Document:

exv10w1

 

Exhibit 10.1

Execution Copy

Lighting Science Group Corporation

505 Park Avenue, 21st Floor

New York, New York 10022

March 10, 2008                    

Ronald E. Lusk

8238 Forest Hills Boulevard

Dallas, Texas 75218

Dear Ron:

     This letter agreement (the “Agreement”) sets forth the terms and conditions of our agreement
regarding the termination of your employment with Lighting Science Group Corporation (the
“Company”), effective as of March 10, 2008 (the “Termination Date”).

     1. Termination of Employment. Effective as of the Termination Date, your employment
with the Company and each of its subsidiaries and affiliates, including, without limitation, any
entity which directly or indirectly controls, is controlled by, or is under common control with,
the Company (each, an “Affiliate”) is terminated. In addition, to the extent you were a member of
the board of directors (or any committee or subcommittee thereof) of the Company or any Affiliate,
effective as of the Termination Date, you hereby resign as a member of the board of directors (or
any committees or subcommittees thereof) of the Company and such Affiliates. The Company and you
agree to waive any and all notice periods that apply to the resignations specified in this
paragraph 1. You do not claim nor shall you claim any further right to employment by the Company
or any Affiliate.

     2. Severance Payments; Medical Coverage. As consideration for entering into this
Agreement, if you do not revoke this Agreement in accordance with paragraph 15(k) hereof:

          (a) Severance Payments. The Company shall pay to you (i) a lump sum amount of
$300,000 within seven (7) business days after execution and delivery of this Agreement; and
(ii) $300,000 in equal installments over a period of twelve (12) months following the
Termination Date, which will be payable in accordance with the Company’s payroll practices.

          (b) Medical Coverage. If you elect continuation of medical coverage pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1986, as amended (“COBRA”), the Company shall
pay, for a period of twelve (12) months following the Termination Date, the cost of your COBRA
coverage to the same extent that the Company paid for your medical coverage during your employment;
provided, that the Company’s payments with respect to your COBRA coverage shall cease as of the
date you obtain medical coverage from another employer prior to the expiration of such twelve (12)
month period. You agree to promptly notify the Company upon obtaining medical coverage from
another employer prior to the expiration of such twelve (12) month period.

 

 

     3. Base Salary; Accrued Vacation. On the Termination Date, the Company will pay you
(i) any unpaid base salary for the period prior to and including the Termination Date, and
(ii) the value of your accrued but unused vacation pay as of the Termination Date.

     4. Expenses. The Company will reimburse you for any reasonable business expenses
incurred by you prior to the Termination Date in accordance with Company policy and the submission
by you to the Company of appropriate documentation. You are not authorized to incur any business
expenses after the Termination Date.

     5. Stock Option and Warrants. The Company will extend until the date which is six (6)
months after the Termination Date the period during which you may exercise the stock option granted
to you on February 21, 2006 (the “Stock Option”) to purchase 10,000 shares of the Company’s common
stock (determined on a post reverse split basis). You acknowledge and agree that, as a result of
such extension of the period during which you may exercise the Stock Option, the Stock Option will
not constitute an incentive stock option pursuant to section 422 of the Internal Revenue Code of
1986, as amended. You may exercise your rights in respect of warrants issued to you by the Company
and outstanding as of the date hereof, as set forth on Exhibit A hereto, pursuant to the
terms of such warrants.

     6. Sales Agreement. You and the Company shall enter into an agreement (the “Sales
Agreement”), on mutually acceptable terms, concerning (i) your right to purchase supplies
of the
Company’s product line (including future developments of such product line) of light-emitting
diode fixtures (“LED Fixtures”) for use in commercial indoor parking garages and parking lots, for
the purpose of your selling such LED Fixtures to parking lot management companies, and (ii)
the Company’s referral to you of inquiries from parking lot management companies concerning such
LED Fixtures.

     7. Termination of Employment Agreement. Effective as of the Termination Date, the
Company and you agree that your Employment Agreement, dated October 4, 2007, with the Company,
pursuant to which the Company employed you as Vice Chairman of its Board of Directors (the
“Employment Agreement”) is terminated in all respects, and that you and the Company are fully,
completely, irrevocably and forever discharged from any and all obligations set forth therein,
pursuant thereto or arising therefrom. Notwithstanding the foregoing, at all times hereafter, the
provisions of the Employment Agreement concerning “Developments” (as defined in the Employment
Agreement) are incorporated by reference herein and made a part hereof, and as so incorporated,
shall remain in full force and effect in accordance with their respective terms.

     8. General Release.

          (a) Lusk Release and Waiver. In consideration of the severance payments and medical
coverage provided in paragraphs 2(a) and 2(b) hereof, respectively, and the other consideration
herein described, which you expressly agree, after consultation with your counsel, is adequate
consideration to bind your release, you, on behalf of yourself and your family, agents,
representatives, heirs, executors, trustees, administrators, successors and assigns (collectively,
the “Lusk Releasors”), do fully and forever release and discharge the Company and

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each Affiliate
and each of their successors and assigns, and each of their respective predecessors, stockholders,
partners, members, directors, managers, officers, employees, agents and other representatives, and
employee benefit plans of the Company (including current and former trustees and administrators of
these plans) (collectively, the “Company Releasees”), from all actions, claims, demands, losses,
expenses, obligations and liabilities related to any conduct or activity occurring at any time
before the execution date of this Agreement, including, but not limited to: (i) any claims
relating to or arising out of your employment or the Employment Agreement; (ii) any alleged
employment discrimination under any federal, state or municipal statute, regulation, order, rule or
legal authority, including, without limitation, Title VII of the Civil Rights Act of 1964, as
amended by the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, as
amended, and the Texas Commission on Human Rights Act; (iii) any and any and all violations
of the Employee Retirement Income Security Act of 1974, as amended; (iv) any and all
contract, tort or personal injury claims; (v) any and all claims for punitive, exemplary or
statutory damages; and (vi) any and all claims for attorneys’ fees or expenses associated
with your retention of counsel. You represent and warrant that you have not assigned any such
claims or authorized any other person, group or entity to assert such claims on your behalf.
Nothing contained herein shall be deemed to prevent you from enforcing the provisions of this
Agreement, provided, that nothing in this Agreement is intended to release or waive rights
(A) pursuant to COBRA, (B) any accrued pension benefits, stock options, restricted
shares (in each case involving only those benefits which have vested prior to the Termination Date)
or any other vested benefit under any employee plan in which you were a participant prior to the
Termination Date, (C) any rights to defense and/or indemnity under any corporate bylaw,
resolution, policy or practice, or (D) any rights to coverage under any liability
insurance policy, such as director’s and officer’s liability insurance.

