Document:

sph-ex1016_875.htm

Exhibit 10.16

 

FIFTH AMENDMENT

TO

PENSION PLAN FOR ELIGIBLE EMPLOYEES OF 

SUBURBAN PROPANE L.P. AND SUBSIDIARIES

(as Amended and Restated Effective January 1, 2013)

 

In accordance with the authorization of Article XI of the Pension Plan for Eligible Employees of Suburban Propane L.P. and Subsidiaries, said Plan is amended, as set forth herein, effective as of the dates specified herein:

FIRST:Section 1.44 of the Plan is amended to read as follows, effective January 1, 2019:

1.44Severance Date means the date an Employee quits, retires, is discharged, or dies. In addition, and notwithstanding the foregoing, an Employee shall be deemed to have terminated employment and incurred a Severance Date as of the date the Employee has exhausted 26 weeks of short-term disability or workers’ compensation and has ceased all active employment. 

SECOND:Section 3.01(a) of the Plan is amended to read as follows, effective January 1, 2019:

3.01Eligibility Service

(a)  Except as hereinafter provided, Eligibility Service shall mean a period of employment with an Employer or Affiliated Employer and shall begin on the date the Employee first completes an Hour of Service and shall end on the Employee's Severance Date. If an Employee's employment is terminated, and he is reemployed within one year of his Severance Date, the period between his Severance Date and the date of his reemployment shall be included in his Eligibility Service. A Break in Service shall occur, if an Employee is not reemployed within one year after a Severance Date.  If the Employee has a Break in Service, any period before the Break in Service shall be excluded from his Eligibility Service, except as provided in Section 3.04.

THIRD:Section 6.01 of the Plan is restated to modify subsections (c) and (d) and to add subsections (e) and (f) as follows, effective October 1, 2019:

6.01Automatic Form of Payment

(a)If the Member is not married on his Annuity Starting Date, his Retirement Benefit shall be payable as an immediate Single Life Annuity, as defined in Section 6.02(a)(i), unless the Member has elected an optional benefit as provided in Section 6.02.  The amount payable as a single life annuity shall be determined as follows:

(i)For a Member who terminated prior to 1998, the single life annuity shall equal the Member’s Pension, adjusted for timing of payment in accordance with Section 4.02, 4.03, or 4.04, if applicable.

 

 

(ii) For a Member whose membership in the Plan commenced after 1997, the single life annuity shall equal the Actuarial Equivalent of the sum of the Member’s Basic Account and Supplemental Account.

(iii) For a Member whose membership in the Plan commenced prior to 1997, whose Retirement Benefit includes more than a Pension, and who terminates employment after having attained age 55 with at least ten years of Eligibility Service, the single life annuity shall equal the greater of  

(A)the sum of (I) the Actuarial Equivalent of the Member’s Supplemental Account payable as a single life annuity, plus (II) the single life annuity amount based solely on the Pension as adjusted for timing of payment in accordance with Section 4.02, 4.03, or 4.04, if applicable, or 

(B)the Actuarial Equivalent of the sum of the Member’s Basic Account and Supplemental Account payable as a single life annuity.

(iv)For a Member whose membership in the Plan commenced prior to 1997, whose Retirement Benefit includes more than a Pension, and who terminates employment prior to attaining age 55 or with fewer than ten years of Eligibility Service, the single life annuity shall equal the greater of  

(A)the Actuarial Equivalent of the sum of (I) the Member’s Supplemental Account, plus (II) the Actuarial Equivalent present value of the Pension payable at Normal Retirement Date, or

(B)the Actuarial Equivalent of the sum of the Member’s Basic Account and Supplemental Account payable as a single life annuity.

(b)If the Member is married on his Annuity Starting Date, and if he has not elected an optional form of benefit as provided in Section 6.02, the Retirement Benefit payable shall be a 50% joint and survivor annuity described in Section 6.02(a)(ii) with the Member’s spouse as his designated Beneficiary.

