Document:

Exhibit 4.1

 

Execution Version

 

SIXTH SUPPLEMENTAL INDENTURE

 

Dated as of April 11, 2017

 

Supplementing that Certain

 

INDENTURE

 

Dated as of July 12, 2012

 

between

 

DOLLAR GENERAL CORPORATION, as Issuer

 

and

 

U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee

 

 

3.875% SENIOR NOTES DUE 2027

 

 

Table of Contents

 

	
 
    	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE I.
    
	
DEFINITIONS
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 1.1.
    	
 
    	
Certain Terms Defined in this   Indenture
    	
 
    	
1
    
	
SECTION 1.2.
    	
 
    	
Definitions
    	
 
    	
2
    
	
SECTION 1.3.
    	
 
    	
Other Definitions
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE II.
    
	
FORM AND TERMS OF THE NOTES
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 2.1.
    	
 
    	
Form and Dating
    	
 
    	
6
    
	
SECTION 2.2.
    	
 
    	
Certain Terms of the Notes
    	
 
    	
8
    
	
SECTION 2.3.
    	
 
    	
Optional Redemption
    	
 
    	
9
    
	
SECTION 2.4.
    	
 
    	
Offer to Repurchase Upon a Change   of Control Triggering Event
    	
 
    	
9
    
	
SECTION 2.5.
    	
 
    	
Limitation on Liens
    	
 
    	
10
    
	
SECTION 2.6.
    	
 
    	
Events of Default
    	
 
    	
11
    
	
SECTION 2.7.
    	
 
    	
SEC Reports
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE III.
    
	
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 3.1.
    	
 
    	
Option to Effect Legal Defeasance   or Covenant Defeasance
    	
 
    	
12
    
	
SECTION 3.2.
    	
 
    	
Legal Defeasance and Discharge
    	
 
    	
12
    
	
SECTION 3.3.
    	
 
    	
Covenant Defeasance
    	
 
    	
13
    
	
SECTION 3.4.
    	
 
    	
Conditions to Legal or Covenant   Defeasance
    	
 
    	
14
    
	
SECTION 3.5.
    	
 
    	
Deposited Money and Government   Securities to be Held in Trust; Other Miscellaneous Provisions
    	
 
    	
15
    
	
SECTION 3.6.
    	
 
    	
Repayment to Company
    	
 
    	
16
    
	
SECTION 3.7.
    	
 
    	
Reinstatement
    	
 
    	
16
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE IV.
    
	
SATISFACTION AND DISCHARGE
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 4.1.
    	
 
    	
Satisfaction and Discharge
    	
 
    	
16
    
	
SECTION 4.2.
    	
 
    	
Application of Trust Money
    	
 
    	
18
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE V.
    
	
MISCELLANEOUS
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 5.1.
    	
 
    	
Relationship with Indenture
    	
 
    	
18
    
	
SECTION 5.2.
    	
 
    	
Trust Indenture Act Controls
    	
 
    	
18
    
	
SECTION 5.3.
    	
 
    	
Governing Law
    	
 
    	
18
    
	
SECTION 5.4.
    	
 
    	
Counterparts
    	
 
    	
19
    

 

i

 

	
SECTION 5.5.
    	
 
    	
Severability
    	
 
    	
19
    
	
SECTION 5.6.
    	
 
    	
Ratification
    	
 
    	
19
    
	
SECTION 5.7.
    	
 
    	
Headings
    	
 
    	
19
    
	
SECTION 5.8.
    	
 
    	
Effectiveness
    	
 
    	
19
    

 

EXHIBIT A — Form of 3.875% Senior Notes due 2027

 

 

SIXTH SUPPLEMENTAL INDENTURE

 

This Sixth Supplemental Indenture, dated as of April 11, 2017, by and between DOLLAR GENERAL CORPORATION, a corporation duly organized and existing under the laws of the State of Tennessee (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a duly organized and existing national banking association under the laws of the United States, as trustee (the “Trustee”).