          (b) Lusk Waiver of Unknown Claims. As a further consideration and inducement for this
Agreement, to the extent permitted by law, you and the Lusk Releasors hereby waive and release any
and all claims which you and the Lusk Releasors do not know or suspect to exist in your favor at
the time of execution of this Agreement. You expressly agree that this Agreement shall extend and
apply to all unknown, unsuspected and unanticipated injuries and damages as well as those that are
now disclosed, up to the date of this Agreement. IN THIS CONNECTION, YOU UNDERSTAND AND AGREE AS
PART OF THE INDUCEMENT FOR THE CONSIDERATION GIVEN FOR THIS RELEASE THAT YOU ARE SPECIFICALLY
WAIVING AND RELINQUISHING ALL RIGHTS AND BENEFITS AFFORDED BY THE PROVISIONS OF SECTION 1542 OF
THE CALIFORNIA CIVIL CODE, WHICH READS AS FOLLOWS:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN
BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

YOU ACKNOWLEDGE THAT YOU UNDERSTAND THE SIGNIFICANCE OF THIS RELEASE OF UNKNOWN CLAIMS HEREUNDER
AND THIS WAIVER OF STATUTORY PROTECTION AGAINST THE RELEASE OF SUCH UNKNOWN CLAIMS.

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          (c) Company Release of Claims. The Company, on its own behalf and on behalf of each
Affiliate, each of their successors and assigns, and each of their respective predecessors,
stockholders, partners, members, directors, managers, officers, employees, agents and other
representatives, and employee benefit plans of the Company (including current and former trustees
and administrators of these plans) (collectively, the “Company Releasors” and, together with the
Lusk Releasors, the “Releasors”) hereby irrevocably and unconditionally release, settle, cancel,
acquit, discharge and acknowledge to be fully satisfied, you or any members of your family, any
trusts established for the benefit of any members of your family or any of your agents,
representatives, heirs, executors, trustees (including trustees of any trusts established for the
benefit of members of your family), administrators, successors and assigns (collectively, the “Lusk
Releasees” and, together with the Company Releasees, the “Releasees”) from any and all claims,
contractual or otherwise, demands, costs, rights, causes of action, charges, debts, liens,
promises, obligations, complaints, losses, damages and all liability of whatever kind and nature,
and hereby waive any and all rights that he, she or it may have from the beginning of time up to
and including the time of signing this Agreement, or that otherwise may exist or may arise in
respect of your employment or separation from employment with the Company, or is in any way
connected with or related to the Employment Agreement, or any applicable compensatory or benefit
plan, program, policy or arrangement, and any and all federal, state or local laws, regulations,
ordinances or public policies and any common law or equity claims, or claims under any policy,
agreement, understanding or promise, written or oral, formal or informal, between the Company or
any Affiliate and yourself, now or hereafter recognized, including claims for negligence,
malfeasance, breach of fiduciary duty, slander and defamation, as well as all claims for counsel
fees and costs.

          (d) Covenant Not to Sue; Certain Proceedings. The Releasors agree not to bring any
action, suit or proceeding whatsoever (including the initiation of governmental proceedings or
investigations of any type) against any of the Releasees hereto for any matter or circumstance
concerning which the Releasors have released the Releasees under this Agreement. Further, the
Releasors agree not to encourage any other person or suggest to any other person that he, she or it
institute any legal action against the Releasees. Notwithstanding the foregoing, this release is
not intended to interfere with your right to file a charge with the Equal Employment Opportunity
Commission in connection with any claim you believe you may have against the Company. The
Releasors hereby agree to waive the right to any relief (monetary or otherwise) in any action, suit
or proceeding you may bring in violation of this Agreement, including any proceeding before the
Equal Employment Opportunity Commission or any other similar body or in any proceeding brought by
the Equal Employment Opportunity Commission or any other similar body on your behalf.

     9. Restrictive Covenants.

          (a) Non-Competition. Except in respect of the activities contemplated by the Sales
Agreement, during the two (2) year period beginning on the Termination Date (the “Restriction
Period”), you shall not, directly or indirectly, own any interest in, operate, join, control or
participate as a partner, shareholder, member, director, manager, officer, or agent of, enter into
the employment of, act as a consultant to, or perform any services for any entity that is in
competition with the business of the Company or any Affiliate in any jurisdiction in which the

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Company or any Affiliate is then engaged, or in which any of the foregoing has documented
plans to become engaged. Notwithstanding the foregoing, you may make passive investments in
any entity which is similar or competitive with the Company or any Affiliate which ownership does
not exceed five percent (5%) or more of such entity’s outstanding stock or ownership interest.

          (b) Non-Solicitation of Employees. During the Restriction Period, you shall not,
directly or indirectly, for your own account or for the account of any other natural person,
partnership, limited liability company, association, corporation, company, trust, business trust,
governmental authority or other entity (each, a “Person”) solicit or encourage any employee of the
Company or any Affiliate to leave the employment of the Company or any Affiliate. This paragraph
9(b) shall not prohibit you from soliciting or hiring a former employee of the Company or any
Affiliate.

          (c) Non-Solicitation of Business Relationships. Except in respect of the activities
contemplated by the Sales Agreement, during the Restriction Period, you shall not, directly or
indirectly, for your own account or for the account of any other Person, in any jurisdiction in
which the Company or any Affiliate has commenced or made plans to commence operations, solicit,
interfere with, or otherwise attempt to establish any business relationship of a nature that is
competitive with the business or relationship of the Company or any Affiliate with any Person
throughout the world which is or was a customer, client, distributor, supplier or vendor of the
Company or any Affiliate at any time during the one (1) year period prior to or after the
Termination Date.

