Document:

5TH AMENDMENT TO 1991 EMPLOYEE STOCK PURCHASE AND DIVIDEND REINVESTMENT PLAN

EXHIBIT 4(k)

STATE AUTO FINANCIAL CORPORATION

AMENDMENT NO. 5
TO THE
1991 EMPLOYEE STOCK PURCHASE
AND
DIVIDEND REINVESTMENT PLAN

The 1991 Employee Stock Purchase and Dividend Reinvestment Plan (the “Plan”) is hereby amended pursuant to the following provisions:

1.    Definitions:  For the purposes of the Plan and this amendment, all capitalized terms used in this amendment which are not otherwise defined herein shall have the respective meanings given such terms in the Plan.

2.    Subscription Price:  In order to provide consistency in the measurement of fair market value and expedite processing of share transactions related to the Subscription Period, effective January 1, 2009 the first sentence of Section VII of the Plan is hereby amended in its entirety to read as follows:

The “Subscription Price” for each share of Stock shall be the lesser of (a) 85% of the fair market value of such share on the last trading day before the first day of each Subscription Period (which for purposes of the Plan, shall be deemed to be the date an option is granted), or (b) 85% of the fair market value of such share on the last trading day before the last day of such Subscription Period (which for purposes of the Plan, shall be deemed to be the date an option is exercised).

3.    Dividend Reinvestment:  In order to provide flexibility to participants regarding the reinvestment of dividends earned on shares under the Plan, effective August 15, 2008 Section X of the Plan is hereby amended in its entirety to read as follows:

Each Participant shall make an election to: (i) have any dividends received on shares held in the Participant’s account automatically reinvested in the Participant’s account; or (ii) receive such dividend amount in a quarterly cash distribution, payable to the Participant.  Upon the Participant’s election, cash dividends and other cash distributions received by the Agent, or the Plan’s third party administrator (“TPA”), as applicable, on shares held in its custody hereunder will be credited pro rata to the accounts of the Participants in accordance with their elections and interests in the shares with respect to which the dividends or distributions are paid or made, and will be applied, as soon as practical after the receipt thereof by the Agent or TPA to the purchase in the market place at prevailing market prices of the number of shares of the Company’s common stock which can be purchased with such funds, after deduction of any bank service fees, brokerage charges and transfer taxes payable in connection with the purchase of such shares.  All purchases of shares pursuant to this section will be made in the name of the Agent or TPA or its nominee, shall be held as provided in Section IX and shall be credited pro rata (to the nearest one one-thousandth of a share) to the accounts of the Participants to which the dividend or other distribution was credited.  Dividends paid in shares of the Company’s common stock which are received by the Agent or TPA with respect to shares held in its custody hereunder will be allocated to the Participants (to the nearest one one-thousandth of a share) in accordance with their elections and interests in the shares with respect to which the dividends are paid.  Property, other than shares of the Company’s common stock or cash, received by the Agent or TPA as a distribution on shares held in its custody hereunder, shall be sold by the Agent or TPA for the accounts of the Participants, and the Agent or TPA shall treat the proceeds of such sale in the same manner as cash dividends received by the Agent or TPA on shares held in its custody hereunder.  It is understood that the election to reinvest dividends under the Plan does not relieve the Participant of any income tax which may be payable on such dividends.  The Agent or TPA shall report to each Participant the amount of dividends credited to his or her account, if any.

4.    Effective Dates; Construction:  This amendment shall be deemed to be a part of the Plan as of such effective dates reflected above.  In the event of any inconsistencies between the provisions of the Plan and this amendment, the provisions of this amendment shall control.  Except as modified by this amendment, the Plan shall continue in full force and effect without change.6TH AMENDMENT TO 1991 EMPLOYEE STOCK PURCHASE AND DIVIDEND REINVESTMENT PLAN

EXHIBIT 4(l)

STATE AUTO FINANCIAL CORPORATION

AMENDMENT NO. 6
TO THE
1991 EMPLOYEE STOCK PURCHASE
AND
DIVIDEND REINVESTMENT PLAN

The 1991 Employee Stock Purchase and Dividend Reinvestment Plan (the "Plan") is hereby amended pursuant to the following provisions:

1.    Definitions:  For the purposes of the Plan and this amendment, all capitalized terms used in this amendment which are not otherwise defined herein shall have the respective meanings given such terms in the Plan.

