Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
  

													
	 MORGAN STANLEY SENIOR FUNDING, INC.

1585 Broadway
 New York, New York
10036
	  	 CITIGROUP GLOBAL MARKETS INC.

390 Greenwich Street
 New York, New
York 10013
	  	 DEUTSCHE BANK SECURITIES INC.

DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH

60 Wall Street

New York, New York 10005
	  	 J.P. MORGAN SECURITIES LLC

JPMORGAN CHASE BANK, N.A.
 383
Madison Avenue
 New York, New York 10179
	  	 ROYAL BANK OF CANADA

200 Vesey Street
 New York, New York
10281
	  	 UBS SECURITIES LLC

1285 Avenue of the Americas
 New
York, New York 10019
  
 UBS AG, STAMFORD BRANCH

677 Washington Boulevard
 Stamford,
Connecticut 06901
	  	 NATIXIS, NEW YORK BRANCH

1251 Avenue of the Americas, 5th Floor

New York, New York 10020

							
	 SUMITOMO MITSUI BANKING CORPORATION

277 Park Avenue
 New York, NY
10172
	  	 CREDIT SUISSE SECURITIES (USA) LLC

CREDIT SUISSE AG
 Eleven Madison
Avenue
 New York, New York 10010 
	  	 WELLS FARGO SECURITIES, LLC

WELLS FARGO BANK, NATIONAL ASSOCIATION

550 South Tryon Street
 Charlotte,
North Carolina 28202
	  	 INTESA SANPAOLO S.P.A., NEW YORK BRANCH

1 William Street
 New York, NY
10004
	  	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

1251 Avenue of the Americas
 New
York, NY 10020
	  	 GOLDMAN SACHS BANK USA

200 West Street
 New York, New York
10282-2198
	  	 ABN AMRO CAPITAL USA LLC

ABN AMRO SECURITIES (USA) LLC

100 Park Avenue
 New York,
NY 10017

							
	 TD SECURITIES (USA) LLC

TORONTO DOMINION (TEXAS) LLC
 31
West 52nd Street
 New York, NY 10019
	  	 MIZUHO BANK, LTD.

1251 Avenue of the Americas New York, NY 10020
	  	 DNB MARKETS, INC.

DNB CAPITAL LLC
 200 Park
Avenue, 31st Floor
 New York, NY 10166
	  	 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

BANK OF AMERICA, N.A.
 100 N. Tryon
St.
 Charlotte, NC 28255
	  	 BNP PARIBAS

BNP PARIBAS SECURITIES CORP.
 787
Seventh Avenue
 New York, New York 10019
	  	 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

1301 Avenue of the Americas

New York, NY 10019
	  	

 CONFIDENTIAL 

October 21, 2015 
 Energy Transfer Equity,
L.P. 
 3738 Oak Lawn Avenue 
 Dallas, Texas 75219 

Attention: Jamie Welch, Chief Financial Officer 

PROJECT DOWN UNDER 

$6.05 Billion 364-Day Senior Secured Bridge Term Loan Credit Facility 

Amended and Restated Commitment Letter 

Ladies and Gentlemen: 
 Energy Transfer Equity,
L.P. (the “Borrower” or “you”) has advised Morgan Stanley Senior Funding, Inc. (“MSSF”), Citi (as defined below), Deutsche Bank AG Cayman Islands Branch
(“DBCI”), Deutsche Bank Securities Inc. (“DBSI” and together with DBCI and their respective affiliates, “DB”), J.P. Morgan Securities LLC (“JPMorgan”),
JPMorgan Chase Bank, N.A. (“JPM Bank”), Royal Bank of Canada (“RBC”), RBC Capital Markets1 (“RBCCM”), UBS AG, Stamford
Branch (“UBS”), UBS Securities LLC (“UBSS”), Natixis, New York Branch (acting through such of its affiliates or branches as it deems appropriate and, together with its affiliates,
“Natixis”), Sumitomo Mitsui Banking Corporation (or any of its designated affiliates, “SMBC”), Credit Suisse AG (acting through such of its affiliates or branches as it deems appropriate,
“CS”), Credit Suisse Securities (USA) LLC (“CS Securities”), Wells Fargo Securities, LLC (“WFS”), Wells Fargo Bank, National Association (“WF”), Intesa
Sanpaolo S.p.A., New York Branch (“Intesa”), The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”), Goldman Sachs Bank USA (“GS Bank”), ABN AMRO Capital USA LLC (“ABN AMRO
Capital”), ABN AMRO Securities (USA) LLC (“ABN AMRO Securities” and together with ABN AMRO Securities, “ABN AMRO”), Toronto Dominion (Texas) LLC (“TD Bank”), TD
Securities (USA) LLC (“TD Securities” and, together with TD Bank, “TD”), Mizuho Bank, Ltd. (“Mizuho”), DNB Markets, Inc. (“DNB Markets”), DNB Capital LLC
(“DNB”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPFS”), Bank of America, N.A. (“BofA”), BNP Paribas (“BNP”), BNP Paribas
Securities Corp. (“BNP Securities”) and Credit Agricole Corporate and Investment Bank (“CACIB” and, together with MSSF, Citi, DB, JPMorgan, JPM Bank, RBC, RBCCM, UBS, UBSS, Natixis, SMBC, CS, CS
Securities, WFS, WF, Intesa, BTMU, GS Bank, ABN AMRO, TD, Mizuho, DNB Markets, DNB, MLPFS, BofA, BNP and BNP Securities “we”, “us”, “our” or the “Commitment
Parties”) that one of your affiliates intends to merge (the “Merger”) with The Williams Companies, Inc., a Delaware corporation (“Target”). Each capitalized term used but not defined
herein shall have the meaning assigned to such term in the Summary of Principal Terms and Conditions attached hereto as Exhibit A (the “Term Sheet”). As used herein, “Citi” means Citigroup Global
Markets Inc., Citibank, N.A., Citicorp North America, Inc. and/or any of their affiliates as may be appropriate to consummate the transactions contemplated hereby. 

You have further advised us that, in connection therewith, the Borrower will obtain the 364-day senior secured bridge term loan credit
facility (the “Bridge Facility”) described in the Term Sheet, in an aggregate principal amount of $6.05 billion (or such lesser amount as you may elect to borrow in your sole discretion). 

 

	1.	Commitments. 

 In connection with the foregoing, MSSF is pleased to advise you of its
several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, Citi is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of
the Bridge Facility , DBCI is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, JPM Bank is pleased to advise you of its several, but not joint,
commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, RBC is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of 

 

	1 	 The global brand name for the corporate and investment banking business of Royal Bank of Canada and its affiliates.

  
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the aggregate principal amount of the Bridge Facility, UBS is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the
Bridge Facility, Natixis is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, SMBC is pleased to advise you of its several, but not joint, commitment to
provide $302,500,000 of the aggregate principal amount of the Bridge Facility, CS is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, WF is pleased to
advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, Intesa is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate
principal amount of the Bridge Facility, BTMU is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, GS Bank is pleased to advise you of its several, but
not joint, commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, ABN AMRO is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the
Bridge Facility, TD Bank is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, Mizuho is pleased to advise you of its several, but not joint, commitment
to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, DNB is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, BofA is
pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility, BNP is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the
aggregate principal amount of the Bridge Facility and CACIB is pleased to advise you of its several, but not joint, commitment to provide $302,500,000 of the aggregate principal amount of the Bridge Facility (MSSF, Citi, DBCI, JPM Bank, RBC, UBS,
Natixis, SMBC, CS, WF, Intesa, BTMU, GS Bank, ABN AMRO, TD Bank, Mizuho, DNB, BofA, BNP and CACIB in such capacities, the “Initial Lenders”), in each case upon the terms set forth in this amended and restated commitment
letter (including the Term Sheet and other attachments hereto, this “Commitment Letter”) and the conditions set forth in Section 6 of this Commitment Letter and Exhibit B. 

 

	2.	Titles and Roles. 

 You hereby appoint (a) MSSF, Citi, DBSI, JPMorgan, RBCCM, UBSS,
Natixis, SMBC, CS Securities, WFS, Intesa, BTMU, GS Bank, ABN AMRO, TD Securities, Mizuho, DNB Markets, MLPFS, BNP Securities and CACIB (in such capacities, collectively, the “Arrangers”) to act, and each Arranger hereby
agrees to act, as joint lead arrangers and joint bookrunners for the Bridge Facility, (b) MSSF to act, and MSSF hereby agrees to act, as sole administrative agent for the Bridge Facility, (c) each of UBSS, DBSI and JPM Bank to act, and
UBSS, DBSI and JPM Bank each hereby agrees to act, as co-syndication agents for the Bridge Facility and (d) each of Citi and RBCCM to act, and Citi and RBCCM each hereby agrees to act, as co-documentation agents for the Bridge Facility, in each
case upon the terms and subject to the conditions set forth or referred to in this Commitment Letter. Each of the Arrangers and the Initial Lenders, in such capacities, will perform the duties and exercise the authority customarily performed and
exercised by it in such roles. You agree that you will designate one of the Arrangers to have “left” placement in any and all marketing materials or other documentation used in connection with the Bridge Facility. 

  
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	3.	Syndication. 

 We reserve the right, prior to and/or after the execution of definitive
documentation for the Bridge Facility, to syndicate all or a portion of the Initial Lenders’ commitment with respect to the Bridge Facility to a group of banks, financial institutions and other institutional lenders (together with the Initial
Lenders, the “Lenders”) reasonably acceptable to you and identified by us in consultation with you. Notwithstanding the right to syndicate the Bridge Facility and receive commitments with respect thereto, (i) no Initial
Lender shall be relieved, released or novated from its obligations hereunder (including its obligation to fund the Bridge Facility on the date of the consummation of the Merger with the proceeds of the funding under the Bridge Facility (the date of
such funding, the “Closing Date”)) in connection with any syndication or assignment of the Bridge Facility, including its commitments in respect thereof, until after the Closing Date has occurred unless such syndication or
assignment is to a Permitted Assignee (as defined below), (ii) no assignment or novation, other than to a Permitted Assignee, shall become effective with respect to all or any portion of the Initial Lenders’ commitments in respect of the
Bridge Facility until the Closing Date and (iii) unless you otherwise agree in writing, except for assignments to a Permitted Assignee, the Initial Lenders shall retain exclusive control over all rights and obligations with respect to its
commitments in respect of the Bridge Facility, including all rights with respect to consents, modifications, supplements, waivers and amendments, until the Closing Date has occurred. We intend to commence syndication efforts promptly upon the
execution of this Commitment Letter. You agree to use commercially reasonable efforts to actively assist us in completing a reasonably satisfactory syndication. Such assistance shall include (a) your using commercially reasonable efforts to
ensure that any syndication efforts benefit materially from your existing lending and investment banking relationships and the existing lending and investment banking relationships of the Target, (b) direct contact between senior management,
representatives and advisors of you (and your using commercially reasonable efforts to cause direct contact between senior management, representatives and advisors of the Target) and the proposed Lenders, (c) assistance by you (and your using
commercially reasonable efforts to cause the assistance by the Target) in the preparation of a customary Confidential Information Memorandum for the Bridge Facility (the “Information Materials”), (d) prior to the launch
of the syndication, confirmation that the Borrower has a Public Debt Rating from each of Standard & Poor’s Ratings Service (“S&P”) and Moody’s Investors Service, Inc.
(“Moody’s”), and (e) the hosting, with the Arrangers, of one meeting of prospective Lenders. Without limiting your obligations to assist with syndication efforts as set forth herein, it is understood that the
Initial Lenders’ commitments hereunder are not conditioned upon the syndication of, or receipt of commitments in respect of, the Bridge Facility and in no event shall the commencement or successful completion of syndication of the Bridge
Facility constitute a condition to the availability of the Bridge Facility on the Closing Date. 
 You agree, at the request of the
Arrangers, to assist in the preparation of a version of the Information Materials to be used in connection with the syndication of the Bridge Facility, consisting exclusively of information and documentation that is either (i) publicly
available (or, if applicable, contained in any prospectus or other offering memorandum related to any securities issued by you in connection with the Transactions) or (ii) not material with respect to the Borrower, the Target or their
subsidiaries or any of their respective securities for purposes of United States Federal securities laws (all such Information Materials being “Public Lender Information”). Any information and documentation that is not Public
Lender Information is referred to herein as “Private Lender Information”. Before distribution of any Information Materials, you agree to execute and deliver to the Arrangers, either (i) a customary letter in which you
authorize distribution of the Information Materials to Lenders’ employees willing to receive Private Lender Information or (ii) a customary separate letter in which you authorize distribution

  
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of Information Materials containing solely Public Lender Information and represent that such Information Materials do not contain any Private Lender Information. You further agree that each
document to be disseminated by the Arrangers to any Lender in connection with the Bridge Facility will, at the request of the Arrangers, be identified by you as either (i) containing Private Lender Information or (ii) containing solely
Public Lender Information. You acknowledge that the following documents contain solely Public Lender Information (unless you notify us promptly prior to their intended distribution that any such document contains Private Lender Information):
(a) drafts and final definitive documentation with respect to the Bridge Facility, including term sheets; (b) administrative materials prepared by the Commitment Parties for prospective Lenders (such as a lender meeting invitation, bank
allocation, if any, and funding and closing memoranda); and (c) notification of changes in the terms of the Bridge Facility. 
 The
Arrangers will manage all aspects of any syndication with your approval, including decisions as to the selection of institutions to be approached and when they will be approached, when their commitments will be accepted, which institutions will
participate, the allocation of the commitments among the Lenders, any naming rights and the amount and distribution of fees among the Lenders, subject in each case to your consent to the extent set forth above. 

Notwithstanding the foregoing or anything herein to the contrary, the Arrangers have determined that (and each party hereto acknowledges and
agrees that), as of the date hereof, the Bridge Facility has been successfully syndicated and no syndication efforts or assistance from the Borrower will be necessary after the date hereof in connection with the syndication of the Bridge Facility.

  

	4.	Information. 

 You hereby represent and warrant, but the accuracy of such representation
and warranty shall not be a condition to the commitments hereunder or the funding of the Bridge Facility on the Closing Date, that (with respect to Information and Projections relating to the Target and its subsidiaries, to the best of your
knowledge) (a) all written and factual information other than the projections (the “Projections”) and other information of a general economic or industry-specific nature (the “Information”) that
have been or will be made available to us by or on behalf of you or any of your representatives, taken as whole, is or will be, when furnished, complete and correct in all material respects and does not or will not, when furnished, contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made after giving effect to all
supplements and updates thereto, and (b) the Projections that have been or will be made available to us by or on behalf of you or any of your representatives have been or will be prepared in good faith based upon assumptions that are reasonable
at the time made and at the time the related Projections are made available to us (it being understood that the Projections by their nature are inherently uncertain, no assurances are being given that the results reflected in the Projections will be
achieved, and actual results may differ materially from the Projections). You agree that if at any time prior to the closing of the Bridge Facility any of the representations in the preceding sentence would be incorrect if the Information and
Projections were being furnished, and such representations were being made, at such time, then you will promptly supplement the Information and the Projections (or with respect to Information and Projections relating to the Target, use commercially
reasonable efforts to supplement such Information and Projections) so that such representations will be correct under those circumstances. In arranging and syndicating the Bridge Facility, we will be entitled to use and rely primarily on the
Information and the Projections without responsibility for independent verification thereof. 

