Document:

Exhibit 10.2

 

EXECUTION VERSION

 

SECOND AMENDMENT TO THE AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT

 

THIS SECOND AMENDMENT TO THE AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of May 10, 2019, is entered into among CLOUD PEAK ENERGY RECEIVABLES LLC, a Delaware limited liability company (the “Seller”), as Seller, CLOUD PEAK ENERGY RESOURCES LLC, a Delaware limited liability company, as Servicer, PNC BANK, NATIONAL ASSOCIATION, as Administrator, as a Related Committed Purchaser and as a Purchaser Agent, an LC Participant and LC Bank and, for the limited purposes of Section 2(i) and Section 2(ii), each Originator party hereto.  Capitalized terms used but not otherwise defined herein shall have the meanings set forth in, or by reference in, the Receivables Purchase Agreement described below.

 

RECITALS

 

1.                                      The parties hereto are parties to that certain Amended and Restated Receivables Purchase Agreement, dated as of January 31, 2017 (as amended, supplemented or otherwise modified through the date hereof, the “Receivables Purchase Agreement”).

 

2.                                      The parties hereto desire to amend the Receivables Purchase Agreement as hereinafter set forth.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1.                            Amendments to the Receivables Purchase Agreement.  The Receivables Purchase Agreement is hereby amended as follows:

 

(a)                                 The following new defined terms are added in appropriate alphabetical order to Exhibit I of the Receivables Purchase Agreement:

 

“Bankruptcy Court” means the United States Bankruptcy Court for the District of Delaware or such other court as shall have jurisdiction over the Specified Chapter 11 Cases.

 

“Interim Order” means an order of the Bankruptcy Court in substantially the form of Annex I, with changes to such form as are satisfactory to the Administrator and the Majority Purchaser Agents, as determined by the Administrator and the Majority Purchaser Agents in their sole discretion.

 

“Specified Chapter 11 Cases” means any Chapter 11 cases of Cloud Peak and certain of its Subsidiaries (other than the Seller) initiated on or prior to May 10, 2019 and jointly administered under the same case number in the Bankruptcy Court.  For the avoidance of doubt, the Specified Chapter 11 Cases shall not include any Insolvency Proceeding with respect to the Seller.

 

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(b)                                 Section 1.4(g) of the Receivables Purchase Agreement is amended and restated in its entirety as follows:

 

(g)                            The Servicer may, and shall at the direction of the Administrator or any Purchaser Agent, deliver a Daily Report to the Administrator on any Business Day that the Administrator is then exercising exclusive dominion and control over the Lock-Box Accounts during a Level II Minimum Liquidity Period.  Upon receipt of such Daily Report, the Administrator shall promptly review such Daily Report to determine if such Daily Report constitutes a Qualifying Interim Report.  In the event that the Administrator reasonably determines that such Daily Report constitutes a Qualifying Interim Report, so long as no Termination Event or Unmatured Termination Event has occurred, the Administrator shall promptly remit to the Servicer from the Lock-Box Accounts (or the LC Collateral Account, if applicable) the lesser of (i) the amount identified on such Qualifying Interim Report as Collections on deposit in the Lock-Box Accounts and/or LC Collateral Account in excess of the amount necessary to (x) ensure that the Purchased Interest does not exceed 100% and (y) pay all amounts that will become payable (as estimated by the Administrator) on the next occurring Settlement Date pursuant to Sections 1.4(c) and (d), and (ii) the aggregate amount of available amounts then on deposit in the Lock-Box Accounts and the LC Collateral Account.

 

(c)                                  The last sentence of Section 4.3 of the Receivables Purchase Agreement is amended and restated in its entirety as follows:

 

The Seller and the Servicer hereby irrevocably instruct the Administrator on each Business Day during the Level II Minimum Liquidity Period, so long as the Administrator has taken exclusive dominion and control over each of the Lock-Box Accounts and no Termination Event or Unmatured Termination Event exists, to transfer to the LC Collateral Account all available amounts on deposit in the Lock-Box Accounts as of the end of each Business Day after giving effect to any distributions to the Servicer on such day pursuant to Section 1.4(g). The Administrator agrees that, so long as no Termination Event or Unmatured Termination Event exists, it shall not direct the application of amounts on deposit in the Lock-Box Accounts in any manner other than as set forth in Sections 1.4(c), (d) and (g) or as otherwise directed by the Seller in a manner permitted under this Agreement.

