Document:

imgn_Ex10-11-f

		
			Exhbit 10.11(f)
		

		
			IMMUNOGEN, INC.
		

		
			 
		

		
			PERFORMANCE-BASED NON-QUALIFIED STOCK OPTION TERMS AND CONDITIONS
		

		
			 
		

		
			 
		

		
			The following supplements the Grant Detail (the “Grant Detail”) to which these Performance-Based Non-Qualified Stock Option Terms and Conditions apply, and together with the Grant Detail, constitutes the “Option Agreement” referenced in the Grant Detail.
		

		
			 
		

		
			This Option Agreement is entered into and made effective as of the grant date referenced in the Grant Detail (the “Date of Grant”) and is between ImmunoGen, Inc., a Massachusetts corporation (the “Company”), and the employee or consultant of the Company (the “Participant”) referenced in the Grant Detail.  Certain capitalized terms, to the extent not defined where they first appear in this Option Agreement, are defined in the Company’s 2018 Employee, Director and Consultant Equity Incentive Plan (the “Plan”).
		

		
			 
		

		
			1.GRANT OF OPTION.
		

		
			 
		

		
			The Company has granted to the Participant the right and option to purchase all or any part of the aggregate  number of shares of the Company’s common stock, $.01 par value per share (the “Shares”), referenced in the Grant Detail, on the terms and conditions and subject to all the limitations set forth herein, under United States securities and tax laws, and in the Plan, which is incorporated herein by reference.  The Participant acknowledges receipt of a copy of the Plan.
		

		
			 
		

		
			2.PURCHASE PRICE.
		

		
			 
		

		
			The per share purchase price of the Shares covered by the Option shall be as referenced as the “Grant Price” in the Grant Detail, subject to adjustment, as provided in the Plan, in the event of a stock split, reverse stock split or other events affecting the holders of Shares after the date hereof (the “Purchase Price”).  Payment shall be made in accordance with Paragraph 10 of the Plan.
		

		
			 
		

		
			3.EXERCISABILITY OF OPTION.
		

		
			 
		

		
			Subject to the terms and conditions set forth in this Option Agreement and the Plan, the Option shall become exercisable with respect to the percentage of the Granted Shares indicated below in connection with the achievement of the following performance goals, as follows:
		

		
			 
		

			
	
			
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			25% of the Granted Shares shall vest upon acceptance of a biologics license application (“BLA”) for mirvetuximab soravtansine (IMGN853) by the U.S. Food and Drug Administration (the “FDA”) based on data from the Company’s SORAYA clinical trial (the “First Performance Goal”); provided that the First Performance Goal shall be deemed not to have been met fi the Company has not completed its submission of such BLA to the FDA on or prior to December 31, 2021.  If the First Performance Goal is not met, 25% of the Granted Shares will be forfeited.

		
			

		 

		

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			50% of the Granted Shares shall vest upon receipt of accelerated marketing approval for IMGN853 from the FDA on or prior to December 31, 2022 (the “Second Performance Goal”); provided, however, that if the Third Performance Goal (as defined below) is met before the Second Performance Goal is met, 37.5% of the Granted Shares shall vest when the Second Performance Goal is met.  If the Second Performance Goal is not met, 25% of the Granted Shares will be forfeited.

		
			 
		

			
	
			
				 ·
			

			
	
			
			25% of the Granted Shares shall vest upon acceptance of a BLA for IMGN853 by the FDA based on data from the Company’s MIRASOL clinical trial (the “Third Performance Goal”); provided, that the Third Performance Goal shall be deemed not to have been met if the Company has not completed its submission of such BLA on or prior to December 31, 2022; and provided, further, that if the Second Performance Goal is met before the Third Performance Goal is met, then 12.5% of the Granted Shares shall vest when the Third Performance Goal is met. If the Third Performance Goal is not met, 12.5% of the Granted Shares will be forfeited if the Second Performance Goal has been met, or (b) 25% of the Granted Shares will be forfeited if the Second Performance Goal has not been met.

		
			 
		

			
	
			
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			All remaining Granted Shares not previously vested or forfeited shall vest upon receipt of full marketing approval for IMGN853 from the FDA on or prior to December 31, 2023 (the “Fourth Performance Goal”). If the Fourth Performance Goal is not met, all remaining unvested Granted Shares will be forfeited.

		
			 
		

		
			The determination of achievement of the performance goals shall be based on certification of achievement of a performance goal by the Compensation Committee, which certification date shall be deemed to be the vesting date with respect to any of the Granted Shares for all purposes of this Option Agreement.
		

		
			 
		

		
			Anything contained in this Option Agreement to the contrary notwithstanding, if for any reason the Company does not achieve a performance goal set forth above by March 31, 2024 (the “Performance End Date”), then the Option subject hereto shall, on the Performance End Date, automatically terminate and be cancelled with respect to any Granted Shares that have not become vested and exercisable on or prior to such date.
		

