Document:

EX-10.1

 Exhibit 10.1 
  

 
  

INCREMENTAL COMMITMENT AGREEMENT 

dated as of December 28, 2020, 

made by 
 OAKTREE SPECIALTY
LENDING CORPORATION 
 as Borrower 

THE INCREASING LENDER PARTY HERETO, 

as Increasing Lender, 
 and 

ING CAPITAL LLC 
 as Administrative
Agent and Issuing Bank 
 relating to the 

AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT 

dated as of February 25, 2019, 

among 
 OAKTREE SPECIALTY LENDING
CORPORATION 
 as Borrower 
 The
LENDERS Party Thereto 
 ING CAPITAL LLC 

as Administrative Agent 
 ING
CAPITAL LLC, 
 JPMORGAN CHASE BANK, N.A. and 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

as Joint Lead Arrangers and Joint Bookrunners 

and 
 JPMORGAN CHASE BANK, N.A.
and 
 BANK OF AMERICA, N.A. 
 as
Syndication Agents 
  
  

 

 INCREMENTAL COMMITMENT AGREEMENT, dated as of December 28, 2020 (this
“Agreement”), among OAKTREE SPECIALTY LENDING CORPORATION, a Delaware corporation (the “Borrower”), OCSL SRNE, LLC, a Delaware limited liability company, FSFC Holdings, Inc., a Delaware corporation, ING CAPITAL LLC
(“ING”), in its capacity as Administrative Agent and Issuing Bank, and the financial institution listed on Schedule 1 hereto, as increasing lender (in such capacity, the “Increasing Lender”), relating to the AMENDED
AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of February 25, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Administrative
Agent and the Lenders from time to time party thereto. 
 A.    The Borrower has requested that the Increasing Lender
provide an additional Commitment in an aggregate principal amount equal to the amount set forth opposite the Increasing Lender’s name on Schedule 1 hereto under the heading “Incremental Commitment Amount” (the “Incremental
Commitment”), pursuant to Section 2.07(e) of the Credit Agreement. 
 B.    The Increasing Lender is
willing to make the Incremental Commitment on and as of the Effective Date (as defined below) to the Borrower on the terms and subject to the conditions set forth herein and in the Credit Agreement. 

Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Defined Terms; Interpretation; Etc. Capitalized
terms used and not defined herein shall have the meanings assigned to such terms in the Credit Agreement. The rules of construction set forth in Section 1.03 of the Credit Agreement shall apply equally to this Agreement. This Agreement shall be
a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 
 SECTION 2. Incremental
Commitment. 
 (a)    Pursuant to Section 2.07(e) of the Credit Agreement and subject to the terms and
conditions hereof, the Increasing Lender hereby agrees to make the Incremental Commitment to the Borrower effective on and as of the Effective Date (as defined below). The Incremental Commitment shall constitute an additional “Commitment”
and a “Commitment Increase” for all purposes of the Credit Agreement and the other Loan Documents, and the Effective Date shall be the “Commitment Increase Date” of the Incremental Commitment for purposes of Section 2.07(e)
of the Credit Agreement. 
 (b)    The terms and provisions of any new Loans issued by the Increasing Lender, and the
Incremental Commitment of the Increasing Lender, shall be identical to the terms and provisions of Loans issued by, and the Commitments of, the Lenders immediately prior to the Effective Date. 

 (c)    On the Effective Date, in connection with the adjustments, if
any, to any outstanding Loans and participation interests contemplated by Section 2.07(e)(iv) of the Credit Agreement, the Increasing Lender shall make a payment to the Administrative Agent, for the account of the other Lenders, in an amount
calculated by the Administrative Agent in accordance with such Section, so that after giving effect to such payment and to the distribution thereof to the other Lenders in accordance with such Section, the Loans are held ratably by the Lenders in
accordance with the respective Commitments of such Lenders (after giving effect to the Incremental Commitment and any other Commitment Increases, if any, occurring on the Effective Date). 

SECTION 3. Conditions Precedent to Incremental Commitment. This Agreement, and the obligations of the Increasing Lender to make the
Incremental Commitment, shall become effective on and as of the Business Day (the “Effective Date”) on which the following conditions precedent have been satisfied (unless a condition shall have been waived in accordance with
Section 9.02 of the Credit Agreement): 
 (a)    the Administrative Agent shall have received counterparts of this
Agreement that, when taken together, bear the signatures of the Borrower, each Subsidiary Guarantor, the Administrative Agent, the Issuing Bank and the Increasing Lender; 

(b)    on the Effective Date, each of the conditions set forth or referred to in Section 2.07(e)(i) of the Credit
Agreement shall be satisfied, and pursuant to Section 2.07(e)(ii)(x) of the Credit Agreement, the Administrative Agent shall have received a certificate of a duly authorized officer of the Borrower dated the Effective Date certifying as to the
foregoing; 
 (c)    (i) the Increasing Lender shall have received all fees due to the Increasing Lender on the
Effective Date pursuant to any outstanding fee letters or commitment letters by and between the Borrower, the Increasing Lender and/or ING, as applicable, including payment of any fees under any fee letters or commitment letters entered into on the
Effective Date, and (ii) ING, in its capacity as Joint Lead Arranger, shall have received all fees due to it on the Effective Date pursuant to any outstanding fee letters by and between the Borrower and ING, in its capacity as Joint Lead
Arranger; 
 (d)    the Administrative Agent shall have received for the account of the Lenders the amounts, if any,
payable under Section 2.4 of the Credit Agreement as a result of the adjustments of Borrowings pursuant to Section 2(c) of this Agreement; 

