Document:

creditagreement.htm

Execution Version

 Exhibit 4.1

 

AMENDMENT #1 TO THE

CREDIT AGREEMENT

 

THIS AMENDMENT #1 (this “Amendment”) TO THE CREDIT AGREEMENT dated as of September 8, 2010 (as more fully defined below, the “Agreement”) is entered into as of September 11, 2012, among FRONTIER COMMUNICATIONS CORPORATION, a Delaware corporation (the “Borrower”), the several banks and other financial institutions party to the Agreement, as Lenders, and DEUTSCHE BANK AG NEW YORK BRANCH, as issuing bank (in such capacity, together with its successors and assigns, the “Issuing Bank”) and as administrative agent (in such capacity, the “Administrative Agent”).

 

R E C I T A L S

A.           The Borrower entered into the Credit Agreement, dated as of September 8, 2010, with the Lenders party thereto, the Issuing Bank and the Administrative Agent, providing for a letter of credit facility for the Borrower, (the “Agreement”).

B.           The parties to the Agreement desire to extend the term of the Agreement, in accordance with and subject to the terms and conditions of this Amendment.

In consideration of the foregoing and the mutual covenants contained herein, the Borrower, the Issuing Bank, the Lenders and the Administrative Agent acknowledge and agree as follows:

1.           Amendments.

 

Effective as of the date hereof, the following amendments shall be made to the Agreement:

 

(a) Section 1.01 of the Agreement is hereby amended by adding the following definition following “Aggregate Maximum LOC Issuance Amount”:

 

“Agreement” means this Agreement, as amended by Amendment #1 to the Credit Agreement dated September 11, 2012 and as such Agreement from time to time may be amended, supplemented or otherwise modified in accordance with the terms hereof.

 

(b) Section 1.01 of the Agreement is hereby amended by deleting the definitions “Extended Maturity Date” and “Reduced Aggregate Maximum LOC Issuance Amount” in their entirety and replacing them with the following, respectively:

 

“Extended Maturity Date” means September 20, 2013.”

 

“Reduced Aggregate Maximum LOC Issuance Amount” has the meaning set forth in Section 2.02(b).”

 

(c)  Section 1.01 of the Agreement is hereby amended by changing the reference in the definition of “Applicable Aggregate Maximum LOC Issuance Amount” from “Section 2.20(a)” to “Section 2.02(a)”.

 

  

  

  

 (d) Section 2.01(a)(iii)(4) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“(4) subject at all times to compliance with clause (ii) above, expire no later than the earlier of (i) the fifth (5th) Business Day prior to the date as of which the LOC Exposure, would exceed, but for such expiration, the Applicable Aggregate Maximum LOC Issuance Amount,  and (ii) the fifth (5th) Business Day prior to the Extended Maturity Date, and”.

 

(e) Section 2.02 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“SECTION 2.02   Extension of Maturity Date.

 

	
(a)  

	
 The Maturity Date shall be extended from the September 20, 2012 to the Extended Maturity Date.

 

	
(b)  

	
Following the Initial Maturity Date, the Aggregate Maximum LOC Issuance Amount and the Commitments, automatically and without further action on the part of the Borrower, the Issuing Bank, the Administrative Agent or any Lender shall be reduced to (i) for the period from (and including) the Initial Maturity Date to (but excluding) September 20, 2012, $100,000,000, (ii) for the period from (and including) September 20, 2012 to (but excluding) March 20, 2013, $40,000,000 and (iii) for the period from (and including) March 20, 2013 to the Extended Maturity Date, $20,000,000 (in each case, the “Reduced Aggregate Maximum LOC Issuance Amount”).

 

	
(c)  

	
Unless previously terminated, the Commitments shall terminate at 5:00 p.m. (New York time) on the Extended Maturity Date.”

 

 (f) Section 2.05 of the Agreement is hereby amended by replacing the reference to “3.375%” in the definition of “Facility Fee” therein with 3.00% with respect to each period from and including September 20, 2012 to but excluding the Extended Maturity Date.

