Document:

Exhibit 10.25

 

FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This Fourth Amendment to Amended and Restated Credit Agreement (this “Amendment”) is entered into as of November 2, 2012, by and among AMERICAN CRYSTAL SUGAR COMPANY, a cooperative corporation formed under the laws of the State of Minnesota (the “Borrower”), the Lenders signatories hereto, and COBANK, ACB, a federally chartered instrumentality of the United States (“CoBank”), in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).

 

RECITALS

 

The Borrower, the Lenders and the Administrative Agent are parties to that certain Amended and Restated Credit Agreement dated as of July 30, 2009 (as amended by a First Amendment to Amended and Restated Credit Agreement dated as of July 30, 2010, a Second Amendment to Amended and Restated Credit Agreement dated as of November 4, 2010 and a Third Amendment to Amended and Restated Credit Agreement dated as of July 19, 2011, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

The Borrower has requested that the Administrative Agent and the Lenders make certain amendments to the Credit Agreement, and the Administrative Agent and the Lenders are willing to grant the Borrower’s requests on the terms and subject to the conditions set forth herein.

 

ACCORDINGLY, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1.                                           Definitions.  Capitalized terms defined in the Credit Agreement and not otherwise defined herein shall have the meanings given them in the Credit Agreement.

 

Section 2.                                           Amendments to the Credit Agreement.  The Credit Agreement is hereby amended as follows:

 

(a)                                 Amendment to Section 1.1 of the Credit Agreement (Definitions).  Section 1.1 of the Credit Agreement is hereby amended by amending and restating the following definition:

 

“Fee Letter” means, collectively, the separate agreement dated as of the Closing Date, the separate agreement dated as of June 30, 2010, the separate agreement dated as of October 14, 2010, the separate agreement dated as of May 24, 2011 and each separate agreement executed in connection with any Facility Increase Notice, each between the Borrower and the Administrative Agent and each setting forth certain fees to be paid by the Borrower to the 

 

 

Administrative Agent for the Administrative Agent’s own account or for the account of the Lenders, as more fully set forth therein.

 

(b)                                 Additional Amendment to Section 1.1 of the Credit Agreement (Definitions).  Section 1.1 of the Credit Agreement is further amended by deleting therefrom the definition of “Clean Up Period Loans”.

 

(c)                                  Amendment to Section 2.25 of the Credit Agreement (Clean Up Period).  Section 2.25 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“Section 2.25                       [Reserved].”

 

(d)                                 Amendments to Schedules.  The Credit Agreement is hereby amended by deleting the Schedules to the Credit Agreement and replacing them in their entirety with the Schedules to this Amendment.

 

Section 3.                                           References.  All references in the Credit Agreement to “this Agreement” shall be deemed to refer to the Credit Agreement as amended hereby, and any and all references in any other Loan Document to the Credit Agreement shall be deemed to refer to the Credit Agreement as amended hereby.

 

Section 4.                                           No Other Changes.  Except as expressly set forth herein, all terms of the Credit Agreement and each of the other Loan Documents remain in full force and effect.

 

Section 5.                                           Representations and Warranties.  The Borrower hereby represents and warrants to the Administrative Agent and the Lenders as follows:

 

(a)                                 The Borrower has all requisite power and authority, corporate or otherwise, to execute and deliver this Amendment and to perform its obligations under this Amendment, the Accordion Increase effective as of the date hereof (the “2012  Accordion Increase”),  the Credit Agreement as amended hereby and the other Loan Documents to which the Borrower is a party.  This Amendment and the Loan Documents to which the Borrower is a party have been duly and validly executed and delivered to the Administrative Agent by the Borrower, and this Amendment, the 2012 Accordion Increase, the Credit Agreement as amended hereby and the other Loan Documents to which the Borrower is a party constitute the Borrower’s legal, valid and binding obligations, enforceable in accordance with their terms.

 

(b)                                 The execution, delivery and performance by the Borrower of this Amendment, the 2012 Accordion Increase, the Credit Agreement as amended hereby and the other Loan Documents to which the Borrower is a party have been duly authorized by all necessary corporate or other action and do not and will not (i) require any authorization, consent or approval by any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate the Borrower’s Organizational Documents or any provision of any law, rule, regulation or order presently in effect having applicability to the Borrower, or (iii) result in a breach of, or constitute a 

 

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default under, any indenture or agreement to which the Borrower is a party or by which the Borrower or its properties may be bound or affected.

 

(c)                                  All of the representations and warranties contained in Article IV of the Credit Agreement as amended hereby and in the other Loan Documents are correct on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date.

 

(d)                                 No event has occurred and is continuing, or would result from the 2012 Accordion Increase or the execution and delivery of this Amendment or the other documents contemplated hereunder to which the Borrower is a party, which constitutes a Default or an Event of Default.