(c)In any case, if the Actuarial Equivalent of the Retirement Benefit payable to or on behalf of a Member, determined as of the Member's Annuity Starting Date, is $5,000 or less, such Actuarial Equivalent amount shall be payable only in the form of a single lump sum, subject to the Member’s right to elect to have all or any portion of such Actuarial Equivalent amount transferred by direct rollover to an eligible retirement plan, in accordance with the provisions of Section 6.07; provided, however, that if the Member fails to make an affirmative election of lump sum distribution and/or direct rollover in a timely manner (in accordance with the Committee’s procedures), the amount so distributable shall be transferred, for the benefit of the Member, by direct rollover to an individual retirement account designated by the Committee.

(d)Each year, the Committee shall designate one or more Annuity Starting Dates to be applicable to each Member who terminated employment or died during the current or any preceding Plan Year and whose Retirement Benefit or preretirement survivor benefit, as the case may be, is valued at $5,000 or less, based upon the Actuarial Equivalent of the Member’s 

 

 

 

Retirement Benefit as of such Annuity Starting Date.   With respect to each such Member, the procedures for payment of small benefits to the Member, as described in Section 6.01(c) above, or to the Beneficiary of a deceased Member, as described in Section 4.06(a)(3), shall apply, unless the Member (or the Member’s Beneficiary) requested an earlier Annuity Starting Date following the Member’s termination of employment or death, as applicable. In addition, October 1, 2019, shall be the Annuity Starting Date applicable to unpaid Retirement Benefits and preretirement survivor benefits valued at $5,000 or less for those Members who terminated employment or died in any Plan Year preceding January 1, 2019, subject to the provisions of Section 6.01(e) and any related procedures established by the Committee. 

(e)If the Trustee is unable to make payment to a Member or other person to whom a benefit payment is due because the Committee cannot ascertain the identity or whereabouts of such payee, after all reasonable efforts have been made, payment shall be deferred until a reasonable period after the Committee has confirmed the identity and/or address of the payee. In the event of a delay greater than 90 days, the Annuity Starting Date provisions of Sections 6.01(c) and (d) shall apply, and the benefit amount determined as of such Annuity Starting Date shall be adjusted for interest.  If the Trustee is unable to make payment to a Member or other person to whom a benefit payment is due because a check issued to the payee has remained uncashed for at least 90 days, the amount so distributable (or distributed) shall be treated in accordance with the Plan’s then-current “outstanding check reduction automated process” regarding “stale-dated” checks.  

(f)The Committee may establish administrative procedures for purposes of implementing the provisions of this Section 6.01, which procedures shall be applied uniformly to similarly situated payees.

FOURTH:In all other respects, the Plan is ratified and approved. 

 

 

 

Intending to be legally bound by the provisions of this Fifth Amendment to the Plan, as set forth herein, the duly authorized Members of the Benefits Administration Committee have signed it this ______ day of ______, 2019.

 

	
 

	
Daniel S. Bloomstein

	
 

	
 

	
Steven C. Boyd

	
 

	
 

	
A. Davin D’Ambrosio

	
 

	
 

	
Michael A. Kuglin

	
 

	
 

	
Sandra N. Zwickel2019-11-27 EX 10_45_14

		

			EXECUTION COPY

		

		
			MLA No. 000976C
		

		
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			OMNIBUS FIRST AMENDMENT 
		

		
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			THIS OMNIBUS FIRST AMENDMENT (this “Amendment”) is entered into as of November 26, 2019 between CHUGACH ELECTRIC ASSOCIATION, INC. (the “Company”) and CoBANK, ACB (“CoBank”).
		

		
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			BACKGROUND
		

		
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			CoBank and the Company are parties to (a) a Second Amended and Restated Master Loan Agreement dated as of June 30, 2016 and numbered 000976B (as supplemented prior to the date hereof, the “MLA”) and (b) a Supplement to Second Amended and Restated Master Loan Agreement (Term Loan) dated as of June 30, 2016 relating to Loan No. ML0976T3 (the “Term Loan Supplement”).  The parties now desire to amend the MLA and the Term Loan Supplement.
		

		
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			NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
		

		
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			SECTION 1.  Defined Terms.  Capitalized terms used in this Amendment and not defined herein shall have the meanings given to those terms in the MLA.
		

		
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			SECTION 2.  Amendments.
		

