October 22, 2019, by and between MIDDLESEX WATER COMPANY,
PINELANDS WASTEWATER COMPANY, PINELANDS WATER COMPANY, TIDEWATER ENVIRONMENTAL SERVICES, INC., TIDEWATER UTILITIES, INC., UTILITY
SERVICE AFFILIATES (PERTH AMBOY) INC., UTILITY SERVICE AFFILIATES INC. and WHITE MARSH ENVIRONMENTAL SYSTEMS, INC. (individually
and collectively, the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the “Bank”).

 

BACKGROUND

 

A.       The
Borrower or another obligor has executed and delivered to the Bank (or a predecessor which is now known by the Bank’s name
as set forth above), one or more promissory notes, letter agreements, loan agreements, security agreements, mortgages, pledge agreements,
collateral assignments, and other agreements, instruments, certificates and documents, some or all of which are more fully described
on attached Exhibit A, which is made a part of this Amendment (collectively as amended from time to time, the “Loan Documents”)
which evidence or secure some or all of the indebtedness and other obligations of the Borrower to the Bank for one or more loans
or other extensions of credit (as used herein, collectively, together with the Obligations, if and as defined in the Loan Documents,
the “Obligations”). Any initially capitalized terms used in this Amendment without definition shall have the
meanings assigned to those terms in the Loan Documents.

 

B.       The
Borrower and the Bank desire to amend the Loan Documents as provided for in this Amendment.

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree as
follows:

 

1.       Certain
of the Loan Documents are amended as set forth in Exhibit A. Any and all references to any Loan Document in any other Loan Document
shall be deemed to refer to such Loan Document as amended by this Amendment. This Amendment is deemed incorporated into each of
the Loan Documents. To the extent that any term or provision of this Amendment is or may be inconsistent with any term or provision
in any Loan Document, the terms and provisions of this Amendment shall control.

 

2.       The
Borrower hereby certifies that: (a) all of its representations and warranties in the Loan Documents, as amended by this Amendment,
are, except as may otherwise be stated in this Amendment: (i) true and correct as of the date of this Amendment, (ii) ratified
and confirmed without condition as if made anew, and (iii) incorporated into this Amendment by reference, (b) no Event of Default
or event which, with the passage of time or the giving of notice or both, would constitute an Event of Default, exists under any
Loan Document which will not be cured by the execution and effectiveness of this Amendment, (c) no consent, approval, order or
authorization of, or registration or filing with, any third party is required in connection with the execution, delivery and carrying
out of this Amendment or, if required, has been obtained, and (d) this Amendment has been duly authorized, executed and delivered
so that it constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms. The Borrower
confirms that the Obligations remain outstanding without defense, set off, counterclaim, discount or charge of any kind as of the
date of this Amendment.

 

3.       The
Borrower hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted
by the Borrower or third parties (if applicable), shall continue unimpaired and in full force and effect, and shall cover and secure
all of the Borrower’s existing and future Obligations to the Bank, as modified by this Amendment.

 

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4.       As
a condition precedent to the effectiveness of this Amendment, the Borrower shall comply with the terms and conditions (if any)
specified in Exhibit A.

 

5.       To
induce the Bank to enter into this Amendment, the Borrower waives and releases and forever discharges the Bank and its officers,
directors, attorneys, agents, and employees from any liability, damage, claim, loss or expense of any kind that it may have against
the Bank or any of them arising out of or relating to the Obligations. The Borrower further agrees to indemnify and hold the Bank
and its officers, directors, attorneys, agents and employees harmless from any loss, damage, judgment, liability or expense (including
attorneys’ fees) suffered by or rendered against the Bank or any of them on account of any claims arising out of or relating
to the Obligations. The Borrower further states that it has carefully read the foregoing release and indemnity, knows the contents
thereof and grants the same as its own free act and deed.

 

6.       This
Amendment may be signed in any number of counterpart copies and by the parties to this Amendment on separate counterparts, but
all such copies shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment
by facsimile transmission shall be effective as delivery of a manually executed counterpart. Upon written request by the other
party (which may be made by electronic mail), any party so executing this Amendment by facsimile transmission shall promptly deliver
a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by
facsimile transmission.

 

7.       Notwithstanding
any other provision herein or in the other Loan Documents, the Borrower agrees that this Amendment, the Note, the other Loan Documents,
any other amendments thereto and any other information, notice, signature card, agreement or authorization related thereto (each,
a “Communication”) may, at the Bank’s option, be in the form of an electronic record. Any Communication
may, at the Bank’s option, be signed or executed using electronic signatures. For the avoidance of doubt, the authorization
under this paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication which
has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention. The Borrower
and the Bank acknowledge and agree that the methods for delivering Communications, including notices, under the Loan Documents
include electronic transmittal to any electronic address provided by either party to the other party from time to time.

