Document:

Third Amendment, dated as of 11-24-04 to the Credit Agreement dated 09-09-2003

  
 Exhibit 10.9

  
 EXECUTION COPY 
  
 THIRD AMENDMENT dated as of November 24, 2004 (this
“Amendment”), to the CREDIT AGREEMENT dated as of September 9, 2003, as amended and restated as of July 27, 2004 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among DEX
MEDIA, INC., DEX MEDIA WEST, INC., DEX MEDIA WEST LLC (the “Borrower”), the lenders from time to time party thereto (the “Lenders”), JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan Chase Bank), as
administrative agent and collateral agent (in such capacities, the “Agent”), and J.P.MORGAN SECURITIES INC. and BANC OF AMERICA SECURITIES LLC, as Joint Bookrunners and Co-Lead Arrangers. 
  
 A. Capitalized terms used herein and not otherwise defined herein shall have
the meanings assigned to such terms in the Credit Agreement. 
  
 B. The Borrower, the Parent and Holdings have requested that the Credit Agreement be amended so as to provide for (i) a new tranche of term loans thereunder (the “New Tranche B Term Loans”), the proceeds of which, together
with a portion of the Net Proceeds from the issuance and sale by the Borrower of its 5.875% Senior Notes due 2011 (the “Additional Senior Unsecured Notes”) in a principal amount of not less than $300,000,000, and, if necessary,
other available funds of the Borrower, will be used to refinance all currently outstanding Tranche B Term Loans, and which New Tranche B Term Loans, except as revised hereby, will have the same terms as the currently outstanding Tranche B Term Loans
under the Credit Agreement, and (ii) modifications to the Applicable Rate for New Tranche B Term Loans. 
  
 C. Each existing Tranche B Lender (an “Existing Tranche B Term Lender”) that executes and delivers a signature page to this Amendment (a
“Lender Addendum”) and agrees to convert its outstanding Tranche B Term Loans to New Tranche B Term Loans (a “Converting Tranche B Term Lender”) will be deemed (i) to have agreed to the terms of this Amendment, (ii)
to have agreed to convert its Tranche B Term Loans (“Existing Tranche B Term Loans”) outstanding on the Amendment Effective Date (as defined herein) into New Tranche B Term Loans in an aggregate principal amount up to, but not in
excess of, the aggregate principal amount of such Existing Tranche B Term Loans, and (iii) upon the Amendment Effective Date, to have converted such amount of its Existing Tranche B Term Loans as is determined by JPMorgan Securities Inc. and Banc of
America Securities LLC (the “Arrangers”) and the Borrower and notified to such Existing Tranche B Term Lender into New Tranche B Term Loans in an equal principal amount. 
  
 D. Each Person (other than a Converting Tranche B Term Lender in its capacity as such) that executes and delivers a Lender
Addendum and agrees to make New Tranche B Term Loans (an “Additional Tranche B Term Lender”), including any Existing Tranche B Term Lender that notifies the Arrangers that it does not want to be a Converting Term Lender but is
willing to undertake a commitment to make and fund 

  

 
New Tranche B Term Loans, will be deemed (i) to have agreed to the terms of this Amendment and (ii) to have committed to make New Tranche B Term Loans
(“Additional Tranche B Term Loans”) to the Borrower on the Amendment Effective Date in such amounts (not in excess of any such commitment) as are determined by the Arrangers and the Borrower and notified to such Additional Tranche B
Term Lender. The proceeds of such Additional Tranche B Term Loans will be used by the Borrower, together with a portion of the proceeds of the Additional Senior Unsecured Notes and, if necessary, other available cash, to repay in full the
outstanding principal amount of Existing Tranche B Term Loans that are not converted by Converting Tranche B Term Lenders into New Tranche B Term Loans. 
  
 E. Each Lender other than a Converting Tranche B Term Lender or an Additional Tranche B Term Lender, including any Existing Tranche B Term Lender that
executes and delivers a Lender Addendum solely in the capacity of a Tranche B Lender and not specifically as a Converting Tranche B Term Lender or an Additional Tranche B Term Lender, will be deemed to have agreed to the terms of this Amendment but
will not be deemed thereby to have agreed to convert Existing Tranche B Term Loans into New Tranche B Term Loans or to have made any commitment to make Additional Tranche B Term Loans. 
  
 F. The Lenders are willing, subject to the terms and conditions set forth in this Amendment, to effect such amendments to
the Credit Agreement. 
  
 G. The Converting Tranche B Term Lenders
and the Additional Tranche B Term Lenders (collectively, the “New Tranche B Term Lenders”) are severally willing to convert their Existing Tranche B Term Loans into New Tranche B Term Loans or to make New Tranche B Term Loans, as
the case may be, subject to the terms and conditions set forth in this Amendment. 
  
 Accordingly, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 SECTION 1. Amendments to the Credit Agreement. Effective as of the
Amendment Effective Date: 
  
 (a) the definition of each of the
following terms in Section 1.01 of the Credit Agreement is amended to read in its entirety as follows: 
  
 “Applicable Rate” means, for any day (a) with respect to any Tranche B Term Loan, 0.75% per annum, in the case of an ABR
Loan, and 1.75% per annum, in the case of a Eurocurrency Loan, and (b) with respect to any ABR Loan or Eurocurrency Loan that is a Revolving Loan or a Tranche A Term Loan, or with respect to the commitment fees payable hereunder, as the case may be,
the applicable rate per annum set forth below under the caption “ABR Spread”, “Eurocurrency Spread” or “Commitment Fee Rate”, as the case may be, based upon the Leverage Ratio as of the most recent determination date:

  

										
	 Leverage Ratio:

	  	ABR
Spread

	 	 	Eurocurrency
Spread

	 	 	Commitment Fee
Rate

	 
	 Category 1 greater than or equal to 4.50 to 1.00
	  	1.00	%	 	2.00	%	 	0.375	%
	 Category 2 greater than or equal to 4.00 to 1.00 but less than 4.50 to 1.00
	  	0.75	%	 	1.75	%	 	0.375	%
	 Category 3 less than 4.00 to 1.00
	  	0.50	%	 	1.50	%	 	0.375	%

  

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 For purposes of the foregoing, (i) the Leverage Ratio shall be determined as of the end
of each fiscal quarter of the Borrower’s fiscal year based upon the consolidated financial statements delivered pursuant to Section 5.01(a) or (b) and (ii) each change in the Applicable Rate resulting from a change in the Leverage Ratio shall
be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next
such change; provided that the Leverage Ratio shall be deemed to be greater than 6.00 to 1.00 (A) at any time that an Event of Default has occurred and is continuing or (B) if the Borrower fails to deliver the consolidated financial
statements required to be delivered by it pursuant to Section 5.01(a) or (b), during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered. 
  