          (d) Confidentiality. You agree and acknowledge that, as of the Termination Date, you
will not (i) retain or use for the benefit, purposes or account of you or any other person,
organization or entity; or (ii) disclose, divulge, reveal, communicate, share, transfer or
provide access to any person, organization or entity other than the Company, any non-public,
proprietary or confidential information — including, without limitation, trade secrets, know-how,
research and development, software, databases, inventions, processes, formulae, technology, designs
and other intellectual property, information concerning finances, investments, profits, pricing,
costs, products, services, vendors, customers, clients, partners, investors, personnel,
compensation, recruiting, training, advertising, sales, marketing, promotions, government and
regulatory activities and approvals — concerning the past, current or future business, activities
and operations of the Company, any Affiliate and/or any third party that has disclosed or provided
any of same to the Company on a confidential basis (“Confidential Information”) without the prior
written authorization of the Company. Confidential Information shall not include any information
that is (A) generally known to the industry or the public other than as a result of your
breach of this covenant or any breach of other confidentiality obligations by third parties;
(B) made legitimately available to you by a third party without breach of any
confidentiality obligation; or (C) required by law to be disclosed; provided that you shall
give prompt written notice to the Company of such requirement, disclose no more information than is
so required, and cooperate with any attempts by the Company to obtain a protective order or similar
treatment.

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          (e) Use of Confidential Information, Intellectual Property. You agree and acknowledge
that, as of the Termination Date, you shall (i) cease and not thereafter commence use of
any Confidential Information or intellectual property (including without limitation, any patent,
invention, copyright, trade secret, trademark, trade name, logo, domain name or other source
indicator) owned or used by the Company or any Affiliate; (ii) immediately destroy,
delete, or return to the Company, at the Company’s option, all originals and copies in any
form or medium (including memoranda, books, papers, plans, computer files, letters and other data)
in your possession or control (including any of the foregoing stored or located in your office,
home, laptop or other computer, whether or not Company property) that contain Confidential
Information or otherwise relate to the business of the Company or its Affiliates, except that you
may retain only those portions of any personal notes, notebooks and diaries that do not contain any
Confidential Information; and (iii) notify and fully cooperate with the Company regarding
the delivery or destruction of any other Confidential Information of which you are or become aware.

          (f) Non-Disparagement. As of the Termination Date and at all times thereafter
(i) you agree that you have not and shall not, either directly or indirectly, engage in any
conduct or make any statement disparaging or criticizing in any way the Company or any Affiliate,
or any of their personnel, products or services nor, directly or indirectly, engage in any other
conduct or make any other statement that could be reasonably expected to impair the goodwill of the
Company or any Affiliate or the reputation of the Company or any Affiliate, and (ii) the
Company shall neither, directly or indirectly, engage in any conduct or make any statement
disparaging or criticizing you in any way; in each case, except to the extent required by law, and
then only after consultation by and between you and the Company to the extent possible, or to
enforce the terms of this Agreement. This paragraph 9(f) shall not prohibit you from responding to
an inquiry concerning the Company, or the Company from responding to an inquiry concerning you,
from the U.S. Securities and Exchange Commission or any other government agency or law enforcement
authority

     10. Press Release. The Company shall, prior to issuing its press release concerning
the termination of your employment, provide you a reasonable opportunity to review and comment on
such press release and shall make a good faith effort to ensure that such press release is
satisfactory to you; provided that, the Company shall issue such press release and file it within
the time period required by applicable law.

     11. Penalties. If you fail to abide by any of the terms of this Agreement, which
failure you do not cure, if curable, within twenty (20) days after receipt of the Company’s written
notice of such failure, the Company may reclaim any amounts paid hereunder, without waiving the
release granted herein, and terminate any remaining payments or benefits that are due hereunder and
any other arrangements or agreements, including the Sales Agreement, in addition to any other
remedies, including the payment of the Company’s attorneys’ fees and costs in an action to
prosecute such breach.

     12. Consideration. The consideration provided hereunder is not required under the
Company’s standard policies, and you know of no other circumstances other than your execution of
this Agreement that would require the Company to provide such consideration.

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     13. Legal Advice, Reliance. You represent and acknowledge that (i) you have
been given adequate time (at least twenty-one (21) days) to consider this Agreement (which, by
signing this Agreement prior to the expiration of such period, you have expressly agreed to waive)
and have been advised to discuss all aspects of this Agreement with your private attorney,
(ii) you have carefully read and fully understand all the provisions of this Agreement,
(iii) you have voluntarily entered into this Agreement, without duress or coercion, and
(iv) you have not heretofore assigned or transferred or purported to assign or transfer, to
any person or entity, any of the claims described in paragraphs 8(a) or 8(b) hereof, any portion
thereof, or any interest
therein. You understand that if you request additional time to review the terms of this
Agreement, a reasonable extension of time will be granted.

     14. Non-Disclosure of Agreement. Except to the extent required by law, the parties to
this Agreement agree not to disclose its terms to any person, other than their attorneys,
accountants, financial advisors or, in your case, members of your immediate family; provided that
such family members are informed of this paragraph 14 and agree to be bound by it; provided,
further that this paragraph 14 shall not be construed to prohibit any disclosure required by law or
in any proceeding to enforce the terms and conditions of this Agreement.

     15. Miscellaneous.

          (a) No Violation of Law. You agree and acknowledge that this Agreement is not and
shall not be construed to be an admission by the Company of any violation of any federal, state or
local statue, ordinance or regulation or of any duty owed by the Company to you, and any such
liability is hereby expressly denied.

          (b) Return of Company Property. Any credit cards issued to you by the Company will be
discontinued as of the Termination Date and you agree to reimburse the Company for all expenses
charged by you on any such credit cards after the Termination Date. Any property of the Company or
any Affiliate that is in your possession or control, including, but not limited to, such credit
cards issued to you by the Company, keys, identification cards, cellular telephone, pager, fax,
computers or computer equipment, etc., must be returned to the Company no later than March 12,
2008. Following your return of the Company’s laptop computer and desktop computer in your
possession, and after the Company has removed all Confidential Information from such laptop
computer and desktop computer, the Company shall offer to exchange with you such laptop computer
and such desktop computer in consideration for the furniture in the Company’s Satellite Beach,
Florida office which is owned by you.

