Document:

Exhibit 10.3

 

FOURTH
AMENDMENT TO 

BREITBURN
ENERGY PARTNERS L.P. 2006 LONG-TERM INCENTIVE PLAN

CONVERTIBLE
PHANTOM UNIT AGREEMENT

 

 

This Fourth Amendment
(this “Amendment”) to the Convertible Phantom Unit Agreement by and between BreitBurn GP, LLC (“BreitBurn
GP”) and Randall H. Breitenbach (the “Participant”), with a grant date of December 26, 2007, as amended
by the first, second and third amendments thereto (the “CPU Agreement”) and issued under the BreitBurn Energy
Partners L.P. (the “Partnership”) 2006 Long-Term Incentive Plan, as amended and restated (the “Plan”),
was approved by the Compensation and Governance Committee of the Board of Directors of BreitBurn GP, acting in its capacity as
administrator of the Plan and as the general partner of the Partnership, and is entered into by and among BreitBurn GP, the Partnership
and the Participant as of November 30, 2012. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed
to such terms in the CPU Agreement.

 

RECITALS

 

A.The CPU Agreement provides that
Convertible Phantom Units (“CPUs”) may convert to Partnership Units at varying multiples depending on Partnership
Unit distribution levels over a period prior to vesting.

 

B.The parties wish
to amend the vesting and payment provisions of the CPU Agreement as set forth herein.

 

C.Pursuant to Section
15 of the CPU Agreement, the parties may amend the CPU Agreement by written agreement.

 

AMENDMENT

 

For valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto hereby amend the CPU Agreement as follows, which amendments shall
take effect and be incorporated into the CPU Agreement from and after the date of this Amendment:

 

1.The “Grant
Notice” section of the CPU Agreement is hereby amended by deleting all references to the date “January 1, 2013”
in its entirety and substituting the date “December 28, 2012” in lieu thereof.

 

2.Section 2(a)
of the CPU Agreement is hereby amended by adding the following sentence at the end of such section:

 

“In no event will the Participant
be entitled to any payment in respect of any PDR to the extent that the Participant receives actual Unit distributions with respect
to the Units underlying the CPU to which such PDR relates.”

    	 

    	 

    
 

3.Section 3(b)(ii)
of the CPU Agreement is hereby amended and restated in its entirety as follows:

 

		“ii.	In the case of any CPU that vests on December 28, 2012, 1.0 CUE per CPU.”

 

4.Sections 3(b)
and 6(b) of the “Terms and Conditions of Convertible Phantom Units” section of the CPU Agreement are hereby amended
by deleting all references to the date “January 1, 2013” in its entirety and substituting the date “December
28, 2012” in lieu thereof.

 

5.The last (unnumbered)
paragraph of Section 3(b) of the CPU Agreement is hereby amended and restated in its entirety as follows:

 

“Under no circumstances
shall any Quarterly Distribution that is announced after the applicable Vesting Date be taken into consideration in determining
the number of CUEs underlying any CPUs at vesting.”

 

6.This Amendment
shall be and is hereby incorporated in and forms a part of the CPU Agreement.

 

7. Except as expressly provided
herein, all terms and conditions of the CPU Agreement shall remain in full force and effect.

 

8. This Amendment shall be governed
by and construed in accordance with the laws in force in the state of Delaware, without regard to that state’s conflict-of-law
rules and principles.

 

 

 

[Signature Page Follows]

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IN WITNESS WHEREOF,
BreitBurn GP, the Partnership and the Participant have executed this Amendment as of the date first above written.

 

 

	 	 	 	BREITBURN ENERGY PARTNERS L.P.
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	BREITBURN GP, LLC
	 	 	 	Its:	General Partner
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	/s/ Halbert S. Washburn
	 	 	 	 	Name: Halbert S. Washburn
	 	 	 	 	Title: Chief Executive Officer
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	PARTICIPANT	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Randall H. Breitenbach	 	 	 
	 	Randall H. Breitenbach	 	 	 

 

 

    	S-1ThermoEnergy
Corporation

 

Bridge
Loan Agreement

 

This Agreement is made as of the 30th
day of November 2012 by and among ThermoEnergy Corporation, a Delaware corporation (the “Corporation”) and the persons
and entities identified on Schedule I hereto (each, an “Investor” and, collectively, the “Investors”).