 

WHEREAS, the Company and the Trustee are parties to that certain Indenture, dated as of July 12, 2012 (as amended or supplemented through the date hereof, the “Base Indenture”), as supplemented by this Sixth Supplemental Indenture, dated as of April 11, 2017 (this “Sixth Supplemental Indenture,” and together with the Base Indenture, this “Indenture”), providing for the issuance by the Company of an unlimited number of series of Securities from time to time;

 

WHEREAS, the Base Indenture provides that the Securities of a series shall be in the form and shall have such terms and provisions as may be established in one or more supplemental indentures thereto;

 

WHEREAS, the Company has determined to issue a series of senior Securities under this Indenture designated as the Company’s “3.875% Senior Notes due 2027” (hereinafter called the “Notes”) pursuant to the terms of this Sixth Supplemental Indenture and substantially in the form as set forth in Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and this Sixth Supplemental Indenture; and

 

WHEREAS, the Company, by action duly taken, has authorized the execution of this Sixth Supplemental Indenture and the issuance of the Notes;

 

NOW, THEREFORE, THIS SIXTH SUPPLEMENTAL INDENTURE WITNESSETH:

 

For and in consideration of the promises stated herein and the purchase of the Notes by the Holders thereof, the parties hereto hereby enter into this Sixth Supplemental Indenture, for the equal and proportionate benefit of all Holders, as follows:

 

ARTICLE I.

 

DEFINITIONS

 

SECTION 1.1.                                     Certain Terms Defined in this Indenture.

 

For purposes of this Sixth Supplemental Indenture and the Notes, all capitalized terms used but not defined herein or therein, as applicable, shall have the meanings ascribed to such terms in this Indenture.  For the avoidance of doubt, references to any “Section” of the “Indenture” refer to such Section of the Base Indenture, as supplemented and amended by this Sixth Supplemental Indenture.

 

 

SECTION 1.2.                                     Definitions.

 

For the benefit of the Holders, Section 1.1 of the Base Indenture shall be amended by adding or substituting, as applicable, the following new definitions:

 

“Authorized Newspaper” means a newspaper in an official language of the country of publication customarily published at least once a day for at least five days in each calendar week and of general circulation in the place in connection with which the term is used. If it shall be impractical in the opinion of the Trustee to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication of such notice.

 

“Below Investment Grade Rating Event” means, with respect to the Notes, the Notes become rated below an Investment Grade Rating by both of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies (the “Relevant Period”)); provided that, a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of “Change of Control Triggering Event”) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply either (1) did not reduce the ratings of the Notes during the Relevant Period or (2) do not announce or publicly confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 

“Board of Directors” means the board of directors or comparable governing body of the Company, or any committee thereof duly authorized to act on its behalf.

 

“Capital Stock” means:

 

(a)                                 in the case of a corporation, corporate stock;

 

(b)                                 in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;

 

(c)                                  in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and

 

(d)                                 any other interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

 

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“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any “Person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “Person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s Voting Stock; (3) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors; or (4) the adoption of a plan relating to the Company’s liquidation or dissolution; or (5) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction. Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Company becomes a wholly owned Subsidiary of a holding company that has agreed to be bound by the terms of this Indenture and (2) the holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction.

 

“Change of Control Triggering Event” means, with respect to the Notes, the occurrence of both a Change of Control and a Below Investment Grade Rating Event, with respect to the Notes.

 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

 

“Consolidated Net Tangible Assets” means the Company’s total assets, less net goodwill and other intangible assets, less total current liabilities, all as described on the Company’s and its consolidated Subsidiaries’ most recent balance sheet and calculated based on positions as reported in the Company’s consolidated financial statements in accordance with U.S. generally accepted accounting principles and after giving pro forma effect to any acquisitions or dispositions which occur after such balance sheet date.

 

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“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who (1) was a member of such Board of Directors on the Issue Date; or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by specific action of the Board of Directors or by approval by such directors of the Company’s proxy statement in which such member was named as a nominee for election as a director).

 

“Global Notes” means, individually and collectively, each of the Notes in the form of global Securities registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A attached hereto.

