Document:

Exhibit
10.2 Employment Agreement dated August 23, 2019 between the Company and Dr. Fatih Uckun

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”) is entered into as of August 23rd, 2019 between Mateon Therapeutics, Inc.,
a Delaware corporation (“Mateon or the Company”), and Fatih Uckun MD PhD (the “Executive”).

 

W
I T N E S S E T H:

 

WHEREAS,
Mateon and Executive desire to enter into an employment agreement relating to the position of
Mateon’s Chief Medical Officer (“CMO”) located in 12590 Ethan Avenue North, White Bear Lake, MN 55110, USA,
pursuant to which position Executive shall report to Vuong Trieu Ph. D., Mateon’s President and Chief Executive Officer
(“CEO”). The Executive’s responsibilities include providing leadership and direction for Oncotelic’s pipeline
of clinical development programs in cancer and contributing to the strategy, direction and execution of the company’s clinical
development plans.

 

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

 

1.
Employment

 

1.1
Executive shall serve in the capacity of CMO, and shall have the duties, responsibilities and authority assigned to Executive
by the CEO and/or the Board of Directors of Mateon (“Board”) consistent with such position. Executive shall report
directly to Mateon’s President and Chief Executive Officer.

 

1.2
Executive, so long as he is employed hereunder, (i) shall devote his full professional time and attention to the services required
of him as an employee of Mateon, except as otherwise agreed and except as permitted in accordance with paid vacation time subject
to Mateon’s existing vacation policy, and subject to Mateon’s existing policies pertaining to reasonable periods of
absence due to sickness, personal injury or other disability, (ii) shall use his best efforts to promote the interests of Mateon,
and (iii) shall discharge his responsibilities in a diligent and faithful manner, consistent with sound business practices.

 

2.
Term

 

The
term of Executive’s employment under this Agreement shall commence as of April 22, 2019 and shall continue until terminated
by either party in accordance with Section 6 hereof (the “Employment Term”).

 

3.
Base Salary; Stock Options

 

3.1
During the Employment Term, Executive shall receive an annual base salary in the amount of $400,000 (such amount as adjusted,
from time to time, the “Base Salary”), payable in accordance with Mateon’s payroll schedule from time to time
in effect. Executive’s salary shall be reviewed annually by the Board. Executive shall be paid only 50% of the Base Salary
with the Company’s normal payroll policies until the occurrence of a Financing Event. For purposes of this Amendment to
this Agreement, the term “Financing Event” means: (a) the closing of an equity or debt financing with gross proceeds
equal to or greater than $4,000,000, (b) the execution of a licensing or collaboration agreement with an up-front payment equal
to or greater than $4,000,000, or (c) any combination of (a) and (b) whereby the gross proceeds are equal to or greater than $4,000,000,.
Immediately upon the closing of a Financing Event, provided Executive remains employed with the Company as of the date of the
closing of the Financing Event, Executive’s salary shall be increased to 100% of Base Salary. The Compensation Committee
of the Board (“Compensation Committee”) will consider whether any additional compensation shall be paid to Executive
related to the period of Reduced Salary. Executive understands and agrees that Executive has already been paid all wages due and
owing as of the date of this Agreement.

 

    	 

    	 

    

 

3.2
Mateon shall grant to Executive, subject to approval by the either the Board or the Compensation Committee of the Board (“Compensation
Committee”), pursuant to the Mateon Inc. 2015 or 2017 Stock Incentive Plans (the “Stock Plans”), 186,047 restricted
shares of common stock of Mateon, $.01 par value per share. The Company will compensate the Executive for the taxes incurred on
the restricted shares upon receipt of documentation as to the amount of taxes incurred. Such grant shall be made at a price equal
to the Fair Market Value (as defined in the Stock Plan) on the date of the grant, and shall fully vest at the one year anniversary
of employment. Thereafter, Executive will be a participant of the Stock Plan, and will be eligible to receive an annual grant
of restricted stock as approved by the Board or Compensation Committee and which shall contain the customary terms and provisions
of such grants generally to key executives under the Stock Plan.

 

3.3
Mateon shall grant to Executive, subject to approval by the Board or the Compensation Committee, pursuant to the Mateon Inc. 2015
or 2017 Stock Incentive Plans (the “Stock Plans”), an incentive option to purchase 279,070 shares of common stock
of Mateon, $.01 par value per share. Such option shall have an exercise price equal to the Fair Market Value (as defined in the
Stock Plan) on the date of grant of such option, and shall vest and become exercisable after one year of employment. Thereafter,
Executive will be a participant of the Stock Plan, and will be eligible to receive an annual grant of an equivalent number of
options, which shall contain the customary terms and provisions of options granted generally to key executives under the Stock
Plan.

 

3.4
Executive shall be entitled to a 40% Annual Bonus based upon roles and objectives predetermined by, and at the discretion of,
the Board or Compensation Committee of the Board.

 

3.5
These restricted shares of common stock of Mateon under 3.2 and the stock option under Section 3.3 are not in place of but rather
in addition to the shares of Mateon stock already owned by the Executive. It is agreed that these restricted shares of common
stock of Mateon under 3.2 and the stock option under 3.3, vested or unvested, will accelerate and be fully vested to the Executive
at such time that a) the Company terminates the Executive’s employment without “Cause”; OR if the Company experiences
a “change of control,” and the Executive continues to remain employed by the Company at the time of such change of
control, or b) the Executive resigns for “Good Reason” occurring after the signing of this Agreement..For the purpose
of this Agreement, “Good Reason” is defined as (a) any decrease in compensation, (b) material diminution in title
or responsibilities, or (c) requirement to relocate more than 50 miles.

