Document:

Exhibit

ELEVENTH AMENDMENT TO CONTINUING GUARANTY

This Eleventh Amendment to Continuing Guaranty (this “Amendment”), is made and entered into and is effective as of October 19, 2018 (the “Effective Date”), between Fuel Tech, Inc., a Delaware corporation (the “Guarantor”), and JPMorgan Chase Bank, N.A., for itself and each Lending Installation, including but not limited to JPMorgan Chase Bank (China) Company Limited (including but not limited to its Shanghai Branch, the “JPMC Chinese Affiliate”), and each of their respective successors and assigns (individually and collectively, the "Bank").

RECITALS

(A)       The Guarantor has previously executed and delivered to the Bank (in the name of JPMorgan Chase Bank (China) Company Limited, Shanghai Branch) a Continuing Guaranty dated as of September 14, 2007, covering the Liabilities of Beijing Fuel Tech Environmental Technologies Co., Ltd. (the “Borrower”), which was amended by (1) a First Amendment to Continuing Guaranty of Fuel Tech, Inc., dated as of September 14, 2007, between the Guarantor and the Bank effective as of July 31,
2009; (2) a Second Amendment to Continuing Guaranty of Fuel Tech, Inc., dated as of September 14,
2007, between the Guarantor and the Bank effective as of June 30, 2010; (3) a Third Amendment to
Continuing Guaranty of Fuel Tech, Inc., dated as of September 14, 2007, between the Guarantor and the Bank effective as of June 30, 2011; (4) a Fourth Amendment to Continuing Guaranty of Fuel Tech, Inc., dated as of September 14, 2007, between the Guarantor and the Bank effective June 29, 2012; (5) a Fifth Amendment to Continuing Guaranty of Fuel Tech, Inc., between the Guarantor and the Bank effective as of June 28, 2013; (6) a Sixth Amendment to Continuing Guaranty of Fuel Tech, Inc., effective as of June
27, 2014; a (7) a Seventh Amendment to Continuing Guaranty between the Guarantor and the Bank effective as of June 26, 2015; (8) an Eighth Amendment to Continuing Guaranty between the Guarantor and the Bank effective as of June 24, 2016; (9) a Ninth Amendment to Continuing Guaranty effective as of June 16, 2017; and (10) a Tenth Amendment to Continuing Guaranty effective as of June 29, 2018 (collectively, the “Guaranty”).

(B)       The JPMC Chinese Affiliate and the Borrower have previously entered into a Credit Facility Agreement dated June 29, 2018, under which the JPMC Chinese Affiliate has agreed to provide to the Borrower with a certain revolving credit facility (the “Credit Facility Agreement”), subject to the terms and conditions of the Credit Facility Agreement.

(C)       Concurrently  with  the  execution  of  this  Amendment,  the  Borrower  and  the  JPMC  Chinese Affiliate are entering into an Amendment Agreement to the Credit Facility  Agreement (the “Credit Facility Amendment), which Credit Facility Amendment, among other things, reduces the Total Commitment (as defined in the Credit Facility Agreement) to RMB2,625,000.

(D)       As one of the conditions to the Bank’s entering into the Credit Facility Agreement, the Bank has required that the Guarantor enter into this Amendment.

Therefore, the Bank and the Guarantor agree as follows:

<{AMER_Active:16634558v1}>

AGREEMENT

1.          Capitalized Terms.  Each term capitalized in this Amendment, including each term capitalized in the introductory paragraph and in the above recitals, shall have the meaning given to it in the Guaranty, unless otherwise defined in this Amendment.

