Document:

exv10w1

 

Exhibit 10.1

CORRECTED CONFORMED COPY

     REGISTRATION RIGHTS AGREEMENT dated as of August 5, 2004 between XO
COMMUNICATIONS, INC., a Delaware corporation (the “Company”), and the entities
listed on the signature pages hereto under the caption “Purchasers” (each a
“Purchaser” and, collectively, the “Purchasers”).

     Pursuant to the Stock Purchase Agreement dated as of August 5, 2004 (the
“Stock Purchase Agreement”) by and between the Company and the Purchasers, the
Purchasers will acquire on the Closing Date an aggregate of 4,000,000 shares of
the Company’s 6% Series A Convertible Preferred Stock (the “Convertible
Preferred Stock”).

     It is a condition precedent to the consummation of the transactions
contemplated by the Stock Purchase Agreement that the Company and the
Purchasers enter into this Agreement to provide for the rights of the
Purchasers with respect to the registration of the shares of Convertible
Preferred Stock held by the Purchasers and the shares of Common Stock issuable
upon conversion of the Convertible Preferred Shares.

     Accordingly, the parties hereto agree as follows:

SECTION 1. Definitions.

     As used herein, unless the context otherwise requires, the following terms
have the following respective meanings:

     “Closing Date” is defined in the Stock Purchase Agreement.

     “Commission” means the Securities and Exchange Commission or any other
Federal agency at the time administering the Securities Act.

     “Common Stock” means the Common Stock, par value $0.01 per share, of the
Company.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Commission thereunder, all as the same shall
be in effect at the time.

     “Icahn Family” means and includes: (i) Carl C. Icahn, his spouse, and his
children; (ii) the current and former spouses of any person described in clause
(i) of this definition; and (iii) the ancestors, siblings and descendants,
whether by blood, marriage or adoption, of any person described in clause (i)
or (ii) of this definition.

     “Permitted Holder” means and includes: (i) any member of the Icahn Family;
(ii) any conservatorship, custodianship, or decedent’s estate of any member of
the Icahn Family, (iii) any trust established for the benefit of, among others,
any Person described in clause (i) or (ii) of this definition; and (iv) any
corporation, limited liability company, partnership, or other entity, the
controlling equity interests in which are held by or for the benefit of any one
or more persons described in clause (i), (ii), or (iii) of this definition; and
(v) any foundation or charitable

 

 

organization established by a member of the Icahn Family, and having at least
one director, trustee, or member who is a member of the Icahn Family.

     “Person” means a corporation, an association, a partnership, an
organization, a business, a trust, an individual, or any other entity or
organization, including a government or political subdivision or an
instrumentality or agency thereof.

     “Registrable Securities” means (i) the shares of Convertible Preferred
Stock, (ii) any shares of Common Stock issued or issuable upon the conversion
of any Convertible Preferred Shares held by the Purchasers, and (iii) any
shares of Common Stock issued with respect to the Convertible Preferred Stock
or the Common Stock referred to in clauses (i) and (ii) by way of a stock
dividend, stock split or reverse stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or otherwise.
As to any particular Registrable Securities, such securities shall cease to be
Registrable Securities (a) when a registration statement with respect to the
sale of such securities shall have become effective under the Securities Act
and such securities shall have been disposed of in accordance with such
registration statement, (b) when such securities shall have been otherwise
transferred, new certificates for them not bearing a legend restricting further
transfer shall have been delivered by the Company and subsequent public
distribution of them shall not require registration of them under the
Securities Act, (c) when such securities are eligible for sale under clause (k)
of Rule 144 of the Securities Act or any successor provision, or (d) when such
securities shall have been sold as permitted by, and in compliance with, the
Securities Act.

     “Registration Expenses” means all expenses incident to the registration
and disposition of the Registrable Securities pursuant to Section 2 hereof,
including, without limitation, all registration, filing and applicable national
securities exchange fees, all fees and expenses of complying with state
securities or blue sky laws (including fees and disbursements of counsel to the
underwriters or the Purchasers in connection with “blue sky” qualification of
the Registrable Securities and determination of their eligibility for
investment under the laws of the various jurisdictions), all word processing,
duplicating and printing expenses, all messenger and delivery expenses, the
fees and disbursements of counsel for the Company and of its independent public
accountants, including the expenses of “cold comfort” letters or any special
audits required by, or incident to, such registration, all fees and
disbursements of underwriters (other than underwriting discounts and
commissions), all transfer taxes, and all fees and expenses of counsel to the
Purchasers; provided, however, that Registration Expenses shall
exclude, and the Purchasers shall pay, underwriting discounts and commissions
in respect of the Registrable Securities being registered.

     “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission thereunder, all as the same shall be in
effect at the time.

SECTION 2. Registration Under Securities Act, etc.

     2.1 Registration .

     (a) Effect the Registration. The Company shall, if requested to do
so by any holder of shares of Convertible Preferred Stock, file for the
registration under the Securities Act

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of all or part of the Registrable Securities as hereinafter
provided. The Company shall use its reasonable best efforts to effect the
registration under the Securities Act (including by means of a shelf
registration pursuant to Rule 415 under the Securities Act if the Company is
then eligible to use such a registration) of the Registrable Securities as
expeditiously as possible (but in any event within 180 days of such request).
The Company shall notify the other holders of shares of Convertible Preferred
Stock of any request for registration under this Section 2.1(a) within 10 days
of receipt of such request and offer to register such Registrable Securities of
such other holders in such registration.

     (b) Registration of Other Securities. If the Company shall effect
the registration pursuant to this Section 2.1 in connection with an
underwritten offering by the Purchasers of Registrable Securities, no
securities other than Registrable Securities shall be included among the
securities covered by such registration if such Registrable Securities included
in the registration pursuant to this Section 2.1, together with other
securities requested to be included in such registration, would result in a
request by the managing underwriters for a reduction in the number of such
Registrable Securities and other securities to be underwritten. If the
managing underwriters so request, then the Company will be required to include
in such registration only the amount of Registrable Securities and other
securities which it is so advised can be included in such registration. In
such event, securities shall be registered, in the following priority: (A) the
Registrable Securities, (B) the securities proposed to be included by the
Company, and then (C) any other securities of the Company requested to be
included in such registration by any other holder having the right to include
securities on a pro rata basis in accordance with the number of securities
proposed to be included by the other stockholders with such rights.

     (c) Registration Statement Form. Registration under this Section
2.1 shall be on such appropriate registration form of the Commission as,
subject to clause (a) above, shall be selected by the Company and as shall be
reasonably acceptable to the Purchasers. The Company agrees to include in any
such registration statement all information which, in the opinion of counsel to
the Purchasers and counsel to the Company, is necessary or desirable to be
included therein.