(e)    the Borrower shall have paid, or substantially concurrently with the Increase Effective Date is paying, Dechert
LLP, counsel for the Administrative Agent, for its reasonable and documented fees, charges and disbursements to the extent invoiced on or prior to the Effective Date; and 

 (f)    pursuant to Section 9.03 of the Credit Agreement, the
Administrative Agent shall have received all other reasonable and documented out-of-pocket fees, costs and expenses related to this Agreement owing on or prior to the
Effective Date. 
 SECTION 4.    Representations and Warranties of the Borrower and each Subsidiary Guarantor. To
induce the other parties hereto to enter into this Agreement, the Borrower and each Subsidiary Guarantor represents and warrants to the Administrative Agent, the Issuing Bank and the Increasing Lender that, as of the date hereof and as of the
Effective Date: 
 (a)    This Agreement has been duly authorized, executed and delivered by the Borrower and each
Subsidiary Guarantor, and constitutes a legal, valid and binding obligation of the Borrower and each Subsidiary Guarantor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). The Credit Agreement, as modified by this Agreement,
constitutes a legal, valid and binding obligation of the Borrower enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

(b)    The representations and warranties made by the Borrower and each Subsidiary Guarantor contained in the Credit
Agreement and the other Loan Documents, are true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which are true and correct in all respects) on and as of
the Effective Date as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 

(c)    No Default or Event of Default has occurred and is continuing on the date hereof or the Effective Date or shall
result from the Incremental Commitment. 
 SECTION 5. Representations, Warranties and Covenants of the Increasing Lender. The
Increasing Lender represents and warrants on the date hereof that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby,
(ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to make the Incremental Commitment set forth opposite the Increasing Lender’s name on Schedule 1 hereto,
and (iii) it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender. 

SECTION 6. Consent and Reaffirmation. 

 (a)    Each of the Subsidiary Guarantors hereby consents to this
Agreement and the transactions contemplated hereby. 
 (b)    The Borrower and each Subsidiary Guarantor (i) agrees
that, notwithstanding the effectiveness of this Agreement, the Guarantee and Security Agreement, and each of the other Security Documents continue to be in full force and effect, (ii) acknowledges that the terms “Revolving Credit Agreement
Obligations,” “Guaranteed Obligations” and “Secured Obligations” (each as defined in the Guarantee and Security Agreement) include any and all Loans made now or in the future by the Increasing Lender in respect of the
Incremental Commitment and all interest and other amounts owing in respect thereof under the Loan Documents, (iii) confirms its grant of a security interest in its assets as Collateral for the Secured Obligations (as defined in the Guarantee
and Security Agreement), all as provided in the Loan Documents as originally executed (and amended prior to the Effective Date and supplemented hereby), and (iv) confirms, as applicable, its guarantee of the Guaranteed Obligations. 

(c)    On the Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,”
“hereof,” “herein” or words of similar import shall mean and be a reference to the Credit Agreement as modified by this Agreement and each reference in any other Loan Document shall mean the Credit Agreement as modified hereby.

 SECTION 7. Notices. All notices hereunder shall be given in accordance with the provisions of Section 9.01 of the Credit
Agreement. 
 SECTION 8. Expenses. Pursuant to Section 9.03 of the Credit Agreement, the Borrower agrees to pay all reasonable
and documented out-of-pocket expenses incurred by the Administrative Agent in connection with this Agreement. 

SECTION 9. Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract. Delivery of an executed counterpart of a signature page of this Agreement by
facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof. 
 SECTION 10.
Governing Law; Jurisdiction; Etc. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. THE PROVISIONS OF SECTION 9.09 OF THE CREDIT AGREEMENT (AND ALL OTHER APPLICABLE PROVISIONS OF ARTICLE IX
OF THE CREDIT AGREEMENT) ARE HEREBY INCORPORATED BY REFERENCE. 
 SECTION 11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS 

 
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 12. Headings. The headings
of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 
 SECTION 13. No Third
Party Beneficiaries. This Agreement is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any other person or entity. No person or entity other than the
parties hereto shall have any rights under or be entitled to rely upon this Agreement. 
 SECTION 14. Electronic Execution of
Documents. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated
hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

SECTION 15. Acknowledgment and Consent. The Administrative Agent hereby acknowledges that it has received notice pursuant to
Section 2.07(e)(i) of the Credit Agreement within the time period required thereunder. Pursuant to Section 2.07(e)(i)(C) of the Credit Agreement, each of the Administrative Agent, the Issuing Bank and the Borrower consents to Incremental
Commitment provided for herein. For the avoidance of doubt, pursuant to Section 2.07(e)(iv) of the Credit Agreement, the Borrower hereby acknowledges, and consents to the fact, that the Effective Date (and thereby the Commitment Increase Date
with respect to the Incremental Commitment provided for herein) may occur on a day other than the last day of an Interest Period. 

[Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized representatives as of the day and year first above written. 
  

			
	OAKTREE SPECIALTY LENDING
CORPORATION,
	as the Borrower
		
	By:	 	/s/ Mary Gallegly
	Name:	 	Mary Gallegly
	Title:	 	General Counsel and Secretary

  

			
	OCSL SRNE, LLC, as Subsidiary Guarantor
	
	By: Oaktree Specialty Lending Corporation
	Its: Managing Member
		
	By:	 	/s/ Mary Gallegly
	Name:	 	Mary Gallegly
	Title:	 	General Counsel and Secretary

  

			
	FSFC HOLDINGS, INC., as Subsidiary Guarantor
		
	By:	 	/s/ Mary Gallegly
	Name:	 	Mary Gallegly
	Title:	 	Secretary

 
			
	ING CAPITAL LLC,
	as Administrative Agent and Issuing Bank
		
	By:	 	/s/ Patrick Frisch
	Name:	 	Patrick Frisch
	Title:	 	Managing Director
		
	By:	 	/s/ Ruben De Saegher
	Name:	 	Ruben De Saegher
	Title:	 	Vice President

 
			
	MUFG UNION BANK, N.A., as the Increasing Lender
		
	By:	 	/s/ Jacob Ulevich
	Name:	 	Jacob Ulevich
	Title:	 	Director

 SCHEDULE 1 

Incremental Commitment 
  

							
	Increasing Lender	 	Commitment Amount
(immediately prior
to the Effective Date)	 	Incremental
Commitment
Amount	 	Commitment Amount
(on and immediately
after the Effective Date)
	
MUFG Union Bank, N.A.
	 	$50,000,000	 	$25,000,000	 	$75,000,000EX-4.7

 Exhibit 4.7 

REGIONS FINANCIAL CORPORATION 

DIRECTORS’ DEFERRED INVESTMENT PLAN 

(As Amended and Restated as of January 1, 2021) 

WHEREAS, Regions Financial Corporation (“Regions”) previously established the Regions Financial Corporation Directors’ Deferred
Stock Investment Plan and desires to amend and restate the Plan (as defined below) to have the following terms and conditions, effective as of January 1, 2021 (the “Effective Date”), except as otherwise noted herein, and to be renamed
the “Regions Financial Corporation Directors’ Deferred Investment Plan” (hereinafter described as “the Plan”); 

WHEREAS, Regions recognizes the value to its Directors of a plan of deferred compensation; 

WHEREAS, the obligations under this Plan are an unfunded liability of Regions; 

WHEREAS, Regions now desires to permit Directors to defer receipt of director fees and notionally invest such deferrals into Common Stock and
other notional investments selected by the Committee; and 
 WHEREAS, amounts deferred under the Plan, as in effect prior to the Effective
Date, shall be governed by the time and form of payment elections in effect for such deferrals prior to the Effective Date and shall be held in the applicable sub-account under each applicable
Participant’s Stock Account. 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants hereinafter set forth, the
Regions Financial Corporation Directors’ Deferred Investment Plan shall contain the following terms and conditions. 
 ARTICLE I

 DEFINITIONS 
 When
used herein, the following words and phrases shall have the meanings set forth below, unless a different meaning is clearly required by the context of the Plan. 

“Authorization for Participation” shall mean the form that an individual must submit to the Secretary of the Board in order to
participate in the Plan. Such form shall contain the individual’s election to defer receipt of future income, the amount of the deferred income or the percentage of deferred Director’s Fees, and shall set forth the Participant’s
beneficiaries and contingent beneficiaries designated to receive any benefits to which the Participant may be entitled in the event of the Participant’s death. 

“Board” shall mean the Board of Directors of Regions. 

“Change of Control” shall mean: (i) an acquisition (other than directly from the Company) by an individual, entity or a group
(excluding the Company or an employee benefit plan of the Company or a corporation controlled by the Company’s shareholders) of 20% or more of the Company’s Common Stock; (ii) a change in a majority of the current Board (the
“Incumbent Board”) (excluding any persons approved by a vote of at least a majority of the Incumbent Board other than in connection with an actual or threatened proxy contest); (iii) consummation of a complete liquidation or dissolution of
the Company or a merger, consolidation or sale of all or substantially all of the Company’s assets (collectively, a “Business Combination”) other than a Business Combination in which all or substantially all of the stockholders of the
Company receive 50% or more of the stock of the company resulting from the Business Combination, at least a majority of the board of directors of the resulting corporation were members of the Incumbent Board, and after which no person owns 20% or
more of the stock of the resulting corporation, who did not own such stock immediately before the Business Combination. Notwithstanding the foregoing, the term “Change of Control” shall be limited to those events described above that also
qualify as a payment event under § 409A. 

