Document:

EX-4.5

 Exhibit 4.5 

DESCRIPTION OF SECURITIES 

Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form
10-K to which this Description of Securities is an exhibit. 
 (a) Common Stock, $0.001 par value per
share 
 As of September 30, 2020, we had 31,566,850 shares of common stock outstanding. All shares of our common stock have
equal rights as to earnings, assets, dividends and voting privileges and, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Shares of our common stock have no preemptive, conversion or redemption rights and are
freely transferable, except where their transfer is restricted by federal and state securities laws. 
 Distributions may be paid to the
holders of our common stock if, as and when authorized by our Board of Directors and declared by us out of funds legally available therefor. In the event of our liquidation, dissolution or winding up, each share of our common stock is entitled to
share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any is outstanding at the time. Each share of
our common stock is entitled to one vote and does not have cumulative voting rights, which means that holders of a majority of such shares, if they so choose, could elect all of the directors, and holders of less than a majority of such shares
would, in that case, be unable to elect any director. Our common stock is listed on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “GLAD.” 

(b) Debt Securities 
  

	 	•	 	 6.125% Notes due 2023 (the “2023 Notes”) 

 

	 	•	 	 5.375% Notes due 2024 (the “2024 Notes”) 

The 2023 Notes (together with the 2024 Notes, the “Notes”) were issued under a base indenture (the “Base Indenture”), dated
as of November 6, 2018, and a first supplemental indenture thereto, dated as of November 6, 2018, entered into between us and U.S. Bank National Association (“U.S. Bank”), as trustee. The 2023 Notes will mature on
November 1, 2023. The principal payable at maturity will be 100% of the aggregate principal amount. The interest rate of the 2023 Notes is 6.125% per year. Interest is payable quarterly on February 1, May 1, August 1 and
November 1 of each year, and the regular record dates for interest payments are January 15, April 15, July 15 and October 15, as the case may be, next preceding the applicable interest payment date. The 2023 Notes are listed
on Nasdaq under the symbol “GLADD.” 
 The 2024 Notes were issued under the Base Indenture and a second supplemental indenture
thereto, dated as of October 10, 2019, entered into between us and U.S. Bank, as trustee. The 2024 Notes will mature on November 1, 2024. The principal payable at maturity will be 100% of the aggregate principal amount. The interest rate
of the 2024 Notes is 5.375% per year. Interest is payable quarterly on February 1, May 1, August 1 and November 1 of each year , and the regular record dates for interest payments are January 15, April 15, July 15
and October 15, as the case may be, next preceding the applicable interest payment date. The 2024 Notes are listed on Nasdaq under the symbol “GLADL.” 

The Notes were issued in denominations of $25 and integral multiples of $25 in excess thereof. The Notes are not be subject to any sinking
fund and holders of the Notes do not have the option to have the Notes repaid prior to the stated maturity date. 
 The following is a
summary description of the material terms of the Notes, the Base Indenture and the supplemental indentures thereto. The following summary is qualified in its entirety by reference to the Base Indenture, the first supplemental indenture and the
second supplemental indenture (collectively, the “indenture”), each of which is attached as an exhibit to this Annual Report. 

 Covenants 

In addition to standard covenants relating to payment of principal and interest, maintaining an office where payments may be made or securities
can be surrendered for payment and related matters, the following covenants apply to the Notes: 
  

	 	•	 	 We agree that for the period of time during which 2023 Notes are outstanding, we will not violate
Section 18(a)(1)(A) as modified by such provisions of Section 61(a) of the 1940 Act as may be applicable to us from time to time or any successor provisions thereto, whether or not we continue to be subject to such provisions of the 1940
Act. We agree that for the period of time during which 2024 Notes are outstanding, we will not violate Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, whether or not we continue to be
subject to such provisions of the 1940 Act. Currently, these provisions generally prohibit us from incurring additional debt or issuing additional debt or preferred securities, unless our asset coverage, as defined in the 1940 Act, equals at least
150% after such incurrence or issuance. 