 

(g) Section 9.04(b)(iv) of the Agreement is hereby amended by replacing the phrase “paragraph (b)(i)(B)” with the phrase “paragraph (b)(ii)”.

 

2.           Representations.   As a material inducement to the Issuing Bank, the Lenders and the Administrative Agent to execute and deliver this Amendment, the Borrower represents and warrants to the Issuing Bank, the Lenders and the Administrative Agent as of the date hereof that:

 

 (a) the representations and warranties of the Borrower as set forth in Section 4.02 of the Agreement and in the other Loan Documents are true and correct in all material respects as if made as of the date hereof (except to the extent such representations and warranties expressly relate to an earlier date, in which case they are represented to be true and correct as of such earlier date);

 

(b) it has all requisite corporate authority and power to execute, deliver, and perform its obligations under this Amendment, which execution, delivery, and performance (i) have been duly authorized by all necessary corporate action, (ii) do not require any Governmental Approvals, other than those that have been obtained or made and are in full force and effect and (iii) do not violate or create a default under (A) any applicable law, rule or regulation, (B) its constituent documents or (C) any contractual provision binding upon it, except to the extent (in the case of violations or defaults described under clauses (A) or (C)) such violation or default would not reasonably be expected to result in a Material Adverse Effect and would not have an adverse effect on the validity, binding effect or enforceability of this Amendment, the Agreement or any other Loan Documents and would not materially adversely affect any of the rights of the Issuing Bank, the Administrative Agent or any Lender under or in connection with this Amendment or the Agreement;

 

  

  

  

(c) this Amendment has been duly executed and delivered and constitutes a legal, valid and binding obligation of the Borrower enforceable in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws affecting the rights of creditors generally and general principles of equity, including an implied covenant of good faith and fair dealing) and

 

(d) there is no action, suit or proceeding, or any governmental investigation or any arbitration, in each case pending or, to the knowledge of the Borrower, threatened against the Borrower or any of its Subsidiaries or any material property of any thereof before any court or arbitrator or any governmental body, agency or official which (i) challenges the validity of this Amendment, the Agreement or any other Loan Document or (ii) may reasonably expected to have a material adverse effect on the ability of the Borrower to perform any of its obligations under this Amendment, the Agreement or any other Loan Documents or on the rights of or benefits available to the Issuing Bank, the Administrative Agent or any Lender under this Amendment, the Agreement or any other Loan Document.

 

3.           Conditions Precedent to Effectiveness of Amendment.  This Amendment shall not become effective unless and until the Administrative Agent shall have received (a) a counterpart of this Amendment signed on behalf of such party, (b) a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated as of the effective date of this Amendment) of corporate counsel to the Borrower, substantially in the form of Exhibit B to the Agreement,  (c) a certificate in form and substance reasonably satisfactory to it signed by a Financial Officer of the Borrower and dated as of the effective date of this Amendment, confirming that as of the effective date of this Amendment (i) the representations and warranties of the Borrower set forth in this Amendment are true and correct in all material respects and (ii) no Default shall have occurred and be continuing and (d) the Administrative Agent, the Issuing Bank and each Lender shall have received payment in full of all fees and other amounts due and payable pursuant to Section 2.05 of the Agreement.

 

4.           Miscellaneous.  Unless stated otherwise herein, (a) the singular number includes the plural and vice versa and words of any gender include each other gender, in each case, as appropriate, (b) headings and captions shall not be construed in interpreting provisions of this Amendment, (c) if any part of this Amendment is for any reason found to be unenforceable and the rights and obligations of the parties hereunder will not be materially and adversely affected thereby, all other portions of it shall nevertheless remain enforceable, (d) this Amendment may be executed in any number of counterparts with the same effect as if all signatories had signed the same document, and all of those counterparts shall be construed together to constitute the same document, (e) delivery of an executed counterpart of a signature page to this Amendment by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment, (f) this Amendment and the Agreement, as amended by this Amendment, constitute the entire agreement and understanding among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject matter hereof, and (g) except as amended by this Amendment, the Agreement is unchanged.  Unless otherwise indicated herein, all capitalized terms used herein and not defined herein shall have the meaning set forth in the Agreement and all Section, Schedule and Exhibit references herein are to sections, schedules and exhibits in the Agreement.