 

4.
Benefits

 

Executive
shall be entitled to participate in or receive benefits under any employee benefit plan, arrangement or perquisite generally made
available by Mateon during the Employment Term to its executives and key management employees. These benefits shall consist of
a minimum paid family health insurance, including dental and vision insurance and any other benefits granted by Mateon and four
(4) weeks of Personal Time Off (“PTO”) per annum, and shall accrue subject to an accrual of a maximum of eight (8)
weeks.

 

5.
Business Expenses

 

Executive
shall be entitled to receive prompt reimbursement for all reasonable and customary expenses incurred by him in performing services
hereunder during the Employment term; provided that such expenses are incurred and accounted for in accordance with the policies
and procedures established by Mateon.

 

6.
Termination

 

6.1
Mateon may terminate Executive’s employment by giving Executive thirty (30) days’ written notice, subject to all provisions
of this Agreement. Notwithstanding the foregoing, Mateon may terminate Executive’s employment for Cause (as defined in section
6.7 thereof) without prior notice.

 

6.2
(a) Executive may, upon giving Mateon written notice, terminate Executive’s employment hereunder. If executive terminates
his employment following material breach of the Agreement by Mateon, which breach remains uncured thirty (30) days after written
notice thereof is received by Mateon (a “Termination with Good Reason”), Executive shall be treated as if his employment
was terminated by Mateon other than for Cause.

 

    	 

    	 

    

 

(b)
The Executive may voluntarily resign from employment with the Company upon written notice to the Company specifying the effective
date of such resignation. Upon effective date of Executive’s resignation, the Company shall have no further obligations
to perform duties as specified in Section 1 of this Agreement.

 

6.3
If Mateon terminates Executive for Cause or the Executive resigns his employment other than in a Termination with Good Reason,
Executive shall be entitled to receive in a lump sum payment as soon as practicable after the Termination Date an amount equal
to all accrued and unpaid Base Salary (the “Unpaid Salary”), a lump sum payment for all accrued and unused PTO (the
“Unpaid PTO”), and reimbursement of any unreimbursed business expenses in accordance with the Company’s reimbursement
policies.

 

6.4
If Executive’s employment is terminated by Mateon other than for Cause (as defined below) or in the event of a Termination
with Good Reason, then Mateon shall provide to Executive as soon as practicable after the date of notice of Executive’s
termination of employment:

 

	 	(a)	The
    Unpaid Salary and accrued unpaid PTO, as soon as practicable after the Termination Date; plus
	 	 	 
	 	(b)	a
    lump sum cash payment equal to twelve (12) months of Executive’s then-current Base Salary; and 
	 	 	 
	 	(c)	All
    stock options, stock appreciation rights, restricted stock, and other incentive compensation granted to the Executive by Mateon
    shall remain exercisable in accordance with the terms of the Stock Plan (or prior applicable plan) and the agreement entered
    pursuant thereto, and the Executive may exercise all such vested options and rights, and shall receive payments and distributions
    accordingly. 
	 	 	 
	 	(d)	All
    insurance benefits or COBRA coverage, fully paid by Mateon, for a period of twelve (12) months following the Executive’s
    termination of employment.

 

6.5
If, following any Change in Control (as such term will be defined in the Stock Plan) and prior to expiration of one (1) year from
the date of such Change in Control, (1) Executive’s employment is terminated by Mateon (other than for Cause) or (2) in
the event of a Termination with Good Reason, then

 

	 	(a)	Mateon
    shall provide to the Executive: 

 

	 	a.	The
    Unpaid Salary and accrued unpaid PTO, as soon as practicable after the Termination Date; plus 
	 	 	 
	 	b.	An
    amount equal to twelve (12) months of Executive’s then current Base Salary; and 

 

	 	(b)	all
    stock options, stock appreciation rights, restricted stock, and other incentive compensation granted to the Executive by Mateon
    shall remain exercisable in accordance with the terms of the stock Plan (or prior applicable plan) and the agreement entered
    pursuant thereto, and the Executive may exercise all such vested options and rights, and shall receive payments and distributions
    accordingly. The absence of a stock plan will not be a reason not to allow Executive to exercise all such vested options and
    rights, and shall receive payments and distributions.  Mateon has not provided to the Executive any stock Plan at
    the time of the execution of this agreement.
	 	 	 
	 	(c)	All
    insurance benefits or COBRA coverage, fully paid by Mateon, for a period of twelve (12) months following the Executive’s
    termination of employment.

 

6.6
Except as otherwise set forth in this Section 6, all obligations of Mateon under this Agreement shall cease if, during the Employment
Term, Mateon terminates Executive for Cause or the Executive resigns his employment other than in a Termination with Good Reason.
Upon such termination, Executive shall be entitled to receive in a lump sum of cash payment as soon as practicable after the Termination
Date an amount equal to the Unpaid Salary.

 

6.7
The foregoing payments upon Executive’s termination shall constitute the exclusive payments due Executive upon termination
from his employment with Mateon under this Agreement or otherwise, provided, however that except as stated above, such payments
shall have no effect on any benefits which may be payable to Executive under any plan of Mateon which provides benefits after
termination of employment.

 

    	 

    	 

    

 

6.8
For the purposes of this Agreement, the term “Cause” shall mean any of the following:

 

(a)
the continued failure by Executive to perform his duties on behalf of Mateon’s if Executive fails to remedy that breach
within ten (10) days of Mateon’s written notice to Executive of such breach; or (ii) material breach of any other provision
of this Agreement by the executive, if the Executive fails to remedy that breach within ten (10) days of Mateon’s written
notice to Executive of such breach; or

 

(b)
any act of fraud, material misrepresentation or material omission, misappropriation, dishonesty, embezzlement or similar conduct
against Mateon or any affiliate, or conviction of Executive for a felony or any crime involving moral turpitude.