 

Section 6.                                           Effectiveness.  This Amendment shall be effective only if the Administrative Agent has received, on or before the date of this Amendment (or such later date as the Administrative Agent may agree in writing), each of the following, each in form and substance acceptable to the Administrative Agent in its sole discretion:

 

(a)                                 this Amendment, duly executed by the Borrower;

 

(b)                                 an Acknowledgment and Agreement of Guarantor, duly executed by the Guarantor;

 

(c)                                  an amended and restated Revolving Credit Facility Note to the extent requested by any Revolving Credit Facility Lender subscribing to the 2012 Accordion Increase, in each case duly executed by the Borrower in favor of such Revolving Credit Facility Lender;

 

(d)                                 a certificate of the secretary or other appropriate officer of the Borrower certifying (i) that the execution, delivery and performance of this Amendment, the 2012 Accordion Increase and the other documents contemplated hereunder to which the Borrower is a party have been duly approved by all necessary action of the Governing Board of the Borrower, and attaching true and correct copies of the applicable resolutions granting such approval; (ii) that the Organizational Documents of the Borrower, which were certified and delivered to the Administrative Agent pursuant to the most recent certificate of secretary or assistant secretary given by the Borrower to the Lenders, continue in full force and effect and have not been amended or otherwise modified except as set forth in the certificate to be delivered as of the date hereof; and (iii) that the officers and agents of the Borrower who have been certified to the Administrative Agent, pursuant to the most recent certificate of secretary or assistant secretary given by the Borrower to the Administrative Agent, as being authorized to sign and to act on behalf of the Borrower continue to be so authorized or setting forth the sample signatures of each of the officers and agents of the Borrower authorized to execute and deliver this Amendment and all other documents, agreements and certificates on behalf of the Borrower;

 

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(e)                                  a signed copy of an opinion of counsel for each Obligor addressed to the Administrative Agent, on behalf of the Lenders, with respect to the 2012 Accordion Increase and the matters contemplated by this Amendment and all other documents, agreements and certificates contemplated hereunder;

 

(f)                                   evidence of all insurance required by the terms of the Security Documents, including but not limited to flood insurance if the real estate described in any Mortgage is located within the 100-year flood plain, together with certificates and loss payable endorsements showing the Administrative Agent, for the benefit of the Lender Parties, as mortgagee, additional insured and lender loss payee thereunder; and

 

(g)                                  payment of all fees and expenses due and payable pursuant to the Fee Letter dated as of October 2, 2012 and Section 9 hereof.

 

Section 7.                                           No Waiver.  Neither the 2012 Accordion Increase nor the execution of this Amendment or any documents, agreements and certificates contemplated hereunder shall be deemed to be a waiver of any Default or Event of Default or any other breach, default or event of default under any Loan Document or other document held by the Administrative Agent or any Lender, whether or not known to the Administrative Agent or any Lender and whether or not existing on the date of this Amendment.

 

Section 8.                                           Release of Administrative Agent and Lenders.  The Borrower, by its signature to this Amendment, hereby absolutely and unconditionally releases and forever discharges the Administrative Agent and the other Lender Parties, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former Directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which the Borrower has had, now has or has made claim to have against any such Person for or by reason of any act, omission, matter, cause or thing whatsoever occurring or arising prior to the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.

 

Section 9.                                           Costs and Expenses.  The Borrower hereby reaffirms its agreement under Section 9.6 of the Credit Agreement to pay or reimburse the Administrative Agent on demand for all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and specifically including allocated costs of in house counsel),  in connection with the preparation, negotiation, execution, delivery and administration of this Amendment, the 2012 Accordion Increase and the other documents, agreements and certificates contemplated hereunder (whether or not the transactions contemplated hereby or thereby shall be consummated).

 

Section 10.                                    Miscellaneous.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of Colorado (other than its conflicts of laws rules).  This Amendment, together with the Credit Agreement as amended hereby and the other 

 

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Loan Documents, comprise the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to such subject matter, superseding all prior oral or written understandings.  Any provision of this Amendment which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument.

 

Signature page follows

 

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

 

 

	
 
    	
AMERICAN CRYSTAL SUGAR COMPANY,   
   as Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Samuel S.M. Wai
    
	
 
    	
 
    	
Name:
    	
Samuel S.M. Wai
    
	
 
    	
 
    	
Title:
    	
Treasurer
    

 

Signature Page to Fourth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
COBANK, ACB, as Administrative   Agent and 
   as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Tousignant
    
	
 
    	
 
    	
Name:
    	
Michael Tousignant
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

Signature Page to Fourth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
WELLS FARGO BANK, NATIONAL 
   ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ed Cooper III
    
	
 
    	
 
    	
Name:
    	
Ed Cooper III
    
	
 
    	
 
