Document:

Document

FORM OF AWARD AGREEMENT FOR
AMERICAN STATES WATER COMPANY 
2021 SHORT-TERM INCENTIVE PROGRAM

March 26, 2021

 
To:  2021 Short-Term Incentive Program Participants

American States Water Company (the “Company”) is pleased to inform you that you have been selected as a participant in the Company’s 2021 Short-Term Incentive Program (the “Bonus Program”).  Unless otherwise defined in this award agreement, capitalized terms used in this award agreement have the same meanings as in the Bonus Program.

As a participant in the Bonus Program, you are eligible to earn two separate cash bonuses for the 2021 calendar year—an Objective Bonus and a Discretionary Bonus.  Your total Target Aggregate Bonus is set forth opposite your name in the Bonus Program and is equal to the sum of the target amount of your Objective Bonus plus the target amount of your Discretionary Bonus.

Your Objective Bonus is subject to the terms of the Bonus Program, and will only become payable if all of the applicable terms and conditions of the Bonus Program are satisfied.  The portion of your Target Aggregate Bonus attributable to your Objective Bonus will become payable based on the Company’s attainment of the specific Performance Targets established for the Business Criteria that have been established for you.  Your applicable Business Criteria, Performance Targets (including the threshold, target and maximum Performance Targets) and Payout Percentages are set forth in Exhibit A to the Bonus Program.  Please note, however, that payment of your Objective Bonus remains subject to the Compensation Committee’s discretion to reduce Objective Bonuses pursuant to Section 8 of the Bonus Program.

Your Discretionary Bonus is subject to the terms of the Bonus Program, and will only become payable if all of the applicable terms and conditions of the Bonus Program are satisfied. The portion of your Target Aggregate Bonus attributable to your Discretionary Bonus will become payable based on the Company’s assessment of your attainment of the core performance objectives for your position, and you will only be entitled to receive a Discretionary Bonus if you are determined to meet the standards established for your position.  These individual performance requirements applicable to your Discretionary Bonus are referred to as your Individual Performance Measures.  The Payout Percentage for your Discretionary Bonus is set forth in Exhibit A to the Bonus Program.

Any Objective Bonus or Discretionary Bonus that becomes payable to you will be paid as soon as practicable following the Compensation Committee’s determination and certification pursuant to Section 9 of the Bonus Program, but in no event later than December 31, 2022.  However, any Objective Bonus or Discretionary Bonus that becomes payable to you is subject to recoupment 

pursuant to the Company’s Policy Regarding the Recoupment of Certain Performance-Based Compensation Payments as in effect from time to time or as otherwise may be required by law, and you agree to promptly make any reimbursement requested by the Board of Directors or the Compensation Committee pursuant to such policy with respect to any such bonuses.  In addition, you agree that the Company and/or any of its affiliates may deduct from any amounts it may owe you from time to time (such as wages or other compensation) any and all amounts that you are required to reimburse the Company pursuant to such policy.

A copy of the Bonus Program is being provided to you with this award agreement. The Company advises you to read this document carefully because it is a legal document that establishes the terms and conditions of your Objective Bonus and your Discretionary Bonus.  The Bonus Program is incorporated into this award agreement by reference and will control in the event there is any conflict between the terms of this award agreement and the Bonus Program, as applicable. 

                        Sincerely,

                    
                    Robert J. Sprowls
                        President and Chief Executive Officer

Accepted and Agreed:

_____________________________
[Executive]Exhibit 10.1

 

AMENDMENT
NO. 4 TO CREDIT AGREEMENT 

 

(ACREAGE
FINANCE DELAWARE, LLC)

 

THIS AMENDMENT NO. 4 TO
CREDIT AGREEMENT dated as of March 29, 2021 (this “Amendment”), is the fourth amendment to the Credit
Agreement (as defined below) and is entered into by and among ACREAGE FINANCE DELAWARE, LLC, a Delaware limited liability company, as
the borrower under the Credit Agreement (in such capacity, the “Borrower”), ACREAGE IP HOLDINGS, LLC, a Nevada limited
liability company, as a guarantor under the Credit Agreement, and IP INVESTMENT COMPANY, LLC, a Delaware limited liability company, as
Lender under the Credit Agreement (in such capacity, a “Lender”) and as administrative agent and collateral agent
under the Credit Agreement (in each such capacity, the “Agent”). Capitalized terms used but not defined herein have
the meanings provided in the Credit Agreement.

 

RECITALS

 

WHEREAS, reference
is made to the credit agreement, dated as of March 6, 2020, and amended on September 23, 2020, and as further amended on March 7, 2021
(as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among the Borrower, each Guarantor party thereto, each Lender party thereto and the Agent; and

 

WHEREAS, the parties
hereto have agreed to amend the Credit Agreement upon and subject to the terms and conditions set forth in this Amendment, and each such
party is willing to do so under the terms and conditions set forth in this Amendment.

 

NOW, THEREFORE, based
upon the above Recitals, the mutual premises and agreements contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.     
Definitions. All capitalized terms used herein without definition shall have the same meanings given to such terms in the
Credit Agreement.

