Document:

EXHIBIT 10.3

 

AMBIT BIOSCIENCES CORPORATION

RESTRICTED STOCK UNIT GRANT NOTICE

(2014 LONG TERM INCENTIVE PROGRAM UNDER THE 2013 EQUITY INCENTIVE PLAN)

 

Ambit Biosciences Corporation (the “Company”) hereby awards to Participant the number of restricted stock units specified and on the terms set forth below (the “Award”).  The Award is subject to all of the terms and conditions as set forth herein and in the Company’s 2013 Equity Incentive Plan (the “Plan”), the Restricted Stock Unit Agreement, to which a copy of this Grant Notice is attached (the “Award Agreement”) and the Company’s 2014 Long Term Incentive Program (the “LTIP”), all of which are attached hereto and incorporated herein in their entirety.  Capitalized terms not explicitly defined herein but defined in the Plan, Award Agreement or LTIP shall have the meanings set forth in the Plan, Award Agreement or LTIP, as applicable.  In the event of any conflict between the terms of this Grant Notice, the Award Agreement and the Plan or the LTIP, the terms of the Plan or the LTIP, as applicable, shall control.

 

	
Participant:
    	
 
    	
 
    
	
Date   of Grant:
    	
 
    	
 
    
	
Vesting   Commencement Date:
    	
 
    	
See   below
    
	
Number   of Restricted Stock Units:
    	
 
    	
 
    
	
Consideration:
    	
 
    	
Participant’s   Services
    

 

	
Vesting   Schedule:
    	
 
    	
One-third   (1/3) of the restricted stock units will commence vesting upon Certification   (as defined in the LTIP) that a Performance Goal has been achieved for the   first time, as further described in the LTIP. The restricted stock units that   commence vesting upon such Certification will vest in three equal   installments on each of the first, second and third anniversaries of the date   of first achievement of such Performance Goal, subject to the Participant’s   Continuous Service through each vesting date and subject to potential   acceleration as described in the LTIP.
    
	
 
    	
 
    	
 
    
	
Issuance   Schedule:
    	
 
    	
One   share of Common Stock (or its cash equivalent, at the discretion of the   Company) will be issued for each restricted stock unit which vests at the   time set forth in Section 6 of the Award Agreement.
    
	
 
    	
 
    	
 
    
	
Termination:
    	
 
    	
If   a Performance Goal is not achieved during the Performance Period (as defined   in the LTIP), the portion of the Award that would otherwise have vested upon   achieving such Performance Goal shall be terminated immediately as of the end   of the Performance Period. In addition, upon termination of the Participant’s   Continuous Service for any reason, the Award will terminate immediately,   except for any portion of the Award that has vested (or is Unvested   Consideration) as of the date of the Participant’s termination of Continuous   Service.
    

 

Additional Terms/Acknowledgements:  The undersigned Participant acknowledges receipt of, and understands and agrees to, this Grant Notice, the Award Agreement, the Plan prospectus, the Plan and the LTIP.  Participant further acknowledges that as of the Date of Grant specified above, this Restricted Stock Unit Grant Notice, the Award Agreement, the Plan and the LTIP set forth the entire understanding between Participant and the Company regarding the Award and supersedes all prior oral and written agreements on that subject, with the exception of (i) only to the extent described in Section 11 of the Award Agreement, any written employment or severance arrangement that would provide for vesting acceleration of the Award upon the terms and conditions set forth therein, and (ii) any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law.  By accepting this Award, the undersigned Participant consents to receive Plan documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

 

 

	
AMBIT   BIOSCIENCES CORPORATION
    	
 
    	
PARTICIPANT:
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
Signature
    	
 
    	
Signature
    
	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    	
Date:
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
 
    
						

 

ATTACHMENTS:                                       Restricted Stock Unit Agreement, 2012 Equity Incentive Plan, LTIP

 

 

AMBIT BIOSCIENCES CORPORATION

(2014 LONG TERM INCENTIVE PROGRAM UNDER THE 2013 EQUITY INCENTIVE PLAN)

 

RESTRICTED STOCK UNIT AGREEMENT

 

Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Agreement (the “Award Agreement”) and in consideration of your services, Ambit Biosciences Corporation (the “Company”) has awarded you a Restricted Stock Unit Award (the “Award”) pursuant to its 2014 Long Term Incentive Program (the “LTIP”) under its 2013 Equity Incentive Plan (the “Plan”) for the number of restricted stock units set forth on the Grant Notice.  Capitalized terms not explicitly defined in this Award Agreement shall have the same meanings given to them in the Plan, Grant Notice, or LTIP as applicable.

 

The details of your Award, in addition to those set forth in the Grant Notice, the Plan and the LTIP, are as follows.

