Document:

EX-4.6

 Exhibit 4.6 

Summary of terms of employment for Mike Henry – Chief Executive Officer, BHP 

1. Term 
 Mr Henry is employed under a single employment
agreement with the BHP Group with no fixed term. The contract is applicable with effect from the date of Mr Henry’s appointment as Chief Executive Officer (CEO) on 1 January 2020. Mr Henry’s performance and remuneration will be reviewed at
the end of each financial year. 
 The Group retains the right to terminate the contract by giving 12 months’ notice or by making payment in lieu of
notice of 12 months’ base salary plus the relevant contribution to a superannuation or pension scheme. Mr Henry is also entitled to any accrued entitlements such as earned but untaken leave. Mr Henry has a right to terminate the contract by
giving 12 months’ notice. 
 2. Fixed Salary and Retirement Benefits 

Mr Henry is paid a base salary of US$1,700,000 per annum. He is entitled to an additional sum equal to 10 per cent of base salary (which at the commencement of
the contract will be US$170,000 per annum) which he may pay into a superannuation or pension scheme, defer receipt of until retirement under the retirement savings plan, or take as a cash payment in lieu of retirement benefits. 

Where Mr Henry elects to allocate the retirement contribution to a superannuation or pension scheme, or the retirement savings plan, the rules of the relevant
plans will apply. 
 3. Benefits 
 Mr Henry receives
additional benefits including the cost of health, life and disability insurance, business-related spouse/partner travel, and the preparation of multi-jurisdictional taxation returns. 

4. Incentive arrangements 
 Mr Henry is eligible to
participate in incentive arrangements offered by BHP from time to time. Initially, Mr Henry will participate in the Cash and Deferred Plan (CDP) and the Long Term Incentive Plan (LTIP). The CDP and LTIP are part of BHP’s remuneration policy
which was approved by shareholders at the 2019 Annual General Meetings. 
 CDP 

Under the rules of the CDP, Mr Henry is entitled to incentive awards calculated by reference to his base salary. For performance at the target level, which
requires Mr Henry to meet the rigorous performance hurdles set by the Board, including delivery of the budget, Mr Henry would receive a cash bonus worth 80 per cent of base salary. For performance at the maximum level, Mr Henry would receive a cash
bonus of 120 per cent of base salary. Two tranches of deferred shares will be awarded to Mr Henry, each to the equivalent value of the actual cash bonus received. These two tranches of deferred shares will vest in two years and five years,
respectively. 
 The grant of deferred shares will be subject to the approval of shareholders where required by applicable listing rules. 

LTIP 
 Long-term incentives are issued under the
terms of the LTIP. The number of LTIP awards allocated will be, on a face value basis, a maximum of 200 per cent of Mr Henry’s base salary, and based on the 12-month average share price and exchange rate up to and including the 30 June
preceding the date of grant. LTIP awards are subject to performance hurdles, which are measured five years after the effective date of the grant. Performance hurdles are not subject to re-testing. 

The performance hurdle requires BHP’s total shareholder return (TSR) over a five-year performance period to be measured against the TSR of a sector peer
group (67 per cent of awards) and the TSR of a global company index (33 per cent of awards). No LTIP awards vest if BHP’s TSR is below the relevant comparator group TSR and the LTIP awards will be forfeited. 25 per cent of LTIP awards vest if
BHP’s TSR is at the relevant comparator group TSR. For all LTIP awards to vest, BHP’s TSR must be at or above the 80th percentile TSR of the relevant comparator group. For performance between the relevant comparator group TSR and the 80th
percentile TSR of the relevant comparator group, vesting occurs on a sliding scale. 
 The grant of LTIP awards will be subject to the approval of
shareholders where required by applicable listing rules. 

 Dividends 

A dividend equivalent payment (DEP) is provided on vested CDP deferred shares and vested LTIP awards. No payment is made in respect of unvested or lapsed CDP
deferred shares and LTIP awards. DEPs are paid in the form of shares. 
 Entitlements on termination 

The rules of the CDP and LTIP and BHP’s remuneration policy provide that where employment is terminated by the resignation of the executive, or by the
Group for cause, Mr Henry is not entitled to any cash incentive for the year in question and all CDP deferred shares or LTIP awards will lapse. 
 If Mr
Henry retires or his employment terminates by mutual agreement: 
  

	•	 	 he may, at the Remuneration Committee’s discretion, be considered for a prorata incentive under the CDP for
the period of service during that year based on performance; 

  

	•	 	 CDP two-year deferred shares would vest in full on the original vesting date; 

 

	•	 	 CDP five-year deferred shares would vest on the original vesting date, with the number of deferred shares to vest
reduced prorata to reflect the period of service; and 

  

	•	 	 he would have a right to retain entitlements to LTIP awards, which would vest on the original vesting date, only
if, and to the extent, the performance hurdles are ultimately met. The number of entitlements Mr Henry would be permitted to retain would be reduced prorata to reflect the period of service. 