  
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	5.	Fees. 

 As consideration for the Initial Lenders’ commitments hereunder, and the
Arrangers’ agreement to perform the services described herein, you agree to pay to us the fees set forth in this Commitment Letter and in the Amended and Restated Fee Letter (the “Arranger Fee Letter”) and the Amended
and Restated Agent Fee Letter (the “Agent Fee Letter” and, together with the Arranger Fee Letter, the “Fee Letters”), each dated the date hereof and delivered herewith with respect to the Bridge
Facility. 
  

	6.	Conditions Precedent. 

 The commitments of the Initial Lenders hereunder and the
agreements of the Arrangers to perform the services described hereunder are subject to the conditions set forth in this Section 6 and Exhibit B, it being understood that there are no conditions (implied or otherwise) to the commitments
hereunder (including compliance with the terms of the Commitment Letter, the Fee Letters and the definitive documentation for the Bridge Facility) other than those conditions set forth in this Section 6 and Exhibit B that are expressly stated
to be conditions to the availability of and funding under the Bridge Facility on the Closing Date (including the execution and delivery of the definitive documentation (which shall be negotiated in good faith as required by the Documentation
Principles)) and upon satisfaction or waiver by the Commitment Parties of such conditions, the funding under the Bridge Facility shall occur. 

Notwithstanding anything in this Commitment Letter, the Fee Letters, the definitive documentation for the Bridge Facility to the contrary or
any other letter agreement or other undertaking concerning the financing of the Merger to the contrary, (a) the only representations relating to the Target and its subsidiaries and the Borrower and its restricted subsidiaries and their business
the making of which shall be a condition to availability of the Bridge Facility on the Closing Date shall be (i) such of the representations made by or on behalf of the Target and its subsidiaries in the Merger Agreement as are material to the
interests of the Lenders, but only to the extent that you have (or a subsidiary has) the right to terminate your (or its) obligations under the Merger Agreement as a result of a breach of such representations in the Merger Agreement, and
(ii) the Specified Representations (as defined below) and (b) the terms of the definitive documentation for the Bridge Facility shall be in a form such that they do not impair availability of and funding under the Bridge Facility on the
Closing Date if the conditions set forth in this Section 6 and Exhibit B are satisfied (it being understood that, to the extent any lien search or security interest in any Collateral referred to in the Term Sheet (other than (i) customary
UCC lien searches with respect to the Borrower and the restricted subsidiaries in their applicable jurisdictions of organization and (ii) a lien on such Collateral that may be perfected solely (A) by the filing of a financing statement
under the Uniform Commercial Code or (B) by the delivery of stock certificates (solely to the extent required in the Term Sheet)) is not or cannot be provided and/or perfected on the Closing Date after your use of commercially reasonable
efforts to do so without undue burden or expense, the provision and/or perfection of security interests in such Collateral or, as the case may be, of such lien searches shall not constitute a condition precedent to the availability of the Bridge
Facility on the Closing Date, but shall be required to be delivered, provided, and/or perfected within 90 days after the Closing Date (subject to extensions by the Agent, not to be unreasonably withheld, conditioned or delayed) unless a later date
is specified in the Term Sheet). For purposes hereof, “Specified Representations” means the representations and warranties of the Borrower set forth in the Term Sheet relating to corporate power and authority, due
authorization, execution and delivery, in each case as they relate to the entering into and performance of the definitive documentation for the Bridge Facility, the enforceability of such documentation, Federal Reserve margin regulations, the
Patriot Act, FCPA, OFAC and other 

  
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applicable anti-corruption and anti-terrorism laws, the Investment Company Act, non-contravention with organizational documents and material debt instruments (limited to the execution, delivery,
and performance of the definitive documentation with respect to the Bridge Facility), solvency as of the Closing Date (such representation and warranty to be consistent with the solvency certificate attached hereto as Schedule I to Exhibit B) and
creation, validity and perfection of security interests (subject to permitted liens as set forth in the definitive documentation for the Bridge Facility and the limitations set forth in this paragraph). This paragraph shall be referred to herein as
the “Certain Funds Provision.” 
  

	7.	Indemnification; Expenses. 

 You agree (a) to indemnify and hold harmless each of us
and our respective affiliates and our and our affiliates’ respective officers, directors, employees, agents, advisors, controlling persons, members and successors and assigns (each, an “Indemnified Person”) from and
against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become subject arising out of or in connection with this Commitment Letter, the Fee Letters, the Transactions, the
Bridge Facility or any related transaction or any claim, litigation, investigation or proceeding relating to any of the foregoing, regardless of whether any such Indemnified Person is a party thereto (and regardless of whether such matter is
initiated by a third party or by the Target or any of its affiliates or equity holders), and to reimburse each such Indemnified Person upon demand for any reasonable legal or other out-of-pocket expenses incurred in connection with investigating or
defending of any of the foregoing; provided that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent they are found in a final, non-appealable
judgment of a court of competent jurisdiction to have resulted primarily from the willful misconduct or gross negligence of such Indemnified Person or a material breach in respect of this Commitment Letter, the Fee Letters or the Bridge Facility by
such Indemnified Person, and (b) to promptly reimburse each of us from time to time, upon presentation of a summary statement, for all reasonable out-of-pocket expenses (including, but not limited to, expenses of our due diligence
investigation, consultants’ fees, syndication expenses, travel expenses and fees, disbursements and other charges of counsel), in each case, incurred in connection with the Bridge Facility and the preparation, negotiation and enforcement of
this Commitment Letter, the Fee Letters, the definitive documentation for the Bridge Facility and any ancillary documents and security arrangements in connection therewith. Notwithstanding any other provision of this Commitment Letter, neither any
Indemnified Person nor you (nor any of your subsidiaries or affiliates) shall be liable for any indirect, special, punitive or consequential damages in connection with its activities related to the Bridge Facility (except, in your case, to the
extent such damages would otherwise be subject to the indemnification or reimbursement provisions of this Section 7). 
  

	8.	Sharing Information; Absence of Fiduciary Relationship; Affiliate Activities. 

 We will
not furnish confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or our other relationships with you to other companies. You also acknowledge that we do not have any obligation to use in
connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by us from other companies. 

You further acknowledge and agree that (a) no fiduciary, advisory or agency relationship between you and any of us is intended to be or
has been created in respect of any of the transactions contemplated by this Commitment Letter (b) each of us, on the one hand, and you, 

  
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on the other hand, have an arm’s-length business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty on the part of any of us, (c) you
are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions of the transactions contemplated by this Commitment Letter, (d) you have been advised that each of us is engaged in a broad range of
transactions that may involve interests that differ from your interests and that none of us has any obligation to disclose such interests and transactions to you by virtue of any fiduciary, advisory or agency relationship and (e) you waive, to
the fullest extent permitted by law, any claims you may have against any of us for breach of fiduciary duty or alleged breach of fiduciary duty and agree that none of us shall have any liability (whether direct or indirect) to you in respect of such
a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of you, including your equityholders, employees or creditors. Additionally, you acknowledge and agree that none of us is advising you as to any legal,
tax, investment, accounting or regulatory matters in any jurisdiction (including, without limitation, with respect to any consents needed in connection with the transactions contemplated hereby). You shall consult with your own advisors concerning
such matters and shall be responsible for making your own independent investigation and appraisal of the transactions contemplated hereby (including, without limitation, with respect to any consents needed in connection therewith), and we shall have
no responsibility or liability to you with respect thereto. Any review by us of the Borrower, the Target, the Transactions, the other transactions contemplated hereby or other matters relating to such transactions will be performed solely for our
benefit and shall not be on behalf of you or any of your affiliates. 
 You further acknowledge that each of us (including through one or
more our affiliates) is a full service securities firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, each of us may provide investment
banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, you, the
Borrower, the Target and other companies with which you, the Borrower or the Target may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any of us or any of our customers, all rights in
respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. 
  

	9.	Assignments; Amendments; Governing Law, Etc.  

 This Commitment Letter shall not be
assignable by you without the prior written consent of the Initial Lenders and the Arrangers (and any attempted assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto (and Indemnified
Persons), and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Persons). 

The Initial Lenders may only assign all or a portion of its commitment hereunder to one or more prospective Lenders (i) that are
acceptable to you (such acceptance not to be unreasonably withheld or delayed), (ii) that you have identified to us in writing on or prior to September 28, 2015 or (iii) that are party to the Existing Revolving Facility as of
September 28, 2015 (each, a “Permitted Assignee”), whereupon such Commitment Party shall be released from all or the portion of its commitment hereunder so assigned; provided, that, notwithstanding the foregoing,
assignments between Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC shall be permitted without the consent of any other party. Any and all obligations of, and services to be provided by, a Commitment Party hereunder (including, without
limitation, Initial Lenders’ commitments) may be performed and any and all rights of such Commitment 

  
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Party hereunder may be exercised by or through any of their respective affiliates or branches (but the Commitment Parties shall not be relieved of their obligations hereunder) and, in connection
with such performance or exercise, such Commitment Party may exchange with such affiliates or branches information concerning you and your affiliates that may be the subject of the transactions contemplated hereby and, to the extent so employed,
such affiliates and branches shall be entitled to the benefits afforded to such Commitment Party hereunder. This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by each of us
and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this
Commitment Letter by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. Section headings used herein are for convenience of reference only, are not part of this Commitment Letter and
are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter. You acknowledge that information and documents relating to the Bridge Facility may be transmitted through SyndTrak, Intralinks, the
internet, e-mail or similar electronic transmission systems, and that, in the absence of gross negligence or willful misconduct by a Commitment Party, none of us shall be liable for any damages arising from the use by others of information or
documents transmitted in such manner. The Arrangers may place advertisements in financial and other newspapers and periodicals or on a home page or similar place for dissemination of information on the Internet or worldwide web as it may choose, and
circulate similar promotional materials, after the closing of the Transactions in the form of a “tombstone” or otherwise describing the names of you, the Borrower and your and their affiliates (or any of them), and the amount, type and
closing date of such Transactions, all at the expense of the Arrangers. This Commitment Letter and the Fee Letters supersede all prior understandings, whether written or oral, between us with respect to the Bridge Facility. THIS COMMITMENT LETTER
AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, EXCEPT THAT ANY DETERMINATION OF WHETHER A COMPANY MATERIAL
ADVERSE EFFECT HAS OCCURRED AND ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, INTERPRETATION OR ENFORCEABILITY OF THE MERGER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE.

  

	10.	Jurisdiction. 

 Each of the parties hereto hereby irrevocably and unconditionally
(a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the Borough of Manhattan in New York City, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Commitment Letter, the Fee Letters or the transactions contemplated hereby or thereby, and agrees that all claims in respect of any such action or proceeding may be heard and
determined only in such New York State court or, to the extent permitted by law, in such Federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying
of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letters or the transactions contemplated hereby or thereby in any such New York State court or in any such Federal court, (c) waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Service of any process, summons, notice or document by registered mail addressed to you at the address above shall be effective service of process
against you for any suit, action or proceeding brought in any such court. 

  
 9 

	11.	Waiver of Jury Trial. 

 EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER, THE FEE LETTERS OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER. 

 

	12.	Confidentiality. 

 This Commitment Letter is delivered to you on the understanding that
neither this Commitment Letter nor the Fee Letters nor any of their terms or substance, nor the activities of any of us pursuant hereto, shall be disclosed, directly or indirectly, to any other person except (a) to your officers, directors,
employees, attorneys, accountants and advisors on a confidential and need-to-know basis, (b) if the Commitment Parties consent in writing to such proposed disclosure, (c) that the Term Sheet and the existence of this Commitment Letter (but
not this Commitment Letter or the Fee Letters) may be disclosed to any rating agency in connection with the Transactions, (d) this Commitment Letter may be disclosed as may be required by the rules, regulations, schedules and forms of the
Securities and Exchange Commission in connection with any filings with the Securities and Exchange Commission in connection with the Transactions, or (e) as required by applicable law or compulsory legal process (in which case you agree to
inform us promptly thereof prior to such disclosure); provided that you may disclose this Commitment Letter and the contents hereof and the Fee Letters with certain terms redacted in a manner reasonably acceptable to us (i) to the
Target and its officers, directors, employees, attorneys, accountants and advisors on a confidential and need-to-know basis, (ii) you may disclose the aggregate amount of the fees (including upfront fees and original issue discount) payable
under the Fee Letters as part of generic disclosure regarding sources and uses (but without disclosing any specific fees set forth therein) as part of a disclosure of overall transaction fees and expenses (not limited to fees associated with the
Bridge Facility) to the Target and its subsidiaries and their respective equity holders, officers, directors, employees, attorneys, accountants, agents and advisors, and in connection with any syndication of the Bridge Facility, and (iii) in
any prospectus or other offering memorandum relating to any debt transaction. 
 The Commitment Parties and their respective affiliates will
use all information provided to them or such affiliates by or on behalf of you hereunder solely for the purpose of providing the services that are the subject of this Commitment Letter and shall treat confidentially all such information;
provided that nothing herein shall prevent any Commitment Party from disclosing any such information (a) pursuant to the order of any court or administrative agency or otherwise as required by applicable law or regulation or as requested
by a governmental authority (in which case such Commitment Party, to the extent permitted by law, rule or regulation, agrees to inform you promptly thereof), (b) upon the request or demand of any regulatory authority having jurisdiction over
such Commitment Party or any of its affiliates (in which case such Commitment Party agrees to inform you promptly thereof prior to such disclosure, unless such Commitment Party is prohibited by applicable law from so informing you, or except in
connection with any request as part of any audit or examination conducted by bank accountants or any regulatory authority), (c) to the extent that such information becomes publicly available in a manner that would not otherwise violate this
provision, (d) to the extent that such information is received by 

  
 10 

 
such Commitment Party from a third party that is not to such Commitment Party’s knowledge subject to confidentiality obligations to you or the Target or any of your or their respective
affiliates, (e) to the extent that such information is independently developed by such Commitment Party or its affiliates, in each case, so long as not based on information obtained in a manner that would otherwise violate this provision,
(f) to such Commitment Party’s affiliates and their and their affiliates’ respective officers, directors, employees, legal counsel, independent auditors and other experts or agents who need to know such information in connection with
the Transactions and are informed of the confidential nature of such information and agree to be bound by (or are otherwise subject to) customary confidentiality arrangements, (g) to prospective Lenders, participants or assignees (or their
respective advisors) or, with the prior consent of the Borrower, any potential counterparty to any swap or derivative transaction relating to the Borrower or any of its subsidiaries or any of their respective obligations; provided that such
disclosure shall be made subject to the acknowledgment and acceptance by such prospective Lender, participant, assignee or potential counterparty, on behalf of itself and its advisors, that such information is being disseminated on a confidential
basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and the Commitment Parties, including, without limitation, as set forth in any confidential information memorandum or other marketing
materials) in accordance with the standard syndication process of the Commitment Parties or market standards for dissemination of such type of information which shall in any event require “click through” or other affirmative action on the
part of the recipient to access such confidential information, (h) for purposes of establishing a “due diligence” defense or (i) to ratings agencies; provided that, in the case of this clause (i), such information is
supplied only on a customary basis after consulting with you. The Commitment Parties’ obligations under this paragraph shall automatically terminate and be superseded by the confidentiality provisions in the definitive documentation relating to
the Bridge Facility upon the execution and delivery of the definitive documentation therefor and in any event shall terminate on September 28, 2017. Each Commitment Party shall be principally liable to the extent any confidentiality
restrictions set forth herein are violated by one or more of its affiliates or any of its or their respective employees, directors, officers, agents or representatives. 