2.    Sale of Shares:  In order to provide for consistent ownership of shares for a reasonable period of time, effective January 1, 2010, Section XII of the Plan is hereby amended by adding a new last paragraph to read as follows:

Notwithstanding the foregoing, effective for Subscription Periods beginning on or after January 1, 2010, and subject to the provisions of Section XIX, an active employee Participant may at any time and without withdrawing from the Plan, by giving written notice to the Agent, direct the Agent to sell all or part of the shares held on behalf of such Participant subject to the requirement that such shares be held in the Participant's Plan Account for a period of at least one year from the date of purchase or 18 months from the last trading day preceding the Subscription Period (the "Grant Date").

3.    Withdrawal from the Plan:  In order to provide for consistent ownership of shares for a reasonable period of time, effective January 1, 2010, Section XIII of the Plan is hereby amended by adding a new last paragraph to read as follows:

Notwithstanding the foregoing, effective January 1, 2010, and subject to the provisions of Section XIX, an active employee Participant may at any time withdraw from the Plan by giving written notice to the Agent.  Such notice shall indicate the Participant's election to receive either common stock or cash for the full number of shares of common stock in the Participant's Plan Account, subject to the requirement that such shares be held in the Participant's Plan Account for a period of at least one year from the date of purchase or 18 months from the Grant Date.

4.    Administration:  In order to clarify the means of providing elections and participant direction to the Company, Committee, Agent or any of their designees, Section XVIII is hereby amended by adding a new last paragraph to read as follows:

The Committee may include in any process or procedure for administering the Plan, the use of alternative media, including, but not limited to, telephonic, facsimile, computer or other such electronic means as available.  Use of such alternative media shall be deemed to satisfy any Plan provision requiring a "written" document or an instrument to be signed "in writing" to the extent permissible under the Code and applicable regulations.

5.    Effective Date; Construction:  This amendment shall be deemed to be a part of the Plan as of such effective date reflected above.  In the event of any inconsistencies between the provisions of the Plan and this amendment, the provisions of this amendment shall control.  Except as modified by this amendment, the Plan shall continue in full force and effect without change.7TH AMENDMENT TO 1991 EMPLOYEE STOCK PURCHASE AND DIVIDEND REINVESTMENT PLAN

EXHIBIT 4(m)

STATE AUTO FINANCIAL CORPORATION

AMENDMENT NO. 7
TO THE
1991 EMPLOYEE STOCK PURCHASE
AND
DIVIDEND REINVESTMENT PLAN

The 1991 Employee Stock Purchase and Dividend Reinvestment Plan (the “Plan”) is hereby amended pursuant to the following provisions:

1.    Definitions:  For the purposes of the Plan and this amendment, all capitalized terms used in this amendment which are not otherwise defined herein shall have the respective meanings given such terms in the Plan.  

2.    Shares Subject to the Plan:  As of May 1, 2007, the total number of common shares available for sale under the Plan was 3,400,000.  In order to increase the number of common shares, without par value, available for sale under the Plan, the first sentence of Section VI of the Plan is hereby amended to read in its entirety as follows:

The total number of shares to be available under Section IX of the Plan is 3,650,000 common shares, without par value, of the Company (“Stock”) which may be authorized but unissued shares or issued shares reacquired by the Company and held as treasury shares.  

3.    Effective Dates; Construction:  The effective date of this amendment is May 8, 2015; and this amendment shall be deemed to be a part of the Plan as of such date.  In the event of any inconsistencies between the provisions of the Plan and this amendment, the provisions of this amendment shall control.  Except as modified by this amendment, the Plan shall continue in full force and effect without change.  

This amendment shall be submitted to the Company’s shareholders for their approval as soon as practicable but in no event later than 12 months after this amendment has been adopted by the Company’s board of directors.  If this amendment is not approved by the Company’s shareholders within such 12-month period, this amendment shall automatically become null and void and have no further force or effect, and the Plan shall continue in effect without this amendment.SBY-2015630-10Q-Exh101