 

  

  

  

5.           Governing Law; Wavier of Jury Trial.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

6.           Parties.  This Amendment binds and inures to the benefit of the Borrower, the Issuing Bank, the Lenders and the Administrative Agent and their respective successors and assigns to the extent such successors and assigns are permitted pursuant to Section 9.04 or, with respect to the Administrative Agent, Section 8.01.

 

[SIGNATURE PAGES FOLLOW]

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

 

FRONTIER COMMUNICATIONS CORPORATION, as the Borrower

 

By:   /s/ Donald R. Shassian                                                              

         Name:  Donald R. Shassian       

         Title:    Executive Vice President and Chief Financial Officer

 

DEUTSCHE BANK AG NEW YORK BRANCH, as Issuing Bank and Administrative Agent

 

By:      /s/ Elliott Horner                                                              

Name:  Elliott Horner            

            Title:    Managing Director

 

By:      /s/ Suzanne Greenberg                                                              

Name:  Suzanne Greenberg     

            Title:    Managing Director

 

DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender

 

By:      /s/ Elliott Horner                                                              

Name:  Elliott Horner          

            Title:    Managing Director

 

By:      /s/ Suzanne Greenberg                                                              

Name:  Suzanne Greenberg              

            Title:    Managing DirectorExhibit 10.1-Performance Shares Agreement - 01

INDEX TO EXHIBITS
Exhibit        Description
		
	10.1
	Form of Performance Shares Agreement Under the Jack Henry & Associates, Inc. Restricted Stock Plan

Exhibit 10.1
PERFORMANCE SHARES AGREEMENT 
UNDER THE
JACK HENRY & ASSOCIATES, INC. RESTRICTED STOCK PLAN

THIS AGREEMENT is made as of the ____ day of ___________, 20__, and is between Jack Henry & Associates, Inc., a Delaware corporation (hereinafter called the “Company”), and ___________________ (hereinafter called “Awardee”).
WHEREAS, the Board of Directors of the Company (“Board”) has adopted the Jack Henry & Associates, Inc. Restricted Stock Plan (“Plan”) pursuant to which performance shares ("Performance Shares") may be granted to employees of the Company; and 
WHEREAS, the Company desires to make a Performance Shares grant to Awardee (“Award”) under the terms hereinafter set forth and pursuant to which shares of the Company's Common Stock are eligible to be issued to Awardee;
NOW, THEREFORE, in consideration of the premises and of the mutual agreements hereinafter set forth, the parties to this Agreement agree as follows:
1.    Award Subject to Plan.  This Award is made under and is expressly subject to all the terms and provisions of the Plan, a copy of which Awardee acknowledges has been given to Awardee, and which Plan's terms are incorporated herein by reference.  Awardee agrees to be bound by all the terms and provisions of the Plan.  Terms not defined herein shall have the meaning ascribed thereto in the Plan.
2.    Grant of Award.  Pursuant to the action of the Board, which action was taken on ________________, 20__ (“Date of Award”), the Company awards to Awardee ___________________________ (______) Performance Shares, as determined pursuant to the terms and conditions set forth in this Agreement and including Appendix A hereto. Each Performance Share shall initially be deemed to be the equivalent of one share of Common Stock; provided, however, that certain levels of achievement may result in settlement of less than one, or more than one, share of Common Stock (or its cash equivalent) for each Performance Share.  In the sole discretion of the Board, the Company may elect to settle a Performance Share for cash with a cash payment equal to the fair market value of each Performance Share the Board elects to settle for cash.   
3.    Restrictions.  Except as may be permitted under the Plan or by the Board, none of Awardee's rights to payment hereunder are transferable by sale, assignment, disposition, gift, exchange, pledge, hypothecation, or otherwise.  Any attempted disposition of any of Awardee's rights hereunder, or the levy of any execution, attachment or similar process upon any of the Performance Shares prior to settlement, shall be null and void and without effect.  Holding Performance Shares does not give Awardee the rights of a shareholder (including without limitation the right to vote or receive dividends or other distributions) with respect to shares of Common Stock underlying the Performance Shares that the Company may issue under the terms and conditions of this Agreement. 
4.    Settlement, Forfeiture and Share Issuance. 