 “Consolidated Cash Interest Expense” means, for
any period, the excess of (a) the sum of (i) the interest expense (including imputed interest expense in respect of Capital Lease Obligations) of Holdings, the Borrower and the Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP, plus (ii) any cash payments made during such period in respect of obligations referred to in clause (b)(iii) below that were amortized or accrued in a previous period, plus (iii) the amount of dividends paid by Holdings during
such period pursuant to Section 6.08(a)(viii) minus (b) the sum of (i) interest income of Holdings, the Borrower and the Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, (ii) to the extent included in such
consolidated interest expense for such period, amounts attributable to amortization of financing costs, (iii) to the extent included in such consolidated interest expense for such period, non-cash amounts attributable to amortization of debt
discounts or accrued interest payable in kind for such period, plus (iv) to the extent included in such consolidated interest expense for such period, amounts attributable to premiums paid, prepayment fees or penalties related to the repayment of
Indebtedness. For purposes of the foregoing, interest expense of any Person shall be determined after giving effect to any net payments made or 

  

 3 

 
received by such Person with respect to interest rate Swap Agreements (other than early termination payments). 
  
 “Tranche B Term Loans” means a Loan made
pursuant to clause (b) of Section 2.01 or, as the context may require, a “Tranche B Term Loan” outstanding hereunder prior to the Second Refinancing Date. 
  
 (b) Section 1.01 of the Credit Agreement is amended to add definitions of the following terms in appropriate alphabetical
order: 
  
 “Third Amendment”
means the Third Amendment dated as of November 24, 2004, to this Agreement. 
  
 “Second Refinancing Date” means the date on which Tranche B Term Loans are made pursuant to Section 3 of the Third Amendment. 
  
 “Tranche B Undertaking” means, with respect to each Lender, the agreement, if any, of such
Lender to make, or convert an existing term loan into, a Tranche B Term Loan pursuant to Section 3 of the Third Amendment on the Second Refinancing Date. The amount of each Lender’s Tranche B Undertaking is set forth on Schedule 2.01.

  
 (c) The definitions of “New Tranche B Lender” and
“Tranche B Commitment” in Section 1.01 of the Credit Agreement are deleted. 
  
 (d) Section 2.01 of the Credit Agreement is amended to read as follows: 
  
 “SECTION 2.01. Commitments. (a) On the Refinancing Date, each Tranche A Lender with a Tranche A Commitment made Tranche A Term
Loans to the Borrower in an amount equal to such Tranche A Commitment. 
  
 (b) Subject to the terms and conditions set forth in the Third Amendment, each Lender has agreed to make, or acquire through conversion of existing term loans, a Tranche B Term Loan to the Borrower on the Second
Refinancing Date in a principal amount equal to its Tranche B Undertaking. 
  
 (c) Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to the Borrower from time to time during the Revolving Availability Period in an aggregate principal amount that
will not (after giving effect to any concurrent use of the proceeds thereof to repay Swingline Loans or LC Disbursements) result in such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment. Within the foregoing limits
and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. 
  
 (d) Amounts repaid in respect of Term Loans may not be reborrowed.” 
  

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 (e) Section 2.08(a) of the Credit Agreement is amended to read as follows: 
  
 “SECTION 2.08. Termination and Reduction of
Commitments. (a) The Tranche A Commitments terminated at 5:00 p.m., New York City time, on the Refinancing Date. The Tranche B Undertakings shall terminate at 5:00 p.m., New York City time, on the Second Refinancing Date, and the Revolving
Commitments shall terminate on the Revolving Maturity Date.” 
  
 (f) Section 2.10(b) of the Credit Agreement is amended to read in its entirety as follows: 
  
 “(b) Subject to adjustment pursuant to paragraph (d) of this Section 2.10, the Borrower shall repay Tranche B Borrowings on each date
set forth below in an amount equal to the percentage of the aggregate principal amount of Tranche B Term Loans made on the Second Refinancing Date set forth opposite such date: 
  

				
	 Date

	  	Percentage of
Principal Amount
to be Repaid

	 
	 June 30, 2005
	  	1.04	%
	 September 30, 2005
	  	1.04	%
	 December 31, 2005
	  	1.04	%
	 March 31, 2006
	  	1.04	%
	 June 30, 2006
	  	1.04	%
	 September 30, 2006
	  	1.04	%
	 December 31, 2006
	  	1.04	%
	 March 31, 2007
	  	1.04	%
	 June 30, 2007
	  	1.04	%
	 September 30, 2007
	  	1.04	%
	 December 31, 2007
	  	1.04	%
	 March 31, 2008
	  	1.04	%
	 June 30, 2008
	  	1.04	%
	 September 30, 2008
	  	1.04	%
	 December 31, 2008
	  	1.04	%
	 March 31, 2009
	  	1.04	%
	 June 30, 2009
	  	19.80	%
	 September 30, 2009
	  	19.80	%
	 December 31, 2009
	  	21.88	%
	 Tranche B Maturity Date
	  	21.88	%

  
 (g) Section 2.11(f) of
the Credit Agreement is amended by (x) replacing clause (ii) of the proviso to the third sentence thereof with new clause (ii) that reads as follows: “(ii) the proceeds of the Tranche B Term Loans made on the Second 

  

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Refinancing Date, together with such additional amounts as may be necessary, shall be applied to the repayment of all Tranche B Term Loans outstanding
immediately prior to the Second Refinancing Date and”. 
  