EXECUTION VERSION

JOINDER AGREEMENT
This JOINDER AGREEMENT, dated April 1, 2015 (this “Joinder Agreement”) is delivered by each of 2013-A Property Holdings LLC, 2013B Property Owner LLC, 2015B Property Owner LLC, and SBY Finance TRS LLC (each a "New Borrower" and collectively, the “New Borrowers”)  to BANK OF AMERICA, NATIONAL ASSOCIATION, as agent for each Lender (the “Agent”), pursuant to that certain Amended and Restated Revolving Credit Agreement, dated as of February 18, 2015 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Silver Bay Operating Partnership L.P., as the Master Property Manager, SB Financing Trust Owner LLC, as representative for all of the Borrowers (in such capacity, the “Borrower Representative”), the borrowers party thereto from time to time (the “Borrowers”), U.S. Bank National Association, as Calculation Agent and as Paying Agent, Bank of America, National Association as Joint Lead Arranger, as a Lender and as agent for each Lender, JPMorgan Chase Bank, National Association, as Joint Lead Arranger and a Lender and each Lender party thereto from time to time (the “Lender”); the terms defined therein and not otherwise defined herein being used herein as defined in the Credit Agreement).
Section 1.    Pursuant to Section 3.2(b) of the Credit Agreement, each New Borrower hereby:
(1)    agrees that this Joinder Agreement may be attached to the Credit Agreement and that by the execution and delivery hereof, such New Borrower hereby accepts the duties and responsibilities of a Borrower under the Credit Agreement and the other Loan Documents, and agrees to assume the duties and be bound by each of the obligations of a Borrower and is hereby made a party to, and a Borrower under, the Credit Agreement and the other Loan Documents.
(2)    makes each of the representations and warranties made by the Borrowers under the Credit Agreement and each other Loan Document, as if each such representation or warranty was set forth herein, mutatis mutandis.
(3)    makes each of the covenants and agreements made by the Borrowers under the Credit Agreement and each other Loan Document, as if each such covenant was set forth herein, mutatis mutandis.
(4)    certifies that no event has occurred or is continuing as of the date hereof, or will result from the transactions contemplated hereby, that would constitute an Event of Default or a Default;
(5)    (a) agrees that the undersigned will comply with all the terms and conditions of the Credit Agreement as if it were an original signatory thereto and (b) agrees to provide to each Lender such all such documents, instruments, agreements, and certificates required by such Lender in connection with the undersigned’s execution of this Joinder Agreement.
Section 2.    Effective as of the date hereof, the Agent, on behalf of each Lender, hereby consents to this Joinder Agreement and each New Borrower becoming a Borrower under the Loan Documents.

Section 3.    This Joinder Agreement shall become effective on the first date on which each New Borrower shall have delivered to the Agent the following documents and instruments, all of which shall be in form and substance acceptable to the Agent:
(a)    This Joinder Agreement, duly executed by an authorized officer of each New Borrower and each of the Guarantors.
(b)    An amendment to the Account Control Agreement, duly executed by an authorized officer of each New Borrower and each of the other parties thereto, pursuant to which such New Borrower becomes a party thereto.
(c)    An amendment to the Deposit Account Control Agreement relating to the Loan Account, duly executed by an authorized officer of each New Borrower and each of the other parties thereto, pursuant to which such New Borrower becomes a party thereto.
(d)    Original executed copies of the favorable written opinions of Orrick, Herrington & Sutcliffe LLP or Richards, Layton & Finger, P.A., counsel for the New Borrowers, as to such matters as the Agent may reasonably request, dated as of the date hereof and otherwise in form and substance reasonably satisfactory to the Agent (and the New Borrowers hereby instruct such counsel to deliver such opinions to the Agent).
(e)    A certificate of the secretary or assistant secretary of each New Borrower certifying as to the incumbency and genuineness of the signature of each officer of each New Borrower executing this Joinder Agreement and certifying that attached thereto is a true, correct and complete copy of (A) the certificate of formation or comparable Governing Documents, if any, of each New Borrower and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority in each New Borrower’s jurisdiction of organization, (B) the Governing Documents of each New Borrower as in effect on the date of such certifications, (C) resolutions duly adopted by the board of directors or comparable governing body of each New Borrower authorizing, as applicable, the transactions contemplated hereunder and the execution, delivery and performance of this Joinder Agreement, the Credit Agreement and the other Loan Documents, and (D) certificates as of a recent date of the good standing or active status, as applicable, of each New Borrower under the laws of its jurisdiction of organization and short-form certificates as of a recent date of the good standing of each New Borrower under the laws of each other jurisdiction where each New Borrower is qualified to do business and where a failure to be so qualified could reasonably be expected to have a Material Adverse Effect.
(f)    Each New Borrower shall be a limited liability company and shall have provided to the Agent the executed and delivered Governing Document of each such New Borrower, in form and substance satisfactory to the Agent, which shall provide that such New Borrower is subject to the SPE Requirements.
(g)    Any documents (including, without limitation, financing statements) required to be filed, registered or recorded in order to create, in favor of the Agent, for the benefit of the Secured Parties, a perfected, first-priority security interest in the Collateral related to each New Borrower, subject to no Liens other than those created hereunder, shall have been properly prepared and 