 

“Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit.

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies.

 

“Issue Date” means April 11, 2017.

 

“Moody’s” means Moody’s Investors Service, Inc.

 

“Person” means any individual, partnership, corporation, limited liability company, joint stock company, business trust, trust, unincorporated association, joint venture or other entity, or a government or political subdivision or agency thereof.

 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if either Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified by a Board Resolution) as a replacement agency for Moody’s or S&P, or both of them, as the case may be.

 

“Reference Treasury Dealers” means (1) each of Citigroup Global Markets Inc., Goldman, Sachs & Co. and Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company shall substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer, and (2) one other Primary Treasury Dealer selected by the Company.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its

 

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principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. New York time on the third business day preceding such redemption date.

 

“Senior Credit Facility” means that certain amended and restated credit agreement, dated as of February 22, 2017, among the Company, as borrower, Citibank, N.A., as administrative agent, and the other lending institutions from time to time party thereto, including any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refunding or refinancing thereof and any indentures, notes, debentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund or refinance all or any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount that can be borrowed thereunder or alters the maturity thereof.

 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

 

“Significant Subsidiary” means a Subsidiary (treated for purposes of this definition on a consolidated basis together with its Subsidiaries) which meets any of the following conditions:

 

(a)                                 the Company’s and the Company’s other Subsidiaries’ investments in and advances to the Subsidiary exceed 10% of the total assets of the Company and the Company’s Subsidiaries consolidated as of the end of the most recently completed fiscal year;

 

(b)                                 the Company’s and the Company’s other Subsidiaries’ proportionate share of the total assets (after intercompany eliminations) of the Subsidiary exceeds 10% of the total assets of the Company and the Company’s Subsidiaries consolidated as of the end of the most recently completed fiscal year; or

 

(c)                                  the Company’s and the Company’s other Subsidiaries’ equity in the income from continuing operations before income taxes, extraordinary items and cumulative effect of a change in accounting principles of the Subsidiary exceeds 10% of such income of the Company and the Company’s Subsidiaries consolidated for the most recently completed fiscal year.

 

“Subsidiary” of any specified Person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that Person or a combination thereof.

 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to a maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

“Voting Stock” means Capital Stock the holders of which have general voting power under ordinary circumstances to elect at least a majority of the Board of Directors; provided that, for the purpose of such definition, Capital Stock which carries only the right to vote conditioned

 

5

 

on the occurrence of an event shall not be considered Voting Stock whether or not such event shall have occurred.

 

SECTION 1.3.                                     Other Definitions.

 

	
 
    	
 
    	
DEFINED IN
    	
 
    
	
TERM
    	
 
    	
SECTION
    	
 
    
	
“Additional   Notes”
    	
 
    	
2.2
    	
 
    
	
“Change of   Control Offer”
    	
 
    	
2.4
    	
 
    
	
“Change of   Control Payment”
    	
 
    	
2.4
    	
 
    
	
“Change of   Control Payment Date”
    	
 
    	
2.4
    	
 
    
	
“Covenant   Defeasance”
    	
 
    	
3.3
    	
 
    
	
“Depository”
    	
 
    	
2.1
    	
 
    
	
“Legal   Defeasance”
    	
 
    	
3.2
    	
 
    
	
“Make-whole   Deficit”
    	
 
    	
4.1
    	
 
    
	
“Maturity Date”
    	
 
    	
2.2
    	
 
    

 

ARTICLE II.

 

FORM AND TERMS OF THE NOTES

 

SECTION 2.1.                                     Form and Dating.

 

The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed on behalf of the Company by two of the officers of the Company specified in Section 2.3 of the Base Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication.

 

The terms and notations contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture; and the Company and the Trustee, by their execution and delivery of this Sixth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby; provided that, to the extent of any inconsistency between the terms and provisions in this Indenture and those contained in the Notes, this Indenture shall govern.

