Document:

Exhibit 10.26

    
      

      

      FIFTH AMENDMENT TO 

      ESCROW EXTENSION AGREEMENT

      

      

      THIS FIFTH AMENDMENT TO ESCROW EXTENSION AGREEMENT (the

          “Fifth Amendment to Extension Agreement”) is made by and among THE GREATER ORLANDO AVIATION AUTHORITY, a public and governmental body created as
          an agency of the City, existing under and by virtue of the laws of the State of Florida, whose mailing address is One Jeff Fuqua Boulevard, Orlando, Florida 32827-4399 (the “Authority”), and BRIGHTLINE TRAINS LLC
            F/K/A ALL ABOARD FLORIDA - OPERATIONS LLC, a Delaware limited liability company authorized to conduct business in Florida, whose mailing address is 2855 LeJeune Road, 4th Floor, Coral Gables, Florida, 33134 (“Rail Company”), joined by the CITY OF ORLANDO, a municipal corporation created by and existing under the laws of the State of Florida, whose address is P.O. Box 4990, 400 S. Orange Avenue, Orlando,
          Florida 32802-4990 (the “City”).

      

      

      WI TN E S S E TH:

       

        

      WHEREAS, the Parties entered into that certain Rail Line Easement Agreement dated of January 22, 2014, as amended by that certain First Amendment to the Rail Line Easement Agreement dated October 3, 2014, that
            certain Second Amendment to the Rail Line Easement Agreement dated October 26, 2015, that certain Third Amendment to the Rail Line Easement Agreement dated December 21, 2015, that certain Fourth Amendment to the Rail Line Easement Agreement
            dated January 27, 2017, that certain Fifth Amendment to the Rail Line Easement Agreement dated December 28, 2017 and that certain Sixth Amendment to the Rail Line Easement Agreement dated June 11, 2018 (collectively, the “Easement Agreement”),
            which governs the parties rights and obligations related to the development of an inter-city rail project at the Orlando International Airport, that certain Premises Lease and Use Agreement with an effective date of January 22, 2014, as amended
            by that certain First Amendment to the Premises Lease and Use Agreement dated September 25, 2014, that certain Second Amendment to the Premises Lease and Use Agreement dated January 26, 2016, that certain Third Amendment to the Premises Lease
            and Use Agreement dated January 30, 2017 and that certain Fourth Amendment to the Premises Lease and Use Agreement dated December 28, 2017 (collectively, the “Lease Agreement”), which governs the parties’ rights and obligations related to the development of the Rail Station Building and the Rail Company Premises and that certain
            Vehicle Maintenance Facility Ground Lease Agreement dated January 22, 2014, as
            amended by that certain First Amendment to the Vehicle Maintenance Facility Ground Lease Agreement dated October 28, 2015 and that Second Amendment to the Vehicle Maintenance Facility Ground Lease Agreement dated December 23, 2015 (collectively
            the “VMF Agreement”) (the Easement Agreement, Lease Agreement and VMF Agreement shall be collectively referred to as the “Escrow Agreements”); and

      
        

        

        	 	
                City Council Meeting: 1-14-19

              
	 	
                Item: K-6 Documentary: 190114K06

              

         

        

      

      
        1

        
          

      

      

      WHEREAS, the Parties entered into that
          certain Escrow Extension Agreement with an effective date of December 23, 2015, as amended by that certain First Amendment to Escrow Extension Agreement dated January 30, 2017, that Second Amendment to Escrow Extension Agreement dated December
          18, 2017, that Third Amendment to Escrow Extension Agreement dated June 11, 2018 and that Fourth Amendment to Escrow Extension Agreement dated June 11, 2018 (collectively, the “Escrow Extension Agreement”);

       

        

      WHEREAS, the Escrow Agreements are being held
          in escrow pursuant to the terms of the Easement Agreement until December 31, 2018 at which time all Escrow Conditions must be met; and

       

          

      WHEREAS, Rail Company has requested an
          extension of six (6) months to the Escrow Term until June 30, 2019 to meet all the Escrow Conditions; and

       

          

      WHEREAS, the Parties agree to amend the
          Escrow Agreements to extend the Escrow Term until June 30, 2019; and

       

          

      NOW, THEREFORE, for and inconsideration of
          the premises and of the mutual covenants hereinafter contained, the parties hereto do hereby agree as follows:

       

        

      
        	
                1.

              	
                Recitals. The above recitals are true and
                    correct and are hereby incorporated herein by this reference.

              

      

       

        

      
        	
                2.