 “Committee” shall mean the persons appointed by the Board pursuant to Article V to
administer the Plan. 
 “Common Stock” shall mean the shares of common stock, $.01 par value, of Regions and any shares which may,
at any time prior to the date on which such term is applicable, be issued in exchange for shares of such Common Stock, whether in subdivision or in combination thereof and whether as part of a classification or reclassification thereof, or
otherwise. 
 “Company” or “Companies” shall include Regions and each affiliate, subsidiary, or local division thereof,
and shall mean any one or more of such entities as the context requires. 
 “Deferred Account” shall mean a separate bookkeeping
account with respect to each Participant for the purpose of accounting for Participant deferrals, Company deferred contributions and notional earnings and cash dividends attributed to both, and any other amounts attributable to the
Participant’s Deferred Account in accordance with the provisions of the Plan. The Deferred Account shall be comprised of two sub-accounts, a Participant’s Stock Account and Other Investments Account.

 “Director” shall mean any person serving on the Board. 

“Director’s Fees” shall mean the total amount to be paid by Regions to a Participant as retainer for services as a Director and
fees for attending meetings of the Board, including any fees received by such Participant for attending meetings of any committee of the Board. 

“Other Investments Account” shall mean the separate sub-account maintained with respect to
each Participant for the purpose of accounting for any other hypothetical investments permitted by the Committee (other than notional investments in Common Stock accounted for under the Participant’s Stock Account”), which hypothetical
investment options shall consist of, unless otherwise determined by the Committee, the investment options available under Regions’ Non-Qualified Excess 401(k) Plan, as in effect from time to time. 

“Participant” shall mean a person who is participating in the Plan pursuant to the provisions of Article II and whose participation
in the Plan has not terminated. 
 “Plan” shall mean the Regions Financial Corporation Directors’ Deferred Investment Plan,
as set forth herein, together with any amendments thereto. 
 “Plan Year” shall mean the period commencing January 1st of each
year and ending on December 31 of such year. 
 “Regions” shall mean Regions Financial Corporation, or any successor thereto.

 “Section 409A” or “§ 409A” shall mean Section 409A of the Internal Revenue Code and shall include any
amendments thereto or successor provisions as well as any applicable current and future regulations, rulings, IRS notices and other binding legal authority interpreting or modifying the legal requirements under Section 409A. 

  
 -2- 

 “Specified Employee” shall mean a ‘specified employee’ as defined in
§ 409A and shall be determined in accordance with Regions’ general policy for determining specified employees under § 409A, as such policy may be amended from time to time. 

“Stock Account” shall mean the separate sub-account maintained with respect to each
Participant for the purpose of accounting for Common Stock promised to the Participant under the Plan, which Stock Account shall include (i) a sub-account for any of a Participant’s Director’s
Fees notionally deferred into Common Stock under this Plan on or after the Effective Date and (ii) a sub-account for any of a Participant’s Director’s Fees deferred under this Plan as in effect
prior to the Effective Date. “Trust” shall mean the trust established by the Company to provide a source of funds to pay the amounts deferred under the Plan, which trust is intended to be a “rabbi trust” as contemplated under IRS
Revenue Procedure 92-64, and any successor trust thereto. 
 “Trustee” shall mean the
trustee originally appointed to hold and manage the Trust, or any successor thereto, or any successor duly appointed hereunder which is employed to hold and manage the Trust. 

ARTICLE II 

PARTICIPATION; DEFERRAL ELECTIONS 

2.1 Commencement of Participation; Initial Deferral Election. Any person who is a Director and who is not an employee of any Company is
eligible to participate in the Plan. Such person’s participation in the Plan shall commence on the first day of the calendar year next following the date on which he or she has submitted an Authorization for Participation to the Secretary of
the Board and the Trustee. Notwithstanding the foregoing, in the first year in which a Director is eligible to participate in the Plan, the Director may submit an Authorization for Participation within thirty (30) days of the date that he or
she first becomes eligible to participate, and in that case the Director may specify that his or her participation shall commence on the first day of the calendar quarter following the submission of such Authorization, even if such participation
date is not the first day of a calendar year. 
 2.2 Subsequent Deferral Elections. After a deferral election made by a Director in
accordance with this Article II (including any amounts deferred by a Director under this Plan as in effect prior to the Effective Date) has become irrevocable under Section 409A, the Director may elect to change the time and form of payment of
the deferred amount covered by such election only in accordance with Section 409A by submitting a payment election change on a revised Authorization for Participation at least (12) months prior to the date on which the deferred amount (or
first installment thereof, as applicable) is scheduled to be paid (the “First Scheduled Payment Date”) that will result in a delay of payment (or commencement of payment) of such deferred amount until the date that is five
(5) years after the First Scheduled Payment Date. A payment election change is irrevocable upon receipt and shall not take effect until the first date that is at least twelve (12) months after the date of receipt. 

2.3 Cessation of Participation. A Participant shall cease to be a Participant in the Plan when all amounts credited to the
Participant’s Deferred Account have been distributed or forfeited in accordance with the terms of the Plan, and the Participant is no longer deferring any Director’s Fees or being credited with any other amounts under the Plan. 

ARTICLE III 
 PARTICIPANT
DEFERRALS; COMPANY CONTRIBUTIONS 
 3.1 Participant Deferral of Director’s Fees. A Participant may defer Director’s
Fees under the Plan in amounts equal to all or any part of the Director’s Fees paid to such Participant. A Participant’s Authorization for Participation shall specify the amount, in specified percentages, of Director’s Fees which are
to be deferred under the Plan on behalf of such Participant and the portion of such amounts that are to be notionally invested in Common Stock under the Participant’s Stock Account and other hypothetical investments under the Participant’s
Other Investments Account. The amount each Participant defers under the Plan shall be deducted from the Director’s Fees such Participant would otherwise have received. 