Special provisions relate to events described as “uncontrollable” such as death and serious injury. In those circumstances, all of the CDP deferred
shares and LTIP awards that have been awarded but which have not vested or are not exercisable vest immediately to and/or become immediately exercisable by Mr Henry or his estate. 

5. Minimum shareholding requirement (MSR) 
 The Board and
Remuneration Committee has determined that during his term as CEO, Mr Henry will be required to hold BHP securities with a value at least equal to five times one year’s pre-tax (gross) base salary. The value of the securities for the purposes
of this requirement is the market value of the underlying shares. Unvested awards do not qualify. 
 The CEO is expected to grow his holdings to the MSR
from the scheduled vesting of his employee awards over time. The MSR is tested at the time that shares are to be sold. Shares may be sold to satisfy tax obligations arising from the granting, holding, vesting, exercise or sale of the employee awards
or the underlying shares whether the MSR is satisfied at that time or not. 
 Effective 1 July 2020, a two-year post-retirement shareholding requirement for
the CEO will apply from the date of retirement, which will be the lower of the CEO’s MSR or the CEO’s actual shareholding at the date of retirement. 

6. Leave entitlements 
 Mr Henry will be entitled to the
following leave entitlements: 
  

	•	 	 Annual leave – in accordance with applicable Australian law, currently four weeks per annum.

  

	•	 	 Other leave – in accordance with applicable law. 

7. Post-employment restraints 
 Mr Henry will be subject
to non-competition and non-solicitation restraints that operate for 12 months after the cessation of his employment.tsla-ex101_69.htm

Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

 

Exhibit 10.1

 

				
	
LML 2018 wAREHOUSE spv, LLC
	
 
	
TESLA 2014 WAREHOUSE SPV LLC

	
3500 Deer Creek
Palo Alto, CA 94304
	
3500 Deer Creek
Palo Alto, CA 94304

	
 
	
 

	
 
	
 
	
 
	
 

 

August 14, 2020

Lenders under the Loan Agreement

referred to below

Ladies and Gentlemen:

Reference is made to (i) the Loan and Security Agreement, dated as of December 27, 2018 (as amended, restated or otherwise modified prior to the date hereof, the “2018 Loan Agreement”), among LML 2018 Warehouse SPV, LLC (the “2018 Borrower”), as borrower, Tesla Finance LLC (“TFL”), Deutsche Bank Trust Company Americas, as paying agent, Deutsche Bank AG, New York Branch (“DBNY”), as administrative agent, the lenders parties thereto from time to time and the agents parties thereto from time to time and (ii) the Amended and Restated Loan and Security Agreement, dated as of August 17, 2017 (as amended, restated, supplemented or otherwise modified in writing from time to time, the “2014 Loan Agreement” and together with the 2018 Loan Agreement, the “Loan Agreements”), among Tesla 2014 Warehouse SPV LLC, a Delaware limited liability company (the “2014 Borrower” and together with the 2018 Borrower, the “Borrowers”), TFL, the Lenders and Group Agents from time to time party thereto, Deutsche Bank Trust Company Americas, as paying agent, and DBNY, as administrative agent.  Capitalized terms used but not defined herein shall have the respective meanings assigned to such terms in the 2018 Loan Agreement and/or the 2014 Loan Agreement, as the context requires.

1.Reallocation of Maximum Facility Limit.

On December 31, 2019, the Recommenced TFL Borrowing Date occurred.  Pursuant to Section 2.12(b) of the 2018 Loan Agreement, on each Payment Date after the Recommenced TFL Borrowing Date, any excess of the 2018 Facility Limit over the aggregate principal amount was automatically reallocated from the 2018 Facility Limit to the TFL Facility Limit.

On August 5, 2020, TFL provided notice to the Administrative Agent and the TFL Administrative Agent, requesting a reallocation of $180,046,836.92, of the Maximum Facility Limit from the 2018 Facility Limit to the TFL Facility Limit, such that the TFL Facility Limit would be $1,100,000,000 and the Facility Limit would be $0 on the date hereof (the “Maximum Facility Limit Reallocation Date”). 

 

				
	
 
	
 
	
 
	
 

 

Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

 

2.Single Month Maturity Limit.

Due to the recent Securitization Take-Out, which occurred on August 5, 2020, on the next date of deterimation, the aggregate Base Residual Value of all Warehouse SUBI Leases that are Eligible Leases scheduled to reach their Lease Maturity Date in any one (1) month will be greater than [***]. 

3.Six Month Maturity Limit.

Due to the recent Securitization Take-Out, on the next date of deterimation, the aggregate Base Residual Value of all Warehouse SUBI Leases that are Eligible Leases scheduled to reach their Lease Maturity Date in any 6 consecutive months will be greater than [***]. 

4.Scheduled Expiration Date.

While the process for the extension of the Scheduled Expiration Date for the 2014 Loan Agreement is underway, the parties acknowledge the renewal process will not be completed prior to the Scheduled Expiration Date and therefore agree to delay the Scheduled Expiration Date for the 2014 Loan Agreement to August 28, 2020.

5.Consent.

