Document:

EXHIBIT 10.16.1(a)

 

AMENDMENT NO. 1

 

Dated as of June 1, 2003 to

 

PARTICIPATION AGREEMENT

 

(P1)

 

Dated as of December 30, 1996

 

among

 

OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION),

(formerly Oglethorpe Power Corporation

(An Electric Membership Generation &
Transmission Corporation))

 

ROCKY MOUNTAIN LEASING CORPORATION,

 

U.S. BANK NATIONAL ASSOCIATION

(successor to State Street Bank and Trust Company
and

Fleet National Bank),

not in its individual capacity, except

as expressly provided herein, but solely

as Owner Trustee,

 

SUNTRUST BANK (formerly Suntrust Bank, Atlanta)

not in its individual capacity, except

as expressly provided herein, but solely

as Co-Trustee,

 

PHILIP MORRIS CAPITAL CORPORATION

 

and

 

UTRECHT-AMERICA FINANCE CO.

 

ROCKY MOUNTAIN

PUMPED STORAGE
HYDROELECTRIC PROJECT

 

 

AMENTMENT
NO. 1

TO

PARTICIPATION
AGREEMENT

(P1)

 

This
AMENDMENT NO. 1, dated as of June 1, 2003 (this “Amendment”) to
PARTICIPATION AGREEMENT (P1), dated as of December 30, 1996, among (i) OGLETHORPE
POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), (formerly Oglethorpe
Power Corporation (An Electric Membership Generation & Transmission
Corporation)) an electric membership corporation organized under the laws of
the State of Georgia (herein, together with its successors and permitted
assigns, called “Oglethorpe”), (ii) ROCKY MOUNTAIN LEASING CORPORATION, a
corporation organized under the laws of the State of Delaware (herein, together
with its successors and permitted assigns, called “RMLC”), (iii) PHILIP
MORRIS CAPITAL CORPORATION, a corporation organized under the laws of the State
of Delaware, as Owner Participant (herein, in such capacity, together with its
successors and permitted assigns, called the “Owner Participant”), (iv) U.S.
BANK NATIONAL ASSOCIATION (successor to State Street Bank and Trust Company and
Fleet National Bank), a national banking association organized and existing
under the laws of the United States, not in its individual capacity, except as
specifically provided herein, but solely as a trustee under the Trust Agreement
(herein in its capacity as a trustee under the Trust Agreement, together with
its successors and permitted assigns, called the “Owner Trustee” and herein in
its individual capacity, together with its successors and permitted assigns,
called the “Non-Georgia Trust Company”), (v) SUNTRUST BANK (formerly known
as Suntrust Bank, Atlanta), a state banking corporation organized and existing
under the laws of the State of Georgia, not in its individual capacity, except
as specifically provided herein, but solely as trustee under the Trust
Agreement (herein in its capacity as a trustee under the Trust Agreement,
together with its successors and permitted assigns, called the “Co-Trustee” and
herein in its individual capacity, together with its successors and permitted
assigns, called the “Georgia Trust Company”), and (vi) UTRECHT-AMERICA
FINANCE CO., a corporation organized under the laws of the State of Delaware,
as the Lender (herein together with its successors and permitted assigns, the “Lender”).

 

WITNESSETH:

 

WHEREAS,
Oglethorpe, RMLC, the Owner Participant, the Non-Georgia Trust Company, the
Georgia Trust Company and the Lender have heretofore executed and delivered the
Participation Agreement in connection with the Overall Transaction;

 

WHEREAS,
Section 8.8 of the Participation Agreement sets forth the terms and
conditions under which Oglethorpe may be required to provide Qualifying
Additional Security for its obligations under the Head Lease and the Facility
Sublease;

 

WHEREAS,
the parties to the Participation Agreement agree that the provisions of Section 8.8
of the Participation Agreement, as in existence prior to this Amendment, did
not accurately reflect the intent of such parties at the time of the execution
and delivery of the Participation Agreement with respect to the amount to be
payable or drawable in accordance with such Qualifying Additional Security; and

 

 

WHERAS,
the parties to the Participation Agreement have agreed to amend the provisions
of Section 8.8 of the Participation Agreement to reflect their intent by
the execution and delivery of this Amendment.