  
 -3- 

 3.2 Amendment or Termination of Participant Deferrals. Participant deferrals may be
initially authorized or the amount or percentage thereof altered at any time preceding the first day of the calendar year for which the authorization or alteration is to become effective, and only by the Participant’s submission of an original
or revised Authorization for Participation under the terms of Article II and this Article III. Participant deferrals may be terminated by Participants pursuant to Article XII. Participant deferrals may be terminated by Regions pursuant to Articles
XIX and XX below. 
 3.3 Company Contributions. Prior to May 1, 2007, the Company credited an additional amount (referred to
herein as a “Company Contribution”) to the Deferred Accounts of Participants who deferred Director’s Fees under the Plan. Company Contribution for each Participant was 25% of the amount of such Participant’s deferred
Director’s Fees under the Plan. The Deferred Accounts of applicable Participants reflect such credit. Notwithstanding the above, there have been, and shall be, no Company Contributions for Director’s Fees earned on or after May 1,
2007. 
 ARTICLE IV 

ACCOUNTS AND INVESTMENTS 

4.1 Crediting of Deferrals. The Committee will keep a separate accounting for each Participant of the amount of the Participant’s
deferred Director’s Fees by crediting the Stock Account and the Other Investments Account, as applicable, of the Participant’s Deferred Account. Deferred amounts shall be notionally invested in notional Common Stock under the Stock Account
and other hypothetical investments under the Other Investments Account, as applicable. Each Participant’s Stock Account shall be credited to reflect the number of notional shares or fractional share interests in Common Stock which have inured
to the credit of such Participant and each Participant’s Other Investment Account shall be credited to reflect the hypothetical investments, earnings and losses related to the Participant’s other investment elections. 

4.2 Investment and Transfers Under Hypothetical Investments in Other Investments Account. On the date or dates permitted by
the Committee, a Participant may elect to invest in, or transfer all or a portion of the amounts invested under the Participant’s Other Investment Account, to one or more of the hypothetical investment options available under the Other
Investments Fund, subject to the terms and conditions and any limitations imposed by law, regulation or the Committee. The Committee will determine the rules for transfers between and among the hypothetical investment options available for
investment under the Other Investments Accounts from time to time. Until such time as a Participant elects the hypothetical investments in which such Participant’s Other Investment Account shall be invested, such account shall be invested in
the hypothetical target date fund or money market account available for investments under the Plan, as determined by the Committee. In no event shall an amount invested in a Participant’s Other Investments Account be permitted to be transferred
into the Participant’s Stock Account at any time. 
 4.3 Investment in Stock Account Irrevocable; Count Toward Common Stock
Ownership Requirements. The portion of Director’s Fees, if any, that a Participant elects to defer under an applicable deferral election into the Participant’s Stock Account shall be irrevocable once made. The Committee will determine
the rules for investments under the Stock Accounts from time to time. In no event shall an amount invested in a Participant’s Stock Account be permitted to be transferred into the Participant’s Other Investments Account at any time. A
Participant’s deferral of Director’s Fees in the Stock Account under the Plan shall count towards any Common Stock ownership requirement applicable to such Director from time to time. 

  
 -4- 

 ARTICLE V 

ADMINISTRATION OF PLAN 
 5.1
Plan Administration. The Plan will be administered by the Company’s Benefits Management and Human Resources Committee and any successor thereto (the “Committee”) unless otherwise determined by the Compensation and Human
Resources Committee of the Board. The Committee will periodically report its activities under the Plan to the Compensation and Human Resources Committee of the Board. The Committee may, from time to time, adopt rules and regulations not inconsistent
with the Plan for carrying out the Plan or for providing for matters not specifically covered herein. The Committee shall conduct its business and hold meetings as determined by it from time to time. The Committee may act without a meeting by
unanimous consent, in writing, of the action so taken. Committee members may participate in a meeting of the Committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting
can communicate with each other at the same time. 
 5.2 Administrative Powers. The Committee shall have all powers necessary or
appropriate to enable it properly to carry out its duties in connection with the operation and administration of the Plan, including, but not limited to, the following powers and duties: 

(A) To construe and interpret the provisions of the Plan; 

(B) To determine, from time to time, the investment options (other than Common Stock) that are available for hypothetical investments under
each Participant’s Other Investments Account; 
 (C) To authorize the execution on behalf of the Company of any documents required in
the administration of the Plan; 
 (D) To establish rules for the administration of the Plan; 

(E) To make determinations from the Company’s records of any facts concerning Participants which are pertinent to the operation of the
Plan, such as Director’s Fees, eligibility to participate and other information; 
 (F) To develop forms to be used in connection with
the Plan; 
 (G) To supervise the maintenance of records, including those with respect to Participant deferrals, Company contributions,
stock purchased and distributed to Participants, and dividends, if any, paid to the Trust; 
 (H) To file with the appropriate government
agencies any and all reports and notifications required of the Plan and to provide all Participants and designated beneficiaries with any and all reports and notifications to which they are entitled by law; 

(I) To perform any and all other functions reasonably necessary to administer the Plan. 