  

	 	•	 	 We agree that for the period of time during which 2023 Notes are outstanding, we will not declare any dividend
(except a dividend payable in stock of the Company), or declare any other distribution, upon a class of our capital stock, or purchase any such capital stock, unless, in every such case, at the time of the declaration of any such dividend or
distribution, or at the time of any such purchase, we have an asset coverage (as defined in the 1940 Act) of at least the threshold specified under Section 18(a)(1)(B) as modified by such provisions of Section 61(a) of the 1940 Act as may
be applicable to us from time to time or any successor provisions thereto of the 1940 Act, as such obligation may be amended or superseded, after deducting the amount of such dividend, distribution or purchase price, as the case may be, and giving
effect, in each case, to any no-action relief granted by the SEC to another BDC (or to us if we determine to seek such similar no-action or other relief) permitting the
BDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by such provisions of Section 61(a) of the 1940 Act as may be applicable to us from time to time, as such
obligation may be amended or superseded, in order to maintain such BDC’s status as a RIC under Subchapter M of the Code. We agree that for the period of time during which 2024 Notes are outstanding, we will not declare any dividend (except a
dividend payable in stock of the Company), or declare any other distribution, upon a class of our capital stock, or purchase any such capital stock, unless, in every such case, at the time of the declaration of any such dividend or distribution, or
at the time of any such purchase, we have an asset coverage (as defined in the 1940 Act) of at least the threshold specified under Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions thereto of
the 1940 Act, after deducting the amount of such dividend, distribution or purchase price, as the case may be, and giving effect, in each case, to any no-action relief granted by the SEC to another BDC and
upon which we may reasonably rely (or to us if we determine to seek such similar no-action or other relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibition
contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, in order to maintain such BDC’s status as a RIC under Subchapter M of the Code. 

 

	 	•	 	 If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial
statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all
material respects, in accordance with applicable GAAP. 

 Optional Redemption 

The 2023 Notes and the 2024 Notes may be redeemed in whole or in part at any time or from time to time at our option on or after
November 1, 2020 and November 1, 2021, respectively, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of 100% of the outstanding principal amount
of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption. 

 Conversion and Exchange 

The Notes are not convertible into or exchangeable for other securities. 

Events of Default 
 The
term “Event of Default” in respect of the Notes means any of the following: 
  

	 	•	 	 We do not pay the principal of any Note when due and payable at maturity; 

 

	 	•	 	 We do not pay interest on any Note when due and payable, and such default is not cured within 30 days of its due
date; 

  

	 	•	 	 We remain in breach of any other covenant in respect of the Notes for 60 days after we receive a written notice
of default stating we are in breach (the notice must be sent by either the trustee or holders of at least 25% of the principal amount of the outstanding Notes); 

 

	 	•	 	 We file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur and remain
undischarged or unstayed for a period of 60 days; or 

  

	 	•	 	 On the last business day of each of twenty-four consecutive calendar months, the Notes have an asset coverage (as
such term is defined in the 1940 Act) of less than 100%. 

 An Event of Default for the Notes may, but does not
necessarily, constitute an Event of Default for any other series of debt securities issued under the same or any other indenture. The trustee may withhold notice to the holders of the Notes of any default, except in the payment of principal or
interest, if it in good faith considers the withholding of notice to be in the best interests of the holders. 
 Remedies if an Event of
Default Occurs 
 If an Event of Default has occurred and is continuing, the trustee or the holders of not less than 25% in principal
amount of the Notes may declare the entire principal amount of all the Notes to be due and immediately payable, but this does not entitle any holder of Notes to any redemption payout or redemption premium. Except in cases of default, where the
trustee has some special duties, the trustee is not required to take any action under the indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability reasonably satisfactory to it (called an
“indemnity”). 
 Defeasance and Covenant Defeasance 

The Notes are subject to defeasance by us. “Defeasance” means that, by depositing with a trustee an amount of cash and/or government
securities sufficient to pay all principal and interest, if any, on the Notes when due and satisfying any additional conditions required under the indenture relating to the Notes, we will be deemed to have been discharged from our obligations under
the Notes. 
 The Notes are subject to covenant defeasance by us. In the event of a “covenant defeasance,” upon depositing such
funds and satisfying conditions similar to those for defeasance we would be released from certain covenants under the indenture relating to the Notes. The consequences to the holders of the Notes would be that, while they would no longer benefit
from certain covenants under the indenture, and while the Notes could not be accelerated for any reason, the holders of the Notes nonetheless could look to the Company for repayment of the Notes if there were a shortfall in the funds deposited with
the trustee or the trustee is prevented from making a payment. 
 Indenture Provisions—Ranking 