              	
                Definitions. Capitalized terms shall have the
                    same meaning as set forth in the Escrow Agreements or as defined herein.

                 

                  

              

      

      
        	
                3.

              	
                Escrow Term Extension. The Authority agrees to
                    extend the Escrow Term until June 30, 2019 (the “Escrow Extension”), subject the Rail Company shall fund the Aviation Authority Owner’s Authorized Representative team in an amount equal to $3,770,156.00 as set forth in the Seventh
                    Amendment to the Easement Agreement executed contemporaneously with this Fifth Amendment to Escrow Extension Agreement.

                 

                  

              

      

      
        	
                4.

              	
                Monthly Coordination Fee. Beginning on January
                    1, 2019, on the first day of each month thereafter, Rail Company shall pay the Authority a coordination fee in an amount equal to $57,000 per month (the
                    “Monthly Coordination Fee”). Rail Company shall continue to pay the Monthly Coordination on a monthly basis until the date of termination of escrow.

                 

                  

              

      

      
        	
                5.

              	
                Modification. Except as expressly amended and
                    supplemented in this Fifth Amendment to Escrow Extension Agreement, all other terms of the Escrow Extension Agreement shall remain in full force and effect as originally executed.

              

      

      

      

      

      

      [THIS SPACE LEFT INTENTIONALLY BLANK] 

      [SIGNATURE LINES ON NEXT PAGE] 

       

        

      
        
          

      

       

          

      IN WITNESS
            WHEREOF, the parties hereto have each caused this Fifth Amendment to be executed by its authorized representative on the date so indicated below.

      

      

      	 	
              “GOAA”

              GREATER ORLANDO AVIATION

              AUTHORITY

            
	
              ATTEST:

            	 	 
	 	
              By:

            	
              /s/ Phillip N. Brown

            
	
              /s/ Dayci S. Burnette-Snyder

            	 	

            	
              Phillip N. Brown. A.A.E.,

              Chief Executive Officer

            
	
              Dayci S. Burnette-Snyder,

              Assistant Secretary

            
	
              Date: 12/18, 2018

            	 	 
	 	 	 
	
              Two WITNESSES:

            	
              APPROVED AS TO FORM AND LEGALITY this 

              14th day of December, 2018, for the use
                  and 

              reliance by the GREATER ORLANDO AVIATION 

              AUTHORITY, only.

            
	 
	/s/ Larissa Bou-Vazquez 	 
	
              Printed Name: Larissa Bou-Vazquez

                

            
	 	 	 
	 	
              Marchena and Graham, P.A., Counsel.

            
	/s/ Anna M. Farner 	 	 	 
	
              Printed Name: Anna M. Farner

                

            	
              By:

            	
              /s/ Marchena and Graham, P.A.

            
	 	 	
              Marchena and Graham, P.A.

            

      

      

      STATE OF FLORIDA

      COUNTY OF ORANGE

      

      

      Before me, the undersigned authority, duly authorized under the laws of the State of Florida to take acknowledgments, this day
          personally appeared Phillip Brown and Dayci S. Burnette-Snyder respectively Chief Executive Officer and Assistant Secretary of the Greater Orlando Aviation Authority, who are personally known to me to be the individuals and officers described in
          and who executed the foregoing instrument on behalf of said Greater Orlando Aviation Authority, and severally acknowledged the execution thereof to be their free act and deed as such officers and that they were duly authorized so to do.

      

      

      In witness whereof, I have hereunto set my hand and official seal at Orlando, in the County of Orange, State of Florida, this 18
          day of December, 2018.

      

      

      	 	/s/ Alba L. Bueno

            
	
              My commission expires: July 19, 2019

            	
              Notary Public

            

      

      

      

      

      

      
        3

        
          

      

      	 	
              BRIGHTLINE TRAINS LLC F/K/A

              ALL ABOARD FLORIDA – 

              OPERATIONS LLC

            
	 	 
	
              ATTEST:

            	 	 	
              By:

                

            	/s/ Kolleen Cobb	 
	 	 
	
              Printed Name:

            	 	 	
              Printed Name:

            	Kolleen Cobb	 
	 	 
	
              Title:

            	 	 	
              Title:

                

            	Vice President	 

      

      

      	 	
              Date: December 10th, 2018

            
	 	 
	
              TWO WITNESSES:

            	 
	 	 
	/s/ Mariela Santos	 	 
	
              Printed Name: 

                

            	Mariela Santos	 	 
	 	 
	/s/ Brianna Hernandez	 	 
	
              Printed Name: 

                

            	Brianna Hernandez 	 	 

      

      

      	
              STATE OF FLORIDA

            	
              )

            	 
	
              COUNTY OF 

                

            	MIAMI-DADE	
              )

            	 

      

      

      

      

      The foregoing instrument was acknowledged before me this 10th day of December, 2018 by Kolleen Cobb, as Vice President of Brightline Trains LLC f/k/a All Aboard Florida – Operations, a Delaware limited liability company, on behalf on the limited
          liability company. He/She is personally known to me or produced a valid driver’s license as identification.