  
 -5- 

 5.3 Delegation. The Committee may appoint a delegate to assume any one or more of the
responsibilities set out above. The Company shall indemnify any person involved in the administration of the Plan against all costs, expenses and liabilities, including attorneys’ fees, incurred in connection with any action, suit or proceeding
instituted against such person alleging any act of commission or omission performed by such person while acting in good faith in discharging his or her duties with respect to the Plan. This indemnification is limited to such costs and expenses that
are not covered under insurance that may now or hereafter be provided by the Company. 
 ARTICLE VI 

COMMON STOCK PURCHASE 
 6.1
Source of Common Stock. Common Stock may be purchased by the Trustee on the open market; in privately negotiated transactions; or upon exercise of any conversion privileges or other options with respect to any and all Common Stock held in the
Trust. Funds held in the Trust may be used to fund such Common Stock purchases. 
 6.2 Trustee Authority. The Trustee shall have all
powers necessary or appropriate to enable it to properly carry out its duties in connection with the purchase of Common Stock pursuant to this Plan, including, but not limited to, the following powers and duties: 

(A) To make, execute, acknowledge, and deliver any and all documents of transfer and conveyance and any and all other instruments as may be
necessary or appropriate to enable the Trustee to carry out the powers herein granted; 
 (B) To employ suitable agents and counsel (who may
be counsel for the Company), subject to the approval of Regions; and to pay the reasonable expenses and compensation of such agents and counsel; and 

(C) To exercise any conversion privileges or other options with respect to Common Stock held as a part of the Trust and to make any payments
incidental thereto. 
 ARTICLE VII 

STOCK ACCOUNTS 
 After each
notional deferral into a Participant’s Stock Account, the Trustee will make a notation of the number of notional shares purchased and of the average cost per share of such notional Common Stock. The Trustee will then make a bookkeeping charge
against each Participant’s Deferred Account in the amount of the average cost of the Common Stock to be allocated to the Participant’s Stock Account. The accounting for the Stock Accounts shall include notional full shares and any
fractional share interest in a share (to four decimal places). 
 ARTICLE VIII 

ASSIGNMENTS 
 No claim,
right, or interest of any Participant under the Plan may be transferred or assigned by voluntary or involuntary act of the Participant or beneficiary hereunder, nor shall they be subject to anticipation, alienation, assignment, garnishment,
attachment, receivership, execution, sale, transfer, pledge, encumbrance, or levy by creditors of the Participant or the Participant’s beneficiary hereunder. 

  
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 ARTICLE IX 

DIVIDENDS, EARNINGS AND DEFERRED ACCOUNT INVESTMENT 

9.1 Dividends. Cash dividends attributable to the Common Stock attributable to a Participant’s notional investment in Common Stock
under such Participant’s Stock Account will be accounted for in such Participant’s Stock Account for reinvestment in Common Stock. Stock dividends and stock splits attributable to the Common Stock attributable to a Participant’s Stock
Account will be accounted for in such Participant’s Stock Account as determined by the Committee. 
 9.2 Other Investments Account
Earnings/Losses. Any earning and losses attributable to the hypothetical investments attributable to a Participant’s Other Investments Account will be accounted for in such Participant’s Other Investments Account as determined by the
Committee. 
 9.3 Trustee Discretion. The Trustee, subject to instructions by the Committee and the terms and conditions of the
applicable trust agreement, shall have full discretion to sell or allow to expire, as the case may be, any Common Stock, stock rights, warrants, cash, other property or investments attributable to Participants’ Deferred Accounts, in each case,
held in anticipation of payments under the Plan. The Trustee, in its discretion, may exercise any or all of such stock rights or warrants applicable to Common Stock held in the Trust, if any, and the Trustee may sell or allow to expire the balance,
if any, of such rights or warrants, if any. Cash received by the Trustee from the sale of any stock rights, warrants, or other property or investments will be accounted for in each Participant’s Stock Account or Other Investments Account, as
applicable. Notwithstanding any other provision in this Article IX or in the Plan, no Participant shall have any right to sell, allow to expire, or exercise, whichever is applicable, any rights, warrants, cash, other property or other investments
relating to amounts held for payment under the Plan. 
 ARTICLE X 

VOTING RIGHTS 
 The Company
shall vote any Common Stock and shall exercise any voting rights with respect to any other investments, in each case, that are held by the Trust, in any manner the Company deems advisable subject to the terms of the Trust. 

ARTICLE XI 
 REPORTS TO
PARTICIPANTS 
 As soon as is practicable following the end of each Plan Year, or more often at the direction of the Committee, the
Committee will send to each Participant a written report of any transactions attributable to such Participant’s Deferred Account and the Stock Account and Other Investments Account thereunder and of the balance to the credit of such
Participant’s Deferred Account and the Stock Account and Other Investments Account thereunder as of the date of the report. 

