Document:

EXHIBIT 10.1

EXECUTION VERSION

NOMINATION AGREEMENT

This Nomination Agreement (this “Agreement”), dated as of December 21, 2016, by and among Houghton Mifflin Harcourt Company, a Delaware corporation (the “Company”), and the stockholders party hereto (collectively, the “Stockholder”).  Unless otherwise specified herein, all of the capitalized terms used herein are defined in Section 10.

WHEREAS, as of the date hereof, the Stockholder and its Affiliates currently Beneficially Own (as defined below) 20,511,494 shares of the Common Stock, par value $0.01 per share, of the Company (the “Common Stock”), 423,604 of which may be acquired by the Stockholder and its Affiliates upon exercise of 211,802 warrants, representing approximately 16.62% of the issued and outstanding shares of Common Stock, taking into account those shares to be acquired upon exercise of the warrants;

WHEREAS, the Company and the Stockholder are parties to that certain letter agreement, dated as of October 19, 2016 (the “NDA”), pursuant to which the Company and the Stockholder agreed to certain terms governing the access of confidential Company information by the Stockholder; and

WHEREAS, the Company’s Board of Directors (the “Board”) and the Nominating, Ethics and Governance Committee of the Board (the “Nominating Committee”) have each considered the qualifications of the Stockholder Designee (as defined below), and have conducted such review as they have deemed appropriate, including as to reviewing materials provided by the Stockholder Designee and the Stockholder.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

Section 1.                  Board Representation and Board Matters.  The Company and the Stockholder agree as follows:

(a)            effective as of the date hereof, the Board shall take all action to (1) increase the size of the Board by one director to nine (9) directors, (2) appoint Daniel Allen (the “Stockholder Designee”) to fill the resulting vacancy on the Board to serve an initial term expiring at the annual meeting of stockholders of the Company to be held in 2017 (the “2017 Annual Meeting”) and (3) concurrent with his appointment to the Board, appoint Mr. Allen to the Nominating Committee;

(b)            the Company’s slate of nominees for election as directors of the Company at the 2017 Annual Meeting shall include the Stockholder Designee;

(c)            the Company will use its reasonable best efforts to cause the election of the Stockholder Designee to the Company’s Board at the 2017 Annual Meeting (including recommending that the Company’s stockholders vote in favor of the election of the Stockholder Designee (along with all other Company nominees) and otherwise supporting the Stockholder 

 

Designee for election in a manner no less favorable than the manner in which the Company supports any other independent director nominee);

(d)            for so long as Mr. Allen serves on the Board and satisfies all applicable independence standards, Mr. Allen shall be offered the opportunity to be a member of the Nominating Committee;

(e)             prior to the execution of this Agreement, (1) the Stockholder Designee has completed and submitted to the Company a director and officer questionnaire (in the same form as completed by other members of the Board); and (2) each of the Board and the Nominating Committee has reviewed and approved the qualifications of the Stockholder Designee to serve as a member of the Board and has determined that the Stockholder Designee currently satisfies the conditions set forth in clause (f) below. As a condition to the Stockholder Designee’s (i) nomination to the Board and (ii) continuing service as a member of the Board, the Stockholder Designee will provide, fully and completely, any information the Company reasonably requires, including information the Company requires to be disclosed in a proxy statement or other filing under applicable law, stock exchange rules or listing standards, information in connection with assessing eligibility, independence and other criteria applicable to directors or satisfying compliance and legal obligations, to the extent, in each case, consistent with the information required by the Company in accordance with past practice with respect to other members of the Board;

(f)              the Stockholder Designee will, at all times while serving as a member of the Board:

(i)            meet all director independence and other standards of the Company, NASDAQ, any other stock exchange on which the Company’s shares are listed and the U.S. Securities and Exchange Commission (the “SEC”), applicable provisions of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and all rules and regulations promulgated thereunder; and

(ii)            be qualified to serve as a director under the Delaware General Corporation Law (the “DGCL”) (clauses (i) and (ii), collectively, the “Conditions”). The Stockholder Designee will promptly advise the Board and the Nominating Committee in writing if he or she ceases to satisfy any Condition.

(g)            notwithstanding anything to the contrary contained herein, if at any time after the date of this Agreement, the Stockholder, together with its Affiliates, ceases to Beneficially Own in the aggregate at least 10% of the Voting Securities (a “Stockholder Designee Termination Event”), then (1) the Stockholder shall cause the Stockholder Designee to promptly offer to tender his or her resignation from the Board and any committee of the Board on which he or she may be a member (and, if requested by the Company, promptly deliver his or her written resignations to the Board (which shall provide for his or her immediate resignations) it being understood that it shall be in the Board’s sole discretion whether to accept or reject such resignation), and (2) the Company shall have no further obligations under this Agreement.  In furtherance of the foregoing, the Stockholder Designee shall, prior to his or her appointment to 

 

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the Board, and the Stockholder shall cause the Stockholder Designee to, execute an irrevocable resignation in the form attached hereto as Exhibit A;

(h)            at all times while serving as a member of the Board, the Stockholder Designee shall, and the Stockholder shall use reasonable best efforts to cause the Stockholder Designee to, comply with all policies, procedures, processes, codes, rules, standards and guidelines applicable to all Board members, including, without limitation, Code of Conduct and Corporate Governance Guidelines, securities trading policies, anti-hedging and anti-pledging policies, Regulation FD-related policies, director confidentiality policies and other corporate governance and compliance policies, in each case to the extent applicable to all non-employee Board members (provided that no provision of any such document shall be deemed to be violated by any communication permitted by this Agreement or the NDA), and (except as permitted by the NDA) preserve the confidentiality of the Company’s confidential information, including discussions or matters considered in meetings of the Board or Board committees to the extent not disclosed publicly by the Company; and

(i)              if, during the Restricted Period (as defined below), the Stockholder Designee is no longer able to serve, solely as a result of the Stockholder Designee’s death or incapacitation, or due to the fact that the Stockholder Designee ceases to be affiliated with the Stockholder and its Affiliates, in each case provided that a Stockholder Designee is otherwise then entitled to be appointed or serve, as applicable, as a director of the Company pursuant to this Agreement, then the Stockholder shall be entitled to designate a replacement director who shall (1) meet the requirements set forth in clause (f) above, (2) be reasonably acceptable to the Board after the Nominating Committee has conducted its ordinary course review process for directors of the Company, (3) provide the items required to be provided by the Stockholder Designee pursuant to clauses (e) and (g) above and (4) agree to be bound in writing by all obligations that are applicable to the Stockholder Designee hereunder. The Board shall promptly appoint any replacement pursuant to this clause (i), and such replacement shall be considered to be the “Stockholder Designee” under this Agreement.

