Document:

Second Amendment to Limited Liability Company Agreement

 EXHIBIT 10.2 
 Execution Copy 
 Second Amendment to 

Limited Liability Company Agreement 
 of Gulfstream Natural Gas System, L.L.C. 
 This Second Amendment to Limited
Liability Company Agreement of Gulfstream Natural Gas System, L.L.C. (this “Amendment”) is entered into as of September 9, 2011, by and between Spectra Energy Southeast Pipeline Corporation (“SESP”), WGP
Gulfstream Pipeline Company, L.L.C. (“WGPG”), Spectra Energy Partners, LP (“SEP”), and Williams Partners Operating LLC (“WPO”). 

Recitals 

SESP, WGPG, SEP and WPO are the Members of Gulfstream Natural Gas System, L.L.C., a Delaware limited liability company (the
“Company”), and are parties to the Second Amended and Restated Limited Liability Company Agreement of Gulfstream Natural Gas System, L.L.C. dated as of February 28, 2007, as amended March 22, 2010 (as so amended, the
“Agreement”). 
 SESP, WGPG, SEP and WPO desire to amend the Agreement as hereinafter set forth. 

NOW THEREFORE, SESP, WGPG, SEP and WPO hereby agree as follows: 
 1. Any capitalized term used but not defined in this Amendment shall have the meaning ascribed to such term in the Agreement. 
 2. The Parties hereby agree to amend the Agreement by deleting subsections (I) and (II) of Section 3.03(b)(iv)(E) of the Agreement in its entirety and replacing them with the following:

 “(I) Tax Termination Make-Whole Payments. In connection with any
Dispositions (including, without limitation, Deemed Tax Dispositions) by any Member hereunder, the Parties desire to address the possibility of a constructive termination of the Company under §708(b)(1)(B) of the Code (a “Tax
Termination”) and to allocate responsibility for any damages resulting therefrom.  
 (1)
In the event a Member (“Transferring Member”) Disposes of any portion of its Membership Interest which when combined with all other Dispositions of Membership Interests of the Company by all Members during the twelve-month period
preceding such Disposition results in a Tax Termination, such Transferring Member shall pay to the other Members who are Members at the date of the Tax Termination an amount equal to the Damages (as defined below). Notwithstanding the foregoing in
this subsection (1), no payments under this subsection (1) shall be due from a Transferring Member (i) for any Disposition of any Membership Interest pursuant to exercise of a Preferential Right, (ii) for any Disposition of any
Membership Interest where such Disposition is in connection with a transaction, or a series of related transactions, where all of the selling Members are Affiliates of each other and all of the buying Members are already Members at the time of the
sale and not Affiliates of any of the selling Members, or (iii) for any Disposition of any Membership Interest where such Disposition is in connection with a transaction, or a series of related transactions, where all of the selling Members
collectively are selling 100% of the Membership Interests in the Company and all of the buying parties are not already Members at the time of the sale and not Affiliates of any of the selling Members. 

 (2) “Damages” shall be deemed to mean, with respect to any
Tax Termination, an amount equal to the sum of (a) a damage amount (the “Damage Amount”) calculated as the product of (i) the difference between (A) the net present value as of the date of such Tax Termination, using
a discount rate of 7%, of the amount of tax depreciation allocable to a Member from the Company for each future taxable period calculated as if such Tax Termination had not occurred but with all other facts unchanged, minus (B) the net present
value as of the date of such Tax Termination, using a discount rate of 7%, of the amount of tax depreciation allocable to such Member from the Company for each future taxable period calculated taking into account such Tax Termination, and
(ii) the sum of the highest marginal federal income tax rate as a percentage of taxable income applicable to a U.S. corporation for the taxable year in which the Tax Termination occurs, and 4% (as a proxy for applicable state income taxes)
(collectively, the “Aggregate Tax Rate”); and (b) a gross-up amount calculated as (i) the Damage Amount divided by 1.0 minus the Aggregate Tax Rate, (ii) minus the Damage Amount. 