 

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

 

SECTION 1.           DEFINITIONS;
INTERPRETATION OF THIS AMENDMENT

 

The
capitalized terms used in this Amendment (including the foregoing recitals) and
not otherwise defined herein shall have the respective meanings specified in
Appendix A to the Participation Agreement. 
The general provisions of Appendix A shall apply to terms used in this
Amendment and specifically defined herein.

 

SECTION 2.           AMENDMENT OF SECTION 8.8

 

The
third and fourth sentences of Section 8.8 of the Participation Agreement
are hereby amended in their entirely to read as follows:

 

“Qualifying Additional Security shall consist of
surety bonds issued by a Qualifying Surety Bond Provider or a Qualifying Letter
of Credit in favor of the Co-Trustee and the Owner Participant (in the case of
Qualifying Additional Security securing Oglethorpe’s obligations under the Head
Lease and the Special Equity Head Lease Remedy) and in favor of RMLC or the
Owner Participant (in the case of Qualifying Additional Security securing
Oglethorpe’s obligations under the Facility Sublease), in each case payable or
drawable in an amount equal to $21,099,693 and payable or drawable for such
purposes as the Qualifying Head Lease Surety Bond and Qualifying Sublease
Surety Bond then in effect are payable or drawable.  Oglethorpe’s obligation in this Section 8.8
may be satisfied by increasing the maximum amounts payable under the existing
Qualifying Head Lease Surety Bond and Qualifying Sublease Surety Bond by $21,099,693
each.”

 

SECTION 3.           ALL PROVISIONS OF
PARTICIPATION AGREEMENT TO REMAIN IN EFFECT

 

Except as expressly amended pursuant to Section 2
of this Amendment, all provisions of the Participation Agreement remain in full
force and effect.

 

SECTION 4.           MISCELLANEOUS

 

Section 4.1            Counterparts.  This Amendment may be executed in any number
of counterparts, each executed counterpart constituting an original but all
together only one Amendment.

 

Section 4.2            Effectiveness.  This Amendment has been dated as of the date
first above written for convenience only. 
This Amendment shall be effective on the date of execution and delivery
by each of the parties hereto.

 

2

 

	
   

  	
  OGLETHORPE POWER CORPORATION

  
	
   

  	
  (AN ELECTRIC MEMBERSHIP
  CORPORATION)

  
	
   

  	
  (formerly Oglethorpe Power
  Corporation (An Electric

  
	
   

  	
  Membership
  Generation & Transmission Corporation))

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Thomas A. Smith

  
	
   

  	
  Name:

  	
  Thomas A. Smith

  
	
   

  	
  Title:

  	
  President and Chief
  Executive Officer

  
	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (CORPORATE SEAL)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ROCKY MOUNTAIN LEASING
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Thomas J. Brendiar

  
	
   

  	
  Name:

  	
  Thomas J. Brendiar

  
	
   

  	
  Title:

  	
  Vice President and
  Treasurer

  
	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION
  (as successor to State Street Bank and Trust Company and Fleet National Bank)

  
	
   

  	
  not in its individual
  capacity, except to the extent provided herein, but solely as Owner Trustee
  under the Trust Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Mark A. Forgetta

  
	
   

  	
  Name:

  	
  Mark A. Forgetta

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Signatures continued
  on next page)

  

 

3

 

	
   

  	
  SUNTRUST BANK (formerly known
  as SunTrust Bank, Atlanta)

  
	
   

  	
  in its individual
  capacity, to the extent provided herein, and as Co-Trustee under the Trust
  Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ B.A. Donaldson

  
	
   

  	
  Name:

  	
  B.A. Donaldson

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PHILIP MORRIS CAPITAL
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ James C. McCrea

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UTRECHT-AMERICA FINANCE CO.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Nancy J. McIver

  
	
   

  	
  Name:

  	
  Nancy J. McIver

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ David I. Dietz

  
	
   

  	
  Name:

  	
  David I Dietz

  
	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
  Date:

  	
   

  

 

4

 

SCHEDULE TO EXHIBIT 10.16.1(a)

 

AMENDMENT NO. 1 TO PARTICIPATION AGREEMENT
(P1)

 

The following table indicates for each transaction the name of the
corresponding Owner Participant:

 

	
  Amendment

  to Agreement

  	
   

  	
  Date

  	
   

  	
  Owner Participant

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  P1

  	
   

