Document:

EXHIBIT 10.33

 

 

 

 

As of September 25, 2015

 

Middlesex Water Company

Tidewater Utilities, Inc.

White Marsh Environmental Systems, Inc.

Pinelands Water Company

Pinelands Wastewater Company

Utility Service Affiliates, Inc.

Utility Service Affiliates (Perth Amboy) Inc.

Tidewater Environmental Services, Inc.

1500 Ronson Road

Iselin, New Jersey 08830

Attn: A. Bruce O’Connor, Vice President, Treasurer and Chief Financial Officer

 

		Re:	Uncommitted Line of Credit

 

Dear Mr. O’Connor:

 

We are pleased to advise you that Bank of America,
N.A., a national banking association (the “Bank”) has established for Middlesex Water Company, a New Jersey
corporation, and its subsidiaries, Tidewater Utilities, Inc., a Delaware corporation, White Marsh Environmental Systems, Inc.,
a Delaware corporation, Pinelands Water Company, a New Jersey corporation, Pinelands Wastewater Company, a New Jersey corporation,
Utility Service Affiliates, Inc., a New Jersey corporation, Utility Service Affiliates (Perth Amboy) Inc., a New Jersey corporation,
and Tidewater Environmental Services, Inc., a Delaware corporation, as joint and several co-borrowers (parent and subsidiary corporations
individually and collectively referred to herein as “Borrower”), an uncommitted line of credit (the “Uncommitted
Facility”). The aggregate Advances outstanding under the Uncommitted Facility shall not at any time exceed Twenty Eight
Million Dollars ($28,000,000) (the “Uncommitted Facility Limit”). For the purposes hereof, an “Advance”,
shall mean any loan made by the Bank to the Borrower under the Uncommitted Facility (the “Loans”). The terms
and conditions of the Uncommitted Facility are as follows:

 

Loans 

		Discretionary:	All Loans under this Uncommitted Facility shall be at the sole discretion of the Bank. Without
limiting the generality of the foregoing, no Loan shall be made after the Expiration Date. This letter is not a commitment by the
Bank to extend credit. If at any time any Loans exceed the Uncommitted Facility Limit, the Borrower agrees to immediately pay the
Loans in an aggregate amount equal to such excess.

 

	Availability Date:	The Uncommitted Facility will become available to the Borrower on September 25, 2015 (the “Availability Date”).

     

     

    

 

	Expiration Date:	September 23, 2016 (the “Expiration Date”). 

 

	Requests for Loans:	Any request for a Loan shall be made by any of the individuals authorized to sign loan agreements on behalf of the Borrower (each
an “Authorized Individual”). Unless otherwise agreed by the Bank, any such request must be received by the
Bank at the address, telephone number or facsimile number listed below the Bank’s signature not later than 11:00 a.m., EST
time, three (3) days prior to the date of the requested Loan (which must be a day on which the Bank is open to conduct substantially
all of its business). Any telephonic notice to the Bank requesting a Loan must be confirmed promptly by delivery to the Bank of
a written borrowing notice, appropriately completed and signed by an Authorized Individual at the address listed below the Bank’s
signature. The Bank may, but is under no obligation, honor telephone or telefax instructions for advances or repayments given,
or purported to be given, by any one of the Authorized Individuals.

 

 

		Payment:	All Loans shall be repaid on or prior to the Expiration Date.  

	Direct Debit:	The Borrower agrees that the Bank may debit the amount owing by the Borrower to the Bank, whether by demand or otherwise, from
deposit account number XXXXXXXXX owned by the Borrower, or such other of the Borrower’s accounts with the Bank as designated
in writing by the Borrower (the “Account”). Unless demanded earlier by the Bank, the Bank will debit the Account
for interest owed the Bank on each Interest Payment Date (as defined in the Note) and will debit the Account for principal owed
to the Bank on the Expiration Date.

Loan 

		Documentation:	The Loans (if any) and any terms related thereto shall be evidenced by a promissory note satisfactory
in form and substance to the Bank executed by the Borrower (the “Note”). The Borrower shall execute and deliver
to the Bank such other documents, certificates and information as the Bank may reasonably request from time to time.