Section 2.                  Additional Stockholder Obligations.

From the date of this Agreement and for all times during the Restricted Period, the Stockholder shall not, and shall cause its Affiliates not to, in any way, directly or indirectly (in each case except as expressly permitted by this Agreement or as expressly permitted in writing by the Company):

(a)             (1) make, engage in, or in any way participate in, directly or indirectly, any “solicitation” of proxies (as such terms are used in the proxy rules of the SEC but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv) of the Exchange Act) or consents to vote or advise, encourage or influence any person with respect to the voting of any securities of the Company or any securities convertible or exchangeable into or exercisable for any such securities for the election of individuals to the Board or to approve stockholder proposals, or become a “participant” in any contested “solicitation” for the election of directors with respect to the Company (as such terms are defined or used under the Exchange Act), other than a “solicitation” or acting as a “participant” in support of all of the nominees of the Board at any stockholder meeting or voting its shares at any such meeting in its sole discretion (subject to 

 

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compliance with this Agreement), (2) make or be a proponent of any stockholder proposal (pursuant to Rule 14a-8 under the Exchange Act or otherwise) or (3) initiate, encourage or participate in any “withhold” or similar campaign, directly or indirectly;

(b)            form, join, encourage, influence or in any way participate in any “group” (as defined pursuant to Section 13(d) of the Exchange Act) with respect to securities of the Company (other than any group composed of the Stockholder and its Affiliates) or deposit any Voting Securities of the Company in a voting trust or subject any Voting Securities to any voting agreement;

(c)             acquire or seek to acquire whether by purchase, tender or exchange offer, through the acquisition of control of another person, by joining a partnership, limited partnership, syndicate or other group (including any group of persons that would be treated as a single “person” under Section 13(d) of the Exchange Act), through swap or hedging transactions or otherwise, any securities or rights or options to acquire any securities of the Company, or any derivative securities or instruments, if such acquisition would result in the Stockholder and its Affiliates having Beneficial Ownership of, or economic exposure to, more than 20% of the Voting Securities;

(d)            make any public proposal or public disclosure with respect to any material change in the capitalization or dividend policy of the Company, or any other material change in the Company’s management, business or corporate structure;

(e)             make any public statement or announcement that constitutes an ad hominem attack on, or otherwise disparages or causes to be disparaged, the Company, any of the Company’s Affiliates, or any of the Company’s past, present or future officers or directors appointed during the term of this Agreement;

(f)             engage in any short sale or any purchase, sale or grant of any option, warrant, convertible security, stock appreciation right, or other similar right (including any put or call option or “swap” transaction) with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from a decline in the market price or value of the securities of the Company;

(g)            make any request to the Company under Section 220 of the DGCL, other than requests made by a director under Section 220(d);

(h)            threaten, file or otherwise commence or cause to be threatened, filed or otherwise commenced, any complaint, litigation, claim, action, suit or similar proceeding (collectively, a “Legal Proceeding”) against the Company or its Affiliates, directors, officers or employees (except (1) solely in connection with enforcing the Stockholder’s rights hereunder, (2) by being a party to a class action instituted by a third party without the assistance or encouragement of the Stockholder or (3) any Legal Proceeding in a capacity other than as a stockholder or director of the Company and only with respect to matters not relating to corporate activities or actions);

 

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(i)             other than through open market broker sale transactions where the identity of the purchaser is unknown and in underwritten widely dispersed public offerings, sell, offer or agree to sell or otherwise transfer any shares of Common Stock to any person that, to the Stockholder’s knowledge, individually or as part of any “group” (as defined pursuant to Section 13(d) of the Exchange Act), would Beneficially Own or otherwise control, in the aggregate,  10% or more of the total Common Stock outstanding at such time;

(j)             make any proposal to the Company or the Board with respect to any of the foregoing that would reasonably be expected to require the Company to make a public disclosure of such proposal or otherwise publicly request any amendment or waiver of any of the foregoing; or

(k)            enter into any discussion, negotiation, agreement or understanding with any third party with respect to the foregoing or advise, assist, encourage or seek to persuade any third party to take any action with respect to any of the foregoing.

For purposes of this Agreement, the “Restricted Period” means the period from the date hereof until the later of (a) the date that is 30 days prior to the expiration of the Company’s advance notice period for the nomination of directors at the Company’s 2018 annual meeting and (b) the date that the Stockholder Designee ceases to serve on the Board.

Until the end of the Restricted Period, the Stockholder shall, and shall cause its Affiliates to, cause all Voting Securities owned by it, directly or indirectly, whether owned of record or Beneficially Owned, as of the record date for any annual or special meeting of stockholders or in connection with any solicitation of stockholder action by written consent (each a “Stockholders Meeting”) within the Restricted Period, in each case that are entitled to vote at any such Stockholders Meeting, to be present for quorum purposes and to be voted, at all such Stockholders Meetings or at any adjournments or postponements thereof, (a) for all directors nominated by the Board for election at such Stockholders Meeting and (b) in accordance with the recommendation of the Board on any precatory or non-binding proposals that come before any Stockholder Meeting.

