Document:

Exhibit

Exhibit 10.32

AMENDMENT NO 1. TO DELAWARE CITY WEST LADDER RACK TERMINALING SERVICES AGREEMENT
This Amendment No. 1 to Delaware City West Ladder Rack Terminaling Services Agreement (this “Amendment”) is made and entered into as of December 28, 2017, by and between PBF Holding Company LLC, a Delaware limited liability company (the “Company”), and Delaware City Terminaling Company LLC, a Delaware limited liability company as successor to Delaware City Terminaling Company II LLC (the “Operator”) (each referred to individually as a “Party” or collectively as the “Parties”). 
WHEREAS,  the Company and the Operator entered into that certain Delaware City West Ladder Rack Terminaling Services Agreement which commenced as of October 1, 2014 (the “Agreement”); 
WHEREAS, the Parties desire to amend the Agreement as set forth herein; and 
NOW, THEREFORE, in consideration of the premises and the respective promises, conditions, terms and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties do hereby agree as follows:
Section 1.  Definitions. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Agreement.
Section 2.  Amendments.  
		
	(a)
	Effective for 2017 and all subsequent Contract Years, Section 3.7 of the Agreement is deleted in its entirety and replaced with the following:

“Section 3.7    Shortfall Payments.  If, during any Contract Year, the Company throughputs aggregate volumes less than the Minimum Throughput Commitment, as adjusted pursuant to Section 6.2, for such Contract Year (a “Shortfall”), then (in addition to Terminaling Service Fee) the Company shall pay the Operator an amount (a “Shortfall Payment”) equal to the Terminaling Service Fee multiplied by the difference between (a) the Minimum Throughput Commitment and (b) the volume of Products actually delivered to the Terminal by the Company during the applicable Contract Year.  Notwithstanding the foregoing, on a quarterly basis if the amount of revenue recognized under U.S. Generally Accepted Accounting Principles does not otherwise agree to the amount of revenue billed for such Contract Quarter, the Company shall prepay (a “Provisional Shortfall Payment”) an amount equal to the Terminaling Service Fee multiplied by the difference between (x) the Minimum Throughput Commitment and (y) the volume of Products actually delivered to the Terminal by the Company during such Contract Quarter.  The Parties acknowledge and agree that Company shall be credited with all Provisional Shortfall Payments made during a Contract Year for purposes of determining whether there is a Shortfall Payment due for the Contract Year and shall be entitled to a refund of any amounts paid in excess of the Shortfall Payment.  With respect to Contract Year 2017, the Parties acknowledge and agree that Company shall be credited with all Shortfall Payments made prior to the date of this Amendment for purposes 

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of determining whether there is a Shortfall for such Contract Year.  The Parties acknowledge and agree that there shall be no carry-over of deficiency volumes with respect to the Minimum Throughput Commitment and the payment by the Company of the Shortfall Payment shall relieve the Company of any obligation to meet such Minimum Throughput Commitment for the relevant Contract Year.”  
		
	(b)
	Effective as of the date of this Amendment, Section 3.8 of the Agreement is deleted in its entirety and replaced with the following:

“Section 3.8.  Invoices.  The Operator shall invoice the Company monthly (or, in the case of a Provisional Shortfall Payment, quarterly or a Shortfall Payment, annually) for all fees and payments under this Agreement.  The Company will make payments to the Operator on a monthly (or, in the case of a Provisional Shortfall Payment, quarterly or a Shortfall Payment, annually) basis during the Term with respect to amounts due to the Operator under this Agreement in the prior month (or, in the case of a Provisional Shortfall Payment, Contract Quarter or a Shortfall Payment, Contract Year) ten (10) days after its receipt of such invoice.  Any past due payments owed to the Operator hereunder shall accrue interest, payable on demand, at the Prime Rate plus 400 basis points from the due date of the payment through the actual date of payment.  Payment of any fee, Provisional Shortfall Payment or Shortfall Payment pursuant to this Section 3.8 shall be made by wire transfer of immediately available funds to an account designated in writing by the Operator.  If any such fee shall be due and payable on a day that is not a Business Day, such payment shall be due and payable on the next succeeding Business Day.”
Section 3.  Choice of Law.  This Amendment shall be subject to and governed by the laws of the State of Delaware, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the laws of another state.  Subject to Article 26 of the Agreement, the Parties agree to the venue and jurisdiction of the federal or state courts located in the State of Delaware for the adjudication of all disputes arising out of this Amendment. 
Section 4.  Entire Agreement.  This Amendment, the Agreement, the Operation and Management Services and Secondment Agreement and the Omnibus Agreement together constitute the entire agreement among the Parties pertaining to the subject matter hereof and supersede all prior agreements and understandings of the Parties in connection therewith.  No promise, representation or inducement has been made by any of the Parties concerning the subject matter of this Agreement and none of the Parties shall be bound by or liable for any alleged representation, promise or inducement not so set forth.  Except as amended hereby, the terms of the Agreement remain in full force and effect.
Section 5.  Counterparts.  This Agreement may be executed in one or more counterparts (including by facsimile or portable document format (pdf)) for the convenience of the Parties hereto, each of which counterparts will be deemed an original, but all of which counterparts together will constitute one and the same agreement.
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IN WITNESS WHEREOF, the Parties have duly executed this Agreement on the date first set forth above.
COMPANY:

PBF HOLDING COMPANY LLC
By:      /s/ Thomas O’Connor 
Name:  Thomas O’Connor
Title:    Senior Vice President, Commercial    

OPERATOR:

DELAWARE CITY TERMINALING COMPANY LLC

By:      /s/ Matt Lucey 
Name:  Matthew Lucey
Title:    Executive Vice PresidentExhibit

Exhibit 10.1

February 20, 2018

Ms. Kathy Leneghan

Dear Kathy:

I am pleased to confirm our offer for the position of Senior Vice President and Chief Financial Officer with Invacare Corporation (the “Company” or “Invacare”), on a non-interim basis, reporting directly to me, the Company’s Chairman, President & Chief Executive Officer, subject to approval by the Board of Directors on Invacare Corporation (the “Board”).

This letter agreement summarizes the terms and conditions of your employment, subject to Board approval of your appointment:

Compensation

Salary - Your base salary for this position will be $395,000.00 when calculated on an annual basis, effective on February 16, 2018. This rate is calculated for convenience purposes only and is not intended to be construed as a contract of employment for any fixed period of time.

Annual Bonus - Your participation in the Key Management Incentive Plan will continue and your target bonus percentage will be increased to 65% effective March 1, 2018. Payment of any 2018 bonus earned under this plan will be made in 2019. 

Restricted Stock - Upon acceptance of our offer and commencement of employment, you will be eligible to receive a restricted stock grant in the amount of 7,500 shares, subject to approval of the Compensation and Management Development Committee of the Board of Invacare Corporation (the “Compensation Committee”). The restricted stock will be granted on the date of Compensation Committee authorization and will vest 100% after three years. Once granted, you will receive an Award Agreement with additional details about the restricted shares.  Subject to review and approval by the Compensation Committee, you will be eligible to receive restricted stock grants on an annual basis pursuant to the Equity Compensation Plan.

Severance Benefit - In the event that your employment is terminated by Invacare for any reason other than for cause, you will be entitled to receive a severance benefit in the amount equal to twelve months of your base salary in effect at the time of termination, and will be eligible for a bonus, pro-rated based on your employment period for the year of termination, if and to the extent that an annual bonus you would have been earned for such year had you remained employed by the Company. You also will be eligible for discounted COBRA rates for the earlier of the first six months following the termination, or until you obtain other employment, if you properly elect COBRA coverage under the Company’s group health plan(s), and will be 

INVACARE CORPORATION

One Invacare Way, P. O. Box 4028, Elyria, Ohio 44036-2125   USA
440-329-6000    www.invacare.com

entitled to executive outplacement services as are customarily provided by the Company to terminated senior management employees. For purposes of this paragraph, termination by Invacare for cause shall mean termination by Invacare due to your (a) fraud, (b) embezzlement of company assets, (c) intentional violation of law, (d) violation of company policy, (e) substantial failure to perform the duties and responsibilities of your position, (f) conduct which adversely affects Invacare’s business reputation or which is otherwise contrary to the best interests of Invacare or (g) a breach of the terms of this letter agreement, your Technical Information and Non-Competition Agreement or conflict of interest documents signed by you. Your entitlement to severance benefits described in this paragraph is conditioned upon your signing a separation and release agreement in a form reasonably acceptable to Invacare. Any pro-rated bonus payment that you might become entitled to receive would be paid at the time as bonus payments are made to other senior executive officers.

Change of Control - Invacare will provide you with a new Change of Control Agreement (“CIC Agreement”) for you to review and sign. This new CIC Agreement will replace the existing change of control agreement you currently have in place.

Death Benefit Only Plan - You will continue to be a participant in the Death Benefit Only Plan, as amended, while actively employed with Invacare. Once your employment ends, for any reason, then your participation in this Plan will cease, except as otherwise expressly provided in the Plan.

Car Allowance - Your last car allowance payment will be February 15, 2018. This amount has been factored into your Salary offered in this agreement.

Technical Information & Non-Competition Agreement - You will be required to review and sign the Company’s standard Technical Information and Non-Competition Agreement as a condition of this promotion and your continued employment.

Employee Benefits - You remain eligible to participate on the same basis as the other senior executive employees in the Company’s comprehensive benefits program, the Invacare Retirement Savings Plan and the Company’s Deferred Compensation Plus Plan.    

Health Management Program - You will be eligible to continue to participate in the Executive Health Management Program at the Cleveland Clinic Department of Preventative Medicine.

All other terms and conditions of your employment remain the same, except as modified or amended by this letter agreement. Congratulations on this new and exciting opportunity! 

Sincerely,

/s/ Matthew E. Monaghan

Matthew E. Monaghan
Chairman, President & CEO

To acknowledge acceptance of this offer, please sign below and return a copy of this letter to me. 
	
				
	/s/ Kathleen P. Leneghan
	 
	February 20, 2018
	 

	Signature
	 
	Date
	 

INVACARE CORPORATION

One Invacare Way, P. O. Box 4028, Elyria, Ohio 44036-2125   USA
440-329-6000    www.invacare.com

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