		
			 
		

		
			Notwithstanding the foregoing, if a performance goal is achieved prior to the first anniversary of the Date of Grant, then the Granted Shares that would otherwise vest upon achievement of such performance goal shall not vest until the first anniversary of the Date of Grant, and if a Termination Date occurs prior to such one-year anniversary, the Option subject hereto shall terminate and be cancelled as if the performance goal had not been achieved as of the date of the Termination; provided, however, that if such Termination Date occurs due to the Participant’s death or Disability (as defined in the Plan), or there occurs a Change of Control (as defined in the Plan) prior to the first anniversary of the Date of Grant and prior to a Termination, the Option shall vest with respect to the Granted Shares subject to such achieved performance goal, as of the Termination Date or immediately prior to the Change of Control transaction.
		

		
			 
		

		
			

		 

		

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			Notwithstanding the foregoing, in the event a Corporate Transaction (as defined in the Plan) where the outstanding options are terminated or cashed out in accordance with Paragraph 25(b) of the Plan, this Option shall become fully vested and immediately exercisable for purposes of Paragraph 25(b) of the Plan unless this Option has otherwise expired or been terminated pursuant to this Agreement of the terms of the Plan.
		

		
			 
		

		
			The foregoing rights are cumulative and are subject to the other terms and conditions of this Option Agreement and the Plan.
		

		
			 
		

		
			4.TERM OF OPTION.
		

		
			 
		

		
			The Option shall terminate ten years from the Date of Grant, but shall be subject to earlier termination as provided herein or in the Plan.
		

		
			 
		

		
			If the Participant ceases to be an Employee or director of, or Consultant to, the Company or of an Affiliate for any reason other than death or Disability of the Participant or termination of the Participant for Cause (as defined in the Plan)) (the “Termination Date”), the Option, to the extent then vested and exercisable pursuant to Section 3 hereof as of the Termination Date, and not previously terminated, may be exercised within three months (or one year in the case of Retirement (as defined below)) after the Termination Date, or within the originally prescribed term of the Option, whichever is earlier, but may not be exercised thereafter except as set forth below.  In such event, the unvested portion of the Option shall not be exercisable and shall expire and be cancelled on the Termination Date.    “Retirement” means cessation of service as aforesaid on or after age 60 and with at least 5 years of service.
		

		
			 
		

		
			Notwithstanding the foregoing, in the event of the Participant’s Disability or death within three months after the Termination Date, the Participant or the Participant’s survivors may exercise the Option within one year after the Termination Date, but in no event after the date of expiration of the term of the Option.
		

		
			 
		

		
			In the event the Participant’s service is terminated by the Company or an Affiliate for Cause (as defined in the Plan), the Participant’s right to exercise any unexercised portion of this Option shall cease immediately as of the time the Participant is notified his or her service is terminated for Cause,  and this Option shall thereupon terminate.  Notwithstanding anything herein to the contrary, if subsequent to the Participant’s termination, but prior to the exercise of the Option, the Board of Directors of the Company determines that, either prior or subsequent to the Participant’s termination, the Participant engaged in conduct which would constitute Cause, then the Participant shall immediately cease to have any right to exercise the Option and this Option shall thereupon terminate.
		

		
			 
		

		
			In the event of the Disability of the Participant, as determined in accordance with the Plan, the Option shall be exercisable within one year after the Participant’s termination by reason of Disability or, if earlier, within the term originally prescribed by the Option.  In such event, the Option shall be exercisable to the extent that the Option has become exercisable but has not been exercised as of the date of Disability.
		

		
			 
		

		
			In the event of the death of the Participant while an Employee or director of, or Consultant to, the Company or of an Affiliate, the Option shall be exercisable by the 

		 

		

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Participant’s survivors within one year after the date of death of the Participant or, if earlier, within the originally prescribed term of the Option.  In such event, the Option shall be exercisable to the extent that the Option has become exercisable but has not been exercised as of the date of death.
		

		
			 
		

		
			5.METHOD OF EXERCISING OPTION.
		

		
			 
		

		
			Subject to the terms and conditions of this Option Agreement, the Option may be exercised by notice to the Company or its designee stating the number of Shares with respect to which the Option is being exercised and shall be delivered in such form as may be designated from time to time by the Company.  Payment of the purchase price for such Shares shall be made in accordance with Paragraph 10 of the Plan.  The Company shall deliver such Shares as soon as practicable after the notice shall be received, provided, however, that the Company may delay issuance of such Shares until completion of any action or obtaining of any consent, which the Company deems necessary under any applicable law (including, without limitation, state securities or “blue sky” laws).  The Shares as to which the Option shall have been so exercised shall be registered in the Company’s share register in the name of the person so exercising the Option (or, if the Option shall be exercised by the Participant and if the Participant shall so request in the notice exercising the Option, shall be registered in the name of the Participant and another person jointly, with right of survivorship) and shall be delivered as provided above to or upon the written order of the person exercising the Option.  In the event the Option shall be exercised, pursuant to Section 4 hereof, by any person other than the Participant, such notice shall be accompanied by appropriate proof of the right of such person to exercise the Option.  All Shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid and nonassessable.
		