(3) A Transferring Member shall make any payment required under clause (1) above to the other Members within twenty
(20) days after the end of the month in which the relevant Tax Termination occurs. 
 (4) Article 11 hereof
shall govern any Dispute regarding the amount of Damages payable under this subsection (I) of Section 3.03(b)(iv)(E). 
 (II) Intentionally Omitted.” 
 3. Except as modified herein, the Agreement
remains in full force and effect, and all references therein to the “Agreement” shall be deemed to mean the Agreement as amended by this Amendment. This Amendment is governed by and shall be construed in accordance with the law of the
State of Delaware, excluding any conflict-of-laws rule or principle that might refer to the governance of construction of this Amendment to the law of another jurisdiction. This Amendment may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. Execution of this Amendment by facsimile signature shall be deemed to be, and shall have the same effect as, execution by original signature.

 Signature page follows. 

  
 2 

 IN WITNESS WHEREOF, duly authorized representatives of the Members hereby execute multiple
originals of this Second Amendment to Limited Liability Company Agreement of Gulfstream Natural Gas System, L.L.C. as of the date first above written. 

 

			
	SPECTRA ENERGY SOUTHEAST PIPELINE CORPORATION
		
	By:	 	/s/ R. Mark Fiedorek
	Name:	 	R. Mark Fiedorek
	Title:	 	President
	
	SPECTRA ENERGY PARTNERS, LP
	By: Spectra Energy Partners GP, LLC, on behalf of
	Spectra Energy Partners (DE) GP, LP, its General Partner
		
	By:	 	/s/ Laura Buss Sayavedra
	Name:	 	Laura Buss Sayavedra
	Title:	 	Vice President and Chief Financial Officer
	
	WGP GULFSTREAM PIPELINE COMPANY, L.L.C.
		
	By:	 	/s/ Randall L. Barnard
	Name:	 	Randall L. Barnard
	Title:	 	Senior Vice President
	
	WILLIAMS PARTNERS OPERATING LLC
	By:	 	Williams Partners L.P., its sole member
	By:	 	Williams Partners GP LLC, its general partner
		
	By:	 	/s/ Randall L. Barnard
	Name:	 	Randall L. Barnard
	Title:	 	Senior Vice President

  
 3Letter Agreement by and between David Gelbaum and the Company

 Exhibit 10.8 
 September 6, 2011 
 Entech Solar, Inc. 

13301 Park Vista Blvd., Suite 100 
 Fort Worth,
Texas 76177 
 Re:        Option to Purchase Shares of Common Stock 

Dear Ms. Hollingsworth: 

As you are aware, The Quercus Trust, a family trust of which I am a trustee, has for several years now been instrumental in funding
Entech Solar, Inc. (the “Company”), and as a result, has accumulated a significant number of shares of the Company’s capital stock. In order to help preserve the value of this investment and to provide for the Company’s continued
operations, in the event of my death on or before December 31, 2011, I hereby grant to the Company an irrevocable option pursuant to which the Company may, at its sole election, sell to my estate up to $10 million worth of its common stock at a
per share sale price equal to 80% of the average closing trading price of the common stock for the one year period prior to the date of my death. 
 Pursuant to and in connection with the foregoing, I also hereby agree to take such actions as may be necessary to cause my estate, upon my death, to enter into the Company’s standard form of stock
purchase agreement and to acquire such shares of common stock in the event the Company exercises the option described in this letter agreement, with the closing of such purchase to occur on such date as funds are available from the proceeds of life
insurance which is currently in effect and will remain in effect in an amount sufficient to fund the purchase described herein, and in any event, no later than six months following the date of my death. 

Kind Regards, 
 /s/ David Gelbaum 

David Gelbaum 
 Acknowledged and Agreed:

 Entech Solar, Inc. 
 By: /s/
Shelley Hollingsworth 
 Name: Shelley Hollingsworth 
 Title: Chief Financial OfficerExhibit 10.A

 Exhibit 10.(a) 
 ELEVENTH AMENDMENT TO THE 
 FIRST AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP OF 
 SAUL HOLDINGS LIMITED PARTNERSHIP 
 THIS ELEVENTH AMENDMENT TO THE FIRST
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF SAUL HOLDINGS LIMITED PARTNERSHIP (this “Eleventh Amendment”), dated as of September 23, 2011, is entered into by the undersigned parties. 