Section 3.                  Additional Company Obligations.  The Company agrees that, during the Restricted Period, it will not, and will cause each of its Affiliates not to, directly or indirectly, in any manner, make any public statement or announcement that constitutes an ad hominem attack on, or otherwise disparages or causes to be disparaged, the Stockholder, any of the Stockholder’s Affiliates, or any of their respective past, present or future officers, directors, partners, members or agents.

Section 4.                  Termination.  This Agreement is effective as of the date hereof and shall remain in full force and effect until the day following the final day of the Restricted Period, provided that Section 5 (and, for the avoidance of doubt the NDA) and Sections 9 through 21 shall survive the termination of this Agreement.

Section 5.                  Amendment of NDA. Section 7 of the NDA is hereby amended and restated in its entirety as follows:

 

 

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“7. Term.  This Agreement shall expire on the two-year anniversary of the termination of the Nomination Agreement, dated as of December 21, 2016, between you and the Company.”

Section 6.                  Representations of the Company.  The Company represents and warrants to the Stockholder as follows: (a) the Company has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; and (b) this Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms.

Section 7.                  Representations of the Stockholder.  The Stockholder represents and warrants to the Company as follows: (a) the Stockholder is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has the requisite power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; (b) this Agreement has been duly and validly authorized, executed and delivered by the Stockholder, constitutes a valid and binding obligation and agreement of the Stockholder and is enforceable against the Stockholder in accordance with its terms; (c) the Stockholder, together with its Affiliates, Beneficially Owns, directly or indirectly, an aggregate of 20,511,494 shares of Common Stock, 423,604 of which may be acquired by the Stockholder and its Affiliates upon exercise of 211,802 warrants, and such shares of Common Stock constitute all of the Common Stock Beneficially Owned by the Stockholder and its Affiliates or in which the Stockholder or its Affiliates have any interest or right to acquire, whether through derivative securities, voting agreements or otherwise; and (d) as of the date of this Agreement, the Stockholder Designee satisfies all of the Conditions and the obligations of the Stockholder Designee set forth in Section 1(f).

Section 8.                  Public Announcements. As soon as practicable after the date hereof, the Company and the Stockholder shall announce this Agreement and the material terms hereof by means of a joint press release in the form attached hereto as Exhibit B (the “Press Release”). Neither the Company nor the Stockholder shall make any public announcement or statement that contradicts or disagrees with the statements made in the Press Release, except as required by law or the rules of any stock exchange or with the prior written consent of the other party.

Section 9.                  Confidentiality.  Consistent with the Stockholder Designee’s obligations as a director of the Company to maintain the confidentiality of Company information, and in furtherance of the Company’s policies relating to confidentiality applicable to directors, the Stockholder Designee acknowledges and agrees that he or she will not disclose Company information to any officers, directors, employees, advisers or other persons associated with the Stockholder; provided, however, that the Stockholder Designee shall be permitted to disclose such information to employees of the Stockholder pursuant to the terms of the NDA.

Section 10.               Definitions.

“Affiliate” means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such first Person.

 

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“Beneficially Own” has the meaning ascribed to it in Section 13(d) of the Securities Exchange Act of 1934, as amended.

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

“Voting Securities” means the shares of the Common Stock and any other securities of the Company generally entitled to vote in the election of directors, or securities convertible into, or exercisable or exchangeable for, such shares or other securities, whether or not subject to the passage of time or other contingencies.

Section 11.               Assignment.  No party may assign this Agreement or any of its rights or obligations hereunder, directly or indirectly, by operation of law or otherwise, and any assignment hereof will be null and void.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, legal representatives for the uses and purposes set forth and referred to herein.

Section 12.               Specific Performance; Governing Law.  The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable harm and remedies available at law (including money damages) would not be an adequate remedy for any such breach and that, in addition to other rights and remedies hereunder, the Company and the Stockholder shall be entitled to specific performance and/or injunctive or other equitable relief (without posting a bond or other security) exclusively in the Court of Chancery or, if such court shall not have jurisdiction, any other state or federal court sitting in the State of Delaware in order to enforce or prevent any violation of the provisions of this Agreement.  In the event that any action shall be brought in equity to enforce the provisions of this Agreement, no party shall allege, and each party hereby waives the defense, that there is an adequate remedy at law. Furthermore, each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the Court of Chancery or other state or federal courts of the State of Delaware in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this Agreement or the transactions contemplated by this Agreement in any court other than the Court of Chancery or other federal or state courts of the State of Delaware, and each of the parties irrevocably waives the right to trial by jury, (d) agrees to waive any bonding requirement under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief and (e) irrevocably consents to service of process by a reputable overnight mail delivery service, signature requested, to the address set forth in Section 13 or as otherwise provided by applicable law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.  This Section 12 shall not be deemed the exclusive remedy for any violation of this Agreement.

 

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Section 13.               Notices.  Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, or mailed first class mail (postage prepaid, return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the Company at the addresses set forth below and to the Stockholder at the addresses set forth below.  Notices shall be deemed to have been given hereunder when delivered personally, three days after deposit in the U.S. mail, one day after deposit with a reputable overnight courier service, and when sent by electronic mail to the electronic mail addresses specified in this subsection.

The Company’s address is:

	
 

	Houghton Mifflin Harcourt Company
	
 

	125 High Street 
	
 

	Boston, MA 02110 
	 	Attention: 	William Bayers
	 	Facsimile:  	(617) 351-1125 
	 	Email: 	Bill.Bayers@hmhco.com

                                                                           

 

with copies to (which shall not constitute notice):

 

	
 

	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	
 

	1285 Avenue of the Americas
	
 

	New York, NY 10019-6064
	 	Attention: 	Robert B. Schumer
	 	 	John C. Kennedy 
	 	Facsimile:  	(212) 492-0097
	 	 	(212) 492-0025 
	 	Email: 	rschumer@paulweiss.com 
	 	 	jkennedy@paulweiss.com

                                                                           

 

The Stockholder’s address is:

 

	
 

	Anchorage Capital Group, L.L.C.
	