     (d) Expenses. The Company shall pay all Registration Expenses in
connection with registration pursuant to this Section 2.1.

     (e) Effective Registration Statement. Registration pursuant to
this Section 2.1 shall not be deemed to have been effected (i) if after it has
become effective, such registration is interfered with by any stop order,
injunction or other order or requirement of the Commission or other
governmental agency or court for any reason not attributable to the Purchasers
and has not thereafter become effective, or (ii) if the conditions to closing
specified in the underwriting agreement, if any, entered into in connection
with such registration are not satisfied or waived.

     (f) Selection of Underwriters. The underwriters of each
underwritten offering of the Registrable Securities so to be registered shall
be selected by the Purchasers, subject to the Company’s approval, which
approval shall not be unreasonably withheld.

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     (g) Shelf Registration. If the Company effects a registration of
Registrable Securities by means of shelf registration pursuant to Rule 415
under the Securities Act (a “Shelf Registration Statement”), in addition to the
other requirements contained herein, the Company shall, at its cost, use its
reasonable best efforts to keep the Shelf Registration Statement continuously
effective in order to permit the prospectus forming part thereof to be usable
by the Purchasers until such time as all the Registrable Securities covered by
the Shelf Registration Statement have been sold pursuant to the Shelf
Registration Statement or cease to be outstanding (the “Effectiveness Period”);
provided, however, that the Effectiveness Period in respect of
the Shelf Registration Statement shall be extended to the extent required to
permit dealers to comply with the applicable prospectus delivery requirements
under the Securities Act and as otherwise provided herein.

     (h) Availability. The registration rights set forth in this
Agreement shall not be available to any holder of shares of Convertible
Preferred Stock (other than a Permitted Holder, each a “Third-Party Holder”)
(i) until after the first anniversary of the purchase by such Third-Party
Holder of such shares of Convertible Preferred Stock, (ii) if in the opinion of
counsel to the Company, all of the Registrable Securities then owned by such
Third-Party Holder could be sold in any 6-month period pursuant to Rule 144
under the Securities Act (without giving effect to the provisions of Rule
144(k)) or (iii) if all of the Registrable Securities held by such Third-Party
Holder have been sold in a registration pursuant to the Securities Act or
pursuant to said Rule 144.

     (i) Delay. If at the time of any request to register Registrable
Securities, the Company is engaged or has fixed plans to engage within thirty
(30) days of the time of the request an acquisition, financing or other
significant transaction which, in the good faith determination of the Board of
Directors of the Company, would be adversely affected by the requested
registration to the material detriment of the Company, the Company may, at its
option, direct that such request be delayed for a period not in excess of one
month from the date of the determination by the Board of Directors. The right
to delay a request of registration may be exercised by the Company not more
than once in any one-year period.

     2.2 Registration Procedures. In connection with the registration
of any Registrable Securities under the Securities Act as provided in Sections
2.1 hereof, the Company shall as expeditiously as possible:

     (a) prepare and file with the Commission the requisite registration
statement to effect such registration (and shall include all financial
statements required by the Commission to be filed therewith) and
thereafter use its reasonable best efforts to cause such registration
statement to become effective; provided, however, that
before filing such registration statement (including all exhibits) or any
amendment or supplement thereto or comparable statements under securities
or blue sky laws of any jurisdiction, the Company shall as promptly as
practicable furnish such documents to the Purchasers and each
underwriter, if any, participating in the offering of the Registrable
Securities and their respective counsel, which documents will be subject
to the review and comments of the Purchasers, each underwriter and their
respective counsel;

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     (b) notify the Purchasers of the Commission’s requests for amending
or supplementing the registration statement and the prospectus, and
prepare and file with the Commission such amendments and supplements to
such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement
effective and to comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities covered by such
registration statement for such period as shall be required for the
disposition of all of such Registrable Securities in accordance with the
intended method of distribution thereof; provided, that except
with respect to any such registration statement filed pursuant to Rule
415 under the Securities Act, such period need not exceed 365 days;

     (c) furnish, without charge, to the Purchasers and each underwriter
such number of conformed copies of such registration statement and of
each such amendment and supplement thereto (in each case including all
exhibits), such number of copies of the prospectus contained in such
registration statement (including each preliminary prospectus and any
summary prospectus) and any other prospectus filed under Rule 424 under
the Securities Act, in conformity with the requirements of the Securities
Act, and such other documents, as the Purchasers and such underwriters
may reasonably request;

     (d) use its reasonable best efforts (i) to register or qualify all
Registrable Securities and other securities covered by such registration
statement under such securities or blue sky laws of such States of the
United States of America where an exemption is not available and as the
Purchasers or any managing underwriter shall reasonably request, (ii) to
keep such registration or qualification in effect for so long as such
registration statement remains in effect, and (iii) to take any other
action which may be reasonably necessary or advisable to enable the
Purchasers to consummate the disposition in such jurisdictions of the
securities to be sold by the Purchasers, except that the Company shall
not for any such purpose be required to qualify generally to do business
as a foreign corporation in any jurisdiction wherein it would not but for
the requirements of this subsection (d) be obligated to be so qualified
or to consent to general service of process in any such jurisdiction;

     (e) use its reasonable best efforts to cause all Registrable
Securities covered by such registration statement to be registered with
or approved by such other federal or state governmental agencies or
authorities as may be necessary in the opinion of counsel to the Company
and counsel to the Purchasers to consummate the disposition of such
Registrable Securities;

     (f) furnish to the Purchasers and each underwriter, if any,
participating in the offering of the securities covered by such
registration statement, a signed counterpart of (i) an opinion of counsel
for the Company, and (ii) a “comfort” letter signed by the independent
public accountants who have certified the Company’s or any other entity’s
financial statements included or incorporated by reference in such
registration statement, covering substantially the same matters with
respect to such registration statement (and the prospectus included
therein) and, in the case of the accountants’ comfort letter, with
respect to events subsequent to the date of such financial statements, as
are customarily covered in opinions of issuer’s counsel and in
accountants’ comfort letters delivered to the

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underwriters in underwritten public offerings of securities (and
dated the dates such opinions and comfort letters are customarily dated)
and, in the case of the legal opinion, such other legal matters;