 

1.                                      GRANT OF THE AWARD.  This Award represents your right to be issued on a future date the number of shares of Common Stock that is equal to the number of restricted stock units indicated in the Grant Notice (the “Stock Units”) upon the occurrence of certain performance goals and contingencies as described in the LTIP, the Grant Notice and this Award Agreement.  As of the Date of Grant specified in the Grant Notice, the Company will credit to a bookkeeping account maintained by the Company for your benefit (the “Account”) the number of Stock Units subject to the Award.  This Award was granted in consideration of your services to the Company.  Except as otherwise provided herein, you will not be required to make any payment to the Company (other than past and future services to the Company) with respect to your receipt of the Award, the vesting of the Stock Units or the delivery of the Common Stock to be issued in respect of the Award. Notwithstanding the foregoing, the Company reserves the right to issue you the cash equivalent of Fair Market Value of the Common Stock, in part or in full satisfaction of the delivery of Common Stock upon vesting of your Stock Units, and, to the extent applicable, references in this Award Agreement and the Grant Notice to Common Stock issuable in connection with your Stock Units will include the potential issuance of its cash equivalent pursuant to such right.

 

2.                                      VESTING.   Subject to the limitations contained herein, your Award will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice, provided that vesting will cease upon the termination of your Continuous Service for any reason.  Upon such termination of your Continuous Service, the Stock Units credited to the Account that were not vested on the date of such termination (other than Unvested Consideration, as defined in the LTIP) will be forfeited at no cost to the Company and you will have no further right, title or interest in such Stock Units or the shares of Common Stock to be issued in respect of such portion of the Award.

 

3.                                      NUMBER OF STOCK UNITS AND SHARES OF COMMON STOCK.

 

(a)                                 The number of Stock Units subject to your Award may be adjusted from time to time for Capitalization Adjustments, as provided in the Plan.

 

 

(b)                                 Any additional Stock Units that become subject to the Award pursuant to this Section 3, if any, shall be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Stock Units covered by your Award.

 

(c)                                  Notwithstanding the provisions of this Section 3, no fractional shares or rights for fractional shares of Common Stock shall be created pursuant to this Section 3.  The Board shall, in its discretion, determine an equivalent benefit for any fractional shares or fractional shares that might be created by the adjustments referred to in this Section 3.

 

4.                                      SECURITIES LAW COMPLIANCE.  You may not be issued any shares of Common Stock in respect of your Award unless either (i) the shares are registered under the Securities Act; or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award also must comply with other applicable laws and regulations governing the Award, and you will not receive such shares if the Company determines that such receipt would not be in material compliance with such laws and regulations.

 

5.                                      TRANSFER RESTRICTIONS.  Your Award is not transferable, except by will or by the laws of descent and distribution or as otherwise permitted by the Board or a committee thereof.  In addition to any other limitation on transfer created by applicable securities laws, you agree not to assign, hypothecate, donate, encumber or otherwise dispose of any interest in any of the shares of Common Stock subject to the Award until the shares are issued to you in accordance with Section 6 of this Award Agreement.  After the shares have been issued to you, you are free to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such shares provided that any such actions are in compliance with the provisions herein, any applicable Company policies (including, but not limited to, insider trading and window period policies) and applicable securities laws.  Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to receive any distribution of Common Stock to which you were entitled at the time of your death pursuant to this Award Agreement.

 

6.                                      DATE OF ISSUANCE.

 

(a)                                 Subject to the satisfaction of the Withholding Taxes set forth in Section 10 of this Award Agreement, in the event one or more Stock Units vests, the Company will issue to you, on the applicable vesting date, one share of Common Stock for each Stock Unit that vests, provided that if such date falls on a date that is not a business day, delivery will instead occur on the next following business day.

 

(b)                                 Notwithstanding the foregoing, in the event that (i) any shares covered by your Award are scheduled to be delivered on a day (the “Original Distribution Date”) that does not occur: (A) during an open “window period” applicable to you, as determined by the Company in accordance with the Company’s then-effective policy on trading in Company securities (the “Policy”), (B) on a day on which you are permitted to sell shares of Common Stock pursuant to a written plan that meets the requirements of Rule 10b5-1 under the Exchange Act, as determined by the Company in accordance with the Policy, or (C) on a date when you are otherwise permitted to sell shares of Common Stock on the open market, and (ii) prior to the Original Distribution Date (A) the Company

 

 

elects not to satisfy its tax withholding obligations by withholding shares from your distribution, (B) the Company elects not to permit you to sell shares of Common Stock issued in respect of the Award in an amount determined necessary to satisfy the Withholding Taxes and allow a registered broker-dealer that is a FINRA Dealer (as defined in Section 10 below) to remit the cash proceeds of such sale to the Company in a manner that complies with the requirements of Rule 10b5-1 under the Exchange Act, and (C) the Company does not permit you, and you do not elect, prior to the Original Distribution Date, to pay the Withholding Taxes in cash or from other compensation otherwise payable to you by the Company, then such shares will not be delivered on such Original Distribution Date and will instead be delivered on the first business day when you are not prohibited from selling shares of the Company’s Common Stock in the open public market, but in no event later than the date that is the 15th day of the third calendar month of the year following the year in which the shares of Common Stock under this Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d).

 

(c)                                  Delivery of the shares pursuant to the provisions of this Section 6 is intended to comply with the requirements for the short-term deferral exemption available under Treasury Regulations Section 1.409A-1(b)(4) and will be construed and administered in such manner.