  	
  June 1, 2003

  	
   

  	
  Philip Morris Capital Corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  P2

  	
   

  	
  June 1, 2003

  	
   

  	
  Philip Morris Capital Corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  F3

  	
   

  	
  June 1, 2003

  	
   

  	
  First Chicago Leasing Corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  F4

  	
   

  	
  June 1, 2003

  	
   

  	
  First Chicago Leasing Corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  N5

  	
   

  	
  June 1, 2003

  	
   

  	
  NationsBanc Leasing & R.E. Corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  N6

  	
   

  	
  June 1, 2003

  	
   

  	
  Philip Morris Capital Corporation

  (transferee from NationsBanc Leasing & R.E. Corporation)QuickLinks
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  Exhibit 10.20    
    

 FIRST COMMUNITY CORPORATION

1999 STOCK INCENTIVE PLAN  

 AMENDMENT NO. 2

ADOPTED BY THE BOARD OF DIRECTORS

OCTOBER 21, 2008  

        First, the Board amended the definition of "Fair Market Value" found in
Article I by deleting it in its entirety and replacing it with the following: 

        "Fair Market Value" on any date shall mean: 

          (i)  if
the Stock is readily tradable on an established securities market (as defined in Treasury Regulation § 1.897-1(m)), the closing sales
price of the Stock on the trading day immediately preceding such date on the securities exchange having the greatest volume of trading in the Stock during the 30-day period preceding the
day the value is to be determined or, if such exchange was not open for trading on such date, the next preceding date on which it was open; 

         (ii)  if
the Stock is not traded on any securities exchange (as defined in Treasury Regulation §1.897-1(m)), the average of the closing high bid and
low asked prices of the Stock on the over-the-counter market on the day such value is to be determined, or in the absence of closing bids on such day, the closing bids on the
next preceding day on which there were bids; or 

        (iii)  if
the Stock also is not traded on the over-the-counter market, the fair market value as determined in good faith by the Board or the Committee
by application of a reasonable valuation method consistently applied and taking into consideration all available information material to the value of the Company; factors to be considered may include,
as applicable, the value of tangible and intangible assets of the Company, the present value of future cash-flows of the Company, the market value of stock or equity interests in similar
corporations which can be readily determined through objective means (such as through trading prices on an established securities market or an amount paid in an arm's length private transaction), and
other relevant factors such as control premiums or discounts for lack of marketability. For purposes of the foregoing, a valuation prepared in accordance with any of the methods set forth in Treasury
Regulation § 1.409A-1(b)(5)(iv)(B)(2), consistently used, shall be rebuttably presumed to result in a reasonable valuation. This paragraph is intended to comply with the
definition of "fair market value" contained in Treasury Regulation § 1.409A-1(b)(5)(iv) and should be interpreted consistently therewith. 

        Second, the Board adopted, and made an integral part of the Plan, Article XI, Section 11.7 to read as follows: 

        11.7    Amendment to Meet the Requirements of Code Section 409A.    It is intended that this Plan and any
Options granted under this Plan comply with or meet an exemption from Section 409A of the Code, so that the income inclusion provisions of Code Section 409A(a)(1) do not apply to an
Optionee. Optionee acknowledges that the Board shall have the sole discretion and authority to amend the Plan and any Stock Option Agreement hereunder including, but not limited to, increasing the
Exercise Price and/or changing the exercise period, payment periods, or restrictions of any Option in the event that the Fair Market Value of the Stock is subsequently determined to be greater than
the Exercise Price initially established at the time of grant, to the extent necessary to cause the Plan or such Options to comply with the provisions of Code Section 409A. Such amendment may
be retroactive to the extent permitted by Section 409A of the Code, and shall not require the consent of the Optionee. 

        IN
WITNESS WHEREOF, the Company has caused this Amendment No. 2 to the Plan to be executed as of October 21, 2008 in accordance with the authority provided by the Board of
Directors. 

							
	

 	
 	
FIRST COMMUNITY CORPORATION
	

 	
 	
By:	
 	
/s/ JOSEPH G. SAWYER

 
	 	 	 	 	Name:	 	Joseph G. Sawyer
	 	 	 	 	Title:	 	Chief Financial Officer

QuickLinks

Exhibit 10.20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}]]