 

(d)                                 Paragraph (f) of Exhibit V of the Receivables Purchase Agreement is amended and restated in its entirety as follows:

 

(f) (A) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Seller, the Parent, Cloud Peak, the Servicer or any Originator or its debts, or of a substantial part of its assets, under any

 

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Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Seller, the Parent, Cloud Peak, the Servicer or any Originator or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered, (B) the Seller, the Parent, Cloud Peak, the Servicer or any Originator shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to consent in a timely and appropriate manner, any proceeding or petition described in clause (A) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Seller, the Parent, Cloud Peak, the Servicer or any Originator or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing or (C) the Seller, the Parent, Cloud Peak, the Servicer or any Originator shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; provided that no Termination Event shall occur as a result of the Specified Chapter 11 Cases unless the Bankruptcy Court shall not have entered an Interim Order by May 15, 2019 (or such later date agreed to in writing by the Administrator);

 

(e)                                  Annex I attached hereto is added to the Receivables Purchase Agreement and shall constitute Annex I thereto.

 

SECTION 2.                            Matters regarding Specified Chapter 11 Cases.

 

(i)                                     Purchases and Contributions under Purchase and Sale Agreement.  Each Originator party hereto, the Seller, in its capacity as buyer under the Purchase and Sale Agreement, and the Servicer, hereby agree that each Originator shall cease to sell or contribute Receivables and Related Rights to the Seller, as buyer, pursuant to the Purchase and Sale Agreement on the date of the filing or commencement of the Specified Chapter 11 Cases and shall not resume any such sales or contributions until such date, if any, that the parties hereto agree in writing (which may be effected through an amendment, amendment and restatement or other modification of the Receivables Purchase Agreement and other Transaction Documents) that such sales shall re-commence, each in their sole and absolute discretion.  Except as set forth in the preceding sentence, the Purchase and Sale Agreement shall remain in full force and effect, including, without limitation: (x) all indemnification obligations of the Originators thereunder, (y) all existing sales of Receivables and Related Rights thereunder by the Originators to the Seller, as buyer, and (z) the security interests granted by the Originators pursuant to Section 1.5 thereof.

 

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(ii)                                  Conditions to Purchases, Issuances of Letters of Credit and Reinvestments.  Each of the parties hereto hereby agrees that from the date of the filing or commencement of the Specified Chapter 11 Cases until such date, if any, that the parties hereto otherwise agree in writing (which may be effected through an amendment, amendment and restatement or other modification of the Receivables Purchase Agreement and other Transaction Documents), (A) the conditions precedent to any Purchase, issuance of any Letters of Credit or reinvestment set forth the Receivables Purchase Agreement shall not be satisfied and (B) neither the Seller nor Servicer shall request any Purchase or issuance of any Letter of Credit (and no Purchases or issuances of Letters of Credit shall be made) and no Collections shall be reinvested.  Each of the Seller and Servicer shall hold any Collections it receives during such period in trust for the Administrator and Secured Parties.

 

(iii)                               For the avoidance of doubt, other than as expressly set forth herein, this Amendment shall not be construed as a waiver by any party of any Termination Event (as defined in the Receivables Purchase Agreement, as amended hereby) or Unmatured Termination Event, or of any rights or remedies in respect thereof, that may arise from the occurrence of a Specified Chapter 11 Case (as defined in the Receivables Purchase Agreement, as amended hereby).