 

(d)                                 If the Company elects to issue you cash in part or in full satisfaction of the shares of Common Stock issuable upon vesting of your Stock Units, then the foregoing provisions of this Section 6 will not apply and such cash will be paid to you in a lump sum at any time on after the vesting date of your Stock Units, but in no event later than the 15th day of the third calendar month of the year following the year in which the shares of Common Stock under this Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d).

 

7.                                      DIVIDENDS.  You shall receive no adjustment to your Award with respect to any cash dividend, stock dividend or other distribution that does not result from a Capitalization Adjustment as provided in the Plan; provided, however, that this sentence shall not apply with respect to any shares of Common Stock that are delivered to you in connection with your Award after such shares have been delivered to you.

 

8.                                      RESTRICTIVE LEGENDS.  The shares issued in respect of your Award shall be endorsed with appropriate legends determined by the Company.

 

9.                                      AWARD NOT A SERVICE CONTRACT.

 

(a)                                 Your Continuous Service with the Company or an Affiliate is not for any specified term and may be terminated by you or by the Company or an Affiliate at any time, for any reason, with or without cause and with or without notice.  Nothing in this Award Agreement (including, but not limited to, the vesting of your Award pursuant to the schedule set forth in the Grant Notice or the issuance of the shares in respect of your Award), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Award Agreement or the Plan shall:  (i) confer upon you any right to continue in the employ of, or affiliation with, the Company or any Affiliate; (ii) constitute any promise or commitment by the Company or any Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of employment or affiliation; (iii) confer any right or benefit under this Award Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this Award Agreement or Plan; or (iv) deprive the Company of the right to terminate you at will and without regard to any future vesting opportunity that you may have.

 

 

(b)                                 By accepting this Award, you acknowledge and agree that the right to continue vesting in the Award pursuant to the vesting schedule provided in the Grant Notice is earned only by continuing as an employee, director or consultant at the will of the Company (not through the act of being hired, being granted this Award or any other award or benefit) and that the Company has the right to reorganize, sell, spin-out or otherwise restructure one or more of its businesses or Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”).  You further acknowledge and agree that such a reorganization could result in the termination of your Continuous Service, or the termination of Affiliate status of your employer and the loss of benefits available to you under this Award Agreement, including but not limited to, the termination of the right to continue vesting in the Award.  You further acknowledge and agree that this Award Agreement, the Plan, the transactions contemplated hereunder and the vesting schedule set forth herein or any covenant of good faith and fair dealing that may be found implicit in any of them do not constitute an express or implied promise of continued engagement as an employee or consultant for the term of this Award Agreement, for any period, or at all, and shall not interfere in any way with your right or the Company’s right to terminate your Continuous Service at any time, with or without cause and with or without notice.

 

10.                               WITHHOLDING OBLIGATIONS.

 

(a)                                 On or before the time you receive a distribution of the shares of Common Stock or other consideration subject to your Award, or at any time thereafter as requested by the Company, you hereby authorize any required withholding from the Common Stock or other consideration issuable to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate which arise in connection with your Award (the “Withholding Taxes”).  Additionally, the Company may, in its sole discretion to the extent permitted by law, satisfy all or any portion of the Withholding Taxes obligation relating to your Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company; (ii) causing you to tender a cash payment; (iii) permitting or requiring you to enter into a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby you irrevocably elect to sell a portion of the shares to be delivered in connection with your Stock Units to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company and/or its Affiliates; or (iv) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the Award with a Fair Market Value (measured as of the date shares of Common Stock are issued to pursuant to Section 6) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares of Common Stock so withheld shall not exceed the amount necessary to satisfy the Company’s required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income; and provided further, that to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, such share withholding procedure shall be subject to the express prior approval of the Board or a duly authorized committee thereof.

 

 

(b)                                 Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to deliver to you any Common Stock or other consideration pursuant to this Award.

 

(c)                                  In the event the Company’s obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Company’s withholding obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

 

11.                               Treatment upon a Change in Control/Termination Event.  If any written employment agreement, offer letter or other agreement between you and the Company provides for acceleration of your outstanding equity awards, including this Award, upon or in connection with a Change in Control and/or upon your termination of Continuous Service, then with respect solely to this Award, such acceleration shall only apply with respect to the portion of your Award (if any) which has commenced vesting as of the time of such Change in Control or termination (as applicable).

 

12.                               UNSECURED OBLIGATION.  Your Award is unfunded, and as a holder of a vested Award, you shall be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares pursuant to this Award Agreement.  You shall not have voting or any other rights as a stockholder of the Company with respect to the shares to be issued pursuant to this Award Agreement until such shares are issued to you pursuant to Section 6 of this Award Agreement.  Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company.  Nothing contained in this Award Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

 

13.                               OTHER DOCUMENTS.  You hereby acknowledge receipt or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus.  In addition, you acknowledge receipt of the Company’s policy permitting officers, directors and other specified individuals to sell shares only during certain “window” periods and the Company’s insider trading policy, in effect from time to time.