Notwithstanding anything herein to the contrary, any party to this Commitment Letter (and any employee, representative or other agent of such
party) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Commitment Letter and the Fee Letters and all materials of any kind (including opinions or other
tax analyses) that are provided to it relating to such tax treatment and tax structure, except that (i) tax treatment and tax structure shall not include the identity of any existing or future party (or any affiliate of such party) to this
Commitment Letter or the Fee Letters and (ii) no party shall disclose any information relating to such tax treatment and tax structure to the extent nondisclosure is reasonably necessary in order to comply with applicable securities laws. For
this purpose, the tax treatment of the transactions contemplated by this Commitment Letter and the Fee Letters is the purported or claimed U.S. Federal income tax treatment of such transactions and the tax structure of such transactions is any fact
that may be relevant to understanding the purported or claimed U.S. Federal income tax treatment of such transactions. 
  

	13.	Surviving Provisions. 

 The indemnification, expense reimbursement, confidentiality,
syndication, jurisdiction, governing law and waiver of jury trial provisions contained herein and in the Fee Letters and the provisions of Section 8 of this Commitment Letter shall remain in full force and effect regardless of whether
definitive financing documentation shall be executed and delivered and (other than in the case of the syndication provisions) notwithstanding the termination of this Commitment Letter or the Initial Lender’s commitment hereunder and our
agreements to perform the services described herein. 

  
 11 

	14.	PATRIOT Act Notification. 

 We hereby notify you that, pursuant to the requirements of
the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT Act”), each of us and each Lender is required to obtain, verify and record information that identifies the Borrower, which
information includes the name, address, tax identification number and other information regarding the Borrower that will allow each of us or such Lender to identify the Borrower in accordance with the PATRIOT Act. This notice is given in accordance
with the requirements of the PATRIOT Act and is effective as to each of us and each Lender. You hereby acknowledge and agree that we shall be permitted to share any or all such information with each other Lender. 

 

	15.	Acceptance and Termination. 

 This Commitment Letter amends and restates in its entirety
that certain Amended and Restated Commitment Letter dated as of October 13, 2015, by and among you, MSSF, Citi, DB, JPMorgan, JPM Bank, RBC, UBS, UBSS, Natixis, SMBC, CS, CS Securities, WF, WFS, Intesa, BTMU, GS Bank, ABN AMRO, TD, Mizuho, DNB
Markets and DNB (such letter, the “Restated Commitment Letter”) which amended and restated that certain Commitment Letter dated as of September 28, 2015, by and among you, MSSF, Citi, DB, JPMorgan, JPM Bank, RBC, RBCCM,
UBS, and UBSS (such letter, the “Original Commitment Letter”). The Restated Commitment Letter shall be superseded hereby upon the effectiveness of this Commitment Letter. It is understood and agreed that (a) MSSF, Citi,
DB, JPMorgan, JPM Bank, RBC, UBS, UBSS, Natixis, SMBC, CS, CS Securities, WF, WFS, Intesa, BTMU, GS Bank, ABN AMRO, TD, Mizuho, DNB Markets and DNB shall be entitled to the benefits of the indemnification provisions of this Commitment Letter as if
they were in effect on the date of the Restated Commitment Letter and (b) MSSF, Citi, DB, JPMorgan, JPM Bank, RBC, RBCCM, UBS, and UBSS shall be entitled to the benefits of the indemnification provisions of this Commitment Letter as if they
were in effect on the date of the Original Commitment Letter. 
 If the foregoing correctly sets forth our agreement with you, please
indicate your acceptance of the terms of this Commitment Letter and of the Fee Letters by returning to us executed counterparts hereof and of the Fee Letters not later than 11:59 PM, New York City time, on October 22, 2015. The Initial
Lenders’ offer hereunder, and our agreements to perform the services described herein, will expire automatically and without further action or notice and without further obligation to you at such time in the event that we have not received such
executed counterparts in accordance with the immediately preceding sentence. This Commitment Letter will become a binding commitment of the Initial Lenders only after it has been duly executed and delivered by you in accordance with the first
sentence of this Section 15. Thereafter, all commitments and undertakings of each Commitment Party hereunder will expire on the earliest of (hereinafter, the “Outside Date”) (a) the Termination Date (as defined in
the Merger Agreement in effect as of the date this letter is signed by all parties hereto, including as such date may be extended in accordance with Section 7.01 of the Merger Agreement in effect as of the date this letter is signed by all
parties hereto), (b) the closing of the Merger, (c) the date that the Merger Agreement is terminated or expires, (d) receipt by the Commitment Parties of written notice from the Borrower of the Borrower’s election to terminate
all commitments hereunder in full, and (e) at 11:59 p.m. on September 28, 2016. 

  
 12 

 [Remainder of this page intentionally left blank] 

  
 13 

 We are pleased to have been given the opportunity to assist you in connection with the financing
for the Merger. 
  

			
	 Very truly yours,
  

MORGAN STANLEY SENIOR FUNDING, INC.

		
	By	 	 /s/ William Graham

		 	Name: William Graham
		 	Title: Managing Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	CITIGROUP GLOBAL MARKETS INC.
		
	By	 	 /s/ J. Scott Schlossel

		 	Name: J. Scott Schlossel
		 	Title: Managing Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH
		
	By	 	 /s/ Stephen P. Cunningham

		 	Name: Stephen P. Cunningham
		 	Title: Managing Director
		
	By	 	 /s/ Robert D. Miller

		 	Name: Robert D. Miller
		 	Title: Managing Director
	
	DEUTSCHE BANK SECURITIES INC.
		
	By	 	 /s/ Stephen P. Cunningham

		 	Name: Stephen P. Cunningham
		 	Title: Managing Director
		
	By	 	 /s/ Robert D. Miller

		 	Name: Robert D. Miller
		 	Title: Managing Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	JPMORGAN CHASE BANK, N.A.
		
	By	 	 /s/ Kenneth J. Fatur

		 	Name: Kenneth J. Fatur
		 	Title: Managing Director
	
	J.P. MORGAN SECURITIES LLC
		
	By	 	 /s/ Kenneth J. Fatur

		 	Name: Kenneth J. Fatur
		 	Title: Managing Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	ROYAL BANK OF CANADA
		
	By	 	 /s/ James S. Wolfe

		 	Name: James S. Wolfe
		 	 Title: Managing Director, Head of Global

          Leveraged Finance

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	UBS AG, STAMFORD BRANCH
		
	By	 	 /s/ John Stroll

		 	Name: John Stroll
		 	Title: Director
		
	By	 	 /s/ James Boland

		 	Name: James Boland
		 	Title: Managing Director
	
	UBS SECURITIES LLC
		
	By	 	 /s/ John Stroll

		 	Name: John Stroll
		 	Title: Director
		
	By	 	 /s/ James Boland

		 	Name: James Boland
		 	Title: Managing Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	NATIXIS, NEW YORK BRANCH
		
	By	 	 /s/ Jarrett C. Price

		 	Name: Jarrett C. Price
		 	Title: Director
		
	By	 	 /s/ Timothy L. Polvado

		 	Name: Timothy L. Polvado
		 	Title: Senior Managing Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	SUMITOMO MITSUI BANKING CORPORATION
		
	By	 	 /s/ James D. Weinstein

		 	Name: James D. Weinstein
		 	Title: Managing Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	
	CREDIT SUISSE SECURITIES (USA) LLC
		
	By	 	 /s/ SoVonna Day-Goins

	Name: SoVonna Day-Goins
	Title: Authorized Signatory
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
		
	By	 	 /s/ Nupur Kumar

	Name: Nupur Kumar
	Title: Authorized Signatory
		
	By	 	 /s/ Jayant Rao

	Name: Jayant Rao
	Title: Authorized Signatory

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By	 	 /s/ Michael A. Tribolet

	Name: Michael A. Tribolet
	Title: Managing Director
	
	WELLS FARGO SECURITIES, LLC
		 	
	By	 	 /s/ Will Alston

	Name: Will Alston
	Title: Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	INTESA SANPAOLO S.P.A., NEW YORK BRANCH
		
	By	 	 /s/ Francesco DiMario

	Name: Francesco DiMario
	Title: First Vice President
		 	
	By	 	 /s/ Nicholas A. Matacchieri

	Name: Nicholas A. Matacchieri
	Title: Vice President

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
		
	By	 	 /s/ Sherwin Brandford

	Name: Sherwin Brandford
	Title: Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	GOLDMAN SACHS BANK USA
		
	By	 	 /s/ Charles D. Johnston

	Name: Charles D. Johnston
	Title: Authorized Signatory

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	ABN AMRO CAPITAL USA LLC
		
	By	 	 /s/ Eric E. Altmann

	Name: Eric E. Altmann
	Title: Managing Director
		 	
	By	 	 /s/ R. Bisscheroux

	Name: R. Bisscheroux
	Title: Director
		 	
	ABN AMRO SECURITIES (USA) LLC
		 	
	By	 	 /s/ Alexander C. Lange

	Name: Alexander C. Lange
	Title: Managing Director
		 	
	By	 	 /s/ Sander Spierings

	Name: Sander Spierings
	Title: Executive Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	TD SECURITIES (USA) LLC
		
	By	 	 /s/ Marin L. Gagliardi

	Name: Marin L. Gagliardi
	Title: Managing Director
	
	TORONTO DOMINION (TEXAS) LLC
		
	By	 	 /s/ Martin T. Snyder

	Name: Martin T. Snyder
	Title: Vice President

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	MIZUHO BANK, LTD.
		
	By	 	 /s/ Leon Mo

	Name: Leon Mo
	Title: Authorized Signatory

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	DNB MARKETS, INC.
		
	By	 	 /s/ Daniel M. Hochstadt

	Name: Daniel M. Hochstadt
	Title: Managing Director
		
	By	 	 /s/ Tor Ivar Hansen

	Name: Tor Ivar Hansen
	Title: Managing Director
	
	DNB CAPITAL LLC
		
	By	 	 /s/ Sybille Andaur

	Name: Sybille Andaur
	Title: Vice President
		
	By	 	 /s/ Anders Platou

	Name: Anders Platou
	Title: Senior Vice President

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	BANK OF AMERICA, N.A.
		
	By	 	 /s/ Adam H. Fey

	Name: Adam H. Fey
	Title: Director
	
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
		
	By	 	 /s/ Jeffrey Bloomquist

	Name: Jeffrey Bloomquist
	Title: Managing Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	BNP PARIBAS
		
	By	 	 /s/ Nicolas Rabier

	Name: Nicolas Rabier
	Title: Managing Director
		
	By	 	 /s/ Ade Adedeji

	Name: Ade Adedeji
	Title: Vice President
	
	BNP PARIBAS SECURITIES CORP.
		
	By	 	 /s/ Nicolas Rabier

	Name: Nicolas Rabier
	Title: Managing Director
		
	By	 	 /s/ Ade Adedeji

	Name: Ade Adedeji
	Title: Vice President

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 
			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By	 	 /s/ Dixon Schultz

	Name: Dixon Schultz
	Title: Managing Director
		
	By	 	 /s/ David Gurghigian

	Name: David Gurghigian
	Title: Managing Director

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

			
	Accepted and agreed to as of the date first above written:
	
	ENERGY TRANSFER EQUITY, L.P.
	  By: LE GP, LLC, its general partner
		
	By	 	 /s/ Jamie Welch

	      Name: Jamie Welch
	      Title: Chief Financial Officer

  
 Signature Page to Amended
and Restated Commitment Letter (Project Down Under) 

 ANNEX I 

PROJECT DOWN UNDER 

$6.05 Billion 364-day Senior Secured Bridge Term Loan Credit Facility 

Summary of Principal Terms and Conditions 
  

			
	Borrower:	  	Energy Transfer Equity, L.P., a Delaware limited partnership (the “Borrower”).
		
	Transactions:	  	 Pursuant to the transactions contemplated by that certain agreement and plan of merger (the “Merger Agreement”) dated
as of September 28, 2015 among the Borrower, LE GP, LLC, a Delaware limited liability company, Energy Transfer Equity GP, LLC, a Delaware limited liability company, Energy Transfer Corp LP, a Delaware limited partnership
(“ETC”), ETE Corp GP, LLC, a Delaware limited liability company and The Williams Companies, Inc., a Delaware corporation (“Target”), ETC intends to merge (the “Merger”) with the
Target and the Borrower, directly or through one or more of its wholly owned domestic subsidiaries, intends to acquire (the “Drop Down” and together with the Merger, the “Merger Transactions”) all of
the assets and liabilities of Target (including the general partner, incentive distribution right and limited partnership interests in Williams Partners L.P., a Delaware limited partnership (“MLP Target” and together with any
other subsidiaries of Target, the “Target Subs”)) in exchange for the Consideration (as defined below). In connection with the Merger Transactions, the Borrower will (i) obtain a 364-day senior secured bridge term loan credit
facility described below under the caption “Bridge Facility” and (ii) pay the fees and expenses incurred in connection with the foregoing (the “Transaction Costs”). The Borrower’s Existing Indebtedness shall
remain outstanding. The transactions described in this paragraph are collectively referred to herein as the “Transactions”.
  

For purposes hereof, “Consideration” means approximately 1.195 billion shares of equity in ETC and up to $6.05 billion in cash
consideration funded from the proceeds of the Bridge Facility or a replacement financing in lieu thereof.

		
	Agent:	  	Morgan Stanley Senior Funding Inc., acting through one or more of its branches or affiliates (“MSSF”), will act as sole administrative agent (in such capacity, the “Agent”) for a
syndicate of banks, financial institutions and other institutional lenders acceptable to the Borrower (together with MSSF, the “Lenders”), and will perform the duties customarily associated with such roles.

			
	Joint Bookrunners and Joint Lead Arrangers:	  	MSSF, Citigroup Global Markets Inc. (“CGMI”), Deutsche Bank Securities Inc. (“DBSI”), J.P. Morgan Securities LLC (“JPMorgan”), RBC Capital Markets
(“RBCCM”), UBS Securities LLC (“UBSS”), Natixis, New York Branch (acting through such of its affiliates or branches as it deems appropriate), Sumitomo Mitsui Banking Corporation, Credit Suisse
Securities (USA) LLC, Wells Fargo Securities, LLC, Intesa Sanpaolo S.p.A., New York Branch, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Goldman Sachs Bank USA, ABN AMRO Capital USA LLC, ABN AMRO Securities (USA) LLC, TD Securities (USA) LLC, Mizuho
Bank, Ltd., DNB Markets, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp. and Credit Agricole Corporate and Investment Bank will act as joint bookrunners and joint lead arrangers for the Bridge Facility
described below (in such capacity, the “Arrangers”), and will perform the duties customarily associated with such roles.
		
	Co-Syndication Agents:	  	UBSS, DBSI and JPM Bank will each act as co-syndication agents for the Bridge Facility described below (in such capacity, the “Co-Syndication Agents”).
		
	Co-Documentation Agents:	  	CGMI and RBCCM will each act as co-documentation agents for the Bridge Facility described below (in such capacity, the “Co-Documentation Agents”).
		