		
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			2.1    Amendment to Section 5.06(A) of the MLA.  Section 5.06(A) of the MLA is amended in its entirety to read as follows: 
		

		
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			(A)    Annual Financial Statements.  As soon as available, but in no event more than 120 days after the end of each fiscal year of the Company occurring during the term hereof, annual financial statements of the Company prepared in accordance with GAAP consistently applied.  Such financial statements shall: (1) be audited by a nationally recognized firm of independent certified public accountants selected by the Company; (2) be accompanied by a report of such accountants containing an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is based that would result in such opinion being qualified) to the effect that the financial statements present fairly, in all material respects, the financial position of the Company as at the end of the year and the results of its operations for the year then ended, in conformity with GAAP; (3) be prepared in reasonable detail and in comparative form; and (4) include a balance sheet, a statement of operations, a statement of changes in equities and margins and a statement of cash flows, and all notes and schedules relating thereto.
		

		
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			2.2    Amendments to Section 5.06(D) of the MLA.  Section 5.06(D) of the MLA is amended by (a) deleting the phrase “, if adversely decided,” in clause (1) thereof, (b) replacing each reference therein to “could have a Material Adverse Effect” with “could reasonably be expected to have a Material Adverse Effect”, (c) deleting the phrase “if true or proven,” in clause (2)(ii) thereof and (d) renumbering clause (iii) thereof as clause “(3)”.
		

		
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			2.3    Amendment to Section 6.09 of the MLA.  Section 6.09 of the MLA is amended in its 
		

		 

 

		entirety to read as follows:
		

		
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			SECTION 6.09.[Reserved].
		

		
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			2.4    Amendment to Section 10.10 of the MLA.  Section 10.10 of the MLA is amended by deleting the phrase “or by Section 6.09(B) hereof” contained therein.
		

		
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			2.5    Deletion of Section 10.11 and Article 11 of the MLA.    Section 10.11 and Article 11 are deleted from the MLA in their entirety.
		

		
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			2.6    Amendment to Section 10(C) of the Term Loan Supplement.    Section 10(C) of the Term Loan Supplement is amended and restated in its entirety to read as follows:
		

		
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			(C)Inability to Determine Rates.    If, prior to the first day of any LIBOR Period for any LIBOR Rate Loan,  CoBank shall have determined (which determination shall be presumed correct absent manifest error), that (1) by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the LIBOR Rate for such LIBOR Period, (2) by reason of any changes arising after the date of this Supplement,  the LIBOR Rate determined or to be determined for such LIBOR Period will not adequately and fairly reflect the cost to CoBank of making or maintaining its loans during such LIBOR Period or (3) the LIBOR Scheduled Unavailability Date (as defined below) has occurred, CoBank shall, as soon as practicable thereafter, give notice of such determination to the Company.  In the event of any such determination under clauses (1), (2) or (3) above, until CoBank shall have advised the Company that the circumstances giving rise to such notice no longer exist, (i) any request by the Company for LIBOR Rate Loans shall be deemed to be a request for a Loan bearing interest based on the Base Rate Option, (ii) any request by the Company for conversion into or continuation of LIBOR Rate Loans shall be deemed to be a request for conversion into or continuation of Base Rate Loans and (iii) any Loans that were to be converted or continued as LIBOR Rate Loans on the first day of a LIBOR Period shall be converted to or continued as Base Rate Loans.  Until such notice has been withdrawn by CoBank, no further LIBOR Rate Loans shall be made or continued as such, nor shall the Company have the right to convert any Loans to LIBOR Rate Loans.
		

		
			Notwithstanding anything to the contrary contained in this Supplement, the MLA or any other Loan Document, but without limiting the immediately preceding paragraph of this clause (C), if CoBank shall have determined (which determination shall be final and conclusive and binding upon all parties hereto), or the Company shall notify CoBank that the Company shall have determined (which determination likewise shall be final and conclusive and binding upon all parties hereto), that (a) the circumstances described in the immediately preceding paragraph of this clause (C) have arisen and that such circumstances are unlikely to be temporary, (b) the relevant administrator of the LIBOR Rate or a Governmental Authority having or purporting to have jurisdiction over CoBank has made a public statement identifying a specific date after which the LIBOR Rate shall no longer be made available, or used for determining interest rates for loans in the applicable currency (such specific date, the “LIBOR Scheduled Unavailability Date”), or (c) syndicated credit facilities among national and/or regional banks active in leading and participating in such facilities currently being executed, or that include language similar to that contained in this paragraph, are being executed or amended (as applicable) to incorporate or adopt a new interest rate to replace the LIBOR Rate for determining interest rates for loans in the applicable currency, then, reasonably promptly after such 
		

