Document:

Exhibit 10.1

 

 

ORION ENERGY PARTNERS INVESTMENT AGENT,
LLC

292 Madison Avenue, Suite 2500

New York, NY 10017

 

 

November 30, 2020

 

FuelCell Energy, Inc.

3 Great Pasture Road

Danbury, CT 06810

 

Re:       Payoff
Letter

 

Ladies and Gentlemen:

 

Reference is made to
that certain Credit Agreement, dated as of October 31, 2019 (as amended, restated, supplemented or otherwise modified through the
date hereof, the “Credit Agreement”), among FuelCell Energy, Inc. (the “Borrower”), the Subsidiaries
of the Borrower from time to time party thereto as Guarantors, the Lenders from time to time party thereto, and Orion Energy Partners
Investment Agent, LLC, as the Administrative Agent and the Collateral Agent. The Administrative Agent understands that on the Payoff
Effective Time (as hereinafter defined), the Borrower expects to repay in full all of the Obligations of the Borrower to the Administrative
Agent and the Lenders under or in respect of the Credit Agreement and the other Financing Documents (other than contingent indemnity
obligations for which no claim has been asserted). All capitalized terms used herein shall have the respective meanings specified
in the Credit Agreement unless otherwise defined herein. Unless otherwise specified, all reference herein to times of day shall
be references to New York, New York time.

 

Upon (x) the execution,
delivery and effectiveness of that certain Underwriting Agreement, to be dated as of December 1, 2020 (the “Underwriting
Agreement”), by and among the Borrower, certain of the Lenders, and J.P. Morgan Securities LLC, as representative of
the several underwriters named therein, pursuant to which, among other things, the Lenders party thereto agree to sell to the underwriters
named therein, and the underwriters named therein agree to purchase from such Lenders, 14,696,320 shares of the Borrower’s
common stock, (y) the occurrence of the “Closing Date” as defined in, and pursuant to, the Underwriting Agreement and
the consummation of the sale by the Lenders party thereto of 14,696,320 shares of the Borrower’s common stock thereunder
(the occurrence of such “Closing Date” is herein referred to as the “Offering Closing”), on or before
1:00 p.m. on December 11, 2020 (the “Required Payoff Time”), and (z) the Administrative Agent’s receipt
on or before the Required Payoff Time (the date such amount is so received by the Administrative Agent, the “Payoff Date”)
of (a) a federal funds wire transfer in the amount of $87,349,084.54 (the “Payoff Amount”), which amount represents
the Obligations outstanding under or in respect of the Credit Agreement and the other Financing Documents (other than contingent
indemnity obligations for which no claim has been asserted) and (b) a fully executed counterpart of this payoff letter agreement
(this “Agreement”) signed by the Borrower and each of the other Loan Parties (the time at which all of the conditions
in the foregoing clauses (x), (y), (z)(a) and (z)(b) shall first be satisfied is herein referred to
as the “Payoff Effective Time”), the Administrative Agent and the Collateral Agent agree to deliver, concurrently
with receipt of the Payoff Amount or as reasonably practicable as possible thereafter, to the Borrower any necessary mortgage satisfactions,
releases of Liens, discharges, terminations and other release documentation (including, without limitation terminations and/or
releases relating to any existing deposit account control agreements) executed by it releasing the Administrative Agent’s
and Collateral Agent’s Liens and security interests in all of the assets and property of the Borrower and each of the other
Loan Parties constituting Collateral (the “Property”). Notwithstanding anything to the contrary in this Agreement,
in the event that any of the satisfaction of the condition specified in clause (x) above, the Offering Closing, the Payoff Date
or the Payoff Effective Time shall not occur on or before the Required Payoff Time, this Agreement shall automatically terminate
and shall have no further force and effect as of the Required Payoff Time.