      

      

      	 	/s/ Brianna Hernandez	 
	 	
              Notary Public

            
	 	
              Print name:  

                

            	Brianna Hernandez	 
	 	My commission expires:	 

       

        

       

      
        4

        
          

      

      

      

      	 	
              CITY OF ORLANDO, FLORIDA, a Florida
                  municipal corporation

            
	 	 
	
              ATTEST:

            	 
	
              BY: 

            	/s/ Denise Aldridge	 	
              By: 

            	/s/ Regina I. Hill	 
	
              Printed Name: 

            	Denise Aldridge	 	
              Printed Name: 

            	Regina I. Hill	 
	
              Title: 

            	CITY CLERK	 	
              Title: 

            	MAYOR PRO TEM	 
	 	Date:	JANUARY 14, 2019	 
	
              [Official Seal]

            	 

            

      

      

      	 

            	
              APPROVED AS TO FORM AND LEGALITY FOR 

              THE USE AND RELIANCE OF THE CITY OF 

              ORLANDO, ONLY, THIS 4 DAY OF

               JAN, 2019.

            
	 
	 

            	 
	 

            	

            	 
	 	 
	 

            	 	
              By:

            	/s/ Ray Pope 

            	 
	

            	

            	 	
              Title:

            	 	 
	 	
              Printed Name:

                

            	Ray Pope	 

      

      

      	 	
              City Council Meeting: 1-14-19

            
	 	
              Item: K-6 Documentary: 190114K06

            

      

      

      

      

      5Exhibit: 10.65

    

    

    Amendment 5

    

    

    to the

    

    

    Vehicle Terms and Conditions

    

    

    between

    

    

    Brightline Trains LLC

    

    

    and

     

      

    Siemens Industry Inc.

    

    

    Amendment 5 (“Amendment 5”), dated January 21, 2019 to the Vehicle Terms and Conditions Agreement with an effective date of
        August 15, 2014, by and between Brightline Trains LLC (f/k/a All Aboard Florida – Operations LLC), a limited liability company duly formed and
        validly existing under the laws of the State of Delaware, with a principal business address of 161 NW 6th ST, Suite 900, Miami, Florida 33136 (“Brightline” or “Owner”) and Siemens Industry, Inc., a corporation duly formed and validly existing under the laws of the State of Delaware with a principal business address of 7464 French Road,
        Sacramento, CA 95828 (“SII” or “Contractor”) Each of Brightline and SII may be referred to  herein as a “party” or collectively as the “parties.”

    

    

    WITNESSETH:

    

    

    Whereas, Owner and Contractor entered
        into the Vehicle Terms and Conditions Agreement pursuant to which Owner agreed to purchase from Contractor, and Contractor agreed to sell to Owner, a new fleet of trains, as amended by Amendment No. 1, dated July 17, 2015, as amended by Amendment
        No. 2, dated May 15, 2017, as amended by Amendment No. 3, dated June 1, 2018, and as Amendment No. 4, dated November 30, 2018 (“VTC”);

     

        

    Whereas, The parties have agreed to
        extend the Notice to Proceed (“NTP”) date for the Phase 2 Trains;

     

        

    Now, therefore be it resolved, in
        consideration of the foregoing and of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the parties hereby agree as follows:

    

    

    
      
        
          1.     Defined Terms. All defined terms expressed in the VTC shall, unless expressed to the contrary herein or the context otherwise requires, continue to have the same meanings
              where used in this Amendment No. 5.

           

            

          2.     Amendments. Owner and Contractor hereby amend the VTC, as follows:

           

            

        

      

    

    a) Paragraph 2(a) of Amendment No. 4 to the VTC is deleted, and the following paragraph 2(a) is substituted in lieu
        thereof:

    

    

    The Phase 2 purchase price, before escalation, shall not increase above the price set forth in paragraph 2(a) of
        Amendment No. 3, so long as Purchaser provides an NTP to Contractor on or before March 31, 2019. For the avoidance of doubt, escalation will apply to the purchase price in accordance with Exhibit 11 which is amended herewith to reflect the change
        in the planned NTP date.