          (c) Removal of Personal Property. Within twenty (20) business days after the date
hereof, the Company will provide you a reasonable opportunity to remove your personal property from
the Company’s offices.

          (d) Legal Expenses. The Company shall pay or reimburse you, upon presentation of
appropriate documentation, for up to $6,000 of legal fees you incur in connection with negotiating
this Agreement and other agreements with the Company relating to the termination of your
employment.

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          (e) Cooperation. You agree to personally provide reasonable assistance and
cooperation in any action or proceeding (or appeal from any action or proceeding) to which the
Company is a party which relates to events occurring during your employment with the Company. The
Company will reimburse you for reasonable expenses incurred by you in connection with such
assistance and cooperation. In respect of such assistance and cooperation after the date on which
all severance payments pursuant to paragraph 2(a) have terminated, the Company will pay you, at a
reasonable per diem rate, for any expenditure of time by you associated with such cooperation.

          (f) Third Party Beneficiaries. All Releasees under this Agreement who are not
signatories to this Agreement shall be deemed to be third party beneficiaries of this Agreement to
the same extent as if they were signatories hereto.

          (g) Withholding. The Company may withhold from any payments made under this Agreement
all federal, state, local or other applicable taxes as shall be required by law.

          (h) Entire Agreement. This Agreement constitutes the sole and complete understanding
of you and the Company with respect to the subject matter hereof. Except to the extent expressly
provided in this Agreement and in the Sales Agreement, upon execution and delivery of this
Agreement, all prior agreements, plans, programs, understandings and arrangements are hereby
terminated, and you, and the Company and the Affiliates, are fully, completely, irrevocably and
forever discharged from any and all obligations set forth therein, pursuant thereto or arising
therefrom. You and the Company represent to each other that in executing this Agreement, you and
the Company do not rely and have not relied upon any representation or statement not set forth
herein made by any other person, with regard to the subject matter, basis or effect of this
Agreement.

          (i) Amendment; Waiver; Successors. No amendment, modification or alteration of the
terms and provisions of this Agreement shall be binding unless the same shall be in writing and
duly executed by you and the Company. No waiver of any of the provisions of this Agreement shall
be deemed to or shall constitute a waiver of any other provision hereof. No delay on the part of
any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver
thereof. This Agreement shall be binding upon the parties hereto and their respective successors,
transferees and assigns.

          (j) Governing Law; Severability; Blue Pencil. This Agreement will be governed by the
laws of the State of New York, without regard to its conflict of laws rules. In the event that any
one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions will not in any way be
affected or impaired thereby. The parties hereto agree that the covenants set forth in paragraph 9
hereof are reasonable covenants under the circumstances, and further agree that if, in the opinion
of any court of competent jurisdiction such covenants are not reasonable in any respect, such court
shall have the right, power and authority to remove or modify such provision or provisions of these
covenants as to the court shall appear not reasonable and to enforce the remainder of these
covenants as so amended.

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          (k) Revocation. You may revoke this Agreement within seven (7) days after the date on
which you sign this Agreement. You understand that this Agreement is not binding or enforceable
until such seven (7) day period has expired. Any such revocation must be made in a signed letter
executed by you and received by the Company at the following address no later than 5:00 p.m., New
York time, on the seventh day after you have executed this Agreement: Lighting Science Group
Corporation, 505 Park Avenue, 21st floor, New York, New York 10022, Attention:
Govi Rao. You understand that if you revoke this Agreement, you will not be entitled to any
payments or benefits hereunder.

          (l) Counterparts. This Agreement may be executed in counterparts, each of which shall
for all purposes be deemed to be an original and all of which shall constitute the same instrument.

[Signature Page follows]

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     If this Agreement correctly sets forth your understanding of our agreement with respect to the
foregoing matters, please so indicate by signing below. On behalf of the Company, I would like to
thank you for all of your hard work and dedication.

	 	 	 	 	 
	 	Very truly yours,

Lighting Science Group Corporation

 	 
	 	By:  	/s/
Govi Rao 	 
	 	 	Name:  	Govi Rao 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

ACCEPTED AND AGREED

as of the date first written above:

	 	 	 	 	 	 	 
	/s/
Ronald E. Lusk 

Ronald E. Lusk

	 	 
	 	/s/
Delann Needham 

     Witness
	 	 

[Signature Page]

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 Exhibit A

Lighting Science Group Corporation

Warrants Issued to Ronald E. Lusk

Outstanding as of February 28, 2008

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Pre-Reverse Split	 	Pre-Reverse Split	 	 	 	Post Reverse Split	 	Post Reverse Split
	Warrants	 	Issue Date	 	Warrants Shares	 	Exercise Price	 	Purpose	 	Warrant Shares	 	Exercise Price
	 	4	 	 	4/20/2005
	 	 	30,000	 	 	 	1.500	 	 	Issued in conjunction with
Director Loans

	 	 	1,500	 	 	 	30.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	12	 	 	4/29/2005
	 	 	15,000	 	 	 	1.500	 	 	Issued in conjunction with
Director Loans

	 	 	750	 	 	 	30.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	13	 	 	5/2/2005
	 	 	5,000	 	 	 	1.500	 	 	Issued in conjunction with
Director Loans

	 	 	250	 	 	 	30.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	42	 	 	9/5/2006
	 	 	125,000	 	 	 	0.300	 	 	Issued as compensation
for debt guarantees

	 	 	6,250	 	 	 	6.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	51	 	 	3/31/2007
	 	 	275,000	 	 	 	0.300	 	 	Issued as compensation for
debt guarantees

	 	 	13,750	 	 	 	6.00exv10w37

 

Exhibit 10.37

FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

(Syndication of Commitments)

     This FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is
dated as of March 30, 2007, and is entered into by and among PARAMOUNT PETROLEUM CORPORATION, a
Delaware corporation (the “Borrower”), each of the other Obligated Parties signatory hereto, the
financial institutions party thereto from time to time as lenders (the “Lenders”), and BANK OF
AMERICA, N.A., as a Lender and as administrative agent for the Lenders (in such capacity, the
“Agent”).