 

(a)                                 Global Notes.  The Notes designated herein shall be issued initially in the form of one or more fully registered permanent global Securities, which shall be held by the Trustee as custodian for The Depository Trust Company, New York, New York (the “Depositary”), and registered in the name of Cede & Co., the Depositary’s nominee, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of outstanding Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided.

 

Unless and until the Global Notes are exchanged in whole or in part for the individual Notes represented thereby pursuant to Section 2.15 of the Base Indenture, such Global Notes may not be transferred except as a whole by the Depositary to its nominee or by its nominee to

 

6

 

the Depositary or another nominee of the Depositary or by the Depositary or any of its nominees to a successor depositary or any nominee of such successor depositary. Upon the occurrence of the events specified in Section 2.15 of the Base Indenture in relation thereto, the Company shall execute, and the Trustee shall, upon receipt of a Company Order for authentication, authenticate and deliver, Notes in definitive form in an aggregate principal amount equal to the principal amount of the Global Notes in exchange for such Global Note.

 

(b)                                 Book-Entry Provisions. This Section 2.1(b) shall apply only to the Global Notes deposited with or on behalf of the Depositary.

 

The Company shall execute and the Trustee shall, in accordance with this Section 2.1(b), authenticate and deliver the Global Notes that shall be registered in the name of the Depositary or the nominee of the Depositary and shall be held by the Trustee as custodian for the Depositary.

 

Participants of the Depositary shall have no rights either under this Indenture or with respect to any Global Notes. The Depositary shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes under this Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its participants, the operation of customary practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest in the Global Notes.

 

(c)                                  Definitive Notes. Definitive Notes issued in physical, certificated form, registered in the name of the beneficial owner thereof, shall be substantially in the form of Exhibit A attached hereto, but without including the text referred to therein as applying only to Global Notes. Except as provided above in subsection (a), owners of beneficial interests in the Global Notes will not be entitled to receive physical delivery of certificated Notes.

 

(d)                                 Transfer and Exchange of the Notes.  The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with this Indenture and the procedures of the Depositary therefor. Beneficial interests in the Global Notes may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the Global Notes.

 

(e)                                  Paying Agent and Registrar.  The Company appoints the Trustee as the initial Paying Agent of the Company for the payment of the principal of (and premium, if any) and interest on, the Notes, and the Corporate Trust Office of the Trustee be, and hereby is, designated as the office or agency where the Notes may be presented for payment and where notices to or demands upon the Company in respect of the Notes and this Sixth Supplemental Indenture and this Indenture pursuant to which the Notes are to be issued may be made. The Company appoints the Trustee as the initial Security Registrar with respect to the Notes.

 

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SECTION 2.2.                                     Certain Terms of the Notes.

 

The following terms relating to the Notes are hereby established:

 

(a)                                 Title. The Notes shall constitute a series of senior Securities having the title “3.875% Senior Notes due 2027”.

 

(b)                                 Principal Amount. The aggregate principal amount of the Notes that may be initially authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.7, 2.8, 2.11, 3.6 and 9.6 of the Base Indenture) shall be SIX HUNDRED MILLION DOLLARS ($600,000,000). The Company may, from time to time, without the consent of the Holders, issue and sell additional Notes (“Additional Notes”) ranking equally and ratably with the Notes in all respects (other than the issue date, and to the extent applicable, issue price, initial date of interest accrual and the initial interest payment date of such Additional Notes). Any such Additional Notes shall be consolidated with and form a single series with the Notes for all purposes under this Indenture.  If the Additional Notes are not fungible with the Notes for U.S. federal income tax purposes, the Additional Notes will have a different CUSIP number.

 

(c)                                  Ranking.  The Notes shall constitute senior unsecured indebtedness of the Company and shall rank equally in right of payment with all existing and future senior indebtedness of the Company and, to the extent of the value of the collateral, will be effectively subordinated to the Company’s secured indebtedness.

 

(d)                                 Maturity Date. The entire outstanding principal of the Notes shall be payable on April 15, 2027 (the “Maturity Date”).

