Document:

exh1018fy10.htm

Exhibit 10.18

MIPS Technologies, Inc.

 

AMENDED AND RESTATED 1998 LONG-TERM INCENTIVE PLAN

STOCK OPTION AGREEMENT

 

INTERNATIONAL

 

1.   Grant of Option.  The Administrator of the Company hereby grants to the Optionee named in the Notice of Stock Option Grant (the “Optionee”), an option (the “Option”) to purchase the number of Shares set forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the “Exercise Price”), and subject to the terms and conditions of the amended and restated 1998 Long-Term Incentive Plan, which is incorporated herein by reference, any sub-plan to the amended and restated 1998 Long-Term Incentive Plan for Optionee’s country of residence (collectively referred to as the “Plan”), this Stock Option Agreement and any appendix to this Stock Option Agreement for Optionee’s country of residence (collectively referred to as the “Option Agreement”).  Subject to Section 10(e) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Option Agreement or the Notice of Stock Option Grant, the terms and conditions of the Plan shall prevail.  Any dispute regarding the interpretation of this Option Agreement or the Notice of Stock Option Grant shall be submitted to the Plan Administrator for resolution.  The resolution by the Plan Administrator shall be final and binding on all parties.

 

2.   Exercise of Option.

 

(a)   Right to Exercise.  This Option shall be exercisable during its term to the extent vested pursuant to the Vesting Schedule set out in the Notice of Stock Option Grant and in accordance with the applicable provisions of the Plan and this Option Agreement.

 

(b)   Method of Exercise.  This Option shall be exercisable either by (i) any electronic exercise method prescribed by the Company or (ii) delivery of an exercise notice in a form satisfactory to the Company, an example of which is attached as Exhibit A (the “Exercise Notice”).  Any exercise notice shall state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such other representations and agreements as may be required by the Company.

 

The Option shall be deemed exercised when the Company receives (i) written or electronic notice of exercise (in accordance with this Option Agreement) from the Optionee (or other person entitled to exercise the Option), (ii) full payment for the Shares with respect to which the Option is exercised, (iii) payment of any applicable Tax-Related Items (as defined in Section 6 of this Option Agreement); and (iv) any other documents required by this Option Agreement or the Exercise Notice.  Full payment may consist of any consideration and method of payment permitted by this Option Agreement.  Shares issued upon exercise of an Option shall be issued in the name of the Optionee or, if requested by the Optionee and permitted under Applicable Laws, in the name of the Optionee and his or her spouse.  Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option.  

 

 

 Amended 1998 LTIP International SOA 4.22.2010

-1-

  

 

 

The Company shall issue (or cause to be issued) such Shares promptly after the Option is exercised subject to Section 2(c) of this Option Agreement.  No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 10(c) of the Plan.

 

Exercise of this Option in any manner shall result in a decrease in the number of Shares thereafter available for sale under the Option, by the number of Shares as to which the Option is exercised.

 

(c)   Legal Compliance. No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise complies with Applicable Laws.  Assuming such compliance, for tax purposes the Shares shall be considered transferred to the Optionee on the date on which the Option is exercised with respect to such Shares. This Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company.

 

(d)   Vesting Acceleration.  If, within twenty-four (24) months after the consummation of a Change in Control, either (a) the Optionee’s Continuous Service is terminated by the Company without Cause or (b) the Optionee terminates Optionee’s Continuous Service for Good Reason, then this Option shall vest on an accelerated basis so that this Option is fully vested and exercisable as of the date of such termination.