The Notes are our direct unsecured obligations and rank: 

	 	•	 	 pari passu with our existing and future unsecured, unsubordinated indebtedness; 

 

	 	•	 	 senior to our preferred stock, including any series of preferred stock that we may issue in the future;

  

	 	•	 	 senior to any of our future indebtedness that expressly provides it is subordinated to the Notes;

  

	 	•	 	 effectively subordinated to all of our existing and future secured indebtedness (including indebtedness that is
initially unsecured to which we subsequently grant security), to the extent of the value of the assets securing such indebtedness; and 

  

	 	•	 	 structurally subordinated to all existing and future indebtedness and other obligations of any of our
subsidiaries and any other future subsidiaries of the Company, including, without limitation, borrowings under the Credit Facility. 

(c) Provisions of our Certificate of Incorporation or Bylaws that may have the effect of delaying, deferring or preventing a change of control 

 Classified Board of Directors 
 In
accordance with our bylaws, our Board of Directors is divided into three classes of directors serving staggered three-year terms, with the term of directors in each class expiring at the annual meeting of stockholders held in the third year
following the year of their election. One class has two directors, one class has three directors and one class has four directors. A classified board may render more difficult a change in control of us or removal of our incumbent management. We
believe, however, that the longer time required to elect a majority of a classified board of directors will help to ensure continuity and stability of our management and policies. 

Our classified board could have the effect of making the replacement of incumbent directors more time consuming and difficult. Because our
directors may only be removed for cause, at least two annual meetings of stockholders, instead of one, will generally be required to effect a change in a majority of our Board of Directors. Thus, our classified board could increase the likelihood
that incumbent directors will retain their positions. The staggered terms of directors may delay, defer or prevent a tender offer or an attempt to change control of us or another transaction that might involve a premium price for our common stock
that might be in the best interest of our stockholders. 
 Number of Directors; Removal; Vacancies 

Our charter provides that the number of directors will be determined pursuant to our bylaws and our bylaws provide that a majority of our
entire Board of Directors may at any time increase or decrease the number of directors. In addition, our bylaws provide that the number of directors shall not be increased by 50% or more in any 12-month period
without the approval of two-thirds of the members of our Board of Directors then in office. Our bylaws provide that any vacancies may be filled only by the vote of a majority of the remaining directors, even
if less than a quorum, and the directors so appointed shall hold office for the remainder of the full term of the class of directors in which the vacancy occurred and until their successors are elected and qualified. 

Our directors may only be removed for cause and only by the affirmative vote of at least a majority of all the votes entitled to be cast by
our stockholders generally in the election of directors. This provision, when coupled with the power of our Board of Directors to fill vacancies on our Board of Directors, precludes stockholders from removing incumbent directors except for cause and
upon a substantial affirmative vote and could preclude stockholders from filling the vacancies created by such removal with their own nominees. 

Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals 

Our bylaws establish an advance notice procedure for stockholders to make nominations of candidates for election as directors or to bring other
business before an annual or special meeting of our stockholders, which we refer to as the stockholder notice procedure. 

 The stockholder notice procedure provides that with respect to an annual meeting of
stockholders, nominations of individuals for election to our Board of Directors and the proposal of business to be considered by our stockholders at an annual meeting may be made only (1) pursuant to our notice of the meeting, (2) by or at
the direction of our Board of Directors or (3) by a stockholder who was a stockholder of record at the time of giving of notice, who is entitled to vote at the meeting and who has complied with the advance notice procedures set forth in our
bylaws, including a requirement to provide certain information about the stockholder and the nominee or business proposal, as applicable. With respect to special meetings of stockholders, only the business specified in our notice of meeting may be
brought before the meeting. Nominations of individuals for election to our Board of Directors may be made at a special meeting of stockholders at which directors are to be elected only (1) by or at the direction of our Board of Directors or
(2) by a stockholder who was a stockholder of record at the time of giving of notice, who is entitled to vote at the meeting and who has complied with the advance notice provisions set forth in our bylaws, including a requirement to provide
certain information about the stockholder and the nominee. 
 The purpose of requiring stockholders to give us advance notice of nominations
and other business is to afford our Board of Directors a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of the other proposed business and, to the extent deemed necessary or desirable by the Board
of Directors, to inform stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our Board of Directors any
power to disapprove stockholder nominations for the election of directors or proposals for action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures are
not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be
harmful or beneficial to us and our stockholders. 
 Authority to Issue Preferred Stock without Stockholder Approval 