 

     

     

    

 

The Payoff Amount as
of the Required Payoff Time is comprised of:

 

	Aggregate outstanding principal balance of the Loans	 	$	80,000,000.00	 
	 Aggregate accrued and unpaid interest on the Loans	 	$	3,292,888.89	 
	Accrued but unpaid out-of-pocket fees and expenses of the Administrative Agent, the Collateral Agent and the Lenders (including legal fees)	 	$	56,195.65	 
	Aggregate Prepayment Premium payable in respect of the Loans	 	$	4,000,000.00	 
	Total Payoff Amount	 	$	87,349,084.54	 

 

The parties hereto
acknowledge and agree that (x) the aggregate Prepayment Premium set forth above represents an amount less than the Prepayment Premium
that would otherwise be required to be paid on the Payoff Effective Time pursuant to the Financing Documents, (y) solely in the
event that the Payoff Effective Time occurs on or prior to the Required Payoff Time, the Administrative Agent, on behalf of itself
and the Lenders, agrees that (i) the payment by the Borrower of the aggregate Prepayment Premium specified above shall constitute
all of the obligations of the Borrower and the other Loan Parties in respect of the Prepayment Premium under the Financing Documents
and (ii) any portion of the Prepayment Premium that would otherwise be required to be paid pursuant to the Financing Documents
in excess of the amount specified above shall be deemed waived by the Administrative Agent and the Lenders and (z) notwithstanding
anything to the contrary set forth herein (including, without limitation, the conditional waiver of a portion of the Prepayment
Premium contemplated by this paragraph in the event that the Payoff Effective Time occurs on or prior to the Required Payoff Time),
in the event that the Payoff Effective Time shall not occur on or prior to the Required Payoff Time, the conditional waiver of
a portion of the Prepayment Premium contemplated herein shall cease to be effective and, accordingly, if the Borrower shall make
any prepayment of the Obligations following the Required Payoff Time, the Borrower and the other Loan Parties shall be obligated
to pay the entire Prepayment Premium in full as contemplated by the Financing Documents.

 

     

     

    

 

Upon the Payoff Effective
Time, the Administrative Agent and the Collateral Agent (on behalf of itself and the Lenders) agrees and acknowledges that (a)
all outstanding indebtedness (including, without limitation, for principal, interest and fees) and other Obligations of the Borrower
and each of the other Loan Parties under or relating to the Financing Documents (other than contingent indemnity obligations for
which no claim has been asserted) shall be paid and satisfied in full, (b) all security interests and other Liens in the Property
granted to or held by the Administrative Agent or the Collateral Agent for the benefit of the Lenders in any Property as security
for such indebtedness shall be irrevocably satisfied, released and discharged, (c) the Financing Documents (other than this Agreement)
shall terminate and be of no further force or effect other than those provisions therein that specifically survive termination,
and (d) the Borrower (or its designees) shall be authorized to file any UCC termination statements necessary in order to effect
the release of security interests contemplated by clause (b) above. Notwithstanding anything to the contrary contained herein
or in any of such releases or other documents, the obligations and liabilities of the Borrower and the Loan Parties to the Lenders,
the Administrative Agent and the Collateral Agent under or in respect of (x) this Agreement continue in full force and effect,
and (y) any of the other Financing Documents insofar as such obligations and liabilities survive termination of the Financing Documents
shall continue in full force and effect in accordance with their terms. For the avoidance of doubt, notwithstanding anything to
the contrary set forth herein, the Warrants, and all of the rights and obligations of the Borrower and the Orion Energy Warrant
Holders thereunder, shall survive the Payoff Effective Time.

 

No later than 2:00
p.m. on the Payoff Date, the Payoff Amount referred to above, should be sent by federal funds wire transfer to:

 

Account Name: Orion Energy Partners Investment
Agent, LLC

Account Number: 700846822

Bank: JPMorgan Chase Bank, N.A.