 

3.   Term.  Optionee may not exercise the Option before the commencement of its term or after its term expires.  During the term of the Option, Optionee may only exercise the Option to the extent vested.  The term of the Option commences on the Date of Grant and expires upon the earliest of the following:

 

(a)   With respect to the unvested portion of the Option, upon termination of Optionee’s Continuous Service, except in the event of Optionee’s Disability or death (because, upon Disability or death, the unvested portion of the Option accelerates pursuant to Section 6(b)(iv)(B) of the Plan);

 

(b)   With respect to the vested portion of the Option, three (3) months after the termination of Optionee’s Continuous Service for any reason other than Optionee’s Disability or death;

 

(c)   With respect to the vested portion of the Option, twelve (12) months after the termination of Optionee’s Continuous Service due to Optionee’s Disability or death;

 

(d)   Immediately prior to the close of certain Corporate Transactions, pursuant to Section 9 of the Plan; or

 

(e)   The day before the seventh (7th) anniversary of the Date of Grant.

 

Notwithstanding the foregoing, if the Optionee's Continuous Service terminates as provided in this Section 3, excluding any termination under Sections 3(d) or 3(e), and the Optionee is precluded either by federal or state securities laws from receiving the Shares upon the exercise of the Optionee's Option, so that the Optionee has less than thirty (30) days during the period from the termination of Optionee's Continuous Service to the expiration of the Option in which 

 

 

 Amended 1998 LTIP International SOA 4.22.2010

-2-

  

 

 

the Optionee would be permitted under federal or state securities laws to exercise the Option and be issued the Shares, then the period for exercising this Option following the termination of Optionee's Continuous Service shall automatically be extended so that the Optionee has a period of up to thirty (30) continuous days in which to exercise the Optionee's Option measured from the date the Company may legally issue the Shares subject to the Option to Optionee. In no event shall the Option be exercisable after the seventh (7th) anniversary of the Date of Grant. The determination of whether the Company is precluded by federal or state securities laws from issuing the Shares upon the exercise of the Option shall be made by the Plan Administrator and such determination shall be final, binding and conclusive.

 

4.   Method of Payment.  Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee:

 

(a)   cash or check;

 

(b)   subject to the Company’s approval at the time of exercise, consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

 

(c)   any combination of the foregoing.

 

5.   Non-Transferability of Option.  This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by Optionee.  The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

6.   Tax Obligations.

 

(a)   Tax Consequences.  Optionee has reviewed with Optionee’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Option Agreement.  Optionee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  Optionee understands that Optionee (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Option Agreement.

 

(b)   Withholding Taxes.  Regardless of any action the Company or any Related Entity employing or retaining Optionee (the “Employer”) takes with respect to any or all federal, state, local and foreign income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”) in connection with the Option, Optionee acknowledges that the ultimate liability for all Tax-Related Items due by Optionee is and remains his or her responsibility and that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this Option, including, but not limited to, the grant, vesting or exercise of the Option, the subsequent sale of Shares acquired pursuant to such exercise and the receipt of any dividends; and (ii) do not commit to structure the terms of the grant or any aspect of the Option to reduce or eliminate Optionee’s liability for Tax-Related Items.

 

 

 Amended 1998 LTIP International SOA 4.22.2010

-3-

  

 

Prior to the relevant taxable event, Optionee shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.  In this regard, Optionee hereby authorizes the Company and/or the Employer, at their discretion, to satisfy the obligations with regard to all Tax-Related Items legally payable by Optionee by one or a combination of the following: (i) withholding from payroll and any other cash compensation payable to Optionee by the Company and/or the Employer, or (ii) withholding from proceeds of the sale of Shares deliverable pursuant to this Option, or (iii) arranging for the sale of Shares acquired upon exercise of the Option (on Optionee’s behalf and at his or her direction pursuant to this authorization).  Alternatively, the Company, in its sole discretion, and in compliance with any Applicable Laws, may withhold from fully vested Shares otherwise deliverable to Optionee upon the exercise of the Option a number of whole Shares having a Fair Market Value, as determined by the Company as of the date the Optionee recognizes income with respect to those Shares, not in excess of the amount of minimum tax required to be withheld by law (or such other amount as may be necessary to avoid adverse financial accounting treatment).  Any adverse consequences to Optionee arising in connection with such Common Stock withholding procedure shall be the Optionee’s sole responsibility.