W I T N E S S E T H: 

WHEREAS, Saul Holdings Limited Partnership (the “Partnership”) was formed as a Maryland limited partnership pursuant to
that certain Certificate of Limited Partnership dated June 16, 1993 and filed on June 16, 1993 among the partnership records of the Maryland State Department of Assessments and Taxation, and that certain Agreement of Limited Partnership
dated June 16, 1993 (the “Original Agreement”); 
 WHEREAS, the Original Agreement was amended and
restated in its entirety by that certain First Amended and Restated Agreement of Limited Partnership of the Partnership dated August 26, 1993, which was further amended by that certain First Amendment dated August 26, 1993, by that certain
Second Amendment dated March 31, 1994, by that certain Third Amendment dated July 21, 1994, by that certain Fourth Amendment dated December 1, 1996, by that certain Fifth Amendment dated July 6, 2000, by that certain Sixth
Amendment dated November 5, 2003, by that certain Seventh Amendment dated November 26, 2003 , by that certain Eighth Amendment dated December 31, 2007, by that certain Ninth Amendment dated March 27, 2008 and by that Tenth
Amendment dated April 4, 2008 (as amended, the “Agreement”); 
 WHEREAS, pursuant to that certain
agreement, dated August 9, 2011 (the “Purchase Agreement”), among the Company, Saul Centers Inc. (“Saul Centers”) and B.F. Saul Real Estate Investment Trust (“Saul Trust”), the Company agreed
to sell a number of units of limited partnership interests in the Company (“Units”) to Saul Trust, or an affiliate thereof; 
 WHEREAS, Saul Trust, by an agreement, dated September 23, 2011 (the “Assignment Agreement”) and in accordance with the terms of the Purchase Agreement, assigned its right to acquire
1,497,814 Units to SHLP Unit Acquisition Corp., a wholly owned subsidiary of Saul Trust; 
 WHEREAS, the undersigned parties,
constituting all of the Partners of the Partnership, desire to amend the Agreement to give effect to the Purchase Agreement, the Assignment Agreement and the transactions contemplated thereunder. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the
receipt, adequacy and sufficiency of which are hereby acknowledged, the undersigned parties, intending legally to be bound, hereby agree as follows: 

 Exhibit 10.(a) 

 

	 	1.	The Exhibit A attached to the Agreement is hereby deleted in its entirety and replaced by the Exhibit A attached hereto. 

 

	 	2.	The Section 8.6.A is hereby amended by inserting “; provided, however, that with respect to those 1,497,814 Partnership Units issued to and in
the name of SHLP Acquisition Corp., a Maryland corporation and wholly owned subsidiary of Saul Trust, pursuant to that certain purchase agreement, dated August 9, 2011, among the Partnership, Saul Centers, Inc. and Saul Trust, and that certain
assignment agreement, dated September 23, 2011, between Saul Trust and SHLP Acquisition Corp., any Limited Partner that is a member of the Saul Organization shall not have any such Conversion Right until such time as Saul Centers, Inc. receives
the shareholder approval as is or may be required to authorize such Conversion Rights” immediately before the punctuation mark at the end of the first sentence. 

 

	 	3.	Except as the context may otherwise require, any terms used in this Eleventh Amendment that are defined in the Agreement shall have the same meaning for purposes of
this Eleventh Amendment as in the Agreement. 

  

	 	4.	Except as specifically amended hereby, the terms, covenants, provisions and conditions of the Agreement shall remain and continue in full force and effect and, except
as amended hereby, all of the terms, covenants, provisions and conditions of the Agreement are hereby ratified and confirmed in all respects. 

  

	 	5.	This Eleventh Amendment may be executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that
all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Eleventh Amendment immediately upon affixing its signature hereto. 

[Signature Page Follows] 

 Exhibit 10.(a) 
 IN WITNESS WHEREOF, the undersigned parties have executed this Eighth Amendment as of the date first written above. 

 

			
	 GENERAL PARTNER

	 SAUL CENTERS, INC.,

a Maryland corporation

		
	By:	 	 /s/ B. Francis Saul III

		 	Name: B. Francis Saul III
		 	Title:   President
	
	LIMITED PARTNERS
	
	 B.F. SAUL REAL ESTATE INVESTMENT TRUST,
 a Maryland unincorporated business trust

		
	By:	 	 /s/ B. Francis Saul III

		 	 Name: B. Francis Saul III

		 	 Title:   Senior Vice President

		
	Attest:	 	/s/ Elizabeth Cook
		 	 Name: Elizabeth Cook

		 	 Title:   Assistant Secretary

	
	 WESTMINSTER INVESTING CORPORATION,
 a New York corporation

		
	By:	 	 /s/ B. Francis Saul III

		 	 Name: B. Francis Saul III

		 	 Title:   Senior Vice President

	
	 VAN NESS SQUARE CORPORATION,
 a Maryland corporation

		
	By:	 	 /s/ B. Francis Saul III

		 	 Name: B. Francis Saul III

		 	 Title:   President

 Exhibit 10.(a) 