 (h) Section 2.12 of the Credit Agreement is amended by redesignating paragraph (d) as paragraph (e) and adding a new paragraph (d) to read as follows: 
  

“(d) All voluntary prepayments of Tranche B Term Loans effected on or prior to the first anniversary of the Second Refinancing
Date with the proceeds of a substantially concurrent issuance or incurrence of secured Indebtedness under any bank credit facility (including any replacement or incremental term loan facility effected pursuant to an amendment of this Agreement) will
be accompanied by a prepayment fee equal to 1.00% of the aggregate principal amount of such prepayment if the Applicable Rate or similar interest rate spread applicable to such Indebtedness is, or upon satisfaction of certain conditions could be,
less than the Applicable Rate that would apply to the Tranche B Term Loans (based on the definition of Applicable Rate as in effect on the Second Refinancing Date). Such fee shall be paid by the Borrowers to the Administrative Agent, for the
accounts of the relevant Term Lenders, on the date of such prepayment.” 
  
 (i) Section 5.11 of the Credit Agreement is amended by revising the first sentence of such Section to read as follows: “The proceeds of the Tranche A Term Loans made on the Refinancing Date will be used only to
refinance Tranche A Term Loans outstanding immediately prior to the Refinancing Date and to pay fees and expenses in connection therewith, and the proceeds of the Tranche B Term Loans made on the Second Refinancing Date will be used only to
refinance Tranche B Term Loans outstanding immediately prior to the Second Refinancing Date and to pay fees and expenses in connection therewith.” 
  
 (j) Schedule 2.01 of the Credit Agreement is deleted and replaced in its entirety with a new Schedule 2.01 that will, upon completion of the allocations
of Tranche B Undertakings in accordance with the terms hereof, set forth each Lender’s Tranche A Commitment, Tranche B Undertaking and Revolving Commitment, and shall be furnished to each New Tranche B Term Lender promptly upon the completion
of such allocations. 
  
 SECTION 2. Representations and
Warranties. To induce the other parties hereto to enter into this Amendment, each of the Borrower, the Parent and Holdings represents and warrants to each of the Lenders, the New Tranche B Term Lenders and the Agent that, as of the Amendment
Effective Date: 
  
 (a) This Amendment has been duly authorized,
executed and delivered by it and this Amendment and the Credit Agreement, as amended and restated hereby, constitutes its valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
  

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 (b) The representations and warranties set forth in Article III of the Credit Agreement are true and
correct in all material respects on and as of the Amendment Effective Date with the same effect as though made on and as of the Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date
(in which case such representations and warranties were true and correct in all material respects as of such earlier date); provided that the foregoing representation is made by the Parent only in respect of the representations and warranties
set forth in Sections 3.01, 3.02, 3.03, 3.08, 3.09 and 3.12 of the Credit Agreement. 
  
 (c) No Default or Event of Default has occurred and is continuing. 
  
 SECTION 3. New Tranche B Term Loans. (a) Subject to the terms and conditions set forth herein, (i) each Converting Tranche B Term Lender agrees to
convert its Existing Tranche B Term Loans into New Tranche B Term Loans on the Amendment Effective Date in amounts equal to its Tranche B Undertaking and (ii) each Additional Tranche B Term Lender agrees to make New Tranche B Term Loans to the
Borrower on the Amendment Effective Date in amounts equal to its Tranche B Undertaking. Each Additional Tranche B Term Lender will make its New Tranche B Term Loans on the Amendment Effective Date by transferring to the Agent, in the manner
contemplated by Section 2.06 of the Credit Agreement, an amount equal to the amount of its Tranche B Undertaking. Any portion of an Existing Tranche B Term Loan converted by a Converting Tranche B Term Lender into a New Tranche B Term Loan as
contemplated hereby is referred to herein as a “Converted Loan”. The “Tranche B Undertaking” (i) of any Converting Tranche B Term Lender will be such amount of its Existing Tranche B Term Loans to be converted into
an equal amount of New Tranche B Term Loans, as is determined by the Arrangers and the Borrower and notified to such Lender prior to the Amendment Effective Date, and (ii) of any Additional Tranche B Term Lender will be the amount (not exceeding any
commitment offered by such Additional Tranche B Term Lender) allocated to it by the Arrangers and the Borrower and notified to it prior to the Amendment Effective Date. The new Schedule 2.01 of the Credit Agreement contemplated by Section 1(j)
hereof will separately set forth (i) the Tranche B Undertaking of each Converting Tranche B Term Lender and (ii) the Tranche B Undertaking of each Additional Tranche B Term Lender. The commitments of the Additional Tranche B Term Lenders and the
conversion undertakings of the Converting Tranche B Term Lenders are several and no such Lender will be responsible for any other Lender’s failure to make or acquire by conversion New Tranche B Term Loans. 
  
 (b) Notwithstanding anything herein or in the Credit Agreement to the
contrary, the aggregate principal amount of the New Tranche B Term Loans will not exceed (i) the aggregate principal amount of the Existing Tranche B Term Loans immediately prior to the Amendment Effective Date minus (ii) the amount of Net Proceeds
from the issuance of the Additional Senior Unsecured Notes applied to the prepayment of the Existing Tranche B Term Loans pursuant to Section 2.11(f) of the Credit Agreement. 
  

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 (c) The obligation of each New Tranche B Term Lender to make or acquire by conversion New Tranche B Term
Loans, in each case on the Amendment Effective Date, is subject to the satisfaction of the following conditions: 
  
 (i) The conditions set forth in Section 4.02 of the Credit Agreement shall be satisfied on and as of the Amendment Effective Date, and the
Agent shall have received a certificate of a Financial Officer, dated the Amendment Effective Date, to such effect. 
  