		
			 
		

		
			6.PARTIAL EXERCISE.
		

		
			 
		

		
			Exercise of this Option to the extent above stated may be made in part at any time and from time to time within the above limits, except that no fractional share shall be issued pursuant to this Option.
		

		
			 
		

		
			7.NON‐ASSIGNABILITY.
		

		
			 
		

		
			The Option shall not be transferable by the Participant otherwise than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act or the rules thereunder.  However, the Participant, with the approval of the Administrator, may transfer the Option for no consideration to or for the benefit of the Participant’s Immediate Family (including, without limitation, to a trust for the benefit of the Participant’s Immediate Family or to a partnership or limited liability company for one or more members of the Participant’s Immediate Family), subject to such limits as the Administrator may establish, and the transferee shall remain subject to all the terms and conditions applicable to the Option prior to such transfer and each such transferee shall so acknowledge in writing as a condition precedent to the effectiveness of such transfer.  Except as provided in the previous sentence, the Option shall be exercisable, during the Participant’s lifetime, only by the Participant (or, in the event of legal incapacity or incompetency, by the Participant’s guardian or representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject 

		 

		

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to execution, attachment or similar process.  Any attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any rights granted hereunder contrary to the provisions of this Section 7, or the levy of any attachment or similar process upon the Option shall be null and void. The term “Immediate Family” shall mean the Participant’s spouse, former spouse, parents, children, stepchildren, adoptive relationships, sisters, brothers, nieces, nephews and grandchildren (and, for this purpose, shall also include the Participant.)  
		

		
			 
		

		
			8.NO RIGHTS AS SHAREHOLDER UNTIL EXERCISE.
		

		
			 
		

		
			The Participant shall have no rights as a shareholder with respect to Shares subject to this Option Agreement until registration of the Shares in the Company’s share register in the name of the Participant.  Except as is expressly provided in the Plan with respect to certain changes in the capitalization of the Company, no adjustment shall be made for dividends or similar rights for which the record date is prior to the date of such registration.
		

		
			 
		

		
			9.ADJUSTMENTS.
		

		
			 
		

		
			The Plan contains provisions covering the treatment of Options in a number of contingencies such as stock splits and mergers.  Provisions in the Plan for adjustment with respect to stock subject to Options and the related provisions with respect to successors to the business of the Company are hereby made applicable hereunder and are incorporated herein by reference.  
		

		
			 
		

		
			10.TAXES.
		

		
			 
		

		
			The Participant acknowledges that upon exercise of the Option the Participant will be deemed to have taxable income measured by the difference between the then fair market value of the Shares received upon exercise and the price paid for such Shares pursuant to this Option Agreement.  The Participant acknowledges that any income or other taxes due from him or her with respect to this Option or the Shares issuable pursuant to this Option shall be the Participant’s responsibility.
		

		
			 
		

		
			The Participant agrees that the Company may withhold from the Participant’s remuneration, if any, the minimum statutory amount of federal, state and local withholding taxes attributable to such amount that is considered compensation includable in such person’s gross income.  At the Company’s discretion, the amount required to be withheld may be withheld in cash from such remuneration, or in kind from the Shares otherwise deliverable to the Participant on exercise of the Option.  The Participant further agrees that, if the Company does not withhold an amount from the Participant’s remuneration sufficient to satisfy the Company’s income tax withholding obligation, the Participant will reimburse the Company on demand, in cash, for the amount under-withheld.
		

		
			 
		

		
			11.PURCHASE FOR INVESTMENT.
		

		
			 
		

		
			Unless the offering and sale of the Shares to be issued upon the particular exercise of the Option shall have been effectively registered under the Securities Act of 1933, as now in force or hereafter amended (the “1933 Act”), the Company shall be under no obligation to issue the Shares covered by such exercise unless and until the following conditions have been fulfilled:
		

		
			

		 

		

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			(a)The person(s) who exercise the Option shall warrant to the Company, at the time of such exercise, that such person(s) are acquiring such Shares for their own respective accounts, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by the provisions of the following legend which shall be endorsed upon the certificate(s) evidencing the Shares issued pursuant to such exercise:
		

		
			 
		

		
			“The shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws;” and
		

		
			 
		

		
			(b)If the Company so requires, the Company shall have received an opinion of its counsel that the Shares may be issued upon such particular exercise in compliance with the 1933 Act without registration thereunder.  Without limiting the generality of the foregoing, the Company may delay issuance of the Shares until completion of any action or obtaining of any consent, which the Company deems necessary under any applicable law (including without limitation state securities or “blue sky” laws).
		

		
			 
		

		
			12.RESTRICTIONS ON TRANSFER OF SHARES.
		

