Document:

Exhibit

Exhibit 10.2
REVOLVING LOAN AGREEMENT

Dated as of May 6, 2020

TriplePoint Venture Growth BDC Corp., a Maryland corporation (the “Borrower”), and TriplePoint Advisers LLC, a Delaware limited liability company (the “Lender”), agree as follows (with capitalized terms not otherwise defined herein having the meanings ascribed to them in Section 18):

1.Loans. Upon the terms and subject to the conditions of this Agreement, the Lender agrees to advance, from time to time during the period from the date hereof through the Business Day immediately preceding the Maturity Date, amounts in Dollars to the Borrower (each such advance being a “Loan”), the aggregate outstanding principal amount of which shall not exceed $25,000,000 (the “Commitment”) at any time, subject to any increase effectuated from time to time in accordance with Section 4. Within the limits set forth in the preceding sentence and subject to the conditions of this Agreement, amounts of Loans that are repaid may be re-borrowed under this Section 1. Upon the fulfillment of the conditions specified in Section 7, each Loan shall be disbursed by the Lender on the requested date therefor in Dollars in funds immediately available to the Borrower in such manner as shall be reasonably acceptable to the Lender.

2.Interest. Interest on each Loan shall accrue at the rate of 6.00% per annum from the date of such Loan until such Loan is repaid in full. Interest shall be calculated on the basis of a year of 365 days and the actual number of days elapsed and shall be payable in cash on the first Business Day of each calendar quarter, beginning on July 1, 2020, or, if earlier, on the date on which the outstanding principal amount of such Loan is repaid or prepaid in accordance with the terms hereof but no later than the Maturity Date.

3.Repayment.

(a)    Maturity. The Borrower promises to repay the entire unpaid principal amount of all Loans and all accrued but unpaid interest on the Maturity Date.

(b)    Voluntary Prepayment. The Borrower may, at any time and from time to time, prepay, without premium or penalty, the Loans in whole or in part, together with accrued interest to the date of such prepayment on the aggregate principal prepaid. Each prepayment of the Loans by the Borrower pursuant to this Section 3(b) shall be allocated first to accrued but unpaid interest in such Loans to the date of such prepayment and then to unpaid principal amounts outstanding under such Loans.

4.Increase of the Commitment.

(a)    Requests for Commitment Increase by Borrower. The Borrower may, at any time, request that the Commitment hereunder be increased (a “Commitment Increase”), upon notice to the Lender which notice shall specify the date on which such increase is requested to be effective (the “Commitment Increase Date”), which shall be a Business Day at least ten Business Days (or such lesser period as the Lender may reasonably agree) after delivery of such notice and 30 days prior to the Maturity Date; provided that:

(i)     immediately after giving effect to such Commitment Increase, the total Commitment of the Lender hereunder shall not exceed $50,000,000;

(ii)     no Event of Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the proposed Commitment Increase; 

(iii)     the representations and warranties contained in this Agreement shall be true and correct in all material respects (or, in the case of any portion of the representations and warranties already subject to a materiality qualifier, true and correct in all respects) on and as of the Commitment Increase Date as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date); 

(iv)     the Lender shall have received such other documents and opinions, if any, as it shall have reasonably requested; and

(v)     no such Commitment Increase shall be effective until and unless accepted and acknowledged, in writing, by the Lender, which acceptance may be withheld in whole or in part in the Lender’s sole and absolute discretion.

(b)    Effectiveness of Commitment Increase. The Commitment of the Lender shall be increased as of such Commitment Increase Date (or such other date as may be agreed to in writing by the Borrower and the Lender) upon (i) satisfaction of the conditions to such Commitment Increase set forth above in Section 4(a), and (ii) receipt by the Lender of a Note (as defined in Section 5), dated as of the Commitment Increase Date (or such other date as may be agreed to in writing by the Borrower and the Lender), evidencing the Borrower’s obligation to repay Loans in a principal amount no less than the aggregate amount of the Commitment Increase (or any part thereof accepted by the Lender in accordance with Section 4(a)(v)).