    	
Title:
    	
Senior Vice President
    

 

Signature Page to Fourth Amendment to Amended and Restated Credit Agreement

 

 

	
 
    	
THE BANK OF TOKYO-MITSUBISHI   UFJ, 
   LTD., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christine Howatt
    
	
 
    	
 
    	
Name:
    	
Christine Howatt
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    

 

Signature Page to Fourth Amendment to Amended and Restated Credit Agreement

 

 

ACKNOWLEDGMENT AND AGREEMENT OF GUARANTOR

 

The undersigned, a guarantor of the indebtedness of American Crystal Sugar Company, a cooperative corporation formed under the laws of the State of Minnesota (the “Borrower”), to CoBank, ACB, a federally chartered instrumentality of the United States, in its capacity as the Administrative Agent (as described in the Credit Agreement defined in the foregoing Fourth Amendment to Amended and Restated Credit Agreement (the “Fourth Amendment”; capitalized terms used herein and not otherwise defined shall have the meanings given them in the Fourth Amendment), pursuant to an Amended and Restated Guaranty dated as of July 30, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), hereby (i) acknowledges receipt of the Fourth Amendment; (ii) consents to the terms and execution thereof; (iii) reaffirms all obligations to the Administrative Agent and the Lenders pursuant to the terms of the Guaranty; (iv) acknowledges that the Administrative Agent and the Lenders may amend, restate, extend, renew or otherwise modify the Credit Agreement and any indebtedness or agreement of the Borrower, or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of the undersigned and without impairing the liability of the undersigned under the Guaranty; and (v) absolutely and unconditionally releases and forever discharges the Administrative Agent and the other Lender Parties, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former Directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which the undersigned has had, now has or has made claim to have against any such Person for or by reason of any act, omission, matter, cause or thing whatsoever occurring or arising prior to the date of the Fourth Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.

 

 

	
 
    	
SIDNEY SUGARS INCORPORATED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Samuel S.M. Wai
    
	
 
    	
 
    	
Name:
    	
Samuel S.M. Wai
    
	
 
    	
 
    	
Title:
    	
Treasurer
    

 

Acknowledgment and Agreement of Guarantor

 

 

Schedule 4.1

 

DOING BUSINESS NAMES; BUSINESS LOCATIONS

 

	
Obligor
    	
 
    	
Names and Locations
    
	
American Crystal Sugar Company
    	
 
    	
Name, Trade Names, Etc.: American Crystal Sugar Company

 

State of Organization: Minnesota

 

Chief Executive Office: 101 Third Street North, Moorhead, MN 56560-1952

 

Principle Place of Business: 101 Third Street North, Moorhead, MN 56560-1952

 

Tax Identification Number: 84-0004720

 

Direct and Indirect Subsidiaries: Sidney Sugars Incorporated, ProGold Limited Liability Company, Crab   Creek Sugar Company
    
	
 
    	
 
    	
 
    
	
Sidney Sugars Incorporated
    	
 
    	
Name, Trade Names, Etc.: Sidney Sugars Incorporated

 

State of Organization: Minnesota

 

Chief Executive Office: 101 Third Street North, Moorhead, MN 56560-1952

 

Principle Place of Business: 35140 County Road 125, Sidney, MT 59270

 

Tax Identification Number: 22-3874444

 

Direct and Indirect Subsidiaries: None
    

 

Sch. 4.1

 

Schedule 4.4

 

CAPITALIZATION; ORGANIZATION CHART

 

Holder, Class and Percentage Interests of the Ownership of Each Obligor and Subsidiaries:

 

Borrower owns 100% of the outstanding capital stock of Sidney Sugars Incorporated (Guarantor).

 

Borrower owns 100% of the outstanding capital stock of Crab Creek Sugar Company.

 

Borrower owns 51% of the outstanding membership interests in ProGold Limited Liability Company.

 

Organization Chart:

 

 

Sch. 4.4

 

Schedule 4.7

 

LITIGATION

 

None.

 

Sch. 4.7

 

Schedule 4.11

 

PLANS

 

Retirement Plan A for Employees of American Crystal Sugar Company and for Employees of Sidney Sugars Incorporated.

 

Retirement Plan B for Employees of American Crystal Sugar Company and for Employees of Sidney Sugars Incorporated.

 

Group Employee Health Plan for Employees and Retirees of American Crystal Sugar Company.

 

Group Health Plan  for employees and retirees of Sidney Sugars Incorporated.

 

Sch. 4.11

 

Schedule 4.12

 

ENVIRONMENTAL COMPLIANCE

 

On August 12, 2011, the Borrower received a Finding of Violation and Notice of Violation from the United States Environmental Protection Agency (EPA) for alleged violations of the Clean Air at the Borrower’s three Minnesota factories based on events occurring from 1985 to the 1990s. The EPA has referred the matter to the Department of Justice for evaluation of a possible claim.  To date, no such claim has been filed.  The Borrower denies any violation and intends to contest any claim that may be filed.  The Borrower cannot predict whether a claim will be filed, and if it is, what the outcome will be.