 

14.                               NOTICES.  Any notices provided for in your Award or the Plan shall be given in writing (including electronically) and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company.  Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this Award by electronic means or to request your consent to participate in the Plan by electronic means.  By accepting this Award you consent 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 another third party designated by the Company.

 

 

15.                               GOVERNING PLAN DOCUMENT.  Your Award is subject to all the provisions of the Plan and the LTIP, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan.  Except as expressly provided in this Award Agreement, in the event of any conflict between the provisions of your Award and those of the Plan or the LTIP, the provisions of the Plan or the LTIP, as applicable, shall control.  In addition, your Award (and any compensation paid or shares issued under your Award) is subject to recoupment in accordance with The Dodd—Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the Company and any compensation recovery policy otherwise required by applicable law.

 

16.                               OTHER DOCUMENTS.  You hereby acknowledge receipt of and the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus.  In addition, you acknowledge receipt of the Company’s policy permitting certain individuals to sell shares only during certain “window” periods and the Company’s insider trading policy, in effect from time to time.

 

17.                               SEVERABILITY.  If all or any part of this Award Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Award Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

18.                               EFFECT ON OTHER EMPLOYEE BENEFIT PLANS.  The value of the Award subject to this Award Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating the Employee’s benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans.

 

19.                               AMENDMENT.  This Award Agreement may be modified, amended or terminated as set forth in the LTIP.

 

20.                               NO OBLIGATION TO MINIMIZE TAXES.  The Company has no duty or obligation to minimize the tax consequences to you of this Award and will not be liable to you for any adverse tax consequences to you arising in connection with this Award.  You are hereby advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this Award and by signing the Grant Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so.

 

21.                               MISCELLANEOUS.

 

(a)                                 The rights and obligations of the Company under this Award will be transferable to any one or more persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns.

 

(b)                                 You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award.

 

 

(c)                                  You acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award, and fully understand all provisions of your Award.

 

(d)                                 This Award Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

 

(e)                                  All obligations of the Company under the Plan and this Award Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

 

*                                         *                                         *

 

This Award Agreement will be deemed to be signed by you upon the signing by you of the Grant Notice to which it is attached.Exhibit 10.4

 

FORBEARANCE AGREEMENT

 

This Forbearance Agreement (this “Agreement”) dated as of March 31, 2014  by and among Wilmington Trust, National Association (as successor Administrative Agent and successor Collateral Agent, in such capacities, individually and collectively, the “Agent”) under the Credit Agreement (as defined below), Genco Shipping & Trading Limited (the “Borrower”), the other Credit Parties (as defined in the Credit Agreement, and together with the Borrower, “Genco”), and the Lenders executing this Agreement on the signature pages hereto.

 

Reference is made to the Credit Agreement dated as of July 20, 2007 among the Borrower, various Lenders party thereto, and the Agent (as successor to DNB Nor Bank ASA, New York Branch (n/k/a DNB Bank ASA, New York Branch, as original administrative agent and original collateral agent) (as amended, modified and supplemented from time to time, the “Credit Agreement”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Credit Agreement.

 

Genco has requested that the Lenders party hereto (collectively, the “Lender Group”), which constitute the Required Lenders, and the Agent forbear from exercising any of their respective rights and remedies, including, without limitation, accelerating any Obligations or terminating any Commitments, whether under the Credit Agreement or any other Credit Document (including, without limitation, under any control agreement or similar agreement or documents relating to any deposit or securities account of any Credit Party (each, a “Control Agreement”) or in respect of any deposit or securities account) , for the period of time set forth herein and subject to the terms and conditions hereof, solely with respect to the following existing, expected or anticipated Events of Default (collectively, the “Specified Defaults”):  (i) the failure of the Borrower to make the scheduled repayment and commitment reduction on March 31, 2014 in accordance with Section 3.04(iii) of the Credit Agreement, (ii) the failure of the Borrower to meet the Consolidated Interest Coverage Ratio specified for the Test Period ending March 31, 2014, as required under Section 11.07 of the Credit Agreement, (iii) the failure of the Borrower to meet the Leverage Ratio specified for the Test Period ending March 31, 2014, as required under Section 11.08 of the Credit Agreement, (iv) the failure of the Borrower to meet the minimum Aggregate Appraised Value required under Section 11.09 of the Credit Agreement, (v) the failure of the Borrower to meet the minimum amount of cash and Cash Equivalents and undrawn credit facilities held by the Borrower as of March 31, 2014, as required under Section 11.10 of the Credit Agreement, (vi) the cross-default with existing Interest Rate Protection Agreements or Other Hedging Agreements under Section 12.04(ii) of the Credit Agreement resulting from the Specified Defaults set forth in clauses (i) through (v) above and the cross-default relating to defaults under the Other Credit Agreements (as defined in clauses (i) and (ii) of such definition), (vii) the cross-default with the Other Credit Agreements (as defined in clauses (i) and (ii) of such definition) under Section 12.04(ii) of the Credit Agreement resulting from the Specified Defaults set forth in clauses (i) through (v) above, (viii) the failure of the Borrower to deliver its annual audited financial statements (and the report of the accounting firm required to be delivered together with such financial statements) within 90 days after the close of the fiscal year ending on December 31, 2013, in accordance with Section 10.01(b) of the Credit Agreement and (ix) any related Default or Event of Default which would result from the failure to give notice with respect to any of the foregoing.