5.Evidence of Indebtedness. The Loans and the Borrower’s obligation to repay the Loans in accordance with this Agreement shall be evidenced by this Agreement, the records of the Lender and one or more promissory notes of the Borrower in the form of Exhibit A hereto, dated as of the date hereof or as of the Commitment Increase Date (or such other date as may be agreed to in writing by the Borrower and the Lender), as applicable, each payable to the order of the Lender in a principal amount set forth in such promissory note from time to time, the aggregate amount of which shall not at any time exceed the Commitment (as may be increased from time to time in accordance with Section 4) (each such promissory note being a “Note”).

6.Lender Acknowledgement. The Lender acknowledges that TPVG Variable Funding Company LLC (“Variable Funding”) is a legal entity separate from the Borrower and the assets of Variable Funding are not intended to be available to satisfy any obligations of the Borrower hereunder or under any Note. The Lender further acknowledges that any obligations of the Borrower hereunder or under any Note are unsecured and are expressly subordinated and junior in right of payment to all of the Borrower’s other indebtedness for borrowed money.

7.Conditions to Loans. The obligation of the Lender to make each Loan is subject to: 

(a)    delivery by the Borrower of a notice to the Lender (each such notice being an “Advance Request”), which notice shall specify (i) the requested aggregate amount of the Loan to be advanced by the Lender to the Borrower, and (ii) the date on which the advance of the Loan is requested to be made by the Lender, which shall be a Business Day at least five Business Days (or 

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such lesser period as the Lender may reasonably agree) after delivery of such notice, from time to time during the period from the date hereof through the Business Day immediately preceding the Maturity Date;

(b)    acceptance and acknowledgement, in writing, of such Advance Request by the Lender, which acceptance may be withheld in whole or in part in the Lender’s sole and absolute discretion; and

(c)    the fulfillment of each of the following conditions, in form and substance satisfactory to the Lender:
		
	(i)
	the Lender shall have received one or more Notes, duly executed by the Borrower, evidencing the Borrower’s obligation to repay Loans in accordance with Section 5;

		
	(ii)
	no Event of Default shall have occurred and be continuing on and as of the date each Loan is to be made hereunder, both with and without giving effect thereto and to the application of the proceeds thereof;

		
	(iii)
	the representations and warranties contained in this Agreement shall be true and correct in all material respects (or, in the case of any portion of the representations and warranties already subject to a materiality qualifier, true and correct in all respects), on and as of the date the Loan is to be made hereunder,  both with and without giving effect thereto and to the application of the proceeds thereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date); and

		
	(iv)
	the Lender shall have received such other documents and opinions, if any, as it shall have reasonably requested.

8.Representations and Warranties. In order to induce the Lender to enter into this Agreement and to make each Loan hereunder, the Borrower represents and warrants that:

(a)    the Borrower is duly incorporated, validly existing and in good standing under the laws of Maryland;

(b)    the Borrower has the power and authority to execute, deliver and perform the terms hereof; and the execution, delivery and performance by the Borrower of this Agreement and any Note have been duly authorized by all necessary action and do not contravene (i) the Borrower’s articles of amendment and restatement or amended and restated bylaws or (ii) law or any contractual restriction binding upon or affecting the Borrower or its property;

(c)    this Agreement and any Note have been duly executed and delivered and constitute legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally; and

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(d)    the execution, delivery and performance of this Agreement and any Note in accordance with their respective terms, and each borrowing of the Loans hereunder, do not and will not (i) require any governmental approval or other consent or approval, other than such approvals and consents that have been obtained and are in full force and effect, final and not subject to review on appeal or to collateral attack, or (ii) violate or conflict with, result in a breach of, or constitute a default under, or result in or require creation of any lien or encumbrance upon any assets of the Borrower under, any applicable law or any agreement, indenture, lease, license, instrument or other contractual restriction or any organizational document to which the Borrower is a party or by which the Borrower or any of its properties may be bound.