 (ii) The Agent shall have received a favorable legal opinion of Latham & Watkins LLP, counsel to the Borrower, Holdings and the
Parent, addressed to the Agent, and the New Tranche B Term Lenders and dated the Amendment Effective Date, covering such matters relating to the New Tranche B Term Loans, this Amendment, the Credit Agreement as amended hereby, and the other Loan
Documents and security interests thereunder as the Agent may reasonably request, and such opinion shall be reasonably satisfactory to the Agent. 
  
 (iii) The Agent shall have received such documents and certificates as the Agent or its counsel may reasonably request relating to the
organization, existence and good standing of each Loan Party, the authorization of this Amendment and the transactions contemplated hereby and any other legal matters relating to the Loan Parties, this Amendment, the other Loan Documents and the
transactions contemplated hereby, all in form and substance reasonably satisfactory to the Agent. 
  
 (iv) To the extent deemed necessary or appropriate by the Agent, each Security Document shall have been amended to provide the benefits
thereof to the New Tranche B Term Lenders on the same basis as such benefits are provided to the Existing Tranche B Term Lenders. 
  
 (v) Each Loan Party that has not executed and delivered this Amendment shall have entered into a written instrument reasonably
satisfactory to the Agent pursuant to which it confirms that it consents to this Amendment and the New Tranche B Term Loans and that the Security Documents to which it is party will continue to apply in respect of the Credit Agreement, as amended
hereby, and the Obligations of such Loan Party. 
  
 (vi) The Borrower shall have received from the issuance of the Additional Senior Unsecured Notes gross cash proceeds of at least $300,000,000. The Additional Senior Unsecured Notes shall be unsecured and shall not mature or be subject to
mandatory repurchase, redemption or amortization (other than pursuant to customary asset sale or change in control provisions requiring redemption or repurchase only if and to the extent then permitted by the Credit Agreement) prior to the date that
is six months after the Tranche B Maturity Date. 
  
 (vii) The aggregate amount of the Tranche B Undertakings of the Additional Tranche B Term Lenders, plus the amount of Net Proceeds from the 

  

 8 

 
issuance of Additional Senior Unsecured Notes to be applied to the prepayment of Existing Tranche B Term Loans and the amount of other cash available to be
used to prepay Existing Tranche B Term Loans, shall equal or exceed the aggregate principal amount of the Existing Tranche B Term Loans other than Converted Loans. 
  
 (viii) The Agent shall have received evidence that the Borrower has made the payments referred to in Section
3(e) or is making such payments on the Amendment Effective Date with the proceeds of the Additional Term Loans, the Additional Senior Unsecured Notes and such other funds as may be required. 
  
 (ix) The conditions to effectiveness of this Amendment set
forth in Section 4 hereof shall have been satisfied. 
  
 (d) All
New Tranche B Term Loan Eurocurrency Borrowings made on the Amendment Effective Date shall have initial Interest Periods ending on the same dates as the Interest Periods applicable to the Existing Tranche B Term Loan Borrowings being refinanced, and
the Adjusted LIBO Rates applicable to such New Tranche B Term Loan Borrowings during such initial Interest Periods shall be the same as those applicable to the Existing Tranche B Term Loan Borrowings being refinanced. For purposes of the foregoing,
such Interest Periods shall be assigned to the Additional Tranche B Term Loans of each Additional Tranche B Term Lender in the same proportion that such Interest Periods applied to the Existing Tranche B Term Loans on the Amendment Effective Date.
The Borrower will not be required to make any payments to Converting Tranche B Term Lenders under Section 2.16 of the Credit Agreement in connection with the conversion of their Existing Tranche B Term Loans into New Tranche B Term Loans.

  
 (e) On the Amendment Effective Date, the Borrower shall apply
the proceeds of the Additional Tranche B Term Loans, Net Proceeds from the issuance of the Additional Senior Unsecured Notes (in the amount required to be applied to the prepayment of Existing Tranche B Term Loans pursuant to Section 2.11(f) of the
Credit Agreement, after giving effect to the exercise of rights by Existing Tranche B Lenders to decline mandatory prepayments provided for therein) and such other amounts as may be necessary to (i) prepay in full all Existing Tranche B Term Loans
(other than Converted Loans), (ii) pay all accrued and unpaid interest on all Existing Tranche B Term Loans and (iii) pay to each Tranche B Lender all amounts payable pursuant to Section 2.16 of the Credit Agreement as a result of the prepayment of
such Lender’s Existing Term Loans (other than Converted Loans) and all other Obligations then due and owing to such Lenders under the Credit Agreement in their capacities as such. The Lenders hereby waive compliance by the Borrower with the
notice provision of Section 2.11(g) of the Credit Agreement in respect of prepayment of Term Loans using the proceeds of the Additional Senior Unsecured Notes. 
  

(f) On and after the Amendment Effective Date, each reference in the Credit Agreement to “Tranche B Term Loans” shall be deemed a reference
to the New Tranche B Term Loans contemplated hereby. Notwithstanding the foregoing, the 

  

 9 

 
provisions of the Credit Agreement with respect to indemnification, reimbursement of costs and expenses, increased costs and break funding payments shall
continue in full force and effect with respect to, and for the benefit of, each Lender that was a Tranche B Lender prior to the Amendment Effective Date, but that is not a New Tranche B Lender. 
  
 SECTION 4. Effectiveness of Amendment. This Amendment shall become
effective as of the first date (the “Amendment Effective Date”) on which the following conditions have been satisfied: 
  
 (i) The Agent (or its counsel) shall have received duly executed counterparts hereof that, when taken together, bear the signatures of (A)
the Borrower, the Parent and Holdings, (B) the Required Lenders, (C) each Converting Tranche B Term Lender, (D) each Additional Tranche B Term Lender and (E) Lenders holding a majority of the existing Tranche A Term Loans. 
  
 (ii) The conditions set forth in Section 3(c) hereof shall
have been satisfied and the Borrower shall have made the payments required to be made by Section 3(e) hereof. 
  