 

(e)                                  Interest Rate. The rate at which the Notes shall bear interest shall be 3.875% per annum, computed on the basis of a 360-day year comprised of twelve 30-day months; the date from which interest shall accrue on the Notes shall be April 11, 2017, or the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates for the Notes shall be the 15th day of April and October of each year, commencing on October 15, 2017; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to the Persons in whose names the Notes (or one or more predecessor Securities) are registered at the close of business on the Regular Record Date for such interest, which shall be the 1st day of April and October (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal of, and premium, if any, and interest on, the Notes will be made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that each installment of interest, premium, if any, and principal on the Notes may at the Company’s option be paid in immediately available funds by wire transfer to an account maintained by the payee located in the United States.

 

(h)                                 Sinking Fund.  The Notes are not subject to any sinking fund.

 

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SECTION 2.3.                                     Optional Redemption.

 

(a)                                 Applicability of Article III.  The provisions of Article III of the Base Indenture shall apply to the Notes, as supplemented by Sections 2.3(b) and (c) below.

 

(b)                                 Make Whole Redemption.  Prior to January 15, 2027, the Notes shall be redeemable, for cash, in whole or in part, at the Company’s option, at any time and from time to time at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of the principal and interest thereon to January 15, 2027 (not including any portions of such payments of interest accrued as of the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 25 basis points, plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

 

(c)                                  Par Redemption.  Notwithstanding the foregoing Section 2.3(b), at any time on or after January 15, 2027, the Notes will be redeemable, as a whole or in part, at the Company’s option and at any time or from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

 

SECTION 2.4.                                     Offer to Repurchase Upon a Change of Control Triggering Event.

 

If a Change of Control Triggering Event occurs with respect to the Notes, unless the Company has exercised its right to redeem the Notes as described in Section 2.3 or exercised its option to satisfy and discharge this Indenture as set forth in Article IV hereof, Holders shall have the right to require the Company to repurchase all or any part in an integral multiple of $1,000 of their Notes (provided that no Note will be purchased in part if the remaining principal amount of such Note would be less than $2,000) pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company shall offer payment in cash equal to 101% of the then outstanding aggregate principal amount of Notes subject to such offer, plus accrued and unpaid interest, if any, on the Notes repurchased to, but excluding, the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company shall mail a notice to Holders describing the transaction or transactions that constitute or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures described herein and in such notice. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the payment date specified in the notice. The Company must comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions herein, the Company shall only be required to comply with the applicable

 

9

 

securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions of this Indenture by virtue of such conflicts.

 

Notwithstanding the foregoing, the Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for a Change of Control Offer made by the Company and the third party repurchases all Notes properly tendered and not withdrawn under its offer. In addition, the Company will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under this Indenture, other than a Default in the payment of the Change of Control Payment upon a Change of Control Triggering Event.

 

On the Change of Control Payment Date, the Company shall to the extent lawful (i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof properly tendered; and (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased.

 

The Paying Agent will promptly mail to each Holder who has properly tendered Notes the applicable Change of Control Payment for the Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000.

 

SECTION 2.5.                                     Limitation on Liens. The Company shall not, and the Company shall not permit any Subsidiary to, incur, issue, assume or guarantee any indebtedness for money borrowed if such indebtedness is secured by a pledge of, lien on or security interest in any shares of Voting Stock of any Significant Subsidiary, whether such Voting Stock is now owned or is hereafter acquired, without providing that the Notes (together with, if the Company shall so determine, any other indebtedness or obligations of the Company or any Subsidiary ranking equally with the Notes and then existing or thereafter created) shall be secured equally and ratably with such indebtedness.  The foregoing limitation shall not apply to indebtedness:

 

(1) secured by a pledge of, lien on or security interest in any shares of Voting Stock of any entity at the time it becomes a Significant Subsidiary;

 

(2) of a Subsidiary owed to the Company or indebtedness of a Subsidiary owed to another Subsidiary;

 

(3) incurred, together with all other indebtedness of the Company and its Subsidiaries similarly secured by liens on shares of Voting Stock pursuant to this clause (3), in an amount not to exceed at the time of such creation, assumption, renewal, extension or replacement 15% of Consolidated Net Tangible Assets; and

 

(4) incurred for the sole purpose of extending, renewing, replacing or refinancing indebtedness secured by any lien referred to in the foregoing clauses (1) to (3); provided, however, that the principal amount of indebtedness secured by that lien shall not exceed

 

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the principal amount of indebtedness so secured at the time of such extension, renewal, replacement or refinancing, plus any amounts necessary to pay any fees and expenses, including premiums relating to such extension, renewal, replacement or refinancing.