 

	Fees and Expenses:	Borrower will pay all reasonable costs and expenses incurred by Bank associated with the preparation, due diligence, administration
and enforcement of all documentation executed in connection with the Uncommitted Facility, including, without limitation, the
legal fees of counsel to Bank regardless of whether any Loans are advanced under the Uncommitted Facility.

 

Additional

		Documentation:	Prior to the initial Advance or any additional Advance, as requested by the Bank, the Bank shall
receive the following documents, in form and substance satisfactory thereto:

 

		(a)	Duly executed and delivered Note.

 

    -2- 

     

    

		(b)	Evidence that the execution, delivery and performance by the Borrower under the Note and any instrument
or agreement otherwise required by the Bank has been duly authorized.

 

		(c)	A copy of the Borrower’s organization documents and incumbency certificates.

 

		(d)	Such other documentation as reasonably requested by the Bank.

 

		(e)	Legal Opinion of In House Counsel to the Borrower relative to matters of authority, existence and
enforceability.

 

		Notice:	The Bank hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act
(Title III of Pub.L. 107-56 (signed into law October 26, 2001)) (the “Act”), the Bank is required to obtain,
verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and
other information that will allow the Bank to identify the Borrower in accordance with the Act.

 

	Indemnity:	The Borrower will indemnify and hold the Bank harmless from any loss, liability, damages, judgments, and costs of any kind relating
to or arising directly or indirectly out of (a) this letter agreement, the Note or any document required hereunder or thereunder
(collectively, the “Loan Documents”) or executed in connection herewith or therewith, (b) any Loans or other
credit accommodations extended by the Bank to the Borrower hereunder or under any other Loan Document, and (c) any claim, litigation
or proceeding related to or arising out of this letter agreement or any other Loan Document, or any such Loans or credit accommodations.
This indemnity includes but is not limited to attorneys' fees. This indemnity extends to the Bank, its parent, subsidiaries, affiliates
and all of their directors, officers, employees, agents, successors, attorneys, representatives, advisors and assigns. This indemnity
will survive repayment of the Borrower's obligations to the Bank and the termination of this letter agreement and the other Loan
Documents. All sums due to the Bank under this paragraph shall be obligations of the Borrower due and payable within 3 Business
Days of demand.

 

	Tax Gross-Up:	All payments made by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or
withholding for any taxes. If applicable laws require the deduction or withholding of tax from any such payment, (i) the sum payable
shall be increased as necessary so that after all required deductions or withholdings have been made, the Bank receives an amount
equal to the sum it would have received had no such deduction or withholding been made, and (ii) the Borrower shall or shall cause
such tax to be paid over to the applicable taxing authority in accordance with applicable laws.

    -3- 

     

    

 

	Governing Law:	This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey. Nothing in this paragraph
shall be construed to limit or otherwise affect any rights or remedies of the Bank under federal law. The Borrower agrees that
any action or suit against the Bank arising out of or relating to this letter agreement or any other Loan Document shall be filed
in federal court or state court located in the in the State of New Jersey as determined appropriate by the Bank.   The
Borrower agrees that the Bank shall not be deemed to have waived its rights to enforce this section by filing an action or suit
against the Borrower in a venue outside of the State of New Jersey.  If the Bank does commence an action or suit arising
out of or relating to this letter agreement or any other Loan Document, the Borrower agrees that the case may be filed in federal
court or state court in the State of Jersey. The Bank reserves the right to commence an action or suit in any other jurisdiction
where the Borrower, any guarantor, or any collateral has any presence or is located. The Borrower consents to personal jurisdiction
and venue in such forum selected by the Bank and waives any right to contest jurisdiction and venue and the convenience of any
such forum. The provisions of this section are material inducements to the Bank’s entry into this letter agreement and the
funding of each Loan.

Waiver of
Jury 

		Trial:	EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER
AGREEMENT, ANY LOAN, ANY LOAN DOUCMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (b) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION AND (c) CERTIFIES THAT THIS WAIVER IS KNOWINGLY, WILLINGLY
AND VOLUNTARILY MADE.