 (iii) To the extent invoiced, the Agent shall have received payment or reimbursement of its reasonable out-of-pocket expenses in
connection with this Amendment and any other out-of-pocket expenses of the Agent required to be paid or reimbursed pursuant to the Credit Agreement, including the reasonable fees, charges and disbursements of counsel for the Agent. 
  
 SECTION 5. Effect of Amendment. (a) Except as expressly set forth
herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Agent under the Credit Agreement or any other Loan Document, and 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 the Credit Agreement or of any other Loan Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. 
  
 (b) On and after the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein”, or words of like import, and each reference to the Credit Agreement in any other Loan Document shall be deemed a reference to the Credit Agreement as amended hereby. This Amendment shall constitute a
“Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 
  
 SECTION 6. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

  

 10 

 SECTION 7. Costs and Expenses. The Borrower agrees to reimburse the Agent for its reasonable out
of pocket expenses in connection with this Amendment, including the reasonable fees, charges and disbursements of counsel for the Agent. 
  
 SECTION 8. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of any executed counterpart of a signature page of this Amendment by facsimile
transmission shall be as effective as delivery of a manually executed counterpart hereof. 
  
 SECTION 9. Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 
  

 11 

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

							
	 DEX MEDIA WEST LLC,

			
	 	 	by	 	    /S/    GEORGE BURNETT
	 	 	 	 	 Name:
	 	George Burnett
	 	 	 	 	 Title:
	 	Chief Executive Officer
	
	 DEX MEDIA WEST, INC.,

			
	 	 	by	 	    /S/    GEORGE BURNETT
	 	 	 	 	 Name:
	 	George Burnett
	 	 	 	 	 Title:
	 	Chief Executive Officer
	
	 DEX MEDIA, INC.,

			
	 	 	by	 	    /S/    GEORGE BURNETT
	 	 	 	 	 Name:
	 	George Burnett
	 	 	 	 	 Title:
	 	Chief Executive Officer

  

 12 

							
	 JPMORGAN CHASE BANK, N.A.
 (formerly known as JPMorgan Chase Bank),
 individually and as Agent,

			
	 	 	by	 	 /s/    Thomas H. Kozlark

	 	 	 	 	 Name:
	 	 Thomas H. Kozlark

	 	 	 	 	 Title:
	 	 Vice President

  

 13 

 LENDER ADDENDUM TO THIRD AMENDMENT DATED AS OF NOVEMBER 24, 2004, OF THE DEX MEDIA WEST CREDIT AGREEMENT
DATED AS OF SEPTEMBER 9, 2003, AS AMENDED. 
  
 This is a Lender
Addendum referred to, and is a signature page to, the Third Amendment dated as of November 24, 2004 (the “Amendment”) of the Credit Agreement dated as of September 9, 2003, as amended, among Dex Media, Inc., Dex Media West, Inc.,
Dex Media West LLC, various Lenders and JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank), as Administrative Agent. Capitalized terms used but not defined herein have the meanings assigned to them in the Amendment or the Credit
Agreement, as applicable. By executing this Lender Addendum, the undersigned institution agrees (i) if executing this Lender Addendum in the capacity of a Converting Tranche B Term Lender, to the terms of the Amendment and, subject to the terms and
conditions of the Amendment, to convert its Existing Tranche B Term Loans into new Tranche B Term Loans on the Amendment Effective Date in the amount of its Tranche B Undertaking, as reflected with respect to Converting Tranche B Term Lenders in the
revised Schedule 2.01 to the Credit Agreement contemplated by the Amendment, (ii) if executing this Lender Addendum in the capacity of an Additional Tranche B Term Lender, to the terms of the Amendment and, subject to the terms and conditions of the
Amendment, to make and fund New Tranche B Term Loans on the Amendment Effective Date in the amount of its Tranche B Undertaking, as reflected with respect to Additional Tranche B Term Lenders in the revised Schedule 2.01 to the Credit Agreement
contemplated by the Amendment, (iii) if executing this Lender Addendum in the capacity of a Revolving Lender, to the terms of the Amendment, and (iv) if executing this Lender Addendum in the capacity of a Tranche A Lender, to the terms of the
Amendment. 
  

					
	 Name of Institution:

		
	 	 	 
		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:Incentive Stock Option Agreement

 EXHIBIT 10.61 
  
 ENVIRONMENTAL POWER CORPORATION 
  
 Incentive Stock Option Agreement 
 Granted under the 2001 Stock Incentive Plan 
  
 This Incentive Stock Option Agreement (the “Agreement”) is made as of the 23rd day of June, 2004 (the “Grant Date”), by and between Environmental Power Corporation, a Delaware corporation (the
“Company”) and R. Jeffery Macartney, an individual resident of California (“Employee”). 
  
 For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 
  
 1. Grant of Option. The Company hereby grants Employee the right and
option (the “Option”) to purchase all or any part of an aggregate of One Hundred Fifty Thousand (150,000) shares (the “Shares”) of the Company’s common stock, par value $.01 per share (“Common Stock”), at an
exercise price of $1.09 per share on the terms and conditions set forth in this Agreement and in the Company’s 2001 Stock Incentive Plan (the “Plan”). It is understood and agreed that the exercise price is equal to the per share fair
market value of such shares on the date of this Agreement as determined in accordance with the applicable provisions of the Plan. The Option is intended to be an Incentive Stock Option governed by the provisions of Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”). The terms of the Plan and the Option shall be interpreted and administered so as to satisfy the requirements of the Code. The Option is issued pursuant to the Plan and is subject to its terms.
A copy of the Plan will be furnished upon request of Employee. 
  
 The Option shall terminate at the close of business on June 22, 2014 or such earlier date as is prescribed by the terms of this Agreement. Employee shall not have any of the rights of a shareholder with respect to the shares subject to the
Option until certificates representing such shares shall be issued to Employee upon the proper exercise of the Option. 
  