9.Covenants. From the date hereof until the date upon which the Commitment shall have terminated (whether as a result of the expiration of the period described in Section 1 or pursuant to the last paragraph of Section 10) and the Loans and all other amounts payable or accrued hereunder (the “Repayment Date”) shall have been paid in full, the Borrower shall:

(a)    Preservation of Existence and Franchises, Scope of Business, Compliance with Law, Preservation of Enforceability. (i) Preserve and maintain its legal existence and all of its other franchises, licenses, rights and privileges, (ii) comply with applicable law in all material respects, and (iii) take all action and obtain all consents and governmental approvals required so that its obligations hereunder will at all times be legal, valid and binding and enforceable in accordance with their respective terms, except to the extent that the failure to take such action or obtain any such consent or approval could not reasonably be expected to have a material adverse effect on the Borrower; provided, however, that the Borrower shall not be required to preserve any right or franchise if the board of directors of the Borrower shall determine that the preservation thereof is no longer desirable for the conduct of the business of the Borrower and that the loss thereof is not disadvantageous in any material respect to the Borrower or the Lender.

(b)    Information. Upon the request from time to time of the Lender, the Borrower shall promptly furnish to the Lender such documents and information regarding this Agreement, any Note, the Loans, and the business, assets, liabilities, financial condition (including financial statements of the Borrower), results of operations or business prospects of the Borrower, as the Lender may request, in each case in form and substance reasonably satisfactory to the Lender.

10.Events of Default; Remedies. If any of the following events (each, an “Event of Default”) shall have occurred and be continuing for any reason whatsoever (whether voluntary or involuntary, arising or effected by operation of law or otherwise):

(a)    any payment of principal of the Loans or any Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the applicable Note;

(b)    any payment of interest on the Loans or any Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the applicable Note, and such default is not cured within two days;

(c)    the Borrower shall default in the performance or observance of any other term, covenant or agreement contained herein, and such default shall continue without cure for a period of 30 days after receipt of written notice thereof from the Lender, or any representation or warranty 

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contained herein or therein shall at any time prove to have been incorrect or misleading in any material respect when made; or

(d)    a case or proceeding shall be commenced against the Borrower, or the Borrower shall commence a voluntary case, in either case seeking relief under any Bankruptcy Law, in each case as now or hereafter in effect, or the Borrower shall apply for, consent to, or fail to contest, the appointment of a receiver, liquidator, custodian, trustee or the like of the Borrower or for all or any part of its property, or the Borrower shall make a general assignment for the benefit of its creditors, or the Borrower shall fail, or admit in writing its inability, to pay, or generally not be paying, its debts as they become due;

then during the continuance of any Event of Default (other than any Event of Default specified in clause (d) above), the Lender may by written notice to the Borrower declare, in whole or from time to time in part, the principal of, and accrued interest on, the Loans and any Note and all other amounts owing hereunder to be, and the Loans and any Note and such other amounts shall thereupon and to that extent become, due and payable to the Lender. During the continuance of any Event of Default specified in clause (d) above, automatically and without any notice to the Borrower, the principal of, and accrued interest on, the Loans and any Note and all other amounts payable hereunder shall be due and payable to the Lender and the Commitment shall terminate.

11.Notices and Deliveries. All notices, communications and material to be given or delivered hereunder shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier (upon confirmation of receipt) or sent by electronic mail (upon submission), or 72 hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified at such party’s address as set forth below.

If to the Lender:
TriplePoint Advisers LLC  
2755 Sand Hill Road, Suite 150
Menlo Park, California 94025

Attention: Sajal Srivastava
E-mail: sks@triplepointcapital.com

If to the Borrower:
TriplePoint Venture Growth BDC Corp.  
2755 Sand Hill Road, Suite 150
Menlo Park, California 94025

Attention: Sajal Srivastava
E-mail: sks@triplepointcapital.com

12.Assignment.

(a)    The Borrower may not assign any of its rights or obligations under this Agreement or any Note without the prior written consent of the Lender.

(b)    The Lender may not assign any of its rights or obligations under this Agreement or any Note without the prior written consent of the Borrower; provided that the Lender may do any 

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of the following from time to time without the consent of the Borrower: (i) assign any or all of its rights and obligations under this Agreement or any Note to one or more Affiliates; (ii) pledge or otherwise grant a security interest or lien in any of its rights, obligations or interests under this Agreement and/or any Note to one or more of its lenders or (ii) transfer any of its rights, obligations or interests under this Agreement or any Note to any Person in connection with any exercise of remedies by any of its lender(s).