Our charter permits our Board of Directors to issue up to 50,000,000 shares of capital stock. Our Board of Directors may classify or reclassify
any unissued common stock or preferred stock into other classes or series of stock and establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions of
redemption of any such stock. Thus, our Board of Directors could authorize the issuance of preferred stock with terms and conditions that could have a priority as to distributions and amounts payable upon liquidation over the rights of the holders
of our common stock. 
 Amendment of Charter and Bylaws 

Our charter may be amended, altered, changed or repealed, subject to the terms of any class or series of preferred stock, only if advised by
our Board of Directors and approved by our stockholders by the affirmative vote of two-thirds of all the votes entitled to be cast on the matter. 

Our charter also provides that the bylaws may be adopted, amended, altered, changed or repealed by our Board of Directors. Any action taken by
our stockholders with respect to adopting, amending, altering, changing or repealing our bylaws may be taken only by the affirmative vote of the holders of at least 75% of our capital stock, voting together as a single class. 

These provisions are intended to make it more difficult for stockholders to circumvent certain other provisions contained in our charter and
bylaws, such as those that provide for the classification of our Board of Directors. These provisions, however, also will make it more difficult for stockholders to amend the charter or bylaws without the approval of the Board of Directors, even if
a majority of the stockholders deems such amendment to be in the best interests of all stockholders. 
 Indemnification and Limitation of Liability of
Directors and Officers 
 Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its
directors and officers to the corporation and its stockholders for money damages, except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate

 
dishonesty that is established by a final judgment and is material to the cause of action. Our charter contains a provision that eliminates the liability of our directors and officers to the
maximum extent permitted by Maryland law. 
 The Maryland General Corporation Law (the “MGCL”) requires us (unless our charter
provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service in that
capacity. The MGCL permits us to indemnify our present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which
they may be made or threatened to be made a party by reason of their service in those or other capacities unless it is established that: 
  

	 	•	 	 the act or omission of the director or officer was material to the matter giving rise to the proceeding and
(1) was committed in bad faith or (2) was the result of active and deliberate dishonesty; 

  

	 	•	 	 the director or officer actually received an improper personal benefit in money, property or services; or

  

	 	•	 	 in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or
omission was unlawful. 

 Under the MGCL, we may not indemnify a director or officer in a suit by us or on our behalf in
which the director or officer was adjudged liable to us or in a suit in which the director or officer was adjudged liable on the basis that personal benefit was improperly received. A court may order indemnification if it determines that the
director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However,
indemnification for an adverse judgment in a suit by us or on our behalf, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses. 

In addition, the MGCL permits us to advance reasonable expenses to a director or officer upon our receipt of: 

 

	 	•	 	 a written affirmation by the director or officer of his or her good faith belief that he or she has met the
standard of conduct necessary for indemnification by us; and 

  

	 	•	 	 a written undertaking by or on behalf of the director or officer to repay the amount paid or reimbursed by us if
it is ultimately determined that the director or officer did not meet the standard of conduct. 

 Our bylaws permit us to
advance expenses so long as, in addition to the requirements above, we obtain security for the advance from the director or officer, we obtain insurance against losses arising by reason of lawful advances or we determine that there is reason to
believe that the director or officer will be found entitled to indemnification. 
 Subject to the 1940 Act, or any valid rule, regulation or
order of the SEC thereunder, our charter obligates us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and pay or reimburse reasonable expenses in advance of final disposition of a proceeding to any director
or officer, whether serving our company or at our request any other entity. Our charter also permits us to indemnify and advance expenses to any employee or agent of our company to the extent authorized by our Board of Directors or the bylaws and
permitted by law. 
 Our bylaws obligate us, to the maximum extent required by Maryland law or the charter, to indemnify any person who was
or is a party or is threatened to be made a party to any threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was our director, officer, employee or agent, or is or was
serving at our request as a director, officer, manager, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise if our Board of Directors determines that such person
acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of our company, and, in the case of any criminal action or proceeding, that such person had no reasonable cause to believe that such person’s
conduct was unlawful. However, our bylaws permit us to advance expenses only so long as, in addition to the requirements above, we obtain security for the advance from the director or officer, we obtain insurance against losses arising by reason of
lawful advances or we determine that there is reason to believe that the director or officer will be found entitled to indemnification. 