2.          Amendment  of  Paragraph  of  Guaranty  Captioned  “Liabilities.”    The  paragraph  of  the
Guaranty captioned “Liabilities” is amended and restated to read in its entirety as follows:

Liabilities. The term "Liabilities" means all obligations, indebtedness, and liabilities of the Borrower to the Bank, now existing or later arising, arising under    that certain revolving credit facility being provided by the Bank to the Borrower in the original principal amount of up to RMB2,625,000, as described in the Credit Facility Agreement dated as of June 29, 2018 (as it may be amended, restated, or otherwise modified from time to time), between the JPMC Chinese Affiliate and the Borrower (the “Credit Facility Agreement”); any monetary obligations (including interest) incurred or accrued during the pendency of any bankruptcy, insolvency, receivership or similar proceedings related to the above-referenced revolving credit facility and/or the Credit Facility Agreement, regardless of whether allowed or allowable in such proceedings; and all renewals, extensions, modifications, increases, decreases, consolidations, rearrangements, restatements, replacements or substitutions of any of the foregoing.

The Guarantor acknowledges that, without limiting the scope of the foregoing or any other provision of this Guaranty, including any provisions in the paragraph below captioned “Payments Generally,” the term “Liabilities” includes, but is not limited to, any loss that the Bank may incur on account of prohibitions or limitations that may exist under the laws or regulations of the State Administration of Foreign Exchange (“SAFE”) or other regulatory authorities in the Peoples Republic of China (“PRC”) regarding the conversion into RMB of U.S. dollars that may be paid by the Guarantor to the Bank to satisfy any of the Guarantor’s obligations under this Guaranty.

3.          Notices.  The Guarantor and the Bank agree that all notices to the Bank that are required or are made in connection with the Guaranty shall hereafter be given to the Bank at the address indicated in the paragraph of the Guaranty captioned “Guaranty.”

4.          Representations and Warranties.

(A)       The Guarantor represents and warrants to the Bank that all representations and warranties contained in the Guaranty are true and correct on and as of the date of this Amendment as if made on the date of this Amendment.

(B)       The Guarantor further represents and warrants to the Bank that, after giving effect to this Amendment, there is no default under or violation of any of the terms of the Guaranty or any other agreement between the Bank and the Guarantor, or any of its affiliates or subsidiaries, and that circumstances do not exist that with the passage of time, the giving of notice, or both, would constitute a default thereunder or a violation thereof.

5.          Counterparts.  This Amendment may be executed in any number of counterparts with the same effect as if each of the signatories had signed the same document.   All counterparts constitute one instrument.

6.          Reaffirmation.  Except as expressly amended by this Amendment, all terms and conditions of the Guaranty shall remain in full force and effect.

WAIVER OF IMMUNITY.    TO THE EXTENT THAT THE GUARANTOR HAS OR HEREAFTER MAY BE ENTITLED TO CLAIM OR MAY ACQUIRE, FOR ITSELF OR ANY OF ITS ASSETS, ANY IMMUNITY FROM SUIT, JURISDICTION OF ANY COURT, OR FROM ANY LEGAL PROCESS (WHETHER FROM SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT, EXECUTION OR OTHERWISE) AS TO ITSELF OR ITS PROPERTY, THE GUARANTOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN REGARD TO ITS OBLIGATIONS UNDER THIS GUARANTY.

WAIVER OF SPECIAL DAMAGES. THE GUARANTOR WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER FROM THE BANK IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES.

JURY WAIVER. THE GUARANTOR AND THE BANK HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A   JURY   PARTICIPATE   IN   RESOLVING   ANY   DISPUTE   (WHETHER   BASED   ON CONTRACT,  TORT,  OR OTHERWISE) BETWEEN  THE GUARANTOR AND THE BANK ARISING OUT OF OR IN ANY WAY RELATED TO THIS DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE BANK TO PROVIDE THE FINANCING DESCRIBED HEREIN.

This Amendment is executed by each party on the date indicated below its signature, but is effective as of the Effective Date.

Guarantor:                                                                       Bank:

Fuel Tech, Inc.                                                    JPMorgan Chase Bank, N.A.