 

Sch. 4.12

 

Schedule 4.18

 

LICENSES, COMPLIANCE WITH LAWS, OTHER AGREEMENTS

 

None.

 

Sch. 4.18

 

Schedule 6.1

 

OUTSTANDING LIENS

 

Liens in favor of the Noteholders (as defined in the Intercreditor Agreement) to secure the Senior Secured Notes (as defined in the Intercreditor Agreement).

 

Liens in favor of IBM Credit LLC, as evidenced by the following: (i) UCC filing #200918450900 filed on December 21, 2009, with the Minnesota Secretary of State against the Borrower as debtor, (ii) UCC filing #201020583251 filed on June 15, 2010, with the Minnesota Secretary of State against the Borrower as debtor, and (iii) Term Lease Supplement #D00G22392 between the Borrower and IBM Credit LLC dated December 8, 2009 (IBM Credit LLC has not filed a UCC financing statement on the foregoing Term Lease Supplement).

 

Liens in favor of RDO Equipment Co., as evidenced by the following: (i) UCC filing #200810993995 filed on March 17, 2008, with the Minnesota Secretary of State against the Borrower as debtor, (ii) UCC filing #200811234423 filed on April 2, 2008 with the Minnesota Secretary of State against the Borrower as debtor, (iii) UCC filing #200916608758 filed on July 1, 2009 with the Minnesota Secretary of State against the Borrower as debtor, and (iv) UCC filing #201022199900 filed on November 19, 2010, with the Minnesota Secretary of State against the Guarantor as debtor.

 

Liens in favor of North Central Rental & Leasing LLC, as evidenced by as evidenced by the following: (i) UCC filing #201125306044 filed on August 23, 2011, with the Minnesota Secretary of State against the Borrower as debtor, (ii) UCC filing #201227190392 filed on February 10, 2012, with the Minnesota Secretary of State against the Borrower as debtor, (iii) UCC filing #201228566478 filed on June 7, 2012, with the Minnesota Secretary of State against the Borrower as debtor, and (iv) UCC Filing #201229368881filed August 24, 2012, with the Minnesota Secretary of State against the Borrower as debtor.

 

Liens in favor of American National Bank and Trust Company against the pollution control equipment located at Moorhead, Minnesota as security for the 2001A East Grand Forks Bonds.

 

Liens in favor of Minn-Dak Farmers Cooperative and United States Sugar Corporation against marketing assets.

 

Sch. 6.1

 

Schedule 6.2

 

OUTSTANDING DEBT

 

Debt owed to the 1998 Noteholders (as defined in the Intercreditor Agreement) with respect to the 1998 Senior Secured Notes (as defined in the Intercreditor Agreement).

 

2009 Solid Waste Bonds (Traill County, North Dakota) in the aggregate principal amount of $27,330,000.

 

2001A East Grand Forks Bonds in the aggregate principal amount of $1,960,000.

 

2010 City of Moorhead Bonds in the aggregate principal amount of $15,000,000.

 

2009 East Grand Forks Bonds in the aggregate principal amount of $34,350,000.

 

Debt owed to Wells Fargo Bank in connection with the Borrower’s $1,000,000 overnight line.

 

Debt owed by Sidney Sugars Incorporated to the Borrower in connection with intercompany loans.

 

Debt owed to the Obligor’s marketing pool (which includes Minn-Dak Farmers Cooperative and United States Sugar Corporation).

 

Debt secured by the Liens described on Schedule 6.1.

 

Debt guarantied pursuant to the Guaranties described on Schedule 6.3.

 

Sch. 6.2

 

Schedule 6.3

 

OUTSTANDING GUARANTIES

 

The Borrower has guaranteed the debt of Midwest Agri-Commodities Company in the aggregate principal amount of $1,800,000 owed to Co-Bank, ACB.

 

The Guarantor has guaranteed the Borrower’s debt owed to the Noteholders (as defined in the Intercreditor Agreement) with respect to the Senior Secured Notes (as defined in the Intercreditor Agreement).