Bank Address: 270 Park Avenue, New York,
NY 10017

ABA / Routing #: 021000021

 

Notwithstanding anything
herein to the contrary, if at any time on or after the Payoff Effective Time, all or any portion of the Payoff Amount paid to the
Administrative Agent, the Collateral Agent or the Lenders is voided or rescinded or must otherwise be returned by the Administrative
Agent, the Collateral Agent or any Lender upon the Borrower’s or any other Loan Party’s insolvency, bankruptcy or reorganization
or otherwise, the obligations of the Borrower and each other Loan Party under the Financing Documents to pay, or in respect of,
such amount so voided, rescinded or returned shall, together with all Liens in respect thereof, be reinstated with full force and
effect and this Agreement shall in no way impair the claims or Liens of the Administrative Agent, the Collateral Agent or the Lenders
with respect thereto.

 

In addition, the Borrower
and each other Loan Party, on behalf of itself and each of their respective Subsidiaries, agrees that, upon the Payoff Effective
Time, the Borrower and each other Loan Party, on behalf of itself and each of their respective Subsidiaries, releases the Administrative
Agent, the Collateral Agent and each Lender and their respective affiliates and subsidiaries and their respective officers, directors,
managers, employees, shareholders, members, agents, attorneys and representatives as well as their respective successors and assigns
from any and all claims, obligations, rights, causes of action, and liabilities, of whatever kind or nature, whether known or unknown,
whether foreseen or unforeseen, arising on or before the date hereof, which such party ever had, now has or hereafter can, shall
or may have for, upon or by reason of any matter, cause or thing whatsoever, which are based upon, arise under or are related to
the Financing Documents or any documents, agreements, dealings or other matters connected with the Financing Documents (the “Released
Matters”). Without limiting the generality of the foregoing, the Borrower and each other Loan Party, on behalf of itself
and each of their respective Subsidiaries, hereby waives the provisions of any statute or doctrine to the effect that a general
release does not extend to claims which a releasing party does not know or suspect to exist in its favor at the time of executing
the release, which if known by such releasing party would have materially affected the releasing party’s settlement with
the party being released. The Borrower and each other Loan Party, on behalf of itself and each of their respective Subsidiaries,
acknowledges that the agreements in this paragraph are intended to be in full satisfaction of all or any alleged injuries or damages
arising in connection with the Released Matters. The Borrower and each other Loan Party, on behalf of itself and each of their
respective Subsidiaries, acknowledges that the release contained herein constitutes a material inducement to the Administrative
Agent and the Collateral Agent to enter into this Agreement and that the Administrative Agent and the Collateral Agent would not
have done so but for the Administrative Agent’s and Collateral Agent’s expectation that such release is valid and enforceable
in all events.

 

     

     

    

 

The validity, construction
and effect of this Agreement shall be governed by the internal laws of the State of New York, but excluding any principles of conflicts
of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of
New York. Neither this Agreement, nor any provision hereof or right or obligation hereunder, may be amended, modified or waived
other than pursuant to a written instrument executed by each of the parties hereto. No party may assign its rights, duties or obligations
under this Agreement without the prior written consent of the other parties. This Agreement may be executed in any number of separate
counterparts, each of which shall, collectively and separately, constitute one agreement. The undersigned parties have signed below
to indicate their consent to be bound by the terms and conditions of this Agreement.

 

[Signature Pages Follow]

 

     

     

    

 

If you need additional
information, please do not hesitate to contact us.

 

Sincerely,

 

ORION ENERGY PARTNERS INVESTMENT AGENT, LLC, as Administrative
Agent and Collateral Agent

 

 

By: /s/ Gerrit Nicholas

Name: Gerrit Nicholas

Title: Managing Partner

 

 

 

Payoff
Letter

  

     

     

    

 

ACCEPTED AND AGREED:

 

BORROWER:

 

FUELCELL
ENERGY, INC.