 

SECTION 2.6.                                     Events of Default.

 

(a)                                 Applicability of Section 6.1.  Section 6.1 of the Base Indenture shall apply to the Notes, as supplemented by Sections 2.6(b), (c) and (d) below; provided that this Section 2.6 shall not become part of the terms of any other series of Securities.

 

The occurrence of the events set forth in Sections 2.6(b) or 2.6(c) will constitute an “Event of Default” with respect to the Notes:

 

(b)                                 default after the expiration of the grace period in the payment of principal when due, or resulting in acceleration, of other indebtedness (other than non-recourse debt) of the Company or any Significant Subsidiaries, for borrowed money or the payment of which is guaranteed by the Company or any Significant Subsidiary if the aggregate principal amount with respect to which the default or acceleration has occurred exceeds $100,000,000 and such indebtedness has not been discharged, or such default in payment or acceleration has not been cured or rescinded, prior to written notice of acceleration of the Notes; or

 

(c)                                  failure by the Company or any Significant Subsidiary to pay final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $100,000,000, which judgments are not paid, discharged or stayed for a period of 60 days after such judgments become final and non-appealable, and in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed.

 

(d)                                 In the event of any Event of Default specified in Section 2.6(b), such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose: (1) the indebtedness or guarantee that is the basis for such Event of Default has been discharged; (2) holders thereof have rescinded or waived acceleration, notice or action (as the case may be) giving rise to such Event of Default; or (3) the default that is the basis for such Event of Default has been cured.

 

SECTION 2.7.                                     SEC Reports.  For the benefit of the Holders, the Base Indenture shall be amended by replacing Section 4.4 thereof in its entirety with this Section 2.7, provided that, this Section 2.7 shall not become part of the terms of any other series of Securities.

 

The Company will for so long as any Notes are outstanding:

 

(a)                                 make available to the Trustee and the Holders of Notes copies of the annual reports and of the information, documents and other reports which the Company may be required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; provided that for this purpose the filing with the SEC of such reports, information and documents shall be sufficient; or

 

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(b)                                 if the Company is not then subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, make available to the Trustee and the Holders of the Notes (including, without limitation, by means of a public or private website), substantially similar periodic information (excluding exhibits) which would be required to be included in periodic reports on Forms 10-K, 10-Q and 8-K (or any successor form or forms) under the Exchange Act within the time periods set forth in the applicable SEC rules and regulations as if the Company were a non-accelerated filer as defined in such applicable SEC rules and regulations; provided that in each case such information may be subject to exclusions if the Company in good faith determines that such excluded information would not be material to the interests of the Holders of the Notes (it being understood that the information required by Rule 3-10 of Regulation S-X and Section 13(r) of the Exchange Act is not material).

 

The delivery of such reports, information and documents to the Trustee pursuant to this Section 2.7 is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

(c)                                  In the event that any direct or indirect parent company of the Company becomes a guarantor of the Notes, the Company may satisfy its obligations in this covenant with respect to financial information relating to the Company by furnishing financial information relating to such parent; provided that the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Company and its Subsidiaries on a standalone basis, on the other hand.

 

ARTICLE III.

 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

For the benefit of the Holders, the Base Indenture shall be amended by replacing Article VIII thereof in its entirety with this Article III, provided that this Article III shall not become part of the terms of any other series of Securities:

 

SECTION 3.1.                                     Option to Effect Legal Defeasance or Covenant Defeasance.