 

Sch. 6.3

 

Schedule 6.4

 

EXISTING INVESTMENTS

 

Investments in the following entities as reflected on the Borrower’s financial statements:

 

Sidney Sugars Incorporated

ProGold Limited Liability Company

 

Crab Creek Sugar Company

 

United Sugars Corporation

 

Midwest Agri Commodities Company

 

Co-Bank, ACB

 

Other cooperatives (CHS and electric coops)

 

Sch. 6.4Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

This Agreement made and entered into this        day of                          , (the “Agreement”), by and between Watts Water Technologies, Inc., a Delaware corporation (the “Company,” which term shall include, where appropriate, any Entity (as hereinafter defined) controlled directly or indirectly by the Company) and                          (the “Indemnitee”):

 

WHEREAS, it is essential to the Company that it be able to retain and attract as directors and officers the most capable persons available;

 

WHEREAS, increased corporate litigation has subjected directors and officers to litigation risks and expenses, and the limitations on the availability of directors and officers liability insurance have made it increasingly difficult for the Company to attract and retain such persons;

 

WHEREAS, the Company’s Certificate of Incorporation and By-laws (the “Certificate of Incorporation” and “By-laws,” respectively) require it to indemnify its  directors and officers to the fullest extent permitted by law and permit it to make other indemnification arrangements and agreements;

 

WHEREAS, the Company desires to provide Indemnitee with specific contractual assurance of Indemnitee’s rights to full indemnification against litigation risks and expenses (regardless, among other things, of any amendment to or revocation of the Certificate of Incorporation or By-laws or any change in the ownership of the Company or the composition of its Board of Directors);

 

WHEREAS, the Company intends that this Agreement provide Indemnitee with greater protection than that which is provided by the Company’s Certificate of Incorporation and By-laws; and

 

WHEREAS, Indemnitee is relying upon the rights afforded under this Agreement in continuing as  a director or officer of the Company.

 

NOW, THEREFORE, in consideration of the promises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

1.                                      Definitions.

 

(a)                                  “Corporate Status” describes the status of a person who is serving or has served (i) as a director or officer of the Company,  (ii) in any capacity with respect to any employee benefit plan of the Company, or (iii) as a director, partner, trustee, officer, employee, or agent of any other Entity at the request of the Company.  For purposes of subsection (iii) of this Section 1(a), if Indemnitee  is serving or has served as a director, partner, trustee, officer, employee or agent of a

 

 

Subsidiary, Indemnitee shall be deemed to be serving at the request of the Company.

 

(b)                                 “Entity” shall mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association, organization or other legal entity.

 

(c)                                  “Expenses” shall mean all fees, costs and expenses incurred by Indemnitee in connection with any Proceeding (as defined below), including, without limitation, attorneys’ fees, disbursements and retainers (including, without limitation, any such fees, disbursements and retainers incurred by Indemnitee pursuant to Sections 10 and 11(c) of this Agreement), fees and disbursements of expert witnesses, private investigators and professional advisors (including, without limitation, accountants and investment bankers), court costs, transcript costs, fees of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery services, secretarial services, and other disbursements and expenses.

 

(d)                                 “Indemnifiable Expenses,” “Indemnifiable Liabilities” and “Indemnifiable Amounts” shall have the meanings ascribed to those terms in Section 3(a) below.

 

(e)                                  “Liabilities” shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement.

 

(f)                                    “Proceeding” shall mean any threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative, whether formal or informal, including a proceeding initiated by Indemnitee pursuant to Section 10 of this Agreement to enforce Indemnitee’s rights hereunder.

 

(g)                                 “Subsidiary” shall mean any corporation, partnership, limited liability company, joint venture, trust or other Entity of which the Company owns (either directly or through or together with another Subsidiary of the Company) either (i) a general partner, managing member or other similar interest or (ii) (A) 50% or more of the voting power of the voting capital equity interests of such corporation, partnership, limited liability company, joint venture or other Entity, or (B) 50% or more of the outstanding voting capital stock or other voting equity interests of such corporation, partnership, limited liability company, joint venture or other Entity.

 

 

2.                                      Services of Indemnitee.  In consideration of the Company’s covenants and commitments hereunder, Indemnitee agrees to serve or continue to serve as a director and/or officer of the Company.  However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

3.                                      Agreement to Indemnify.  The Company agrees to indemnify Indemnitee as follows:

 

(a)                                  Proceedings Other Than By or In the Right of the Company.  Subject to the exceptions contained in Section 4(a) below, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Company against all Expenses and Liabilities incurred or paid by Indemnitee in connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities,” respectively, and collectively as “Indemnifiable Amounts”).

 

(b)                                 Proceedings By or In the Right of the Company.  Subject to the exceptions contained in Section 4(b) below, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Company by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Company against all Indemnifiable Expenses.

 

(c)                                  Conclusive Presumption Regarding Standard of Care.  In making any determination required to be made under Delaware law with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee submitted a request therefor in accordance with Section 5 of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption.