 

The Lender Group is willing to, and hereby directs the Agent to, for the period of time set forth herein and subject to the terms and conditions hereof, so forbear solely with respect to the Specified Defaults.

 

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrower, the Agent and the Lender Group hereby agree as follows:

 

 

Section 1   Acknowledgments and Agreements; Limited Forbearance in Respect of Specified Defaults.

 

1.01.  Acknowledgement of Default.  To induce the Agent and the Lenders to execute this Agreement, Genco hereby acknowledges, stipulates, represents, warrants and agrees as follows:

 

1.01.1.  Each Specified Default constitutes an Event of Default that has occurred or is expected to occur.  Except for the Specified Defaults, no other Default or Event of Default has occurred and is continuing as of the date hereof, or to the best of its knowledge are expected to occur prior to the end of the Forbearance Period (as defined below).  Except as expressly set forth in this Agreement, the agreements of the Agent and the Lender Group hereunder to forbear in the exercise of their respective rights and remedies under the Credit Documents in respect of the Specified Defaults during the Forbearance Period (as defined below) do not in any manner whatsoever limit any right of any of the Agent and the Lenders to insist upon strict compliance with this Agreement or any Credit Document during the Forbearance Period.

 

1.01.2.  Nothing has occurred that constitutes or otherwise can be construed or interpreted as a waiver of, or otherwise to limit in any respect, any rights or remedies any of the Lenders or the Agent have or may have arising as the result of any Event of Default (including any Specified Default) that has occurred or that may occur under the Credit Agreement, the other Credit Documents or applicable law.  The Agent’s and the Lender Group’s actions in entering into this Agreement are without prejudice to the rights of any of the Agent and the Lenders to pursue any and all remedies under the Credit Documents pursuant to applicable law or in equity available to it in its sole discretion upon the termination (whether upon expiration thereof, upon acceleration or otherwise) of this Agreement.

 

1.01.3.  The aggregate outstanding principal amount of the Loans as of March 31, 2014 is equal to $1,055,911,525.00.  The foregoing amounts do not include interest, fees (including the 1.25% facility fee payable pursuant to the Amendment and Supplement No. 6 to the Credit Agreement), expenses and other amounts that are chargeable or otherwise reimbursable under the Credit Documents.  No Credit Party has any defense or right of offset with respect to the Loans or any portion thereof.

 

1.01.4.  All of the assets pledged, assigned, conveyed, mortgaged, hypothecated or transferred to the Agent pursuant to the Collateral Documents are (and shall continue to be) subject to valid and enforceable liens and security interests of the Agent, as collateral security for all of the Obligations, subject to no Liens other than Permitted Liens.

 

1.01.5.  The obligations of Genco under this Agreement of any nature whatsoever, whether now existing or hereafter arising, are hereby deemed to be “Obligations” for all purposes of the Credit Documents.

 

1.01.6.  Overdue amounts under the Credit Documents shall accrue interest at the default rate provided in Section 1.07(b) of the Credit Agreement and be paid in kind.  The Lender Group agrees and acknowledges that such interest at the default rate shall be paid in kind notwithstanding anything to the contrary set forth in the Credit Agreement.

 

1.01.7  Neither the Agent nor any Lender has at any time directed or participated in any aspect of the management of Genco or the conduct of the business of Genco, and

 

2

 

Genco has made all of its business decisions independently of the Agent and each Lender. Notwithstanding any other provision of this Agreement or any other contract or instrument between or among Genco, on the one hand, and the Agent or the Lenders, or any of them, on the other hand: (i) the relationship between any of the Agent and the Lenders, on the one hand, and Genco, on the other hand, shall be limited to the relationship of a lender to a borrower in a commercial loan transaction; and (ii) neither the Agent nor any Lender is or shall be construed as a partner, joint venturer, alter-ego, manager, controlling person or other business associate or participant of any kind of Genco (or any other Person), and neither the Agent nor any Lender intends to assume any such status at any time.

 

1.01.8  The Lender Group’s entry into, and covenants to perform in accordance with, this Agreement hereby constitutes “new value” and “reasonably equivalent value,” as those terms are used in Section 547 and 548 of Title 11 of the United States Code (the “Bankruptcy Code”), received by Genco as of the closing of this Agreement in contemporaneous exchange for Genco’s entry into, and covenants to perform in accordance with, this Agreement.

 

1.01.9  All time-related defenses, such as statutes of limitations, doctrines of estoppel, doctrines of laches or any other rules of law or equity of similar nature, are hereby tolled with respect to all rights, claims and causes of action of any kind whatsoever that the Agent or any Lender may have against any Credit Party under or in connection with the Loan Documents as of the time of the closing of this Agreement through and including the date which is thirty (30) days after the termination of the Forbearance Period.