	Bridge Facility:	  	A 364-day senior secured bridge term loan credit facility in an aggregate principal amount of $6.05 billion (or such lesser amount as you may elect to borrow in your sole discretion) (the “Bridge
Facility”).
		
	Purpose:	  	The proceeds of the Bridge Facility will be used by the Borrower on the date of the borrowing under the Bridge Facility (the “Closing Date”), solely (a) to fund a portion of the Consideration and (b) to pay
the Transaction Costs.
		
	Availability:	  	The Bridge Facility must be drawn in a single borrowing on the Closing Date which shall occur on or prior to the Outside Date. Amounts borrowed under the Bridge Facility that are repaid or prepaid may not be reborrowed.
		
	Guarantees:	  	 Each existing and subsequently acquired or organized subsidiary of the Borrower that is a guarantor under the Existing Indebtedness will
guarantee (the “Guarantees”) the loans under the Bridge Facility on a senior basis.
  

On the Closing Date, there will be no Guarantees.

  
 2 

			
	Collateral:	  	 Subject to the limitations set forth below in this section, and, on the Closing Date, the Certain Funds Provision, the Bridge Facility will
be secured by the same collateral that secures the Existing Indebtedness including, without limitation, by (a) a perfected first-priority lien on, and pledge of, (i) all of the equity interests of each restricted subsidiary of the Borrower, and (ii)
all of the limited partner units held, directly or indirectly by the Borrower in Energy Transfer Partners, L.P., and (b) subject to limitations set forth below, a perfected first priority lien on, and security interest in, substantially all of the
other tangible and intangible assets of the Borrower and its restricted subsidiaries (collectively, the “Collateral”). For the avoidance of doubt, consistent with the Existing Indebtedness, the Collateral shall exclude (a)
all of the incentive distribution rights and general partner interests held indirectly by the Borrower in Energy Transfer Partners, L.P. or any other master limited partnership (“MLP”) now or hereafter owned by the Borrower
or any restricted subsidiary, (b) any real property (owned or leased) by the Borrower or any restricted subsidiary, (c) those assets over which the granting of security interests in such assets would be prohibited by contract (including permitted
liens, leases and licenses), applicable law or regulation (in each case, except to the extent such prohibition is unenforceable after giving effect to applicable provisions of the Uniform Commercial Code, other than proceeds thereof, the assignment
of which is expressly deemed effective under the Uniform Commercial Code notwithstanding such prohibitions) or to the extent that such security interests would require obtaining the consent of any governmental authority or would result in materially
adverse tax consequences as reasonably determined by the Borrower and (d) those assets as to which the Agent and the Borrower reasonably determine that the cost of obtaining such a security interest or perfection thereof are excessive in relation to
the benefit to the Lenders of the security to be afforded thereby.
  
 Notwithstanding the
foregoing, consistent with the Existing Indebtedness, the Borrower will not be required to take any action with respect to the perfection of security interests in (a) motor vehicles and other assets subject to certificates of title,
(b)

  
 3 

			
		  	 letter of credit rights (other than to the extent such rights can be perfected by filing a UCC-1), (c) immaterial commercial tort claims, and
(d) any assets specifically requiring perfection through control, control agreements or other control arrangements (other than control of pledged capital stock (whether certificated or uncertificated) to the extent required above), including deposit
accounts, securities accounts and commodities accounts.
  
 It is hereby understood and
agreed that the Bridge Facility will be secured on a pari passu basis with (a) that certain Credit Agreement dated as of December 2, 2013 among the Borrower, Credit Suisse AG, Cayman Islands Branch (“CS”) as
administrative agent for the financial institutions party thereto from time to time as lenders thereunder and the other lenders and agents party thereto from time to time (as amended by that certain Incremental Commitment Agreement No. 1 dated
February 19, 2014, that certain Amendment and Incremental Commitment Agreement No. 2 dated May 6, 2014 and that certain Amendment and Incremental Commitment Agreement No. 3 dated February 10, 2015 and as further amended, amended and
restated, supplemented or otherwise modified, the facility thereunder, the “Existing Revolving Facility”), (b) that certain Senior Secured Term Loan Agreement dated as of December 2, 2013 among the Borrower, CS as
administrative agent for the financial institutions party thereto from time to time as lenders thereunder and the other lenders and agents party thereto from time to time (as amended by that certain Incremental Loan Agreement No. 1 dated
April 16, 2014 and as further amended, amended and restated, supplemented or otherwise modified, the facility thereunder, the “Existing Term Facility”), (c) that certain Senior Secured Term Loan C Agreement dated as of
March 5, 2015 among the Borrower, CS as administrative agent for the financial institutions party thereto from time to time as lenders thereunder and the other lenders and agents party thereto from time to time (as amended, amended and
restated, supplemented or otherwise modified, the facility thereunder, the “Existing Term C Facility”), (d) the senior note obligations arising under that certain Indenture dated September 20, 2010 between the Borrower,
as issuer and the U.S. Bank National Association, as trustee (the “Trustee”) (as supplemented by the First Supplemental Indenture dated as of September 20, 2010, by the Second Supplemental Indenture dated as of
December 20,

  
 4 

			
		  	2011, the Second Supplemental Indenture dated as of February 16, 2012, by the Third Supplemental Indenture dated as of April 24, 2012, by the Fourth Supplemental Indenture dated as of December 2, 2013, by the Fifth
Supplemental Indenture dated as of May 28, 2014, by the Sixth Supplemental Indenture dated as of May 28, 2014 and as from time to time further amended, supplemented, restated, modified, replaced or refinanced in whole or in part, the
obligations of the Borrower thereunder, the “Senior Note Obligations”; together with the Existing Term C Facility, the Existing Term Facility and the Existing Revolving Facility, collectively, the “Existing
Indebtedness”) and (e) the senior note obligations arising under each of (i) that certain Senior Indenture dated February 25, 1997 between the Target (formerly MAPCO Inc.), as issuer and Bank One Trust Company, N.A. (formerly The
First National Bank of Chicago), as trustee (as supplemented by the Supplemental Indenture No. 1 dated as of March 5, 1997, the Supplemental Indenture No. 2 dated as of March 5, 1997, the Supplemental Indenture No. 3 dated as of
March 31, 1998, the Supplemental Indenture No. 4 dated as of June 30, 1999, the Fifth Supplemental Indenture dated as of January 17, 2001, the Seventh Supplemental Indenture dated as of March 18, 2002, the Eleventh Supplemental
Indenture dated as of February 1, 2010, the Fifth Supplemental Indenture dated as of February 1, 2010 and as from time to time further amended, supplemented, restated, modified, replaced or refinanced in whole or in part), (ii) that
certain Indenture dated May 28, 2003 between the Target, as issuer and JPMorgan Chase Bank, as trustee (as from time to time further amended, supplemented, restated, modified, replaced or refinanced in whole or in part), (iii) that certain
Indenture dated March 5, 2009 between the Target, as issuer and The Bank of New York Mellon Trust Company, N.A., as trustee (as supplemented by the First Supplemental Indenture dated as of February 1, 2010 and as from time to time further
amended, supplemented, restated, modified, replaced or refinanced in whole or in part), and (iv) that certain Indenture dated December 18, 2012 between the Target, as issuer and The Bank of New York Mellon Trust Company, N.A., as trustee (as
supplemented by the First Supplemental Indenture dated as of December 18, 2012, the Second Supplemental Indenture dated as of June 24, 2014 and as from time to time further amended, supplemented, restated, modified, replaced or refinanced
in whole or in part),

  
 5 

			
		  	which obligations will be assumed by the Borrower in connection with the Transactions (the obligations of the Borrower thereunder, the “Assumed Note Obligations”; together with the Existing Indebtedness the
“Secured Indebtedness”) by execution of appropriate joinder documentation with respect to certain collateral trust arrangements whereby the Trustee has agreed to act as common collateral agent with respect to the collateral
security securing the payment and performance of all of the Secured Indebtedness.
		
	Collateral Release Date:	  	The Collateral with respect to the Bridge Facility shall be automatically released upon the Borrower obtaining an Investment Grade Rating (as defined below) and the Agent, at the expense of the Borrower, shall promptly execute and
deliver to the Borrower or its designee such UCC termination statements and other documentation as shall be reasonably requested by the Borrower to evidence such lien release.
		
	Interest Rates and Fees:	  	As set forth on Annex I hereto.
		
	Default Rate:	  	The applicable interest rate plus 2.0% per annum.
		
	Final Maturity, Amortization:	  	The Bridge Facility will mature on the date that is 364 days after the Closing Date (the “Maturity Date”). There will be no scheduled amortization.
		
	Term-Out Option:	  	The Borrower shall have the right to elect to extend the Maturity Date to the date that is 24 months after the Closing Date (the “Term-Out Loans”), subject to (i) the provision of 30 days prior written notice
of the intent to exercise such election and (ii) payment of the Term-Out Fee (as defined in Annex I).
		
	Mandatory Prepayments and Commitment Reductions:	  	After the Closing Date, the aggregate loans under the Bridge Facility shall be prepaid, in each case, dollar-for-dollar, by the following amounts:
		
		  	(a) to the extent permitted by the Existing Indebtedness, 50% of the net cash proceeds received from dispositions of incentive distribution rights in Energy Transfer Partners, L.P. held by the Borrower and its restricted
subsidiaries, subject to exceptions and reinvestment provisions consistent with the Documentation Principles; and
		
		  	(b) 100% of the net cash proceeds received by the Borrower or any restricted subsidiary of the Borrower from any incurrence of debt for borrowed money other than (i) any intercompany debt of the Borrower or any of its wholly-owned
subsidiaries, (ii) any debt of the Borrower or any of its subsidiaries incurred in respect of the Assumed Note Obligations, (iii) any

  
 6 

			
		  	 debt of the Borrower or any of its subsidiaries incurred in the ordinary course under any Existing Indebtedness (which shall include, for the
avoidance of doubt, the Existing Revolving Facility, the Existing Term Facility, the Existing Term C Facility and the Senior Note Obligations as in effect on the date the Commitment Letter is signed by all parties thereto and increases thereof),
(iv) any debt of the Borrower or any of its unrestricted subsidiaries (including, for the avoidance of doubt, the Target MLP, each other Target Sub, Energy Transfer Partners, L.P., Sunoco LP, Energy Transfer LNG Holdings, LLC, Energy Transfer LNG
Export, LLC, Energy Transfer Crude Oil Company LLC, Trunkline LNG Company, LLC, Sunoco Logistics Partners L.P., Dakota Access Holdings LLC, Dakota Access, LLC, ETCO Holdings LLC, ET Crude Oil Terminals, LLC, ETC Illinois LLC, each of their
respective subsidiaries and any other entity or entities created or acquired to undertake the construction, financing or operation of the Lake Charles liquefaction facility, the Lake Charles regasification facility) incurred in connection with the
construction, financing or operation of the Lake Charles liquefaction facility or Lake Charles regasification facility, (v) any debt of the Borrower or any of its subsidiaries incurred for the buyback of units in the Borrower, and (vi) other debt
for borrowed money to be agreed upon.
  
 For purposes hereof, “Investment
Grade Ratings” shall mean the long-term, senior non-credit enhanced debt of the Borrower being rated (by any two of S&P, Moody’s and Fitch) at least BBB- or better by S&P (or the equivalent under any successor rating
category of S&P), Baa3 or better by Moody’s (or the equivalent under any successor rating category of Moody’s) or BBB- or better by Fitch (or the equivalent under any successor rating category of Fitch).

		
		  	On or prior to the Closing Date, the aggregate commitments in respect of the Bridge Facility under the Commitment Letters shall be permanently reduced by 100% of the net cash proceeds from any issuance of equity or equity-linked
securities (in a public offering or private placement) by the Borrower other than (i) any equity issued pursuant to any employee stock plan or employee compensation plan in effect as of the date the Commitment Letter is signed by all parties
thereto, (ii) any equity issued by the Borrower, any restricted subsidiary or the Up-C Entity as part of the transactions contemplated by the Merger

  
 7 

			
		  	 Agreement, (iii) any issuance or transfer of equity interests by the Borrower or any restricted subsidiary to the Up-C Entity for cash or
other consideration which equity interests are utilized by the Up-C Entity in an Up-C Exchange Transaction and (iv) other exceptions to be agreed upon.
  

For purposes hereof, (i) “Up-C Entity” means an affiliate of the Borrower which is structured as a limited partnership that elects to
be treated as a C-Corp for federal income tax purposes and (ii) “Up-C Exchange Transaction” means an exchange of equity interests in the Up-C Entity for outstanding common units of the Borrower following the initial public
offering of equity interests by the Up-C Entity.

		
	Voluntary Prepayments and Reductions in Commitments:	  	Voluntary reductions of the unutilized portion of the commitments under the Bridge Facility and prepayments of borrowings thereunder will be permitted at any time, in minimum principal amounts to be agreed upon, without premium or
penalty, subject to reimbursement of the Lenders’ redeployment costs in the case of a prepayment of Adjusted LIBOR borrowings other than on the last day of the relevant interest period.
		
	Documentation Principles:	  	The definitive documentation for the Bridge Facility shall be negotiated in good faith, giving effect to the Certain Funds Provision, as promptly as reasonably practicable and shall contain the terms and conditions set forth in this
Term Sheet and shall contain only those payments, conditions to borrowing, mandatory prepayments, representations, warranties, covenants and events of default expressly set forth in this Term Sheet applicable to the Borrower and its restricted
subsidiaries and shall otherwise include terms and conditions consistent with the terms and conditions set forth in the Existing Revolving Facility, Existing Term Facility and the Existing Term C Facility, as applicable, with such modifications to
the foregoing as may be mutually agreed and reflect reasonable administrative agency and operational needs of the Agent (collectively, the “Documentation Principles”).
		
	Representations and Warranties:	  	Same as those in the Existing Revolving Facility, (to be applicable to the Borrower and its restricted subsidiaries) including only the following: corporate status; authority; no conflict; financial condition (including audited
financial statements, interim financial statements and no material adverse change); enforceable obligations; rights to properties;

  
 8 

			
		
		  	litigation; no violation; ERISA; Investment Company Act; tax returns and payments; compliance with laws (including PATRIOT Act, OFAC, FCPA and margin regulations); no default; environmental matters; solvency; full disclosure;
subsidiaries; status as senior debt; and validity, priority and perfection of security interests, in each case subject to exceptions to permit the Transactions and others to be agreed upon.
		
	Conditions Precedent to Borrowing:	  	Subject to the Certain Funds Provision, the borrowing under the Bridge Facility will be subject solely to the conditions precedent set forth in Section 6 of the Commitment Letter and Exhibit B to the Commitment Letter.
		
	Affirmative Covenants:	  	Same as those in the Existing Revolving Facility (to be applicable to the Borrower and its restricted subsidiaries), including only the following: payment and performance; information (including, annual financial statements,
quarterly financial statements, officers’ certificates, default, securities laws filings, ERISA matters, PATRIOT Act and other financial information); notice of material events; maintenance of property; maintenance of insurance; maintenance of
existence and qualification; compliance with laws (including PATRIOT Act, OFAC, FCPA and margin regulations); payment of trade liabilities, taxes, etc.; books and records; environmental matters; further assurances; guarantees of subsidiaries; other
business covenants; restricted/unrestricted subsidiaries; and securities demand and cooperation, in each case subject to exceptions to permit the Transactions and others to be agreed upon.
		