ARTICLE XII 
 WITHDRAWAL
FROM PLAN 
 A Participant may stop deferring Directors Fees to the Plan by giving written notice of withdrawal of such
Participant’s deferral election to the Secretary of the Board and to the Trustee. Such withdrawal will be effective on the first day of the calendar year following the date such notice is actually given to the Secretary. Such withdrawal will
not affect the date of payment of any amount deferred prior to the effective date of such withdrawal. A Participant who has withdrawn and who remains eligible to participate in the Plan may re-enter the Plan
by submitting a revised Authorization for Participation to the Secretary in accordance with Article II of the Plan, provided such revised Authorization for Participation shall be effective as of the first day of the calendar year following the date
the revised Authorization for Participation is actually delivered to the Secretary. 

  
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 ARTICLE XIII 

TAX WITHHOLDING 
 The
Company or the Trustee of any Trust established to help the Company fund its obligations under the Plan shall make required reporting and withholding of any applicable federal, state or local taxes with respect to benefit distributions under the
Plan, and shall pay such amounts to the appropriate taxing authorities. Notwithstanding the preceding, to the extent that withholding of such taxes is not required for distributions of Common Stock or cash under the Plan, no such withholding shall
be made. 
 ARTICLE XIV 

TIME AND METHOD OF PAYMENT 

14.1 Legacy Deferrals. For the portion of a Participant’s Deferral Account attributable to Director’s Fees deferred prior to
the Effective Date, payment will be made in accordance with the Participant’s applicable deferral elections commencing within thirty (30) days after the close of the Plan Year in which the Participant separates from service as a Director,
or such later date in the event the Participant makes a subsequent deferral election under Section 2.2 above and except as otherwise provided below. 

14.2 Post-Effective Date Deferrals. For the portion of a Participant’s Deferral Account attributable to Director’s Fees
deferred on or after the Effective Date, payment will be made in accordance with the Participant’s applicable deferral elections, each of which may provide for payment in a lump sum or in annual installments (not to exceed ten
(10) installments) commencing within thirty (30) days after the close of the Plan Year in which the Participant separates from service as a Director, or such later date in the event the Participant makes a subsequent deferral election
under Section 2.2 above and except as otherwise provided below. In the event installment payments are elected with respect to any deferral elections, each installment shall be equal to the Deferred Account (or the portion thereof payable in the
form of installments) divided by the number of installments remaining as of the date of payment. By way of example, in the case of an election of installments for ten (10) years has been made with respect to all or a portion of a
Participant’s Deferred Account, the first installment shall be one-tenth of the Deferred Account (or the portion thereof payable in the form of installments), the second installment shall be one-ninth of the remaining Deferred Account (or the portion thereof payable in the form of installments), and so on. 

14.3 Payment Upon Death. Notwithstanding the foregoing, for a Participant who dies prior to the payment of the full Deferral Account,
payment shall be made within ninety (90) days after the Participant’s death. 
 14.4 Change of Control. Notwithstanding the
foregoing, upon a Change of Control, any amounts attributable to each Participant’s Deferred Account shall be paid or distributed to the Participant or to his or her beneficiary within thirty (30) days after the Change of Control. 

14.5 Specified Employees. Solely with respect to a Participant who is a Specified Employee, payment of the Participant’s Deferred
Account (or in the case of a distribution of installments, payment of the first installment) will be made on the later of: (a) the payment date or dates specified in the preceding paragraphs; or (b) on or within thirty (30) days after
the first day of the seventh month after the date of the Participant’s separation from service as a Director, to the extent such delay is required for any such payment not to be subject to additional tax and interest under § 409A. 

  
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 ARTICLE XV 

PAYMENT OF THE DEFERRED ACCOUNT 

At the time or times specified under Article XIV, a Participant shall receive (i) payment in cash for the amount attributable to the
Participant’s Other Investment Account and payable at such time or times as specified in each applicable deferral election, and (ii) payment in cash for the amount attributable to the Participant’s Stock Account and payable at such
time or times as specified in each applicable deferral election. The number of full shares attributable to the portion of the Participant’s Stock Account that is payable in cash shall be determined based on the Fair Market Value (as defined in
the Regions Financial Corporation 2015 Long Term Incentive Plan or any successor plan thereto) of a share of Common Stock as of a date reasonably determined by the Committee in connection with an applicable payment. If termination is by reason of
death, settlement will be made with the Participant’s beneficiary or contingent beneficiary designated on such Participant’s Authorization for Participation. If the Participant has not so designated a beneficiary or contingent beneficiary,
or if the designated beneficiary or contingent beneficiary does not survive the Participant, settlement will be made with the Participant’s duly appointed legal representative after satisfaction of any applicable legal requirements; or, if
there is no duly appointed legal representative, settlement will be made with the Participant’s surviving spouse, if any; or if there is no surviving spouse, in equal shares to the Participant’s children, if any; and, if there are no
surviving spouse or children, settlement will be made with the Participant’s next of kin. 
 ARTICLE XVI 