By:                                                                                     By:            

Printed Name                Title                                             Printed Name                              Title

Date Signed:                                                                       Date Signed:Exhibit (10)(a)

Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm

We consent to the reference to our firm under the caption "Independent Registered Public Accounting Firm" in Post-Effective Amendment No. 23 to the 1933 Act Registration Statement (Form N-4 No. 333-171096) and Amendment No. 474 to the 1940 Act Registration Statement (Form N-4 No. 811-09763), and to the use therein of our reports dated (a) April 2, 2018, with respect to the financial statements of Lincoln Life & Annuity Company of New York and (b) April 12, 2018, with respect to the financial statements of Lincoln New York Account N for Variable Annuities for the registration of interests in a separate account under individual flexible payment deferred variable annuity contracts.

 

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania

November 13, 2018Exhibit 10.1

 

EQUITY
REPURCHASE AGREEMENT

 

This EQUITY
REPURCHASE AGREEMENT (this “Agreement”), is entered into as of November 13, 2018, by and among General Electric
Company, a New York corporation (“GE”), Baker Hughes, a GE company, a Delaware corporation (“BHGE”),
and Baker Hughes, a GE company, LLC, a Delaware limited liability company (“BHGE LLC”). Each of the foregoing
parties is referred to herein individually as a “Party” and collectively as the “Parties”.
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the BHGE LLC Agreement (as
defined below).

 

W I T N E
S S E T H:

 

WHEREAS,
GE, BHGE and BHGE LLC are parties to that certain Amended and Restated Limited Liability Company Agreement, dated as of July 3,
2017, among BHGE LLC and its Members, including GE and certain Affiliates of GE (as the same may be amended from time to time,
the “BHGE LLC Agreement”), which provides for the management, operation and governance of BHGE LLC and sets
forth the rights and obligations of the Members in BHGE LLC generally;

 

WHEREAS,
GE intends, subject to market and other conditions, to offer and sell, or to cause certain other GE Group Members to offer and
sell, a number of shares of BHGE’s Class A common stock, par value $0.0001 per share (“Class
A Shares”), in an underwritten registered public offering pursuant to an automatic shelf registration statement
on Form S-3 to be filed by BHGE with the Securities and Exchange Commission (the “SEC”) (the “Public
Resale Offering”) and, prior to and in connection therewith intends to exchange, or cause certain GE Group Members to
exchange, a number of Paired Interests for an equal number of Class A Shares pursuant to
the Exchange Agreement;

 

WHEREAS,
GE intends to grant the Underwriters (as defined in the Master Agreement, dated as of November 13, 2018, by and between GE and
BHGE (the “Master Agreement”)) an option (the “Greenshoe Option”) to purchase additional
Class A Shares in connection with the Public Resale Offering (the “Option Shares”);

 

WHEREAS,
in connection with the Public Resale Offering, BHGE intends to repurchase, in one or more transactions, certain shares of its
Class B common stock, par value $0.0001 per share (“Class B Shares” and, together with Class A Shares, the
“Common Stock”), from GE and/or certain other GE Group Members, as applicable,
at a price per share equal to the par value of such Class B Shares pursuant to this Agreement;

 

WHEREAS,
BHGE LLC will repurchase, in one or more transactions, Common Units from GE and certain other GE Group Members, as applicable,
on a one-for-one basis with the Class B Shares purchased by BHGE at a price per Common Unit equal to the public offering price
per share of the Class A Shares sold in the Public Resale Offering, less underwriting discounts and commissions per share, as
set forth on the cover page to the final prospectus supplement (the “Net Offering Price”) filed by BHGE pursuant
to Rule 424(b) under the Securities Act of 1933, as amended,
in connection with the Public Resale Offering, less the par value of the corresponding Class B Share;

 

     

     

    

 

WHEREAS,
GE, BHGE and BHGE LLC (and their respective Affiliates) shall treat the Common Unit Repurchase (as defined below) as a distribution
by BHGE LLC to the relevant GE Group Member under Section 731(a) of the Internal Revenue Code of 1986, as amended, for U.S. federal
income tax purposes; and

 

WHEREAS,
GE intends to surrender to BHGE and BHGE LLC for repurchase, or cause certain other GE Group Members to surrender to BHGE and
BHGE LLC for repurchase, and BHGE and BHGE LLC shall repurchase, an equal amount of Class B Shares and Common Units (together,
the “Purchased Securities”), respectively.