 

4.                                      Exceptions to Indemnification.  Indemnitee shall be entitled to indemnification under Sections 3(a) and 3(b) above in all circumstances other than with respect to any specific claim, issue or matter involved in the Proceeding out of which Indemnitee’s claim for indemnification has arisen, as follows:

 

(a)                                  Proceedings Other Than By or In the Right of the Company.  If indemnification is requested under Section 3(a) and it has been finally adjudicated by a court of competent jurisdiction that, in connection with such specific claim, issue or matter, Indemnitee failed to act (i) in good faith and (ii) in a manner

 

 

Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder.

 

(b)                                 Proceedings By or In the Right of the Company.  If indemnification is requested under Section 3(b) and

 

(i) it has been finally adjudicated by a court of competent jurisdiction that, in connection with such specific claim, issue or matter, Indemnitee failed to act (A) in good faith and (B) in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder; or

 

(ii) it has been finally adjudicated by a court of competent jurisdiction that Indemnitee is liable to the Company with respect to such specific claim, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to such claim, issue or matter unless the Court of Chancery or another court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such Indemnifiable Expenses which such court shall deem proper; or

 

(iii) it has been finally adjudicated by a court of competent jurisdiction that Indemnitee is liable to the Company for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, the rules and regulations promulgated thereunder and amendments thereto or similar provisions of any federal, state or local statutory law, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder.

 

(c)                                  Insurance Proceeds.  To the extent payment is actually made to the Indemnitee under a valid and collectible insurance policy in respect of Indemnifiable Amounts in connection with such specific claim, issue or matter, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder except in respect of any excess beyond the amount of payment under such insurance.

 

 

5.                                      Procedure for Payment of Indemnifiable Amounts.  Indemnitee shall submit to the Company a written request specifying the Indemnifiable Amounts for which Indemnitee seeks payment under Section 3 of this Agreement and the basis for the claim.  The Company shall pay such Indemnifiable Amounts to Indemnitee within sixty (60) calendar days of receipt of the request.  At the request of the Company, Indemnitee shall furnish such documentation and information as are reasonably available to Indemnitee and necessary to establish that Indemnitee is entitled to indemnification hereunder.

 

6.                                      Indemnification for Expenses of a Party Who is Wholly or Partly Successful.  Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified against all Expenses reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter.  For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, by reason of settlement, judgment, order or otherwise, shall be deemed to be a successful result as to such claim, issue or matter.

 

7.                                      Effect of Certain Resolutions.  Neither the settlement or termination of any Proceeding nor the failure of the Company to award indemnification or to determine that indemnification is payable shall create a presumption that Indemnitee is not entitled to indemnification hereunder.  In addition, the termination of any proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, had reasonable cause to believe that Indemnitee’s action was unlawful.

 

8.                                      Agreement to Advance Expenses; Undertaking.  The Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding, including a Proceeding by or in the right of the Company, in which Indemnitee is involved by reason of such Indemnitee’s Corporate Status within ten (10) calendar days after the receipt by the Company of a written statement from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding.  To the extent required by Delaware law, Indemnitee hereby undertakes to repay any and all of the amount of Indemnifiable Expenses paid to Indemnitee if it is finally determined by a court of competent jurisdiction that Indemnitee is not entitled under this Agreement to indemnification with respect to such Expenses.  This undertaking is an unlimited general obligation of Indemnitee.

 

9.                                      Procedure for Advance Payment of Expenses.  Indemnitee shall submit to the Company a written request specifying the Indemnifiable Expenses for which Indemnitee seeks an advancement under Section 8 of this Agreement, together with documentation evidencing that Indemnitee has incurred such Indemnifiable Expenses.  Payment of Indemnifiable Expenses

 

 

under Section 8 shall be made no later than ten (10) calendar days after the Company’s receipt of such request.

 

10.                               Remedies of Indemnitee.

 

(a)                                  Right to Petition Court.  In the event that Indemnitee makes a request for payment of Indemnifiable Amounts under Sections 3 and 5 above or a request for an advancement of Indemnifiable Expenses under Sections 8 and 9 above and the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, Indemnitee may petition the Court of Chancery to enforce the Company’s obligations under this Agreement.

 

(b)                                 Burden of Proof.  In any judicial proceeding brought under Section 10(a) above, the Company shall have the burden of proving that Indemnitee is not entitled to payment of Indemnifiable Amounts hereunder.

 

(c)                                  Expenses.  The Company agrees to reimburse Indemnitee in full for any Expenses incurred by Indemnitee in connection with investigating, preparing for, litigating, defending or settling any action brought by Indemnitee under Section 10(a) above, or in connection with any claim or counterclaim brought by the Company in connection therewith, whether or not Indemnitee is successful in whole or in part in connection with any such action.

 

(d)                                 Failure to Act Not a Defense.  The failure of the Company (including its Board of Directors or any committee thereof, independent legal counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought under Section 10(a) above, and shall not create a presumption that such payment or advancement is not permissible.