 

			
	 DEARBORN, LLC,

A Delaware corporation

		
	 By:
	 	 /s/ B. Francis Saul III

		 	Name: B. Francis Saul III
		 	Title:   President
	
	B.F. SAUL PROPERTY COMPANY (f/k/a Franklin Property Company), a Maryland corporation
		
	 By:
	 	 /s/ B. Francis Saul III

		 	Name: B. Francis Saul III
		 	Title:   President
	
	 AVENEL EXECUTIVE PARK PHASE II, L.L.C.

a Maryland corporation

		
	 By:
	 	 /s/ B. Francis Saul III

		 	Name: B. Francis Saul III
		 	Title:   President

 Exhibit 10.(a) 
 Saul Holdings Limited Partnership 
 EXHIBIT A 

 

																																									
	 Ownership of Saul Holdings Limited Partnership
	 	 	Ownership as of : 09/23/2011	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Common Stock/Units	 	 	Series A Preferred Stock	 	 	Series B Preferred Stock	 	 	Total Value	 
	 	 	 	 	 	%	 	 	#	 	 	$ Value	 	 	#	 	 	$ Value	 	 	#	 	 	$ Value	 	 	%	 	 	$ Value	 
	 Saul Centers, Inc.
	 	 
 	General
Partner	  
  	 	 	73.44	% 	 	 	19,121,915	  	 	$	616,299,320	  	 	 	40,000	  	 	$	105,280,000	  	 	 	31,731	  	 	$	85,229,869	  	 	 	78.36	% 	 	$	806,809,189	  
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 B F Saul Real Estate Investment Trust
	 	 
 	Limited
Partner	  
  	 	 	9.80	% 	 	 	2,550,866	  	 	 	82,214,411	  	 				 				 				 				 	 	7.98	% 	 	 	82,214,411	  
	 Dearborn, LLC
	 	 
 	Limited
Partner	  
  	 	 	6.97	% 	 	 	1,815,922	  	 	 	58,527,166	  	 				 				 				 				 	 	5.68	% 	 	 	58,527,166	  
	 Avenel Executive Park Phase II, LLC
	 	 
 	Limited
Partner	  
  	 	 	0.04	% 	 	 	10,967	  	 	 	353,466	  	 				 				 				 				 	 	0.03	% 	 	 	353,466	  
	 SHLP Unit Acquisition Corp
	 	 
 	Limited
Partner	  
  	 	 	5.75	% 	 	 	1,497,814	  	 	 	48,274,545	  	 				 				 				 				 	 	4.69	% 	 	 	48,274,545	  
	 B. F. Saul Property Company
	 	 
 	Limited
Partner	  
  	 	 	0.86	% 	 	 	224,496	  	 	 	7,235,506	  	 				 				 				 				 	 	0.70	% 	 	 	7,235,506	  
	 Westminster Investing Corporation
	 	 
 	Limited
Partner	  
  	 	 	0.92	% 	 	 	240,053	  	 	 	7,736,908	  	 				 				 				 				 	 	0.75	% 	 	 	7,736,908	  
	 Van Ness Square Corporation
	 	 
 	Limited
Partner	  
  	 	 	2.21	% 	 	 	574,111	  	 	 	18,503,598	  	 				 				 				 				 	 	1.80	% 	 	 	18,503,598	  
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Partnership Unit Totals
	 				 	 	26.56	% 	 	 	6,914,229	  	 	 	222,845,601	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	21.64	% 	 	 	222,845,601	  
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Totals
	 				 	 	100.00	% 	 	 	26,036,144	  	 	$	839,144,921	  	 	 	40,000	  	 	$	105,280,000	  	 	 	31,731	  	 	$	85,229,869	  	 	 	100.00	% 	 	$	1,029,654,790	  
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

Saul Centers, Inc. closing share price at September 23, 2011

					
		
	 Common stock
	 	 	$    32.23	  
		
	 Series A Preferred stock
	 	 	$    26.32	  
	 (depositary share)
	 			
		
	 Series B Preferred stock
	 	 	$    26.86	  
	 (depositary share)

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