 

7.
No Solicitation; Confidentiality; Work for Hire

 

7.1
For a period of one year after the Termination Date, neither the Executive nor any Executive-Controlled Person (as defined below)
will, without the prior written consent of the Board, directly or indirectly solicit for employment, or make an unsolicited recommendation
to any other person that it employ or solicit for employment any person who is or was, at any time during the nine (9) month period
prior to the Termination date, an officer, executive or key employee of Mateon or any affiliate of Mateon. As used in this Agreement,
the term “Executive-Controlled Person” shall mean any company, partnership, firm or other entity as to which Executive
possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such entity, whether
through the ownership of voting securities, by contract or otherwise.

 

7.2
(a) Executive acknowledges that, through his status as CMO of Mateon, he has, and will have, possession of important, confidential
information and knowledge as to the business of Mateon and its affiliates, including, but not limited to, information and knowledge
as to the business of Mateon and its affiliates, including, but not limited to, information related to drugs and compounds developed
or under development by the Company, financial results and projections, future plans, the provisions of other important contracts
entered into by Mateon and its affiliates, possible acquisitions and similar information proprietary to Mateon and its affiliates
(collectively, “Confidential Information”). Executive agrees that he shall not, so long as the Company remains in
existence, divulge, communicate, furnish or make accessible (whether orally or in writing or in books, articles or any other medium)
to any individual, firm, partnership or corporation, any knowledge or information with respect to Confidential Information directly
or indirectly useful in any aspect of the business of Mateon or any of its affiliates. As used in the preceding sentence, “Confidential
Information” shall not include any knowledge of information that: (i) is or becomes available to others, other than as a
result of breach by Executive of this Section 7.2; (ii) was available to Executive on a nonconfidential basis prior to its disclosure
to executive through his status as an officer or employee of Mateon or any affiliate; (iii) becomes available to Executive on
a nonconfidential basis from a third party (other than Mateon, any affiliate or any of its of their representatives) who is not
bound by any confidentiality obligation to Mateon or any affiliate; (iv) was known by the Executive prior to his employment by
Mateon as evidenced by Executive’s pre-existing written records; (v) was not maintained as confidential information by Mateon;
(vi) is otherwise information known or available within Mateon’s industry; or (vii) is information that is legally compelled,
by applicable law, to be disclosed by Executive, provided, however, that in such an event Executive shall give prompt notice to
Mateon of such requirement so that Mateon may seek a protective order or other appropriate remedy.

 

(b)
All memoranda, notes, lists, records and other documents or papers (and all copies thereof), including such items stored in computer
memories, on microfiche or by any other means, made or complied by or on behalf of Executive or made available to him relating
to the business of Mateon or any of its affiliates are and shall be and remain Mateon’s property and shall be delivered
to Mateon promptly upon the termination of Executive’s employment with Mateon or at any other time on request and such information
shall be held confidential by Executive after the termination of his employment with Mateon.

 

7.3
The Executive grants the Company and each affiliate of the Company, as appropriate, all rights in and to the contribution made
by the Executive to any projects or matters on which the Executive worked during the Employment Term. The Executive acknowledges
that each such matter and the contribution made by the Executive thereto shall constitute a work made for hire within the meaning
of the United States copyright law and other applicable laws. The Company reserves all rights with respect to information relating
to the Company’s products, including, but not limited to, the right to apply for patents.

 

    	 

    	 

    

 

7.4
The provisions contained in this Section 7 as to the time periods, scope of activities, persons or entities affected, and territories
restricted shall be deemed divisible so that, if any provision contained in this Section 8 is determined to be invalid or unenforceable,
such provisions shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted.

 

7.5
Executive agrees that the provisions of this Section 7 are reasonable and necessary for the protection of Mateon and that they
may not be adequately enforced by an action for damages and that, in the event of a breach thereof by Executive or any Executive-Controlled
Person, Mateon shall be entitled to apply for and obtain injunctive relief in any court of competent jurisdiction to restrain
the breach or threatened breach of such violation or otherwise to enforce specifically such provisions against such violation,
without the necessity of the posting of any bond by Mateon. Executive further covenants under this Section 8, Mateon shall be
entitled to an accounting and repayment of all profits, compensation, commissions, remuneration or other benefits that Executive
directly or indirectly has realized and/or may realize as a result of, growing out of or in connection with any such violation.
Such a remedy shall, however, be cumulative and not exclusive and shall be in addition to any injunctive relief or other legal
equitable remedy to which Mateon is or may be entitled.

 

8.
Taxes

 

Any
amounts payable to the Executive hereunder shall be paid to the Executive subject to all applicable taxes required to be withheld
by Mateon pursuant to federal, state or local law. The Executive shall be solely responsible for all taxes imposed on the Executive
by reason of his receipt of any amounts of compensation or benefits payable hereunder.

 

9.
Indemnification

 

Mateon
has entered into a separate Indemnification Agreement with Executive which shall survive the execution and delivery of this Agreement
and remain in full force and effect.

 

10.
Attorney’s Fees and Expenses

 

Mateon
and the Executive agree that in the event of litigation arising out of or relating to this Agreement, the prevailing party shall
be entitled to reimbursement from the other party to the prevailing party’s reasonable attorney fees and expenses.

 

11.
Amendments

 

This
Agreement may not be altered, modified or amended except by a written instrument signed by each of the parties hereto.

 

12.
Assignments

 

Neither
this Agreement not any of the rights or obligations hereunder shall be assigned or delegated by any party hereto without the prior
written consent of the other party; provided, however, that any payments and benefits owed to Executive under this Agreement shall
insure to the benefit of his heirs and personal representatives.

 

13.
Waiver

 

Waiver
by any party hereto of any breach or default by any other party of any of the terms of this Agreement shall not operate as a waiver
of any other breach or default, whether similar to or different from the breach or default waived.

 

14.
Severability

 

In
the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.