 

11.                               Defense of the Underlying Proceeding.

 

(a)                                  Notice by Indemnitee.  Indemnitee agrees to notify the Company promptly upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding which may result in the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to receive payments of Indemnifiable Amounts or advancements of Indemnifiable Expenses unless the Company’s ability to defend in such Proceeding is materially and adversely prejudiced thereby.

 

 

(b)                                 Defense by Company.  Subject to the provisions of the last sentence of this Section 11(b) and of Section 11(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to the payment of Indemnifiable Amounts hereunder; provided, however that the Company shall notify Indemnitee of any such decision to defend within ten (10) calendar days of receipt of notice of any such Proceeding under Section 11(a) above.  The Company shall not, without the prior written consent of Indemnitee, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee.  This Section 11(b) shall not apply to a Proceeding brought by Indemnitee under Section 10(a) above or pursuant to Section 19 below.

 

(c)                                  Indemnitee’s Right to Counsel.  Notwithstanding the provisions of Section 11(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes that he or she may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with the position of other defendants in such Proceeding, (ii) a conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice at the expense of the Company.  In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any action, suit or proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, at the expense of the Company, to represent Indemnitee in connection with any such matter.

 

12.                               Representations and Warranties of the Company.  The Company hereby represents and warrants to Indemnitee as follows:

 

(a)                                  Authority.  The Company has all necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Company.

 

(b)                                 Enforceability.  This Agreement, when executed and delivered by the Company in accordance with the provisions hereof, shall be a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights generally.

 

 

13.                               Insurance.  For a period of six (6) years following the date on which Indemnitee no longer serves as a director, officer or employee of the Company or any Subsidiary, and for such longer period, if any, for which Indemnitee may be subject to a Proceeding by reason of Indemnitee’s Corporate Status, the Company (i) shall maintain a policy or policies of insurance with one or more reputable insurance companies providing the Indemnitee with coverage in an amount not less than, and of a type and scope not materially less favorable to Indemnitee than, the directors’ and officers’ liability insurance coverage presently maintained by the Company, (ii) shall pay on a timely basis all premiums on such insurance and (iii) shall provide such notices and renewals in a complete and timely manner and take such other actions as may be required in order to keep such insurance in full force and effect.  In all policies of director and officer liability insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s officers and directors.

 

14.                               Contract Rights Not Exclusive.  The rights to payment of Indemnifiable Amounts and advancement of Indemnifiable Expenses provided by this Agreement shall be in addition to, but not exclusive of, any other rights which Indemnitee may have at any time under applicable law, the Company’s Certificate of Incorporation or By-laws, or any other agreement, vote of stockholders or directors (or a committee of directors), or otherwise, both as to action in Indemnitee’s official capacity and as to action in any other capacity as a result of Indemnitee’s serving as a  director or officer of the Company.

 

15.                               Successors.  This Agreement shall be (a) binding upon all successors and assigns of the Company (including any transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and (b) binding on and shall inure to the benefit of the heirs, personal representatives, executors and administrators of Indemnitee.  In the event that the Company or any of its successors or assigns (i) consolidates with or merges into any other person or entity and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers or conveys all or substantially all of its properties and assets to any person or entity, then, and in each such case, proper provision shall be made so that the successors and assigns of the Company assume the obligations of the Company under this Agreement.  This Agreement shall continue for the benefit of Indemnitee and such heirs, personal representatives, executors and administrators after Indemnitee has ceased to have Corporate Status.

 

16.                               Subrogation.  In the event of any payment of Indemnifiable Amounts under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of contribution or recovery of Indemnitee against other persons, and Indemnitee shall take, at the request of the Company, all reasonable action necessary to secure such rights, including the execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

17.                               Change in Law.  To the extent that a change in Delaware law (whether by statute or judicial decision) shall permit broader indemnification or advancement of expenses than is

 

 

provided under the terms of the By-laws and this Agreement, Indemnitee shall be entitled to such broader indemnification and advancements, and this Agreement shall be deemed to be amended to such extent.

 

18.                               Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application to the minimum extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement shall remain fully enforceable and binding on the parties.

 

19.                               Indemnitee as Plaintiff.  Except as provided in Section 10(c) of this Agreement and in the next sentence, Indemnitee shall not be entitled to payment of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by Indemnitee against the Company, any Entity which it controls, any director or officer thereof, or any third party, unless the Board of Directors of the Company has consented to the initiation of such Proceeding.  This Section shall not apply to counterclaims or affirmative defenses asserted by Indemnitee in an action brought against Indemnitee.

 

20.                               Modifications and Waiver.  Except as provided in Section 17 above with respect to changes in Delaware law which broaden the right of Indemnitee to be indemnified by the Company, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute a continuing waiver.