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executed for filing (including the applicable county(ies) if the Agent determines such filings are necessary in its sole discretion), registration or recording in each office in each jurisdiction in which such filings, registrations and recordations are required to perfect such first‐ priority security interest.
(h)    The Pledged Security related to such New Borrower and such instruments of assignment acceptable to the Agent duly executed in blank by the Trust Guarantor as are required to effect the transfer such Pledged Security.
(i)    Evidence in form and substance satisfactory to Agent that it has a first priority perfected security interest in the Pledged Security related to such New Borrower in accordance with the terms of the Loan Documents subject to no other Liens.
(j)    All other documents, certificates, resolutions, instruments and agreements as the Agent deems reasonably necessary in connection with this Joinder Agreement and by the other Loan Documents, including without limitation, each of the documents, certificates and opinions described in Article 3 of the Credit Agreement, in each case to the extent not previously executed and/or delivered by each New Borrower.
Section 4.    Each of the undersigned agrees from time to time, upon request of the Agent, to take such additional actions and to execute and deliver such additional documents and instruments as the Agent may reasonably request to effect the transactions contemplated by, and to carry out the intent of, this Joinder Agreement.  Neither this Joinder Agreement nor any term hereof may be changed, waived, discharged or terminated, except by an instrument in writing signed by the Agent.  Any notice or other communication herein required or permitted to be given shall be given in pursuant to Section 13.5 of the Credit Agreement, and all for purposes thereof, the notice address of the undersigned shall be the address as set forth on the signature page hereof.  In case any provision in or obligation under this Joinder Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.
Section 5.    THIS JOINDER AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) THEREOF.
[remainder of page intentionally blank]

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IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered by its duly authorized officer as of the date above first written.
2013-A PROPERTY HOLDINGS LLC,
2013B PROPERTY OWNER LLC, 
2015B PROPERTY OWNER LLC, and
SBY FINANCE TRS LLC
each a Delaware limited liability company,

By:    SB Financing Trust Owner LLC,
a Delaware limited liability company, 
Manager
    

By:    /s/ David Miller
Name:     David Miller
Title:        President and Chief Executive Officer
Address for Notices:
 
c/o SB Financing Trust Owner LLC
3300 Fernbrook Lane North, Suite 210
Plymouth, MN  55447
Attention:  Legal Department
legal@silverbaymgmt.com

ACKNOWLEDGED AND ACCEPTED, 
as of the date above first written:
BANK OF AMERICA, NATIONAL ASSOCIATION, 
as the Agent
By: /s/ Charu Venkat Mani
Name: Charu Venkat Mani 
Title: Director
SB FINANCING TRUST OWNER LLC, 
a Delaware limited liability company, 
as Guarantor
		
	By:
	/s/ David Miller 
David Miller, 
President and Chief Executive Officer

[Signatures continue]

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SB FINANCING TRUST, 
a Delaware Statutory Trust, 
as Guarantor
		
	By:
	SB Financing Trust Owner LLC, 
a Delaware limited liability company, 
its Administrator

		
	By:
	/s/ David Miller 
David Miller, 
President and Chief Executive Officer

SILVER BAY OPERATING PARTNERSHIP L.P., 
a Delaware limited partnership, 
as Guarantor
		
	By:
	Silver Bay Management LLC, 
a Delaware limited liability company, 
its general partner

		
	By:
	Silver Bay Realty Trust Corp., 
a Maryland corporation 
its sole member

		
	By:
	/s/ David Miller 
David Miller, 
President and Chief Executive Officer

SILVER BAY REALTY TRUST CORP., 
a Maryland corporation, 
as Guarantor
		
	By:
	/s/ David Miller 
David Miller, 
President and Chief Executive Officer

[End of Signatures]

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