 

    	 

    	 

    

 

15.
Notices

 

All
notices and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given
when personally delivered or when mailed by registered mail, return receipt requested, postage prepaid, addressed as follows:

 

If
to Executive, to him as follows:

 

Name:
Fatih Uckun

Address:
**************************

 

If
to Mateon, to it as follows:

 

Mateon,
Inc.

29397
Agoura Road, Suite 107

Agoura
Hills, CA 91301

Attn:
The Board of Directors

 

Or
to such other address or such other person as Executive or Mateon shall designate in writing in accordance with this Section 15,
except that notices regarding changes in notices shall be effective only upon receipt.

 

16.
Headings

 

Headings
to Sections in this Agreement are for the convenience of the parties only and are not intended to be a part of, or to affect the
meaning or interpretation of, this Agreement.

 

17.
Governing Law

 

This
Agreement shall be governed by the laws of the California without reference to the principles of conflict of laws. Each of the
parties hereto consents to the jurisdiction of the federal and state courts of the California in connection with any claim or
controversy arising out of or connected with this Agreement, and said courts shall be the exclusive forum for the resolution of
any such claim or controversy. Service of process in any such proceeding may be made upon each of the parties hereto at the address
of such party as determined in accordance with Section 15 of this Agreement, subject to the applicable rules of the court in which
such action is brought.

 

18.
Entire Agreement

 

This
Agreement contains the entire agreement between Executive and Mateon with respect to all matters relating to Executive’s
employment with Mateon and, as of the date hereof, will supersede and replace any other agreements, written or oral, between the
parties relating to the terms or conditions of Executive’s employment with Mateon, provided, however, that nothing in this
Agreement shall amend or affect any stock shares or stock options previously granted to executive. In particular, the Executive
owns 1,492,742 shares of the Company’s Common Stock and 7,052.762 shares of Preferred Stock. The shares were issued as restricted
stock, and the unvested amounts are subject to forfeiture in the event that the Executive terminates service with Oncotelic (now
the Company) before the unvested shares have vested. One-third of the shares fully vested on December 27, 2018. An additional
one-third of the shares will fully vest on December 27, 2019 subject to continuation of service until December 27, 2019. The final
one-third will fully vest on December 27, 2020, subject to continuation of service until December 27, 2020. It is agreed that
all shares will accelerate and be vested at the time of any event occurring as defined in Section 3.5 above.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, Mateon and Executive have caused this Agreement to be executed as of the date first above written.

 

	 	Name:	
    Fatih Uckun
	 	 	 
	 	 	/s/
                                         Vuong Trieu

        

	 	Name:
    	Vuong
    Trieu
	 	Title:
	President
        & CEO,

                                                          

        For
        Mateon Therapeutics, Incfcel-ex101_17.htm

EXHIBIT 10.1

 FIRST AMENDMENT TO CREDIT AGREEMENT

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of November 22, 2019, is entered into by and among FuelCell Energy, Inc., a Delaware corporation (the “Borrower”), each of the Guarantors party to the Credit Agreement, the lenders party to the Credit Agreement referred to below (collectively, the “Lenders” and each individually a “Lender”) that are signatories hereto, and Orion Energy Partners Investment Agent, LLC, as administrative and collateral agent for the Lenders (in such capacity, the “Administrative Agent”).  Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Credit Agreement (as defined below).

W I T N E S S E T H:

WHEREAS, the Borrower and the Guarantors have entered into financing arrangements pursuant to which the Lenders have made and provided loans and other financial accommodations, and may in the future make additional loans and financial accommodations, to the Borrower as set forth in the Credit Agreement, dated as of October 31, 2019, by and among the Borrower, the Guarantors, the Lenders and the Administrative Agent (as the same may hereafter be, amended, modified, supplemented, extended, renewed, restated, amended and restated or replaced, the “Credit Agreement”);

WHEREAS, the Borrower and the Guarantors desire to amend certain provisions of the Credit Agreement as set forth herein;

WHEREAS, pursuant to Section 10.02(b) of the Credit Agreement, in order to effect the amendments to the Credit Agreement contemplated by this Amendment, this Amendment must be executed by the Borrower and the Required Lenders and acknowledged by the Administrative Agent; and

WHEREAS, the undersigned Lenders constitute the Required Lenders.

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

SECTION 1.  Amendments to the Credit Agreement.  Subject to the terms and conditions hereof, effective as of the First Amendment Effective Date (as defined below) and subject to the satisfaction of the conditions precedent set forth in Section 2:

(a)Annex I to the Credit Agreement is hereby amended and restated to read in its entirety as set forth on Annex I hereto.

(b)Schedule 1.01(b) to the Credit Agreement is hereby amended and restated to read in its entirety as set forth on Annex II hereto.

(c)Schedule 5.13 to the Credit Agreement is hereby deleted in its entirety.

 

 

(d)Each of the following definitions set forth in Section 1.01 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

“Bolthouse Construction Budget” means the Construction Budget as provided by the Borrower to, and acknowledged as the “Bolthouse Construction Budget” in writing by, the Administrative Agent on November 21, 2019, as may be modified from time to time in accordance with Section 5.21.

 

“Groton Construction Budget” means the Construction Budget as provided by the Borrower to, and acknowledged as the “Groton Construction Budget” in writing by, the Administrative Agent on November 21, 2019, as may be modified from time to time in accordance with Section 5.21.

“Material Agreements” means: 

	
 
	
(a)
	
each of the agreements, contracts or instruments set forth on Schedule 1.01(b);

	
 
	
(b)
	
with respect to any Additional Covered Project that is designated as an Additional Covered Project after the Second Funding Date, any agreements, contracts or instruments designated as “Material Agreements” in a writing executed by the Borrower and the Administrative Agent in connection with the designation of such Additional Covered Project;

	
 
	
(c)
	
any Additional Material Agreement; and

	
 
	
(d)
	
any Replacement Agreement of any of the foregoing.