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

GUARANTORS:

 

FUELCELL
ENERGY FINANCE II, LLC

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

BAKERSFIELD
FUEL CELL 1, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

 

Payoff
Letter

 

     

     

    

 

GUARANTORS:

 

YAPHANK
FUEL CELL PARK, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

LONG
BEACH TRIGEN, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

SAN
BERNARDINO FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

 

Payoff
Letter

 

     

     

    

 

GUARANTORS:

 

MONTVILLE
FUEL CELL PARK, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial 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/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

CR
FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

 

Payoff
Letter

 

     

     

    

 

GUARANTORS:

 

BRT
FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

DERBY
FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

HOMESTEAD
FUEL CELL 1, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

 

Payoff
Letter

 

     

     

    

 

GUARANTORS:

 

CENTRAL
CT FUEL CELL 1, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

FARMINGDALE
FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

NEW
BRITAIN RENEWABLE ENERGY, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

 

Payoff
Letter

 

     

     

    

 

GUARANTORS:

 

GROTON
STATION FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

TRS
FUEL CELL, LLC

 

By:FuelCell Energy Finance II, LLC

Its:Sole Member

 

By:FuelCell Energy, Inc.

Its:Sole Member

 

 

By: /s/ Michael S. Bishop

Name: Michael S. Bishop

Title: EVP, Chief Financial Officer

 

 

Payoff
LetterDocument

155 5th Street
San Francisco, CA 94103

CONFIDENTIAL INFORMATION

Xiaojing Fan 
Via Email 

Re: Employment Offer Letter

Dear Xiaojing, 

It is my pleasure to offer you a position at Eventbrite, Inc. (“Company”), coming on board to assume a primary role in building our business.  The details of this offer are as follows: 
                 
Location:              San Francisco

						
	Position:	Chief Accounting Officer

	Reporting To:	Chief Financial Officer
		
	Base Salary:

Sign-On Bonus:                
	$300,000 

$200,000

	Equity Award Value:      
	$1,000,000

Start Date:            December 1, 2020 
    
This offer is contingent upon reference checks, background checks, clearance of any conflicts of interest, your execution of the Proprietary Information and Invention Assignment Agreement, and your eligibility to work in the United States.  The terms of your new position with the Company are as set forth below:

    1.    Position.  We are very pleased to offer you the position set forth above under “Position,” in the location set forth above under “Location,” reporting directly to the position set forth above under “Reporting To.”

    2.    Start Date.  Subject to fulfillment of the conditions imposed by this letter agreement, you will commence this new position with the Company on the above start date.

    3.    Proof of Right to Work.  For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States.  Such documentation must be provided to us within three (3) business days of your start date, or your employment relationship with us may be terminated.

    4.    Compensation.  

    (a) Base Salary.  If you accept this offer, you will receive the base salary listed above, which will be payable in semi-monthly installments on our regular paydays, as in effect from time to time, less applicable withholdings and deductions.  

    (b) Benefits.  As an employee of the Company, you will be eligible for company benefits as in effect from time to time in accordance with our policies for similarly situated employees.

(c) Sign-On Bonus.  Subject to your continued employment with the Company on the one year anniversary of your start date, you will earn the Sign-On Bonus listed above.  The Sign-On Bonus will be paid in full, less applicable withholding taxes and other deductions, on your first regular payday following the three month anniversary of your start date. Should your employment terminate prior to the three month anniversary of your start date, for any reason, you will not have earned any portion of the sign-on bonus. Should you cease to be an employee of the Company between the three month anniversary of your start date and the one year anniversary of your start date, for any reason, you will have earned only a pro-rata portion of your signing bonus, and must repay the rest of the signing bonus advanced to you.  The prorated portion shall be calculated by multiplying the entire amount of the signing bonus by a fraction, the numerator of which is equal to the number of months (including partial months) that you ceased to be employed prior to the one year anniversary of your start date, and the denominator of which is equal to twelve. By signing this letter, you hereby agree to repay, at the time of termination from employment should such termination occur within one year from the start date listed above, any repayable portion of the signing bonus and further agree to timely execute any repayment agreement provided by the Company to effectuate such repayment. 

(d) Executive Bonus Plan.  You will be eligible to participate in the Company’s 2021 Executive Bonus Plan as approved by the Company’s CEO and Board of Directors. 