13.Enforcement Expenses. The Borrower shall pay or reimburse the Lender for all costs and expenses (including but not limited to fees and disbursements of legal counsel) incurred by the Lender in connection with, arising out of, or in any way related to, the enforcement, exercise, preservation or protection by the Lender of any of its rights under this Agreement or any Note.

14.Judicial Proceedings. Each of the Borrower and the Lender agree to submit to personal jurisdiction in any court of competent jurisdiction in San Mateo County in the State of California, and to irrevocably waive any objection it may now or hereafter have as to the venue of any proceeding brought in such court or that such court is an inconvenient forum. Each of the Borrower and the Lender hereby waives personal service of process and consents that service of process upon it may be made, and deemed completed, in accordance with the provisions of Section 11.

15.LIMITATION OF LIABILITY. NEITHER THE LENDER NOR ANY OF ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS AND ADVISORS SHALL HAVE ANY LIABILITY WITH RESPECT TO, AND THE BORROWER HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE FOR, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES SUFFERED BY THE BORROWER IN CONNECTION WITH ANY CLAIM (WHETHER CIVIL, CRIMINAL OR ADMINISTRATIVE, WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE AND WHETHER ARISING OR ASSERTED BEFORE OR AFTER THE DATE HEREOF OR THE REPAYMENT DATE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH, THIS AGREEMENT OR ANY NOTE OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.

16.Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California.

17.Counterparts. This Agreement may be signed in two counterparts, each of which shall constitute an original but both of which when taken together shall constitute but one agreement.

18.Definitions. For purposes of this Agreement:

“Advance Request” is defined in Section 7 of this Agreement.

“Affiliate” of a specified Person shall mean any other Person that directly or indirectly controls, is controlled by, or is under common control with such specified Person.

“Agreement” shall mean this Revolving Loan Agreement, as amended from time to time.

“Bankruptcy Law” shall mean Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

“Borrower” is defined in the first paragraph of this Agreement.

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“Business Day” shall mean any day other than a Saturday, Sunday or other day on which banks in Menlo Park, California are authorized to close.

“Commitment” is defined in Section 1 of this Agreement.

“Commitment Increase” is defined in Section 4 of this Agreement.
 
“Commitment Increase Date” is defined in Section 4 of this Agreement.

“Dollars” and the sign “$” shall mean lawful money of the United States of America.

“Event of Default” is defined in Section 10 of this Agreement.

“Loans” is defined in Section 1 of this Agreement.

“Lender” is defined in the first paragraph of this Agreement.

“Maturity Date” shall December 31, 2020.

“Note” is defined in Section 5 of this Agreement.

“Person” shall mean any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof.

“Repayment Date” is defined in Section 9 of this Agreement.

“Variable Funding” is defined in Section 6 of this Agreement.

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IN WITNESS WHEREOF, the Borrower and the Lender have caused this Agreement to be duly executed by their duly authorized officers, all as of the day and year first above written.

BORROWER:

TRIPLEPOINT VENTURE GROWTH BDC CORP.

By: /s/ Sajal Srivastava  
Name: Sajal Srivastava  
Title: President & Chief Investment Officer

LENDER:

TRIPLEPOINT ADVISERS LLC

By: /s/ Sajal Srivastava  
Name: Sajal Srivastava  
Title: Co-Chief Executive Officer

[Signature Page to Revolving Loan Agreement]

EXHIBIT A
FORM OF PROMISSORY NOTE
No. [•]
U.S. $[•]                                                          [•], 2020

FOR VALUE RECEIVED, TriplePoint Venture Growth BDC Corp., a Maryland corporation (the “Borrower”), hereby promises to pay to the order of TriplePoint Advisers LLC, a Delaware limited liability company (the “Lender”), the principal amount equal to the aggregate unpaid principal amount advanced to the Borrower by the Lender under the Loan Agreement referred to below (the “Loans”) and this Note, as set forth from time to time on the grid attached hereto, or on a continuation thereof (collectively, the “Grid”) (such amount not to exceed [•] Dollars (U.S. $[•])), with interest accrued on the Loans as provided in the Loan Agreement on the dates and in the amounts specified in the Loan Agreement. All payments due to the Lender hereunder shall be made to the Lender at the place, in the type of funds and in the matter specified in the Loan Agreement.

The holder hereof is authorized to endorse on the Grid, the principal amount of each Loan and each payment or prepayment with respect thereto.