 

	610 Broadway, 6th Floor
	
 

	New York, NY 10012
	 	Attention: 	David Young
	 	Facsimile:  	(212) 432-4601
	 	Email: 	david.young@anchoragecap.com

 

                                                                           

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with a copy to (which shall not constitute notice):

	
 

	Schulte Roth & Zabel LLP
	
 

	919 Third Avenue
	
 

	New York, New York 10022
	 	Attention: 	Eleazer Klein
	 	Email: 	eleazer.klein@srz.com

                     

Section 14.               No Strict Construction.  The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party.

Section 15.               No Third-Party Beneficiaries.  Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon, or give to, any person or entity other than the parties hereto and their respective successors, assigns, heirs, executors and administrators any remedy or claim under or by reason of this Agreement or any terms, covenants or conditions hereof, and all of the terms, covenants, conditions, promises and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their respective successors, assigns, heirs, executors and administrators.

Section 16.               Fees and Expenses. Neither the Company, on the one hand, nor the Stockholder, on the other hand, will be responsible for any fees or expenses of the other in connection with this Agreement.

Section 17.               Further Assurances.  Each of the parties hereby agrees that it will hereafter execute and deliver any further document, agreement, instruments of assignment, transfer or conveyance as may be necessary or desirable to effectuate the purposes hereof.

Section 18.              Counterparts.  This Agreement may be executed in two or more counterparts, and may be delivered by means of facsimile or electronic transmission in portable document format, each of which shall be deemed to be an original and shall be binding upon the party who executed the same, but all of such counterparts shall constitute the same agreement.

Section 19.               Complete Agreement; Inconsistent Agreements.  This Agreement and the NDA represent the complete agreement between the parties hereto as to all matters covered hereby, and supersede any prior agreements or understandings between the parties.

Section 20.               Severability.  In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction).  The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

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Section 21.               Amendment and Waiver.  Except as otherwise provided herein, no modification or amendment of any provision of this Agreement shall be effective against the Company or the Stockholder unless such modification or amendment is approved in writing by the Company and the Stockholder.  No waiver of any provision of this Agreement shall be effective against the waiving party unless such waiver is in writing by such waiving party.  The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.

[SIGNATURE PAGES FOLLOW]

 

 

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

	 	
Company:

	 
	 	 	 
	 	Houghton Mifflin Harcourt Company  	 
	 	 	 	 	 
	 	 	 	 	 
	
 

	
By: 

	/s/ William F. Bayers	 
	 	 	Name: 	William F. Bayers	 
	 	 	Title: 	
Executive Vice President, Secretary and 

General Counsel

	 
	 	 	 	 	 

 

 

Signature Page to Director Nomination Agreement

 

 

	Stockholders:	 	 
	 	 	 
	
Anchorage Capital Master Offshore, Ltd.

	 
	 	 	 	 	 
	 	 	
By: Anchorage Capital Group, L.L.C., its Investment Manager

	 	 
	 	 	 	 	 
	
By: 

	/s/ Natalie Birrell	 	 
	 	Name: 	
Natalie Birrell

	 	 
	 	Title: 	
Chief Operating Officer

	 	 
	 	 	 	 	 

 

	
Anchorage Illiquid Opportunities Offshore Master III, L.P.

	 
	 	 	 	 	 
	 	 	
By: Anchorage Capital Group, L.L.C., its Investment Manager

	 	 
	 	 	 	 	 
	
By: 

	/s/ Natalie Birrell	 	 
	 	Name: 	Natalie Birrell	 	 
	 	Title: 	
Chief Operating Officer

	 	 
	 	 	 	 	 

 

	
PCI Fund LLC

	 
	 	 	 	 	 
	 	 	
By: Anchorage Capital Group, L.L.C., its Investment Manager

	 	 
	 	 	 	 	 
	
By: 

	/s/ Natalie Birrell	 	 
	 	Name: 	Natalie Birrell	 	 
	 	Title: 	
Chief Operating Officer

	 	 
	 	 	 	 	 

 

 

 

 

Signature Page to Director Nomination Agreement

 

EXHIBIT A

RESIGNATION

[●], 201[●]

Board of Directors

Houghton Mifflin Harcourt Company

125 High Street

Boston, MA 02110

Re:   Resignation

Ladies and Gentlemen:

This irrevocable resignation is delivered pursuant to that certain Nomination Agreement (the “Agreement”), dated as of December 21, 2016, by and among Houghton Mifflin Harcourt Company (the “Company”) and Anchorage Capital Master Offshore, Ltd., Anchorage Illiquid Opportunities Offshore Master III, L.P. and PCI Fund LLC, each of which is a stockholder of the Company (the “Stockholders”). Capitalized terms used herein but not defined shall have the meaning set forth in the Agreement.

Effective only upon, and subject to, such time as the Stockholders and their Affiliates cease to Beneficially Own in the aggregate at least 10% of the Voting Securities of the Company and the Board accepts my subsequently tendered resignation, I hereby irrevocably resign from my position as a director of the Company and from any and all committees of the Board on which I serve.

 

 

	
Sincerely,

	 	 
	 	 	 
	    	 	 
	
Name: Daniel AllenEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

FOURTH AMENDMENT TO CREDIT AGREEMENT 

This Fourth Amendment to Credit Agreement (this “Amendment”) is entered into effective as of the 21st day of December,
2016 (the “Fourth Amendment Effective Date”), by and among Sunoco LP, a Delaware limited partnership (“Borrower”), Bank of America, N.A., as Administrative Agent (in such capacity, the
“Administrative Agent”), Swingline Lender and an LC Issuer, and the financial institutions parties hereto as Lenders (“Lenders”). 

