Document:

EX-10.20

 Exhibit 10.20 
  

							
	 

	 	     
	 	     
	 	 Capnia, Inc.

	 		 		 	 2445 Faber Place, Suite 250

	 		 		 	 Palo Alto CA 94303

	 		 		 	 650-213-8444 Main

	 		 		 	 650-213-8383 Fax

 24 June 2014 

David D O’Toole 
 Dear David: 

I am pleased to offer you a position with Capnia, Inc., a Delaware corporation (the “Company”), as its Chief Financial Officer
reporting to the Chief Executive Officer (the “CEO”) of the Company. If you decide to join us, you will receive an annual base salary of $250,000, which will be paid in accordance with the Company’s normal payroll procedures, less
applicable withholding taxes. As an employee, you will also be eligible to receive certain employee benefits. 
 At the first Board of
Directors’ meeting after you begin employment, the Company will recommend that you be granted an option to purchase 200,000 shares of the Company’s common stock. All option grants are subject to approval by the Company’s Board of
Directors. The Board will determine the exercise price per share when it grants the option. This option grant shall be subject to the terms and conditions of the Company’s Stock Option Plan and Stock Option Agreement, including vesting and
repurchase requirements. No right to any stock is earned or accrued until such time that vesting occurs, nor does the grant confer any right to continued vesting or employment. This option shall vest, subject to your continued employment with the
Company, as to one fourth (1/4) of the shares on the first anniversary of the date of your employment, and as to an additional one forty-eight (1/48th) of the total number of shares subject
to the option on the first day of each calendar month thereafter. 
 The Company is excited about your joining and looks forward to a
beneficial and productive relationship. Nevertheless, you should be aware that your employment with the Company is for no specified period and constitutes at-will employment. As a result, you are free to resign at any time, for any reason or for no
reason. Similarly, the Company is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice. We request that, in the event of resignation, you give the Company at least a two-week notice.
Additionally, if you voluntarily terminate your employment with the Company prior to your one year anniversary, you agree to repay the relocation bonus and temporary living expenses paid to you. 

For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility
for employment in the United States. Such 

  
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documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 

We also ask that, if you have not already done so, you disclose to the Company any and all agreements relating to your prior employment that
may affect your eligibility to be employed by the Company or limit the manner in which you may be employed. It is the Company’s understanding that any such agreements will not prevent you from performing the duties of your position and you
represent that such is the case. Moreover, you agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which
the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company which would result in you devoting less than 100% of your professional
efforts to the Company. Similarly, you agree not to bring any third party confidential information to the Company, including that of your former employers, and that in performing your duties for the Company you will not in any way utilize any such
information. 
 As a Company employee, you will be expected to abide by the Company’s rules and standards. 

As a condition of your employment, you are also required to sign and comply with an At-Will Employment, Confidential Information, Invention
Assignment and Arbitration Agreement (the “At-Will Employment Agreement”) which requires, among other provisions, the assignment of patent rights to any invention made during your employment at the Company, and non-disclosure of Company
proprietary information. In the event of any dispute or claim relating to or arising out of our employment relationship, you and the Company agree that (i) any and all disputes between you and the Company shall be fully and finally resolved by
binding arbitration, (ii) you are waiving any and all rights to a jury trial but all court remedies will be available in arbitration, (iii) all disputes shall be resolved by a neutral arbitrator who shall issue a written opinion,
(iv) the arbitration shall provide for adequate discovery, and (v) the Company shall pay all but the first $125 of the arbitration fees. Please note that we must receive your signed At-Will Employment Agreement before your first day of
employment. 
 To accept the Company’s offer, please sign and date this letter in the space provided below. If you accept our offer,
your first day of employment will be July 7, 2014. This letter, along with any agreements relating to proprietary rights between you and the Company, set forth the terms of your employment with the Company and supersede any prior
representations or agreements including, but not limited to, any representations made during your recruitment, interviews or pre-employment negotiations between you and the Company, whether written or oral. This letter, including, but not limited
to, its at-will employment provision, may not be modified or amended except by a written agreement signed by a designated officer of the Company and you. This offer of employment will terminate if it is not accepted, signed and returned within one
week of the date set forth at the top of this letter. 
 We look forward to your favorable reply and to working with you at Capnia, Inc.

