Document:

LETTER AGREEMENT

 Exhibit 10.15 

 
 

 
 2210 WOODLAND DRIVE 

MANITOWOC, WI 54220 
 John H. Scribante 
 c/o Orion Energy Systems, Inc. 

2210 Woodland Drive 
 Manitowoc, WI 54220

 Dear John: 
 As a follow-up to our
previous conversation, we have mutually agreed to modify your executive employment and severance agreement, dated September 27, 2012 (“Employment Agreement”) by amending and restating the definition of “Good Reason” set
forth in Section 2(k) of the Employment Agreement as follows: 
 “(k) “Good Reason” shall mean the
occurrence of any of the following without the consent of Executive: (i) a material diminution in the Executive’s Base Salary; (ii) a material diminution in the Executive’s authority, duties or responsibilities; (iii) a
material change in the geographic location at which the Executive must perform services; (iv) a material breach by Orion of any provisions of this Agreement or any option agreement with the Company to which the Executive is a party; or
(v) the Company’s employment of Neal R. Verfuerth as a senior executive officer of the Company.” 
 Please acknowledge your
understanding and acceptance of this letter amending your Employment Agreement by signing and returning this letter. Except as otherwise specified in this letter, your existing Employment Agreement is not affected by this letter and by signing this
letter you agree that your Employment Agreement, as modified hereby, will continue in full force and effect, and that all terms and conditions of your Employment Agreement have been fully complied with and that you do not have any outstanding claims
thereunder. 
 Best regards, 
  

									
	ORION ENERGY SYSTEMS, INC.	 		 		 	Accepted and Agreed:
					
	By:	 	 	 		 		 	 
		 	James R. Kackley	 		 		 	John H. Scribante
		 	Chairman of the Board	 		 		 	Effective Date: December 1, 2012LETTER AGREEMENT

 Exhibit 10.16 

 
 

 
 2210 WOODLAND DRIVE 

MANITOWOC, WI 54220 
 Michael J. Potts 
 c/o Orion Energy Systems, Inc. 

2210 Woodland Drive 
 Manitowoc, WI 54220

 Dear Mike: 
 As a follow-up to our
previous conversation, we have mutually agreed to (i) increase your current annual base salary from $280,000 to $285,000 per year and (ii) extend the term of your Employment Agreement (as defined below) through September 30, 2014 in
consideration of your agreement to waive any prior or currently existing “Good Reason” termination rights you may have had or currently have under your executive employment and severance agreement, dated February 21, 2008
(“Employment Agreement”) and to modify your Employment Agreement by amending and restating the definition of “Good Reason” set forth in Section 2(k) of your Employment Agreement as follows: 

“(k) “Good Reason” shall mean the occurrence of any of the following without the consent of Executive: (i) a material
diminution in the Executive’s Base Salary; (ii) a material diminution in the Executive’s authority, duties or responsibilities; (iii) a material change in the geographic location at which the Executive must perform services;
(iv) a material breach by Orion of any provisions of this Agreement or any option agreement with the Company to which the Executive is a party; or (v) the Company’s employment of Neal R. Verfuerth as a senior executive officer of the
Company.” 
 Please acknowledge your understanding and acceptance of this letter waiving any prior or currently existing “Good
Reason” termination rights under your Employment Agreement and amending your Employment Agreement by signing and returning this letter. Except as otherwise specified in this letter, your existing Employment Agreement is not affected by this
letter and by signing this letter you agree that your Employment Agreement, as modified hereby, will continue in full force and effect, that no event described in the definition of “Good Reason” in your Employment Agreement has occurred
and that all terms and conditions of your Employment Agreement have been fully complied with and that you do not have any outstanding claims thereunder. This letter also entirely supercedes and replaces your prior letter agreement dated
November 9, 2012 which purported to amend your Employment Agreement. 
 Best regards, 

 

									
	ORION ENERGY SYSTEMS, INC.	 		 		 	Accepted and Agreed:
					
	By:	 	 	 		 		 	 
		 	John H. Scribante	 		 		 	Michael J. Potts
		 	Chief Executive Officer	 		 		 	Effective Date: December 1, 2012LETTER AGREEMENT

 Exhibit 10.17 

 
 

 
 2210 WOODLAND DRIVE 

MANITOWOC, WI 54220 
 Scott Jensen 
 c/o Orion Energy Systems, Inc. 