     (g) promptly notify the Purchasers and each managing underwriter, if
any, participating in the offering of the securities covered by such
registration statement (i) when such registration statement, any
pre-effective amendment, the prospectus or any prospectus supplement
related thereto or post-effective amendment to such registration
statement has been filed, and, with respect to such registration
statement or any post-effective amendment, when the same has become
effective; (ii) of any request by the Commission for amendments or
supplements to such registration statement or the prospectus related
thereto or for additional information; (iii) of the issuance by the
Commission of any stop order suspending the effectiveness of such
registration statement or the initiation of any proceedings for that
purpose; (iv) of the receipt by the Company of any notification with
respect to the suspension of the qualification of any of the Registrable
Securities for sale under the securities or blue sky laws of any
jurisdiction or the initiation of any proceeding for such purpose; (v) at
any time when a prospectus relating thereto is required to be delivered
under the Securities Act, upon discovery that, or upon the happening of
any event as a result of which, the prospectus included in such
registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not
misleading, in the light of the circumstances under which they were made,
and in the case of this clause (v), at the request of the Purchasers
promptly prepare and furnish to the Purchasers and each managing
underwriter, if any, participating in the offering of the Registrable
Securities, a reasonable number of copies of a supplement to or an
amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such securities, such prospectus shall not
include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances under
which they were made; and (vi) at any time when the representations and
warranties of the Company contemplated by Section 2.3 hereof cease to be
true and correct;

     (h) otherwise comply with all applicable rules and regulations of
the Commission, and make available to its security holders, as soon as
reasonably practicable, an earnings statement covering the period of at
least twelve months beginning with the first full calendar month after
the effective date of such registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities
Act and Rule 158 promulgated thereunder, and promptly furnish to the
Purchasers a copy of any amendment or supplement to such registration
statement or prospectus;

     (i) provide and cause to be maintained a transfer agent and
registrar (which, in each case, may be the Company) for all Registrable
Securities covered by such registration statement from and after a date
not later than the effective date of such registration;

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     (j) deliver promptly to counsel to the Purchasers and each
underwriter, if any, participating in the offering of the Registrable
Securities, copies of all correspondence between the Commission and the
Company, its counsel or auditors and all memoranda relating to
discussions with the Commission or its staff with respect to such
registration statement;

     (k) use its reasonable best efforts to obtain the withdrawal of any
order suspending the effectiveness of the registration statement;

     (l) provide a CUSIP number for all Registrable Securities, no later
than the effective date of the registration statement; and

     (m) in connection with any underwritten public offering, make
available its senior executive officers, directors and chairman and
otherwise provide reasonable assistance to the underwriters (taking into
account the needs of the Company’s business) in their marketing of
Registrable Securities.

     The Purchasers will furnish to the Company such information regarding the
Purchasers and the distribution of the Registrable Securities as the Company
may from time to time reasonably request in writing.

     The Purchasers agree that upon receipt of any notice from the Company of
the happening of any event of the kind described in paragraph (g)(iii) or (v)
of this Section 2.2, the Purchasers will, to the extent appropriate,
discontinue their disposition of Registrable Securities pursuant to the
registration statement relating to such Registrable Securities until, in the
case of paragraph (g)(v) of this Section 2.2, their receipt of the copies of
the supplemented or amended prospectus contemplated by paragraph (g)(v) of this
Section 2.2 and, if so directed by the Company, will deliver to the Company (at
the Company’s expense) all copies, other than permanent file copies, then in
their possession, of the prospectus relating to such Registrable Securities
current at the time of receipt of such notice. If the disposition by the
Purchasers of their securities is discontinued pursuant to the foregoing
sentence, the Company shall extend the period of effectiveness of the
registration statement by the number of days during the period from and
including the date of the giving of notice to and including the date when the
Purchasers shall have received copies of the supplemented or amended prospectus
contemplated by paragraph (g)(v) of this Section 2.2; and, if the Company shall
not so extend such period, the Purchasers’ request pursuant to which such
registration statement was filed shall not be counted for purposes of the
requests for registration to which the Purchasers are entitled pursuant to
Section 2.1 hereof.

     2.3 Requested Underwritten Offerings. If requested by the
underwriters for any underwritten offering by the Purchasers pursuant to the
registration under Section 2.1, the Company shall enter into a customary
underwriting agreement (in the form of underwriting agreement used at such time
by the managing underwriter(s)) with a managing underwriter or underwriters
selected by the Purchasers. Such underwriting agreement shall be satisfactory
in form and substance to the Purchasers and shall contain such representations
and warranties by, and such other agreements on the part of, the Company and
such other terms as are generally prevailing in agreements of the managing
underwriter(s), including, without
limitation, their

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customary provisions relating to indemnification and
contribution. The Purchasers shall be party to such underwriting agreement and
may, at their option, require that any or all of the representations and
warranties by, and the other agreements on the part of, the Company to and for
the benefit of such underwriters shall also be made to and for the benefit of
the Purchasers and that any or all of the conditions precedent to the
obligations of such underwriters under such underwriting agreement be
conditions precedent to the obligations of the Purchasers.

     2.4 Preparation; Reasonable Investigation. In connection with the
preparation and filing of each registration statement under the Securities Act
pursuant to this Agreement, the Company will give the Purchasers, their
underwriters, if any, and their respective counsel, accountants and other
representatives and agents the opportunity to participate in the preparation of
such registration statement, each prospectus included therein or filed with the
Commission, and each amendment thereof or supplement thereto, and give each of
them such access to its books and records and such opportunities to discuss the
business of the Company with its officers and employees and the independent
public accountants who have certified its financial statements, and supply all
other information reasonably requested by each of them, as shall be necessary
or appropriate, in the opinion of the Purchasers and such underwriters’
respective counsel, to conduct a reasonable investigation within the meaning of
the Securities Act.

     2.5 Unlegended Certificates. In connection with the offering of
any Registrable Securities registered pursuant to this Section 2, the Company
shall (i) facilitate the timely preparation and delivery to the Purchasers and
the underwriters, if any, participating in such offering, of unlegended
certificates representing ownership of such Registrable Securities being sold
in such denominations and registered in such names as requested by the
Purchasers or such underwriters and (ii) instruct any transfer agent and
registrar of such Registrable Securities to release any stop transfer orders
with respect to any such Registrable Securities.

     2.6 No Required Sale. Nothing in this Agreement shall be deemed to
create an independent obligation on the part of the Purchasers to sell any
Registrable Securities pursuant to any effective registration statement.

     2.7 Market Stand-off. Each Third-Party Holder agrees that it will
not sell or otherwise transfer or dispose of any Registrable Securities held by
such Third-Party Holder during any period which the Company determines in its
good faith judgment that the filing of a registration statement under Section 2
or the use of any related prospectus would require the disclosure of material
information that the Company has a bona fide business purpose for preserving as
confidential or the disclosure of which would impede the Company’s ability to
consummate a significant transaction, and that the Company is not otherwise
required by applicable securities laws or regulations to disclose, upon written
notice of such determination by the Company, until the date upon which the
Company notifies such Third-Party Holder in writing that suspension of such
rights for the grounds set forth in this Section 2.7 is no longer necessary.
The Company agrees to give such notice as promptly as practicable following the
date that such suspension of rights is no longer necessary.