The Borrowers hereby request that the Group Agents under the Loan Agrements, on behalf of the Lenders of their Group under each of the Loan Agreements, consent to, as applicable: 

(a)(i) the reallocation of $180,046,836.92 of the Maximum Facility Limit from the 2018 Facility Limit to the TFL Facility Limit on the Maximum Facility Limit Reallocation Date as required under Section 2.12(a)(iv) and (ii) the waiver of the requirement that the Maximum Facility Limit Reallocation Date be at least 10 Business Days after the date of the Maximum Facility Limit Reallocation Notice;

(b)the Single Month Maturity Limit not applying during the period beginning on the applicable Securitization Take-Out Date and ending on August 28, 2020;

(c)the Six Month Maturity Limit not applying during the period beginning on the applicable Securitization Take-Out Date and ending on August 28, 2020;

(d)the Scheduled Expiration Date occurring on August 28, 2020.

Please indicate your consent to the foregoing by countersigning this letter. The foregoing consent and agreement shall become effective (the date of such effectiveness, the “Consent Effective Date”) upon receipt by the Borrowers of this letter countersigned by all the Group Agents under the Loan Agreements. 

 

	
 
	
-2-
	
 

 

Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

 

6.Representations and Warranties. 

Each of the 2018 Borrower and 2014 Borrower hereby confirm that each of the representations and warranties made by it in the applicable Loan Agreement is true and correct in all material respects on and as of the date hereof (it being understood and agreed that (x) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date and (y) any representation or warranty that is qualified by “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects). Each of the 2018 Borrower and 2014 Borrower represent and warrant that, as of the date hereof, no Default or Event of Default has occurred and is continuing, and no Default or Event of Default will result after giving effect to the occurrence of the Consent Effective Date. 

7.Miscellaneous. 

Except as expressly set forth herein, this letter shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of any Lender or Agent under the applicable Loan Agreement or any other Transaction Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the applicable Loan Agreement or any other Transaction Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the applicable Loan Agreement or any other Transaction Document in similar or different circumstances.

This letter agreement shall constitute a Transaction Document for purposes of the applicable Loan Agreement and the Transaction Documents. This letter agreement and the rights and obligations of the parties hereto shall be governed by, and construed in accordance with, the laws of the State of New York. 

This letter agreement may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This letter agreement may be delivered by facsimile or other electronic transmission of the relevant signature pages hereof.

 

 

 

	
 
	
-3-
	
 

 

Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

 

 

	
Very truly yours,

LML 2018 WAREHOUSE SPV, LLC

	
 
	
 
	
 

	
By:
	
 
	
/s/ Jeffrey Munson

	
Name:
	
 
	
Jeffrey Munson

	
Title:
	
 
	
President

 

 

	
TESLA 2014 WAREHOUSE SPV LLC

	
 
	
 
	
 

	
By:
	
 
	
/s/ Jeffrey Munson

	
Name:
	
 
	
Jeffrey Munson

	
Title:
	
 
	
President

 

	
 
	
[Signature Page- Letter]
	
 

 

Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

 

 

Consented and agreed to as of 
the date first above written:

 

	
Deutsche Bank AG, New York Branch,

as Administrative Agent, as Group Agent under the 2018 Loan Agreement and the 2014 Loan Agreement

	
 
	
 
	
 

	
By:
	
 
	
/s/ Katherine Bologna

	
Name:
	
 
	
Katherine Bologna

	
Title:
	
 
	
MD

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Maureen Farley

	
Name:
	
 
	
Maureen Farley

	
Title:
	
 
	
Director

 

[Signature Page- Letter]

 

Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

 

 

Consented and agreed to as of 
the date first above written:

CITIBANK, N.A., as a Group Agent under the 2018 Loan Agreement and the 2014 Loan Agreement

 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Brian Chin

	
Name:
	
 
	
Brian Chin

	
Title:
	
 
	
Vice President

[Signature Page- Letter]

 

Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

 

Consented and agreed to as of 
the date first above written:

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Group Agent under the 2018 Loan Agreement and the 2014 Loan Agreement

 

	
 
	
 
	
 

	
By:
	
 
	
/s/Brian Grushkin

	
Name:
	
 
	
Brian Grushkin

	
Title:
	
 
	
Director

[Signature Page- Letter]

 

Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

 

Consented and agreed to as of 
the date first above written:

CREDIT SUISSE AG, NEW YORK BRANCH, as a Group Agent under the 2018 Loan Agreement and the 2014 Loan Agreement

 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Kevin Quinn

	
Name:
	
 
	
Kevin Quinn

	
Title:
	
 
	
Vice President

 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Jason Ruchelsman

	
Name:
	
 
	
Jason Ruchelsman

	
Title:
	
 
	
Director

 

[Signature Page- Letter]

 

Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

 

Consented and agreed to as of 
the date first above written:

BARCLAYS BANK PLC, as a Group Agent under the 2018 Loan Agreement and the 2014 Loan Agreement

 

	
 
	
 
	
 

	
By:
	
 
	
/s/ John McCarthy

	
Name:
	
 
	
John McCarthy

	
Title:
	
 
	
Director

 

[Signature Page- Letter]

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