 

Finally, the Optionee shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of Optionee’s participation in the Plan or his or her purchase of Shares that cannot be satisfied by the means previously described.  Optionee acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares if Optionee fails to comply with his or her obligations in connection with the Tax-Related Items as described in this section.

 

7.   Nature of Grant.  In accepting the grant, Optionee acknowledges that:

 

(a)           the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Option Agreement;

 

(b)           the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted repeatedly in the past;

 

(c)           all decisions with respect to future option grants, if any, will be at the sole discretion of the Company;

 

(d)           Optionee is voluntarily participating in the Plan;

 

(e)           the Option is an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which is outside the scope of Optionee’s employment contract, if any;

 

(f)           the Option is not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer;

 

 

 Amended 1998 LTIP International SOA 4.22.2010

-4-

  

 

(g)           the future value of the underlying Shares is unknown and cannot be predicted with certainty;

 

(h)           if the underlying Shares do not increase in value, the Option will have no value;

 

(i)           if Optionee exercises his or her Option and obtains Shares, the value of those Shares acquired upon exercise may increase or decrease in value, even below the Exercise Price;

 

(j)           in consideration of the grant of the Option, no claim or entitlement to compensation or damages shall arise from termination of the Option or diminution in value of the Option or Shares purchased through exercise of the Option resulting from termination of the Optionee’s Continuous Service by the Company or the Employer (for any reason whatsoever and whether or not in breach of local labor laws) and Optionee irrevocably releases the Company and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing this Option Agreement, Optionee shall be deemed irrevocably to have waived his or her entitlement to pursue such claim;

 

(k)           in the event of Optionee’s termination of Continuous Service (whether or not in breach of local labor laws), Optionee’s right to vest in the Option under the Plan, if any, will terminate effective as of the date that he or she is no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of “garden leave” or similar period pursuant to local law); furthermore, in the event of termination of Optionee’s Continuous Service (whether or not in breach of local labor laws), Optionee’s right to exercise the Option after his or her termination of Continuous Service, if any, will be measured by the date of termination of Optionee’s active employment and will not be extended by any notice period mandated under local law; the Plan Administrator shall have the exclusive discretion to determine when the Optionee is no longer actively employed for purposes of the Option grant;

 

(l)           the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Optionee’s participation in the Plan, or the Optionee’s acquisition or sale of the underlying Shares; and

 

(m)           Optionee is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding Optionee’s participation in the Plan before taking any action related to the Plan.

 

8.   Data Privacy.  Optionee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this Option Agreement and any other Option grant materials by and among, as applicable, the Employer, the Company and any Related Entities for the exclusive purpose of implementing, administering and managing Optionee’s  participation in the Plan.

 

 

 Amended 1998 LTIP International SOA 4.22.2010

-5-

  

 

Optionee understands that the Company and the Employer may hold certain personal information about Optionee, including, but not limited to, his or her name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Optionee’s favor, for the exclusive purpose of implementing, administering and managing Optionee’s participation in the Plan (“Data”).

 

Optionee understands that Data will be transferred to E*Trade Financial Corporation, or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of Optionee’s participation in the Plan.  Optionee understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than Optionee’s country.  Optionee understands that Optionee may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative.  Optionee authorizes the Company, E*Trade Financial Corporation and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Optionee’s participation in the Plan.  Optionee understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan and in accordance with Company policy, subject to Applicable Laws.  Optionee understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing Optionee’s local human resources representative.  Optionee understands, however, that refusing or withdrawing his or her consent may affect his or her ability to participate in the Plan.  For more information on the consequences of Optionee’s refusal to consent or withdrawal of consent, Optionee understands that Optionee may contact his or her local human resources representative.

 

9.   Entire Agreement; Governing Law.  The Plan is incorporated herein by reference.  The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee.  This Option Agreement is governed by the internal substantive laws but not the choice of law rules of Delaware.