     3. Rule 144. The Company shall take all actions reasonably
necessary to enable holders of Registrable Securities to sell such securities
without registration under the Securities Act within the limitation of the
exemptions provided by (i) Rule 144, or (ii) any

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similar rule or regulation
hereafter adopted by the Commission including, without limiting the generality
of the foregoing, filing on a timely basis all reports required to be filed by
the Exchange Act. Upon the request of the Purchasers, the Company will deliver
to such holder a written statement as to whether it has complied with such
requirements.

     4. Amendments and Waivers. This Agreement may be amended, modified
or supplemented only by written agreement of the party against whom enforcement
of such amendment, modification or supplement is sought.

     5. Notice. All notices and other communications hereunder shall be
in writing and, unless otherwise provided herein, shall be deemed to have been
given when received by the party to whom such notice is to be given at its
address set forth below, or such other address for the party as shall be
specified by notice given pursuant hereto:

     (a) If to the Purchasers, to:

Cardiff Holdings LLC and Tramore LLC,

c/o Icahn Associates Corp.

767 Fifth Avenue

New York, NY 10153

R2 Investments, LDC

c/o Amalgamated Gadget, L.P., as Investment Manager

301 Commerce, Suite 2975

Fort Worth. TX 76102

     (b) If to the Company, to it at:

XO Communications, Inc.

11111 Sunset Hills Road

Reston, VA 20190

Attn: General Counsel

     6. Assignment; Third Party Beneficiaries. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors and permitted assigns. This Agreement
may not be assigned by the Company, without the prior written consent of the
Purchasers. The Purchasers may, at their election, at any time or from time to
time, assign their rights under this Agreement, in whole or in part, to any
Affiliate (as defined in the Stock Purchase Agreement) or any purchaser or
other transferee of shares of Common Stock held by them.

     7. Remedies. The parties hereto agree that money damages or other
remedy at law would not be sufficient or adequate remedy for any breach or
violation of, or a
default under, this Agreement by them and that, in addition to all other
remedies available to them, each of them shall be entitled to an injunction
restraining such breach, violation or default or threatened breach, violation
or default and to any other equitable relief, including without limitation
specific

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performance, without bond or other security being required. In any
action or proceeding brought to enforce any provision of this Agreement
(including the indemnification provisions thereof), the successful party shall
be entitled to recover reasonable attorneys’ fees in addition to its costs and
expenses and any other available remedy.

     8. No Inconsistent Agreements. The Company will not, on or after
the date of this Agreement, enter into any agreement with respect to its
securities which is inconsistent with the rights granted to the Purchasers in
this Agreement or otherwise conflicts with the provisions hereof. The Company
further represents and warrants that the rights granted to the Purchasers
hereunder do not in any way conflict with and are not inconsistent with any
other agreements to which the Company is a party or by which it is bound.

     9. Descriptive Headings. The descriptive headings of the several
sections and paragraphs of this Agreement are inserted for reference only and
shall not control or otherwise affect the meaning hereof.

     10. Governing Law. This Agreement shall be construed and enforced
in accordance with, and the rights and obligations of the parties hereto shall
be governed by, the laws of the State of New York, without giving effect to the
conflicts of law principles thereof. Each of the parties hereto hereby
irrevocably and unconditionally consents to submit to the exclusive
jurisdiction of the courts of the State of New York and the United States of
America located in the County of New York for any action or proceeding arising
out of or relating to this Agreement and the transactions contemplated hereby
(and agrees not to commence any action or proceeding relating thereto except in
such courts), and further agrees that service of any process, summons, notice
or document by U.S. registered mail to its respective address set forth in
Section 5 hereof shall be effective service of process for any action or
proceeding brought against it in any such court. Each of the parties hereto
hereby irrevocably and unconditionally waives any objection to the laying of
venue of any action or proceeding arising out of this Agreement or the
transactions contemplated hereby in the courts of the State of New York or the
United States of America located in the County of New York, and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim in any
such court that any such action or proceeding brought in any such court has
been brought in an inconvenient forum.

     11. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all such
counterparts shall together constitute one and the same instrument.

     12. Invalidity of Provision. The invalidity or unenforceability of
any provision of this Agreement in any jurisdiction shall not affect the
validity or enforceability of the remainder of this Agreement in that
jurisdiction or the validity or enforceability of this Agreement, including
that provision, in any other jurisdiction. If any restriction or provision of
this Agreement is held unreasonable, unlawful or unenforceable in any respect,
such restriction or provision shall be interpreted, revised or applied in a
manner that renders it lawful and enforceable to the fullest extent possible
under law.

     13. Further Assurances. Each party hereto shall do and perform or
cause to be done and performed all further acts and things and shall execute
and deliver all other agreements,

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certificates, instruments, and documents as
any other party hereto reasonably may request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

     14. Entire Agreement; Effectiveness. This Agreement constitutes
the entire agreement, and supersedes all prior agreements and understandings,
oral and written, between the parties hereto with respect to the subject matter
hereof.

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     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
and delivered by their respective officers thereunto duly authorized.

	 	 	 	 	 	 	 
	 	 	XO COMMUNICATIONS, INC.
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ William Garrahan
	 	 	 	 	

	

	 	 	 	Name:
	 	William Garrahan
	

	 	 	 	Title:
	 	Senior Vice President and Acting
Chief Financial Officer

 

 

	 	 	 	 	 	 	 
	 	 	PURCHASERS
	 
	 	 	 	 	 	 
	 	 	CARDIFF HOLDING LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Robert J.
Mitchell

	

	 	 	 	Name:
	 	Robert J. Mitchell
	

	 	 	 	Title:
	 	President and Treasurer
	 
	 	 	 	 	 	 
	 	 	TRAMORE LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Edward E.
Mattner

	

	 	 	 	Name:
	 	Edward E. Mattner
	

	 	 	 	Title:
	 	Authorized Signatory

 

 

	 	 	 	 	 	 	 
	 	 	R2 INVESTMENTS, LDC
	 
	 	 	 	 	 	 
	 	 	By:	 	Amalgamated Gadget, L.P., as its
Investment Manager
	 
	 	 	 	 	 	 
	 	 	By:	 	Scepter Holdings, Inc., its General
Partner
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Robert McCormick

	

	 	 	 	Name:
	 	Robert McCormick
	

	 	 	 	Title:
	 	Vice President<PAGE>

                                                                    EXHIBIT 10.1

                               THE THOMAS & BETTS

                     SUPPLEMENTAL EXECUTIVE INVESTMENT PLAN

               (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 1997)