2210 Woodland Drive 
 Manitowoc, WI 54220

 Dear Scott: 
 As a follow-up to our
previous conversation, we have mutually agreed to modify your executive employment and severance agreement, dated November 9, 2012 (“Employment Agreement”) by amending and restating the definition of “Good Reason” set forth
in Section 2(k) of your Employment Agreement as follows: 
 “(i) “Good Reason” shall mean the occurrence of
any of the following without the consent of Executive: (i) a material diminution in the Executive’s Base Salary; (ii) a material change in the geographic location at which the Executive must perform services; (iii) a material
breach by Orion of any provisions of this Agreement or any option agreement with the Company to which the Executive is a party; or (iv) the Company’s employment of Neal R. Verfuerth as a senior executive officer of the Company.”

 Please acknowledge your understanding and acceptance of this letter amending your Employment Agreement by signing and returning this letter.
Except as otherwise specified in this letter, your existing Employment Agreement is not affected by this letter and by signing this letter you agree that your Employment Agreement, as modified hereby, will continue in full force and effect, and that
all terms and conditions of your Employment Agreement have been fully complied with and that you do not have any outstanding claims thereunder. 

Best regards, 
  

									
	ORION ENERGY SYSTEMS, INC.	 		 		 	Accepted and Agreed:
					
	By:	 	 	 		 		 	 
		 	John H. Scribante	 		 		 	Scott Jensen
		 	Chief Executive Officer	 		 		 	Effective Date: December 1, 2012Amendment No. 4 to Amended and Restated Receivables Purchase Agreement

 Exhibit 10.1 
 Execution Copy 
 AMENDMENT NO. 4 

TO 
 AMENDED AND
RESTATED RECEIVABLES PURCHASE AGREEMENT 
 Dated as of November 30, 2012 

THIS AMENDMENT NO. 4 (this “Amendment”) is entered into as of November 30, 2012 by and among Consumers Receivables
Funding II, LLC, a Delaware limited liability company (the “Seller”), Consumers Energy Company, a Michigan corporation (“Consumers”), as initial servicer (the “Servicer”), the entities party hereto
from time to time as Conduits (together with any of their respective successors and assigns hereunder, the “Conduits”), the entities party hereto from time to time as Financial Institutions (together with any of their respective
successors and assigns hereunder, the “Financial Institutions”), the entities party hereto from time to time as Managing Agents (together with any of their respective successors and assigns hereunder, the “Managing
Agents”) and The Bank of Nova Scotia, (“BNS”), as assignee of JPMorgan Chase Bank, N.A., as administrative agent for the Purchasers (together with its successors and assigns hereunder, the “Administrative
Agent”). 
 PRELIMINARY STATEMENT 
 The Seller, the Servicer, the Conduits, the Financial Institutions, the Managing Agents and the Administrative Agent are parties to that certain Amended and Restated Receivables Purchase Agreement dated
as of November 23, 2010 (as amended prior to the date hereof and as further amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “RPA”). Terms used herein and not otherwise
defined herein shall have the meanings assigned in the RPA. 
 The parties to the RPA enter into this Amendment to provide for
certain modifications to the terms and provisions of the RPA as more particularly set forth herein below. 
 NOW THEREFORE, in
consideration of the premises herein contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: 