 

10.   Venue. All disputes, controversies, claims, actions or causes of action arising directly or indirectly out of this grant or this Option Agreement between the parties hereto shall be brought, heard and adjudicated by the state and federal courts located in the State of California, with venue in the County of Santa Clara. Each of the parties hereto hereby consents to personal jurisdiction by such courts located in the State of California in connection with any such dispute, controversy, claim, action or cause of action, and each of the parties hereto 

 

 

 Amended 1998 LTIP International SOA 4.22.2010

-6-

  

 

consents to service of process by any means authorized by federal law or the law of the State of California, as applicable.

 

11.   No Guarantee of Continued Service.  Optionee acknowledges and agrees that the vesting of this Option pursuant to the vesting schedule specified in the Notice of Stock Option Grant is earned only by continuing as a Service Provider of the Employer (not through the act of being hired, being granted this Option or acquiring Shares hereunder).  Optionee further acknowledges and agrees that this Option Agreement, the transactions contemplated hereunder and the vesting schedule set forth in the Notice of Stock Option Grant do not constitute an express or implied promise of continued engagement as a Service Provider for the vesting period, for any period, or at all, and shall not interfere in any way with Optionee’s right or the Employer’s right to terminate Optionee’s relationship as a Service Provider at any time, with or without cause.

 

12.   No Restriction On Right Of Company To Effect Corporate Changes. This Option and the Notice of Stock Option Grant and the Option Agreement shall not affect or restrict in any way the right or power of the Company or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issuance of stock or of stock options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

 

13.   Electronic Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to the Option granted under and participation in the Plan or future options that may be granted under the Plan by electronic means or to request Optionee’s consent to participate in the Plan by electronic means.  Optionee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

 

14.   Appendix.  Notwithstanding any provision in this Option Agreement or the Plan, this Option shall be subject to any special terms and conditions as set forth in the Appendix to this Option Agreement for the Optionee’s country of residence, if any.  The Appendix, if any, constitutes part of this Option Agreement.

 

15.   Language.  If Optionee has received this Option Agreement or any other document related to the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control, unless other prescribed by local law.

 

16.   Severability.  The provisions of this Option Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

 

 

 Amended 1998 LTIP International SOA 4.22.2010

-7-

  

 

Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions thereof.  Optionee has reviewed the Plan and this Option in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the Option.  Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Option.  Optionee further agrees to notify the Company upon any change in the residence address indicated below.

 

 

	
 Optionee

	
  MIPS Technologies, Inc.

	 	 
	 	 
	                          	                          
	 Signature	 By
	 	 
	                          	                          
	 Print Name	 Title
	 	 
	                          	 
	                          	 
	 Residence Address	 

  

 Amended 1998 LTIP International SOA 4.22.2010

  

-8-

  

EXHIBIT A

 

MIPS Technologies, Inc.

AMENDED AND RESTATED 1998 LONG-TERM INCENTIVE PLAN

 

EXERCISE NOTICE

 

MIPS Technologies, Inc.

955 East Arques Ave.

Sunnyvale, CA 94085

 

Attention:

1.   Exercise of Option.  Effective as of today, _____________, _____, the undersigned (“Optionee”) hereby elects to exercise Optionee’s option to purchase _________ shares of the Common Stock (the “Shares”) of MIPS Technologies, Inc. (the “Company”) under and pursuant to the amended and restated 1998 Long-Term Incentive Plan and any sub-plan to the amended and restated 1998 Long-Term Incentive Plan (together, the “Plan”) and the Stock Option Agreement dated ____________, ____ and any appendix to the Stock Option Agreement for Optionee’s country of residence (together, the “Option Agreement”).

 

2.   Delivery of Payment and Required Documents.  Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option Agreement, and any and all Tax-Related Items (as defined in Section 6 of the Option Agreement) due in connection with the exercise of the Option.  In addition, Optionee delivers any other documents required by the Company.

 

3.   Representations of Optionee.  Optionee acknowledges that Optionee has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.

 

4.   Rights as Stockholder.  Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), if applicable, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option.  The Shares shall be issued to the Optionee as soon as practicable after the Option is exercised in accordance with the Option Agreement.  No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 10 of the Plan.