W I T N E S S E T H 

WHEREAS, Borrower, Administrative Agent and the Lenders are parties to that certain Credit Agreement, dated as of September 25, 2014 (as
amended by that certain First Amendment to Credit Agreement and Increase Agreement dated as of as April 10, 2015, that certain Second Amendment to Credit Agreement, dated as of December 2, 2015 and that certain Third Amendment to Credit
Agreement, dated as of August 1, 2016, and as otherwise amended, restated, supplemented or modified prior to the date hereof, the “Existing Credit Agreement” and the Existing Credit Agreement, as amended by this
Amendment, the “Credit Agreement”) (unless otherwise defined herein, all terms used herein with their initial letter capitalized shall have the meaning given such terms in the Credit Agreement); 

WHEREAS, the Borrower has requested that the Lenders agree to amend certain provisions of the Existing Credit Agreement as set forth below;
and 
 WHEREAS, subject to and upon the terms and conditions set forth herein, the Lenders have agreed to enter into this Amendment; 

NOW THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and confessed, Borrower, Administrative Agent, and the Lenders hereby agree as follows: 

Section 1. Amendments. In reliance on the representations, warranties, covenants and agreements contained in this Amendment,
and subject to the satisfaction of the conditions precedent set forth in Section 2 hereof, the Existing Credit Agreement shall be amended effective as of the Fourth Amendment Effective Date in the manner provided in this
Section 1. 
 1.1 Amendment of Section 1.01. Section 1.01 of the Existing Credit Agreement is
hereby amended as follows: 
 (a) By amending and restating the pricing grid in clause (a) of the definition of “Applicable
Rate” to read in full as follows: 
  

															
	 Level
	  	 Leverage Ratio
	  	
Base Rate
Margin
	 	 	 Eurodollar
Margin
	 	 	 Commitment
Fee
Rate
	 
	 1
	  	< 3.00	  	 	0.500	% 	 	 	1.500	% 	 	 	0.250	% 
	 2
	  	> 3.00 to 1.00 and < 3.50 to 1.00	  	 	0.750	% 	 	 	1.750	% 	 	 	0.300	% 
	 3
	  	> 3.50 to 1.00 and < 4.00 to 1.00	  	 	1.000	% 	 	 	2.000	% 	 	 	0.300	% 
	 4
	  	> 4.00 to 1.00 and < 4.50 to 1.00	  	 	1.250	% 	 	 	2.250	% 	 	 	0.350	% 
	 5
	  	> 4.50 to 1.00 and < 5.50 to 1.00	  	 	1.500	% 	 	 	2.500	% 	 	 	0.350	% 
	 6
	  	> 5.50 to 1.00 and < 6.00 to 1.00	  	 	1.750	% 	 	 	2.750	% 	 	 	0.500	% 
	 7
	  	> 6.00 to 1.00	  	 	2.000	% 	 	 	3.000	% 	 	 	0.500	% 

  
 1 

 (b) By adding the definition of “Fourth Amendment” in
alphabetically appropriate order, which shall read in full as follows: 
 “Fourth Amendment” means that
certain Fourth Amendment to Credit Agreement dated as of December 21, 2016, among the Borrower, Administrative Agent and the Lenders party thereto. 

(c) By adding the definition of “Interest Coverage Ratio” in alphabetically appropriate order, which
shall read in full as follows: 
 “Interest Coverage Ratio” means, as of any date, the ratio of
(a) Consolidated EBITDA for the period of four consecutive fiscal quarters ending on such date to (b) Consolidated Interest Expense for the period of four consecutive fiscal quarters ending on such date. 

(d) By amending the definition of “Loan Documents” by adding “the Fourth Amendment,” immediately following
the reference to the “Third Amendment,” therein. 
 (e) By adding the definition of “Net Cash
Proceeds” in alphabetically appropriate order, which shall read in full as follows: 
 “Net Cash
Proceeds” means, with respect to the issuance of any Equity Interests of the Borrower, an amount equal to (a) payments of Cash or Cash Equivalents received by the Borrower from such issuance minus (b) all reasonable and customary
out-of-pocket legal, underwriting and other fees and expenses incurred in connection with such issuance. 
 (f) By deleting
the definition of “Post Dropdown Period” in its entirety. 
 (g) By adding the definition of
“Senior Secured Leverage Ratio” in alphabetically appropriate order, which shall read in full as follows: 

“Senior Secured Leverage Ratio” means, as of any date, the ratio of (a) Consolidated Funded Indebtedness
that is secured by a Lien on any property of the Borrower or any of its Subsidiaries on such date to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters ending on such date. 

  
 2 

 (h) By amending the definition of “Specified Acquisition
Period” by replacing the reference to “Section 7.12” therein with a reference to “Section 7.12(a)(ii).” 

(i) By adding the definition of “Term Loan Repayment Date” in alphabetically appropriate order, which
shall read in full as follows: 
 “Term Loan Repayment Date” means the date on which all Term Loan
Obligations have been repaid in full in cash (other than with the proceeds of any Term Loan Refinancing Indebtedness that is secured by a Lien on any property of the Borrower or any of its Subsidiaries). 

 

	 	1.2	Amendment to Section 2.06. Section 2.06 of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: 

2.06 Prepayments of Loans. 

(a) Voluntary Prepayments. The Borrower may, upon three Business Days’ notice by delivery of a Notice of Loan
Prepayment to the Administrative Agent (which notice shall be irrevocable except that such notice may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the incurrence of other
Indebtedness or any other event, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified date) if such condition is not satisfied, and the Administrative Agent will promptly give
notice to the other Lenders), from time to time and without premium or penalty (other than Eurodollar Loan breakage costs, if any, pursuant to Section 3.05) prepay the Loans, in whole or in part, so long as the aggregate amounts of all
partial prepayments of principal on the Loans equals $5,000,000 or any higher integral multiple of $1,000,000. Each prepayment of principal under this section shall be accompanied by all interest then accrued and unpaid on the principal so prepaid.
Any principal or interest prepaid pursuant to this section shall be in addition to, and not in lieu of, all payments otherwise required to be paid under the Loan Documents at the time of such prepayment. 