     WHEREAS, the Borrower, the other Obligated Parties, the Agent, and the Lenders, among others,
have entered into that certain Second Amended and Restated Credit Agreement (as amended, restated,
or otherwise modified from time to time, the “Credit Agreement”), dated as of February 28, 2007;

     WHEREAS, the Borrower has requested that Banc of America Securities LLC (“BAS”), as the Sole
Lead Arranger and Book Manager, arrange for the Commitments under the Credit Agreement to be
syndicated to additional financial institutions to be named as “Lenders” under the Credit Agreement
and the other Loan Documents and BAS has successfully arranged for such syndication;

     NOW, THEREFORE, the parties hereto do hereby agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Definitions. Initially capitalized terms used but not otherwise defined in
this Amendment have the meanings given thereto in the Credit Agreement, as amended hereby.

ARTICLE II

AMENDMENTS

     Section 2.1 Amended Cover Page. The cover page to the Credit Agreement is hereby
amended and restated in its entirety to read as set forth in Exhibit “A” attached hereto
and incorporated by reference.

     Section 2.2 Schedule A-1. Schedule A-1 to the Credit Agreement is hereby
amended and restated in its entirety to read as set forth in Schedule A-1 attached hereto
and incorporated by reference.

     Section 2.3 Bank Products. The definition of “Bank Products” set forth in Annex A to
the Credit Agreement is hereby amended and restated to read in its entirety as follows:

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          “‘Bank Products’ means any one or more of the following types of services or facilities
extended to any Obligated Party by the Bank, any Lender, or any affiliate of the Bank or any
Lender: (a) credit cards; (b) ACH Transactions; (c) cash management, including controlled
disbursement services; and (d) Hedge Agreements.”

     Section 2.4 Amendment to Section 1.4. Section 1.4 of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

          “1.4 Bank Products. Without limiting the provisions of Section 7.25,
the Obligated Parties may request and the Agent may, in its sole and absolute discretion,
arrange for the Obligated Parties to obtain Bank Products from the Bank, any Lender, or any
Affiliate of the Bank or any Lender. If Bank Products are provided by the Bank, any Lender,
or any Affiliate of the Bank or any Lender, the Obligated Parties agree to indemnify and
hold the Agent, the Bank, the Lenders, and all such Affiliates harmless from any and all
costs and obligations now or hereafter incurred by the Agent, the Bank, the Lenders, and all
such Affiliates that arise from any indemnity given by the Agent to any such Person related
to such Bank Products; provided, however, that nothing contained herein is intended to limit
the Obligated Parties’ rights with respect to any of the foregoing Persons, if any, that
arise as a result of the execution of documents by and between the Obligated Parties and
such Person and that relate to Bank Products. The agreement contained in this Section shall
survive the termination of this Agreement and the Payment in Full of all other Obligations.
The Obligated Parties acknowledge and agree that the obtaining of Bank Products from the
Bank, any Lender, or any Affiliate of the Bank or any Lender: (a) is in the sole and
absolute discretion of the Bank, such Lender, or the applicable Affiliate of the Bank or
such Lender; and (b) is subject to all rules and regulations of the Bank, such Lender, or
the applicable Affiliate of the Bank or such Lender.”

     Section 2.5 Amendment to Section 3.7. Section 3.7 of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

          “3.7 Apportionment, Application and Reversal of Payments. Principal and
interest payments shall be apportioned ratably among the Lenders (according to the unpaid
principal balance of the Loans to which such payments relate held by each Lender) and
payments of the fees shall, as applicable, be apportioned ratably among the Lenders, except
for fees payable: (i) solely to the Agent as set forth herein; (ii) to the Agent, for its
own benefit, and certain Lenders as set forth in the Fee Letter; (iii) solely to the Letter
of Credit Issuer as set forth in Section 2.6, and (iv) to certain Lenders as set
forth in Section 11.1(b). All payments shall be remitted to the Agent and all such
payments not relating to principal or interest of specific Loans, or not constituting
payment of specific fees, and all proceeds of Accounts or other Collateral received by the
Agent, shall be applied, ratably, subject to the provisions of this Agreement: first, to pay
any fees, indemnities, or expense reimbursements then due to the Agent from the Obligated
Parties; second, to pay any fees or expense reimbursements then due to the Lenders from the
Obligated Parties; third, to pay interest due in respect of all Loans, including Non-Ratable
Loans and Agent Advances; fourth, to pay or prepay principal of

2

 

the Non-Ratable Loans and Agent Advances; fifth, to pay or prepay principal of the Revolving Loans (other than
Non-Ratable Loans and Agent Advances) and unpaid reimbursement obligations in respect of
Letters of Credit; sixth, to pay to the Agent and/or the applicable Letter of Credit
Issuer(s) an aggregate amount equal to all outstanding Letter of Credit Obligations to be
held as cash collateral for such Obligations; seventh, to pay all obligations and
liabilities of whatever kind or nature relating to Bank Products; and eighth, to the payment
of all other Obligations, if any. Notwithstanding anything to the contrary contained in this
Agreement, unless so directed by the Borrower, or unless an Event of Default has occurred
and is continuing, neither the Agent nor any Lender shall apply any payments that it
receives to any LIBOR Revolving Loan, except: (a) on the expiration date of the Interest
Period applicable to any such LIBOR Revolving Loan; or (b) in the event, and only to the
extent, that there are no outstanding Base Rate Revolving Loans and, in any event, the
Obligated Parties shall pay LIBOR breakage losses in accordance with Section 4.4.
Each Obligated Party irrevocably waives the right to direct the application of any payments
or Collateral proceeds, and agrees that the Agent shall have the continuing, exclusive right
to apply and reapply same against the Obligations and to retain proceeds of Collateral or
payments and prepayments in respect of the Obligations to Cash Collateralize Letters of
Credit and Credit Support during the continuation of an Event of Default, all in such manner
as the Agent deems advisable, notwithstanding any entry by the Agent in its records.”