 

5.   Tax Consultation.  Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase or disposition of the Shares.  Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any tax advice.

 

 

 Amended 1998 LTIP International SOA 4.22.2010

B-1

  

 

6.   Successors and Assigns.  The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon Optionee and his or her heirs, executors, administrators, successors and assigns.

 

7.   Interpretation.  Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Optionee or by the Company forthwith to the Administrator which shall review such dispute at its next regular meeting.  The resolution of such a dispute by the Administrator shall be final and binding on all parties.

 

8.   Governing Law; Severability.  This Exercise Notice is governed by the internal substantive laws, but not the choice of law rules, of Delaware.  For purposes of litigating any dispute that arises under this grant or the Exercise Notice, the parties hereby agree that such litigation shall be conducted in the courts of Santa Clara, California or the federal courts for the United States for the Northern District of California, where this grant is made and/or to be performed.

 

In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Option Agreement will continue in full force and effect.

 

9.   Entire Agreement.  The Plan and Option Agreement are incorporated herein by reference.  This Exercise Notice, the Plan and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee.

 

 

	
 Optionee

	
  MIPS Technologies, Inc.

	 	 
	 	 
	                          	                          
	 Signature	 By
	 	 
	                          	                          
	 Print Name	 Title
	 	 
	                          	 
	                          	 
	 Residence Address	 

 

 

 Amended 1998 LTIP International SOA 4.22.2010

  

B-2Exhibit 10.1

 

SECOND AMENDMENT TO SALE AND PURCHASE AGREEMENT

RETAIL MARKETING ASSETS MASSACHUSETTS, NEW HAMPSHIRE AND RHODE ISLAND

 

This
SECOND AMENDMENT (the “Second Amendment”) to that certain Sale and Purchase
Agreement, dated as of May 24, 2010, by and among EXXONMOBIL OIL
CORPORATION, a New York corporation (“EMOC”), and EXXON MOBIL CORPORATION, a
New Jersey corporation (“EMC” and, together severally with EMOC, “Seller”), and
GLOBAL COMPANIES LLC, a Delaware limited liability company (“Purchaser”), as
previously amended by a First Amendment to Sale and Purchase Agreement Retail
Marketing Assets Massachusetts, New Hampshire and Rhode Island, dated as of August 12,
2010 (as amended, the “Purchase Agreement”), is made and entered into as of September 2,
2010 (the “Second Amendment Date”) upon the terms and conditions set forth
herein.  When provisions herein apply to
both or either Seller or Purchaser, they sometimes are referred to as “Parties”
or “Party.”

 

WHEREAS,
pursuant to the Purchase Agreement, Seller has agreed to transfer and assign to
Purchaser, and Purchaser has agreed to accept and assume from Seller, certain
assets and liabilities related to service station properties located in the
States of Massachusetts, New Hampshire and Rhode Island; and

 

WHEREAS,
the Parties desire to amend the Purchase Agreement as set forth in this Second
Amendment.

 

NOW,
THEREFORE, in consideration of the recitals and the mutual covenants,
conditions and agreements set forth in this Second Amendment, and for other
good and valuable consideration, the receipt and sufficiency of which hereby
are mutually acknowledged, the Parties, intending to be legally bound, agree as
follows:

 

1.               Section 6.4  Closing Costs is amended by adding the
following to the end of that Section:  Seller hereby agrees to pay or credit at the
Initial and at one or more of the Subsequent Closings, the sum of Two Million
Five Hundred Fifty Thousand U.S. Dollars ($2,550,000.00) towards the Closing
costs otherwise payable by Purchaser. 
Such payment or credit shall be applied at the Initial Closing and at
one or more of the Subsequent Closings in accordance with the final settlement
statements for such Initial Closing and Subsequent Closings executed by
Purchaser and Seller.  In consideration
for such credit from Seller, Purchaser hereby: 
(a) waives all objections to title and survey under Article V
and any and all rights to terminate the Agreement as to any Property under Section 5.3.3
(b) waives any and all rights under Section 7.2 to remove any Property
or Properties from the Agreement for environmental reasons, (c) acknowledges
and accepts the limited terms remaining on the PMPA Franchise Agreements being
assigned to Purchaser at the Initial Closing, (d) agrees to acquire the
Sites which failed the Massachusetts Title V inspections in their “AS IS” 