 

Whereas, the Board of Directors of the Corporation
has proposed the designation and issuance of a new series of the Corporation’s authorized Preferred Stock (the “New
Preferred Stock”) and Common Stock Purchase Warrants (the “Warrants”) on substantially the terms set forth in
the Term Sheet attached hereto as Exhibit A (the “Term Sheet”); and

 

Whereas, the Corporation may not issue or
sell the New Preferred Stock unless the holders of the requisite percentage of the Corporation’s Series B Convertible Preferred
Stock (the “Series B Stock”) consent thereto and waive the application of the anti-dilution adjustment to the conversion
price of the Series B Stock with respect to the issuance and conversion of the New Preferred Stock and the issuance and exercise
of the Warrants; and

 

Whereas, in anticipation of the designation
and issuance of the New Preferred Stock, each Investor is willing to make a loan to the Corporation in the principal amount set
forth opposite the name of such Investor on Schedule I hereto;

 

Now, therefore, in consideration of the
foregoing and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Corporation
and the Investors hereby agree as follows:

 

1.Bridge Loans. Until the designation and issuance
of the New Preferred Stock, each Investor, severally and not jointly, hereby agrees to make a loan to the Corporation in the principal
amount set forth opposite the name of such Investor on Schedule I hereto (each, a “Bridge Loan”). Each Bridge Loan
shall be evidenced by a Promissory Note in substantially the form attached hereto as Exhibit B (each, a “Bridge Note”
and, collectively, the “Bridge Notes”).

 

2.Representations and Warranties of the Corporation.
The Corporation hereby represents and warrants to the Investors as follows:

 

		(a)	Organization and Qualification. The Corporation is duly incorporated, validly existing and in good standing under
the laws of the State of Delaware, with the requisite power and authority to own and use its properties and assets and to carry
on its business as currently conducted. The Corporation is not in violation of any of the provisions of its Certificate of Incorporation
or By-Laws. The Corporation is duly qualified to conduct its business and is in good standing as a foreign corporation in each
jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where
the failure to be so qualified or in good standing, as the case may be, would not, individually or in the aggregate, have or reasonably
be expected to result in a Material Adverse Effect, and no proceedings have been instituted in any such jurisdiction revoking,
limiting or curtailing, or seeking to revoke, such power and authority or qualification. For purposes of this Agreement, the term
“Material Adverse Effect” shall mean any of (i) a material and adverse effect on the legality, validity or enforceability
of any of this Agreement or the Bridge Notes (collectively, the “Transaction Documents”), (ii) a material and adverse
effect on the results of operations, assets, prospects, business or condition (financial or otherwise) of the Corporation, or (iii)
a material impairment of the Corporation’s ability to perform on a timely basis its obligations under any Transaction Document.

 

    	 

    	 

    

 

 

		(b)	Authorization; Enforcement. The Corporation has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations thereunder. The execution
and delivery of each of the Transaction Documents by the Corporation and the consummation by the Corporation of the transactions
contemplated thereby have been duly authorized by all necessary action on the part of the Corporation and no further action is
required by the Corporation in connection therewith. Each Transaction Document has been (or upon delivery will have been) duly
executed by the Corporation and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation
of the Corporation enforceable against the Corporation in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally
the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

 

		(c)	No Conflicts. The execution, delivery and performance of the Transaction Documents by the Corporation and the
consummation by the Corporation of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision
of the Borrower’s Certificate of Incorporation or By-Laws, or (ii) conflict with, or constitute a default (or an event that
with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) of, or result in the imposition of any lien upon any of the material
properties or assets of the Corporation pursuant to, any agreement, credit facility, debt or other instrument or other understanding
to which the Corporation is a party or by which any property or asset of the Corporation is bound or affected, or (iii) result
in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental
authority to which the Corporation is subject (including federal and state securities laws and regulations), or by which any property
or asset of the Corporation is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not, individually
or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

 

		(d)	Issuance of the Bridge Notes. The Bridge Notes have been duly authorized. Each Bridge Note, when issued in accordance
with this Agreement against the making of the Bridge Loan to which it relates, will be duly and validly issued.