     Section 2.6 Amendment to Section 12.20. Section 12.20 of the Credit Agreement
is hereby amended and restated to read in its entirety as follows:

          “12.20 Co-Agents. None of the Lenders identified on the facing page or
signature pages of this Agreement as a “syndication agent” or “co-documentation agent” shall
have any right, power, obligation, liability, or responsibility or duty under this Agreement
other than those applicable to all Lenders in their capacities as Lenders. Without limiting
the generality of the foregoing, none of the Lenders so identified shall have or be deemed
to have any fiduciary relationship with any other Lender. Each Lender acknowledges that it
has not relied, and will not rely, on any of the Lenders so identified in deciding to enter
into this Agreement or in taking or not taking action hereunder.”

ARTICLE III

ASSIGNMENT AND ACCEPTANCE

OF COMMITMENTS

     Section 3.1 Definitions. As used in this Article III, “Assignor” means Bank of
America, N.A., in its capacity as a Lender, and “Assignee” means each of the other Lenders
signatory hereto other than General Electric Capital Corporation.

     Section 3.2 Assignment and Acceptance.

     (a) Subject to the terms and conditions set forth in this Article III, (i) the
Assignor hereby sells, transfers and assigns to the Assignees, and (ii) the Assignees

3

 

hereby purchase, assume and undertake from the Assignor, without recourse and without
representation or warranty (except as provided in this Article III) 70.00000% (the
“Assigned Share”) of (A) the Commitment of the Assignor and (B) all related rights,
benefits, obligations, liabilities and indemnity rights of the Assignor under and in
connection with the Credit Agreement and the Loan Documents.

          (b) With effect on and after the date of this Amendment, the Assignees shall be parties
to the Credit Agreement and succeed to all of the rights and be obligated to perform all of
the obligations of a Lender under the Credit Agreement, including the requirements
concerning confidentiality and the payment of indemnification, with a Commitment in an
amount equal to amount set forth on Schedule A-1 attached hereto. Each Assignee
agrees that it will perform in accordance with their terms all of the obligations which by
the terms of the Credit Agreement are required to be performed by it as a Lender. It is the
intent of the parties hereto that the Commitment of the Assignor shall, as of the date
hereof, be reduced to the amount set forth on Schedule A-1 attached hereto for the
Assignor and the Assignor shall relinquish its rights and be released from its obligations
under the Credit Agreement to the extent such obligations have been assumed by the
Assignees; provided, however, that the Assignor shall not relinquish its rights under
Sections 3.8, 4.1(b), and 13.11 of the Credit Agreement to the
extent such rights relate to the time prior to the date hereof.

          (c) After giving effect to the assignment and assumption set forth herein, the
Assignees’ Commitments will be as set forth on Schedule A-1 attached hereto.

          (d) After giving effect to the assignment and assumption set forth herein, on the
Effective Date the Assignor’s Commitment will be $75,000,000.

     Section 3.3 Payments. No Revolving Loans are outstanding on the date of this
Amendment. The Agent hereby waives the processing fee required by Section 11.2(b) of the
Credit Agreement.

     Section 3.4 Reallocation of Payments. Any interest, fees and other payments accrued to
the date hereof with respect to the Assigned Share shall be for the account of the Assignor. Any
interest, fees and other payments accrued on and after the Effective Date with respect to the
Assigned Share shall be for the account of the Assignees in accordance with their respective Pro
Rata Shares. The Assignor and each of the Assignees agrees that it will hold in trust for the other
party any interest, fees and other amounts that it may receive to which the other party is entitled
pursuant to the preceding sentence and pay to the other party any such amounts that it may receive
promptly upon receipt.

     Section 3.5 Independent Credit Decision. Each Assignee (a) acknowledges that it has
received a copy of the Credit Agreement and the Schedules and Exhibits thereto, together with
copies of the most recent financial statements of the Obligated Parties, and such other documents
and information as it has deemed appropriate to make its own credit and legal analysis and decision
to enter into this Amendment; and (b) agrees that it will, independently and without reliance upon
the Assignor, the Agent or any other Lender and based on such documents and

4

 

information as it shall deem appropriate at the time, continue to make its own credit and
legal decisions in taking or not taking action under the Credit Agreement.

     Section 3.6 Withholding Tax. Each Assignee (a) represents and warrants to the
Assignor, the Agent and the Borrower that under applicable law and treaties no tax will be required
to be withheld by the Assignor with respect to any payments to be made to the Assignee hereunder,
(b) agrees to furnish (if it is organized under the laws of any jurisdiction other than the United
States or any State thereof) to the Agent and the Borrower prior to the time that the Agent or
Borrower is required to make any payment of principal, interest or fees hereunder, duplicate
executed originals of either U.S. Internal Revenue Service Form W-8ECI or U.S. Internal Revenue
Service Form W-8BEN (wherein the Assignee claims entitlement to the benefits of a tax treaty that
provides for a complete exemption from U.S. federal income withholding tax on all payments
hereunder) and agrees to provide new Forms W-8ECI or W-8BEN upon the expiration of any previously
delivered form or comparable statements in accordance with applicable U.S. law and regulations and
amendments thereto, duly executed and completed by the Assignee, and (c) agrees to comply with all
applicable U.S. laws and regulations with regard to such withholding tax exemption.

     Section 3.7 Representations and Warranties.

          (a) The Assignor represents and warrants that (i) it is the legal and beneficial owner
of the interest being assigned by it hereunder and that such interest is free and clear of
any Lien or other adverse claim; (ii) it is duly organized and existing and it has the full
power and authority to take, and has taken, all action necessary to execute and deliver this
Amendment and any other documents required or permitted to be executed or delivered by it in
connection with this Amendment and to fulfill its obligations hereunder; (iii) no notices
to, or consents, authorizations or approvals of, any Person are required (other than any
already given or obtained) for its due execution, delivery and performance of this
Amendment, and apart from any agreements or undertakings or filings required by the Credit
Agreement, no further action by, or notice to, or filing with, any Person is required of it
for such execution, delivery or performance; and (iv) this Amendment has been duly executed
and delivered by it and constitutes the legal, valid and binding obligation of the Assignor,
enforceable against the Assignor in accordance with the terms hereof, subject, as to
enforcement, to bankruptcy, insolvency, moratorium, reorganization and other laws of general
application relating to or affecting creditors’ rights and to general equitable principles.