(b) Mandatory Prepayments. In the event that the Borrower shall receive Net Cash Proceeds from the issuance of Equity
Interests of the Borrower at any time prior to the earlier of (i) the Borrower’s delivery of a Compliance Certificate demonstrating that the Leverage Ratio is less than 5.50 to 1.00 and (ii) the Term Loan Repayment Date, the Borrower
shall substantially simultaneously with the receipt of such Net Cash Proceeds (and in any event not later than the third Business Day 

  
 3 

 
after receipt thereof) by the Borrower, apply an amount equal to 100% of such Net Cash Proceeds to prepay either (a) so long as the Term Loan Obligations are outstanding, the Term Loan
Obligations or (b) the Loans. 
 The Borrower shall deliver to the Administrative Agent (i) concurrently with any
notice of prepayment of the Loans or Term Loan Obligations pursuant to this Section 2.06(b), a certificate of a Responsible Officer demonstrating the calculation of the amount of the applicable Net Cash Proceeds, and (ii) at least
three Business Days prior written notice of such prepayment. Each notice of prepayment of the Loans or Term Loan Obligations shall specify the prepayment date, the Type of each Loan or Term Loan Obligations being prepaid and the principal
amount of each Loan (or portion thereof) or Term Loan Obligation to be prepaid. All prepayments of Loans under this Section 2.06(b) shall be subject to Section 3.05, but shall otherwise be without premium or penalty, and
shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment. In the event that the Borrower shall subsequently determine that the actual amount received exceeded the amount set forth
in such certificate, the Borrower shall promptly make an additional prepayment of the Loans or Term Loan Obligations in an amount equal to such excess, and the Borrower shall concurrently therewith deliver to the Administrative Agent a certificate
of a Responsible Officer demonstrating the derivation of such excess amount. 
 1.3 Amendment to Section 6.01(b).
Section 6.01(b) of the Existing Credit Agreement is hereby amended by replacing the words “with the requirements of Section 7.12” therein with the words “with the then applicable requirements of
Section 7.12.” 
 1.4 Amendment to Section 6.09(a). Section 6.09(a) of the Existing Credit
Agreement is hereby amended by replacing the words “in compliance with Section 7.12” therein with the words “in compliance with the then applicable requirements of Section 7.12.” 

1.5 Amendment to Section 7.01(a)(xi). Section 7.01(a)(xi) of the Existing Credit Agreement is hereby amended by
replacing the words “compliance with Section 7.12” therein with the words “compliance with the then applicable requirements of Section 7.12.” 

1.6 Amendment to Section 7.01(b)(xiii). Section 7.01(b)(xiii) of the Existing Credit Agreement is hereby amended by
replacing the words “compliance with Section 7.12” therein with the words “compliance with the then applicable requirements of Section 7.12.” 

1.7 Amendment to Section 7.05. Section 7.05 of the Existing Credit Agreement is hereby amended by replacing the words
“in compliance with Section 7.12” therein with the words “in compliance with the then applicable requirements of Section 7.12.” 

  
 4 

 1.8 Amendment to Section 7.10(k). Section 7.10(k) of the Existing Credit
Agreement is hereby amended by replacing the words “in compliance with Section 7.12” therein with the words “in compliance with the then applicable requirements of Section 7.12.” 

1.9 Amendment to Section 7.11. Section 7.11 of the Existing Credit Agreement is hereby amended by replacing the words
“in compliance with Section 7.12” therein with the words “in compliance with the then applicable requirements of Section 7.12.” 

1.10 Amendment of Section 7.12. Section 7.12 of the Existing Credit Agreement is hereby amended and restated to read
in its entirety as follows: 
 7.12 Financial Covenants:. 

(a) Leverage Ratio. As of each Quarterly Testing Date commencing with December 31, 2016, the Leverage Ratio will not exceed
(i) with respect to each Quarterly Testing Date occurring during the period from (and including) December 31, 2016 to (and including) December 31, 2018, the applicable ratio set forth below: 

 

					
	 Quarterly Testing Date
	  	Maximum
Leverage
Ratio	 
	 December 31, 2016 through December 31, 2017
	  	 	6.75 to 1.00	  
	 March 31, 2018
	  	 	6.50 to 1.00	  
	 June 30, 2018
	  	 	6.25 to 1.00	  
	 September 30, 2018
	  	 	6.00 to 1.00	  
	 December 31, 2018
	  	 	5.75 to 1.00	  

 and (ii) with respect to any other Quarterly Testing Date (A) at any time other than during a
Specified Acquisition Period, 5.50 to 1.00 or (B) during a Specified Acquisition Period, 6.00 to 1.00. 
 (b) Interest Coverage
Ratio. As of each Quarterly Testing Date commencing with December 31, 2016 and continuing to (and including) December 31, 2018, the Interest Coverage Ratio shall not be less than 2.25 to 1.00. 

(c) Senior Secured Leverage Ratio. As of each Quarterly Testing Date commencing with December 31, 2016 and continuing until the
Term Loan Repayment Date, the Senior Secured Leverage Ratio will not exceed (i) with respect to each Quarterly Testing Date occurring during the period from (and including) December 31, 2016 to (and including) December 31, 2017, 3.75
to 1.00 and (ii) for each Quarterly Testing Date thereafter, 3.50 to 1.00. 

  
 5 

	 	1.11	Amendment to Exhibit B. Exhibit B to the Credit Agreement is hereby amended and restated in its entirety in the form of Exhibit B attached hereto. 

Section 2. Conditions Precedent. The effectiveness of the amendments to the Existing Credit Agreement contained in
Section 1 hereof is subject to the satisfaction of each of the following conditions precedent: 
 2.1
Counterparts. Administrative Agent shall have received counterparts of this Amendment duly executed by Borrower, the Guarantors and the Majority Lenders. 