		
			 
		

		
			12.1The Participant agrees that in the event the Company proposes to offer for sale to the public any of its equity securities and such Participant is requested by the Company and any underwriter engaged by the Company in connection with such offering to sign an agreement restricting the sale or other transfer of Shares, then it will promptly sign such agreement and will not transfer, whether in privately negotiated transactions or to the public in open market transactions or otherwise, any Shares or other securities of the Company held by him or her during such period as is determined by the Company and the underwriters, not to exceed 90 days following the closing of the offering, plus such additional period of time as may be required to comply with Marketplace Rule 2711 of the National Association of Securities Dealers, Inc. or similar rules thereto (such period, the “Lock-Up Period”).  Such agreement shall be in writing and in form and substance reasonably satisfactory to the Company and such underwriter and pursuant to customary and prevailing terms and conditions.  Notwithstanding whether the Participant has signed such an agreement, the Company may impose stop-transfer instructions with respect to the Shares or other securities of the Company subject to the foregoing restrictions until the end of the Lock-Up Period.
		

		
			 
		

		
			12.2The Participant acknowledges and agrees that neither the Company, its shareholders nor its directors and officers, has any duty or obligation to disclose to the Participant any material information regarding the business of the Company or affecting the value of the Shares before, at the time of, or following a termination of the employment of the 

		 

		

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Participant by the Company, including, without limitation, any information concerning plans for the Company to make a public offering of its securities or to be acquired by or merged with or into another firm or entity.
		

		
			 
		

		
			13.NO OBLIGATION TO MAINTAIN RELATIONSHIP.
		

		
			 
		

		
			The Company is not by the Plan or this Option obligated to continue the Participant as an Employee or director of, or Consultant to, the Company or an Affiliate.  The Participant acknowledges:  (i) that the Plan is discretionary in nature and may be suspended or terminated by the Company at any time; (ii) that the grant of the Option is a one-time benefit which does not create any contractual or other right to receive future grants of options, or benefits in lieu of options; (iii) that all determinations with respect to any such future grants, including, but not limited to, the times when options shall be granted, the number of shares subject to each option, the option price, and the time or times when each option shall be exercisable, will be at the sole discretion of the Company; (iv) that the Participant’s participation in the Plan is voluntary; (v) that the value of the Option is an extraordinary item of compensation which is outside the scope of the Participant’s employment contract, if any; and (vi) that the Option is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.
		

		
			 
		

		
			14.NOTICES.
		

		
			 
		

		
			Any notices to the Company required or permitted by the terms of this Option Agreement or the Plan shall  be given by recognized courier service, facsimile, certified mail, return receipt requested, addressed as follows:
		

		
			 
		

		
			If to the Company:
		

		
			 
		

		
			ImmunoGen, Inc.
		

		
			Attn: Finance
		

		
			830 Winter Street 
		

		
			Waltham, MA  02451
		

		
			 
		

		
			or to such other address or addresses of which notice in the same manner has previously been given.  Any such notice shall be deemed to have been given upon the earlier of receipt, one business day following delivery to a recognized courier service or three business days following mailing by certified mail.
		

		
			 
		

		
			15.GOVERNING LAW.
		

		
			 
		

		
			This Option Agreement shall be construed and enforced in accordance with the law of the Commonwealth of Massachusetts, without giving effect to the conflict of law principles thereof.  
		

		
			 
		

		
			

		 

		

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			16.BENEFIT OF AGREEMENT.
		

		
			 
		

		
			Subject to the provisions of the Plan and the other provisions hereof, this Option Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators, successors and assigns of the parties hereto.
		

		
			 
		

		
			17.ENTIRE AGREEMENT.
		

		
			 
		

		
			This Option Agreement, together with the Plan, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.  No statement, representation, warranty, covenant or agreement not expressly set forth in this Option Agreement shall affect or be used to interpret, change or restrict, the express terms and provisions of this Option Agreement, provided, however, in any event, this Option Agreement shall be subject to and governed by the Plan.
		

		
			 
		

		
			18.MODIFICATIONS AND AMENDMENTS.
		

		
			 
		

		
			The terms and provisions of this Option Agreement may be modified or amended as provided in the Plan.
		

		
			 
		

		
			19.WAIVERS AND CONSENTS.
		

		
			 
		

		
			Except as provided in the Plan, the terms and provisions of this Option Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Option Agreement, whether or not similar.  Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.
		

		
			 
		

		
			20.DATA PRIVACY.
		

		
			 
		

		
			By accepting the Option, the Employee acknowledges that the processing of certain personal data by the Company and each Affiliate (and any agent of the Company or any Affiliate administering the Plan or providing Plan record keeping services) is necessary for the performance of contractual duties to the Employee under the Option in order to facilitate the grant of the Option and the issuance of Shares and the administration of the Plan. Any storage, transfer or processing of personal data shall be in accordance with applicable law and, where required, in accordance with any Company Privacy Notice made available to the Employee.
		