    5.    Restricted Stock Units.  In connection with the commencement of your employment, the
Company will recommend that its board of directors (or a committee thereof) grant you restricted stock units with the equity award value listed above (the “RSUs”), where such value will be converted into a number of RSUs based on the average closing market price of the Company’s Class A common stock over the 30-day period ending on the last day of the month immediately prior to the month of the grant date.  If granted, the RSUs will vest according to a four-year vesting schedule, with 25% of the RSUs vesting at approximately the end of your first year of employment, and the remaining shares vesting ratably on a quarterly basis over the following three years.  The RSUs shall be governed by the terms and conditions of the Company’s 2018 Stock Option and Incentive Plan, as amended (“Plan”) and the Company’s Restricted Stock Unit Agreement (“Agreement”).  A copy of the Plan and the form of the Agreement are available for your review.  The shares underlying the RSUs issued upon the settlement of the award will be subject to various rights, restrictions and obligations, as provided in the Agreement and Plan.   

    6.    Proprietary Information and Invention Assignment Agreement.  Your acceptance of this offer and commencement of employment with the Company is contingent upon your execution of the Company’s “Proprietary Information and Invention Assignment Agreement,” signed copies of which must be delivered to an officer of the Company prior to or on your start date. 

    2

    7.    Conflicts of Interest.  Your employment pursuant to this offer is contingent upon you having disclosed to the Company any potential conflicts of interest between your past employment and future duties with the Company.  By accepting this offer of employment, you are certifying that (i) you are not aware of any impediment to loyal and conscientious employment with the Company, (ii) you have not engaged in any conduct or entered into any agreement that would disqualify you from employment with the Company or in anyway restrict your employment with the Company, and (iii) neither your employment with the Company nor the discharge of your employment duties will violate any agreement that you have executed with a third party.  

    You agree to the best of your ability and experience that you will at all times loyally and conscientiously perform all of the duties and obligations required of and from you in connection with your employment with the Company, and to the reasonable satisfaction of the Company.  During the term of your employment, you further agree that you will devote all of your business time and attention to the business of the Company, the Company will be entitled to all of the benefits and profits arising from or incident to all such work services and advice and you will not render commercial or professional services of any nature to any person or organization, whether or not for compensation, without the prior written consent of the Company’s General Counsel or her designee and the Vice President of your function. By way of illustration, but not limitation, you may not (i) accept or perform work of a nature that conflicts or competes in any way with the business, products or services of the Company, or causes you or has potential to cause you to be disloyal; (ii) use any Company resources including, but not limited to, computer hardware and software, telephones, facsimile machines, and copiers, for or in connection with any non-Company work; (iii) perform any non-Company work on Company premises; or (iv) perform any non-Company work during normal business hours.  Nothing in this letter agreement will prevent you from accepting speaking or presentation engagements in exchange for honoraria or from serving on boards of charitable organizations, provided such efforts are not inconsistent with the above principles.   

    8.    At-Will Employment.  Notwithstanding any other provision of this letter agreement to the contrary, your employment with the Company will be on an “at will” basis, meaning that either you or the Company may terminate your employment at any time for any reason or no reason, with or without cause.  No employee or representative of the Company, other than the Chief Executive Officer has the authority to alter the at-will nature of your employment relationship.  The Chief Executive Officer can only do so in a written employment agreement that is signed by both the Chief Executive Officer and yourself.

    We are delighted to extend you this offer until 5 pm PST on November 20, 2020 and look forward to working with you. To indicate your acceptance of the Company’s offer, please sign and date this letter agreement in the space provided below and return it to me, along with a signed and dated copy of the Proprietary Information and Invention Assignment Agreement. 

    This letter, together with the Proprietary Information and Invention Assignment Agreement, sets forth the terms of your employment with the Company and supersedes any prior representations or agreements, whether written or oral.  This letter may not be modified or amended except by a written agreement, signed by the Company and by you.

If you have any questions about this offer, please call me.  We look forward to a favorable reply and to a rewarding and productive association with you.

Sincerely,

    3

/s/ Julia Hartz
Julia Hartz, CEO

Agreed and Accepted:

/s/Xiaojing Fan                 
Date: November 18, 2020
                            

Enclosures:   Proprietary Information and Invention Assignment Agreement; Arbitration Agreement
    4

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