 

1

 

condition
and to fulfill all statutory Title V requirements with respect to such Sites
within the time period required by such statutory Title V requirements (a list
of such sites is attached hereto as Schedule 1), and (e) agrees to obtain
all necessary special use permits from applicable governmental authorities for
Site #19478 located at 656 Boston Post Road in Marlborough, MA and Site # 10379
located at 815 Washington Street in Holliston, MA within three (3) months
following the respective Closing for each such Site and to defend, indemnify
and hold harmless the Seller Indemnified Parties for, from and against, without
limitation, all Claims, liability, losses, expenses and costs incurred by
Seller in connection with, resulting from, related to, arising out of, or
attributable in any way to any Claim based on, arising out of or related to the
failure of Purchaser to obtain all necessary special use permits from the
applicable governmental authorities for such Sites..

 

2.               Exhibits.   Exhibits D, O, P, Q S, T, U, V-1 V-2 AND
V-3, W, AA, BB and EE and Schedules H and Q to the Purchase Agreement are
deleted in their entirety and replaced with Exhibits D, O, P, Q S, T, U, V-1
V-2 AND V-3 W, W-1, AA, BB and EE and Schedules H and Q attached hereto and
incorporated herein by this reference. 
Purchaser and Seller agree and understand that such Exhibits and
Schedules may be amended prior to the Initial Closing and to each of the
Subsequent Closings and as amended, shall be incorporated into the SPA by this
reference.

 

3.               Section 7.4.4  Documents Executed at or Prior to Closing.  The first sentence of this Section 7.4.4
is amended to delete the reference to Section 7.3.4 and to substitute in
its stead a reference to Section 7.3.

 

4.               Exhibit FF
Liquidated Damages  The first
sentence of Exhibit FF is hereby modified to read as follows:

 

In the event that the Brand Fee Agreement is terminated in
accordance with its terms, in addition to any damages (liquidated or otherwise)
payable under the Brand Fee Agreement, Purchaser shall pay to EMOC, as
liquidated damages, an amount rounded to the nearest dollar, equal to: 0 cents
times (the total volume of gallons attributable to all Properties and
Dealer-Owned Service Stations transferred to Purchaser pursuant to this
Agreement, as set forth in Exhibit 15 of the Brand Fee Agreement) times
(the number of years, including any partial year, remaining in Purchaser’s
15-year obligation, described in Section 4.1.1 of this Agreement, after
such termination).

 

5.               Dropped
Sites.

 

a.               Site
# 11847 located at 227 Andover Street in Peabody, Massachusetts is hereby
removed from the Agreement and Purchaser and Seller hereby agree to modify the
Purchase Price in Section 3.1 to deduct therefrom the amount of Six
Hundred Seventy-seven Thousand U.S. Dollars 

 

2

 

($677,000.00), which amount has been
allocated for such Site #11847 on Exhibit A-4.  Exhibit A-1 Sub-market #2 is hereby
amended by removing therefrom the following:

 

	
  11847

  	
   

  	
  227 Andover
  Street

  	
   

  	
  PEABODY

  	
   

  	
  MA

  	
   

  	
  CODO

  	
   

  	
  FEE

  	
   

  	
  EMOC

  	
   

  	
  SNACK SHOP

  

 

Exhibit A-4 Sub-market #2 is hereby amended by removing therefrom
the following:

 

	
  11847

  	
   

  	
  $

  	
  677

  	
   

  	
  $

  	
  267

  	
   

  	
  $

  	
  222

  	
   

  	
  $

  	
  188

  	
   

  