1. Amendments to the RPA. Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the
RPA is hereby amended as follows: 
 1.1. Section 7.1(a) of the RPA is hereby amended to restate clause (i) thereof in
its entirety as follows: 
 (i)Within 120 days after the close of (A) each of Consumer’s fiscal years,
a copy of the Annual Report on Form 10-K (or any successor form) for Consumers for such year, including therein the consolidated balance sheet of Consumers and its consolidated Subsidiaries as at the end of such year and the

 
consolidated statements of income, cash flows and common stockholder’s equity of Consumers and its consolidated Subsidiaries as at the end of and for such year, or statements providing
substantially similar information, in each case certified by independent public accountants of recognized national standing selected by Consumers (and not objected to by the Administrative Agent or any Managing Agent), and (B) each of the
Seller’s fiscal years, unaudited financial statements (which shall include balance sheets, statements of income and retained earnings and a statement of cash flows) for such fiscal year, all certified by a Responsible Officer of the Seller as
fairly presenting in all material respects the financial condition and results of operations of the Seller in accordance with GAAP. 
 1.2. Section 9.1 of the RPA is hereby amended to restate subsection (f)(iii) thereof in its entirety as follows: 

(iii) the average of the Past Due Ratios as of the end of such Accrual Period and the two preceding Accrual Periods shall
exceed (A) 12.0% for any Accrual Period occurring in May through December of any calendar year or (B) 8.5% for any Accrual Period occurring in January through April of any calendar year, or 

1.3. Section 9.1 of the RPA is hereby amended to restate subsection (k) thereof in its entirety as follows: 

(k) Consumers shall fail to maintain a ratio of Total Consolidated Debt to Total Consolidated Capitalization of not
greater than 0.65 to 1.0. 
 1.4. Article X of the RPA is hereby amended to restated Section 10.3 in its entirety as
follows: 
 Section 10.3 Increased Costs and Reduced Return. 

(a) If any Regulatory Change (i) subjects any Purchaser or any Funding Source to any charge or withholding on or with
respect to any Funding Agreement or this Agreement or a Purchaser’s or Funding Source’s obligations under a Funding Agreement or this Agreement, or on or with respect to the Receivables, or changes the basis of taxation of payments to any
Purchaser or any Funding Source of any amounts payable under any Funding Agreement or this Agreement (except for changes in the rate of tax on the overall net income of a Purchaser or Funding Source or taxes excluded by Section 10.1) or
(ii) imposes, modifies or deems applicable any reserve, assessment, fee, tax, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or liabilities of a Funding Source or a Purchaser, or
credit extended by a Funding Source or a Purchaser pursuant to a Funding Agreement or this Agreement or (iii) imposes any other condition the result of which is to increase the cost to a Funding Source or a Purchaser of performing its
obligations under a Funding Agreement or this Agreement, or to reduce the rate of return on a 

  

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Funding Source’s or Purchaser’s capital or assets as a consequence of its obligations under a Funding Agreement or this Agreement, or to reduce the amount of any sum received or
receivable by a Funding Source or a Purchaser under a Funding Agreement or this Agreement, or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, within 30 days after demand by
the Administrative Agent, Seller shall pay to the Program Agent, for the benefit of the relevant Funding Source or Purchaser, such amounts charged to such Funding Source or Purchaser or such amounts to otherwise compensate such Funding Source or
such Purchaser for such increased cost or such reduction. The term “Regulatory Change” shall mean (i) the adoption after the date hereof of any applicable law, rule or regulation (including any applicable law, rule or regulation
regarding capital adequacy or liquidity coverage) or any change therein after the date hereof, (ii) any change after the date hereof in the interpretation or administration thereof by any Governmental Authority, Accounting Authority, central
bank or comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency, or
(iii) compliance with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency; provided that for purposes of this definition, compliance with, (x) the United States bank
regulatory rule titled Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modification to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs;
and Other Related Issues, adopted on December 15, 2009, (y) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder, issued in connection therewith or in implementation
thereof, and (z) all requests, rules, guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted, issued or implemented. Seller acknowledges that any Purchaser or Conduit Funding Source may institute measures in anticipation
of a Regulatory Change, and may commence allocating charges to or seeking compensation from Seller under this Section 10.3, in advance of the effective date of such Regulatory Change and Seller agrees to pay such charges or compensation
to the Program Agent, for the benefit of such Purchaser or Funding Source, following demand therefor without regard to whether such effective date has occurred. 
 (b) Prior to making any demand for payment under this Section 10.3, a certificate of the applicable Purchaser or Funding Source setting forth the amount or amounts reasonably determined
necessary to compensate such Purchaser or Funding Source pursuant to paragraph (a) of this Section 10.3 shall be delivered to the Seller, which shall be conclusive absent manifest error. 