 

Limitation
of 

		Liability:	To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby waives,
any claim against the Bank and its affiliates on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with, or as a result of, any Loan, this letter agreement,
any Loan Document, or any agreement or instrument contemplated hereby or thereby and the transactions contemplated hereby or thereby.
The Bank shall incur no liability to the Borrower in acting upon any telephone, telex, or other communication that the Bank in
good faith believes has been given by an authorized representative of the Borrower.

    -4- 

     

    

 

	Miscellaneous:	No failure or delay by the Bank in exercising, and no course of dealing with respect to, any right, power, or privilege hereunder,
under the Note, under any other document contemplated hereby or thereby or at law shall operate as a waiver thereof nor shall
any single or partial exercise of any right, power, or privilege hereunder, under any other Loan Document or at law preclude any
other or further exercise thereof or the exercise of any other right, power, or privilege. The rights and remedies of the Bank
provided herein and in the other Loan Documents shall be cumulative and not exclusive of any other rights or remedies provided
by law. If any provision of this letter agreement or any other Loan Document shall be held invalid or unenforceable in whole or
in part, such invalidity or unenforceability shall not affect the remaining provisions hereof or thereof. No provision of this
letter agreement or any other Loan Document may be modified or waived except by a written instrument signed by the Bank and the
Borrower.

 

		Counterparts:	This letter agreement and any other Loan Document may be executed by the parties hereto in several
counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.
Delivery of an executed counterpart by fascimile or other secure electronic format (.pdf) shall be as effective as an original.

 

		Integration:	THIS LETTER AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

 

Please indicate your acknowledgment
of the foregoing by signing and returning the enclosed copy of this letter to Bank of America, N.A.

 

	 	Very truly yours,
	 	 
	 	Bank of America, N.A.
	 	 
	 	By:  /s/Dilcia P. Hill                                             
	 	Name/Title:  Dilcia P. Hill, Vice President
	 	Address: 3670 Route 9 South, Freehold, NJ 07728

Attention: Dilcia Hill, Senior Portfolio

Management Officer and Vice President
	 	Telephone: (732) 984-9142
	 	Facsimile: (732) 984-9153

 

 

 

[SIGNATURE PAGE ATTACHED]

 

    -5- 

     

    

 

Uncommitted Line of Credit Letter Agreement Signature
Page

 

Acknowledged and Agreed:

 

	Middlesex Water Company 	 
	 	 	 
	By: 	/s/A. Bruce O’Connor	 
	Name/Title: 	A. Bruce O’Connor, VP, Treasurer and CFO	 
	 	 	 
	Tidewater Utilities, Inc.	 
	 	 	 
	By:	/s/A. Bruce O’Connor	 
	Name/Title: 	A. Bruce O’Connor, Treasurer	 
	 	 	 
	White Marsh Environmental Systems, Inc.	 
	 	 	 
	By: 	/s/A. Bruce O’Connor	 
	Name/Tile:  	A. Bruce O’Connor, Treasurer	 
	 	 	 
	Pinelands Water Company	 
	 	 	 
	By:	/s/A. Bruce O’Connor	 
	Name/Title: 	A. Bruce O’Connor, VP & Treasurer	 
	 	 	 
	Pinelands Wastewater Company	 
	 	 	 
	By:	/s/A. Bruce O’Connor	 
	Name/Title:	A. Bruce O’Connor, VP & Treasurer	 
	 	 	 
	Utility Service Affiliates, Inc.	 
	 	 	 
	By: 	/s/A. Bruce O’Connor	 
	Name/Title:	A. Bruce O’Connor, Treasurer	 
	 	 	 
	Utility Service Affiliates (Perth Amboy) Inc.	 
	 	 	 
	By:	/s/A. Bruce O’Connor	 
	Name/Title: 	A. Bruce O’Connor, VP & Treasurer	 
	 	 	 
	Tidewater Environmental Services, Inc.  	 
	 	 	 