 

b.               Site # 10368
located at 495 Pleasant Street, Attleboro, MA is hereby removed from the
Agreement and Purchaser and Seller hereby agree to modify the Purchase Price in
Section 3.1 to deduct therefrom the amount of Seventy Thousand U.S.
Dollars ($70,000.00), which amount has been allocated for such Site #10368 on Exhibit A-4.  Exhibit A-3 Sub-market #6 is hereby
modified by removing therefrom the following:

 

	
  10368

  	
   

  	
  495 PLEASANT ST

  	
   

  	
  ATTLEBORO

  	
   

  	
  MA

  	
   

  	
  DOSS

  	
   

  	
  Mobil Mart

  

 

Exhibit A-4
Sub-market #6 is hereby amended by removing therefrom the following:

 

	
  10368

  	
   

  	
  $

  	
  70

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  

 

6.               Additional
Sites, Changed Allocations.

 

a.               Site # 13045,
located at 273 E. Berkeley Street in Boston, Massachusetts is hereby added to
the Agreement as one of the Properties and the Purchase Price in Section 3.1
is hereby increased by the amount of Two Million Nine Hundred Thousand U.S.
Dollars ($2,900,000.00). Exhibit A-1 Sub-Market # 2 is hereby amended by
adding thereto the following:

 

	
  13045

  	
   

  	
  273 E. Berkeley
  Street

  	
   

  	
  BOSTON

  	
   

  	
  MA

  	
   

  	
  CODO

  	
   

  	
  FEE

  	
   

  	
  EMOC

  	
   

  	
  Mobil Mart

  

 

Exhibit A-4
Sub-Market # 2 is hereby amended by adding thereto the following:

 

	
  13045

  	
   

  	
  $

  	
  2,900

  	
   

  	
  $

  	
  1,500

  	
   

  	
  $

  	
  500

  	
   

  	
  $

  	
  900

  	
   

  

 

3

 

b.               Site # 84118
located at 131 Commerce Way in Plymouth, MA was inadvertently omitted from Exhibit A-4.  Therefore Exhibit A-4 Sub-Market # 5 is
hereby amended by adding the following:

 

	
  84118

  	
   

  	
  $

  	
  0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  0

  	
   

  

 

c.               Site 11641 is
located in both the Commonwealth of Massachusetts and the State of New
Hampshire.  Therefore, the allocation on Exhibit A-4
for such Site 11641 is hereby amended to read as follows:

 

	
  11641

  	
   

  	
  $395,800MA

  $65,200
  NH

  	
   

  	
  $116,800 MA

  $65,200
  NH

  	
   

  	
  $151,000

  MA  $0 NH

  	
   

  	
  $128,000 MA

  $0 NH

  

 

d.               The allocation
on Exhibit A-4 for Site # 12422 is hereby modified to read as follows:

 

	
  12422 Service Station

  	
   

  	
  $

  	
  340

  	
   

  	
  $

  	
  128

  	
   

  	
  $

  	
  112

  	
   

  	
  $

  	
  100

  	
   

  
	
  12422 House

  	
   

  	
  $

  	
  25

  	
   

  	
  $

  	
  15

  	
   

  	
  $

  	
  10

  	
   

  	
  $

  	
  0

  	
   

  

 

7.               OTR Agreement.  Purchaser represents and warrants that as of
the date hereof, Purchaser has executed with TMC Franchise Corporation an On the Run Franchise Agreement for the Sites currently
branded On the Run as shown on Exhibit A-1
and Exhibit A-2, as modified by Exhibit L.