 

The Company may, at its option and at any time, elect to have either Section 3.2 or 3.3 hereof applied to all outstanding Notes upon compliance with the conditions set forth below, in this Article III.

 

SECTION 3.2.                                     Legal Defeasance and Discharge.

 

Upon the Company’s exercise under Section 3.1 hereof of the option applicable to this Section 3.2, the Company shall, subject to the satisfaction of the conditions set forth in Section 3.4 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (“Legal Defeasance”).

 

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For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 3.5 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

(a)                                 the rights of Holders to receive payments in respect of the principal of and interest, if any, on the Notes when such payments are due solely out of the trust funds referred to below;

 

(b)                                 the Company’s obligations under Sections 2.4, 2.5, 2.7, 2.8 and 2.11 of the Base Indenture;

 

(c)                                  the rights, powers, trusts, duties and immunities of the Trustee for such Notes under Article VII of the Base Indenture, and the Company’s obligations in connection therewith; and

 

(d)                                 this Section 3.2.

 

Subject to compliance with this Article III, the Company may exercise its option under this Section 3.2.

 

SECTION 3.3.                                     Covenant Defeasance.

 

Upon the Company’s exercise under Section 3.1 hereof of the option applicable to this Section 3.3, the Company shall, subject to the satisfaction of the conditions set forth in Section 3.4 hereof, be released from its obligations under the covenants contained in Sections 4.2, 4.3, 4.4, 4.5, 4.6, 4.7 and 4.8 of the Base Indenture and 2.4 , 2.5 and 2.7 hereof on and after the date the conditions set forth in Section 3.4 hereof are satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 of the Base Indenture, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 3.1 hereof of the option applicable to this Section 3.3 hereof, subject to the satisfaction of the conditions set forth in Section 3.4 hereof, Section 2.6(b) and (c) hereof and Section 6.1(c) of the Base Indenture shall not constitute Events of Default.

 

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SECTION 3.4.                                     Conditions to Legal or Covenant Defeasance.

 

The following shall be the conditions to the application of either Section 3.2 or 3.3 hereof to the outstanding Notes:

 

(1)                                 the Company must irrevocably deposit with the Trustee, as trust funds, in trust solely for the benefit of the Holders, cash in Dollars, non-callable Government Securities or a combination thereof, in such amounts as will be sufficient in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal of and interest on the Notes issued under this Indenture on the stated date for payment or on the redemption date, as the case may be, of such principal, installment of principal or of interest on such Notes and the Company must specify whether such Notes are being defeased to maturity or to a particular redemption date;

 

(2)                                 in the case of an election under Section 3.2 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States confirming that,

 

(A)                               the Company has received from, or there has been published by, the United States Internal Revenue Service a ruling, or

 

(B)                               since the Issue Date, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the Holders and beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(3)                                 in the case of an election under Section 3.3 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders and beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(4)                                 no Default or Event of Default with respect to the Notes shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith);

 

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(5)                                 such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, the Senior Credit Facility or any material agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound (other than that resulting from the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith);

 

(6)                                 the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and

 

(7)                                 the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that the conditions provided for in, in the case of the Officers’ Certificate, clauses (1) through (6) and, in the case of the Opinion of Counsel, clauses (2) and/or (3) and (5) of this Section 3.4 have been complied with.

 

SECTION 3.5.                                     Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section 3.6 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 3.4 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

 

The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 3.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders.

 

Notwithstanding anything in this Article III to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 3.4 hereof which, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 3.4 hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

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SECTION 3.6.                                     Repayment to Company.

 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, or premium, if any, or interest on, any Notes and remaining unclaimed for one year after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the Holders will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

SECTION 3.7.                                     Reinstatement.

 

If, in connection with a Legal Defeasance or Covenant Defeasance, the Trustee or Paying Agent is unable to apply any Dollars or non-callable Government Securities in accordance with Section 3.5 hereof, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Notes will be revived and reinstated as though no deposit had occurred pursuant to Section 3.2 or 3.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 3.5 hereof; provided, however, that, if the Company makes any payment of principal of or interest on any Notes following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders to receive such payment from the money held by the Trustee or Paying Agent.