“Tulare Construction Budget” means the Construction Budget as provided by the Borrower to, and acknowledged as the “Tulare Construction Budget” in writing by, the Administrative Agent on November 21, 2019, as may be modified from time to time in accordance with Section 5.21.

“Yaphank Construction Budget” means the Construction Budget as provided by the Borrower to, and acknowledged as the “Yaphank Construction Budget” in writing by, the Administrative Agent on November 21, 2019, as may be modified from time to time in accordance with Section 5.21.

(e)Each of the following definitions are hereby inserted into Section 1.01 of the Credit Agreement in the appropriate alphabetical location therein:

“Approved REC Contract” means a fully executed contract, in form and substance reasonably satisfactory to the Administrative Agent, for Renewable Energy Certificates to be produced and sold by Groton Station Fuel Cell, LLC that provides for:

(a)Cal2021 and Cal2022 strips; and

 

	
 
	
(b)
	
a volume of 85% of the “Output Guarantee” (as defined in the PPA in respect of the Groton Project) for each respective “Contract 
	
 

2

 

	
 
		
Year” (as defined in the PPA in respect of the Groton Project) in accordance with the PPA in respect of the Groton Project, provided that such volume may require proration of each Contract Year (as defined in the PPA) to match Cal2021 and Cal2022.
	
 

 

“Biogas Sale and Purchase Agreement” means an agreement for the purchase of directed biogas at the Tulare Project through December 31, 2021 substantially in the form disclosed by the Borrower to, and acknowledged as the “Biogas Sale and Purchase Agreement” in writing by, the Administrative Agent prior to the Second Funding Date.

“Cash Reserve Release Date” means the first date following the Second Funding Date on which all of the events set forth in the following clauses (a), (b) and (c) shall have occurred:

	
 
	
(a)
	
each of (x) the “Commercial Operation Date” (as defined in the PPA in respect of the Tulare Project) shall have occurred in accordance with the PPA in respect of the Tulare Project, and (y) a Permitted Project Disposition/Refinancing shall have been consummated with respect to the Tulare Project; 
	
 

 

	
 
	
(b)
	
each of (x) the Groton Project shall have achieved its business plan in accordance with the Groton Construction Budget, (y) the “Commercial Operation Date” (as defined in the PPA in respect of the Groton Project) shall have occurred in accordance with the PPA in respect of the Groton Project, and (z) the Groton Project shall have fulfilled both the “Output Guarantee” and the “Heat Rate Guarantee” (each as defined in the PPA in respect of the Groton Project) in accordance with the PPA in respect of the Groton Project for a period of at least three consecutive months; provided that to determine if the condition in this clause (z) is satisfied in respect of the “Output Guarantee” the measured outputs for the “Output Guarantee” over three consecutive months shall be multiplied by 4 to determine if it meets the annual requirements in the PPA; and
	
 

 

	
 
	
(c)
	
a Permitted Project Disposition/Refinancing shall have been consummated with respect to the Groton Project.
	
 

 

“Groton Estoppel and Acknowledgement” means an Estoppel and Acknowledgement agreement substantially in the form disclosed by the Borrower to, and acknowledged as the “Groton Estoppel and Acknowledgement” in writing by, the Administrative Agent prior to the Second Funding Date.

“IP Collateral Documents” means a security agreement or intellectual property security agreement and any other notices, consents, acknowledgments, filings, registrations and recordings requested by the Administrative Agent, in 

3

 

each case, in form and substance acceptable to the Administrative Agent, necessary or advisable to create in favor of the Collateral Agent for the benefit of the Secured Parties a legal, valid and enforceable first-priority Lien on and security interest in all of the Intellectual Property of each of the Loan Parties, prior and superior to all other Liens that may be delivered to Administrative Agent if required pursuant to clause (b) or (c) of Section 5.24; provided, that, the IP Collateral Documents shall provide that the Liens created thereunder in the Intellectual Property of each of the Loan Parties shall automatically terminate and be released upon the execution and delivery of all of the agreements, consents and instruments referred to in clauses (b)(i), (c)(i)(A), (c)(i)(B) and (c)(i)(C) of Section 5.24.

“Second Funding Date Funds Flow Memo” means a funds flow memo agreed by the Borrower and the Administrative Agent over email on or about the Second Funding Date.

“Seventh Modification to Lease” means a Seventh Modification to Lease N40085-12-RP-00109 in the form executed by CMEEC and disclosed by the Borrower to, and acknowledged as the “Seventh Modification to Lease” in writing by, the Administrative Agent prior to the Second Funding Date.

(f)The definition of “Permitted Release” set forth in Section 1.01 of the Credit Agreement is hereby deleted in its entirety.

(g)Section 2.02 of the Credit Agreement is hereby amended to insert the following sentence as the end of such Section 2.02:

With respect to the Loans funded on the Second Funding Date, the Administrative Agent shall distribute the funds in accordance with the Second Funding Date Funds Flow Memo.

(h)Clause (c) to Section 2.03 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

(c)In the event that the Lenders shall have not funded at least $65,500,000 in aggregate principal amount of Loans in respect of the Second Funding Commitments (less, for, the avoidance of doubt, certain items in accordance with the Second Funding Date Funds Flow Memo) on or prior to November 22, 2019, the Borrower may, upon delivery to the Administrative Agent of written notice thereof at any time after November 22, 2019 but prior to the earlier of the occurrence of the satisfaction of the foregoing and December 31, 2019 (a “Second Funding Termination Notice”), elect to terminate the Second Funding Commitments and prepay the Obligations under Section 2.05(b)(v).

4

 

(i)Clause (a) to Section 5.13 of the Credit Agreement is hereby amended to replace the phrase “as set forth on Schedule 5.13” set forth therein with the phrase “as set forth in the Second Funding Date Funds Flow Memo”.

(j)Clause (b) to Section 5.18 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

(b)Borrower Funding Account.  