  
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	Sincerely,
	
	 /s/ Anish Bhatnagar

	Anish Bhatnagar, CEO

 Agreed to and accepted: 
  

			
	Signature:	 	 /s/ David O’Toole

	Printed Name:	 	David O’Toole
	Date:	 	6/25/14

 Enclosure: 
 At-Will Employment,
Confidential Information, Invention Assignment and Arbitration Agreement 

  
 3Exhibit 4.1 - Fifth Supplemental Indenture 2020 Notes

EXHIBIT 4.1

FIFTH SUPPLEMENTAL INDENTURE
FIFTH INDENTURE, dated as of July 22, 2014 (this “Supplemental Indenture”), to the Indenture, dated as of July 23, 2010, as supplemented to date, among Calpine Corporation, a Delaware corporation (“Calpine” or the “Company”), each of the guarantors party to the Indenture (as defined below) (the “Guarantors”) and Wilmington Trust Company, as Trustee (the “Trustee”) (as so supplemented, the “Indenture”).
WHEREAS, Calpine has issued its 7.875% Senior Secured Notes due 2020 (the “Notes”) pursuant to the Indenture; and
WHEREAS, Calpine has offered to purchase for cash any and all of the outstanding Notes pursuant to the Offer to Purchase (as defined below) (the “Offer”); and
WHEREAS, in connection with the Offer, Calpine has requested that Holders of the Notes deliver their consents (the “Consent Solicitation”) with respect to the amendments set forth in Article II hereof (collectively, the “Amendments”); and
WHEREAS, Section 9.02 of the Indenture provides that Calpine, the Guarantors and the Trustee may, with the consent of the Holders of a majority in aggregate principal amount of the outstanding Notes, supplement the Indenture; and
WHEREAS, in connection with the Consent Solicitation, the Holders of a majority in aggregate principal amount of the outstanding Notes have duly consented to the Amendments set forth in this Supplemental Indenture in accordance with Section 9.02 of the Indenture; and
WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make this Supplemental Indenture valid and binding have been complied with or performed.
NOW, THEREFORE, for and in consideration of the foregoing premises, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows:
ARTICLE 1 
DEFINITIONS
Section 1.01.  Defined Terms; References.  Unless otherwise specifically defined herein, each term used herein that is defined in the Indenture has the meaning assigned to such term in the Indenture.  Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Indenture” and each other similar reference contained in the Indenture shall, after this Supplemental Indenture becomes effective, refer to the Indenture as amended hereby.
ARTICLE 2 
AMENDMENTS
Section 2.01.  Amendments.  
(a)    Section 1.01 of the Indenture is hereby amended by adding the following definitions:
“Offer to Purchase” shall mean that that certain Offer to Purchase and Consent Solicitation Statement dated July 8, 2014.
“Tender Offer” shall mean the Company’s offer to purchase for cash any and all of the outstanding Notes and the concurrent solicitation of consents to certain proposed amendments to this Indenture.

(b)    The following sections or clauses of the Indenture and all references thereto are hereby deleted in their entirety:
		
	•
	Section 4.03 “Reports”;

		
	•
	Section 4.04 “Compliance Certificate”;

		
	•
	Section 4.05 “Taxes”;

		
	•
	Section 4.06 “Stay, Extension and Usury Laws”;

		
	•
	Section 4.07 “Incurrence of Indebtedness”;

		
	•
	Section 4.08 “Limitation on Secured Commodity Hedging”;

		
	•
	Section 4.09 “Liens”;

		
	•
	Section 4.11 “Offer to Repurchase Upon Change of Control Triggering Event”;

		
	•
	Section 4.12 “Limitation on Sale and Leaseback Transactions”;

		
	•
	Section 4.13 “Additional Note Guarantees”;

		
	•
	Section 4.14 “Further Assurances; Insurance”; 

		
	•
	Section 4.15 “After-Acquired Collateral”;

		
	•
	clause (3) of paragraph (a) of Section 5.01 “Merger, Consolidation, or Sale of Assets”; and

		
	•
	paragraphs (3) (solely with respect to Section 4.11), (4), (5), (6), (8), (9) and (10) of Section 6.01 “Events of Default.”