 

1.02.  Limited Forbearance.  Subject (i) to the satisfaction of the conditions precedent set forth in Section 3 below and (ii) to the continuing effectiveness and enforceability of the Credit Documents in accordance with their terms, the Lender Group agrees to forbear and directs the Agent to forbear (and in connection therewith, directs the Agent to enter into this Agreement and to take such actions as are reasonably incidental hereto), and the Agent agrees to forbear (and in connection therewith, agrees to enter into this Agreement and to take such actions as are reasonably incidental hereto), in the exercise of their respective rights and remedies under the Credit Documents (including, without limitation, each Control Agreement and with respect to any deposit or securities account, and including accelerating any of the Obligations and terminating any Commitments) in respect of the Specified Defaults for the period (the “Forbearance Period”) commencing on the Effective Date and ending on the earlier to occur of (a) 11:59 p.m. (New York time) on April 1, 2014 or (b) a Termination Event (as defined in Section 1.04 below), provided that (i) except with respect to the Specified Defaults, each Credit Party shall comply with all limitations, restrictions, covenants and prohibitions that would otherwise be effective or applicable to it under the Credit Documents and (ii) nothing herein shall be construed as a waiver by the Agent or any Lender of the Specified Defaults.

 

1.03.  Termination of Forbearance Period.  Upon the termination of the Forbearance Period, the agreement of the Agent and the Lender Group to forbear as provided in this Agreement shall automatically and without further action terminate and be of no force and effect; it being expressly agreed that the effect of such termination will be to permit the Agent and the Lenders to exercise, or cause the exercise of, any rights and remedies available to any of them, immediately, without any further notice, passage of time or forbearance of any kind.

 

1.04.  Termination Events.  For purposes of this Agreement, “Termination Event” means the occurrence of any of the following:

 

3

 

1.04.1.  An “Event of Default” under the Credit Agreement other than the Specified Defaults.

 

1.04.2.  The breach by any person other than the Agent or the Lender Group of any provision of this Agreement or any other document entered into in connection with this Agreement.

 

Section 2.  Representations and Warranties.  Genco represents and warrants to the Agent and the Lenders that (a) the representations and warranties set forth in (i) Section 9.01 through 9.04 of the Credit Agreement and (ii) any other representations made by Genco in connection with any amendment, waiver or forbearance agreement with respect to each Other Credit Agreement (as defined in clauses (i) and (ii) of such definition), in each case, are true and complete in all material respects on the date hereof as if made on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct in all material respects as of such specific date); and (b) no Default or Event of Default has occurred and is continuing (other than the Specified Defaults).

 

Section 3.  Conditions Precedent.  The obligation of the Lender Group to enter into this Agreement shall be subject to the satisfaction or waiver by the Lender Group of each of the following conditions precedent:

 

3.01.  Expenses.  Payment, in cash, of all costs and expenses of the Agent and the Lender Group, including all fees and disbursements of their respective legal and financial advisors.

 

3.02.  No Default.  No Default or Event of Default other than the Specified Defaults shall have occurred and be continuing.

 

3.03.  Representations and Warranties.  As of the Effective Date, the representations and warranties contained in (i) Section 9.01 through 9.04 of the Credit Agreement and (ii) any other representations made by Genco in connection with any amendment, waiver or forbearance agreement with respect to each Other Credit Agreement (as defined in clauses (i) and (ii) of such definition), shall, in each case, be true and correct in all material respects on and as of the Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date.

 

3.04    Intentionally Omitted.

 

3.05    Intentionally Omitted.

 

Section 4.  Effectiveness of Agreement.  This Agreement shall become effective, as of the date hereof (the “Effective Date”) , upon receipt by the Agent of counterparts of this Agreement executed by each of the parties indicated on the signature pages hereof.

 

Section 5.  Release.  Each Credit Party (on behalf of itself and its Subsidiaries and Affiliates) and their successors-in-title, legal representatives and assignees and, to the extent the same is claimed by right of, through or under any Credit Party for their past, present and future employees, agents, representatives, officers, directors, shareholders, and trustees (each, a “Releasing Party” and collectively, the “Releasing Parties”), does hereby remise, release and discharge, and shall be deemed to have forever remised, released and discharged, the Agent and the Lenders, and the Agent’s and each Lender’s respective successors-in-title, legal representatives and assignees, past, present and future

 

4

 

officers, directors, shareholders, trustees, agents, employees, consultants, experts, advisors, attorneys and other professionals and all other persons and entities to whom any of the foregoing would be liable if such persons or entities were found to be liable to any Releasing Party, or any of them (collectively hereinafter the “Lender Parties”), from any and all manner of action and actions, cause and causes of action, claims, charges, demands, counterclaims, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, damages, judgments, expenses, executions, liens, claims of liens, claims of costs, penalties, attorneys’ fees, or any other compensation, recovery or relief on account of any liability, obligation, demand or cause of action of whatever nature, whether in law, equity or otherwise (including without limitation those arising under sections 541-550 of the Bankruptcy Code and interest or other carrying costs, penalties, legal, accounting and other professional fees and expenses, and incidental, consequential and punitive damages payable to third parties), whether known or unknown, fixed or contingent, joint and/or several, secured or unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual or tortious, direct, indirect, or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing, heretofore existing or which may heretofore accrue against any of the Lender Parties, whether held in a personal or representative capacity, and which are based on any act, fact, event or omission or other matter, cause or thing occurring at or from any time prior to and including the date hereof in any way, directly or indirectly arising out of, connected with or relating to this Credit Agreement or any other Credit Document and the transactions contemplated thereby, and all other agreements, certificates, instruments and other documents and statements (whether written or oral) related to any of the foregoing (each, a “Claim” and collectively, the “Claims”).  Notwithstanding the foregoing, the foregoing waiver of Claims shall not be effective to the extent any Claim arises from the gross negligence, bad faith or willful misconduct of a Lender Party.