(i)On or prior to the Account Establishment Date, the Borrower shall open and establish the Borrower Funding Account at the Depositary Bank.  Following the opening and establishment of the Borrower Funding Account, the Borrower shall at all times thereafter maintain the Borrower Funding Account and cause the Borrower Funding Account to be subject to a Blocked Account Control Agreement.  

(ii)The Borrower shall not have any right to withdraw any amounts from the Borrower Funding Account or to direct the Depositary Bank to release or distribute any amounts contained in the Borrower Funding Account.

(iii)On the Second Funding Date, pursuant to the Second Funding Date Funds Flow Memo, an aggregate amount of $5,000,000 shall be deposited into the Borrower Funding Account (such $5,000,000 is herein referred to as the “Cash Reserve”).  From and after the Second Funding Date, the Cash Reserve shall remain held in the Borrower Funding Account and shall not be released or distributed from the Borrower Funding Account for any purpose; provided, that, upon the occurrence of the Cash Reserve Release Date, the Administrative Agent shall instruct the Depositary Bank to release the Cash Reserve from the Borrower Funding Account and transfer such funds to a Business Unit Account specified by the Borrower.

(iv)On each Funding Date after the Second Funding Date, the Administrative Agent shall deposit the proceeds of the Loans funded on such Funding Date into the Borrower Funding Account.  With respect to any amounts funded into the Borrower Funding Account on any Funding Date after the Second Funding Date, the Administrative Agent shall instruct the Depositary Bank to release and distribute the amounts contained in the Borrower Funding Account for the purposes, and in the amounts, as agreed in writing by the Lenders and the Borrower in connection with such Funding Date.

(k)Clause (e)(v) to Section 5.18 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

(v)the Administrative Agent shall (i) instruct the Depositary Bank to release and distribute the amounts contained in such Covered Project Account from time to time in accordance with, and subject to the satisfaction of any applicable conditions set forth in, the applicable Construction Budget and/or Operating Budget in respect of such Covered Project Company, and (ii) on each Quarterly Payment Date, instruct the Depositary Bank to release and distribute to the Borrower Waterfall Account an amount contained in such Covered Project Account equal to (x) the total aggregate amount then contained in such Covered Project Account, minus (y) the amount required or permitted to be retained in 

5

 

such Covered Project Account on such date as set forth in the applicable Construction Budget and/or Operating Budget in respect of such Covered Project Company.

(l)Clause (f)(iv)(D) to Section 5.18 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

(D)[Intentionally Omitted];

(m)Clause (h)(ii) to Section 5.18 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

(ii)neither the Borrower nor any other Borrower Group Company shall have any right to withdraw any amounts from the Mandatory Prepayment Account or to direct the Depositary Bank to release or distribute any amounts contained in the Mandatory Prepayment Account;

(n)Article V of the Credit Agreement is hereby amended to insert the following new Section 5.24 in the appropriate numerical location therein to read in its entirety as follows:

Section 5.24Project Requirements.

(a)No later than December 31, 2019 (or such later date as the Administrative Agent may, in its sole discretion, agree in writing), Central CA Fuel Cell 2, LLC and the counterparty previously identified to the Administrative Agent in writing prior to the Second Funding Date shall execute and deliver the Biogas Sale and Purchase Agreement and the Biogas Sale and Purchase Agreement shall become effective.

 

(b)No later than December 31, 2019 (or such later date as the Administrative Agent may, in its sole discretion, agree in writing), either (i) Groton Station Fuel Cell, LLC shall enter into an Approved REC Contract and such Approved REC Contract shall become effective, or (ii) the Loan Parties shall execute and deliver the IP Collateral Documents.

 

(c)No later than January 31, 2020 (or such later date as the Administrative Agent may, in its sole discretion, agree in writing), either:

 

(i)all of the following shall occur:

 

(A)each of (x) Groton Station Fuel Cell, LLC and Connecticut Municipal Electric Energy Cooperative (“CMEEC”) shall execute and deliver the Groton Estoppel and Acknowledgement, (y) the United States of America, acting by and through the Department of the Navy, shall have approved the Groton Estoppel and Acknowledgement in the manner contemplated by Section 19 of the Groton Estoppel and 

6

 

Acknowledgement, and (z) the Groton Estoppel and Acknowledgement shall become effective;

 

(B)the Borrower shall cause the CMEEC to execute and deliver a customary estoppel certificate, in form and substance reasonably acceptable to the Administrative Agent, in respect of the PPA in respect of the Groton Project; and

 

(C)Groton Station Fuel Cell, LLC, CMEEC and the United States of America, acting by and through the Department of the Navy, shall execute and deliver the Seventh Modification to Lease and the Seventh Modification to Lease shall become effective; or

 

(ii)the Loan Parties shall execute and deliver the IP Collateral Documents.

 

(o)Clause (e)(vii) to Section 6.07 of the Credit Agreement is hereby amended to replace the phrase “does not exceed $5,000,000” set forth therein with the phrase “does not exceed $1,000,000”.

(p)Clause (d)(i) to Section 7.01 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

(i)Sections 5.01 (as to existence), 5.11(f), 5.13, 5.24 or Article VI; or

(q)For the avoidance of doubt, Lenders and Administrative Agent agree that, upon the Second Funding Date, the provisions of Section 7.14 (c) of the Security Agreement shall apply and nothing in this Amendment shall be construed to revise the foregoing.