          (b) The Assignor makes no representation or warranty and assumes no responsibility with
respect to any statements, warranties or representations made in or in connection with the
Credit Agreement or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Credit Agreement or any other instrument or document furnished
pursuant thereto. The Assignor makes no representation or warranty in connection with, and
assumes no responsibility with respect to, the solvency, financial condition or statements
of the Obligated Parties, or the performance or observance by the Obligated Parties, of any
of their respective obligations under the Credit Agreement or any other instrument or
document furnished in connection therewith.

5

 

          (c) Each Assignee represents and warrants that (i) it is duly organized and existing
and it has full power and authority to take, and has taken, all action necessary to execute
and deliver this Amendment and any other documents required or permitted to be executed or
delivered by it in connection with this Amendment, and to fulfill its obligations hereunder;
(ii) no notices to, or consents, authorizations or approvals of, any Person are required
(other than any already given or obtained) for its due execution, delivery and performance
of this Amendment; and apart from any agreements or undertakings or filings required by the
Credit Agreement, no further action by, or notice to, or filing with, any Person is required
of it for such execution, delivery or performance; (iii) this Amendment has been duly
executed and delivered by it and constitutes the legal, valid and binding obligation of such
Assignee, enforceable against such Assignee in accordance with the terms hereof, subject, as
to enforcement, to bankruptcy, insolvency, moratorium, reorganization and other laws of
general application relating to or affecting creditors’ rights and to general equitable
principles; and (iv) it is an Eligible Assignee.

          (d) Each Assignee represents and warrants that it has read, and hereby acknowledges its
obligations under, Sections 12.21(a) and (b) of the Credit Agreement.

     Section 3.8 Further Assurances. The Assignor and each Assignee each hereby agree to
execute and deliver such other instruments, and take such other action, as either party may
reasonably request in connection with the transactions contemplated by this Amendment, including
the delivery of any notices or other documents or instruments to the Borrower or the Agent, that
may be required in connection with the assignment and assumption contemplated hereby.

     Section 3.9 Miscellaneous. All payments made hereunder shall be made without any
set-off or counterclaim. Each Assignee shall each pay its own costs and expenses incurred in
connection with the negotiation, preparation, execution and performance of this Amendment.

     Section 3.10 New Notes. The Borrower hereby agrees to execute and deliver to each
Lender a Revolving Loan Note to evidence the Commitments reflected on Schedule A-1 attached
hereto.

ARTICLE IV

MISCELLANEOUS

     Section 4.1 Acknowledgment of the Borrower; Representations and Warranties.

          (a) The Borrower hereby represents and warrants that the execution and delivery of this
Amendment and compliance by the Borrower with all of the provisions of this Amendment: (i)
are within the powers and purposes of the Borrower; (ii) have been duly authorized or
approved by the Borrower; and (iii) when executed and delivered by or on behalf of the
Borrower will constitute valid and binding obligations of the Borrower, enforceable in
accordance with their terms. The Borrower reaffirms its

6

 

obligation to pay all amounts due to the Agent or the Lenders under the Loan Documents
in accordance with the terms thereof, as modified hereby.

          (b) The Borrower hereby represents and warrants to the Agent and the Lenders that (i)
no Default or Event of Default has occurred and is continuing, (ii) the representations and
warranties contained herein and in the Credit Agreement, as amended hereby, are true and
correct in all material respects as of the date hereof as if made on the date hereof, except
for such representations and warranties limited by their terms to a specific date (which
representations and warranties are true and correct in all material respects as of such
date), and (iii) the Borrower is in compliance with all covenants set forth in the Credit
Agreement, as amended hereby.

          (c) The Borrower hereby represents and warrants to the Agent and the Lenders that
neither the consent of the Term Loan Lenders nor of the Term Loan Agent is required under
the terms of either the Second Amended and Restated Intercreditor Agreement or the Term Loan
Documents in order to consummate the transactions and amendments contemplated by this
Amendment. In the alternative, if any such consent by the Term Loan Lenders or the Term Loan
Agent is required, such consent has been obtained and delivered to the Agent, in form and
substance satisfactory to the Agent, on or before the date of this Amendment.

     Section 4.2 Loan Documents Unmodified. Except as otherwise specifically modified by
this Amendment, all terms and provisions of the Credit Agreement and all other Loan Documents, as
modified hereby, shall remain in full force and effect. A breach by the Borrower of the terms of
this Amendment shall be a Default or Event of Default, as applicable, under the Credit Agreement,
subject to the terms of Article 9 of the Credit Agreement, which shall apply to this Amendment,
mutatis mutandis. Nothing contained in this Amendment shall in any way impair the validity or
enforceability of the Loan Documents, as modified hereby, or alter, waive, annul, vary, affect, or
impair any provisions, conditions, or covenants contained therein or any rights, powers, or
remedies granted therein, except as otherwise specifically provided in this Amendment. Subject to
the terms of this Amendment, any lien and/or security interest granted to the Agent, for the
benefit of the Lenders, in the Collateral set forth in the Loan Documents shall remain unchanged
and in full force and effect and the Credit Agreement and the other Loan Documents shall continue
to secure the payment and performance of all of the Obligations.

     Section 4.3 Parties, Successors and Assigns. This Amendment shall be binding upon and
shall inure to the benefit of the Borrower, the Agent, the Lenders, and their respective successors
and assigns.

     Section 4.4 Counterparts. This Amendment may be executed in one or more counterparts
and by telecopy, each of which when so executed shall be deemed to be an original, but all of which
when taken together shall constitute one and the same instrument.