 

		(e)	SEC Reports; Financial Statements. The Corporation has filed all reports required to be filed by it under the Securities
Act of 1933 (the “Securities Act”) and the Exchange Act for the twelve months preceding the date of this Agreement
(the foregoing materials, being collectively referred to herein as the “SEC Reports”). As of their respective
dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act and the
rules and regulations of the Securities and Exchange Commission promulgated thereunder, and none of the SEC Reports, when filed,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial
statements of the Corporation included in the SEC Reports comply in all material respects with applicable accounting requirements
and the rules and regulations of the Securities and Exchange Commission with respect thereto as in effect at the time of filing.
Such financial statements have been prepared in accordance with GAAP applied on a consistent basis during the periods involved,
except as may be otherwise specified in such financial statements or the notes thereto, and fairly present in all material respects
the financial position of the Corporation and its consolidated subsidiaries as of and for the dates thereof and the results of
operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end
audit adjustments.

 

 

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		(f)	Brokerage Fees. No brokerage or finder’s fees or commissions are or will be payable by the Corporation
to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to
the transactions contemplated by any of the Transaction Documents. The Investor shall have no obligation with respect to any fees
or with respect to any claims (other than such fees or commissions owed by the Investors pursuant to written agreements executed
by the Investors which fees or commissions shall be the sole responsibility of the Investors) made by or on behalf of other persons
for fees that may be due in connection with the transactions contemplated by the Transaction Documents.

 

3.Representations and Warranties of the Investors.
Each Investor, severally and not jointly, hereby represents and warrants to the Corporation as follows (with respect to each Investor,
only to itself):

 

		(a)	Authority.  This Agreement has been duly executed by such Investor and constitutes the valid and legally binding
obligation of such Investor, enforceable against him or it in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally
the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

 

		(b)	Accredited Investor Status. Such Investor is an “accredited investor” as defined in Rule 501(a) under the
Securities Act. The Investor will acquire the Bridge Note to be issued to him or it pursuant hereto for his or its own account,
for investment purposes and not with a view toward resale or distribution.

 

4Conversion of Bridge Loans; 2011
Bridge Loans. Promptly following the satisfaction of all of the conditions to the sale and issuance of the New Preferred Stock
and the Warrants, as set forth in the Term Sheet, the Investors shall surrender for cancellation each of the Bridge Notes and the
full principal amount of the Bridge Loans, together with all interest accrued and unpaid thereon, will be converted into shares
of the New Preferred Stock and Warrants on substantially the terms set forth in the Term Sheet. Certain of the Investors made bridge
loans to the Company in December 2011 in anticipation of a financing that has not occurred (the “2011 Bridge Loans”
each of which is evidenced by a Promissory Note (each, a “2011 Bridge Note” and collectively the “2011 Bridge
Notes”)). Promptly following the satisfaction of all of the conditions to the sale and issuance of the New Preferred Stock
and the Warrants, as set forth in the Term Sheet, each Investor who holds a 2011 Bridge Notes shall surrender for cancellation
such 2011 Bridge Note and the full principal amount of the 2011 Bridge Loans, together with all interest accrued and unpaid thereon,
will be converted into shares of the New Preferred Stock and Warrants on substantially the terms set forth in the Term Sheet. The
Investors who hold 2011 Bridge Notes hereby agree with the Company that the due date of all such 2011 Bridge Notes is hereby extended
to January 31, 2013.

 

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5.Waiver of Anti-Dilution Adjustments.
Each Investor who is the holder of shares of the Corporation’s Series B Stock hereby approves (i) the sale and issuance of
the Bridge Notes, the New Preferred Stock and the Warrants on substantially the terms set forth in the Term Sheet and (ii) the
deemed issuance of the shares of Common Stock issuable upon conversion of the Bridge Notes, conversion of the New Preferred Stock
or exercise of the Warrants, it being the intention of the Investors that neither (i) the Bridge Notes, the shares of New Preferred
Stock and the Warrants nor (ii) the shares of Common Stock issuable upon conversion of the New Preferred Stock or exercise of the
Warrants shall be deemed to be “Additional Stock” (as such term is defined in the Description of Series B Stock attached
as Exhibit A to the Certificate of Designation, Preferences and Rights, as amended (the “Description”), constituting
a part of the Certificate of Incorporation of the Corporation) and that no anti-dilution adjustment to the Conversion Price of
the Series B Stock shall be made pursuant to Section 6(g)(i) of the Description upon the sale and issuance of the Bridge Notes,
the New Preferred Stock and the Warrants or upon the conversion of the New Preferred Stock or the exercise of the Warrants.