(c)    Section 12.01 of the Indenture is hereby amended to add the following as the second paragraph thereof:
“Notwithstanding the preceding paragraph, upon the occurrence of any settlement date for Notes validly tendered and not validly withdrawn pursuant to the Tender Offer (“Tendered Notes”), the Trustee shall release to the Company from the funds deposited with the Trustee pursuant to clause (1)(b) above an amount equal to the aggregate Tender Price (as defined below); provided that the Trustee shall have received (a) an Officers’ Certificate directing such release and stating the principal amount of the Tendered Notes and the aggregate price to be paid for the Tendered Notes pursuant to the Tender Offer, including any accrued and unpaid interest (the “Tender Price”), and (b) a copy of the Offer to Purchase; provided, further, that immediately after such release, the Company shall certify to the Trustee that the amount remaining of the funds deposited with the Trustee pursuant to clause (1)(b) above shall be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption, after giving effect to the payment for the Tendered Notes pursuant to the Tender Offer.”
(d)    Pursuant to Section 10.03 of the Indenture, the Collateral Agent’s Liens upon the Collateral will no longer secure the Notes and the Note Guarantees or any other obligations under the Indenture, and the right of the Holders to the benefits and proceeds of the Collateral Agent’s Liens on the Collateral are hereby terminated and discharged. 
Section 2.02.  Definitions; References.  Subject to Section 3.01 hereof, the Indenture is hereby amended by deleting any definitions from the Indenture with respect to which references would be eliminated as a result of the amendments of the Indenture pursuant to Section 2.01 hereof.  To the extent any Article, Section, definition or paragraph of the Indenture has been deleted from the Indenture pursuant to Section 2.01 hereof, any reference in any provision of the Indenture or any Note to such Article, Section, definition or paragraph shall be disregarded in, and be deemed eliminated from, such provisions.

2

ARTICLE 3 
EFFECT; EFFECTIVENESS; RATIFICATION
Section 3.01.  Effect of Supplemental Indenture.    Except as amended hereby, all of the terms of the Indenture shall remain and continue in full force and effect and are hereby confirmed in all respects.  From and after the date of this Supplemental Indenture, all references to the Indenture (whether in the Indenture or in any other agreements, documents or instruments) shall be deemed to be references to the Indenture as amended and supplemented by this Supplemental Indenture.
Section 3.02.  Effectiveness.  The provisions of this Supplemental Indenture shall be effective upon execution and delivery of this instrument by the parties hereto.  Notwithstanding the foregoing sentence, the Amendments shall become operative only at such time when a majority in aggregate principal amount of the outstanding Notes are purchased by the Company pursuant to the Offer and Consent Solicitation.
Section 3.03.  Ratification of Indenture; Supplemental Indenture Part of Indenture.  Except as expressly amended hereby, the Indenture and the Notes are in all respects ratified and confirmed, and all of the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture is executed as, and shall constitute an indenture supplemental to the Indenture and shall be construed in connection with and form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.
ARTICLE 4 
MISCELLANEOUS PROVISIONS
Section 4.01.  Concerning the Trustee.  The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture.  The recitals and statements herein are deemed to be those of Calpine and the Guarantors, and not of the Trustee.
Section 4.02.  Governing Law.  This Supplemental Indenture shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby.
Section 4.03.  Separability.  In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 4.04.  Counterparts.  This Supplemental Indenture may be executed in any number of counterparts, each of which will be deemed to be an original, but all such counterparts together will constitute one and the same instrument.

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written.
	
		
	CALPINE CORPORATION

	By:
	/s/ Stacey Peterson

	Name:   Stacey Peterson

	Title:   Vice President, Finance and Treasurer

	
		
	GUARANTORS

	By:
	/s/ Stacey Peterson

	Name:   Stacey Peterson

	Title:   Vice President of each of the Guarantors listed on Annex A-I hereto

	

	By:
	/s/ Hether Benjamin Brown

	Name:   Hether Benjamin Brown

	Title:   Vice President of each of the Guarantors listed on Annex A-II hereto

	
		
	WILMINGTON TRUST COMPANY, 
as Trustee

	By:
	/s/ Josh C. Jones

	Name:   Josh C. Jones

	Title:   Assistant Vice President

Fifth Supplemental Indenture (2020 Notes)

ANNEX A-I to
Signature Page to
Fifth Supplemental Indenture

	
		
	Guarantor
	 

	Anacapa Land Company, LLC
	Calpine Leasing Inc.

	Anderson Springs Energy Company
	Calpine Long Island, Inc.

	Auburndale Peaker Energy Center, LLC
	Calpine Magic Valley Pipeline, Inc.

	Aviation Funding Corp.
	Calpine Mid-Atlantic Energy, LLC

	Baytown Energy Center, LLC
	Calpine Mid-Atlantic Generation, LLC

	CalGen Expansion Company, LLC
	Calpine Mid-Atlantic Marketing, LLC

	CalGen Project Equipment Finance Company Three, LLC
	Calpine MVP, Inc.