 

8.       The
Bank may modify this Amendment for the purposes of completing missing content or correcting erroneous content, without the need
for a written amendment, provided that the Bank shall send a copy of any such modification to the Borrower (which notice may be
given by electronic mail).

 

9.       This
Amendment will be binding upon and inure to the benefit of the Borrower and the Bank and their respective heirs, executors, administrators,
successors and assigns.

 

10.       This
Amendment has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office
indicated in the Loan Documents is located. This Amendment will be interpreted and the rights and liabilities of the parties hereto
determined in accordance with the laws of the State where the Bank’s office indicated in the Loan Documents is located, excluding
its conflict of laws rules, including without limitation the Electronic Transactions Act (or equivalent) in such State (or, to
the extent controlling, the laws of the United States of America, including without limitation the Electronic Signatures in Global
and National Commerce Act).

 

11.       Except
as amended hereby, the terms and provisions of the Loan Documents remain unchanged, are and shall remain in full force and effect
unless and until modified or amended in writing in accordance with their terms, and are hereby ratified and confirmed. Except as
expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision
of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the
Bank’s rights and remedies (all of which are hereby reserved). The Borrower expressly ratifies and confirms the confession
of judgment (if applicable) and waiver of jury trial or arbitration provisions contained in the Loan Documents, all of which are
incorporated herein by reference.

 

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WITNESS the due
execution of this Amendment as a document under seal as of the date first written above.

 

	 	MIDDLESEX WATER COMPANY
	 	 	 
	 	By:	/s/ A. Bruce O’Connor
	 	 	(SEAL)
	 	 	A. Bruce O’Connor
	 	 	Senior Vice President & Treasurer
	 	 	 
	 	
         

         

        PINELANDS WASTEWATER COMPANY

	 	 	 
	 	By:	/s/ A. Bruce O’Connor
	 	 	(SEAL)
	 	 	A. Bruce O’Connor
	 	 	Vice President & Treasurer
	 	 	 
	 	
         

         

        PINELANDS WATER COMPANY

	 	 	 
	 	By:	/s/ A. Bruce O’Connor
	 	 	(SEAL)
	 	 	A. Bruce O’Connor
	 	 	Vice President & Treasurer
	 	
         

         

         

        TIDEWATER UTILITIES, INC.

	 	 	 
	 	By:	/s/ A. Bruce O’Connor
	 	 	(SEAL)
	 	 	A. Bruce O’Connor
	 	 	President
	 	
         

        UTILITY SERVICE AFFILIATES (PERTH AMBOY) INC.

	 	 	 
	 	By:	/s/ A. Bruce O’Connor
	 	 	(SEAL)
	 	 	A. Bruce O’Connor
	 	 	Vice President & Treasurer

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

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        UTILITY SERVICE AFFILIATES INC.

	 	 	 
	 	By:	/s/ A. Bruce O’Connor
	 	 	(SEAL)
	 	 	A. Bruce O’Connor
	 	 	Treasurer
	 	
         

         

         

        TIDEWATER ENVIRONMENTAL SERVICES, INC.

         

	 	By:	/s/ A. Bruce O’Connor
	 	 	(SEAL)
	 	 	A. Bruce O’Connor
	 	 	President
	 	
         

         

         

        WHITE MARSH ENVIRONMENTAL SYSTEMS, INC.

         

	 	By:	/s/ A. Bruce O’Connor
	 	 	(SEAL)
	 	 	A. Bruce O’Connor
	 	 	President
	 	 	 
	 	 	 
	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Virginia Alling
	 	 	 
	 	Print Name:	Virginia Alling
	 	Title:	Senior Vice President

 

 

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EXHIBIT A TO

AMENDMENT TO LOAN DOCUMENTS

DATED AS OF OCTOBER 22, 2019

 

 

		A.	The “Loan Documents” that are the subject of this Amendment include the following (as
each of such documents has been amended, modified or otherwise supplemented previously):

 

		1.	Amended and Restated Loan Agreement between the Borrower and the Bank dated April 29, 2015 between
the Borrower and the Bank (the “Agreement”)

 

		2.	$48,000,000.00 Amended and Restated Committed Line of Credit Note dated February 19, 2019 executed
and delivered by the Borrower to the Bank (“Existing Note”)

 

		3.	Amendment to Loan Documents dated June 30, 2015 between the Borrower and the Bank

 

		4.	Amendment to Loan Documents dated September 26, 2017 between the Borrower and the Bank

 

		5.	Amendment to Loan Documents dated May 4, 2018 between the Borrower and the Bank

 

		6.	Amendment to Loan Documents dated February 19, 2019 between the Borrower and the Bank

 

		7.	All other documents, instruments, agreements, and certificates executed and delivered in connection
with the Loan Documents listed in this Section A.