<PAGE>

                               THE THOMAS & BETTS

                     SUPPLEMENTAL EXECUTIVE INVESTMENT PLAN

               (As Amended and Restated Effective January 1, 1997)

            WHEREAS, on November 5, 1990, FL Industries, Inc. ("FLI") adopted
the FL Industries Supplemental Executive Investment Plan (the "FLI Plan") to
provide certain of its management and highly compensated employees with deferred
compensation benefits which would otherwise have been provided under FLI's
qualified retirement plans, but for limitations upon such benefits imposed by
the Internal Revenue Code; and

            WHEREAS, effective January 2, 1992, FLI was acquired by, and became
a wholly-owned subsidiary of Thomas & Betts Corporation (the "Company"); and

            WHEREAS, the FLI Plan was amended, effective September 1, 1992, to
reflect the acquisition of FLI by the Company and to make certain other changes;
and

            WHEREAS, the FLI Plan was further amended and restated effective
January 1, 1994, to extend eligibility to certain employees of the Company, to
make certain other modifications to the FLI Plan, and to change the name of the
FLI Plan to The Thomas & Betts Supplemental Executive Investment Plan (the
"Plan"); and

            WHEREAS, the Company has subsequently amended the Plan from time to
time; and

            WHEREAS, the purposes of the Plan are (i) to give certain employees
who participate in the Thomas & Betts Employees' Investment Plan (the "MAP") the
opportunity to defer compensation, and to be credited with employer matching
contributions, in excess of the limitations on employee deferrals and employer
matching contributions under the MAP which

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are imposed by Internal Revenue Code of 1986, as amended, and (ii) to give
senior executives of the Company an opportunity to defer additional portions of
their compensation which they would otherwise receive currently; and

            WHEREAS, the Company intends that the Plan be unfunded and be
maintained "primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees," within the meaning
of sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income
Security Act of 1974, as amended; and

            WHEREAS, the Company desires to amend and restate the Plan,
effective January 1, 1997, in order to make certain changes to the Plan;

            NOW, THEREFORE, effective January 1, 1997, The Thomas & Betts
Supplemental Executive Investment Plan is hereby amended and restated as
follows:

                                   Article I

                                   DEFINITIONS

            The following words and phrases, as used herein, shall have the
following meanings unless the context clearly indicates otherwise:

            Section 1.1 Account or Accounts: The bookkeeping accounts maintained
under the Plan on behalf of each Participant as described in Article V.

            Section 1.2 Accrued Benefit: The balance credited to a Participant's
Accounts.

            Section 1.3 Applicable Code Limits: The limitations on contributions
contained in Section 401(a)(17), Section 401(k)(3), Section 401(m), Section
402(g), and Section 415 of the Code, including any amendments or modifications
of such provisions or any successor provisions of the Code, and including any

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limitations imposed by the plan administrator of the MAP in order to ensure
compliance with such Code limitations.

            Section 1.4 Beneficiary: The person or entity designated by the
Participant in accordance with Section 8.5 (or otherwise determined in
accordance with Section 8.5) to receive benefits under the Plan upon the
Participant's death.

            Section 1.5 Board: The Board of Directors of the Company.

            Section 1.6 Code: The Internal Revenue Code of 1986, as amended.

            Section 1.7 Committee: The Retirement Plans Committee appointed by
the Board.

            Section 1.8 Company: Thomas & Betts Corporation, or its successor or
successors who assume the obligations of the Company under the Plan.

            Section 1.9 Compensation: The total regular remuneration payable to
an Eligible Employee by any Employer for personal services rendered. Regular
remuneration shall include base salary, overtime, shift differential and
incentive payments. In the case of a Participant who has elected to have amounts
contributed on his behalf under the MAP or any other plan described in Code
Section 401(k) or Section 125 pursuant to a salary reduction agreement,
Compensation shall be determined before giving effect to such salary reduction
agreement.

            Section 1.10 Deferral Amount: That portion of a Participant's
Compensation for each Payroll Period in a Plan Year which the Participant has
elected to defer, in accordance with Article III of the Plan, in lieu of
receiving such amount as current compensation.

            Section 1.11 Eligible Employee: An Employee who meets the
requirements of Section 2.1.

            Section 1.12 Employee: An employee of an Employer.

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            Section 1.13 Employer: The Company and any subsidiary of the Company
which (i) has adopted the MAP as a participating employer; and (ii) adopts this
Plan with the consent of the Company.

            Section 1.14 Employer Matching Amount: That amount credited to the
Account of a Participant for any Payroll Period pursuant to Article IV.

            Section 1.15 Highly Compensated Employee: An Employee who is a
highly compensated employee, within the meaning of Code Section 414(q), for
purposes of the MAP, and any other Employee who is in Salary Grade 19 or above.

            Section 1.16 MAP: The Thomas & Betts Employees' Investment Plan
(commonly known as the MAP), as amended from time to time.

            Section 1.17 Participant: An Eligible Employee who has elected to
participate in the Plan, or such other or former Employee for whom an Account in
the Plan is maintained from time to time.

            Section 1.18 Payroll Period. Such regular payroll period as an
Employer may adopt from time to time for all or a class of its Employees.

            Section 1.19 Plan: The Thomas & Betts Supplemental Executive
Investment Plan, as set forth herein and as amended from time to time.

            Section 1.20 Plan Year: A period of twelve consecutive months
beginning on January 1 and ending on the following December 31.

            Section 1.21 Prior Plan: The FL Industries Supplemental Executive
Investment Plan as in effect from time to time prior to January 1, 1994.

            Section 1.22 Valuation Date: The last business day of each calendar
month and, at the discretion of the Committee, any other business day.

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            Section 1.23 Gender and Number: The masculine pronoun wherever used
shall include the feminine and the singular may include the plural, and vice
versa, as the context may require.

                                   Article II

                                  PARTICIPATION

            Section 2.1 Eligibility. An Employee shall be eligible to
participate in the Plan for a Plan Year if, for such Year (a) he is eligible to
participate in the MAP, and (b) he is a Highly Compensated Employee.
Notwithstanding the foregoing, it is intended that the Employees described in
this Section 2.1 shall constitute "a select group of management and highly
compensated employees" within the meaning of Section 201(2), Section 301(a)(3),
and Section 401(a)(1) of ERISA; and the Committee shall have the power to
restrict eligibility for the Plan, on a prospective basis, if it deems such
restriction to be necessary or appropriate to ensure that the Plan operates in
accordance with such intent.

            Section 2.2 Participation. An Eligible Employee may elect to
participate in the Plan for a Plan Year by electing to defer a portion of his
Compensation for such Plan Year, in accordance with Article III.