		
			 
		

		 

		

			8seas-ex101_6.htm

Exhibit 10.1

Execution Version

AMENDMENT No. 10, dated as of March 10, 2020 (this “Amendment”), to the Credit Agreement, dated as of December 1, 2009, among SeaWorld Parks & Entertainment, Inc., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to the Credit Agreement (the “Lenders”), JPMORGAN CHASE BANK, N.A., as Administrative Agent (in its capacity as Administrative Agent, the “Administrative Agent”) and Collateral Agent (in its capacity as Collateral Agent, the “Collateral Agent”), JPMORGAN CHASE BANK, N.A., as L/C Issuer and Swing Line Lender and the other parties thereto (as amended by Amendment No. 1, dated as of February 17, 2011, as further amended by Amendment No. 2, dated as of April 15, 2011, as further amended by Amendment No. 3, dated as of March 30, 2012, as further amended by Amendment No. 4, effective as of April 24, 2013, as further amended by Amendment No. 5, dated as of May 14, 2013, as further amended by Amendment No. 6, dated as of August 9, 2013, as further amended by Amendment No. 7, dated as of March 30, 2015, as further amended by Amendment No. 8, dated as of March 31, 2017, as further amended by Amendment No. 9, dated as of October 31, 2018 and as further amended, restated, modified and supplemented from time to time, the “Credit Agreement”); capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

WHEREAS, the Borrower desires to increase the aggregate amount of Tranche 4 Revolving Credit Commitments under the Credit Agreement in accordance with Section 2.14 of the Credit Agreement, on the terms set forth herein;

WHEREAS, the Borrower has requested that the Persons set forth on Schedule I-A hereto (collectively, the “2020 Revolving Commitment Increase Lenders” and each, a “2020 Revolving Commitment Increase Lender”) make available additional Tranche 4 Revolving Credit Commitments under the Revolving Credit Facility in an aggregate principal amount equal to $122,500,000 through a Revolving Commitment Increase (the “2020 Revolving Commitment Increase”);

WHEREAS, each Person party hereto as a 2020 Revolving Commitment Increase Lender has agreed (on a several and not a joint basis), subject to the terms and conditions set forth herein and in the Credit Agreement, to provide a 2020 Revolving Commitment Increase in the principal amount set forth next to such 2020 Revolving Commitment Increase Lender’s name on Schedule I-A hereto effective as of the Amendment No. 10 Effective Date (as defined below), and the total amount of 2020 Revolving Commitment Increases provided pursuant to this Amendment shall be $122,500,000, such that the aggregate amount of Revolving Credit Commitments under the Credit Agreement will be $332,500,000;

WHEREAS, after giving effect to the 2020 Revolving Commitment Increase, the Tranche 4 Revolving Credit Commitments of the Tranche 4 Revolving Lenders will be as set forth in Schedule I-B hereto.

NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

Section 1.Amendment.  Subject to and upon the satisfaction of the conditions set forth in Section 4 hereof on the Amendment No. 10 Effective Date, the Credit Agreement is hereby amended as follows:

(i)Section 1.01 of the Credit Agreement is hereby amended by inserting the following definitions in the appropriate alphabetical order therein:

“2020 Revolving Commitment Increase” has the meaning set forth in Amendment No. 10.

 

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“2020 Revolving Commitment Increase Lender” has the meaning set forth in Amendment No. 10.

“Amendment No. 10” means Amendment No. 10, dated as of March 10, 2020, to this Agreement.

“Amendment No. 10 Effective Date” means March 10, 2020.

(ii)Section 1.01 of the Credit Agreement is hereby amended by amending and restating the following definitions in their entirety to read as follows:

““Tranche 4 Revolving Credit Commitment” means, as to each Revolving Credit Lender, its obligation to (a) make Tranche 4 Revolving Credit Loans to the Borrower pursuant to Section 2.01(e), (b) purchase participations in L/C Obligations in respect of Letters of Credit and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount of (i) in the case of a Tranche 4 Revolving Credit Lender, such Lender’s Tranche 4 Revolving Credit Commitments as set forth next to such Lender’s name on Schedule I-B of Amendment No. 10, or (ii) following the Amendment No. 10 Effective Date, in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14 and Section 10.07(b)).  The aggregate Tranche 4 Revolving Credit Commitments of all Revolving Credit Lenders shall be $332,500,000 on the Amendment No. 10 Effective Date (including, for the avoidance of doubt, the 2020 Revolving Commitments Increase), as such amount may be adjusted from time to time in accordance with the terms of this Agreement.”

““Tranche 4 Revolving Credit Lender” means, at any time, any Lender that has a Tranche 4 Revolving Credit Commitment at such time or, if the Tranche 4 Revolving Credit Commitments have terminated, Revolving Credit Exposure.  For the avoidance of doubt, each 2020 Revolving Commitment Increase Lender shall be a Tranche 4 Revolving Credit Lender.” 

(iii)Section 2.01(e) of the Credit Agreement is hereby amended by replacing the reference to “Schedule I of Amendment No. 9” with a reference to “Schedule I-B of Amendment No. 10”.

(iv)Section 2.03(l) of the Credit Agreement is hereby amended by replacing the reference to the “Amendment No. 9 Effective Date” with a reference to the “Amendment No. 10 Effective Date”.

(v)Section 2.04(g) of the Credit Agreement is hereby amended by replacing the reference to “the Amendment No. 9 Effective Date” with a reference to “the Amendment No. 10 Effective Date”.