Presentation, demand, protest, notice of dishonor and notice of intent to accelerate are hereby waived by the Borrower. No delay or omission by the Lender in exercising its rights under this Note shall operate as a waiver of such rights, nor shall the exercise of any right with respect to this Note waive or preclude the later exercise of such right or any other right.

This Note evidences the Loans made under, and is entitled to the benefits of, the Revolving Loan Agreement, dated as of May 6, 2020, by and between the Borrower and the Lender, as the same may be amended from time to time (the “Loan Agreement”). Reference is made to the Loan Agreement for provisions relating to the prepayment and the acceleration of the maturity hereof. 

This Note shall be governed by and construed in accordance with the laws of the State of California.

TRIPLEPOINT VENTURE GROWTH BDC CORP.

By: ___________________________ 
Name: Sajal Srivastava  
Title: President & Chief Investment Officer

GRID
PROMISSORY NOTE

	
					
	Date
	Amount of
Loan
	Amount of 
Principal Paid
or 
Prepaid
	Unpaid Principal
Amount of 
Note
	Notation
Made ByExhibit 10.3

    

    
      		
              111 W. 19th St., 8th Floor

              New York, NY 10011

            

    

     

    

    December 3, 2019

    

    

    Yunyoung Shin

    New York, NY

    

    

    Dear Yunyoung:

    

    

    It is with great pleasure that we extend to you an offer to join NFE Management LLC (together with its affiliates, “NFE”), as set forth below. This
      letter is referred to as the “Letter Agreement”.

    

    

    	
            Title:

          	
            Chief Accounting Officer. You will devote your full working time to NFE.

          
	 	 
	
            Start Date:

          	
            Your employment will commence on or about December 3, 2019 (the “Start Date”).

          
	 	 
	
            Location of

            Employment:

          	
            You will be an employee of NFE at its office in New York, NY. You understand and agree that you may be required to travel frequently in respect of your duties to
              NFE.

          
	 	 
	
            Compensation:

          	
            Your base salary will be $200,000 per annum, payable in accordance with the regular payroll practices of NFE in effect from time to time.
               As an exempt employee, your salary shall constitute your compensation for all hours worked each workweek, regardless of the number of hours worked.

             

            

            In addition, you are eligible to receive a discretionary annual bonus, as determined by NFE in its sole discretion.  The discretionary bonus (if any) will be
              paid to you no later than March 15 of the immediately subsequent calendar year so long as you are an active employee at, and not have given or received notice of termination prior to, the time of the bonus payment.

          
	 	 
	
            Benefits:

          	
            You will be eligible to participate in any employee benefit plan that NFE provides for the benefit of its employees generally, as in effect from time to time and
              subject to the applicable terms and conditions of the plans.

          
	 	 
	
            Work

             Authorization:

          	
            Employment with NFE is contingent upon your unrestricted authorization to work in the United States and providing documentation establishing your identity and
              authority to work within the time period specified by law.

          
	 	 
	
            Set-off:

          	
            You acknowledge and agree, without limiting NFE’s rights otherwise available at law or in equity, that, to the extent permitted by law, any or all amounts
              payable to you by NFE or any of its affiliates may be set-off against any or all amounts or other consideration payable by you to NFE or any of its affiliates; provided
              that any such set-off does not result in a penalty under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).

          
	 	 
	
            Policies and

            Procedures:

          	
            You agree to comply fully with all NFE policies and procedures applicable to employees, as amended and implemented from time to time, including, without
              limitation, tax, regulatory, and compliance procedures.

          

    

    

    
      
        	Page 1 of 6

      

      
        

      
        	
                Employment Offer Letter

                Yunyoung Shin

                December 3, 2019

              

      

    

    	
            Employment

            Relationship:

          	
            This Letter Agreement is not a contract of employment for any specific period of time, and subject to the notice provisions herein, your employment is “at will”
              and may be terminated by you or by NFE at any time and for any reason or no reason.

             

            

            You agree to provide NFE with at least thirty (30) days’ advance written notice of your resignation of employment (the “Notice Period”). NFE may, in its sole
              discretion, direct you to cease performing your duties, refrain from entering NFE’s offices, and/or restrict your access to NFE systems, trade secrets, and confidential information during all or part of the Notice Period.  NFE shall have the
              right at any time during the Notice Period to waive any or all of the applicable notice period without any further obligations to you, including but not limited to, making any payments to you in lieu of notice.