 

SECTION 3.                            Representations and Warranties.  Each of the Seller and the Servicer hereby represents and warrants to the Administrator, LC Bank, the Purchaser Agents and the Purchasers that the execution and delivery by such Person of this Amendment, and the performance of each of its obligations under this Amendment and the Receivables Purchase Agreement, as amended hereby are within each of its organizational powers and have been duly authorized by all necessary organizational action on its part.  This Amendment and the Receivables Purchase Agreement, as amended hereby, are such Person’s valid and legally binding obligations, enforceable in accordance with their respective terms.

 

SECTION 4.                            Effect of Amendment; Ratification.  All provisions of the Receivables Purchase Agreement as expressly amended and modified by this Amendment, shall remain in full force and effect.  After this Amendment becomes effective, all references in the Receivables Purchase Agreement (or in any other Transaction Document) to “the Receivables Purchase Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect, in each case referring to the Receivables Purchase Agreement shall be deemed to be references to the Receivables Purchase Agreement as amended by this Amendment.  This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Receivables Purchase Agreement other than as specifically set forth herein.  The Receivables Purchase Agreement as amended by this Amendment, is hereby ratified and confirmed in all respects.

 

SECTION 5.                            Effectiveness.  This Amendment shall become effective as of the date hereof upon the Administrator’s receipt of counterparts of this Amendment duly executed by each of the parties hereto.

 

SECTION 6.                            Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one

 

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and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

SECTION 7.                            GOVERNING LAW.  THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

SECTION 8.                            Section Headings.  The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Receivables Purchase Agreement, or any provision hereof or thereof.

 

SECTION 9.                            Successors and Assigns.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

SECTION 10.                     Severability. Each provision of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction.

 

SECTION 11.                     Transaction Document.  This Amendment shall be deemed to be a Transaction Document for all purposes of the Receivables Purchase Agreement and each other Transaction Document.

 

SECTION 12.                     Ratification.  After giving effect to this Amendment and the transactions contemplated by this Amendment, all of the provisions of the Performance Guaranty shall remain in full force and effect and the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms.

 

(SIGNATURE PAGES FOLLOW)

 

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

 

	
 
    	
CLOUD PEAK ENERGY RECEIVABLES LLC, as Seller
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Heath A. Hill
    
	
 
    	
Name:
    	
Heath A. Hill
    
	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    

 

2nd Amendment to A&R RPA

(Cloud Peak)

 

S-1

 

	
 
    	
CLOUD PEAK ENERGY RESOURCES LLC,
    
	
 
    	
as Servicer and as Performance Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Heath A. Hill
    
	
 
    	
Name:
    	
Heath A. Hill
    
	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    

 

2nd Amendment to A&R RPA

(Cloud Peak)

 

S-2

 

	
 
    	
Each of the following Originators   with respect to Section 2(i):
    
	
 
    	
 
    
	
 
    	
 
    	
CLOUD PEAK ENERGY RESOURCES LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Heath A. Hill
    
	
 
    	
 
    	
Name:
    	
Heath A. Hill
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
KENNECOTT COAL SALES LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Heath A. Hill
    
	
 
    	
 
    	
Name:
    	
Heath A. Hill
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
CLOUD PEAK ENERGY LOGISTICS LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Heath A. Hill
    
	
 
    	
 
    	
Name:
    	
Heath A. Hill
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
SPRING CREEK COAL LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Heath A. Hill
    
	
 
    	
 
    	
Name:
    	
Heath A. Hill
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    

 

2nd Amendment to A&R RPA

(Cloud Peak)

 

S-3

 

	
 
    	
 
    	
ANTELOPE COAL LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Heath A. Hill
    
	
 
    	
 
    	
Name:
    	
Heath A. Hill
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
CORDERO MINING LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Heath A. Hill
    
	
 
    	
 
    	
Name:
    	
Heath A. Hill
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
CABALLO ROJO LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Heath A. Hill
    
	
 
    	
 
    	
Name:
    	
Heath A. Hill
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    

 

2nd Amendment to A&R RPA

(Cloud Peak)

 

S-4

 

	
 