 

21.                               General Notices.  All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered by hand, (b) when transmitted by facsimile and receipt is acknowledged, or (c) if mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

 

 

(i)                                     If to Indemnitee, to:

 

 

 

 

 

(ii)                                  If to the Company, to:

 

Watts Water Technologies, Inc.

815 Chestnut Street

North Andover, MA 01845

Facsimile: (978) 688-2976

Attention:

 

or to such other address as may have been furnished in the same manner by any party to the others.

 

22.                             Governing Law; Consent to Jurisdiction; Service of Process.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its rules of conflict of laws.  Each of the Company and the Indemnitee hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the courts of the United States of America located in the State of Delaware (the “Delaware Courts”) for any litigation arising out of or relating to this Agreement and the transactions contemplated hereby (and agrees not to commence any litigation relating thereto except in such courts), waives any objection to the laying of venue of any such litigation in the Delaware Courts and agrees not to plead or claim in any Delaware Court that such litigation brought therein has been brought in an inconvenient forum.  Each of the parties hereto agrees, (a) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (b) that service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service.  Service made pursuant to (a) or (b) above shall have the same legal force and effect as if served upon such party personally within the State of Delaware.  For purposes of implementing the parties’ agreement to appoint and maintain an agent for service of process in the State of Delaware, each such party does hereby appoint The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801, as such agent and each such party hereby agrees to complete all actions necessary for such appointment.

 

23.                             [Prior Agreement.  This Agreement supersedes and replaces in its entirety the Indemnification Agreement between the Indemnitee and the Company dated as of               ,       .]

 

 

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

 

 

	
 
    	
WATTS   WATER TECHNOLOGIES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
INDEMNITEE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name:
    

 

 

Schedule of Omitted Information

 

	
Name of Indemnitee
    	
 
    	
Date of Agreement
    	
 
    	
Date of Prior
   Agreement
    (Section 23)
    	
 
    	
Person Signing on
   behalf of the Company
    
	
Roger A. Young
    	
 
    	
February 10, 2004
    	
 
    	
November 5, 2003
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Daniel J. Murphy, III
    	
 
    	
February 10, 2004
    	
 
    	
November 5, 2003
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Gordon W. Moran
    	
 
    	
February 10, 2004
    	
 
    	
November 5, 2003
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Kenneth J. McAvoy
    	
 
    	
February 10, 2004
    	
 
    	
November 5, 2003
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
John K. McGillicuddy
    	
 
    	
February 10, 2004
    	
 
    	
November 5, 2003
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Timothy P. Horne
    	
 
    	
February 10, 2004
    	
 
    	
August 7, 2002
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Patrick S. O’Keefe
    	
 
    	
February 10, 2004
    	
 
    	
November 5, 2003
    	
 
    	
William C. McCartney

Chief Financial Officer
    
	
William J. Merchant
    	
 
    	
February 10, 2004
    	
 
    	
November 5, 2003
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Lester J. Taufen
    	
 
    	
February 10, 2004
    	
 
    	
November 5, 2003
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Kenneth R. Lepage
    	
 
    	
February 10, 2004
    	
 
    	
November 5, 2003
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
William C. McCartney
    	
 
    	
February 10, 2004
    	
 
    	
November 5, 2003
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Timothy MacPhee
    	
 
    	
February 10, 2004
    	
 
    	
Not Applicable
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Ralph E. Jackson, Jr.
    	
 
    	
June 23, 2004
    	
 
    	
Not Applicable
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
William D. Martino
    	
 
    	
October 31, 2005
    	
 
    	
Not Applicable
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Gregory J. Michaud
    	
 
    	
August 1, 2006
    	
 
    	
Not Applicable
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Robert L. Ayers
    	
 
    	
October 30, 2006
    	
 
    	
Not Applicable
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Richard J. Cathcart
    	
 
    	
October 29, 2007
    	
 
    	
Not Applicable
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
David J. Coghlan
    	
 
    	
June 16, 2008
    	
 
    	
Not Applicable
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Kennett F. Burnes
    	
 
    	
February 9, 2009
    	
 
    	
Not Applicable
    	
 
    	
Patrick S. O’Keefe

Chief Executive Officer
    
	
Merilee Raines
    	
 
    	
February 7, 2011
    	
 
    	
Not Applicable
    	
 
    	
David J. Coghlan

Chief Executive Officer
    

 

 

	
Bernard Baert
    	
 
    	
August 1, 2011
    	
 
    	
Not Applicable
    	
 
    	
David J. Coghlan

Chief Executive Officer
    
	
W. Craig Kissel
    	
 
    	
October 30, 2011
    	
 
    	
Not Applicable
    	
 
    	
David J. Coghlan

Chief Executive Officer
    
	
Dean P. Freeman
    	
 
    	
October 29, 2012
    	
 
    	
Not Applicable
    	
 
    	
David J. Coghlan

Chief Executive Officer

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