          
	 	 
	
            Protective

            Covenants:

            	
            
              You shall not, directly or indirectly, without prior written consent of NFE, at any time during your employment hereunder (including any Notice Period),
                provide consultative services to, own, manage, operate, join, control, participate in, be engaged in, employed by or be connected with, any business, individual, partner, firm, corporation, or other entity that directly or indirectly
                competes with (any such action, individually, and in the aggregate, to “compete with”), any of NFE or its affiliates (the “NFE Group”).

               

              

              You hereby agree that if you resign your employment or are terminated for Cause (as hereinafter defined), for twelve (12) months thereafter (which twelve (12)
                month period shall be inclusive of the Notice Period (as defined above)), you shall not directly or indirectly provide consultative services to, own, manage, operate, join, control, be employed by, participate in, or be connected with, any
                business, individual, partner, firm, corporation, or other entity that directly or indirectly competes with the business of the NFE Group.

               

              

              You further agree that you shall not, directly or indirectly, for your benefit or for the benefit of any other person (including, without limitation, an
                individual or entity), or knowingly assist any other person to during your employment with NFE and for twelve (12) months thereafter, in any manner, directly or indirectly:

               

              

              (a)          hire or solicit the employment or services
                  of any person who provided services to NFE or any member of the NFE Group, as an employee, independent contractor or consultant at the time of the termination of your employment with NFE or within six (6) months prior thereto;

               

                

              (b)          solicit any person who is an employee of
                  NFE or any member of the NFE Group to resign from NFE or any member of the NFE Group or to apply for or accept employment with any enterprise;

               

                

              (c)          solicit or otherwise attempt to establish
                  any business relationship (in connection with any business in competition with NFE or any member of the NFE Group) with any limited partner, investor, person, firm, corporation or other entity that is, at the time of your termination of
                  employment, or was a client, investor or business partner of NFE or any member of the NFE Group; or

               

                

              (d)          interfere with or damage (or attempt to
                  interfere with or damage) any relationship between NFE and any member of the NFE Group and their respective clients, investors, business partners, or employees.

            

          

    

    

    
      
        	Page 2 of 6

      

      
        

      
        	
                Employment Offer Letter

                Yunyoung Shin

                December 3, 2019

              

      

    

    	 

          	
            As a condition of employment, you must sign a confidentiality and proprietary rights agreement, in a form acceptable to NFE, and that agreement shall remain in
              full force and effect after it is executed and following termination of your employment for any reason with NFE or any of its affiliates. The obligations set forth in such agreement shall be considered “Protective Covenants” for purposes of
              this Letter Agreement and are incorporated herein by reference.

             

            

            The provisions set forth above in (or incorporated into) this “Protective Covenants” section, together with the Notice Period above, are collectively referred to
              in this Letter Agreement as the “Protective Covenants.”

             

            

            “Cause” means (i) your willful misconduct or gross negligence in the performance of your duties to NFE; (ii) your failure to perform your duties to NFE or to
              follow the lawful directives of the Board of Directors of NFE (the “Board”); (iii) your commission of, indictment for, conviction of, or pleading of guilty or nolo contendere to, a felony or any crime involving moral turpitude; (iv) your
              failure to cooperate in any audit or investigation of the business or financial practices of NFE; (v) your performance of any material act of theft, embezzlement, fraud, malfeasance, dishonesty or misappropriation of the property of NFE; (vi)
              your breach of any Protective Covenant set forth herein (or otherwise incorporated by reference herein); or (vii) your material breach of this Letter
              Agreement (excluding the Protective Covenants set forth herein (or otherwise incorporated by reference herein)) or any other agreement with NFE, including, without limitation, a violation of the code of conduct or other written policy of such
              entity; provided, however, that discharge pursuant to this clause (vii) shall not constitute discharge for “Cause”
                unless you have received written notice from NFE stating the nature of such breach and affording you an opportunity to correct fully the act(s) or omission(s), if such a breach is capable of correction, described in such notice within ten
                (10) days following your receipt of such notice.