    	
PNC BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as   Administrator and LC Bank
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Brown
    
	
 
    	
Name:
    	
Michael Brown
    
	
 
    	
Title:
    	
Senior Vice President
    

 

2nd Amendment to A&R RPA

(Cloud Peak)

 

S-5

 

	
 
    	
PNC BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as   Purchaser Agent and as the Related Committed Purchaser and LC Participant for   its Purchaser Group
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Brown
    
	
 
    	
Name:
    	
Michael Brown
    
	
 
    	
Title:
    	
Senior Vice President
    

 

2nd Amendment to A&R RPA

(Cloud Peak)

 

S-6

 

ANNEX I
 to Receivables Purchase Agreement

 

FORM OF INTERIM ORDER

 

(As filed with the related motion in the Specified Chapter 11 Cases)

 

I-1Exhibit

Exhibit 4.1
SECOND AMENDED AND RESTATED DIVIDEND REINVESTMENT PLAN

May 8, 2019

Phillips Edison & Company, Inc., a Maryland corporation (the "Company"), has adopted a Second Amended and Restated Dividend Reinvestment Plan (the "DRP"), the terms and conditions of which are set forth below. Capitalized terms shall have the same meaning as set forth in the Company's charter unless otherwise defined herein.

		
	1.
	Number of Shares Issuable. The number of shares of Common Stock authorized for issuance under the DRP is 60,000,000.

		
	2.
	Participants. "Participants" are holders of the Company's shares of Common Stock who elect to participate in the DRP.

		
	3.
	Distribution Reinvestment. The Company will apply that portion (as designated by a Participant) of the dividends and other distributions ("Distributions") declared and paid in respect of a Participant's shares of Common Stock to the purchase of additional shares of Common Stock for such Participant. The Company will not pay selling commissions on shares of Common Stock purchased in the DRP.

		
	4.
	Procedures for Participation. Qualifying stockholders may elect to become a Participant by completing and executing a distribution options change form or any other Company-approved authorization form as may be available from the Company. To increase their participation, Participants must complete a new distribution options change form. Participation in the DRP will begin with the next Distribution payable after receipt of a Participant's enrollment or authorization. Shares will be purchased under the DRP promptly after the date that the Company makes a Distribution. Distributions will be paid monthly as authorized by the Company's board of directors and declared by the Company.

		
	5.
	Purchase of Shares. Until the Company establishes an estimated value per share of Common Stock that is not based on the price to acquire a share of Common Stock in the Company's primary initial public offering or a follow-on public offering, Participants will acquire Common Stock at a price of $9.50 per share. Once the Company establishes an estimated value per share of Common Stock that is not based on the price to acquire a share of Common Stock in the Company's primary initial public offering or a follow-on public offering, Participants will acquire Common Stock at a price equal to the estimated value of the Company's Common Stock, as estimated by the Company's advisor or other firm chosen by the board of directors for that purpose. The Company expects to establish an estimated value per share of Common Stock that is not based on the price to acquire a share of Common Stock in the Company's primary offering or a follow-on public offering after the completion of the Company's offering stage. The Company's offering stage will be complete when the Company is no longer offering equity securities - whether through its primary initial public offering or follow-on public offerings - and has not done so for 18 months. For the purpose of determining when the Company's offering stage is complete, public equity offerings do not include offerings on behalf of selling stockholders or offerings related to any dividend reinvestment plan, employee benefit plan or the redemption of interests in Phillips Edison Grocery Center Operating Partnership I, L.P., the Company's operating partnership. Participants in the DRP may purchase fractional shares so that 100% of the Distributions will be used to acquire shares. However, a Participant will not be able to acquire shares under the DRP to the extent such purchase would cause it to exceed limits set forth in the Company's charter, as amended.

		
	6.
	Taxation of Distributions. The reinvestment of Distributions in the DRP does not relieve Participants of any taxes that may be payable as a result of those Distributions and their reinvestment pursuant to the terms of this DRP.