 These provisions on indemnification and limitation of liability are subject to the
limitations of the 1940 Act that prohibit us from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the
conduct of such person’s office.Document

Exhibit 10.1

GROCERY OUTLET HOLDING CORP.
DIRECTORS DEFERRAL PLAN

1.Purpose.  The purpose of the Grocery Outlet Holding Corp. Directors Deferral Plan (the “Plan”) is to attract and retain the services of experienced individuals to serve on the Board by providing them with opportunities to defer income taxes on certain compensation.  
2.Definitions.  Unless otherwise defined in the Plan, capitalized terms used in the Plan shall have the meanings assigned to them in the Incentive Plan.
(a)“Annual Cash Compensation” means, with respect to any Eligible Director, the director compensation otherwise payable in cash to such Eligible Director for services rendered during the calendar year, including cash compensation attributable to any annual retainer, committee chair fees, additional fees, meeting fees or other cash compensation.
(b)“Deferral Account” means a notional bookkeeping account maintained for each Participant reflecting deferrals made under the Plan.
(c)“Deferred Stock Unit” means an unsecured promise to deliver one share of Common Stock on the applicable settlement date of such unit. 
(d)“Dividend Equivalent Rights” means any dividend equivalent rights granted in connection with any Restricted Stock Unit pursuant to Section 13(c)(iii) of the Incentive Plan.
(e)“Election Form” means the form of election established for the purpose of making deferrals under the Plan that is executed by such Participant and filed with the Company.
(f)“Eligible Director” means each member of the Board who is not an employee of the Company or any other member of the Company Group.
(g)“Incentive Plan” means the Grocery Outlet Holding Corp. 2019 Incentive Plan, as may be amended from time to time.
(h)“Participant” means each such Eligible Director who makes a deferral under the Plan.
3.Eligibility.  Unless otherwise determined by the Committee, each Eligible Director shall be entitled to participate in the Plan.  
4.Administration.  
(a)The Plan shall be administered by the Committee.  Subject to the terms of the Plan and applicable law, the Committee shall have full power and authority to: (i) designate Eligible Directors for participation; (ii) determine the terms and conditions of any deferral made under the Plan; (iii) interpret and administer the Plan and any instrument or agreement relating to, or deferral made under, the Plan; (iv) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (v) make any other determination and take any other action that the Committee 

deems necessary or desirable for the administration of the Plan.  To the extent legally permitted, the         Committee may, in its discretion, delegate to one or more officers of the Company any or all authority and responsibility to act with respect to administrative matters with respect to the Plan.  The determination of the Committee on all matters within its authority relating to the Plan shall be final, conclusive and binding upon all parties, including the Company, its shareholders and the Participants.