 2. Vesting of Option Rights. 
  
 (a) Except as otherwise provided in Sections 3 or 4 of this Agreement, the Option may be exercised by Employee as to fifty percent (50%)
of the Shares in accordance with the following schedule: 
  

 1 

			
	 On or after each of
the following dates

	 	 Number of shares
with respect to which
the Option is exercisable

		
	1st Anniversary of the Grant Date	 	18,750
		
	2nd Anniversary of the Grant Date	 	18,750
		
	3rd Anniversary of the Grant Date	 	18,750
		
	4th Anniversary of the Grant Date	 	18,750

  
 (b) This Option may be exercised by the Employee as to the remaining fifty (50%) of the Shares on the earlier of (i) the fourth anniversary of the Grant Date or (ii) the achievement of the individual performance milestones as set
forth on Exhibit A to this Agreement. 
  
 (c) Employee understands that, to the extent that the aggregate fair market value (determined at the time the option was granted) of the shares of Common Stock subject to all options held by the Employee that are (i) “incentive stock
options” within the meaning of Section 422 of the Code and (ii) exercisable for the first time by Employee during any calendar year exceeds $100,000, in accordance with Section 422(d) of the Code, such options shall be treated as options that
do not qualify as incentive stock options. 
  
 (d)
During the lifetime of Employee, the Option shall be exercisable only by Employee and shall not be assignable or transferable by Employee, other than by will or the laws of descent and distribution. 
  
 3. Acceleration of Exercisability Upon Change in Control. 

 
 (a) Notwithstanding the foregoing Section 2(a), upon the
occurrence of a “Change in Control” (as defined below) during the time Employee is employed by the Company, the following provisions shall apply: 
  
 (i) If in connection with the Change in Control, the Acquiring Person (as defined below) elects to continue this Option in effect and to
replace the shares of Common Stock issuable upon exercise of this Option with other equity securities that are registered under the Securities Act of 1933 and are freely transferable under all applicable federal and state securities laws and
regulations, this Option shall become exercisable (A) in full if within twelve months of the date of the Change in Control, (I) Employee’s employment with the Company (or any successor company or affiliated entity with which Employee is then
employed) is terminated by the Company or such other employer without Cause (as defined below) or (II) Employee’s employment with the Company (or any 

  

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successor company or affiliated entity with which Employee is then employed) is terminated by the Employee for “Good Reason” (as defined below), or
(B) on any earlier date provided under Section 2 of this Agreement. In the event of any such Change in Control, the number of shares issuable upon exercise of this Option shall be determined by using the exchange ratio used for other outstanding
shares of the Company’s Common Stock in connection with the Change in Control, or if there is no such ratio, an exchange ratio to be mutually agreed upon by the Acquiring Person and the Continuing Directors (as defined below), and the exercise
price per share shall be adjusted accordingly so as to preserve the same economic value in this Option as existed prior to the Change in Control. Also in the event of any such Change in Control, all references herein to the Common Stock shall
thereafter be deemed to refer to the replacement equity securities issuable upon exercise of this Option, references to the Company shall thereafter be deemed to refer to the issuer of such replacement securities, and all other terms of this Option
shall continue in effect except as and to the extent modified by this subparagraph. 
  
 (ii) If the Change in Control does not meet the criteria specified in subparagraph (a)(i) above, this Option shall become exercisable in
full immediately upon the Change in Control. 
  
 (b) For purposes hereof, the following terms shall have the definitions set forth below: 
  
 (i) “Change in Control” shall mean: 
  
 (A) the public announcement (which, for purposes of this definition, shall include, without limitation, a report filed pursuant to
Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that any person, entity or “group”, within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, other than the (x) Company or any
of its subsidiaries or (y) any person, entity or “group” which is the beneficial owner of more than 10% of the combined voting power of the Company’s outstanding securities as of the date of this Agreement, has become the beneficial
owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of the combined voting power of the Company’s then outstanding voting securities in a transaction or series of transactions; 
  
 (B) the “Continuing Directors” (as defined below)
cease to constitute a majority of the Company’s Board of Directors; 
  

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 (C) the shareholders of the Company approve (x) any consolidation or merger of the
Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of the Company’s stock would be converted into cash, securities or other property, other than a merger of the Company in which shareholders
of the Company immediately prior to the merger have the same proportionate ownership of stock of the surviving corporation immediately after the merger; (y) any sale, lease, exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Company; or (z) any plan of liquidation or dissolution of the Company; or 
  
 (D) the majority of the Continuing Directors determine in their sole and absolute discretion that there has been a change in control of
the Company. 
  
 (ii) “Continuing
Director” shall mean any person who is a member of the Board of Directors of the Company, who, while such a person is a member of the Board of Directors, is not an Acquiring Person (as hereinafter defined) or an Affiliate or Associate (as
hereinafter defined) of an Acquiring Person, or a representative of an Acquiring Person or of any such Affiliate or Associate, and who (A) was a member of the Board of Directors on the date of this Agreement or (B) subsequently becomes a member of
the Board of Directors, if such person’s initial nomination for election or initial election to the Board of Directors is recommended or approved by a majority of the Continuing Directors or a Board committee, a majority of the members of which
are Continuing Directors. 
  
 (iii)
“Acquiring Person” shall mean any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) who or which, together with all Affiliates and Associates of such person, is the “beneficial owner” (as
defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities, but shall not include (x) the
Company or any subsidiary of the Company or (y) any person, entity or “group” which is a beneficial owner of more than 10% of the combined voting power of the Company’s outstanding securities as of the date of this Agreement; and
“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act. 
  
 (iv) For purposes of this Section 3 only, termination of employment for “Cause” shall mean termination by the Company (or any
successor company or affiliated entity with which Employee is then employed) of Employee’s employment based upon (i) the willful and continued failure by 

  

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Employee substantially to perform his or her duties and obligations (other than any such failure resulting from his or her incapacity due to physical or
mental illness or any such actual or anticipated failure resulting from Employee’s termination for “Good Reason” as defined below), (ii) the Employee’s conviction or plea bargain in connection with the commission or alleged
commission of any felony or misdemeanor involving moral turpitude, fraud or misappropriation of funds, or (iii) the willful engaging by Employee in misconduct which causes substantial injury to the Company (or any successor company or affiliated
entity with which Employee is then employed), its other employees or its customers, whether monetarily or otherwise. For purposes of this paragraph, no action or failure to act on Employee’s part shall be considered “willful” unless
done, or omitted to be done, by Employee in bad faith and without reasonable belief that his or her action or omission was in the best interests of the Company (or any successor company or affiliated entity with which Employee is then employed).