	By: 	/s/A. Bruce O’Connor	 
	Name/Title:	A. Bruce O’Connor, Treasurer	 

 

 

    -6-EXHIBIT 10.1

 

NOTE CONVERSION AGREEMENT

 

 

THIS NOTE CONVERSION
AGREEMENT (“Agreement”) dated October 27, 2015, is by and among Bio Hi Tech America, LLC (“BHI”),
BioHiTech Global, Inc. (“BHG”), and the undersigned holders, each of which is a holder of a promissory note issued
by BHI (each, a “Holder”).

 

WHEREAS, BHI issued
to each Holder a form of convertible promissory note (“Note”) in the dollar amount listed on Exhibit A;

 

WHEREAS, the Notes
were issued as part of the issuance of other convertible promissory notes issued by BHI, which promissory notes were of like or
similar tenor (collectively with the Note, the “Notes”);

 

WHEREAS, each Note
is convertible into equity of BHI in certain defined events;

 

WHEREAS, BHI has undergone
a reorganization pursuant to which it has become a wholly-owned subsidiary of BHG;

 

WHEREAS, BHG desires
that all Notes be converted into equity of BHG in order to strengthen BHG’s consolidated shareholders’ equity since
the principal and accrued interest on the Notes is now reflected as indebtedness on BHG’s consolidated balance sheet;

 

WHEREAS, the Holder
would like to convert the Note presently because it believes that the timing and conversion rate being offered by BHG are beneficial
to Holder.

 

In consideration of
the foregoing and other good and valuable consideration, and intending to be legally bound, the parties agree as follows:

 

1.                 
The Note Conversion. Without regard to the provisions of each Note instrument that describe the conversion of the
Note into securities of BHI, the parties agree that the Note will be converted instead into shares of common stock, par value $0.0001
of BHG (the “Shares”) against delivery by Holder of the original Note, which original Note will be attached hereto
and made a part hereof. The total amount of principal and interest due and owing under the Note, as of the date hereof, is as stated
on Exhibit A hereof (the “Conversion Amount”). The Conversion Amount will be converted at a rate of $3.50 per Share,
rounded down to the nearest whole Share with no fractional Shares being issued hereunder. The number of Shares issued are set forth
on Exhibit A.

 

2.                 
Warrant to Continue. Notwithstanding the provisions hereof, if, but only if, a warrant was issued in connection with
the Note being converted, the warrant to purchase equity securities of BHI shall remain outstanding in accordance with the provisions
thereof, subject, however, to the change in securities purchasable pursuant to warrant exercise, which securities shall be Shares,
as opposed to the equity securities of BHI, it being acknowledged and agreed that such terms of purchase shall otherwise continue
in full force and effect as set forth in the Note.

 

     

     

    

  

3.                 
Note Cancelled. Except for the conversion of the Note into Shares and the continuation of any warrant that may have
been issued in connection therewith, the remaining provisions of each Note are hereby cancelled and each Note is hereby terminated
and is without further force or effect.

  

4.                 
Type of Ownership. Each Holder shall submit, along with a signed copy of this Agreement and the Original Note instrument,
a completed version of the attached counterpart signature page.

  

5.                 
Miscellaneous Provisions.

  

a.     Notices.
All notices, demands, requests, consents, approvals and other communications required or permitted hereunder must be in writing
and will be effective upon receipt. Such notices and other communications may be hand delivered, sent by first class mail, sent
by electronic transmission with confirmation of delivery and a copy sent by first class mail, or sent by nationally recognized
overnight courier service, to the addresses for Holder and BHI, each as set forth in the attached Note, or to such other address
as either may give to the other in writing for such purpose. If a notice is sent via first class mail, it will be deemed to have
been received two days after being deposited in the mail. If a notice is sent by nationally recognized overnight courier service,
it will be deemed to have been received one day after being deposited with such courier service.

 

b.     Severability;
Construction. If any provision of this Agreement is found to be invalid by a court of law, all the other provisions of this
Agreement shall remain in full force and effect. Whenever the singular number is used in this Agreement and when required by the
context, the same shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders
and vice versa.