		 

		

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		determination by CoBank or receipt by CoBank of such notice, as applicable, CoBank and the Company may amend this Supplement to replace the LIBOR Rate with an alternate rate of interest, giving due consideration to any evolving or then existing convention for similar Dollar denominated syndicated credit facilities for such alternative rates of interest (any such proposed rate, a “LIBOR Replacement Rate”), and make such other related changes to this Supplement and the other Loan Documents as may be necessary or appropriate, in the opinion of CoBank and the Company, to effect the provisions of this paragraph (provided that any definition of the LIBOR Replacement Rate shall specify that in no event shall such LIBOR Replacement Rate be less than zero for purposes of this Supplement).  The LIBOR Replacement Rate shall be applied in a manner consistent with market practice; provided that, in each case, to the extent such market practice is not administratively feasible for CoBank, such LIBOR Replacement Rate shall be applied as otherwise reasonably determined by CoBank.  For the avoidance of doubt, the parties hereto agree that unless and until a LIBOR Replacement Rate is determined and an amendment to this Supplement is entered into to effect the provisions of this paragraph, if the circumstances under clauses (a) and (b) of this paragraph exist, the provisions of the immediately preceding paragraph of this clause (C) shall apply.
		

		
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			SECTION 3.  Representations and Warranties.  To induce CoBank to enter into this Amendment, the Company represents and warrants that: (A) no consent, permission, authorization, order or license of any governmental authority or of any party to any agreement to which the Company is a party or by which it or any of its property may be bound or affected, is necessary in connection with the execution, delivery, performance or enforcement of this Amendment; (B)  the Company is in compliance with all of the terms of the MLA, the Term Loan Supplement and the other Loan Documents, and no Default or Event of Default exists; and (C) this Amendment has been duly authorized, executed and delivered, and creates legal, valid, and binding obligations of the Company which are enforceable in accordance with their terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar Laws affecting the rights of creditors generally.  Without limiting clause (B) above, the Company represents and warrants that it is in compliance with all notice provisions of the MLA, including, without limitation, the requirement to notify CoBank of the commencement of material litigation and of certain environmental matters.
		

		
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			SECTION 4.   Effectiveness.  This Amendment shall become effective when CoBank has executed this Amendment and has received an executed counterpart hereof executed by the Company.
		

		
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			SECTION 5.  Governing Law.    Except to the extent governed by applicable federal Law, this Amendment shall be governed by the Laws of the State of Colorado, without reference to choice of law doctrine.
		

		
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			SECTION 6.  Confirmation.  Except as modified herein, the MLA and the Term Loan Supplement shall remain in full force and effect as written.
		

		
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			SECTION 7.  Counterparts and Electronic Delivery.  This  Amendment may be executed in counterparts (and by different parties in different counterparts), each of which shall constitute an original, and all of which when taken together shall constitute a single agreement.  In addition, this Amendment may be delivered by electronic means.
		

		
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		IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their duly authorized officers and/or directors as of the date shown above.
		

		
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						CoBANK, ACB

					
					
						 

					
					
						CHUGACH ELECTRIC ASSOCIATION INC.

				
	
					
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						By:

					
					
						/s/ Jake Good

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						Title:

					
					
						Vice President

					
					
						 

					
					
						Title:

					
					
						 

				

		
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			Chugach Electric Association, Inc. – Omnibus First Amendment

		

 

		

			 

		

		IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their duly authorized officers and/or directors as of the date shown above.
		

		
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						CoBANK, ACB

					
					
						 

					
					
						CHUGACH ELECTRIC ASSOCIATION INC.

				
	
					
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						By:

					
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Lee D. Thibert

				
	
					
						Title:

					
					
						 

					
					
						 

					
					
						Title:

					
					
						CEO

				

		
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			Chugach Electric Association, Inc. – Omnibus First Amendment

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