  
 (v) “Good Reason” shall mean the
occurrence of any of the following events following a Change in Control, except for the occurrence of such an event in connection with the termination of Employee’s employment by the Company (or any successor company or affiliated entity with
which Employee is then employed) for Cause, disability (as defined in Section 4(c)) or death: 
  
 (A) the assignment to Employee of employment duties or responsibilities which are not substantially comparable in responsibility and
status to the employment duties and responsibilities held by Employee immediately prior to the Change in Control; 
  
 (B) a reduction in Employee’s base salary as in effect immediately prior to the Change in Control or as the same may be increased
from time to time during the term of this Agreement; or 
  
 (C) requiring Employee to work in a location more than 50 miles from Employee’s office location immediately prior to the Change in Control, except for requirements of temporary travel on the Company’s
business to an extent substantially consistent with Employee’s business travel obligations immediately prior to the Change in Control. 
  
 (c) Notwithstanding any contrary provision in this Agreement or in the Plan, if a Change in Control shall occur, the Continuing Directors
in their sole discretion, and without the consent of Employee, (i) may determine that Employee shall receive, in lieu of some or all of the shares of Common Stock subject to this Option, as of the effective date of any such Change in Control, cash
in an amount equal to the excess of the Fair Market Value of such shares on the effective date of such Change in Control over the Option Price, subject to any applicable withholding for income or payroll taxes or (ii) 
  

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 terminate this Option to the extent it is not exercised as of the date of any such Change in
Control.” 
  
 4. Exercise of Option after Death or
Termination of Employment. The Option shall terminate and may no longer be exercised if Employee ceases to be employed by the Company or its subsidiaries, except that: 
  
 (a) If Employee’s employment shall be terminated for any reason, voluntary or involuntary, other than
for “Cause” (as defined in Section 4(b) below) or Employee’s death or disability (as set forth in Section 4(c)), Employee may at any time within a period of three (3) months after such termination exercise the Option to the extent the
Option was exercisable by Employee on the date of the termination of Employee’s employment. Employee understands that if the Option or any portion of the Option is exercised later than three (3) months from the date of termination of
employment, the Option or such portion of the Option may not qualify for treatment as an incentive stock option within the meaning of Section 422 of the Code. 
  

(b) If Employee’s employment is terminated for Cause, the Option shall be terminated effective immediately upon the act giving
rise to such termination. As used in this Section 4 only, “Cause” shall mean (i) Employee’s breach of any contractual obligation to the Company under the terms of the Plan, a stock option agreement, or any other agreement between
Employee and the Company, or of any fiduciary duty to the Company, (ii) Employee’s conviction of any crime involving moral turpitude or any felony, (iii) Employee’s failure to carry out any reasonable directive of the Company, (iv)
Employee’s embezzlement of funds of the Company, (v) any conduct by Employee which is detrimental to the Company, (vi) any failure by Employee to comply with the policies or performance standards of the Company, or (vii) a demonstrated lack of
commitment of Employee to the Company. 
  
 (c) If
Employee shall die while the Option is still exercisable according to its terms, or if employment is terminated because Employee has become disabled (within the meaning of Code Section 22(e)(3)) while in the employ of the Company and Employee shall
not have fully exercised the Option, such Option may be exercised at any time within 12 months after Employee’s death or date of termination of employment for disability by Employee, personal representatives or administrators, or guardians of
Employee, as applicable, or by any person or persons to whom the Option is transferred by will or the applicable laws of descent and distribution, to the extent of the full number of shares Employee was entitled to purchase under the Option on the
date of death, termination of employment, if earlier, or date of termination for such disability. 
  
 (d) Notwithstanding the above, in no case may the Option be exercised to any extent by anyone after the termination date of the Option.

  
 5. Method of Exercise of Option. Subject to the
foregoing, the Option may be exercised in whole or in part from time to time by serving written notice of exercise on the 
  

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 Company at its principal office within the Option period. The notice shall state the number of shares as to which the
Option is being exercised and shall be accompanied by payment of the purchase price. Payment of the purchase price shall be made in cash (including bank check, personal check or money order payable to the Company), or, with the approval of the
Company (which may be given in its sole discretion), by delivering to the Company for cancellation shares of the Company’s Common Stock already owned by Employee having a fair market value equal to the full purchase price of the shares being
acquired or a combination of cash and such shares. For these purposes, the fair market value of the Company’s Common Stock as of any date shall be as reasonably determined by the Company. 
  
 (a) The Option can be exercised only by Employee or other
proper party by delivering within the option period written notice to the Company at its principal office. The notice shall state the number of shares as to which the option is being exercised and be accompanied by payment in full of the option
price for all shares designated in the notice. 
  
 (b) Employee may pay the option price in cash, by check (bank check, certified check or personal check), by money order, or (to the extent permitted by applicable law) with the approval of the Company in its sole and absolute discretion
(and upon such terms and conditions as the Company may require) (i) by delivering to the Company for cancellation of shares of Common Stock with a fair market value as of the date of exercise equal to the option price or the portion thereof being
paid by tendering such shares, (ii) so long as Employee is not an officer or director of the Company, by delivering to the Company the full option price in a combination of cash and Employee’s full recourse liability promissory note with a
principal amount not to exceed eighty percent (80%) of the option price and a term not to exceed five (5) years, which promissory note shall provide for interest on the unpaid balance thereof which at all times is not less than the minimum rate
required to avoid the imputation of income, original issue discount or a below-market rate loan pursuant to Sections 483, 1274 or 7872 of the Code or any successor provisions thereto or (iii) by delivering to the Company a combination of cash,
Employee’s promissory note (to the extent permitted) and Common Stock of the Company with an aggregate fair market value and a principal amount equal to the option price. For these purposes, the fair market value of the Company’s Common
Stock as of any date shall be as reasonably determined by the Company pursuant to the Plan. 
  