          
	 	 
	
            Arbitration:

          	
            The parties agree to resolve any controversy, dispute or claim arising out of or relating to your compensation, your employment or the termination thereof or the
              Letter Agreement or breach thereof (each, a “Dispute”) through good faith negotiation. To the extent any Dispute cannot be resolved by good faith negotiation, the parties agree to submit to binding arbitration administered by Judicial
              Arbitration and Mediation Services, Inc. (“JAMS”) or a successor organization, located in New York, NY by a single arbitrator pursuant to its Employment Arbitration Rules & Procedures then in effect.  Except as otherwise authorized by
              applicable law, all awards of the arbitrator shall be binding and non-appealable. The arbitrator’s final award shall be made in writing and delivered to the parties within thirty (30) calendar days following the close of the hearing and shall
              provide a reasoned basis for the resolution of any Dispute and any relief provided. Judgment upon the award of the arbitrator may be entered in any court having jurisdiction. The arbitrator may grant injunctions or other relief.
              Notwithstanding anything else set forth herein, neither party shall be precluded from applying to a proper court for injunctive relief by reason of the prior or subsequent commencement of an arbitration proceeding as herein provided. The
              parties waive the right to (i) join or consolidate claims by other individuals or entities against the other party (including, but not limited to, by becoming a member of a class in a class action); or (ii) bring, maintain, participate in,
              receive money from, or arbitrate any claim as part of a class, representative, multi-plaintiff, or collective action. If, despite the parties’ express intent to proceed only in individual arbitration, a court nonetheless orders that a class,
              representative, multi-plaintiff, or collective action should proceed, it may proceed only in court. Any issue concerning the validity or enforceability of this waiver must be decided only by a court and an arbitrator shall have no authority
              to determine the validity or enforceability of this waiver. The parties agree that this “Arbitration” section shall be governed by the Federal Arbitration Act, and that the arbitrator shall apply New York law to the merits of any Dispute,
              without regard to conflicts of law principles.

          

    

    

    
      
        	Page 3 of 6

      

      
        

      
        	
                Employment Offer Letter

                Yunyoung Shin

                December 3, 2019

              

      

    

    	
            Governing Law:

          	
            This Letter Agreement will be covered by and construed in accordance with the laws of New York, without regard to the conflicts of laws provisions thereof.
              EXCEPT AS OTHERWISE PROVIDED ABOVE IN THE “ARBITRATION” SECTION, YOU HEREBY AGREE THAT EXCLUSIVE JURISDICTION WILL BE IN A COURT OF COMPETENT JURISDICTION IN NEW YORK, NY AND WAIVE OBJECTION TO THE JURISDICTION OR TO THE LAYING OF VENUE IN
              ANY SUCH COURT.

          
	 	 
	
            Section 409A:

          	
            The intent of the parties is that payments and benefits hereunder comply with Section 409A, to the extent subject thereto, and, accordingly, to the maximum
              extent permitted, this Letter Agreement shall be interpreted and administered to be in compliance therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax
              penalties under Section 409A, you shall not be considered to have terminated employment with NFE for purposes of this Letter Agreement, and no payment shall be due to you under this Letter Agreement, until you would be considered to have
              incurred a “separation from service” from NFE within the meaning of Section 409A. Each amount to be paid or benefit to be provided to you pursuant to this Letter Agreement that constitutes deferred compensation subject to Section 409A shall
              be construed as a separate identified payment for purposes of Section 409A. Notwithstanding anything to the contrary in this Letter Agreement, to the extent that any payments to be made upon your separation from service would result in the
              imposition of any individual penalty tax imposed under Section 409A, the payment shall instead be made on the first business day after the earlier of (i) the date that is six (6) months following such separation from service and (ii) your
              death.

          
	 	 
	
            Miscellaneous:

          	
            Notwithstanding the provisions referenced above in the “Arbitration” section, if you commit or are about to commit a breach of any of the Protective Covenants,
              NFE shall have the right to have the provisions of this Letter Agreement specifically enforced by any court having equity jurisdiction without being required to post bond or other security and without having to prove the inadequacy of the
              available remedies at law, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to NFE and that money damages will not provide an adequate remedy to NFE. NFE may also take all such other
              actions and remedies available to it under law or in equity and shall be entitled to such damages as it can show it has sustained by reason of such breach.