                                  Article III

                               DEFERRAL ELECTIONS

            Section 3.1 For Salary Grades 18 and Below. An Eligible Employee who
is in Salary Grade 18 or below, and who has elected to make the maximum
permissible salary reduction contributions to the MAP, may elect to defer under
this Plan for a Plan Year any amount of his

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Compensation which, when aggregated with such Employee's salary reduction
contributions under the MAP, does not exceed 20% of his Compensation for the
Year.

            Section 3.2 For Salary Grades 19 and Above. An Eligible Employee who
is in Salary Grade 19 or above, and who has elected to make the maximum
permissible salary reduction contributions to the MAP, may elect to defer under
the Plan for a Plan Year any amount of his Compensation which, when aggregated
with such Employee's salary reduction contributions under the MAP, does not
exceed 100% of his Compensation for the Year.

            Section 3.3 Election Procedure.

                  (a) An Eligible Employee's deferral election under Section 3.1
      or Section 3.2 shall be made in writing on such forms and in accordance
      with such procedures as the Committee shall prescribe.

                  (b) Except as provided in Section 3.3(c), an Eligible
      Employee's deferral election for a Plan Year must be made within such
      election period prior to the commencement of the Plan Year as the
      Committee shall prescribe. Once the applicable election period has
      expired, an Eligible Employee's deferral election for a Plan Year shall be
      irrevocable for such Year.

                  (c) An individual who becomes an Eligible Employee during a
      Plan Year may, no later than 30 days after the date he first becomes
      eligible to participate in the Plan, make an election for such Plan Year,
      to defer Compensation earned after the date such election is filed with
      the Committee. Once filed, such deferral election shall be irrevocable for
      the remainder of the Plan Year.

            Section 3.4 Effect of Deferral Election. A Participant's current
compensation from the Employer for each Payroll Period in a Plan Year (or, in
the case of an election under Section 3.3(c),

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each remaining Payroll Period in the Plan Year) shall be reduced by his Deferral
Amount, in accordance with his deferral election under Section 3.1 or Section
3.2 for such Plan Year.

            Section 3.5 Crediting Deferral Amounts. Deferral Amounts shall be
credited to Participants' Accounts not less frequently than on a monthly basis.
The Deferral Amounts for any month shall be credited not later than ten business
days after the first day of the following month.

                                   Article IV

                            EMPLOYER MATCHING AMOUNTS

            Section 4.1 Entitlement to Credit. For each Plan Year, the Committee
shall credit Employer Matching Amounts to the Account of each Participant who
has elected under Article III to defer Compensation for such Year. Such Employer
Matching Amounts shall be determined in accordance with Section 4.2.

            Section 4.2 Employer Matching Formula. The Employer Matching Amount
credited to the Account of a Participant for any Payroll Period shall be
determined in the following manner:

                  First, the amount of the Participant's salary reduction under
      the MAP shall be added to his Deferral Amount under Article III to
      determine his Total Deferral for the Payroll Period;

                  Second, the Participant's Total Match shall be calculated as
      75% of the Participant's Total Deferral up to 3% of Compensation, plus 50%
      of his Total Deferral which is in excess of 3% but not in excess of 5% of
      Compensation, for the Payroll Period; and

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                  Third, the Employer Matching Amount under this Plan shall be
      the excess of the Total Match over the amount of company matching
      contributions allocated to the account of such Participant under the MAP
      for such Payroll Period.

            Section 4.3 Time for Crediting. Employer Matching Amounts shall be
credited to Participants' Accounts at the same time as the Deferral Amounts to
which they relate.

                                   Article V

                                    ACCOUNTS

            Section 5.1 Participants' Accounts. The Committee shall establish
and maintain, or cause to be maintained, the following individual record
Accounts with respect to each Participant, to which items shall be credited and
charged pursuant to the provisions of the Plan:

            (a)   A Deferral Account;

            (b)   An Employer Matching Account; and

            (c)   A Prior Plan Account (if applicable).

Such Accounts are bookkeeping records for accounting purposes only and do not
represent interests in any specific assets of the Employer.

                                   Article VI

                                     VESTING

            Section 6.1 Vesting. Each Participant who is in the service of an
Employer on or after January 1, 1997, shall at all times be 100% vested in all
amounts credited to his Accounts under the Plan.

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            The vesting of any former Participant who terminated employment
prior to January 1, 1997 shall continue to be governed by the applicable
provisions of the Plan in effect at the relevant time prior to January 1, 1997.

                                  Article VII

                                EARNINGS CREDITS

            Section 7.1 The Investment Funds. The Committee shall designate the
investment reference funds (hereinafter the "Reference Funds") which shall be
available under this Plan as the basis for determining the earnings credits to
be credited to Participants' Accounts as of each Valuation Date. The Committee
shall have the right to add or delete Reference Funds, prospectively, at any
time.

            Section 7.2 Investment Requests. Each Participant may request that
earnings, and investment gains or losses, be credited to his Accounts as if such
Accounts were invested in any one or more of the Reference Funds, provided that
the amount allocated to each Reference Fund must meet such minimum amount
requirements as the Committee may from time to time impose. The Committee, or
the trustee of any grantor trust established in connection with the Plan, shall
take such requests into consideration, but shall not be bound thereby.

            A Participant may change his investment request once in any calendar
quarter. An investment request made by a Participant under this Section 7.2
shall remain in effect from year to year until changed by the Participant as
provided herein.

            All investment requests shall be made in accordance with procedures
prescribed by the Committee.

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                                  Article VIII

                                  DISTRIBUTIONS

            Section 8.1 Time of Payment. A Participant's Accrued Benefit under
the Plan shall be paid, or commence to be paid, to him (or, in the event of his
death, to his Beneficiary) as soon as practicable after (a) his termination of
employment with the Employer and all affiliates for any reason, or (b) if he has
not yet terminated employment, a determination by the Committee that he is
totally and permanently disabled for purposes of the MAP.

            Section 8.2 Amount of Payment. The amount of benefits to be paid, or
commence to be paid, to the Participant (or, in the event of his death, to his
Beneficiary) shall be determined from the amount credited to his Accounts as of
the Valuation Date designated by the Committee, which shall be as soon as
practicable following the date such Participant's final Deferral Amounts and
Employer Matching Amounts are credited to his Accounts. No adjustment shall be
made in the amount of any payment for earnings, and investment gains or losses,
of the Reference Funds for the period from the applicable Valuation Date to the
actual date of such payment.

            Section 8.3 Method of Payment. If benefits under the Plan become
payable to a Participant for any reason other than the Participant's death, such
benefits shall be distributed in accordance with this Section 8.3.

                  (a) Lump Sum. Except as provided in Section 8.3(b), all
      benefits shall be paid in a lump sum cash payment.