 

8.               Permits.  Seller and Purchaser
acknowledge and agree that Purchaser shall operate Site #19478 in Marlborough,
MA, Site # 10379 in Holliston, MA and Site # 11757 in Billerica, MA under
permits that are in the name of Seller and are not assignable to Purchaser
until such time as Purchaser is able to obtain new permits in Purchaser’s or
Purchaser’s Affiliate’s name for such sites. 
Without limiting any indemnification obligations of Purchaser under the
Purchase Agreement, Purchaser hereby agrees to defend, indemnify and hold harmless Seller and
all of the Seller Indemnified Parties for, from and against, without
limitation, all Claims, liability, losses, expenses and costs incurred by
Seller in connection with, resulting from, related to, arising out of, or
attributable in any way to any Claim based on, arising out of or related to
Purchaser’s operation or Purchaser’s franchisee’s operation of such sites
without having the appropriate permits in Purchaser’s or Purchaser’s Affiliate’s
name, including, without limitation, any and all fines, penalties, or
impositions by 

 

4

 

Governmental Authorities
resulting from the failure of the Purchaser or Purchaser’s Affiliate or
Purchaser’s franchisees to have the appropriate permits in the appropriate name
as may be required by the Governmental Authority

 

9.               Closing
Effective.  For all
purposes of the Purchase Agreement the Initial Closing shall occur as of 9:30 a.m.
on September 8, 2010.

 

10.             Defined Terms.  Capitalized terms not otherwise defined
herein shall have the meanings given to such terms in the Purchase Agreement.

 

11.             Counterparts.  This Second Amendment may be executed by the
Parties in counterpart, each of which will be deemed an original.  Such counterparts together will constitute
one and the same instrument.

 

12.             Governing Law.  This Second Amendment and the transactions
contemplated herein and all disputes between the Parties under or related to
this Second Amendment or the facts and circumstances leading to its execution
or performance, whether in contract, tort or otherwise, will be governed by and
construed in accordance with the laws of the Commonwealth of Virginia, without
giving effect to its conflicts of law rules. 
Each Party: (a) irrevocably submits itself to the personal
jurisdiction of the federal court for the Eastern District of Virginia in
Alexandria, Virginia or, if federal jurisdiction is not available, to the
jurisdiction of the Fairfax County Circuit Courts, as well as to the
jurisdiction of all courts to which an appeal may be taken from such courts, in
any suit, action or proceeding arising out of or relating to this Second
Amendment, any of the transactions contemplated by this Second Amendment or any
facts and circumstances leading to its execution or performance; (b) agrees
that all claims in respect of such suit, action or proceeding must be brought,
heard and determined exclusively in such courts; (c) agrees that it will
not attempt to deny or defeat such personal jurisdiction by motion or other
request for leave from such courts; (d) agrees not to bring any suit,
action or proceeding arising out of our relating to this Second Amendment or
any of the transactions contemplated by this Second Amendment in any other
court; and (e) waives any defense of inconvenient forum to the maintenance
of any suit, action or proceeding so brought.

 

13.             Entire
Agreement, No Other Amendments.  The Purchase Agreement, as amended hereby,
constitutes the entire agreement between the Parties pertaining to the subject
matter hereof, and supersede all prior and contemporaneous agreements,
understandings, negotiations, and discussions of the Parties in connection with
the subject matter hereof, except as specifically set forth herein.  Except as expressly amended herein, the terms
of the Purchase Agreement shall remain in full force and effect.

 

[Remainder of Page Intentionally Left Blank]

 

5

 

IN WITNESS WHEREOF, this Second Amendment
has been executed by Seller and Purchaser and is made effective as of the
Second Amendment Date.

 

	
  EXXONMOBIL
  OIL CORPORATION,

  a New York corporation

  	
   

  	
  GLOBAL
  COMPANIES LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  D.J. Salamack

  	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  D.J.
  Salamack

  	
   

  	
  Name:

  	
  Edward
  J. Faneuil

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  US
  Business Improvement Mgr

  	
   

  	
  Title:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  September 7,
  2010

  	
   

  	
  Date:

  	
  September 7,
  2010

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXXON MOBIL CORPORATION,
  a

  	
   

  	
   

  	
   

  
	
  New Jersey corporation

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  D.J. Salamack

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  D.J.
  Salamack

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  US
  Business Improvement Mgr

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  September 7,
  2010

  	
   

  	
   

  	
   

  

 

6

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