SECTION 2.  Conditions Precedent.  This Amendment shall only become effective upon the date (the “First Amendment Effective Date”) on which each of the following conditions precedent shall have been satisfied in a manner reasonably satisfactory to the Administrative Agent:

(a)the Administrative Agent shall have received counterparts of this Amendment, duly authorized, executed and delivered by the Borrower, the Guarantors and the Required Lenders;

(b)after giving effect to this Amendment, the representations and warranties of the Borrower and the Guarantors contained in the Credit Agreement, the Security Agreement and the other Financing Documents shall be true, correct and complete in all material respects (without duplication of any materiality provision contained therein) on and as of the First Amendment Effective Date (or any earlier date with respect to which any such representation or warranty relates); 

7

 

(c)after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing;

(d)the Administrative Agent shall have received a certificate executed by an Authorized Representative of the Borrower certifying on behalf of each Loan Party a correct and complete copy of resolutions duly adopted by the board of directors, member(s), partner(s) or other authorized governing body of such Loan Party authorizing this Amendment and that such resolutions or other evidence of authority have not been modified, rescinded or amended and are in full force and effect; and

(e)the Administrative Agent shall have received a closing certificate executed by an Authorized Representative of the Borrower certifying on behalf of each Loan Party that the conditions set forth in this Section 2 have been satisfied.

SECTION 3.  Representations and Warranties.  The Borrower and each Guarantor hereby represents and warrants to the Administrative Agent and Lenders as follows,  which representations and warranties shall survive the execution and delivery hereof. 

(a)Each of the Loan Parties has full corporate, limited liability company or other organizational powers, authority and legal right to enter into, deliver and perform its respective obligations under this Amendment and has taken all necessary corporate, limited liability company or other organizational action to authorize the execution, delivery and performance by it of this Amendment.  

(b)This Amendment has been duly executed and delivered by each Loan Party and is in full force and effect and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforcement may be limited (i) by Bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (iii) by implied covenants of good faith and fair dealing.

(c)The execution, delivery and performance by each Loan Party of this Amendment does not and will not, as applicable, (i) conflict with the Organizational Documents of such Loan Party, (ii) conflict with or result in a breach of, or constitute a default under, any indenture, loan agreement, mortgage, deed of trust or other material instrument or agreement to which any Loan Party is a party or by which it is bound or to which any Loan Party’s property or assets are subject, or (iii) conflict with or result in a breach of, or constitute a default under, in any material respect, any Applicable Law.

(d)After giving effect to this Amendment, the representations and warranties of the Borrower and each of the other Loan Parties contained in the Credit Agreement, the Security Agreement and the other Financing Documents are true, correct and complete in all material respects (without duplication of any materiality provision contained therein) on and as of the First Amendment Effective Date (or any earlier date with respect to which any such representation or warranty relates).

8

 

(e)After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

SECTION 4.  Effect of this Amendment, Ratification.

(a)Except as expressly set forth herein, no other amendments, consents, changes or modifications to the Credit Agreement, the Security Agreement or any other Financing Document are intended or implied, and in all other respects the Credit Agreement, the Security Agreement and each other Financing Document is hereby specifically ratified and confirmed by all parties hereto as of the First Amendment Effective Date and neither the Borrower nor any other Loan Party shall be entitled to any other or further amendment solely by virtue of the provisions of this Amendment or the subject matter of this Amendment.  This Amendment is not a novation, satisfaction, release or discharge of any of the obligations of the Borrower or any other Loan Party under the Credit Agreement, the Security Agreement or any other Financing Document.  This Amendment shall be deemed to be a Financing Document. 

(b)The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any obligation of the Borrower or any other Loan Party under, or any right, power, or remedy of the Administrative Agent or the Lenders under, the Credit Agreement, the Security Agreement or any other Financing Document (which rights, powers and remedies are expressly reserved), nor constitute a consent to or waiver of any past, present or future violations of any provision of the Credit Agreement, the Security Agreement or any other Financing Document.

(c)For the benefit of the Administrative Agent and the Lenders, the Borrower and each other Loan Party hereby (i) affirms and confirms its guarantees, pledges, grants of collateral and security interests and other undertakings under the Credit Agreement, the Security Agreement and the other Financing Documents, (ii) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under the Credit Agreement, the Security Agreement and each of the other Financing Documents, (iii) agrees that (x) the Credit Agreement, the Security Agreement and each other Financing Document shall continue to be in full force and effect and (y) all guarantees, pledges, grants of collateral and security interests and other undertakings under the Credit Agreement, the Security Agreement and each other Financing Document shall continue to be in full force and effect and shall accrue to the benefit of the Administrative Agent and the Lenders, (iv) confirms and agrees that it is truly and justly indebted to the Lenders and the Administrative Agent in the aggregate amount of the Obligations without defense, counterclaim or offset of any kind whatsoever, and (v) reaffirms and admits the validity and enforceability of the Financing Documents.

SECTION 5.  Expenses.  The Borrower and the other Loan Parties agree to pay, or reimburse, the Administrative Agent for all expenses reasonably incurred for the preparation and negotiation of this Amendment and related agreements and instruments and the transactions contemplated hereby, including, but not limited to, the reasonable and documented fees and expenses of counsel to the Administrative Agent.

SECTION 6.  Governing Law, Jurisdiction, Etc. 

9

 

	
(a)
	
Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.

	
(b)
	
Submission to Jurisdiction.  Any legal action or proceeding with respect to this Amendment shall, except as provided in clause (d) below, be brought in the courts of the State of New York, or of the United States District Court for the Southern District of New York, in each case, seated in the County of New York and, by execution and delivery of this Amendment, each party hereto hereby irrevocably accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts.  Each party hereto agrees that a judgment, after exhaustion of all available appeals, in any such action or proceeding shall be conclusive and binding upon it, and may be enforced in any other jurisdiction, including by a suit upon such judgment, a certified copy of which shall be conclusive evidence of the judgment.

	
(c)
	
Waiver of Venue.  Each party hereto hereby irrevocably waives any objection that it may now have or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Amendment brought in the Supreme Court of the State of New York or in the United States District Court for the Southern District of New York, in each case, seated in the County of New York and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

	
(d)
	
Rights of the Secured Parties.  Nothing in this Section 6 shall limit the right of the Secured Parties to refer any claim against a Loan Party to any court of competent jurisdiction anywhere else outside of the State of New York, nor shall the taking of proceedings by any Secured Party before the courts in one or more jurisdictions preclude the taking of proceedings in any other jurisdiction whether concurrently or not.