 

NOW, THEREFORE,
in consideration of good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Party hereby
agrees as follows:

 

		1.	Agreement to Surrender Paired
                                         Interests. In connection with the repurchase of the Purchased Securities, on the
                                         Public Resale Offering Closing Date (as defined below):

 

		a.	GE shall surrender to BHGE for
                                         repurchase, and/or cause certain other GE Group Members to surrender to BHGE for repurchase,
                                         and BHGE shall repurchase, 65,000,000 whole Class B Shares, at a price per share equal
                                         to the par value of such Class B Shares (the “Firm Share Repurchase”).

 

		b.	GE shall surrender to BHGE LLC
                                         for repurchase, and/or cause certain other GE Group Members to surrender to BHGE LLC
                                         for repurchase, and BHGE LLC shall repurchase, a number of Common Units equal to the
                                         number of whole Class B Shares surrendered and repurchased pursuant to the Firm Share
                                         Repurchase, at a price per Common Unit equal to the Net Offering Price (less the par
                                         value of the corresponding Class B Share), (the “Common Unit Repurchase”),

 

provided,
that notwithstanding anything to the contrary contained in this Section 1, BHGE and BHGE LLC, as applicable, shall only be obligated
to effect the Firm Share Repurchase and Common Unit Repurchase to the extent that the aggregate purchase price for the Purchased
Securities pursuant to this Agreement does not exceed $1,498,950,485.20 (the “Maximum Share Repurchase Amount”).

 

		2.	Option Share Repurchase.
                                         In the event that the Greenshoe Option is not fully exercised in accordance with its
                                         terms, then GE shall, on the third Business Day after the expiration of the 30-day period
                                         in which the Underwriters may elect to exercise the Greenshoe Option (the “Option
                                         Period”), surrender for repurchase, and/or cause certain other GE Group Members
                                         to surrender for repurchase, and BHGE and BHGE LLC, as applicable, shall repurchase (the
                                         date of such surrender and repurchase, the “Option Share Repurchase Closing
                                         Date”), in each case in the manner
and at the price provided for in Section 1, a number of Paired Interests equal to the difference of (i) the number of Class
A Shares that would have been purchased by the Underwriters (as defined in the Master Agreement) had the Greenshoe Option been
fully exercised in accordance with its terms minus (ii) the number of Class A Shares actually purchased by the Underwriters
pursuant to the Greenshoe Option (the “Option Share Repurchase”); provided, that notwithstanding anything
to the contrary contained in this Section 2, BHGE and BHGE LLC, as applicable, shall only be obligated to effect the Option
Share Repurchase to the extent that the aggregate purchase price for the Purchased Securities pursuant to this Agreement does
not exceed the Maximum Share Repurchase Amount.

 

     

     

    

 