 

6.Entire Agreement. The Transaction
Documents contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements,
understandings, discussions and representations, oral or written, with respect to such matters. No provision of any Transaction
Document may be waived or amended except in a written instrument signed by the Corporation and by the Investors holding at least
662⁄3% of the principal amount of the then outstanding Bridge Notes. No waiver of any default with respect to any provision,
condition or requirement of any of the Transaction Documents shall be deemed to be a continuing waiver in the future or a waiver
of any subsequent default or a waiver of any other provision, condition or requirement of such Transaction Document or of any other
Transaction Document, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise
of any such right. No consideration shall be offered or paid to any Investor to amend or consent to a waiver or modification of
any provision of any Transaction Document unless the same consideration is also offered to all Investors.

 

7.Governing Law and Jurisdiction.
This Agreement and the rights of the parties hereunder shall be construed and enforced in accordance with the laws of the Commonwealth
of Massachusetts applicable to agreements executed and to be performed wholly within such state and without regard to principles
of conflicts of law. Each party irrevocably (a) consents to the jurisdiction of the federal and state courts situated in or having
jurisdiction over Boston, Massachusetts in any action that may be brought for the enforcement of this Agreement, and (b) submits
to and accepts, with respect to its properties and assets, generally and unconditionally, the in personam jurisdiction of the aforesaid
courts, waiving any defense that such court is not a convenient forum.

 

8.Notices. Any notice or document
required to be sent hereunder shall be in writing, shall be address, if to the Corporation, to the Corporation’s principal
place of business, and, if to an Investor, to such Investor’s address as shown on Schedule I hereto, and shall be deemed
to have been duly given (i) when delivered by hand or (ii) when transmitted by e-mail, facsimile or other means of electronic communication,
or (iii) three business days after mailing by certified mail with return receipt requested, or on the next business day if sent
by recognized overnight courier service for next business day delivery.

 

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9.Execution. This Agreement may
be executed in counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not
sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such delivery shall create a
valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile signature page were an original thereof, notwithstanding any subsequent failure or refusal to deliver an original
signed in ink.

 

10.Severability. If any provision
of this Agreement is held to be invalid or unenforceable in any respect, the parties will attempt to agree upon a valid and enforceable
provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement.
f any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby.

 

In witness whereof, the parties have executed
and delivered this Agreement as of the date and year first above written.

 

 

	 	 	 	ThermoEnergy Corporation

	 	 	 	 
	 	 	 	 	 
	 	 	 	By: 	/s/ Cary G. Bullock 
	 	 	 	 	Cary G. Bullock, Chairman and CEO
	 	 	 	 	 
	 	 	 	The Quercus Trust 

	 	 	 	 
	 	 	 	 	 
	/s/  Robert S. Trump	 	By: 	/s/ David Gelbaum 
	Robert S. Trump	 	 	David Gelbaum, Trustee
	 	 	 	 	 
	The
Focus Fund

	 	Empire Capital Partners, L.P.

By: Empire GP, L.L.C., its General Partner

	 	 	 	 
	By: 	/s/ J. Winder Hughes III 	 	By: 	/s/ Peter J. Richards 
	 	J. Winder Hughes III, General Partner	 	 	Peter J. Richards, Managing Member
	 	 	 	 	 
	Empire Capital Partners, Ltd

By: Empire Capital Management, L.L.C.,

          its Investment Manager

		Empire Capital Partners Enhanced Master Fund, Ltd

By: Empire Capital Management, L.L.C.,
              its Investment Manager

	 	 	 	 
	By: 	/s/ Peter J. Richards	 	By: 	/s/ Peter J. Richards
	 	Peter J. Richards, Managing Member	 	 	Peter J. Richards, Managing Member

 

 

 

 

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Schedule I

 

 

	Investor	Bridge Loan Amount
	
        Robert S. Trump

        89 10th Street

        Garden City, New York 11530

         
	
         

         

        $1,500,000

         

	
        The Quercus Trust

        1835 Newport Boulevard

        A109-PMC 467

        Costa Mesa, California 92627

         
	
         

         

        $250,000

         

	
        The Focus Fund

        PO Box 389

        Ponte Vedra, Florida 32004

         
	
         

         

        $450,000

         

	
        Empire Capital Partners, L.P.

        One Gorham Island, Suite 201

        Westport, Connecticut 06880

         
	
         

         

        $500,000

         

	
        Empire Capital Partners, Ltd

        One Gorham Island, Suite 201

        Westport, Connecticut 06880

         
	
         

         

        $500,000

         

	
        Empire Capital Partners Enhanced Master Fund, Ltd

        One Gorham Island, Suite 201

        Westport, Connecticut 06880

         
	
         

         

        $500,000

         

 

 

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