 

 

B.            The
Loan Documents are amended as follows:

 

		1.	Section 1.1 of the Agreement is hereby amended and restated to read in its entirety as follows:

 

	 	        “1.1.        Line of Credit. One of the Loans governed by this Agreement is a committed revolving line of credit
under which the Borrower may request and the Bank, subject to the terms and conditions of this Agreement, will make advances to
the Borrower from time to time until the Expiration Date, in an aggregate amount outstanding at any time not to exceed $68,000,000.00
(the “Line of Credit”). The “Expiration Date” shall have the meaning set forth in
the note evidencing the Line of Credit. The Borrower acknowledges and agrees that in no event will the Bank be under any obligation
to extend or renew the Line of Credit beyond the Expiration Date. In no event shall the aggregate unpaid principal amount of advances
under the Line of Credit exceed the face amount of the Line of Credit. Advances under the Line of Credit will be used for working
capital or other general business purposes of the Borrower.”

 

		2.	Restated Note.  Concurrently with the execution
and delivery of this Amendment, the Borrower shall execute and deliver to the Bank an amended and restated note (the "Restated
Note") evidencing the line of credit in the original principal amount of $68,000,000.00, in form and substance satisfactory
to the Bank. Upon receipt by the Bank of the Restated Note, the Existing Note shall be canceled; the loan evidenced by the Existing
Note (the "Existing Loan") and all accrued and unpaid interest on the Existing Loan shall thereafter be evidenced
by the Restated Note; and all references to the promissory note evidencing the Existing Loan in any documents relating thereto,
howsoever named, shall thereafter be deemed to refer to the Restated Note. Without duplication, the Restated Note shall not constitute
a novation and shall in no way extinguish the Borrower's unconditional obligation to repay all indebtedness, including accrued
and unpaid interest, evidenced by the Existing Note.

 

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		C.	Conditions to Effectiveness of Amendment: The Bank’s willingness to agree to the amendments
set forth in this Amendment is subject to the prior satisfaction of the following conditions:

 

Execution by all
parties and delivery to the Bank of this Amendment and the Restated Note.

 

 

 

    -6-ex_151318.htm

 

 

Exhibit 10.1

 

AMENDMENT TO

CHANGE IN CONTROL SEVERANCE AGREEMENT 

 

THIS AMENDMENT TO CHANGE IN CONTROL SEVERANCE AGREEMENT (this “Amendment”) is entered into as of October 31, 2019 by and between Aegion Corporation, a Delaware corporation (the “Company”), and [___________________] (“Executive”).

 

WHEREAS, that certain Change in Control Severance Agreement dated as of [_____________________] (the “Agreement”) was entered into by and between the Company and Executive; and

 

WHEREAS, Section 9.7 of the Agreement authorizes the Company and Executive to agree to modifications to the Agreement; and

 

WHEREAS, the parties to this Amendment desire to modify the Agreement to the extent set forth herein.

 

NOW, THEREFORE, based on the foregoing, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

1.     Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings given such terms in the Agreement.

 

2.     The following modification shall be made to the Agreement:

 

(a)     The language set forth in Article I, Section (n), Sub-Section (III) of the Agreement shall be deleted in its entirety and replaced with the following:

 

“a reduction by the Company or the acquiring company of the Officer’s base salary or annual target bonus opportunity in effect as of 90 calendar days prior to the Change in Control;”

 

(b)     The language set forth in Article I, Section (n), Sub-Section (iv) of the Agreement shall be deleted in its entirety and replaced with the following:

 

“a  reduction by the Company or the acquiring company (measured by value) of the aggregate long-term incentive opportunity provided to the Officer in effect as of 90 calendar days prior to the Change in Control, or a material reduction in the aggregate employee benefits provided to the Officer in effect as of 90 calendar days prior to the Change in Control;”

 

4.      The Agreement is modified only as expressly provided in this Amendment and shall otherwise remain in full force and effect. This Amendment may be executed in counterparts, which together shall constitute the executed original.

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment on this 31st day of October 2019.

 

 

 

AEGION CORPORATION

 

 

 

___________________________

By: Phillip D. Wright, Chair of Compensation Committee

 

 

 

___________________________

[Executive]

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