 

Section 6.  Confirmation of Collateral Documents.  Each of the Credit Parties hereby confirms and ratifies all of its obligations under the Credit Documents to which it is a party.  By its execution on the respective signature lines provided below, each of the Credit Parties hereby confirms and ratifies all of its obligations and the Liens granted by it under the Collateral Documents to which it is a party.

 

Section 7.  Miscellaneous.  Except as herein expressly provided, the Credit Agreement and each of the other Credit Documents shall remain unchanged and in full force and effect.  This Agreement shall constitute a “Credit Document” under the Credit Agreement.  The forbearance set forth in Section 1 above shall be limited as written and nothing herein shall be deemed to constitute a waiver of or forbearance with respect to any other term, provision or condition of the Credit Agreement or any other Credit Document in any other instance than as set forth herein or prejudice any right or remedy that Administrative Agent, Collateral Agent or any Lender may have or may in the future have under the Credit Agreement or any other Credit Document.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.  Delivery of an executed counterpart of a signature page to this Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.  This Agreement shall be governed by, and construed in accordance with, the law of the State of New York, without giving effect to any choice of law principals that would require or permit the application of the law of another jurisdiction.

 

[Signature Pages Follow]

 

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Forbearance Agreement to be duly executed and delivered as of the day and year first above written.

 

 

	
 
    	
GENCO SHIPPING & TRADING LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/:   John C. Wobensmith
    
	
 
    	
 
    	
Name:   John C. Wobensmith
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
GENCO   ACHERON LIMITED
    
	
 
    	
GENCO   BEAUTY LIMITED
    
	
 
    	
GENCO   KNIGHT LIMITED
    
	
 
    	
GENCO   LEADER LIMITED
    
	
 
    	
GENCO   MUSE LIMITED
    
	
 
    	
GENCO   VIGOUR LIMITED
    
	
 
    	
GENCO   CARRIER LIMITED
    
	
 
    	
GENCO   PROSPERITY LIMITED
    
	
 
    	
GENCO   SUCCESS LIMITED
    
	
 
    	
GENCO   WISDOM LIMITED
    
	
 
    	
GENCO   MARINE LIMITED
    
	
 
    	
GENCO   EXPLORER LIMITED
    
	
 
    	
GENCO   PIONEER LIMITED
    
	
 
    	
GENCO   PROGRESS LIMITED
    
	
 
    	
GENCO   RELIANCE LIMITED
    
	
 
    	
GENCO   SURPRISE LIMITED
    
	
 
    	
GENCO   SUGAR LIMITED
    
	
 
    	
GENCO   AUGUSTUS LIMITED
    
	
 
    	
GENCO   TIBERIUS LIMITED
    
	
 
    	
GENCO   LONDON LIMITED
    
	
 
    	
GENCO   TITUS LIMITED
    
	
 
    	
GENCO   CONSTANTINE LIMITED
    
	
 
    	
GENCO   HADRIAN LIMITED
    
	
 
    	
GENCO   COMMODUS LIMITED
    
	
 
    	
GENCO   MAXIMUS LIMITED
    
	
 
    	
GENCO   CLAUDIUS LIMITED
    
	
 
    	
GENCO   CHALLENGER LIMITED
    
	
 
    	
GENCO   CHAMPION LIMITED
    
	
 
    	
GENCO   CHARGER LIMITED
    
	
 
    	
GENCO   HUNTER LIMITED
    
	
 
    	
GENCO   PREDATOR LIMITED
    
	
 
    	
GENCO   WARRIOR LIMITED
    
	
 
    	
GENCO   BAY LIMITED
    
	
 
    	
GENCO   OCEAN LIMITED
    
	
 
    	
GENCO   AVRA LIMITED
    
	
 
    	
GENCO   MARE LIMITED
    
	
 
    	
GENCO   SPIRIT LIMITED
    
	
 
    	
GENCO   LORRAINE LIMITED
    
	
 
    	
GENCO   PYRENEES LIMITED
    
	
 
    	
GENCO   LOIRE LIMITED
    
	
 
    	
GENCO   BOURGOGNE LIMITED
    
	
 
    	
GENCO   PICARDY LIMITED
    

 

 

	
 
    	
GENCO   AQUITAINE LIMITED
    
	
 
    	
GENCO   NORMANDY LIMITED
    
	
 
    	
GENCO   AUVERGNE LIMITED
    
	
 