                  (b) Installment Payments. A Participant may elect, in lieu of
      a lump sum payment, to have his benefit distributed to him in
      approximately equal monthly installments over a specified number of years
      not exceeding 15 years. The Participant

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shall specify the installment period at the time he elects installment payments.
Under the installment payment method, a Participant's remaining Account balances
shall continue to receive earnings credits under Article VII until distributed.
The amount of each monthly payment shall be determined by multiplying the value
of the Participant's Accounts as of the last Valuation Date of the prior month
by a fraction, the numerator of which is one, and the denominator of which is
the number of monthly installment payments remaining to be made.

            An election under this Section 8.3(b) to receive installment
payments shall be made in writing, on the form prescribed by the Committee, and
filed with the Committee. Such election shall be effective only if, upon the
occurrence of an event described in Section 8.1 which entitles the Participant
to the payment of benefits, both of the following requirements are met:

                  (i) A period of at least fifteen months has elapsed since the
      Committee actually received the Participant's election;

                  (ii) The value of the Participant's Accrued Benefit, as of the
      Valuation Date provided in Section 8.2, exceeds $10,000.

A Participant who has made an election under this Section 8.3(b) to receive
installment payments may revoke or modify such election by filing a subsequent
election with the Committee, provided, however, that such subsequent election
shall become effective only if it meets the same requirements as apply to an
initial election of installment payments under this paragraph. Upon the
occurrence of an event described in Section 8.1 which entitles the Participant
to the payment of benefits, any election under this Section 8.3(b) which is then

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effective shall be irrevocable and binding on the Participant, and any election
(or subsequent election) which has not yet become effective shall be null and
void.

            A Participant who has elected installment payments under this
Section 8.3(b) may further elect whether, in the event of his death after the
installment payments have commenced, any amounts remaining in his Accounts shall
be distributed to his Beneficiary by the continuation of such installment
payments for the remainder of the installment period, or in a lump sum payment
as soon as practical after his death. The Participant may make this election,
and may revoke an election or file a subsequent election, in writing, on the
form provided by the Committee, and filed with the Committee at any time prior
to his death. If there is no election in effect at the time of the Participant's
death during the installment period, any amounts remaining in his Accounts will
be paid to his Beneficiary in a lump sum.

            Section 8.4 Death of Participant. If a Participant's benefit becomes
payable under Section 8.1 on account of the Participant's death, his Accrued
Benefit shall be paid, or commence to be paid, to his Beneficiary in accordance
with this Section 8.4.

                  (a) Lump Sum. Unless the Participant had made a valid election
      under Section 8.4(b) prior to his death, his Accrued Benefit, valued in
      accordance with Section 8.2, shall be paid to his Beneficiary in a lump
      sum cash payment within the time provided in Section 8.1.

                  (b) Installment Payments. A Participant may elect that any
      benefit which becomes payable under Section 8.1 upon his death shall be
      distributed to his Beneficiary in approximately equal monthly installments
      over a specified number of years not exceeding 15 years. The Participant
      shall specify the installment period at the time he

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      makes this election. The amount of each installment payment shall be
      determined in the manner described in Section 8.3(b).

                  An election under this Section 8.4(b) shall be made in
      writing, on the form prescribed by the Committee, and filed with the
      Committee. Such election shall only be effective if both of the following
      requirements are met:

                        (i) The election is actually received by the Committee
            prior to the Participant's death; and

                        (ii) The value of the Participant's Accrued Benefit, as
            of the Valuation Date provided in Section 8.2, exceeds $10,000.

      The Participant may make this election, and may revoke an election or file
      a subsequent election, in writing, on the form provided by the Committee,
      and filed with the Committee at any time prior to his death (or prior to
      his commencement of receipt of Plan benefits).

            Section 8.5 Beneficiary Designation. A Participant may designate a
Beneficiary (or Beneficiaries) to receive any benefit payable under the Plan
upon his death. Such designation shall be made in writing, on the form
prescribed by the Committee and filed with the Committee. A Participant may, at
any time, change his Beneficiary designation by completing and filing a new
designation form, provided, however, that no such designation shall be given
effect unless it is received by the Committee prior to the Participant's death.

            If a Participant dies without effectively designating a surviving
beneficiary his Beneficiary under this Plan shall be the same as his beneficiary
under the MAP, or, if he has no MAP benefit, his benefit under this Plan shall
be paid to his estate or legal representative.

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            Section 8.6 Payment to Guardian. If an amount is payable under this
Plan to a minor, a person declared incompetent or a person incapable of handling
the disposition of property, the Committee or its appointed representative may
direct the payment of the amount to the guardian, legal representative or person
having the care and custody of the minor, incompetent or incapable person. The
Committee or its appointed representative may require such proof of
incompetency, minority, incapacity or guardianship as it may deem appropriate
prior to the distribution of the amount. The distribution shall completely
discharge the Committee and its appointed representative and the Employer from
all liability with respect to the amount distributed.

            Section 8.7 Withholding; Payroll Taxes. The Employer shall withhold
from payments made under the Plan any taxes required to be withheld from a
Participant's wages for federal, state or local government income or other
payroll taxes.

                                   Article IX

                            NONALIENATION OF BENEFITS

            Section 9.1 Nonalienation of Benefits. Except as provided in Section
9.2 with respect to certain domestic relations orders, none of the benefits or
rights of a Participant or any Beneficiary under this Plan shall be subject to
the claim of any creditor. In particular, to the fullest extent permitted by
law, all such benefits and rights shall be free from attachment, garnishment or
any other legal or equitable process available to any creditor of the
Participant or his Beneficiary. Neither the Participant nor his Beneficiary
shall have the right to alienate, anticipate, commute, pledge, encumber or
assign any of the payments which he may expect to receive, contingently or
otherwise, under this Plan.

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            Section 9.2 Domestic Relations Orders. In the event a Participant's
benefit under the MAP is subject to a qualified domestic relations order, the
benefit provided by this Plan shall be paid without regard to the order, unless
the order specifically applies to benefits payable under this Plan.

                                   Article X

                                 SOURCE OF FUNDS

            Section 10.1 In General. This Plan shall be unfunded, and, except as
provided in Section 10.2, payment of benefits hereunder shall be made from the
general assets of the Employer. Any assets which may be set aside, earmarked or
identified as being intended for the provision of benefits under this Plan,
shall remain an asset of the Employer and shall be subject to the claims of its
general creditors. Each Participant and Beneficiary shall be a general creditor
of the Employer to the extent of the value of his Accrued Benefit, and he shall
have no right, title or interest in any specific asset that the Employer may set
aside or designate as intended to be applied to the payment of benefits under
this Plan. The Employer's obligation under the Plan shall be merely that of an
unfunded and unsecured promise of the Employer to pay money in the future.