	
(e)
	
WAIVER OF JURY TRIAL.  EACH PARTY TO THIS AMENDMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

	
(f)
	
Waiver of Immunity.  To the extent that any Loan Party has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution, sovereign immunity or otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity, to the fullest extent permitted by law, in respect of its obligations under this Amendment.

10

 

SECTION 7.  Binding Effect.  This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and permitted assigns. 

SECTION 8.  Captions.  The captions in this Amendment are intended for convenience only and do not constitute and shall not be interpreted as part of this Amendment. 

SECTION 9.  No Course of Dealing.  The Borrower and each other Loan Party acknowledges that (a) except as expressly set forth herein, neither the Administrative Agent nor any Lender has agreed (and has no obligation whatsoever to discuss, negotiate or agree) to any restructuring, modification, amendment, extension, waiver, or forbearance with respect to the Credit Agreement, the Security Agreement or any other Financing Document or any of the terms thereof, and (b) the execution and delivery of this Amendment has not established any course of dealing between the parties hereto or created any obligation or agreement of the Administrative Agent or any Lender with respect to any future restructuring, modification, amendment, extension, waiver, or forbearance with respect to the Credit Agreement, the Security Agreement or any other Financing Document or any of the terms thereof.

SECTION 10.  Counterparts.  This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by facsimile or electronic transmission (including email transmission of a PDF image) shall be deemed to be an original signature hereto.

 [Signature Pages Follow]

 

11

EXHIBIT 10.1

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	
BORROWER:

	
 

	
FUELCELL ENERGY, INC.

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

	
GUARANTORS:

	
 

	
FUELCELL ENERGY FINANCE II, INC.

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

	
BAKERSFIELD FUEL CELL 1, LLC.

	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

 

 

 

 

	
GUARANTORS:

	
 

	
CENTRAL CA FUEL CELL 2, LLC

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

	
YAPHANK FUEL CELL PARK, LLC

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

	
LONG BEACH TRIGEN, LLC

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

 

 

 

	
GUARANTORS:

	
 

	
SAN BERNARDINO FUEL CELL, LLC

	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

	
MONTVILLE FUEL CELL PARK, LLC

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

	
EASTERN CONNECTICUT FUEL CELL PROPERTIES, LLC

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

 

 

 

	
GUARANTORS:

	
 

	
CR FUEL CELL, LLC

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

	
BRT FUEL CELL, LLC

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

	
DERBY FUEL CELL, LLC

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

 

 

 

	
GUARANTORS:

	
 

	
HOMESTEAD FUEL CELL, LLC

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

	
CENTRAL CT FUEL CELL 1, LLC

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

	
FARMINGDALE CT FUEL CELL 1, LLC

	
 
	
 
	
 

	
By:  
	
 
	
FuelCell Energy Finance II, LLC

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
FuelCell Energy, Inc.

	
Its:
	
 
	
Sole Member

 

	
By:  
	
 
	
/s/ Jason B. Few

	
 
	
 
	
Name: 
	
 
	
Jason B. Few

	
 
	
 
	
Title: 
	
 
	
President, Chief Executive Officer and

	
 
	
 
	
 
	
 
	
Chief Commercial Officer

 

 

 

 

 

	
ADMINISTRATIVE AGENT:

	
 

	
ORION ENERGY PARTNERS INVESTMENT AGENT, LLC,

	
 
	
 
	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Gerrit Nicholas

	
 
	
 
	
Name: 
	
 
	
Gerrit Nicholas

	
 
	
 
	
Title: 
	
 
	
Managing Directors

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
COLLATERAL AGENT:

	
 
	
 
	
 
	
 
	
 

	
ORION ENERGY PARTNERS INVESTMENTS AGENT, LLC

 

	
By:
	
 
	
/s/ Gerrit Nicholas

	
 
	
 
	
Name:  Gerrit Nicholas

	
 
	
 
	
Title:  Managing Director

 

 

 

 

	
LENDERS:

	
 

	
ORION ENERGY CREDIT OPPORTUNITIES FUND II, L.P.

 

	
By: Orion Energy Credit Opportunities Fund II GP, L.P.

	
Its:
	
General Partner

 

	
By: Orion Energy Credit Opportunities Fund II Holding, LLC

	
Its:
	
General Partner

 

 

	
By:  
	
 
	
/s/ Gerrit Nicholas

	
 
	
 
	
Name: 
	
 
	
Gerrit Nicholas

	
 
	
 
	
Title: 
	
 
	
Managing Director

 

	
	
ORION ENERGY CREDIT OPPORTUNITIES FUND II PV, L.P.

 

	
By: Orion Energy Credit Opportunities Fund II GP, L.P.

	
Its:
	
General Partner

 

	
By: Orion Energy Credit Opportunities Fund II Holding, LLC

	
Its:
	
General Partner

 

 

	
By:  
	
 
	
/s/ Gerrit Nicholas

	
 
	
 
	
Name: 
	
 
	
Gerrit Nicholas

	
 
	
 
	
Title: 
	
 
	
Managing Director

 

 

 

 

	
LENDERS:

	
 

	
ORION ENERGY CREDIT OPPORTUNITIES FUND II GPFA, L.P.

 

	
By: Orion Energy Credit Opportunities Fund II GP, L.P.

	
Its:
	
General Partner

 

	
By: Orion Energy Credit Opportunities Fund II Holding, LLC

	
Its:
	
General Partner

 

 

	
By:  
	
 
	
/s/ Gerrit Nicholas

	
 
	
 
	
Name: 
	
 
	
Gerrit Nicholas

	
 
	
 
	
Title: 
	
 
	
Managing Director

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