 

c.     Successors and
Assigns. This Agreement shall bind BHG and its successors and assigns, and the benefits hereof shall inure to the benefit of
Holder and its successors and assigns; provided, however, that neither party shall assign this Agreement in whole or in part without
the other parties’ written consent.

 

d.     Governing Law.
This Agreement will be interpreted and the rights and liabilities of BHG and Holder determined in accordance with the laws of the
State of Delaware, excluding its conflicts of law rules.

 

e.     No Presumption.
BHG and Holder have participated jointly in the negotiation and drafting of this Agreement, and, in the event an ambiguity or question
of intent or interpretation arises, this Agreement shall be construed as jointly drafted by BHG and Holder and no presumption or
burden of proof shall arise favoring or disfavoring either party by virtue of the authorship of any provision of this Agreement.

 

     

     

    

  

f.     Waiver of Jury Trial.
The parties irrevocably waive any and all rights any party may have to a trial by jury in any action, proceeding or claim of any
nature relating to this Agreement, any documents executed in connection with this Agreement or any transaction contemplated in
any of such documents. Each party acknowledges that the foregoing waiver is knowing and voluntary.

 

g.     Modification.
The provisions of this Agreement shall not be modified, discharged or terminated, except by an instrument in writing signed by
the party against whom any waiver, change, discharge or termination is sought.

 

h.     Counterparts.
This Agreement may be executed by facsimile and in any number of counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one and the same instrument. Each counterpart may consist of a number of copies each
signed by less than all, but together signed by all, of the parties hereto.

 

 

[Signatures appear on following page]

 

     

     

    

  

WITNESS THE EXECUTION
HEREOF as a document under seal as of the 27th day of October 2015 with the intent to be legally bound hereby.

 

	 	BIO HI TECH AMERICA, LLC
	 	 	 
	 	 	 
	 	By	 
	 	 	Frank E. Celli, President
	 	 	 
	 	 	 
	 	BIOHITECH GLOBAL, INC.
	 	 	 
	 	 	 
	 	By	 
	 	 	Frank E. Celli, Chief Executive Officer

 

 

 

 

[Signature Page to the Note
Conversion Agreement]

 

     

     

    

 

WITNESS THE EXECUTION HEREOF as a document
under seal as of the 27th day of October 2015 with the intent to be legally bound hereby.

 

	 	HOLDER:
	 	 
	 	 
	 	 
	 	Name:

 

 

 

 

 

 

[Signature Page to the Note
Conversion Agreement]

 

     

     

    

  

NOTE HOLDER SIGNATURE PAGE

 

TO

NOTE CONVERSION AGREEMENT

 

Type of Ownership (check one):

 

	(     )	Individual ownership (one signature is required)
	(     )	Husband and Wife or other Joint Tenants with right of survivorship (both parties must sign)
	(     )	Tenants in Common with no right of survivorship (all parties must sign)
	(     )	Other ________________________________________________________

 

NOTE: The undersigned should seek
the advice of its attorney in deciding in which of the above forms it should take ownership of the Shares because different forms
of ownership can have varying tax and other consequences depending on the state of the undersigned’s residency or domicile
and its particular personal circumstances.

 

PLEASE PRINT HERE THE EXACT NAME OR
NAMES IN WHICH THE UNDERSIGNED DESIRES TO HOLD THE SHARES: 

 

_________________________________________________________________

 

CONVERSION AMOUNT: (See Exhibit A)

 

NUMBER OF SHARES TO BE ISSUED: (See Exhibit A)

 

IN WITNESS WHEREOF,
the undersigned have completed and duly executed this Agreement to evidence its Note conversion as of October ___, 2015.

 

	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Name	 	Name
	 	 	 
	 	 	 
	Title (if not an individual)	 	Title (if not an individual)
	 	 	 
	 	 	 
	State of Residence or Domicile	 	State of Residence or Domicile
	 	 	 
	 	 	 
	 	 	 
	Street Address	 	Street Address

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