2.2 Fees and Expenses. Borrower shall have paid to Administrative Agent all fees due and owing to Administrative Agent pursuant
to or in connection with this Amendment (including the reasonable and documented fees, charges and disbursements of a single counsel for the Administrative Agent) in the preparation, execution, review and negotiation of this Amendment and the other
Loan Documents in accordance with Section 10.04(a) of the Existing Credit Agreement. 
 2.3 Consent Fee. Administrative
Agent shall have received, for the benefit of the Lenders party to this Amendment (each such Lender party to this Amendment, herein a “Consenting Lender” and including, without limitation, Bank of America, N.A.), a consent fee (the
“Amendment Consent Fee”) in an aggregate amount for each such Consenting Lender equal to 25 basis points (0.25%) of the amount of such Consenting Lender’s Commitment on the Fourth Amendment Effective Date. Administrative Agent
shall pay to each Consenting Lender the applicable Amendment Consent Fee promptly after receipt thereof by the Administrative Agent. 
 2.4
Term Loan Amendment. Administrative Agent shall have received a duly executed copy of an amendment to the Term Loan Facility in form and substance reasonably satisfactory to the Administrative Agent; provided that an amendment in form
and substance substantially similar to this Amendment shall be deemed reasonably satisfactory to the Administrative Agent. 
 2.5 No
Default. No Default or Event of Default shall have occurred which is continuing. 
 Section 3. Representations and Warranties of
Borrower. To induce the Lenders and Administrative Agent to enter into this Amendment, Borrower hereby represents and warrants to the Lenders and Administrative Agent as follows: 

3.1 Reaffirmation of Existing Representations and Warranties. Each representation and warranty of Borrower contained in the
Credit Agreement and the other Loan Documents is true and correct in all material respects (except to the extent that such representations and warranties are qualified by materiality, in which case such representations and warranties are true and
correct in all respects) on the date hereof after giving effect to the amendments set forth in Section 1 hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were
true and correct in all material respects (except to the extent that such representations and warranties are qualified by materiality, in which case such representations and warranties were true and correct in all respects) as of such earlier date.

  

  
 6 

 3.2 No Default or Event of Default. No Default or Event of Default has occurred
which is continuing. 
 3.3 Acknowledgment of No Defenses. As of the Fourth Amendment Effective Date, to the knowledge of
Borrower, Borrower has no defense to (a) Borrower’s obligation to pay the Obligations when due, or (b) the validity, enforceability or binding effect against Borrower or any Loan Party of the Credit Agreement or any of the other Loan
Documents (to the extent a party thereto) or any Liens intended to be created thereby. 
 Section 4. Miscellaneous. 

4.1 Reaffirmation of Loan Documents. Any and all of the terms and provisions of the Credit Agreement and the Loan Documents
shall, except as amended and modified hereby, remain in full force and effect. The amendments contemplated hereby shall not limit or impair any Liens securing the Obligations, each of which are hereby ratified and affirmed. The execution, delivery
and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor, except as expressly provided
herein, constitute a waiver or amendment of any provision of any of the Loan Documents. 
 4.2 Parties in Interest. All of the
terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

4.3 Counterparts. This Amendment may be executed in counterparts, including, without limitation, by electronic signature, and
all parties need not execute the same counterpart. Facsimiles or other electronic transmissions (e.g. .pdfs) of such executed counterparts shall be effective as originals. 

4.4 Complete Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES. 

4.5 Headings. The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience
only and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof. 
 4.6
Effectiveness. This Amendment shall be effective automatically and without necessity of any further action by Borrower, Administrative Agent or the Lenders when counterparts hereof have been executed by Borrower, Guarantors and the
Majority Lenders, and all conditions to the effectiveness hereof set forth herein have been satisfied. 

  
 7 

 4.7 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 4.8 Amendment. On and after the Fourth Amendment Effective Date, each reference in
the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Amendment. This
Amendment constitutes a Loan Document. 
 [Signature Pages to Follow] 

  
 8 

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

			
	SUNOCO LP
		
	By:	 	SUNOCO GP LLC, its General Partner
		
	By:	 	/s/ Thomas R. Miller
	Name:	 	Thomas R. Miller
	Title:	 	Chief Financial Officer

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	BANK OF AMERICA, N.A.,
	as an LC Issuer, Swingline Lender and a Lender
		
	By:	 	/s/ Adam H. Fey
	Name:	 	Adam H. Fey
	Title:	 	Director
	
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:	 	/s/ Denise Jones
	Name:	 	Denise Jones
	Title:	 	Assistant Vice President

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	WELLS FARGO BANK, N.A.,
	as an LC Issuer and a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	COMPASS BANK,
	as a Lender
		
	By:	 	/s/ Blake Kirshman
	Name:	 	Blake Kirshman
	Title:	 	Senior Vice President

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	 THE BANK OF TOKYO-MITSUBISHI UFJ

LTD.,

	 as a Lender

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	DNB CAPITAL LLC,
	as a Lender
		
	By:	 	/s/ Jill Ilski
	Name:	 	Jill Ilski
	Title:	 	First Vice President
		
	By:	 	/s/ Jodie Gildersleeve
	Name:	 	Jodie Gildersleeve
	Title:	 	Vice President

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	THE ROYAL BANK OF SCOTLAND PLC,
	as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	BARCLAYS BANK PLC,
	as a Lender
		
	By:	 	/s/ Christopher Aitkin
	Name:	 	Christopher Aitkin
	Title:	 	Assistant Vice President

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	CITIBANK, N.A.,
	as a Lender
		
	By:	 	/s/ Michael Zeller
	Name:	 	Michael Zeller
	Title:	 	Vice President

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as a Lender
		
	By:	 	/s/ Nupur Kumar
	Name:	 	Nupur Kumar
	Title:	 	Authorized Signatory
		
	By:	 	/s/ Warren Van Heyst
	Name:	 	Warren Van Heyst
	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	DEUTSCHE BANK AG — NEW YORK BRANCH,
	as a Lender
		
	By:	 	/s/ Chris Chapman
	Name:	 	Chris Chapman
	Title:	 	Director
		
	By:	 	/s/ Shai Bandner
	Name:	 	Shai Bandner
	Title:	 	Vice President

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	GOLDMAN SACHS BANK USA,
	as a Lender
		
	By:	 	/s/ Ushma Dedhiya
	Name:	 	Ushma Dedhiya
	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	JPMORGAN CHASE BANK, N.A.,
	as a Lender
		