          

    

    

    
      
        	Page 4 of 6

      

      
        

      
        	
                Employment Offer Letter

                Yunyoung Shin

                December 3, 2019

              

      

    

    	 	
            The parties acknowledge that: (i) the type and periods of restriction imposed in the Protective Covenants are fair and reasonable and are reasonably required to
              protect and maintain the proprietary interests of NFE or other legitimate business interests and the goodwill associated with the business of NFE; (ii) the time, scope, geographic area and other provisions of the Protective Covenants have
              been specifically negotiated by sophisticated commercial parties; and (iii) because of the nature of the business engaged in by NFE and the fact that investors can be and are serviced and investments can be and are made by NFE wherever they
              are located, it is impractical and unreasonable to place a geographic limitation on the agreements made by you. You acknowledge and agree that NFE has advised you to seek legal counsel.

             

            

            If any covenant contained in the Protective Covenants, or any part thereof, is held to be unenforceable by reason of it extending for too great a period of time
              or over too great a geographic area or by reason of it being too extensive in any other respect, the parties agree such covenant shall be interpreted to extend only over the maximum period of time for which it may be enforceable and/or over
              the maximum geographic areas as to which it may be enforceable and/or over the maximum extent in all other respects as to which it may be enforceable.

             

            

            The unenforceability of any Protective Covenant shall not affect the validity or enforceability of any other Protective Covenant or any other provision or
              provisions of this Letter Agreement. The temporal duration of the Protective Covenants shall not expire, and shall be tolled, during any period in which you are in violation of any Protective Covenant, and all such restrictions shall
              automatically be extended by the period of your violation of any such restrictions.

             

            

            This Letter Agreement, and all of your rights and duties hereunder, shall not be assignable or delegable by you. Any purported assignment or delegation by you in
              violation of the foregoing shall be null and void and of no force and effect. This Letter Agreement may be assigned by NFE Management LLC to any affiliate thereof or to a person or entity which is an affiliate or successor in interest to all
              or substantially all of the business operations of NFE. Upon such assignment, the rights and obligations of NFE hereunder shall become the rights and obligations of such affiliate person or entity.

             

            

            You shall provide reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events
              occurring during your employment. This provision shall survive any termination of this Letter Agreement.

            NFE may withhold from any amounts and benefits due to you under this Letter Agreement such Federal, state, and local taxes as may be required or permitted to be
              withheld pursuant to any applicable law or regulation.

             

            

            This Letter Agreement contains the entire understanding of the parties and may be modified only in a document signed by the parties and referring explicitly to
              this Letter Agreement. NFE’s affiliates are intended beneficiaries under this Letter Agreement.   If any provision of this Letter Agreement is determined to be unenforceable, the remainder of this Letter Agreement
              shall not be adversely affected thereby.  Moreover, if any one or more of the provisions contained in this Letter Agreement is held to be unenforceable, any such provision will be construed by limiting and reducing it so as to be enforceable
              to the maximum extent compatible with applicable law.  In executing this Letter Agreement, you represent that you have not relied on any representation or statement not set forth herein, and you expressly disavow any reliance upon any such
              representations or statements.

          

    

    

    
      
        	Page 5 of 6

      

      
        

      
        	
                Employment Offer Letter

                Yunyoung Shin

                December 3, 2019

              

      

    

    If you agree with the terms of this Letter Agreement and accept this offer of employment, please sign and date this Letter Agreement in the space provided below and
      return a copy to Human Resources within seven (7) days of the date hereof to indicate your acceptance. We look forward to you joining the NFE team.

    

    

    This Letter Agreement may be signed in counterparts, each of which shall be deemed an original, with the same effect as if the signatures thereto and hereto were upon
      the same instrument.

    

    

    	 	
            Sincerely,

          
	 	 
	 	
            NFE MANAGEMENT LLC

          
	 	 
	 	
            By:

          	 
	 	 	 
	
            AGREED AND ACCEPTED AS OF

          	 
	 	 
	
             

          	 	 
	Yunyoung Shin	 	 

     

    

     

    

     

  

  
    	Page 6 of 6

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