(vi)Schedule 1.01(A) of the Credit Agreement is hereby amended and restated in entirety as set forth on Schedule I-B hereto.

 

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Section 2.Revolving Commitment Increase.

(i)The Borrower and each 2020 Revolving Commitment Increase Lender hereby agree that, on the Amendment No. 10 Effective Date immediately after the establishment of the 2020 Revolving Commitment Increase, the 2020 Revolving Commitment Increase of such 2020 Revolving Commitment Increase Lender shall become effective and the Revolving Credit Commitments shall be deemed increased by the aggregate amount of the 2020 Revolving Commitment Increases of such 2020 Revolving Commitment Increase Lenders in the amounts set forth on Schedule I-A hereto.  Pursuant to Section 2.14 of the Credit Agreement, the 2020 Revolving Commitment Increases shall be Tranche 4 Revolving Credit Commitments for all purposes under the Credit Agreement and each of the other Loan Documents and shall be of the same Class as, and shall have terms identical to, the Tranche 4 Revolving Credit Commitments.

(ii)Each 2020 Revolving Commitment Increase Lender acknowledges and agrees that upon the effectiveness of this Amendment on the Amendment No. 10 Effective Date, such 2020 Revolving Commitment Increase Lender shall be a “Lender” and a “Revolving Credit Lender” under, and for all purposes of, the Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Revolving Credit Lender and Lender thereunder.

(iii)This Amendment shall constitute an “Incremental Amendment” with respect to the 2020 Revolving Commitment Increase for all purposes under the Credit Agreement.

(iv)The 2020 Revolving Commitment Increase shall constitute a “Revolving Commitment Increase” for all purposes under the Credit Agreement.

Section 3.Representations and Warranties, No Default.  The Borrower hereby represents and warrants that as of the Amendment No. 10 Effective Date, after giving effect to the amendments set forth in this Amendment, (i) no Event of Default exists and is continuing and (ii) all representations and warranties contained in the Credit Agreement are true and correct in all material respects on and as of the date hereof, as though made on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date (provided that representations and warranties that are qualified by materiality are true and correct (after giving effect to any other qualification thereof) in all respects on and as of the date hereof).

Section 4.Effectiveness.  This Amendment shall become effective on the date (such date, if any, the “Amendment No. 10 Effective Date”) on which each of the following conditions has been satisfied:

(i)2020 Revolving Commitment Increase.  The Administrative Agent shall have received executed signature pages hereto from each 2020 Revolving Commitment Increase Lender named on Schedule I-A hereto and each Loan Party;

(ii)Fees.  The Administrative Agent shall have received (a) from the Borrower, a non-refundable upfront fee for the account of each 2020 Revolving Commitment Increase Lender equal to 00.15% of such 2020 Revolving Commitment Increase Lender’s 2020 Revolving Commitment Increase on the Amendment No. 10 Effective Date and (b) all other fees required to 

 

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be paid, if any, and all expenses for which reasonably detailed invoices have been presented (including the reasonable fees and expenses of a single legal counsel to the Administrative Agent), on or before the Amendment No. 10 Effective Date;

(iii)Legal Opinion.  The Administrative Agent shall have received a favorable legal opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel to the Loan Parties, covering such matters as the Administrative Agent may reasonably request and otherwise reasonably satisfactory to the Administrative Agent;  

(iv)Officer’s Certificate. The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower dated the Amendment No. 10 Effective Date certifying that that (a) all representations and warranties shall be true and correct in all material respects on and as of the Amendment No. 10 Effective Date (although any representations and warranties (i) which expressly relate to a given date or period shall be required to be true and correct in all material respects as of the respective date or for the respective period, as the case may be and (ii) that are qualified by materiality are true and correct (after giving effect to any other qualification thereof) in all respects on and as of the date hereof), after giving effect to the borrowing and to the application of the proceeds therefrom, as though made on and as of such date and (b) no Event of Default shall have occurred and be continuing;

(v)Closing Certificates.  The Administrative Agent shall have received (i)(A) a copy of the certificate or articles of incorporation or organization, including all amendments thereto, of the Borrower and Holdings, certified, if applicable, as of a recent date by the Secretary of State of the state of its organization and (B) a certificate as to the good standing (where relevant) of each Loan Party as of a recent date, from such Secretary of State or similar Governmental Authority and (ii) a certificate of a Responsible Officer of each Loan Party dated the Amendment No. 10 Effective Date and certifying (A) that (I) attached thereto is a true and complete copy of the by-laws or operating (or limited liability company) agreement of such Loan Party as in effect on the Amendment No. 10 Effective Date or (II) there have been no changes to the by-laws or operating (or limited liability company) agreement of such Loan Party that were delivered to the Administrative Agent prior to the Amendment No. 10 Effective Date, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or equivalent governing body) of such Loan Party authorizing the execution, delivery and performance of the Loan Documents to which such Person is a party and, in the case of the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that (I) attached thereto is a true and complete copy of the certificate or articles of incorporation or organization of such Loan Party as in effect on the Amendment No. 10 Effective Date or (II) there have been no changes to the certificate or articles of incorporation or organization of such Loan Party that were delivered to the Administrative Agent prior to the Amendment No. 10 Effective Date, and (D) as to the incumbency and specimen signature of each officer executing any Loan Document on behalf of such Loan Party and countersigned by another officer as to the incumbency and specimen signature of a Responsible Officer executing the certificate pursuant to clause (ii) above;  