	Calpine Administrative Services Company, Inc.
	Calpine Newark, LLC

	Calpine Auburndale Holdings, LLC
	Calpine New Jersey Generation, LLC

	Calpine Bethlehem, LLC
	Calpine Northbrook Holdings Corporation

	Calpine c*Power, Inc.
	Calpine Northbrook Investors, LLC

	Calpine CalGen Holdings, Inc.
	Calpine Northbrook Project Holdings, LLC

	Calpine Calistoga Holdings, LLC
	Calpine Oneta Power, LLC

	Calpine Central Texas GP, Inc.
	Calpine Operations Management Company, Inc.

	Calpine Central, Inc.
	Calpine Power Company

	Calpine Central-Texas, Inc.
	Calpine Power Management, LLC

	Calpine Cogeneration Corporation
	Calpine Power, Inc.

	Calpine Eastern Corporation
	Calpine PowerAmerica, LLC

	Calpine Edinburg, Inc
	Calpine PowerAmerica-CA, LLC

	Calpine Energy Services GP, LLC
	Calpine PowerAmerica-ME, LLC

	Calpine Energy Services LP, LLC
	Calpine Project Holdings, Inc.

	Calpine Energy Services, L.P.
	Calpine Schuylkill, Inc.

	Calpine Fuels Corporation
	Calpine Solar, LLC

	Calpine Generating Company, LLC
	Calpine Stony Brook, Inc.

	Calpine Geysers Company, L.P.
	Calpine Stony Brook Operators, Inc.

	Calpine Gilroy 1, Inc.
	Calpine TCCL Holdings, Inc.

	Calpine Gilroy 2, Inc.
	Calpine Texas Pipeline GP, Inc.

	Calpine Global Services Company, Inc.
	Calpine Texas Pipeline LP, Inc.

	Calpine Hidalgo Energy Center, L.P.
	Calpine Texas Pipeline, L.P.

	Calpine Hidalgo Holdings, Inc.
	Calpine University Power, Inc.

	Calpine Hidalgo, Inc.
	Calpine Vineland Solar, LLC

	Calpine Jupiter, LLC
	CES Marketing IX, LLC

	Calpine Kennedy Operators, Inc.
	CES Marketing V, LLC

	Calpine KIA, Inc.
	CES Marketing X, LLC

	Calpine King City, Inc.
	Channel Energy Center, LLC

	Calpine King City, LLC
	Clear Lake Cogeneration Limited Partnership

A-I-1

ANNEX A-I to
Signature Page to
Fifth Supplemental Indenture

	
		
	Corpus Christi Cogeneration LLC
	Metcalf Energy Center, LLC

	CPN 3rd Turbine, Inc.
	Metcalf Holdings, LLC

	CPN Acadia, Inc.
	Modoc Power, Inc.

	CPN Cascade, Inc.
	Morgan Energy Center, LLC

	CPN Clear Lake, Inc.
	NTC Five, Inc.

	CPN Pipeline Company
	Pastoria Energy Center, LLC

	CPN Pryor Funding Corporation
	Pastoria Energy Facility L.L.C.

	CPN Telephone Flat, Inc.
	Pine Bluff Energy, LLC

	Deer Park Energy Center LLC
	RockGen Energy LLC

	Deer Park Holdings, LLC
	South Point Energy Center, LLC

	Delta Energy Center, LLC
	South Point Holdings, LLC

	Freestone Power Generation, LLC
	Stony Brook Cogeneration Inc.

	GEC Bethpage Inc.
	Stony Brook Fuel Management Corp.

	Geysers Power Company, LLC
	Sutter Dryers, Inc.

	Geysers Power I Company
	Texas City Cogeneration, LLC

	Hillabee Energy Center, LLC
	Texas Cogeneration Five, Inc.

	Idlewild Fuel Management Corp.
	Texas Cogeneration One Company

	JMC Bethpage, Inc.
	Thermal Power Company

	Los Medanos Energy Center LLC
	Zion Energy LLC

	Magic Valley Pipeline, L.P.
	 

A-I-2

ANNEX A-II to
Signature Page to
Fifth Supplemental Indenture

	
	
	Guarantor

	Calpine Construction Management Company, Inc.

	Calpine Mid-Atlantic Operating, LLC

	Calpine Operating Services Company, Inc.

	Calpine Power Services, Inc.

	Thomassen Turbine Systems America, Inc.

A-II-1

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