 

2.      
Amendments to Credit Agreement.

 

(a)               The
new definition of Tranche B Maturity Date is hereby added to Section 1.1 of the Credit Agreement as follows: “Tranche B
Maturity Date” means June 30, 2021.

 

(b)               Section
2.4(b) is hereby amended and restated as follows: “the Aggregate Principal Amount of Tranche B then outstanding on the Tranche
B Maturity Date.”

 

(c)               Section
3.3(b) is hereby amended and restated as follows: “in respect of the Aggregate Principal Amount of Tranche B only, at the Tranche
B Interest Rate, calculated annually based on actual number of days elapsed and payable in cash on the Tranche B Maturity Date.”

 

     

     

    

 

(d)               Notwithstanding
anything herein, in the Credit Agreement or in any of the other Credit Documents to the contrary (including Amendment No. 3 to the Credit
Agreement), the parties hereto agree that interest shall accrue from March 7, 2021 for both Tranche A and Tranche B, and shall be payable
with respect to Tranche A on the First Advance Maturity Date and with respect to Tranche B on the Tranche B Maturity Date.

 

3.     
Conditions of Effectiveness. This Amendment shall become effective on the date the following conditions shall be
satisfied:

 

(a)              
the Lenders and Agent shall have received copies (which may be delivered in “pdf” format) of this Amendment
duly executed and delivered by each party hereto; and

 

(b)              
Borrower shall pay to the Lender a non-refundable amendment fee in an amount equal to Two Hundred Thousand Dollars ($200,000.00),
in immediately available funds, which shall be fully earned, due and payable upon the date hereof, and payment or reimbursement by Borrower
of all fees owing to Agent and/or Lender and expenses (including, without limitation, attorneys’ fees) incurred by Agent to analyze,
prepare, negotiate and conclude this Amendment, administer the Credit Facility and all related agreements and transactions described herein
up to Seventy-Five Thousand Dollars ($75,000.00).

 

4.     
Miscellaneous. 

 

(a)               Each
of the Borrower and the Guarantor hereby acknowledges and agrees that the Liens created and provided for by the Security Documents
continue to secure, among other things, the performance of all of the Borrower’s Obligations under the Credit Documents
(including the Credit Agreement as, amended hereby); and the Credit Documents and the rights and remedies of the Secured Creditors
thereunder, the obligations of each of the Borrower and the Guarantor, and the Liens created and provided for under the Security
Documents remain in full force and effect and shall not be impaired or discharged by this Amendment. Nothing herein contained shall
in any manner affect or impair the priority of the Liens and security interests created and provided for by the Security
Documents.

 

(b)               This
Amendment may be executed (including by way of electronic signature) in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment and
the Credit Agreement constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of
a signature page of this Amendment by telecopy, electronic signature (including, for greater certainty, by DocuSign) or by sending a
scanned copy by electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.

 

    2

     

    

 

(c)              
The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall
not be deemed to affect the meaning or construction of any of the provisions hereof.

 

(d)              
This Amendment may not be amended or otherwise modified except as provided in Section 11.1 of the Credit Agreement.

 

(e)              
The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment.

 

(f)               
This Amendment and the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.

 

(g)              
Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been
used in the plural number, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include
the masculine and feminine.

 

(h)              
The Credit Agreement, as amended by this Amendment, represents the final agreement among the parties with respect to the
matters set forth therein and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements among the parties.
There are no unwritten oral agreements among the parties with respect to such matters.

 

(i)                 THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY LAWS OF THE STATE OF NEW YORK THAT WOULD REQUIRE THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION AND SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS OF THE CREDIT AGREEMENT.

 

[Signatures
on Following Page]

 

    3

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	 	ACREAGE FINANCE DELAWARE, LLC,

as Borrower
	 	 
	 	By:	
	 	Name: Kevin Murphy
	 	Title: President and Manager
	 	 
	 	ACREAGE IP HOLDINGS, LLC, 

as Guarantor
	 	 
	 	By:	
	 	Name: Kevin Murphy
	 	Title: President and Manager
	 	 
	 	IP INVESTMENT COMPANY, LLC, 

as Agent
	 	 
	 	By:	
	 	Name: Kevin Murray
	 	Title: Managing Member
	 	 
	 	IP INVESTMENT COMPANY, LLC, 

as First
    Advance Lender
	 	 
	 	By:	 
	 	Name: Kevin Murray
	 	Title: Managing Member
	 	 
	 	IP INVESTMENT COMPANY, LLC, 

as Second
    Advance Lender
	 	 
	 	By:	 
	 	Name: Kevin Murray
	 	Title: Managing Member
	 	 
	 	IP INVESTMENT COMPANY, LLC,

 as Subsequent
    Advance Lender
	 	 
	 	By:	 
	 	Name: Kevin Murray
	 	Title: Managing Member

 

[Signature
Page to Fourth Amendment to Credit Agreement]

LEGAL\51380548\1

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