	By:	 	/s/ Stephanie Balette
	Name:	 	Stephanie Balette
	Title:	 	Authorized Signer

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	MIZUHO BANK, LTD.,
	as a Lender
		
	By:	 	/s/ Leon Mo
	Name:	 	Leon Mo
	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	MORGAN STANLEY BANK, N.A.,
	as a Lender
		
	By:	 	/s/ Patrick Layton
	Name:	 	Patrick Layton
	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	MORGAN STANLEY SENIOR FUNDING, INC.,
	as a Lender
		
	By:	 	/s/ Patrick Layton
	Name:	 	Patrick Layton
	Title:	 	Vice President

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	/s/ Kyle T. Helfrich
	Name:	 	Kyle T. Helfrich
	Title:	 	Assistant Vice President

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	ROYAL BANK OF CANADA,
	as a Lender
		
	By:	 	/s/ Mark Lumpkin, Jr.
	Name:	 	Mark Lumpkin, Jr.
	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	SUMITOMO MITSUI BANKING CORPORATION,
	as a Lender
		
	By:	 	/s/ David W. Kee
	Name:	 	David W. Kee
	Title:	 	Managing Director

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	SUNTRUST BANK,
	as a Lender
		
	By:	 	/s/ Carmen Malizia
	Name:	 	Carmen Malizia
	Title:	 	Director

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	/s/ Patrick Jeffrey
	Name:	 	Patrick Jeffrey
	Title:	 	Vice President

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	BMO HARRIS FINANCING, INC.,
	as a Lender
		
	By:	 	/s/ Matthew L. Davis
	Name:	 	Matthew L. Davis
	Title:	 	Vice President

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	BNP PARIBAS,
	as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	CREDIT AGRICOLE CORPORATE & INVESTMENT BANK,
	as a Lender
		
	By:	 	/s/ Michael Willis
	Name:	 	Michael Willis
	Title:	 	Managing Director
		
	By:	 	/s/ Dixon Schultz
	Name:	 	Dixon Schultz
	Title:	 	Managing Director

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	ING CAPITAL LLC,
	as a Lender
		
	By:	 	/s/ Subha Pasumarti
	Name:	 	Subha Pasumarti
	Title:	 	Managing Director
		
	By:	 	/s/ Cheryl LaBelle
	Name:	 	Cheryl LaBelle
	Title:	 	Managing Director

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	UBS AG, STAMFORD BRANCH,
	as a Lender
		
	By:	 	/s/ Houssem Daly
	Name:	 	Houssem Daly
	Title:	 	Associate Director
		
	By:	 	/s/ Kenneth Chin
	Name:	 	Kenneth Chin
	Title:	 	Director

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	TORONTO DOMINION (TEXAS) LLC,
	as a Lender
		
	By:	 	/s/ Savo Bozic
	Name:	 	Savo Bozic
	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	NATIXIS, NEW YORK BRANCH,
	as a Lender
		
	By:	 	/s/ Jarrett Price
	Name:	 	Jarrett Price
	Title:	 	Director
		
	By:	 	/s/ Brice Le Foyer
	Name:	 	Brice Le Foyer
	Title:	 	Director

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 Each of the undersigned Guarantors (i) consents and agrees to this Amendment, and
(ii) agrees that the Loan Documents to which it is a party (including, without limitation, the Guaranty Agreement, dated as of September 25, 2014, each as amended, modified or supplemented) shall remain in full force and effect and shall
continue to be the legal, valid and binding obligation of the undersigned, enforceable against it in accordance with its terms. 
  

			
	CONSENTED, ACKNOWLEDGED AND AGREED TO BY:
	
	SUSSER PETROLEUM OPERATING COMPANY LLC
	SUSSER PETROLEUM PROPERTY COMPANY LLC
	SUSSER HOLDINGS CORPORATION
	SUNOCO FINANCE CORP.
		
	By:	 	/s/ Thomas R. Miller
	Name:	 	Thomas R. Miller
	Title:	 	Chief Financial Officer
	
	STRIPES HOLDINGS LLC
	SUSSER HOLDINGS, L.L.C.
	STRIPES LLC
		
	By:	 	/s/ Thomas R. Miller
	Name:	 	Thomas R. Miller
	Title:	 	Chief Financial Officer
	
	MID-ATLANTIC CONVENIENCE STORES, LLC
	SOUTHSIDE OIL, LLC
	MACS RETAIL LLC
		
	By:	 	/s/ Thomas R. Miller
	Name:	 	Thomas R. Miller
	Title:	 	Chief Financial Officer

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP 

 
			
	ALOHA PETROLEUM LLC
		
	By:	 	/s/ Thomas R. Miller
	Name:	 	Thomas R. Miller
	Title:	 	Chief Financial Officer
	
	ALOHA PETROLEUM, LTD.
		
	By:	 	/s/ Thomas R. Miller
	Name:	 	Thomas R. Miller
	Title:	 	Chief Financial Officer
	
	SUNOCO RETAIL, LLC
		
	By:	 	/s/ Thomas R. Miller
	Name:	 	Thomas R. Miller
	Title:	 	Chief Financial Officer
	
	SUNOCO, LLC
		
	By:	 	/s/ Thomas R. Miller
	Name:	 	Thomas R. Miller
	Title:	 	Chief Financial Officer
	
	ALLIED ENERGY COMPANY LLC
	DIRECT FUELS LLC
	ALLIED RENEWABLE ENERGY, LLC
	EMERGE ENERGY DISTRIBUTORS INC.
	SUNMARKS, LLC
	SUSSER PETROLEUM COMPANY LLC
	STRIPES NO. 1009 LLC
		
	By:	 	/s/ Thomas R. Miller
	Name:	 	Thomas R. Miller
	Title:	 	Chief Financial Officer

  

SIGNATURE PAGE TO FOURTH AMENDMENT TO
CREDIT AGREEMENT 
 SUNOCO LP

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