		3.	Conditions of the Obligations
                                         of the Parties; Termination. The obligations of GE to deliver Purchased Securities
                                         pursuant to Section 1, and BHGE and BHGE LLC to repurchase and pay for such Purchased
                                         Securities pursuant to Section 1, shall be subject to the timely performance by
                                         GE and BHGE and BHGE LLC of each of their respective covenants and other obligations
                                         hereunder, including the initial settlement of the Public Resale Offering (the “Initial
                                         Settlement”). The obligations of GE to deliver Purchased Securities pursuant
                                         to Section 2, and BHGE and BHGE LLC to repurchase and pay for such Purchased Securities
                                         pursuant to Section 2, shall be subject to (i) the timely performance by GE and
                                         BHGE and BHGE LLC, as the case may be, of each of their respective covenants and other
                                         obligations hereunder, including the Initial Settlement and (ii) the expiration of the
                                         Option Period without the full exercise thereof. This Agreement may be terminated at
                                         any time following the earliest of (x) the termination or abandonment of the Public Resale
                                         Offering, (y) the full exercise by the Underwriters of the Greenshoe Option and (z) the
                                         completion of the Option Share Repurchase, by GE by notice to BHGE and BHGE LLC or by
                                         BHGE and BHGE LLC by notice to GE, which termination shall be without liability on the
                                         part of any Party to any other Party, except that Section 5 shall at all times
                                         be effective and shall survive such termination and no Party shall be relieved of any
                                         liability in respect of its breach of this Agreement that occurs prior to such termination.

 

		4.	Payment. Payment for the
                                         Purchased Securities shall be made to GE in Federal or other funds immediately available
                                         in New York City against delivery of the Purchased Securities for the respective accounts
                                         of BHGE and BHGE LLC at 9:00 a.m., New York City time, on, (i) in the case of Purchased
                                         Securities repurchased by BHGE and BHGE LLC, as applicable, pursuant to Section 1,
                                         the closing date of the Public Resale Offering, or at such other time and on such other
                                         date as BHGE, BHGE LLC and GE shall mutually agree (the time and date of such payment
                                         pursuant to clause (i) are hereinafter referred to as the “Public Resale Offering
                                         Closing Date”) and (ii) in the case of Purchased Securities repurchased by
                                         BHGE and BHGE LLC, as applicable, pursuant to Section 2, the Option Share Repurchase
                                         Closing Date, or at such other time and on such other date as BHGE, BHGE LLC and GE shall
                                         mutually agree.

 

		5.	Miscellaneous.
Sections 15.03 (Notices), 15.04 (Binding Effect), 15.05 (Governing Law; Jurisdiction; Specific Performance),
15.06 (Counterparts; Electronic Transmission of Signatures), 15.07 (Assignment; No Third Party Beneficiaries), 15.08 (Severability),
15.11 (Waiver), 15.13 (Further Action) and 15.15 (Descriptive Headings; Interpretation) of the BHGE LLC Agreement are
hereby incorporated by reference into this Agreement, mutatis mutandis, as if fully set forth herein.

 

     

     

    

 

		6.	Entire Agreement. This Agreement
                                         and the Master Agreement, dated as of the date hereof, among GE, BHGE and BHGE LLC, constitutes
                                         the entire agreement, and supersedes all other prior agreements and understandings (both
                                         written and oral, including the Equity Repurchase Agreement dated November 5, 2017, the
                                         Second Equity Repurchase Agreement dated February 23, 2018 and the Third Equity Repurchase
                                         Agreement dated April 26, 2018) between the Parties with respect to the subject matter
                                         hereof.

 

		7.	Amendment. No amendment of
                                         this Agreement will be effective unless made in writing and signed by a duly authorized
                                         representative of each Party.

 

[Signature
Page Follows]

 

     

     

    

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

 

	 	GENERAL ELECTRIC COMPANY	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    James M. Waterbury	 
	 	Name:	James
    M. Waterbury	 
	 	Title:	Vice
    President	 
	 	 	 	 
	 	 	 	 
		BAKER HUGHES, A GE COMPANY	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    Lee Whitley	 
	 	Name:	Lee
    Whitley	 
	 	Title:	Corporate
    Secretary	 
	 	 	 	 
	 	 	 	 
		BAKER HUGHES, A GE COMPANY, LLC	 
	 	 	 	 
	 	By: EHHC NewCo, LLC, its Managing Member	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    Lee Whitley	 
	 	Name:	Lee
    Whitley	 
	 	Title:	Corporate
    Secretary

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