    	
GENCO   PROVENCE LIMITED
    
	
 
    	
GENCO   ARDENNES LIMITED
    
	
 
    	
GENCO   BRITTANY LIMITED
    
	
 
    	
GENCO   LANGUEDOC LIMITED
    
	
 
    	
GENCO   RHONE LIMITED
    
	
 
    	
GENCO   INVESTMENTS LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   John C. Wobensmith
    
	
 
    	
 
    	
Name:   John C. Wobensmith
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GENCO   RAPTOR LLC
    
	
 
    	
GENCO   CAVALIER LLC
    
	
 
    	
GENCO   THUNDER LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   John C. Wobensmith
    
	
 
    	
 
    	
Name:   John C. Wobensmith
    
	
 
    	
 
    	
Title:   Manager
    

 

 

	
 
    	
WILMINGTON   TRUST, NATIONAL ASSOCIATION, as Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joshua G. James
    
	
 
    	
 
    	
Name:   Joshua G. James
    
	
 
    	
 
    	
Title:   Assistant Vice President
    

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
APOLLO   SPECIAL OPPORTUNITIES MANAGED ACCOUNT, LP., as Lender
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO SOMA ADVISORS, L.P., its general partner
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO SOMA CAPITAL MANAGEMENT, LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph D. Glatt
    
	
 
    	
Name:   Joseph D. Glatt
    
	
 
    	
Title:   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
AES   (LUX) S.A R.L., as Lender
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO EUROPEAN STRATEGIC MANAGEMENT, L.P., its investment manager
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO EUROPEAN STRATEGIC MANAGEMENT GP, LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph D. Glatt
    
	
 
    	
Name:   Joseph D. Glatt
    
	
 
    	
Title:   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
AEC   (LUX) S.A R.L., as Lender
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO EUROPEAN CREDIT MANAGEMENT, L.P., its investment manager
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO EUROPEAN CREDIT MANAGEMENT GP, LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph D. Glatt
    
	
 
    	
Name:   Joseph D. Glatt
    
	
 
    	
Title:   Vice President
    

 

 

	
 
    	
APOLLO   CENTRE STREET PARTNERSHIP, L.P., as Lender
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO CENTRE STREET MANAGEMENT, LLC, its investment manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph D. Glatt
    
	
 
    	
Name:   Joseph D. Glatt
    
	
 
    	
Title:   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ANS   U.S. HOLDINGS LTD, as Lender
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO SK STRATEGIC ADVISORS, LLC, its sole director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph D. Glatt
    
	
 
    	
Name:   Joseph D. Glatt
    
	
 
    	
Title:   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
APOLLO   CREDIT OPPORTUNITY FUND III LP, as Lender
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO CREDIT OPPORTUNITY ADVISORS III LP, its general partner
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO CREDIT OPPORTUNITY ADVISORS III GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph D. Glatt
    
	
 
    	
Name:   Joseph D. Glatt
    
	
 
    	
Title:   Vice President
    

 

 

	
 
    	
APOLLO   FRANKLIN PARTNERSHIP, LP., as Lender
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO FRANKLIN ADVISORS (APO DC), L.P., its general partner
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO FRANKLIN ADVISORS (APO DC-GP), LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph D. Glatt
    
	
 
    	
Name:   Joseph D. Glatt
    
	
 
    	
Title:   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
APOLLO   ZEUS STRATEGIC INVESTMENTS, LP., as Lender
    
	
 
    	
 
    
	
 
    	
BY:   APOLLO ZEUS STRATEGIC MANAGEMENT, LLC, its investment manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph D. Glatt
    
	
 
    	
Name:   Joseph D. Glatt
    
	
 
    	
Title:   Vice President
    

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CCP   Credit Acquisition Holdings, L.L.C.,
    
	
 
    	
Centerbridge   Special Credit Partners II, L.P.
    
	
 
    	
CCP   II Acquisition Holdings, LLC, as Lenders
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bao Truong
    
	
 
    	
Name:   Bao Truong
    
	
 
    	
Title:   Senior Managing Director
    

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MIDTOWN   ACQUISITIONS L.P. 
    
	
 
    	
as   Lender
    
	
 
    	
 
    
	
 
    	
BY:   MIDTOWN ACQUISITIONS GP, LLC,
    
	
 
    	
its   General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Avram Z. Friedman
    
	
 
    	
Name:   Avram Z. Friedman
    
	
 
    	
Title:   Manager
    

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PANNING   MASTER FUND LP, as Lender
    
	
 
    	
 
    
	
 
    	
BY:   PANNING CAPITAL MANAGEMENT, LP, its Investment Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   William M. Kelly
    
	
 
    	
Name   William M. Kelly
    
	
 
    	
Title:   Chief Operating Officer
    

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SOLUS   ALTERNATIVE ASSET
    
	
 
    	
MANAGEMENT   LP, on behalf of certain funds
    
	
 
    	
and   managed accounts, as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Christopher A. Pucillo by SJD w/permission
    
	
 
    	
Name   Christopher A. Pucillo
    
	
 
    	
Title:   Chief Investment Officer

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