GOVERNING LAW AND INTERPRETATION; SECTION 409A 

16.1 Governing Law and Interpretation. The provisions of this Plan shall be interpreted in accordance with, and governed by, the laws
of the State of Alabama without regard to any conflict of laws provisions. 
 16.2 Code Section 409A. The Plan is
intended to comply with § 409A and shall be interpreted and administered in compliance with the requirements of § 409A. Any ambiguity hereunder shall be interpreted in such a way as to comply, to the extent possible, with § 409A or to
qualify for an exemption from § 409A. Although the Company may attempt to avoid adverse tax treatment under Section 409A of the Code, the Company makes no representation to that effect and expressly disavows any covenant to maintain
favorable or avoid unfavorable tax treatment. 
 ARTICLE XVII 

EXPENSES 
 Regions will
bear the cost of administering the Plan, including any transfer taxes incurred in transferring Common Stock held for payment under the Plan to Participants. Expenses which an individual would normally pay upon the purchase of stock from a broker,
including any broker’s fees, commissions, postage or other transaction costs actually incurred, will be included in the amount charged against the Participant’s Stock Account for the purchase of the Common Stock. 

ARTICLE XVIII 

LIMITATION ON THE SALE OF STOCK 

No Common Stock will be sold under the Plan to any person in any state where the sale of such Common Stock is not permitted under the
applicable law of such state. For purposes of this Article XVIII, the sale of Common Stock is not permitted under the applicable laws of a state if, inter alia, the securities laws of such state would require this Plan or the Common Stock
offered pursuant hereto, to be registered in such state and the Plan or Common Stock is not registered therein. 

  
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 ARTICLE XIX 

AMENDMENT AND TERMINATION OF THE PLAN 

19.1 Plan Amendment. Regions reserves the right, by action of the Compensation and Human Resources Committee of the Board that is
ratified by the Board, to amend the Plan at any time; provided (i) that no amendment shall affect or diminish any Participant’s right to the deferrals made by such Participant or contributions by the Company prior to the date of such
amendment, and (ii) that no amendment shall affect a Participant’s deferral election at any time before January 1 of the calendar year following the year in which such amendment is adopted. Notwithstanding the above, the officers of
Regions may amend the Plan without prior consent of the Board solely for the following purposes and subject to the following limitations: (1) for the purpose of compliance with § 409A or any other applicable law or the avoidance of any
penalty or excise tax (either to the Company or the Participants) provided such amendment does not increase the cost to the Company or impair the Participant’s right to receive benefits accrued under the Plan; (2) for purposes of
efficiently managing the Plan provided that such amendment is purely administrative in nature and does not affect the cost of the Plan or the substantive rights of Participants; and (3) for any other purpose provided such amendment is later
ratified by the Board. 
 19.2 Plan Termination. Regions reserves the right, by action of the Compensation and Human Resources
Committee of the Board that is ratified by the Board, to terminate the Plan as of any December 31 on or after the date of such Board action. In the event of such termination, there will be no further Participant deferrals and no further Company
contributions to the Plan. Upon termination of the Plan, the Board may further specify that accounts under the Plan shall be paid to the Participants, provided that: (i) no such payment is made before the earlier of the date that is 12 months
after the date of Plan termination or the date the payment would otherwise have been made; (ii) no such payment is made later than the date that is 24 months after the date of Plan termination; and (iii) all other requirements of Treasury
Regulation Section 1.409A-3(j)(4)(ix)(C) and (D) (as they may be amended, or such other regulation or ruling that replaces such sections) are met. 

ARTICLE XX 
 SUSPENSION
OR TERMINATION IF STOCK PURCHASE IS PROHIBITED 
 In the event it is determined by the Board, after obtaining the advice of legal
counsel, that purchases of the Common Stock by the Trust would be prohibited under any federal or state law, then the Committee shall direct that Participant deferrals, Company contributions, dividends and any other sources of funds shall be
invested as necessary in such other investments as the Committee determines to be most appropriate under the circumstances, and the accounts of the Participants will be credited with investment earnings in accordance with such investments (and
amounts so invested shall not be credited with the returns applicable to amounts invested in Regions common stock). At such time as the Board determines that purchases of Common Stock may again be made legally, such alternate investments shall be
liquidated and the proceeds used to purchase Common Stock, and the accounts of the affected Participants shall be credited with appropriate returns thereafter. 

ARTICLE XXI 
 NATURE OF
COMPANY’S OBLIGATION 
 21.1 Unfunded Obligation; No Obligation to Fund. The Company’s obligations under this Plan
shall be an unfunded and unsecured promise to pay benefits in the future. It is the intention of the Company that the Plan shall be unfunded for purposes of federal and state income tax and for purposes of Employee Retirement Income Security Act of
1974, as amended. The Company has established a Trust as a mechanism to help fund its obligations under the Plan. However, the Company shall not be obligated under any circumstances to continue the Trust or to otherwise fund its obligations under
this Plan. The manner of any funding of the Plan (if any), and the continuance or discontinuance of such funding shall be the sole and exclusive decision of the Company. 

  
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 21.2 Participant as Unsecured Creditor. Any assets which the Company may acquire or
set aside to help cover its financial liabilities under the Plan are and must remain general assets of the Company subject to the claims of its creditors. Neither the Company nor this Plan gives a Participant any beneficial ownership interest in any
asset of the Company. All rights of ownership in any such assets are and remain in the Company. Participants in the Plan therefore have the status of general unsecured creditors of the Company. 

  
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