	Negative Covenants:	  	Same as those in the Existing Revolving Facility (to be applicable to the Borrower and its restricted subsidiaries), including only the following: limitations on liens and sale-leaseback
transactions; limitations on mergers or consolidation (provided that, consistent with the Existing Revolving Facility, the Borrower shall be permitted to merge or consolidate with another person and not be the surviving entity subject only to
(i) pro forma compliance with the Leverage Ratio, (ii) the surviving entity expressly assuming the Existing Indebtedness and the obligations under the Bridge Facility and (iii) receipt of a ratings confirmation from each of S&P and Moody’s
confirming that the surviving entity’s rating shall be equal to or higher than the Borrower’s rating as of September 28, 2015); limitations on asset sales (provided that, consistent with the Existing Revolving Facility, the Borrower
and its restricted subsidiaries

  
 9 

			
		  	shall be permitted to dispose of assets (other than the general partnership interests in Energy Transfer Partners, L.P. held by the Borrower and its restricted subsidiaries) (i) with respect to general partnership interests and
incentive distribution rights in MLPs acquired or formed after the Closing Date and held by the Borrower and its restricted subsidiaries, without restriction and (ii) with respect to all other assets, subject only to (A) pro forma compliance with
the Leverage Ratio, (B) no event of default having occurred or continuing at the time of or after giving effect to such asset sale, and (C) with respect to dispositions of incentive distribution rights in Energy Transfer Partners, L.P. held by the
Borrower and its restricted subsidiaries, compliance with the mandatory prepayment requirements); limitations on restrictive agreements and negative pledge agreements; limitations on debt (provided that, consistent with the Existing Revolving
Facility, the Borrower and its restricted subsidiaries shall be permitted to incur debt, whether or not secured, subject only to (i) pro forma compliance with the Leverage Ratio and (ii) no event of default having occurred or continuing at the time
of or after giving effect to such incurrence); limitations on restricted payments, including dividends on, and redemptions and repurchases of, equity interests and other restricted payments (provided that, consistent with the Existing
Revolving Facility, the Borrower shall be permitted to make distributions subject only to no event of default having occurred or continuing at the time of or after giving effect to such restricted payment); limitations on investments in and
acquisitions of entities or business units (provided that, consistent with the Existing Revolving Facility, investments and acquisitions shall be permitted subject only to (i) pro forma compliance with the Leverage Ratio and (ii) no event of
default having occurred or continuing at the time of or after giving effect to such investment or acquisition); limitations on transactions with affiliates (provided that, consistent with the Existing Revolving Facility, transactions that are
otherwise permitted under the Facility Documentation shall be expressly permitted); limitations on amendments or waivers of certain agreements; limitations on comingling of deposit accounts; limitations on changes to fiscal year; limitations on
changes to conduct of business; and limitations on hedging contracts, in each case subject to exceptions to permit the Transactions and others to be agreed upon.

  
 10 

			
	Financial Covenant:	  	Same as those in the Existing Revolving Facility.
		
	Unrestricted Subsidiary:	  	 The Borrower will be permitted to designate any existing or subsequently acquired or organized subsidiary as an “unrestricted
subsidiary” and subsequently re-designate any such unrestricted subsidiary as a restricted subsidiary so long as the designation of an “unrestricted subsidiary” is treated as an investment by the Borrower at such time. Unrestricted
subsidiaries will not be subject to the representations and warranties, affirmative or negative covenants or event of default provisions of the Bridge Facility.
  

The Bridge Facility shall permit the Borrower and its restricted subsidiaries to provide certain credit support to unrestricted subsidiaries to the same extent
permitted pursuant to the Existing Indebtedness.
  
 Unrestricted Subsidiaries shall
initially include, without limitation, the Target MLP, each other Target Sub, Energy Transfer Partners, L.P., Sunoco LP, Energy Transfer LNG Holdings, LLC, Energy Transfer LNG Export, LLC, Energy Transfer Crude Oil Company, LLC, Trunkline LNG
Company, LLC, Sunoco Logistics Partners L.P., each of their respective subsidiaries and any other entity or entities created or acquired to undertake the construction, financing or operation of the Lake Charles liquefaction facility or Lake Charles
regasification facility.

		
	Events of Default:	  	Same as those in the Existing Revolving Facility (to be applicable to the Borrower and its restricted subsidiaries), including only the following (subject, where appropriate, to thresholds and grace periods consistent with the
Existing Revolving Facility): nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; cross payment default and cross acceleration for non-payment defaults;
bankruptcy; material judgments; ERISA events; actual or asserted invalidity of Guarantees or security documents; and change of control; in each case subject to exceptions to permit the Transactions and others to be agreed upon.
		
	Voting:	  	Amendments and waivers of the definitive credit documentation will require the approval of Lenders holding more than 50% of the aggregate amount of the loans and commitments under the Bridge Facility

  
 11 

			
		  	 (“Majority Lenders”), except that the consent of (a) each affected Lender shall be required with respect to (i)
increases in the commitment of such Lender, (ii) reductions or forgiveness of principal, interest or fees payable to such Lender (other than with respect to any waiver of an obligation to pay interest or fees at the Default Rate which shall require
the consent of the Majority Lenders), (iii) extensions of the Maturity Date or of the date for payment to such Lender of any interest or fees and (iv) changes that impose any additional restriction on such Lender’s ability to assign any of its
rights or obligations, and (b) each Lender shall be required with respect to (i) modifications to certain provisions requiring the pro rata treatment of Lenders and (ii) modification to voting requirements or percentages.

 
 Notwithstanding the foregoing, (a) certain matters under the Bridge Facility shall require
the approval of a combined majority of the lenders under the Existing Indebtedness and the Bridge Facility in a manner consistent with the provisions regarding amendments and waivers set forth in the Existing Term C Facility and (b) releases of all
or substantially all of the value of the Guarantees or Collateral (except in connection with the Borrower’s receipt of an Investment Grade Rating) shall require the approval of a combined majority of the lenders under the Existing Indebtedness
and the Bridge Facility in a manner to be agreed.

		
	Cost and Yield Protection:	  	Usual for facilities and transactions of this type, including customary tax gross-up provisions (provided that (i) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision or by United States or foreign regulatory authorities, in each case pursuant to Basel III, and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof, shall in each case be deemed to be a change in law under the Facility Documentation, regardless of the date enacted, adopted, issued
or implemented).
		
	Assignments and Participations:	  	The Lenders will be permitted to assign commitments under the Bridge Facility with the consent of the Borrower, not to be unreasonably withheld or delayed; provided that such consent of the Borrower (x) shall not be required
(i) if such assignment is made to another Lender under the Bridge Facility or

  
 12 

			
		  	 an affiliate or approved fund of any such Lender, (ii) if such assignment is made to a Permitted Assignee or (iii) after the occurrence and
during the continuance of an event of default and (y) shall be deemed to have been given if the Borrower has not responded within five business days of a request for such consent. Each assignment will be in an amount of an integral multiple of
$1,000,000. Assignments will be by novation.
  
 The Lenders will be permitted to sell
participations in loans and commitments without restriction. Voting rights of participants shall be limited to matters in respect of (a) increases in commitments of such participant, (b) reductions of principal, interest or fees payable to such
participant, (c) extensions of final maturity of the loans or commitments in which such participant participates and (d) releases of all or substantially all of the value of the Guarantees or the Collateral.

		
	Expenses and Indemnification:	  	The Borrower will indemnify the Arrangers, the Agent, the Co-Syndication Agents, the Co-Documentation Agents, the Lenders, their respective affiliates, successors and assigns and the officers, directors, employees, agents, advisors,
controlling persons and members of each of the foregoing (each, an “Indemnified Person”) and hold them harmless from and against all reasonable out of pocket costs, expenses (including reasonable fees, disbursements and other
charges of counsel) and liabilities of such Indemnified Person arising out of or relating to any claim or any litigation or other proceeding (regardless of whether such Indemnified Person is a party thereto and regardless of whether such matter is
initiated by a third party or by the Borrower, the Target or any of their respective affiliates or equity holders) that relates to the Transactions, including the financing contemplated hereby, the Merger Transactions or any transactions in
connection therewith; provided that no Indemnified Person will be indemnified for any cost, expense or liability to the extent determined in the final, non-appealable judgment of a court of competent jurisdiction to have resulted (a) from its
gross negligence or willful misconduct or (b) from a breach in bad faith of its funding obligations as of the Closing Date. In addition, the Borrower shall pay all reasonable, out-of-pocket expenses (including, without limitation, fees,
disbursements and other charges of counsel) of (a) the Arrangers, the Agent, the Co-Syndication Agents and the Co-

  
 13 

			
		  	Documentation Agents in connection with the syndication of the Bridge Facility, the preparation and administration of the definitive documentation, and amendments, modifications and waivers thereto, and (b) the Arrangers, the Agent,
the Co-Syndication Agents, the Co-Documentation Agents and the Lenders for enforcement costs and documentary taxes associated with the Bridge Facility.
		
	Governing Law and Forum:	  	New York.
		
	Counsel to Agent and Arrangers:	  	Andrews Kurth LLP.

  
 14 

 ANNEX I 
  

			
	Interest Rates:	  	 The interest rates under the Bridge Facility will be, at the option of the Borrower, Adjusted LIBOR plus the Applicable Adjusted LIBOR Margin
(as defined below) or ABR plus the Applicable ABR Margin (as defined below); provided that in no event shall the interest rate on the Bridge Facility exceed 5.50%.
  

The Borrower may elect interest periods of 1, 2, 3 or 6 months for Adjusted LIBOR borrowings.

 
 Calculation of interest shall be on the basis of the actual days elapsed in a year of 360
days (or 365 or 366 days, as the case may be, in the case of ABR loans based on MSSF’s Prime Rate) and interest shall be payable at the end of each interest period and, in any event, at least every three months.

 
 ABR is the Alternate Base Rate, which is the highest of (a) MSSF’s Prime Rate, (b)
the Federal Funds Effective Rate plus  1⁄2 of 1.0%, and (c) Adjusted LIBOR for a one-month interest period, plus 1.0%.

 
 Adjusted LIBOR will at all times include statutory reserves.

		
	Pricing Definitions:	  	For the purposes hereof, the terms “Applicable Adjusted LIBOR Margin” shall mean for the period commencing on the Closing Date and ending on the 270th day thereafter, a rate per annum of 1.50%, increasing to
a rate per annum of 2.50% 270 days after the Closing Date, further increasing to a rate of 3.50% per annum 360 days after the Closing Date and “Applicable ABR Margin” shall mean for the period commencing on the Closing Date
and ending on the 270th day thereafter, a rate per annum of 0.50%, increasing to a rate per annum of 1.50% 270 days after the Closing Date, further increasing to a rate of 2.50% per annum 360 days after the Closing Date.
		
	Duration Fees:	  	The Borrower will pay a fee (the “Duration Fee”), for the ratable benefit of the Lenders, in an amount equal to (i) 0.50% of the aggregate principal amount of the loans and commitments under the Bridge
Facility outstanding on the date which is 180 days after the Closing Date, due and payable in cash on such 180th day (or if such day is not a business day, the next business day); (ii) 0.75% of the aggregate principal amount of the loans and
commitments under the Bridge Facility outstanding on the date which is 270 days after the Closing Date, due and payable in cash on such 270th day (or if such day is not a business day, the next business day); and (iii)

			
		  	1.00% of the aggregate principal amount of the loans and commitments under the Bridge Facility outstanding on the date which is 365 days after the Closing Date, due and payable in cash on such 365th day (or if such day is not a
business day, the next business day).
		
	Term-Out Fee:	  	The Borrower will pay a fee in an amount equal to 0.75% of the aggregate principal amount of the Term-Out Loans (the “Term-Out Fee”). The Term-Out Fee will be payable on the effective date of exercise of the
Term-Out Option.

  
 16 

 EXHIBIT B 

PROJECT DOWN UNDER 

$6.05 Billion 364-Day Senior Secured Bridge Term Loan Credit Facility 

Summary of Additional Conditions Precedent 

The borrowing under the Bridge Facility shall be subject to the following additional conditions precedent: 

1. The Merger Transactions shall be consummated simultaneously with the closing under the Bridge Facility in accordance with the Merger
Agreement and the other Transactions shall be consummated substantially contemporaneously therewith; the Merger Agreement shall not have been amended or modified, and no condition shall have been waived or consent granted, in each case, in any
respect that is material and adverse to the Lenders or the Arrangers without the prior written consent of a majority of the Arrangers (such consent not to be unreasonably withheld or delayed). 

2. The Arrangers shall have received (a) U.S. GAAP audited consolidated balance sheets and related statements of income, partners’
equity and cash flows of each of the Borrower and the Target for the three most recent fiscal years ended at least 90 days prior to the Closing Date and (b) U.S. GAAP unaudited consolidated and (to the extent available) consolidating balance
sheets and related statements of income, partners’ equity and cash flows of each of the Borrower and the Target for each subsequent fiscal quarter (other than any fourth fiscal quarter) ended at least 45 days before the Closing Date. 

3. The Arrangers shall have received a pro forma consolidated balance sheet and related pro forma consolidated statements of income and cash
flows of the Borrower as of and for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period for which financial statements have been delivered pursuant to paragraph 3 above, prepared after giving
effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such other financial statements). 

4. The Agent shall have received customary legal opinions, corporate organizational documents, good standing certificates, resolutions and
other customary closing certificates. 
 5. The Agent shall have received a certificate from the chief financial officer of the Borrower in
form and substance reasonably satisfactory to the Agent certifying that the Borrower and its subsidiaries, on a consolidated basis after giving effect to the Transactions and the other transactions contemplated hereby, are solvent. It is understood
and agreed that the solvency certificate in the form attached hereto on Schedule I shall be deemed to be in a form satisfactory to the Agent. 

6. Subject to the Certain Funds Provision, all documents and instruments required to perfect the security interests granted to the Agent (or
the Trustee on behalf of the Agent) in the Collateral under the Bridge Facility shall have been executed and delivered and, if applicable, be in the proper form for filing. 

7. The Arrangers, the Agent, the Co-Syndication Agents, the Co-Documentation Agents and the Lenders shall have received all fees and expenses
invoiced at least two (2) days prior to the Closing Date required to be paid on or prior to the Closing Date. 

 8. The Arrangers shall have received, at least five business days prior to the Closing Date, all
documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act to the extent that such
information is requested at least seven days prior to the Closing Date. 

  
 B-2 

 SCHEDULE I 

Form of Solvency Certificate 

[See following page] 

 SOLVENCY CERTIFICATE 

OF 
 ENERGY TRANSFER
EQUITY, L.P. AND ITS SUBSIDIARIES 
 [      ], 201     

This Solvency Certificate (the “Certificate”) of Energy Transfer Equity, L.P., a Delaware limited partnership (the
“Borrower”), and its Subsidiaries is delivered pursuant to Section [    ] of the 364-Day Credit Agreement dated as of [    ] 201     (the “Credit
Agreement”) by and among the Borrower, the Lenders from time to time party thereto, [    ], as Administrative Agent, [    ], as Documentation Agent, [    ], as Syndication Agent.
Unless otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Credit Agreement.2 

I, [    ], the duly elected, qualified and acting Chief Financial Officer of the Borrower, DO HEREBY CERTIFY in my
capacity as an officer of the Borrower, as follows: 
 1. I have carefully reviewed the Credit Agreement and the other [Loan Documents]
referred to therein (collectively, the “Transaction Documents”) and such other documents as I have deemed relevant and the contents of this Certificate and, in connection herewith, have made such investigation, as I have deemed
necessary therefor. Furthermore, I confirm and acknowledge that the Administrative Agent and the Lenders are relying on the truth and accuracy of this Certificate in connection with the Commitments and Loans under the Credit Agreement. 