 6. Forfeiture of Option and Option Gain Resulting From Certain Activities. 
  
 (a) If, at any time that (i) is two (2) years after the date that Employee has exercised the Option or (ii) is two (2) years after the
date of the termination of Employee’s employment with the Company for any reason whatsoever while an option agreement under the Plan is in effect, whichever is longer, Employee engages in any Forfeiture Activity (as defined below) then (i) the
Option shall immediately terminate effective as of the date any such activity first occurred, and (ii) any gain received by Employee pursuant to the exercise of the Option granted hereunder must be paid to the 
  

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 Company within 30 days of demand for such payment by the Company. For purposes hereof, the gain on any
exercise of the Option shall be determined by multiplying the number of shares purchased pursuant to the Option times the excess of the fair market value of a share of the Company’s common stock on the date of exercise (without regard to any
subsequent increase or decrease in the fair market value) over the exercise price. The fair market value of the Common Stock as of any date shall be as reasonably determined by the Company. 
  
 (b) As used herein, Employee shall be deemed to have engaged
in a Forfeiture Activity if Employee (i) directly or indirectly, engages in any business activity on his or her own behalf or as a partner, shareholder, director, trustee, principal, agent, employee, consultant or otherwise of any person or entity
which is in any respect in competition with or competitive with the Company, or solicits, entices or induces any employee or representative of the Company to engage in any such activity, (ii) directly or indirectly solicits, entices or induces (or
assists any other person or entity in soliciting, enticing or inducing) any customer or potential customer (or agent, employee or consultant of any customer or potential customer) with whom Employee had contact in the course of his or her employment
with the Company to deal with a competitor of the Company, or (iii) fails to hold in a fiduciary capacity for the benefit of the Company all confidential information, knowledge and data, including customer lists and information, business plans and
business strategy (“Confidential Data”) relating in any way to the business of the Company for so long as such Confidential Data remains confidential. 
  

(c) If any court of competent jurisdiction shall determine that the foregoing forfeiture provision is invalid in any respect, the court
so holding may limit such covenant either or both in time, in area or in any other manner which the court determines such that the covenant shall be enforceable against Employee. Employee shall acknowledge that the remedy of law for any breach of
the foregoing covenant not to compete will be inadequate, and that the Company shall be entitled, in addition to any remedy of law, to preliminary and permanent injunctive relief.  
  
 7. Miscellaneous. 
  
 (a) Neither the Plan nor this Agreement shall (i) be deemed to give any individual a right to remain an employee of the Company, (ii)
restrict the right of the Company to discharge any employee, with or without cause, or (iii) be deemed to be a written contract of employment. Employee shall have none of the rights of a shareholder with respect to shares subject to the Option until
such shares shall have been issued to Employee upon exercise of the Option. 
  
 (b) The exercise of all or any parts of the Option shall only be effective at such time that the sale of shares of Common Stock pursuant to such exercise will not violate any state or federal securities or other laws.

  
 (c) The Option may not be transferred, except
by will or the laws of descent 
  

 8 

 and distribution to the extent provided in subsection 4(c), and during Employee’s lifetime the
Option is exercisable only by Employee. 
  
 (d) If
there shall be any change in the common stock subject to the Option through merger, consolidation, reorganization, recapitalization, dividend or other distribution, stock split or other similar corporate transaction or event of the Company,
appropriate adjustments shall be made by the Company in the number of shares and the price per share of the shares subject to the Option in order to prevent dilution or enlargement of the Option rights granted hereunder; provided, however, that the
number of shares subject to the Option shall always be a whole number. 
  
 (e) The Company shall at all times during the term of the Option reserve and keep available such number of shares of the Company’s common stock as will be sufficient to satisfy the requirements of this agreement.

  
 (f) If Employee shall dispose of any of the
shares of common stock acquired upon exercise of the Option within two (2) years from the date the Option was granted or within one (1) year after the date of exercise of the Option, then, in order to provide the Company with the opportunity to
claim the benefit of any income tax deduction, Employee shall promptly notify the Company of the dates of acquisition and disposition of such shares, the number of shares so disposed of, and the consideration, if any, received for such shares. In
order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to assure (i) notice to the Company of any disposition of the shares of the Company within the time periods
described above, and (ii) that, if necessary, all applicable federal or state payroll, withholding, income or other taxes are withheld or collected from Employee. 
  
 (g) The Company, in its sole and absolute discretion, may allow Employee to satisfy Employee’s federal
and state income tax withholding obligations upon exercise of the Option by (i) having the Company withhold a portion of the shares of common stock otherwise to be delivered upon exercise of the Option having a fair market value equal to the amount
of federal and state income tax required to be withheld upon such exercise, in accordance with such rules as the Company may from time to time establish, or (ii) delivering to the Company shares of its common stock other than the shares issuable
upon exercise of the Option with a fair market value equal to such taxes, in accordance with such rules. 
  
 [the remainder of this page intentionally left blank – signature page follows] 
  

 9 

 IN WITNESS WHEREOF, the Company and Employee have executed this agreement as of the date set forth in the
first paragraph. 
  
 ENVIRONMENTAL POWER
CORPORATION 
  
 By: /s/ R. Jeffrey
Macartney                                 
 Its: Chief Financial Officer 
  
 EMPLOYEE: 
  
 /s/ R. Jeffrey
Macartney                                       
  
 R. Jeffery Macartney 
  

 10 

 EXHIBIT A 
  

R. Jeffery Macartney’s INDIVIDUAL PERFORMANCE MILESTONES 
  

			
	 Milestone

	 	 Number of Shares that Vest Upon
 Completion/Achievement

		
	Two digester facilities funded with permanent term Debt	 	50%
		
	Construction financing line in place	 	50%
		
	When EPC is in compliance with Sarbanes Oxley	 	100%
		
	When a new accounting system is installed and operating	 	100%

  

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