(a)    Appendix A Performance Measures.  The performance measures applicable to the Performance Shares (the “Performance Measures”) are set forth in Appendix A to this Agreement.  By accepting the terms and conditions of this Agreement, Awardee shall be deemed to have consented to Appendix A, and at all times, Appendix A, its Performance Measures, terms and conditions are incorporated herein by reference.  The Performance Measures relate to the Company's 2013, 2014 and 2015 fiscal years (each a “Performance Year”, and collectively the “Performance Period”).  Appendix A also sets forth the “Scheduled Settlement Date”, which, if it occurs due to achievement of one or more of the Performance Measures, shall follow the meeting of the Compensation Committee of the Company's Board of Directors (the "Committee") at which the applicable level of performance goal achievement is determined for Award purposes (“Applicable Committee Meeting”).  At the Applicable Committee Meeting following the 2015 Performance Year, the Committee shall conduct an objective analysis as to whether one or more of the Performance Measures have been satisfied.  If one or more of such Performance Measures have been satisfied, the Committee shall certify such achievement (“Certification”) and instruct the Company to begin the Performance Shares settlement process.  

(b)    Performance Settlement.  
(i)    The Performance Shares shall be settled in connection with Certification (as provided in Appendix A, but no earlier than any Scheduled Settlement Date).  Settlement shall not occur if Certification does not occur at the Applicable Committee Meeting in 2015 (the “Deadline”), and if Certification does not occur by the Deadline, no Performance Shares shall be settled and all of Awardee's rights under this Agreement shall be forfeited as of the Deadline.   
(ii)    To the extent that the settlement of Performance Shares would result in the issuance of one or more shares in excess of the limitations set forth in Section 6(b) of the Plan (which relates to the terms and conditions for satisfaction of the performance-based compensation exception to Section 162(m) of the Internal Revenue Code, as amended (the "Code"), issuance of such excess shares shall be delayed until the first taxable year in which the delivery of such shares can be made in accordance with Section 6(b) of the Plan and the tax deduction for such payment will not be barred by application of Code section 162(m). 
(iii)    To the extent permissible under the Plan, the Committee, in its sole discretion, may elect to settle one or more Performance Shares by making a cash payment to Awardee in an amount equal to the then fair market value of the share of Common Stock underlying the Performance Share being settled, less any amounts necessary to satisfy the Company's tax withholding obligations. 
(c)      Other Settlement.  
(i)    Effect of Change in Control on Settlement.   If any of the events constituting a Change in Control of the Company shall have occurred and the Awardee's employment with the Company is terminated by the Company within the period commencing 90 days prior to, and ending two years following such Change in Control (the "Applicable Period"), all Performance Shares shall be settled, regardless of whether one or more Performance Measures are achieved; provided, however, that the Performance Shares shall not be settled pursuant to the prior clause in the event of (a termination by the Company for "Cause" (as hereinafter defined).  If any of the events constituting a Change in Control of the Company shall have occurred and the Awardee terminates his employment during the Applicable Period for "Good Reason" (as hereinafter defined), all Performance Shares shall be settled. If there is an event pursuant to which Performance Shares shall be settled pursuant to this Section 4(c)(i), settlement of the Performance Shares shall occur as if goal achievement occurred at the Target level of goal achievement and as soon as practicable following the later to occur of the Change in Control or the termination of Awardee's employment, but in no event later than the 90th day following the later to occur of such events, and in no event shall Awardee have any discretion to direct when the Performance Shares shall be settled. 