    

    

    
      
        

    

    
    b) Paragraph 2(b) of Amendment No. 4 to the VTC is deleted in its entirety, and the following paragraph 2(b) is
        substituted in lieu thereof:

    

    

    Owner will have a “grace period” of seven months ending on March 31, 2019, to provide Contractor with an NTP. In this
        case, the Delivery Schedule set forth in Exhibit 19 will be extended for up to a corresponding number of days equal to the number of days from August 30, 2018 to the date the NTP is issued, but in no event will the Delivery Schedule shift out by
        more than an additional seven months.

    

    

    On or before issuance of the NTP, Owner shall have the option to eliminate the last (20) coaches in the Delivery
        Schedule from the Phase 2 Trains purchase. If Owner exercises that option, then the entire purchase for those 20 Coaches shall be deducted from the Phase 2 purchase price, and the parties shall execute an amendment to the Agreement reflecting the
        reduction in Coaches and price.

    

    

    In event that an NTP is not issued by Owner on or prior to March 31, 2019, Contractor shall nonetheless, construct 3
        Type 1 (Smart) Coaches for Owner,  to be delivered on or before March 31, 2024.

    

    

    Owner is granted an option to order 2 additional Type 1 (Smart) Coaches for an additional $8.5 million with a 50%
        down payment on September 31, 2019, 25% at completion of the carshells and the remaining 25% to be paid upon shipment of the 5th coach form the Contactors’ facility.
        Shipment of the 5th coach would be no later than April 30, 2024.

    

    

    If Owner decided to exercise a re-start of Phase 2 NTP after March 31, 2019, the Parties shall mutually agree on a
        revised delivery schedule and pricing schedule. The Phase 2 re-start Order must be received by the Contractor no later than March 14, 2022.

    

    

    3.     Exhibit 11 (Escalation Formula), as modified in Amendment No. 4, is deleted in its entirety and the revised
        and restated Exhibit 11, attached hereto, is substituted in lieu thereof and incorporated herein by reference.

    

    

    
      4.     Full Force and Effect; Conflicts. This Amendment No. 5 shall be read in conjunction with the VTC, all terms and
        conditions of which shall continue to have full force and effect, except to the extent as varied by this Amendment No. 5. This Amendment No. 5 is executed in accordance with Section 45 of the VTC. In the event of any conflict or inconsistency
        between the terms of this Amendment No. 5 and the VTC, as amended, the terms of Amendment No. 5 will govern.

      

      

      
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      5.     Entire Agreement.
          This Amendment No. 5 supersedes any previous written or oral agreement between the parties in relation to the matters dealt with in this Amendment and it contains the whole agreement between the parties relating to the subject matter of this
          Amendment No. 5 as of the date hereof.

      

      

      6.     Counterparts.
          This Amendment No. 5 may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. In making proof of this Amendment No. 5, it shall not be necessary
          to produce or account for more than one such counterpart.

       

        

      [SIGNATURES ON FOLLOWING PAGE]

       

        

      
        Unrestricted 3

        
          

      

      In witness whereof, the
          parties hereto have caused this Amendment 5 to be executed by their duly authorized representatives as of the date first written above.

      

      

      	
              Brightline Trains LLC

            	 	
              Siemens Industry, Inc.

            
	 	 	 	 
		
              1/26/2019

            	 	 
	
              Signature

            	 	 	
              Signature

            
	 	 	 
	
              Patrick Goddard

            	 	
              Marc Buncher

            
	
              Print Name

            	 	
              Print Name

            
	 	 	

            

      
        	
                President

              	
                 

              	
                CEO

              	
                 

              
	
                Print Title

              	
                 

              	
                Print Title

              	
                 

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              	
                

              
	
                 

              	
                 

              	
                 

              	
                Signature 

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              

        
          	
                   

                	
                   

                	
                   

                	
                  Marsha Smith

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                  Print Name

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                

          	
                   

                	
                   

                	
                   

                	
                  CFO

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                  Print Title

                	
                   

                

          

          

          
            Unrestricted 4

            
              

          

        

        EXHIBIT 11

        

        

        Escalation Formula

        

        

        Part 1 – Phase 2 and Option Prices

        

        

        Phase 2 Pricing

        

        

        The Phase 2 price, before escalation, as set forth in Amendment No. 3 is valid for an order placement (NTP) through March 31, 2019.
            The price will be escalated per the Escalation Approach below.