2. As of the date hereof, before and after giving effect to the Transactions, the fair value of any and all property of the Borrower and its
Subsidiaries, on a consolidated basis, is greater than the probable liability on existing debts of the Borrower and its Subsidiaries, on a consolidated basis, as they become absolute and matured. 

3. As of the date hereof, before and after giving effect to the Transactions, the present fair saleable value of any and all property of the
Borrower and its Subsidiaries, on a consolidated basis, is greater than the probable liability on existing debts of the Borrower and its Subsidiaries, on a consolidated basis, as they become absolute and matured. 

4. As of the date hereof, before and after giving effect to the Transactions, the Borrower and its Subsidiaries, on a consolidated basis, are
solvent and are able to pay their debts (including, without limitation, contingent and subordinated liabilities) as they become absolute and mature. 

5. The Borrower and its Subsidiaries, on a consolidated basis, do not intend to, nor do they believe that they will, incur debts that would be
beyond their ability to pay as such debts mature. 
 6. As of the date hereof, before and after giving effect to Transactions, the Borrower
and its Subsidiaries are not engaged in businesses or transactions, nor about to engage in businesses or transactions, for which any property remaining would, on a consolidated basis, constitute unreasonably small capital after giving due
consideration to the prevailing practice in the industry in which they are engaged. 
 [Remainder of page intentionally left blank] 

 

	2 	Note: Description to be modified to reflect the description of the final Credit Agreement. Defined terms used herein shall also be modified to reflect the defined terms used in the final Credit Agreement.

 IN WITNESS WHEREOF, I have executed this Certificate as of the date first written above. 

 

			
	By:	 	  

		 	Name:
		 	Title: Chief Financial OfficerExhibit

EXHIBIT 10.1

Remark Media, Inc.
2014 Incentive Plan
(as amended January 11, 2016)

ARTICLE 1

Establishment, Purpose, and Duration

1.1    Establishment of the Plan.  Remark Media, Inc., a Delaware corporation (together with any successor thereto as provided in Article 18, hereinafter referred to as the “Company”), hereby establishes an incentive compensation plan to be known as the 2014 Incentive Plan (hereinafter referred to as the “Plan”), as set forth in this document.  The Plan permits the grant of Cash-Based Awards, Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units and Other Stock-Based Awards (each as defined below).

The Plan is adopted and is effective as of February 17, 2014 (the “Effective Date”) and shall remain in effect as provided in Section 1.3; provided, however, no Option (as defined below) may be exercised and no other Award (as defined below) may be exercised or otherwise paid until the Plan has been approved by the Company’s stockholders at a meeting at which approval of the Plan is considered.

1.2    Purpose of the Plan.  The purpose of the Plan is to promote the interests of the Company and its stockholders by aligning the interests of the Participants, through the ownership of Shares (as defined below) and through other incentives, with the interests of the Company’s stockholders, and by providing flexibility to the Company to attract, motivate, and retain Employees (as defined below), Directors (as defined below), consultants and advisors upon whose judgment, initiative, and efforts the financial success and growth of the business of the Company largely depend.

1.3    Duration of the Plan.  Unless sooner terminated as provided herein, the Plan shall terminate 10 years from the Effective Date.  After the Plan is terminated, no Awards may be granted but Awards previously granted shall remain outstanding in accordance with their applicable terms and conditions and the Plan’s terms and conditions.

ARTICLE 2

Definitions

Whenever used in the Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter of the word shall be capitalized.

2.1    “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 promulgated under the General Rules and Regulations of the Exchange Act.

2.2    “Annual Award Limit” or “Annual Award Limits” have the meaning set forth in Section 4.3.

2.3    “Award” means, individually or collectively, a grant under the Plan of Cash-Based Awards, Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted 

Stock, Restricted Stock Units, Performance Shares, Performance Units or Other Stock-Based Awards, in each case subject to the terms of the Plan.

2.4    “Beneficial Owner” or “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3 promulgated under the General Rules and Regulations under the Exchange Act.

2.5    “Board” or “Board of Directors” means the Board of Directors of the Company.

2.6    “Cash-Based Award” means an Award granted to a Participant as described in Article 10.

2.7    “Change in Control” means a Change in Control as defined in Article 15.

2.8    “Code” means the Internal Revenue Code of 1986, as amended from time to time.

2.9    “Committee” means the Compensation Committee of the Board, or any other committee designated by the Board to administer the Plan.  The members of the Committee shall be appointed from time to time by and shall serve at the discretion of the Board.  The Committee shall consist solely of two or more directors who are “nonemployee directors” under Rule 16b-3 promulgated under the Exchange Act, “outside directors” as defined under Section 162(m) of the Code, and “independent directors” under the listing requirements of the Nasdaq Stock Market, or any similar rule or listing requirement that may be applicable to the Company from time to time.

2.10    “Company” has the meaning set forth in Section 1.1.

2.11    “Covered Employee” means a Participant who is a “covered employee,” as defined in Section 162(m) of the Code.

2.12    “Digipac” means Digipac, LLC, a Delaware limited liability company, and its Affiliates.

2.13    “Director” means a member of the Board of Directors of the Company, its Affiliates and/or Subsidiaries.

2.14    “Effective Date” has the meaning set forth in Section 1.1.

2.15    “Employee” means any employee of the Company, its Affiliates and/or Subsidiaries.

2.16    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

2.17    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.

2.18    “Evidence of Award” means an agreement, certificate, resolution or other type or form of writing or other evidence approved by the Committee which sets forth the terms and conditions of an Award.  An Evidence of Award may be in any electronic medium, may be limited to a notation on the books and records of the Company and, with the approval of the Committee, need not be signed by a representative of the Company or a Participant.

2.19    “Fair Market Value” or “FMV” means the last sales price reported for the Shares on the applicable date as reported on the principal national securities exchange in the United States on which it is 

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then traded, or, if such date is not a trading day, the last prior day on which the Shares were so traded; or if not so listed, the mean between the closing bid and asked prices of publicly traded Shares in the over-the-counter market, or, if such bid and asked prices shall not be available, as reported by any nationally recognized quotation service selected by the Company, or as determined by the Committee in a manner consistent with the provisions of the Code.  If, however, the required accounting standards used to account for equity Awards granted to Participants are substantially modified subsequent to the Effective Date such that fair value accounting for such Awards becomes required, the Committee shall have the ability to determine an Award’s FMV based on the relevant facts and circumstances, but with respect to any Options or SARs in a manner that would not subject an otherwise exempt award to the Section 409A Rules.

2.20    “Full Value Award” means an Award other than in the form of an Option or SAR, and which is settled by the issuance of Shares.

2.21    “Freestanding SAR” means a SAR that is granted independently of any Options, as described in Article 7.

2.22    “Grant Price” means the price established at the time of grant of a SAR pursuant to Article 7, used to determine whether there is any payment due upon exercise of the SAR.

2.23    “Incentive Stock Option” means an Option that is intended to qualify as an “incentive stock option” under Section 422 of the Code.

2.24    “Nonqualified Stock Option” means an Option that is not intended to meet the requirements of Section 422 of the Code, or that otherwise does not meet such requirements.

2.25    “Option” means the right to purchase Shares granted to a Participant in accordance with Article 6. 

Options granted under the Plan may be Nonqualified Stock Options, Incentive Stock Options or a combination thereof.

2.26    “Option Price” means the price at which a Share may be purchased by a Participant pursuant to an Option.

2.27    “Other Stock-Based Award” means an equity-based or equity-related Award not otherwise described by the terms of the Plan, granted pursuant to Article 10.

2.28    “Participant” means any eligible person as set forth in Section 5.1 to whom an Award is granted.

2.29    “Performance-Based Compensation” means compensation under an Award that satisfies the requirements of Section 162(m) of the Code for deductibility of remuneration paid to Covered Employees.

2.30    “Performance Measures” means measures as described in Article 11 on which the performance goals are based and which are approved by the Company’s stockholders pursuant to the Plan in order to qualify Awards as Performance-Based Compensation.

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2.31    “Performance Period” means the period of time during which the performance goals must be met in order to determine the degree of payout and/or vesting with respect to an Award.

2.32    “Performance Share” means an Award granted to a Participant, as described in Article 9.

2.33    “Performance Unit” means an Award granted to a Participant, as described in Article 9.

2.34    “Period of Restriction” means the period when Restricted Stock or Restricted Stock Units are subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code (based on the passage of time, the achievement of performance goals, or upon the occurrence of other events as determined by the Committee, in its discretion), as provided in Article 8.

2.35    “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof.

2.36    “Plan” has the meaning set forth in Section 1.1.

2.37    “Plan Year” means the Company’s fiscal year that begins January 1 and ends December 31.

2.38    “Restricted Stock” means Shares granted or sold to a Participant pursuant to Article 8 as to which the Period of Restriction has not lapsed.

2.39    “Restricted Stock Unit” means a unit granted or sold to a Participant pursuant to Article 8 as to which the Period of Restriction has not lapsed.

2.40    “Section 409A Rules” means the rules promulgated pursuant to Section 409A of the Code.

2.41    “Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor act thereto.

2.42    “Share” means a share of common stock of the Company, $0.001 par value per share.

2.43    “Stock Appreciation Right” or “SAR” means an Award, designated as a SAR and granted pursuant to the terms of Article 7 herein.

2.44    “Subsidiary” means a corporation, company or other entity (i) more than 50% of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint venture or unincorporated association), but more than 50% of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly, by the Company, except that for purposes of determining whether any person may be a Participant for purposes of any grant of Incentive Stock Options, “Subsidiary” means any corporation in which at the time the Company owns or controls, directly or indirectly, more than 50% of the total combined voting power represented by all classes of stock issued by such corporation.

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ARTICLE 3

Administration

3.1    General.  The Committee shall be responsible for administering the Plan, subject to this Article 3 and the other provisions of the Plan.  The act or determination of a majority of the Committee shall be the act or determination of the Committee and any decision reduced to writing and signed by all of the members of the Committee shall be fully effective as if it had been made by a majority at a meeting duly held.  The Committee may employ attorneys, consultants, accountants, agents, and other persons, any of whom may be an Employee, and the Committee, the Company, and its officers and Directors shall be entitled to rely upon the advice, opinions, or valuations of any such persons.  All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Participants, the Company, and all other interested persons.

3.2    Authority of the Committee.  The Committee shall have full and exclusive discretionary power to interpret the terms and the intent of the Plan and any Evidence of Award or other agreement or document ancillary to or in connection with the Plan, to determine eligibility for Awards and to adopt such rules, regulations, forms, instruments, and guidelines for administering the Plan as the Committee may deem necessary or proper.  Such authority shall include, but not be limited to, selecting Award recipients, establishing all Award terms and conditions, including the terms and conditions set forth in an Evidence of Award, and, subject to Article 16, adopting modifications and amendments to the Plan or any Evidence of Award, including without limitation, any that are necessary to comply with the laws of the countries and other jurisdictions in which the Company, its Affiliates, and/or its Subsidiaries operate.  If the Committee does not exist or is unable to act for any reason, then the Plan shall be administered by the Board, and references herein to the Committee (except in the proviso to this sentence) shall be deemed to be references to the Board.

ARTICLE 4

Shares Subject to the Plan and Maximum Awards

4.1    Number of Shares Available for Awards.
(a)Subject to adjustment as provided in Section 4.4 herein, the maximum number of Shares available for issuance to Participants under the Plan shall be 10,000,000 Shares, all of which can be Incentive Stock Options.

(b)Of the Shares reserved for issuance under Section 4.1(a) of the Plan, all of the reserved Shares may be issued pursuant to Full Value Awards.

4.2    Share Usage.  Shares covered by an Award shall only be counted as used to the extent they are actually issued.  Any Shares related to Awards which terminate by expiration, forfeiture, cancellation, or otherwise without the issuance of such Shares, are settled in cash in lieu of Shares (other than SARs settled in cash), or are exchanged with the Committee’s permission, prior to the issuance of Shares, for Awards not involving Shares, shall be available again for grant under the Plan.  Moreover, if the Option Price of any Option granted under the Plan or the tax withholding requirements with respect to any Award granted under the Plan are satisfied by tendering Shares to the Company (by either actual delivery or by attestation), or if a SAR is exercised, only the number of Shares issued, net of the Shares 

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tendered, if any, will be deemed delivered for purposes of determining the maximum number of Shares available for delivery under the Plan and any Shares so tendered shall again be available for issuance under the Plan.  To the extent any SAR is settled, in whole or in part, in cash, the number of Shares available for issuance under this Section shall not be reduced.  The maximum number of Shares available for issuance under the Plan shall not be reduced to reflect any dividends or dividend equivalents that are reinvested into additional Shares or credited as additional Restricted Stock, Restricted Stock Units, Performance Shares, or Other Stock-Based Awards.  The Shares available for issuance under the Plan may be authorized and unissued Shares, treasury Shares or a combination thereof.

4.3    Annual Award Limits.  Subject to the terms of Section 4.1 hereof, the maximum number of Shares that may be subject to Awards granted in any Plan Year to any individual Participant shall be 2,000,000, all of which can be Options or SARs.  The maximum amount of any Cash-Based Award payable to a Covered Employee with respect to any fiscal year of the Company shall not exceed $300,000.

4.4    Adjustments in Authorized Shares.  In the event of any corporate event or transaction (including, but not limited to, a change in the shares of the Company or the capitalization of the Company) such as a merger, consolidation, reorganization, recapitalization, separation, stock dividend, stock split, reverse stock split, split-up, spin-off, or other distribution of stock or property of the Company, combination of Shares, exchange of Shares, dividend in kind, or other like change in capital structure or distribution (other than normal cash dividends) to stockholders of the Company, or any similar corporate event or transaction, the Committee, in its sole discretion, in order to prevent dilution or enlargement of Participants’ rights under the Plan, may substitute or adjust, as applicable, the number and kind of Shares that may be issued under the Plan or under particular forms of Awards, the number and kind of Shares subject to outstanding Awards, the Option Price or Grant Price applicable to outstanding Awards, the Annual Award Limits, and/or other value determinations applicable to outstanding Awards.

Except as otherwise provided by Section 162(m) of the Code, the Committee, in its sole discretion, may also make appropriate adjustments in the terms of any Awards under the Plan to reflect or related to such changes or distributions and to modify any other terms of outstanding Awards, including modifications of performance goals and changes in the length of Performance Periods.  The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under the Plan.

Subject to the provisions of Article 16, without affecting the number of Shares reserved or available hereunder, the Committee may authorize the issuance or assumption of benefits under the Plan in connection with any merger, consolidation, acquisition of property or stock, or reorganization upon such terms and conditions as it may deem appropriate, subject to compliance with the rules under Section 422 of the Code and the Section 409A Rules, where applicable.