  

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 (c) Notwithstanding the foregoing, no Person shall be entitled to receive
any amount under this Section to the extent that such amount relates to an increased cost or reduction incurred for a date that is more than 90 days prior to the date that the Seller first receives notice thereof, provided, that if such increased
cost or reduction is imposed retroactively, such 90-day period shall be extended to include the period of the retroactive effect thereof. 
 1.5. Exhibit I to the RPA is hereby amended to delete the definitions therein of “CP Rate”, “Credit Agreement”, “Debt Rating”, “Funding Agreement”, and
“Liquidity Termination Date” and replace them with the following: 
 “CP Rate” means,
for any Accrual Period for any Purchaser Interest owned by a Conduit if and to the extent such Conduit funds the Purchase or maintenance of its Purchaser Interest by the issuance of commercial paper notes during such Settlement Period, the per annum
rate equivalent to the weighted average cost (as determined by the related Managing Agent and which shall include commissions of placement agents and dealers, incremental carrying costs incurred with respect to commercial paper maturing on dates
other than those on which corresponding funds are received by such Conduit, other borrowings by such Conduit (other than under any commercial paper program support agreement) and any other costs associated with the issuance of commercial paper) of
or related to the issuance of commercial paper that are allocated, in whole or in part, by such Conduit or its Managing Agent to fund or maintain its Purchaser Interests during such Accrual Period; provided, however, that if any component of such
rate is a discount rate, in calculating the “CP Rate” for such Conduit for such Purchaser Interest for such Accrual Period, such Conduit shall for such component use the rate resulting from converting such discount rate to an
interest-bearing equivalent rate per annum; provided, further, however, that if such Conduit determines that it is not able, or that it is impractical, to issue commercial paper notes for any period of time then, the CP Rate shall be the LIBO Rate.

 “Credit Agreement” means that certain Revolving Credit Agreement, dated as of March 31,
2011 among Consumers, the financial institutions from time to time party thereto as “Banks” and JPMorgan Chase Bank, N.A., as Agent, and giving effect to each amendment, restatement or modification thereto of which Consumers or Seller has
provided notice to the Administrative Agent in writing, but without giving effect to any waiver unless consented to in writing by the Administrative Agent. 
 “Debt Rating” means “Senior Debt Rating” as such term is defined in the Credit Agreement. 

“Funding Agreement” means any agreement or instrument executed by a Conduit and executed by or in favor
of any Funding Source or executed by any Funding Source at the request of such Conduit. 

  

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 “Liquidity Termination Date” means December 1, 2014.

 1.6. Exhibit I to the RPA is hereby further amended to delete the definitions of “FMB Release Date” and
“Senior Debt” and to add the following definitions in the appropriate alphabetical order: 

“Accounting Authority” means any accounting board or authority (whether or not part of a government)
which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic. 
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

“Total Consolidated Capitalization” has the meaning set forth in the Credit Agreement. 

“Total Consolidated Debt” has the meaning set forth in the Credit Agreement. 

1.7. Schedule C to the RPA is hereby deleted in its entirety. 

1.8. Other than in the Preliminary Statements, Section 12.8, the definitions of “1945 Indenture” and “Supplemental
Indenture” in Exhibit I and Exhibit IV of the RPA and other than in Section 2.1(w) and Exhibit III to the Receivables Sale Agreement, each reference in the Agreement and the other Transaction Documents to “JPMorgan Chase Bank,
N.A.” is hereby changed to “The Bank of Nova Scotia” and each reference in the Agreement and the other Transaction Documents to “JPMC” is hereby changed to “BNS”. 