(b)Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, administer the Plan.  In any such case, the Board shall have all the authority granted to the Committee under the Plan. 
5.Deferrals under the Plan.
(a)Deferral Elections.
(i)An Eligible Director may elect to defer receipt of all of (A) Annual Cash Compensation and/or (B) any shares of Common Stock issuable upon vesting of any Restricted Stock Unit granted to such Eligible Director; provided, however, that no such election shall be permitted with respect to any Deferred Stock Units credited as a result of an election to defer Annual Cash Compensation under this Section 5(a) or Deferred Stock Units credited in connection with any Dividend Equivalent Rights.
(ii)A Participant’s deferral election shall be made pursuant to an Election Form.  Each Election Form will remain in effect until superseded or revoked pursuant to this Section 5.  The Election Form will require a Participant to specify:
(A)    whether a Participant is electing to defer receipt of all of (A) Annual Cash Compensation and/or (B) shares of Common Stock issuable upon vesting of any Restricted Stock Unit into a Participant’s Deferral Account under the Plan; and
(B)    the time at which amounts to be credited to such Participant’s Deferral Account in connection with any Election Form will be distributed.
(iii)An Election Form relating to Annual Cash Compensation and/or Restricted Stock Units must be completed prior to the beginning of the calendar year to which such Annual Cash Compensation is otherwise payable or such Restricted Stock Units may be granted, as applicable. Notwithstanding the foregoing, an Election Form filed by a Participant within 30 days after such Participant first becomes an Eligible Director may apply to Annual Cash Compensation or Restricted Stock Units that relate to services performed following the date on which such Participant executes such Election Form.
(b)A Participant who has an Election Form on file with the Company may execute and file with the Company a subsequent Election Form at any time.  Such subsequent Election Form shall apply to any Annual Cash Compensation and/or Restricted Stock Units paid or granted to such Participant following the end of the year in which such subsequent Election Form is executed.  A Participant may also revoke an Election Form at any time by providing 
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written notice to the General Counsel of the Company.  Such revocation shall apply to any Annual Cash Compensation and/or Restricted Stock Units paid or granted to such Participant following the end of the year in which such notice is provided.
(c)A Participant may elect to redefer the issuance of shares of Common Stock upon distribution from such Participant’s Deferral Account to a time following the time specified on the applicable Election Form; provided, that any such redeferral (i) will not take effect for at least 12 months after the date on which the redeferral election is made; (ii) must defer the distribution for at least five years from the date the original distribution would have otherwise been made; and (iii) must be made at least 12 months before the date the distribution would have otherwise been made.  Any redeferral election that does not satisfy the applicable foregoing requirements will be invalid, null, and void, and the payment schedule set forth in such previous Election Form shall control.  Such redeferral election shall be made in the form of a document established for such purpose by the Committee that is executed by such Participant and filed with the General Counsel of the Company.
6.Deferral Accounts.
(a)The Company shall maintain a Deferral Account on behalf of each Participant and shall make additions to and subtractions from such Deferral Account as provided herein. Sub-accounts may be created to reflect deferrals under the Plan relating to any calendar year and to reflect the type of deferral (i.e., deferrals in respect of Annual Cash Compensation and Restricted Stock Units).
(b)All Annual Cash Compensation that has been deferred under the Plan pursuant to an Election Form (“Deferred Cash Amounts”) shall be credited to the Participant’s Deferral Account and shall be deemed to be invested in that number of Deferred Stock Units equal to the quotient obtained by dividing (i) the dollar amount of such Deferred Cash Amounts by (ii) the Fair Market Value on the date the Deferred Cash Amounts then being credited to the Deferral Account would otherwise have been paid to the Participant.  All shares of Common Stock issuable upon vesting of any Restricted Stock Unit that have been deferred under the Plan pursuant to an Election Form shall be credited to the Participant’s Deferral Account as a number of Deferred Stock Units equal to the number of shares of Common Stock so deferred. 
(c)Deferred Stock Units credited to a Participant’s Deferral Account shall be entitled to Dividend Equivalent Rights.  
(d)Deferred Stock Units credited to a Participant’s Deferral Account, including those credited in connection with Dividend Equivalent Rights, shall be awarded from and remain subject to the terms of the Incentive Plan, including, without limitation, Section 11 thereof in connection with any Adjustment Event.
7.Timing and Form of Distribution.
(a)Subject to this Section 7, at the time specified on the applicable Election Form, the Participant shall receive a number of shares of Common Stock equal to the number of Deferred Stock Units initially credited to the Participant’s Deferral Account in connection with such Election Form plus the number of Deferred Stock Units credited in respect of such initially 
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credited Deferred Stock Units as a result of any Dividend Equivalent Rights, and the Company shall debit the Participant’s Deferral Account accordingly. 
(b)The Committee, in its sole discretion, may accelerate the distribution of all or a portion of a Participant’s Deferral Account if such Participant experiences an unforeseeable emergency or hardship, provided that such distribution complies with Section 409A of the Code.
(c)Except as otherwise provided in a Participant’s Election Form, and notwithstanding anything contained in the Plan to the contrary, the entirety of a Participant’s Deferral Account shall be distributed in accordance with subsection (a) above upon a Change in Control or such Participant’s death.  
8.General Provisions Applicable to Deferrals.
(a)Except as may be permitted by the Committee, (i) no deferral and no right under such deferral shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or pursuant to Section 8(b) and (ii) during a Participant’s lifetime, each deferral, and each right under such deferral, shall be exercisable only by such Participant or, if permissible under applicable law, by such Participant’s guardian or legal representative.  The provisions of this Section 8(a) shall not apply to any deferral that has been distributed to a Participant.
(b)A Participant may make a written designation of beneficiary or beneficiaries to receive all or part of the distributions under this Plan in the event of death at such times prescribed by the Committee by using forms and following procedures approved or accepted by the Committee for that purpose.  Any shares of Common Stock that become payable upon death, and as to which a designation of beneficiary is not in effect, will be distributed to the Participant’s estate.
(c)Following distribution of shares of Common Stock, the Participant will be the beneficial owner of the net shares of Common Stock issued and will be entitled to all rights of ownership.  
9.Amendments and Termination.
(a)The Committee, in its sole discretion, may amend, suspend or discontinue the Plan or any deferral at any time; provided, that no such amendment, suspension or discontinuance shall reduce the accrued benefit of any Participant except to the extent necessary to comply with applicable law.  The Committee further has the right, without a Participant’s consent, to amend or modify the terms of the Plan and such Participant’s deferral to the extent that the Committee deems it necessary to avoid adverse or unintended tax consequences to such Participant under federal, state or local income tax laws.
(b)The Committee, in its sole discretion, may terminate the Plan at any time, as long as such termination complies with then applicable tax and other requirements.
(c)Such other changes to deferrals shall be permitted and honored under the Plan to the extent authorized by the Committee and consistent with Section 409A of the Code.