ARTICLE 5

Eligibility and Participation

5.1    Eligibility.  Individuals eligible to participate in the Plan include all Employees and nonemployee Directors, and all consultants and advisors to the Company, its Affiliates and/or Subsidiaries.

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5.2    Actual Participation.  Subject to the provisions of the Plan, the Committee may, from time to time, select from all eligible individuals, those to whom Awards shall be granted and shall determine, in its sole discretion, the nature of, any and all terms permissible by law, and the amount of each Award.  In making this determination, the Committee may consider any factors it deems relevant, including without limitation, the office or position held by a Participant or the Participant’s relationship to the Company, the Participant’s degree of responsibility for and contribution to the growth and success of the Company or any Subsidiary or Affiliate, the Participant’s length of service, promotions and potential.

ARTICLE 6

Options

6.1    Grant of Options.  Subject to the terms and provisions of the Plan, Options may be granted to Participants in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee, in its sole discretion; provided that Incentive Stock Options may be granted only to eligible Employees of the Company or of any parent or subsidiary corporation (as permitted under Sections 422 and 424 of the Code).

6.2    Evidence of Award.  Each Option grant shall be evidenced by an Evidence of Award that shall specify the Option Price, the maximum duration of the Option, the number of Shares to which the Option pertains, the conditions upon which an Option shall become vested and exercisable, and such other provisions as the Committee shall determine which are not inconsistent with the terms of the Plan.  The Evidence of Award also shall specify whether the Option is intended to be an Incentive Stock Option or a Nonqualified Stock Option.

6.3    Option Price.  The Option Price for each grant of an Option under the Plan shall be as determined by the Committee and shall be specified in the Evidence of Award.  The Option Price may not be less than 100% of the Fair Market Value of the Shares on the date of grant.  With respect to a Participant who owns, directly or indirectly, more than 10% of the total combined voting power of all classes of the capital stock of the Company, or any parent or subsidiary corporation of the Company, as defined in Section 424 of the Code, the Option Price of Shares subject to an Incentive Stock Option may not be less than 110% of the Fair Market Value of a Share on the date of grant.

6.4    Duration of Options.  Except as otherwise provided in Section 422 of the Code with respect to any Incentive Stock Option, each Option granted to a Participant shall expire at such time as the Committee shall determine at the time of grant and specify in the Evidence of Award; provided, however, that no Option shall be exercisable later than the 10th anniversary date of its grant.  In the case of an Incentive Stock Option, with respect to a Participant who owns, directly or indirectly, more than 10% of the total combined voting power of all classes of the capital stock of the Company, or any parent or subsidiary corporation of the Company, as defined in Section 424 of the Code, no Option shall be exercisable later than the 5th anniversary of its date of grant.

6.5    Exercise of Options.  Options granted under this Article 6 shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance approve and specify in the Evidence of Award, which terms and restrictions need not be the same for each grant or for each Participant.  After an Option is granted, the Committee, in its sole discretion, may accelerate the exercisability of the Option.

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6.6    Payment.  Options granted under this Article 6 shall be exercised by the delivery of a notice of exercise to the Company or an agent designated by the Company in a form specified or accepted by the Committee, or by complying with any alternative procedures which may be authorized by the Committee, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares.

A condition of the issuance of the Shares as to which an Option shall be exercised shall be the payment of the Option Price.  The Option Price of any Option shall be payable to the Company in full either: (a) in cash or its equivalent; (b) by tendering (either by actual delivery or attestation) previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the Option Price; (c) by a combination of (a) and (b); or (d) any other method approved or accepted by the Committee in its sole discretion, including, without limitation, if the Committee so determines, (i) a cashless (broker-assisted) exercise, or (ii) a reduction in the number of Shares that would otherwise be issued by such number of Shares having in the aggregate a Fair Market Value at the time of exercise equal to the portion of the Option Price being so paid.

Subject to any governing rules or regulations, as soon as practicable after receipt of written notification of exercise and full payment (including satisfaction of any applicable tax withholding), the Company shall deliver to the Participant evidence of book entry Shares, or upon the Participant’s request, Share certificates in an appropriate amount based upon the number of Shares purchased under the Option(s).

Unless otherwise determined by the Committee, all payments under all of the methods indicated above shall be paid in United States dollars.

6.7    Restrictions on Share Transferability.  The Committee may impose such restrictions on any Shares acquired pursuant to the exercise of an Option granted under this Article 6 as it may deem advisable and specify in the Evidence of Award, including, without limitation, minimum holding period requirements, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, or under any blue sky or state securities laws applicable to such Shares.

6.8    Termination of Employment.  To the extent consistent with the Section 409A Rules and Section 162(m) of the Code, each Evidence of Award shall set forth the extent to which the Participant shall have the right to exercise the Option following termination of the Participant’s employment or provision of services to the Company, its Affiliates, and/or its Subsidiaries, as the case may be.  Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Evidence of Award entered into with each Participant, need not be uniform among all Options issued pursuant to this Article 6, and may reflect distinctions based on the reasons for termination.

6.9    Notification of Disqualifying Disposition.  If any Participant shall make any disposition of Shares issued pursuant to the exercise of an Incentive Stock Option under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying dispositions), such Participant shall notify the Company of such disposition prior to the end of the calendar year in which such disposition occurred.

6.10    Transferability of Options.  Except as otherwise provided in a Participant’s Evidence of Award or otherwise at any time by the Committee, no Option granted under this Article 6 may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution or as otherwise required by law; provided that the Board or Committee may 

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permit further transferability, on a general or a specific basis, and may impose conditions and limitations on any permitted transferability. Further, except as otherwise provided in a Participant’s Evidence of Award or otherwise at any time by the Committee, or unless the Board or Committee decides to permit further transferability, all Options granted to a Participant under this Article 6 shall be exercisable during his or her lifetime only by such Participant.  With respect to those Options, if any, that are permitted to be transferred to another person, references in the Plan to exercise or payment of the Option Price by the Participant shall be deemed to include, as determined by the Committee, the Participant’s permitted transferee.

ARTICLE 7

Stock Appreciation Rights

7.1    Grant of SARs.  Subject to the terms and conditions of the Plan, SARs, including Freestanding SARs, may be granted to Participants at any time and from time to time as shall be determined by the Committee.  Subject to the terms and conditions of the Plan, the Committee shall have complete discretion in determining the number of SARs granted to each Participant and, consistent with the provisions of the Plan, in determining the terms and conditions pertaining to such SARs.

The Grant Price for each grant of a Freestanding SAR shall be determined by the Committee and shall be specified in the Evidence of Award.  The Grant Price may include (but not be limited to) a Grant Price based on 100% of the FMV of the Shares on the date of grant, a Grant Price that is set at a premium to the FMV of the Shares on the date of grant, or is indexed to the FMV of the Shares on the date of grant, with the index determined by the Committee, in its discretion to the extent consistent with the Section 409A Rules.

7.2    SAR Agreement.  Each SAR Award shall be evidenced by an Evidence of Award that shall specify the Grant Price, the term of the SAR, and such other provisions as the Committee shall determine.

7.3    Term of SAR.  The term of a SAR granted under the Plan shall be determined by the Committee, in its sole discretion, and except as determined otherwise by the Committee and specified in the SAR Evidence of Award, no SAR shall be exercisable later than the 10th anniversary date of its grant.

7.4    Exercise of Freestanding SARs.  Freestanding SARs may be exercised upon whatever terms and conditions the Committee, in its sole discretion, imposes and specifies in the Evidence of Award.

7.5    Payment of SAR Amount.  Upon the exercise of a SAR, a Participant shall be entitled to receive payment from the Company in an amount determined by multiplying:

(a)the excess of the Fair Market Value of a Share on the date of exercise over the Grant Price; by

(b)the number of Shares with respect to which the SAR is exercised.

At the discretion of the Committee, the payment upon SAR exercise may be in cash, Shares, or any combination thereof, or in any other manner approved by the Committee in its sole discretion.  The Committee’s determination regarding the form of SAR payout shall be set forth in the Evidence of Award pertaining to the grant of the SAR.

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7.6    Termination of Employment.  To the extent consistent with the Section 409(A) Rules and Section 162(m) of the Code, each Evidence of Award shall set forth the extent to which the Participant shall have the right to exercise the SAR following termination of the Participant’s employment with or provision of services to the Company, its Affiliates, and/or its Subsidiaries, as the case may be.  Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Evidence of Award entered into with Participants, need not be uniform among all SARs issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination.

7.7    Nontransferability of SARs.  Except as otherwise provided in a Participant’s Evidence of Award or otherwise at any time by the Committee, no SAR granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution or as otherwise required by law.  Further, except as otherwise provided in a Participant’s Evidence of Award or otherwise at any time by the Committee, all SARs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant.  With respect to those SARs, if any, that are permitted to be transferred to another person, references in the Plan to exercise of the SAR by the Participant or payment of any amount to the Participant shall be deemed to include, as determined by the Committee, the Participant’s permitted transferee.

7.8    Other Restrictions.  The Committee shall impose such other conditions and/or restrictions on any Shares received upon exercise of a SAR granted pursuant to the Plan as it may deem advisable or desirable.  These restrictions may include, but shall not be limited to, a requirement that the Participant hold the Shares received upon exercise of a SAR for a specified period of time.

ARTICLE 8

Restricted Stock and Restricted Stock Units

8.1    Grant of Restricted Stock or Restricted Stock Units.  Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock and/or Restricted Stock Units to Participants in such amounts as the Committee shall determine.  Restricted Stock Units shall represent the right of a Participant to receive payment upon the lapse of the Period of Restriction.

8.2    Restricted Stock or Restricted Stock Unit Agreement.  Each Restricted Stock and/or Restricted Stock Unit grant shall be evidenced by an Evidence of Award that shall specify the Period(s) of Restriction, the number of Shares of Restricted Stock or the number of Restricted Stock Units granted, and such other provisions as the Committee shall determine.

8.3    Transferability.  Except as provided in the Plan or an Evidence of Award, the Shares of Restricted Stock and/or Restricted Stock Units granted herein may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction established by the Committee and specified in the Evidence of Award (and in the case of Restricted Stock Units until the date of delivery or other payment), or upon earlier satisfaction of any other conditions, as specified by the Committee, in its sole discretion, and set forth in the Evidence of Award or otherwise at any time by the Committee. All rights with respect to the Restricted Stock and/or Restricted Stock Units granted to a Participant under the Plan shall be available during his or her lifetime only to such Participant, except as otherwise provided in an Evidence of Award or at any time by the Committee.

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8.4    Other Restrictions.  The Committee shall impose such other conditions and/or restrictions on any Shares of Restricted Stock or Restricted Stock Units granted pursuant to the Plan as it may deem advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each Share of Restricted Stock or each Restricted Stock Unit, restrictions based upon the achievement of specific performance goals, time-based restrictions on vesting following the attainment of the performance goals, time-based restrictions, and/or restrictions under applicable laws or under the requirements of any stock exchange or market upon which such Shares are listed or traded, or holding requirements or sale restrictions placed on the Shares by the Company upon vesting of such Restricted Stock or Restricted Stock Units.

In the event that the vesting date occurs on a date which is not a trading day on the principal securities exchange on which the Shares are then traded, the Fair Market Value on the last prior trading date will be utilized for cost basis.

To the extent deemed appropriate by the Committee, the Company may retain the certificates representing Shares of Restricted Stock in the Company’s possession until such time as all conditions and/or restrictions applicable to such Shares have been satisfied or lapse.

Except as otherwise provided in this Article 8, Shares of Restricted Stock covered by each Restricted Stock Award shall become freely transferable by the Participant after all conditions and restrictions applicable to such Shares have been satisfied or lapse (including satisfaction of any applicable tax withholding obligations), and Restricted Stock Units shall be paid in cash, Shares, or a combination of cash and Shares as the Committee, in its sole discretion shall determine.

8.5    Certificate Legend.  In addition to any legends placed on certificates pursuant to Section 8.4, each certificate representing Shares of Restricted Stock granted pursuant to the Plan may bear a legend as determined by the Committee in its sole discretion.

8.6    Voting Rights.  Unless otherwise determined by the Committee and set forth in a Participant’s Evidence of Award, to the extent permitted or required by law, as determined by the Committee, Participants holding Shares of Restricted Stock granted hereunder may be granted the right to exercise full voting rights with respect to those Shares during the Period of Restriction.  A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder.

8.7    Termination of Employment.  To the extent consistent with the Section 409A Rules and Section 162(m) of the Code, each Evidence of Award shall set forth the extent to which the Participant shall have the right to retain Restricted Stock and/or Restricted Stock Units following termination of the Participant’s employment with or provision of services to the Company, its Affiliates, and/or its Subsidiaries, as the case may be.  Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Evidence of Award entered into with each Participant, need not be uniform among all Shares of Restricted Stock or Restricted Stock Units issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination.

8.8    Section 83(b) Election.  The Board may provide in an Evidence of Award that the Award of Restricted Stock is conditioned upon the Participant making or refraining from making an election with respect to the Award under Section 83(b) of the Code. If a Participant makes an election pursuant to Section 83(b) of the Code concerning a Restricted Stock Award, the Participant shall be required to file promptly a copy of such election with the Company.

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ARTICLE 9

Performance Units/Performance Shares

9.1    Grant of Performance Units/Performance Shares.  Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Performance Units and/or Performance Shares to Participants in such amounts and upon such terms as the Committee shall determine.

9.2    Value of Performance Units/Performance Shares.  Each Performance Unit shall have an initial value that is established by the Committee at the time of grant.  Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the date of grant.  The Committee shall set performance goals in its discretion which, depending on the extent to which they are met, will determine the value and/or number of Performance Units/Performance Shares that will be paid out to the Participant.

9.3    Earning of Performance Units/Performance Shares.  Subject to the terms of the Plan, after the applicable Performance Period has ended, the holder of Performance Units/Performance Shares shall be entitled to receive payout on the value and number of Performance Units/Performance Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance goals have been achieved.

9.4    Form and Timing of Payment of Performance Units/Performance Shares.  Payment of earned Performance Units/Performance Shares shall be as determined by the Committee and as evidenced in the Evidence of Award.  Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance Units/Performance Shares in the form of cash or in Shares (or in a combination thereof) equal to the value of the earned Performance Units/Performance Shares at the close of the applicable Performance Period, or as soon as practicable after the end of the Performance Period, but not later than the expiration of the deferral period for such Award under the Section 409A Rules.  Any Shares may be granted subject to any restrictions deemed appropriate by the Committee.  The determination of the Committee with respect to the form of payout of such Awards shall be set forth in the Evidence of Award pertaining to the grant of the Award.

9.5    Termination of Employment.  To the extent consistent with the Section 409A Rules and Section 162(m) of the Code, each Evidence of Award shall set forth the extent to which the Participant shall have the right to retain Performance Units and/or Performance Shares following termination of the Participant’s employment with or provision of services to the Company, its Affiliates, and/or its Subsidiaries, as the case may be.  Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Evidence of Award entered into with each Participant, need not be uniform among all Awards of Performance Units or Performance Shares issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination.

9.6    Nontransferability.  Except as otherwise provided in a Participant’s Evidence of Award or otherwise at any time by the Committee, Performance Units/Performance Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution or as otherwise required by law.  Further, except as otherwise provided in a Participant’s Evidence of Award or otherwise at any time by the Committee, a Participant’s rights under the Plan shall be exercisable during his or her lifetime only by such Participant.