     Section 4.5 EFFECT OF WAIVER. NO CONSENT OR WAIVER, EXPRESS OR IMPLIED, BY THE AGENT
TO OR OF ANY BREACH OF OR DEVIATION FROM ANY COVENANT, DUTY, OR CONDITION SET FORTH IN THE CREDIT
AGREEMENT

7

 

SHALL BE DEEMED A CONSENT OR WAIVER TO OR OF ANY OTHER BREACH OF OR DEVIATION FROM THE SAME OR
ANY OTHER COVENANT, DUTY, OR CONDITION. NO FAILURE ON THE PART OF THE AGENT OR ANY LENDER TO
EXERCISE, NO DELAY IN EXERCISING, AND NO COURSE OF DEALING WITH RESPECT TO, ANY RIGHT, POWER, OR
PRIVILEGE UNDER THIS AMENDMENT, THE CREDIT AGREEMENT, OR ANY OTHER LOAN DOCUMENT SHALL OPERATE AS A
WAIVER THEREOF, NOR SHALL ANY SINGLE OR PARTIAL EXERCISE OF ANY RIGHT, POWER, OR PRIVILEGE UNDER
THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT PRECLUDE ANY OTHER OR FURTHER
EXERCISE THEREOF OR THE EXERCISE OF ANY OTHER RIGHT, POWER, OR PRIVILEGE. THE RIGHTS AND REMEDIES
PROVIDED FOR IN THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS ARE CUMULATIVE AND NOT EXCLUSIVE
OF ANY RIGHTS AND REMEDIES PROVIDED BY LAW.

     Section 4.6 Headings. The headings, captions, and arrangements used in this Amendment
are for convenience only, are not a part of this Amendment, and shall not affect the interpretation
hereof.

     Section 4.7 Expenses of Agent and BAS. Without limiting the terms and conditions of
the Loan Documents, the Borrower agrees to pay on demand: (a) all costs and expenses incurred by
the Agent and BAS in connection with the preparation, negotiation, and execution of this Amendment
and the other Loan Documents executed pursuant hereto and any and all subsequent amendments,
modifications, and supplements hereto or thereto, including without limitation, the costs and fees
of the Agent’s legal counsel; and (b) all costs and expenses reasonably incurred by the Agent in
connection with the enforcement or preservation of any rights under the Credit Agreement, this
Amendment, and/or the other Loan Documents, including without limitation, the costs and fees of the
Agent’s legal counsel and the costs and fees associated with any environmental due diligence
conducted in relation hereto.

     Section 4.8 Choice of Law; Jury Trial Waiver. TO THE EXTENT PERMITTED BY LAW, EACH OF
THE PARTIES HERETO WAIVES ITS RIGHT TO A TRIAL BY JURY, IF ANY, IN ANY ACTION TO ENFORCE, DEFEND,
INTERPRET, OR OTHERWISE CONCERNING THIS AMENDMENT. Without limiting the applicability of any other
provision of the Credit Agreement, the terms of Section 13.3 of the Credit Agreement shall
apply to this Amendment.

     Section 4.9 Total Agreement. This Amendment, the Credit Agreement, and all other Loan
Documents shall constitute the entire agreement between the parties relating to the subject matter
hereof, and shall rescind all prior agreements and understandings between the parties hereto
relating to the subject matter hereof, and shall not be changed or terminated orally.

[Remainder of Page Intentionally Left Blank]

8

 

     IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the day and
year first written above.

	 	 	 	 	 	 	 
	 	 	“Borrower” and the other “Obligated Parties”:
	 
	 	 	 	 	 	 
	 	 	PARAMOUNT PETROLEUM CORPORATION
	 
	 

	 	By:

Name:

Title:
	 	/s/ Shai Even

Shai Even

Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	PARAMOUNT PETROLEUM CORPORATION 
OF ARIZONA, INC.
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Shai Even

Shai Even

Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	PARAMOUNT OF OREGON, LLC
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Shai Even

Shai Even

Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	PARAMOUNT OF WASHINGTON, LLC
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Shai Even

Shai Even

Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	EDGINGTON OIL COMPANY, LLC
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Shai Even

Shai Even

Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	ALON ASPHALT BAKERSFIELD, INC.
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Shai Even

Shai Even

Vice President, Treasurer and Chief Financial Officer	 	 

Signature
Pages

 

	 	 	 	 	 	 	 
	 	 	“Agent” and “Lenders”:
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,

as Agent and as a Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Kevin R. Kelly

Kevin R. Kelly

Senior Vice President	 	 

Signature
Pages

 

	 	 	 	 	 	 	 
	 	 	GENERAL ELECTRIC CAPITAL 
CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Rebecca A. Ford

Rebecca A. Ford

Duly Authorized Signatory	 	 

Signature
Pages

 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO FOOTHILL, LLC
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Dennis King

Dennis King

Vice President	 	 

Signature
Pages

 

	 	 	 	 	 	 	 
	 	 	BNP PARIBAS
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Jordan Nenoff

Jordan Nenoff

Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Keith Cox

Keith Cox

Managing Director	 	 

Signature
Pages

 

	 	 	 	 	 	 	 
	 	 	   THE CIT GROUP/BUSINESS CREDIT, INC.
	 
	 	 	 	 	 	 
	 

	 	   By:

   Name:

   Title:
	 	/s/ Matthew DeFranco

Matthew DeFranco

Assistant Vice President	 	 

Signature
Pages

 

	 	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Gregory J. Hall

Gregory J. Hall

Vice President	 	 

Signature
Pages

 

	 	 	 	 	 	 	 
	 	 	WACHOVIA CAPITAL FINANCE 

CORPORATION (WESTERN)
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ D. B. Laughton

D. B. Laughton

Managing Director	 	 

Signature
Pages

 

	 	 	 	 	 	 	 
	 	 	ALLIED IRISH BANKS, p.l.c
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Martin Chin

Martin Chin

Senior Vice President	 	 

Signature
Pages

 

	 	 	 	 	 	 	 
	 	 	SIEMENS FINANCIAL SERVICES, INC.
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Mark J. Picillo

Mark J. Picillo

Vice President	 	 

Signature
Pages

 

     The undersigned acknowledges that its consent is not required, but nevertheless does hereby
consent to the foregoing Amendment. The undersigned hereby reaffirms its obligations under its
Amended and Restated Non-Recourse Guaranty Agreement, Amended and Restated Pledge Agreement, and
all other documents executed by it in favor of the Agent and/or the Lenders (collectively, the
“Agreements”) and acknowledges and agrees that the Agreements remain in full force and effect and
the Agreements are hereby ratified and confirmed.

	 	 	 	 	 	 	 
	 	 	ALON PARAMOUNT HOLDINGS, INC.
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Shai Even

Shai Even

Vice President, Treasurer and Chief

Financial Officer

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