(ii)    For purposes of this Award, "Cause" shall mean(A) failure of the Awardee to adequately perform his duties assigned by the Board; or (B) any act or acts of gross dishonesty or gross misconduct on the Awardee's part which result or are intended to result directly or indirectly in gain or personal enrichment at the expense of the Company or its subsidiaries to which the Awardee is not legally entitled. For purposes of this Award, "Good Reason" shall mean (w) a material diminution of the Awardee's authority, duties or responsibilities from those being exercised and performed by the Awardee immediately prior to the Change of Control; (x) a transfer of the Awardee to a location which is more than 75 miles away from the location where the Awardee was employed immediately prior to the Change of Control, (y) a material diminution in the rate of the Awardee's annual salary below his rate of annual salary immediately prior to the Change of Control; or (z) a material breach by the Company of any incentive award agreement covering the Awardee; provided, however, that Good Reason shall not be deemed to exist unless the Awardee has first provided notice to the Company of the existence of one of the events described above within a period of 90 days from the initial existence of the event, and after such notice the Company has been provided a period of 30 days to eliminate the existence of Good Reason.
 
(iii)    Effect of Death, Incapacity and Retirement on Settlement.  Upon Awardee's death or termination of employment due to Incapacity or “Retirement”, no forfeiture or accelerated settlement of the Performance Shares shall occur (except as provided in Section 4(c)(i) above).  Rather, on the Scheduled Settlement Date following the Applicable Committee Meeting, if Certification occurs, a pro 

rata portion of the Performance Shares subject to this Agreement shall be settled based on the period of time in the Performance Period that elapsed prior to Awardee's termination of employment.   

The pro rata portion of the Performance Shares being settled shall be determined by (A) dividing the aggregate number of Performance Shares Awardee would have been entitled to receive had he or she been employed through the end of the Performance Period by 3 (i.e., the number of calendar years in the Performance Period), and then (B) multiplying the quotient obtained in (A) by the number of whole years elapsed from the commencement of the 2013 fiscal year to the date of Awardee's death or termination of employment due to Incapacity or Retirement.  For purposes of this pro rata calculation, Awardee must have been actively employed as a full-time employee for an entire calendar year in the Performance Period to receive credit that that year.  

For purposes of this Agreement, a "Retirement" means an Awardee's termination of employment for the express reason of retirement, as determined by the Board or Committee in its sole discretion, either (A) following a minimum of thirty (30) years of employment with the Company or (B) on or after age 57 and following a minimum of fifteen (15) years of employment with the Company.  Unless otherwise determined by the Board or the Committee, Awardee must have been actively employed as a full-time employee for an entire calendar year to receive credit for such year of employment for purposes of this definition of "Retirement." 
    
d.     Forfeiture.  Subject to the other provisions of this Section 4, all rights relating to any non-settled Performance Shares shall be forfeited if either (A) Certification does not occur prior to or on the Deadline, or (B) Awardee ceases to be employed by the Company during the Performance Period (except as provided in Section 4(c) above). Awardee is not deemed to have terminated employment through, and Awardee's rights relating to the Performance Shares shall not be forfeited solely as a result of, any change in Awardee's duties or position or Awardee's temporary leave of absence approved by the Company. Upon any such forfeiture, under no circumstances will the Company be obligated to make any payment to Awardee, and no shares of Common Stock shall be issued, as a result of such forfeited Performance Shares.   
e.    Share Issuance.  Except as otherwise provided herein, upon the settlement of a specific number of Performance Shares for shares of Common Stock as provided in Paragraphs 4(b) or (c), the Company shall issue a corresponding number of shares of Common Stock to Awardee on the Settlement Date, provided that tax withholding obligations have been satisfied as provided in Section 5.  The Company's transfer agent may issue shares of Common Stock in certificated or book entry form as determined by the Company's Corporate Secretary.  Upon issuance of the Shares, Awardee shall have all rights of a shareholder with respect thereto including the right to vote and receive all dividends or other distributions made or paid with respect to the shares of Common Stock.  
f.    Payments to Third Party.  Upon death of Awardee followed by a valid written request for payment, the shares of Common Stock, to the extent eligible to be issued, shall be issued as soon as administratively practical to Awardee's beneficiary named in a written beneficiary designation filed with the Company's Corporate Secretary on a form for the Plan or, if there is no such designated beneficiary, to Awardee's executor or administrator or other personal representative acceptable to the Corporate Secretary.  Any request to pay any person or persons other than Awardee shall be accompanied by such documentation as the Company may reasonably require, including without limitation, evidence satisfactory to the Company of the authority of such person or persons to receive the payment. 
5.    Tax Withholding.  Awardee understands and agrees that, at the time any tax withholding obligation arises in connection with the issuance of a share of Common Stock or, if permitted under the Plan, a cash payment, the Company may withhold, in shares of Common Stock if a valid election applies under this Section 5 or in cash from payroll or other amounts the Company owes or will owe Awardee, any applicable withholding, payroll and other required tax amounts due upon the issuance of shares of Common Stock or cash payment.  Tax withholding may be made by any means permitted under the Plan, as approved by the Committee, and as permitted under the law.  The valuation of the Performance Shares, and any shares of Common Stock that the Company may issue attributable to Performance Shares, for tax and other purposes shall be determined in accordance with all applicable laws and regulations.  In the absence of the satisfaction of tax obligations, the Company may refuse to issue shares of Common Stock or make any other payment hereunder.    