(vi)Beneficial Ownership Certification.  If the Borrower qualifies as a “legal entity customer” under 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”) , it shall deliver to the Administrative Agent and each Lender that so requests, a certification regarding beneficial 

 

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ownership or control as required by the Beneficial Ownership Regulation at least three Business Days prior to the Amendment No. 10 Effective Date; and

(vii)Solvency Certificate.  The Administrative Agent shall have received a certificate from the chief financial officer of the Borrower certifying that the Borrower and its Restricted Subsidiaries, on a consolidated basis after giving effect to the transactions contemplated under this Amendment, are Solvent.

Section 5.Post-Closing Covenants.  Within 90 days after the Amendment No. 10 Effective Date, unless waived or extended by the Administrative Agent in its reasonable discretion, the Administrative Agent or Collateral Agent, as applicable, shall have received either the items listed in paragraph (a) or the items listed in paragraph (b) as follows, each in form and substance reasonably satisfactory to the Administrative Agent or Collateral Agent, as applicable:

(a)an opinion or email confirmation from local counsel in each jurisdiction where a Mortgaged Property is located, in form and substance reasonably satisfactory to the Collateral Agent, to the effect that:

(i)the recording of the existing Mortgage is the only filing or recording necessary to give constructive notice to third parties of the lien created by such Mortgage as security for the Obligations, including the Obligations evidenced by the Credit Agreement as amended by this Amendment and the other documents executed in connection therewith, for the benefit of the Secured Parties; and

(ii)no other documents, instruments, filings, recordings, re-recordings, re-filings or other actions, including, without limitation, the payment of any mortgage recording taxes or similar taxes, are necessary or appropriate under applicable law in order to maintain the continued enforceability, validity or priority of the lien created by such Mortgage as security for the Obligations, including the Obligations evidenced by the Credit Agreement as amended by this Amendment and the other documents executed in connection therewith, for the benefit of the Secured Parties; or

(b)with respect to the existing Mortgages, the following, in each case in form and substance reasonably acceptable to the Collateral Agent:

(i)With respect to each Mortgage, as applicable, an amendment thereof duly executed and acknowledged by the applicable Loan Party, and in form for recording in the recording office where each such Mortgage was recorded, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or filing thereof under applicable law;

(ii)A title search to the applicable real property encumbered by a Mortgage demonstrating that such real property is free and clear of all liens except for Liens permitted by Section 7.01 of the Credit Agreement and other Liens reasonably acceptable to the Administrative Agent; and

 

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(iii)Legal opinions, addressed to the Administrative Agent, the Collateral Agent and the other Secured Parties, as to such matters as the Administrative Agent and the Collateral Agent may reasonably request.

Section 6.Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or any other electronic transmission shall be effective as delivery of an original executed counterpart thereof.

Section 7.Applicable Law.

(a)THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(b)ANY LEGAL ACTION OR PROCEEDING ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE SITTING IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY, AND BY EXECUTION AND DELIVERY OF THIS AMENDMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS.  EACH PARTY HERETO IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AMENDMENT OR ANY OTHER DOCUMENT RELATED HERETO.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELECOPIER) IN SECTION 10.02 OF THE CREDIT AGREEMENT.  NOTHING IN THIS AMENDMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

Section 8.Headings.  The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

Section 9.Effect of Amendment; Reaffirmation.  Except as expressly set forth herein, (i) this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, any other Agent or the L/C Issuers, in each case under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such agreement or any other Loan Document.  Each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement as amended hereby or any other Loan Document is hereby ratified and reaffirmed in all respects 

 

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and shall continue in full force and effect.  Each Loan Party reaffirms its obligations under the Loan Documents to which it is party and the validity of the Liens granted by it pursuant to the Collateral Documents.  This Amendment shall constitute a Loan Document for purposes of the Credit Agreement and from and after the Amendment No. 10 Effective Date, all references to the Credit Agreement in any Loan Document and all references in the Credit Agreement to “this Agreement,” “hereunder”, “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Credit Agreement as amended by this Amendment.  Each of the Loan Parties hereby (i) consents to this Amendment, (ii) confirms that all obligations of such Loan Party under the Loan Documents to which such Loan Party is a party shall continue to apply to the Credit Agreement as amended hereby, (iii) confirms and reaffirms its Guarantee of the Obligations and (iv) reaffirms its prior grant and the validity of the security interests and Liens granted by it pursuant to the Loan Documents, and agrees that all security interests and Liens granted by it pursuant to any Loan Document shall secure the Obligations under the Credit Agreement as amended hereby and the other Loan Documents.  This Amendment shall not constitute a novation of the Credit Agreement or any other Loan Document.