		
	7.
	Share Certificates. The shares issuable under the DRP shall be uncertificated until the board of directors determines otherwise

		
	8.
	Reinvestment in Subsequent Programs.

		
	(a)
	After the termination of the issuance of Common Stock pursuant to the DRP, the Company may determine, in its sole discretion, to provide to each Participant notice of the opportunity to have some or all of such Participant's Distributions (at the discretion of the Company and, if applicable, the Participant) invested through the DRP in any publicly offered limited partnership, real estate investment trust or other real estate program sponsored by the Company or any of its affiliates (a "Subsequent Program"). If the Company makes such an election, Participants may invest Distributions in equity securities issued by such Subsequent Program through the DRP only if the following conditions are satisfied:

		
	(i)
	prior to the time of such reinvestment, the Participant has received the final prospectus and any supplements thereto offering interests in the Subsequent Program and such prospectus allows investment pursuant to a distribution reinvestment plan;

		
	(ii)
	a registration statement covering the interests in the Subsequent Program has been declared effective under the Securities Act of 1933, as amended (the "Securities Act");

		
	(iii)
	the offering and sale of such interests are qualified for sale under the applicable state securities laws;

		
	(iv)
	the Participant executes the subscription agreement included with the prospectus for the Subsequent Program;

		
	(v)
	the Participant qualifies under the applicable investor suitability standards as contained in the prospectus for the Subsequent Program; and

		
	(vi)
	the Subsequent Program has accepted an aggregate amount of subscriptions in excess of its minimum offering amount.

		
	(b)
	The Company may determine, in its sole discretion, to allow a participant in a Subsequent Program or any previous publicly offered limited partnership, real estate investment trust or other real estate program sponsored by the Company or any of its affiliates (each, an "Affiliated Program") to become a "Participant." If the Company makes such an election, such Participants may invest distributions received from the Affiliated Program in shares of Common Stock through this DRP, if the following conditions are satisfied:

		
	(i)
	prior to the time of such reinvestment, the Participant has received the final prospectus and any supplements thereto offering interests in the Affiliated Program and such prospectus allows investment pursuant to a distribution reinvestment plan;

		
	(ii)
	a registration statement covering the interests in the Affiliated Program has been declared effective under the Securities Act;

		
	(iii)
	the offering and sale of such interests are qualified for sale under the applicable state securities laws;

		
	(iv)
	the Participant executes the subscription agreement included with the prospectus for the Affiliated Program; and

		
	(v)
	the Participant qualifies under applicable investor suitability standards as contained in the prospectus for the Affiliated Program.

		
	9.
	Voting of DRP Shares. In connection with any matter requiring the vote of the Company's stockholders, each Participant will be entitled to vote all shares acquired by the Participant through the DRP.

		
	10.
	Reports. Within 90 days after the end of the calendar year, the Company shall provide each Participant with (i) an individualized report on the Participant's investment, including the purchase date(s), purchase price and number of shares owned, as well as the amount of Distributions received during the prior year; and (ii) all material information regarding the DRP and the effect of reinvesting dividends, including the tax consequences thereof.

		
	11.
	Termination by Participant. A Participant may terminate participation in the DRP at any time by delivering to the Company a written notice. To be effective for any Distribution, such notice must be received by the Company at least ten business days prior to the last day of the month to which the Distribution relates. Any transfer of shares by a Participant will terminate participation in the DRP with respect to the transferred shares. Upon termination of DRP participation, Distributions will be distributed to the stockholder in cash.

		
	12.
	Amendment or Termination of DRP by the Company. The Company may amend or terminate the DRP for any reason upon ten days' written notice to the Participants. The Company may provide notice by including such information (a) in a current report on Form 8-K or in its annual or quarterly reports, all publicly filed with the Securities and Exchange Commission, or (b) in a separate mailing to the participants.

		
	13.
	Liability of the Company. The Company shall not be liable for any act done in good faith, or for any good faith omission to act.

Governing Law. The DRP shall be governed by the laws of the State of Maryland.

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