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10.Miscellaneous.
(a)No Eligible Director or other person shall have any claim to be entitled to make a deferral under the Plan, and there is no obligation for uniformity of treatment of Participants or beneficiaries under the Plan.  The terms and conditions of deferrals under the Plan need not be the same with respect to each Participant.
(b)The opportunity to make a deferral under the Plan shall not be construed as giving a Participant the right to be retained in the service of the Committee or the Company.  A Participant’s deferral under the Plan is not intended to confer any rights on such Participant except as set forth in the Plan and the applicable Election Form.
(c)Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases.
(d)If any provision of the Plan or any Election Form is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or deferral, or would disqualify the Plan or any deferral under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or such Election Form, such provision shall be stricken as to such jurisdiction, person or deferral, and the remainder of the Plan and such Election Form shall remain in full force and effect.
11.Effective Date of the Plan.  The Plan shall be effective as of the date on which the Plan is adopted by the Board.
12.Unfunded Status of the Plan.  The Plan is unfunded.  The Plan, together with the applicable Election Form, shall represent at all times an unfunded and unsecured contractual obligation of the Company.  Each Participant and beneficiary will be an unsecured creditor of the Company with respect to all obligations owed to them under the Plan.  No Participant or beneficiary will have any interest in any fund or in any specific asset of the Company of any kind, nor shall such Participant or beneficiary or any other person have any right to receive any payment or distribution under the Plan except as, and to the extent, expressly provided in the Plan and the applicable Election Form.  Any reserve or other asset that the Company may establish or acquire to assure itself of the funds to provide payments required under the Plan shall not serve in any way as security to any Participant or beneficiary for the Company’s performance under the Plan.
13.Section 409A of the Code.  With respect to deferrals that are subject to Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan and any Election Form shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Plan shall be operated accordingly.  If any provision of the Plan or any term or condition of any Election Form would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict.  Notwithstanding anything in the Plan to the 
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contrary, distributions may only be made under the Plan upon an event and in a manner permitted by Section 409A of the Code, and all payments to be made upon termination of a Participant’s service from the Board under this Plan may only be made upon a “separation from service” under Section 409A of the Code.  If any Participant is a “specified employee” under section 409A of the Code (as determined by the Committee) and if the Participant’s distribution under the Plan is to commence, or be paid upon, separation from service, payment of the distribution shall be delayed for a period of six months after the Participant’s separation date, if required pursuant to Section 409A of the Code.  If payment is delayed, the accumulated postponed amount shall be paid within 10 days after the end of the six-month period following the date on which the Participant separates from service.  
14.Governing Law.  The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof.

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