6.    Dividends and Voting.  Prior to a Performance Share settlement date, Awardee shall have no right to receive any dividends or dividend equivalent payments with respect to the Performance Shares.  Awardee will have no voting rights with respect to any of the Performance Shares.
7.    Administration.  This Award has been made pursuant to a determination made by the Board, or a committee authorized by the Board, subject to the express terms of this Agreement, and the Board or such committee shall have plenary authority to interpret any provision of this Agreement and to make any determinations necessary or advisable for the administration of this Agreement and may waive or amend any provisions hereof in any manner not adversely affecting the rights granted to Awardee by the express terms hereof.
8.    No Right to Continued Service.  Nothing in this Agreement shall be deemed to create any limitation or restriction on such rights as the Company otherwise would have to terminate the employment of Awardee.
9.      Choice of Law.  This Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Agreement to the substantive law of another jurisdiction.  Awardee is deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of Missouri to resolve any and all issues that may arise out of or relate to this agreement.
The Company has caused this Agreement to be executed on its behalf, and Awardee has signed this Agreement to evidence Awardee's acceptance of the terms hereof, all as of the date first above written.
JACK HENRY & ASSOCIATES, INC.

By:                                                           

Title:                                                         

AWARDEE

                                                                

Name:                                                      

APPENDIX A TO PERFORMANCE SHARES AWARD AGREEMENT
[____________________], 2012 GRANT
AWARDEE

CLIFF SETTLEMENT 

(Settlement occurs based upon the level of achievement of the Performance Measures) 
Achievement of the Performance Measures set forth below for the Performance Period (FYs 2013-2015) ("Performance Condition") is required for settlement, and settlement may occur no earlier than the later of September 10, 2015 or the first business day following the Applicable Meeting Date (the “Scheduled Settlement Date”), except in the case of a Change in Control or as otherwise provided in the Agreement and this Appendix.   
Calculation of the number of Performance Shares eligible to be settled depends on the Company's Total Stockholder Return ("TSR") compared against the Company's compensation peer group (as determined by the Committee) for the three (3) fiscal years ending June 30, 2015.  The percentage of Performance Shares eligible to be settled shall be determined in accordance with the following schedule:
Company's TSR Compared to Peer Group    Percentage of Performance Shares Eligible to be Settled*
< 25% percentile            0% of Performance Shares (0 shares)
25th percentile                35% of Performance Shares ([____________] shares)
50th percentile                70% of Performance Shares ([____________] shares)
63rd percentile                100% of Performance Shares ([____________] shares)
65th percentile                105% of Performance Share (_____________shares)
70th percentile                140% of Performance Shares   ([___________] shares)
75th percentile                175% of Performance Shares ([___________] shares)

*The percentage of Performance Shares eligible to be settled when the Company's TSR for the Performance Period falls in between any of the above-listed percentiles shall be determined using linear interpolation between the immediately preceding and immediately following data-points.   

Unless earlier forfeited, any Performance Shares not settled by the Scheduled Settlement Date in 2015 will be forfeited.

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