1.9. Other than in the Preliminary Statements and Section 12.8 of the RPA, each reference in the Agreement and the other Transaction
Documents to “Falcon Asset Securitization Company LLC” is hereby changed to “Liberty Street Funding LLC” and each reference in the Agreement and the other Transaction Documents to “Falcon” is hereby changed to
“Liberty”. 
 2. Conditions Precedent. This Amendment shall become effective and be deemed effective, as of the
date first above written, upon the latest to occur of receipt by the Administrative Agent of one copy of each of this Amendment. 
 3. Covenants, Representations and Warranties of the Seller and the Servicer. 
 3.1. Upon the effectiveness of this Amendment, each of the Seller and the Servicer hereby reaffirms all covenants, representations and warranties made by it in the RPA, as amended, and agrees that all
such covenants, representations and warranties shall be deemed to have been re-made as of the effective date of this Amendment. 

  

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 3.2. Each of the Seller and the Servicer hereby represents and warrants as to itself
(i) that this Amendment constitutes the legal, valid and binding obligation of such party enforceable against such party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of creditors’ rights generally and general principles of equity which may limit the availability of equitable remedies and (ii) upon the effectiveness of this Amendment, that no event shall have
occurred and be continuing which constitutes an Amortization Event or a Potential Amortization Event. 
 4. Fees, Costs,
Expenses and Taxes. Without limiting the rights of the Administrative Agent, the Managing Agents and the Purchasers set forth in the RPA and the other Transaction Documents, the Seller agrees to pay on demand all reasonable fees and
out-of-pocket expenses of counsel for the Administrative Agent, the Managing Agents and the Purchasers incurred in connection with the preparation, execution and delivery of this Amendment and the other instruments and documents to be delivered in
connection herewith and with respect to advising the Administrative Agent and the Purchasers as to their rights and responsibilities hereunder and thereunder. 
 5. Ratification. The RPA, as amended hereby, is hereby ratified, approved and confirmed in all respects. 
 6. Reference to Agreement. From and after the effective date hereof, each reference in the RPA to “this Agreement”, “hereof”, or “hereunder” or words of like import,
and all references to the RPA in any and all agreements, instruments, documents, notes, certificates and other writings of every kind and nature shall be deemed to mean the RPA as amended by this Amendment. 

7. CHOICE OF LAW. THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (INCLUDING, WITHOUT
LIMITATION, SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

8. Execution of Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 9. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 

  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the date first written above. 
  

			
	 CONSUMERS RECEIVABLES FUNDING II,
 LLC, as Seller

		
	By:	 	/s/ DV Rao
		 	Name: Venkat Dhenuvakonda Rao
		 	 Title:    President, Chief Executive Officer,
              Chief Financial Officer and Treasurer

  

			
	CONSUMERS ENERGY COMPANY, as Servicer
		
	By:	 	/s/ DV Rao
		 	Name: Venkat Dhenuvakonda Rao
		 	Title: Vice President and Treasurer

  
  

 
  
 Signature Page to 
 Amendment No. 4 to Amended and Restated
Receivables Purchase Agreement 

 
			
	BNS PURCHASER GROUP:
	
	 LIBERTY STREET FUNDING LLC,
 as a Conduit

		
	By:	 	/s/ Jill A. Russo
		 	Name: Jill A. Russo
		 	Title: Vice President

  

			
	THE BANK OF NOVA SCOTIA, as a Financial Institution, as a Managing Agent and as Administrative Agent
		
	By:	 	/s/ Thane Rattew
		 	Name: THANE RATTEW
		 	Title: MANAGING DIRECTOR

  
  

 
  
 Signature Page to 
 Amendment No. 4 to Amended and Restated
Receivables Purchase Agreement

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