        

        

        The escalation time period shall be calculated from the mid-point of production of the planned delivery schedule outlined in Exhibit
            19 of Amendment No. 3 to the then planned mid-point of production of the schedule at the time of the placement of the Phase 2 NTP. For the avoidance of doubt, the change in mid-point of production, consequently the escalation time period, will
            not exceed the number of months, or portion thereof, from August 30, 2018 to the date that the NTP is issued.

        

        

        The escalation shall not apply to the following portions of the purchase price: The $7,608,375.75 previously paid, and the
            $11,000,000 restart fee, as referenced in paragraph 2(a) of Amendment No. 3.

        

        

        The escalation sum shall be paid in a lump sum in conjunction with the payment of Milestone 6 as identified in the Third Revised And
            Restated Exhibit 5.

        

        

        Option Pricing

        

        

        The Option Price, as set forth in Part 1 of Exhibit 7 (Prices) of the VTC dated August 15, 2014, shall be adjusted at the time of
            placement of the order in accordance with the terms and conditions of Section 5.2 of the VTC dated August 15, 2014.

        

        

        For the Option orders, the escalation time period shall be calculated from the mid-point of production of Phase 1, until the
            mid-point of production of each Option Order.

        

        

        Escalation approach

        

        

        For all adjustments, the percentage change shall be rounded to the nearest hundredth of a percentage point and the line item prices
            shall be rounded to the nearest dollar. This index will vary depending upon prevailing economic conditions, but will not be lower than .233 percent (%) per month to cover unforeseen cost factors over the entire option period.

        

        

        The escalation formula shall be calculated as follows:

        

        

        
          
            
              
                	

                      	1.	
                        One hundred (100) % of the Phase 2 Price or the Option Price shall be adjusted due to percentage adjustment in the applicable Producer Price Index
                            (PPI) as described below.

                      

              

            

          

          
            
              	

                    	2.	
                      Escalation adjustment index data source: United States Department of Labor, Bureau of Labor Statistics Producer Price Index Industry, Data Series ID:
                          PCU 336510 Industry: Railroad Rolling Stock Manufacturing, Product: Railroad Rolling Stock Manufacturing.

                    

            

          

          

          

          
            Unrestricted 5

            
              

          

          
            
              	

                    	3.	
                      Should PCU 336510, Railroad Rolling Stock Manufacturing, be discontinued, then the following index shall be used: United States Department of Labor,
                          Bureau of Labor Statistics Producer Price Index Industry, Data Series ID: PCUOMFG-OMFG, Industry: Total Manufacturing Industries, Product: Total Manufacturing Industries.

                    

            

          

          

          

          
            
              	

                    	4.	
                      The BLS PPI may be found at http://www.bls.gov/ppi/. Under PPI
                          Databases, click on the “One Screen Data Search’’ for Industry Data, and a new browser window will open (make sure your browser’s pop-up blocker is disabled). Find the appropriate higher-level code number in Block 1. Click on the
                          appropriate code and the code, and lower hierarchal codes should be listed in Block 2. Click on the correct code in Block 2, then on “Add to Your Selection’’ in Block 3. Then click on “GET DATA” in Block 3, and a new window should
                          open with the index time. (“OMFG” is the second from the bottom of the list).

                    

            

          

          

          

          
            
              	

                    	5.	
                      The “escalation time period” shall be as described above and shall be calculated in months, rounded up to the next complete month.

                    

            

          

          

          

          
            
              	

                    	6.	
                      The “index factor” shall be derived by determining the average monthly escalation over the most recent available 12 month period prior to the placement
                          of the order for the Phase 2 Trains or Option Train  and then multiplying the average monthly escalation by the relevant “escalation time period’’.

                    

            

          

          

          

          
            
              	

                    	7.	
                      The “fixed factor” shall be determined by using .233% price escalation per month, compounded for the number of months in the “escalation time period”.

                    

            

          

          

          

          
            
              	

                    	8.	
                      If the “index factor” is determined to be lower than the “fixed factor”, then the “fixed factor” shall be used to determine the escalated prices.

                    

            

          

          

          

          
            
              	

                    	9.	
                      The resulting escalated prices for Phase 2 Trains and Option Train shall be determined by taking the prices and multiplying that by the sum of 1 + the
                          “index factor” or the “fixed factor” whichever is higher.

                    

            

          

          

          

          

        

      

    

  

   

    

  Unrestricted 6

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