            Section 10.2 Grantor Trust. Notwithstanding Section 10.1, assets may
be set aside in a grantor trust and earmarked as being intended for the
provision of benefits under this Plan, provided all of the following
requirements are met:

                  (a) Participants continue to be general and unsecured
      creditors of the Employer with respect to assets set aside in the trust;

                  (b) In the event of the Employer's bankruptcy or insolvency,
      assets set aside in the trust are subject to the claims of the Employer's
      creditors;

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                  (c) The Board and the Chief Executive Officer of the Company
      have a duty to inform the trustee of the trust of the Employer's
      bankruptcy or insolvency; and

                  (d) The trust provides that, upon receipt of the notice
      described in subsection (c) above, the trustee shall stop paying benefits
      to Participants; and upon a determination of the Employer's bankruptcy or
      insolvency, the trustee of the trust shall hold the assets set aside in
      the trust for the benefit of the Employer's creditors (including the
      Participants and Beneficiaries under this Plan).

                                   Article XI

                                 ADMINISTRATION

            Section 11.1 The Committee. This Plan shall be administered by the
Retirement Plans Committee appointed by the Board. The Committee and/or its
appointed representative shall have sole discretion to construe and interpret
the provisions of the Plan and to determine all questions concerning benefit
entitlements, including the power to construe and determine disputed or doubtful
terms. To the maximum extent permissible under law, the determinations of the
Committee and/or its appointed representative on all such matters shall be final
and binding upon all persons involved.

            Section 11.2 Records and Reports. The Committee or its appointed
representative shall keep a record of its proceedings and actions and shall
maintain, or cause to be maintained, all books of account, records and other
data as shall be necessary for the proper administration of the Plan. Such
records shall contain all relevant data pertaining to individual Participants
and their rights under the Plan. The Committee or its appointed representative
shall have the duty to carry

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into effect all rights or benefits provided hereunder to the extent assets of
the Employer are properly available therefor.

            Section 11.3 Payment of Expenses. The Employer shall pay all
expenses of administering the Plan. Such expenses shall include any expenses
incident to the functioning of the Committee or its appointed representative.

            Section 11.4 Indemnification for Liability. The Employer shall
indemnify the members of the Committee, and the employees of the Employer to
whom the Committee delegates duties under the Plan, against any and all claims,
losses, damages, expenses and liabilities arising from their carrying out of
their responsibilities in connection with the Plan, unless the same is
determined to be due to gross negligence or willful misconduct.

            Section 11.5 Claims Procedure. The procedure for presenting claims
under the Plan and appealing denials thereof shall be as follows:

                  (a) Filing of Claims. Any Participant or Beneficiary (the
      "claimant") may file a written claim for a Plan benefit with the Committee
      or its appointed representative.

                  (b) Notice of Denial of Claim. In the event of a denial of any
      benefit requested by any claimant, the claimant shall be given a written
      notification containing specific reasons for the denial. The written
      notification shall contain specific reference to the pertinent Plan
      provisions on which the denial is based. In addition, it shall contain a
      description of any additional material or information necessary for the
      claimant to perfect a claim and an explanation of why such material or
      information is necessary. The notification shall also provide appropriate
      information as to the steps to be taken if the claimant wishes to submit
      his claim for review.

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                  The written notification shall be given to the claimant within
      90 days after receipt of his claim by the Committee or its appointed
      representative unless special circumstances require an extension of time
      for processing, in which case written notice of the extension shall be
      furnished to the claimant prior to the termination of the original 90-day
      period, and such notice shall indicate the special circumstances which
      make the extension appropriate. In no event shall the extension exceed a
      total of 180 days from the date of the original receipt of the claim.

                  (c) Right of Review. In the event of a denial of a claim for
      benefits, the claimant shall be permitted to review the pertinent
      documents and to submit to the Committee or its appointed representative
      issues and comments in writing. In addition, the claimant may make a
      written request for a review of his claim and its denial by the Committee
      or its appointed representative. Such written request must be received by
      the Committee or its appointed representative within 60 days after receipt
      by the claimant of written notification of the denial of the claim.

                  (d) Decision on Review.

                        (i) A decision shall be rendered by the Committee or its
            appointed representative within 60 days after the receipt of the
            request for review. However, where special circumstances make a
            longer period for decision necessary or appropriate, the decision of
            the Committee or its appointed representative may be postponed on
            written notice to the claimant (prior to the expiration of the
            initial 60-day period) for an additional 60 days. In no event shall
            the decision of the Committee or its appointed representative be
            rendered more than 120 days after the receipt of the request for
            review.

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                        (ii) Any decision by the Committee or its appointed
            representative shall be furnished to the claimant in writing in a
            manner calculated to be understood by the claimant and shall set
            forth the specific reason(s) for the decision and the specific Plan
            provision(s) on which the decision is based.

                                  Article XII

                            AMENDMENT AND TERMINATION

            Section 12.1 Amendment. The Board shall have the right to amend or
modify the Plan at any time and for any reason. The Committee shall have such
authority to amend the Plan as shall be delegated to it by the Board in the
Retirement Plans Committee Charter or by resolution.

            Section 12.2 Termination. The Board shall have the right to
terminate the Plan, in whole or in part, at any time and for any reason. Section

            12.3 Limitations. No amendment or termination of the Plan shall
decrease the amount of any Participant's Accrued Benefit as of the date of
amendment or termination.

                                  Article XIII

                            MISCELLANEOUS PROVISIONS

            Section 13.1 No Contract of Employment. Nothing contained herein
shall be construed as conferring upon any person the right to be employed by the
Employer or to continue in the employ of the Employer, and nothing contained
herein shall be construed to limit the right of the Employer to terminate the
employment of any Eligible Employee.

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            Section 13.2 Applicable Law. The provisions of this Plan shall be
construed and interpreted according to the laws of the State of Tennessee, to
the extent not superseded by federal law.

            Section 13.3 Headings. The headings of the Articles and Sections of
the Plan are for reference only. In the event of a conflict between a heading
and the contents of an Article or Section, the contents of the Article or
Section shall control.

            Section 13.4 Entire Agreement. This Plan contains the entire
agreement by the Employer with respect to the subject matter hereof. No
modification or claim of waiver of any of the provisions hereof shall be valid
unless in writing and signed by the party against whom such modification or
waiver is sought to be enforced.

            Section 13.5 Successors. The provisions of this Plan shall bind and
inure to the benefit of the Employer and its successors and assigns. The term
"successors" as used herein shall include any corporate or other business entity
which shall, whether by merger, consolidation, purchase or otherwise, acquire
all or substantially all of the business and assets of the Employer and
successors of any such corporation or other business entity.

                                     - 20 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00070-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00070-of-00352.parquet"}]]