Section 10.WAIVER OF RIGHT TO TRIAL BY JURY.

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AMENDMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 10 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

 

 

 

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

SeaWorld Parks & Entertainment, Inc.

	
 
	
By:
	
/s/ G. Anthony Taylor
Name: G. Anthony Taylor 
Title: Chief Legal Officer, General Counsel and Corporate Secretary 

SEAWORLD ENTERTAINMENT, INC.

 

 

	
 
	
By:
	
/s/ G. Anthony Taylor
Name: G. Anthony Taylor 
Title: Chief Legal Officer, General Counsel and Corporate Secretary 

SEAWORLD PARKS & ENTERTAINMENT LLC

SEA WORLD OF TEXAS LLC

SEA WORLD LLC

SEAWORLD PARKS & ENTERTAINMENT INTERNATIONAL, INC.

LANGHORNE FOOD SERVICES LLC

SEA WORLD OF FLORIDA LLC

SWBG ORLANDO CORPORATE OPERATIONS GROUP, LLC

SEA HOLDINGS I, LLC

 

 

	
 
	
By:
	
/s/ G. Anthony Taylor
Name: G. Anthony Taylor 
Title: Chief Legal Officer, General Counsel and Corporate Secretary 

 

 

 

SeaWorld OF TEXAS HOLDINGS, LLC

SEAWORLD OF TEXAS MANAGEMENT, LLC

SEAWORLD OF TEXAS BEVERAGE, LLC

 

	
 
	
By:
	
/s/ Genaro Castro
Name: Genaro Castro
Title: Manager

	
 
	
By:
	
/s/ Byron Surrett
Name: Byron Surrett
Title: Manager

 

 

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent and Collateral Agent

	
 
	
By:
	
Philip VanFossan
Name: Philp VanFossan
Title: Executive Director

 

JPMORGAN CHASE BANK, N.A.,

as L/C Issuer and Swing Line Lender

	
 
	
By:
	
Philip VanFossan
Name: Philp VanFossan
Title: Executive Director

 

JPMORGAN CHASE BANK, N.A.,

as a 2020 Revolving Commitment Increase Lender

	
 
	
By:
	
Philip VanFossan
Name: Philp VanFossan
Title: Executive Director

 

 

 

 

The undersigned 2020 Revolving Commitment Increase Lender hereby agrees to provide additional Tranche 4 Revolving Credit Commitments as set forth on Schedule I-A of the Amendment as of the Amendment No. 10 Effective Date and hereby consents to the amendments to the Credit Agreement set forth in the Amendment.

DEUTSCHE BANK AG NEW YORK BRANCH, as a 2020 Revolving Commitment Increase Lender

	
 
	
By:
	
/s/ Michael Strobel
Name: Michael Strobel
Title: Vice President

 

 

 

	
 
	

	
By:/s/ Suzan Onal
Name: Suzan Onal
Title: Associate

 

 

 

 

 

 

The undersigned 2020 Revolving Commitment Increase Lender hereby agrees to provide additional Tranche 4 Revolving Credit Commitments as set forth on Schedule I-A of the Amendment as of the Amendment No. 10 Effective Date and hereby consents to the amendments to the Credit Agreement set forth in the Amendment.

GOLDMAN SACHS BANK USA, as a 2020 Revolving Commitment Increase Lender

	
 
	
By:
	
/s/ Jacob Elder
Name: Jacob Elder
Title: Authorized Signatory

 

 

 

 

The undersigned 2020 Revolving Commitment Increase Lender hereby agrees to provide additional Tranche 4 Revolving Credit Commitments as set forth on Schedule I-A of the Amendment as of the Amendment No. 10 Effective Date and hereby consents to the amendments to the Credit Agreement set forth in the Amendment.

BARCLAYS BANK PLC, as a 2020 Revolving Commitment Increase Lender

	
 
	
By:
	
/s/ Martin Corrigan
Name: Martin Corrigan
Title: Vice President

 

 

Schedule I-A

 

2020 Revolving Commitments Increase

 

	
2020 Revolving Commitment Increase Lender
	
2020 Revolving Commitments Increase

	
JPMorgan Chase Bank, N.A.
	
$35,000,000

	
Deutsche Bank AG New York Branch
	
$33,750,000

	
Goldman Sachs Bank USA
	
$33,750,000

	
Barclays Bank PLC
	
$20,000,000

	
Total 
	
$122,500,000

 

 

 

Schedule I-B

 

Tranche 4 Revolving Credit Commitments

 

	
Tranche 4 Revolving Credit Lender
	
Tranche 4 Revolving Credit Commitment

	
JPMorgan Chase Bank, N.A.
	
$70,000,000

	
Deutsche Bank AG New York Branch
	
$67,500,000

	
Goldman Sachs Bank USA
	
$67,500,000

	
Barclays Bank PLC
	
$40,000,000

	
Fifth Third Bank
	
$33,750,000

	
Citizens Bank, N.A.
	
$33,750,000

	
Citibank, N.A.
	
$20,000,000

	
Total 
	
$332,500,000

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