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ARTICLE 10

Cash-Based Awards and Other Stock-Based Awards

10.1    Grant of Cash-Based Awards.  Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Cash-Based Awards to Participants in such amounts and upon such terms as the Committee may determine.

10.2    Other Stock-Based Awards.  The Committee may grant other types of equity-based or equity-related Awards not otherwise described by the terms of the Plan (including the grant or offer for sale of unrestricted Shares) in such amounts and subject to such terms and conditions, as the Committee shall determine.  Such Awards may involve the transfer of actual Shares to Participants, or payment in cash or otherwise of amounts based on the value of Shares and may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States.

10.3    Value of Cash-Based and Other Stock-Based Awards.  Each Cash-Based Award shall specify a payment amount or payment range as determined by the Committee.  Each Other Stock-Based Award shall be expressed in terms of Shares or units based on Shares, as determined by the Committee.  The Committee may design Cash-Based Awards and Other Stock-Based Awards to qualify as Performance-Based Compensation and may design Cash-Based Awards and Other Stock-Based Awards to not qualify as Performance-Based Compensation.  If the Committee exercises its discretion to establish Cash-Based Awards and Other Stock-Based Awards as Performance-Based Compensation, the number and/or value of Cash-Based Awards or Other Stock-Based Awards that will be paid out to the Participant will depend on the extent to which the Performance Measures are met.

10.4    Payment of Cash-Based Awards and Other Stock-Based Awards.  Payment, if any, with respect to a Cash-Based Award or an Other Stock-Based Award shall be made in accordance with the terms of the Award, in cash, Shares or a combination thereof, as the Committee determines.

10.5    Termination of Employment.  To the extent consistent with the Section 409A Rules and Section 162(m) of the Code, the Committee shall determine the extent to which the Participant shall have the right to receive Cash-Based Awards following termination of the Participant’s employment with or provision of services to the Company, its Affiliates, and/or its Subsidiaries, as the case may be.  Such provisions shall be determined in the sole discretion of the Committee, such provisions may be included in an agreement entered into with each Participant, but need not be uniform among all Awards of Cash-Based Awards issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination.

10.6    Nontransferability.  Except as otherwise determined by the Committee, neither Cash-Based Awards nor Other Stock-Based Awards may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.  Further, except as otherwise provided by the Committee, a Participant’s rights under the Plan, if exercisable, shall be exercisable during his or her lifetime only by such Participant.  With respect to those Cash-Based Awards or Other Stock-Based Awards, if any, that are permitted to be transferred to another person, references in the Plan to exercise or payment of such Awards by or to the Participant shall be deemed to include, as determined by the Committee, the Participant’s permitted transferee.

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ARTICLE 11

Performance Measures

11.1    Performance Measures.  Unless and until the Committee proposes for stockholder vote and the stockholders approve a change in the general Performance Measures set forth in this Article 11, the performance goals upon which the payment or vesting of an Award to a Covered Employee that is intended to qualify as Performance-Based Compensation shall be limited to one or more of the following Performance Measures: (a) net earnings or net income (before or after taxes and interest/investments); (b) earnings per share; (c) earnings per share growth; (d) net sales growth; (e) net earnings or net income growth (before or after taxes and interest/investment); (f) net operating profit; (g) return measures (including return on assets, capital, equity, or sales); (h) cash flow (including operating cash flow, free cash flow, and cash flow return on capital); (i) earnings before or after taxes, interest, depreciation, and/or amortization; (j) gross or operating margins or growth thereof; (k) productivity ratios; (l) share price (including growth measures and total stockholder return); (m) expense targets; (n) operating efficiency; (o) customer satisfaction; (p) revenue growth; (q) operating profit growth; (r) working capital targets; (s) economic value added; (t) real estate management objectives; (u) sale or disposition of assets; and (v) acquisition of key assets.

Any Performance Measure(s) may be used to measure the performance of the Company, its Subsidiary, and/or its Affiliate as a whole or any business unit of the Company, its Subsidiary, and/or its Affiliate or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Measures as compared to the performance of a group of comparable companies, or published or special index that the Committee, in its sole discretion, deems appropriate, or the Company may select Performance Measure (l) above as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of performance goals pursuant to the Performance Measures specified in this Article 11.

11.2    Evaluation of Performance.  The Committee may provide in any such Award that any evaluation of performance may include or exclude any of the following events that occurs during a Performance Period: (a) asset write-downs; (b) litigation or claim judgments or settlements; (c) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting reported results; (d) any reorganization and restructuring programs; (e) extraordinary nonrecurring items as described in Accounting Standards Codification Topic 225-20 (formerly, Accounting Principles Board Opinion No. 30) and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year; (f) acquisitions or divestitures; and (g) foreign exchange gains and losses. To the extent such inclusions or exclusions affect Awards to Covered Employees, they shall be prescribed in a form that meets the requirements of Section 162(m) of the Code for deductibility.

11.3    Adjustment of Performance-Based Compensation.  The terms of Awards that are designed to qualify as Performance-Based Compensation, and that are held by Covered Employees, may not be modified, except to the extent that after such modification the Award would continue to constitute Performance-Based Compensation.  The Committee shall retain the discretion to reduce the amount of any payment under an Award that is designed to qualify as Performance-Based Compensation that would otherwise be payable to a Covered Employee, either on a formula or discretionary basis or any combination, as the Committee determines.

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11.4    Committee Discretion.  In the event that applicable tax and/or securities laws change to permit Committee discretion to alter the governing Performance Measures without obtaining stockholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining stockholder approval.  In addition, in the event that the Committee determines that it is advisable to grant Awards that shall not qualify as Performance-Based Compensation, the Committee may make such grants without satisfying the requirements of Section 162(m) of the Code and may base vesting on Performance Measures other than those set forth in Section 11.1.

ARTICLE 12

Beneficiary Designation

Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such benefit.  Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime.  In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.

ARTICLE 13

Deferrals

To the extent permitted by the Section 409A Rules and Section 162(m) of the Code, the Committee may permit or require a Participant to defer such Participant’s receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant by virtue of the exercise of an Option or SAR, the lapse or waiver of restrictions with respect to Restricted Stock or Restricted Stock Units, or the satisfaction of any requirements or performance goals with respect to Performance Shares, Performance Units, Cash-Based Awards or Other Stock-Based Awards. If any such deferral election is required or permitted, the Committee shall, in its sole discretion, establish rules and procedures for such payment deferrals, consistent with the Section 409A Rules.

ARTICLE 14

Rights of Participants

14.1    Employment.  Nothing in the Plan or an Evidence of Award shall interfere with or limit in any way the right of the Company, its Affiliates, and/or its Subsidiaries, to terminate any Participant’s employment or service on the Board at any time or for any reason not prohibited by law, nor confer upon any Participant any right to continue his or her employment or service for any specified period of time.

Neither an Award nor any benefits arising under the Plan shall constitute an employment contract with the Company, its Affiliates, and/or its Subsidiaries and, accordingly, subject to Articles 3 and 16, the Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Committee without giving rise to any liability on the part of the Company, its Affiliates, and/or its Subsidiaries.

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14.2    Participation.  No individual shall have the right to be selected to receive an Award under the Plan, or, having been so selected, to be selected to receive a future Award.

14.3    Rights as a Stockholder.  Except as otherwise provided herein, a Participant shall have none of the rights of a stockholder with respect to Shares covered by any Award until the Participant becomes the record holder of such Shares.

ARTICLE 15

Change in Control

15.1    Change in Control.  For purposes of the Plan, a “Change in Control” shall mean the occurrence during the term of any of the following events:

(a)In connection with a sale or series of sales of securities of the Company, one Person (including an entity) or more than one Person acting as a group acquires securities of the Company that results in Beneficial Ownership of more than 50% of the outstanding securities entitled to vote generally in the election of directors of the Company;

(b)All or substantially all (meaning having a total gross fair market value equal to more than 50% of the total gross fair market value of all of the Company’s assets immediately before such acquisition or acquisitions) of the assets of the Company are acquired by one Person (including an entity) or more than one Person acting as a group (during a 12-month period ending on the date of the most recent acquisition by such Person or Persons); or

(c)The Company is merged, consolidated, or reorganized into or with another corporation or entity during a 12-month period with the result that upon the conclusion of the transaction less than 50% of the outstanding securities entitled to vote generally in the election of directors or other capital interests of the surviving, resulting or acquiring corporation are Beneficially Owned by the stockholders of the Company immediately prior to the completion of the transaction.

Notwithstanding the foregoing, a Change in Control will not be deemed to have occurred (i) as a result of the issuance of stock by the Company in connection with any public offering of its stock or (ii) due to Beneficial Ownership of securities of the Company by Digipac.

15.2    Acceleration of Vesting and Exercisability.  Upon the occurrence of a Change in Control, the Committee may accelerate the vesting and exercisability (as applicable) of any outstanding Awards, in whole or in part, as determined by the Committee in its sole discretion.  In its sole discretion, the Committee may also determine that, upon the occurrence of a Change in Control, each outstanding Option or SAR shall terminate within a specified number of days after notice to the Participant, and each such Participant shall receive, with respect to each Share subject to such Option or SAR, an amount equal to the excess of the Fair Market Value of such Share immediately prior to such Change in Control over the applicable Option Price or Grant Price, which amount shall be payable in cash, in one or more kinds of property (including the property, if any, payable in the transaction) or a combination thereof, as the Committee shall determine in its sole discretion.

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ARTICLE 16

Amendment, Modification, Suspension, and Termination

16.1    Amendment, Modification, Suspension, and Termination.  Subject to Sections 16.3 and 16.4, the Committee may, at any time and from time to time, alter, amend, modify, suspend, or terminate the Plan and any Evidence of Award in whole or in part; provided, however, that, without the prior approval of the Company’s stockholders and except as provided in Section 4.4, Options or SARs issued under the Plan will not be repriced, replaced, or regranted through cancellation, or by lowering the Option Price of a previously granted Option or the Grant Price of a previously granted SAR, and no amendment of the Plan shall be made without stockholder approval if stockholder approval is required by law, regulation, or stock exchange rule.

16.2    Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events.  The Committee may make adjustments, consistent with Section 162(m) of the Code and the Section 409A Rules, in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4.4 hereof) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent unintended dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under the Plan.

16.3    Awards Previously Granted.  Notwithstanding any other provision of the Plan to the contrary (other than Section 16.4), no termination, amendment, suspension, or modification of the Plan or an Evidence of Award shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Participant holding such Award.

16.4    Amendment to Conform to Law.  Notwithstanding any other provision of the Plan to the contrary, the Board may amend the Plan or an Evidence of Award, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or an Evidence of Award to any present or future law relating to plans of this or similar nature (including, but not limited to, the Section 409A Rules and Section 162(m) of the Code), and to the administrative regulations and rulings promulgated thereunder.

ARTICLE 17

Withholding

17.1    Tax Withholding.  As determined by the Company in good faith, the Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, any foreign, federal, state, or local tax required by law to be withheld with respect to any taxable event arising as a result of the Plan.

17.2    Share Withholding.  With respect to withholding required upon the exercise of Options or SARs, upon the lapse of restrictions on Restricted Stock and Restricted Stock Units, or upon the achievement of performance goals related to Performance Shares, or any other taxable event arising as a 

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result of an Award granted hereunder, Participants may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the amount of any foreign, federal, state, or local tax required by law to be withheld on the transaction as determined by the Company in good faith. All such elections shall be irrevocable, made in writing, and signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate.

ARTICLE 18

Successors

All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

ARTICLE 19

General Provisions

19.1    Forfeiture Events.

(a)The Committee may specify in an Evidence of Award that the Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award.  Such events may include, but shall not be limited to, termination of employment for cause, termination of the Participant’s provision of services to the Company, its Affiliate, and/or its Subsidiary, violation of material Company, Affiliate, and/or Subsidiary policies, breach of noncompetition, confidentiality, or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company, its Affiliates, and/or its Subsidiaries.

(b)If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, if the Participant knowingly or grossly negligently engaged in the misconduct, or knowingly or grossly negligently failed to prevent the misconduct, or if the Participant is one of the persons subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, the Participant shall reimburse the Company the amount of any payment in settlement of an Award earned or accrued during the 12-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever just occurred) of the financial document embodying such financial reporting requirement.

19.2    Legend.  The certificates for Shares may include any legend, which the Committee deems appropriate in its sole discretion to reflect any restrictions on transfer of such Shares.

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19.3    Gender and Number.  Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the plural.

19.4    Severability.  In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.  To the extent that any provision of the Plan would prevent any Option that was intended to qualify as an Incentive Stock Option from qualifying as such, that provision shall be null and void with respect to such Option.  Such provision, however, shall remain in effect for other Options and there shall be no further effect on any provision of the Plan.

19.5    Requirements of Law.  The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

19.6    Delivery of Title.  The Company shall have no obligation to issue or deliver evidence of title for Shares issued under the Plan prior to:

(a)Obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and

(b)Completion of any registration or other qualification of the Shares under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable.

19.7    Inability to Obtain Authority.  The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

19.8    Investment Representations.  The Committee may require any person receiving Shares pursuant to an Award under the Plan to represent and warrant in writing that the person is acquiring the securities for his own account for investment and not with a view to, or for sale in connection with, the distribution of any part thereof.

19.9    Uncertificated Shares.  To the extent that the Plan provides for issuance of certificates to reflect the transfer of Shares, the transfer of such Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the rules of any stock exchange.

19.10    Unfunded Plan.  Participants shall have no right, title, or interest whatsoever in or to any investments that the Company, and/or its Subsidiaries, and/or Affiliates may make to aid it in meeting its obligations under the Plan.  Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant, beneficiary, legal representative, or any other person.  To the extent that any person acquires a right to receive payments from the Company, its Subsidiaries, and/or its Affiliates under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company, a Subsidiary, or an Affiliate, as the case may be.  The Plan is not subject to ERISA.

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19.11    No Fractional Shares.  No fractional Shares shall be issued or delivered pursuant to the Plan or any Award.  The Committee shall determine whether cash, Awards, or other property shall be issued or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall be forfeited or otherwise eliminated.

19.12    Retirement and Welfare Plans.  Neither Awards made under the Plan nor Shares or cash paid pursuant to such Awards will be included as “compensation” for purposes of computing the benefits payable to any Participant under the Company’s or any of its Subsidiaries’ or Affiliates’ retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such compensation shall be taken into account in computing a Participant’s benefit.

19.13    Nonexclusivity of the Plan.  The adoption of the Plan shall not be construed as creating any limitations on the power of the Board or Committee to adopt such other compensation arrangements as it may deem desirable for any Participant.

19.14    No Constraint on Corporate Action.  Nothing in the Plan shall be construed to: (i) limit, impair, or otherwise affect the Company’s or any of its Subsidiaries’ or Affiliates’ right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or, (ii) limit the right or power of the Company or any of its Subsidiaries or Affiliates to take any action which such entity deems to be necessary or appropriate.

19.15    Governing Law.  The Plan and each Evidence of Award shall be governed by the laws of the State of New York, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction.  Unless otherwise provided in the Evidence of Award, recipients of an Award under the Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of New York, to resolve any and all issues that may arise out of or relate to the Plan or any related Evidence of Award.

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