 

ARTICLE IV.

 

SATISFACTION AND DISCHARGE

 

For the benefit of the Holders, the Base Indenture shall be amended by replacing Article XI thereof in its entirety with this Article IV, provided that this Article IV shall not become part of the terms of any other series of Securities:

 

SECTION 4.1.                                     Satisfaction and Discharge.

 

This Indenture will be discharged and will cease to be of further effect as to the Notes issued hereunder, when:

 

(a)                                 either:

 

(i)                                     all outstanding Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or

 

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(ii)                                  all outstanding Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year or have been called for redemption under Section 2.3 hereof and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in Dollars, non-callable Government Securities or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on such Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption, as the case may be; provided that for any such redemption conducted pursuant to Section 2.3(b) hereof, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee calculated as required by such Section 2.3(b) using the Treasury Rate as of the date of the notice of redemption, with any deficit as of the redemption date (any such amount, the “Make-whole Deficit”) only required to be deposited with the Trustee on or prior to the redemption date. Any Make-whole Deficit will be set forth in an Officers’ Certificate delivered to the Trustee simultaneously with the deposit of such Make-whole Deficit that confirms that such Make-whole Deficit will be applied toward such redemption;

 

(b)                                 no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith) and the deposit will not result in a breach or violation of, or constitute a default under, the Senior Credit Facility or any other material instrument to which the Company is a party or by which the Company is bound (other than a breach, violation or default resulting from the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith);

 

(c)                                  the Company has paid or caused to be paid all sums payable by it under this Indenture; and

 

(d)                                 the Company has delivered irrevocable instructions to the Trustee for such Notes under this Indenture to apply the deposited money toward the payment of such Notes at maturity or on the redemption date, as the case may be.

 

In addition, the Company shall deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee for such Notes stating that all conditions precedent to satisfaction and discharge have been satisfied, and all fees and expenses of the Trustee shall have been paid.

 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section 4.1, the provisions of Section 3.6 and 4.2 hereof will survive. In addition, nothing in this Section 4.1 will be deemed to discharge those provisions of Section 7.7 of the Base Indenture that, by their terms, survive the satisfaction and discharge of this Indenture.

 

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SECTION 4.2.                                     Application of Trust Money.

 

Subject to the provisions of Section 3.6 hereof, all money or Government Securities deposited with the Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by it, in accordance with the provisions of this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.

 

If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 4.1 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 4.1 hereof; provided that if the Company has made any payment of principal of, or premium, if any, or interest on, the Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

 

ARTICLE V.

 

MISCELLANEOUS

 

SECTION 5.1.                                     Relationship with Indenture.

 

The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Sixth Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Sixth Supplemental Indenture, the provisions of this Sixth Supplemental Indenture will govern and be controlling. In all other respects, the Base Indenture is confirmed by the parties hereto as supplemented by the terms of this Sixth Supplemental Indenture.

 

SECTION 5.2.                                     Trust Indenture Act Controls.

 

If any provision of this Sixth Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included in this Sixth Supplemental Indenture by the Trust Indenture Act, the required provision shall control. If any provision of this Sixth Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Sixth Supplemental Indenture as so modified or to be excluded, as the case may be.

 

SECTION 5.3.                                     Governing Law.

 

This Sixth Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York.

 

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SECTION 5.4.                                     Counterparts.

 

The parties may sign multiple counterparts of this Sixth Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one and the same Sixth Supplemental Indenture.

 

SECTION 5.5.                                     Severability.

 

Each provision of this Sixth Supplemental Indenture shall be considered separable and if for any reason any provision which is not essential to the effectuation of the basic purpose of this Sixth Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and a Holder shall have no claim therefor against any party hereto.

 

SECTION 5.6.                                     Ratification.

 

The Base Indenture, as supplemented and amended by this Sixth Supplemental Indenture, is in all respects ratified and confirmed. The Base Indenture and this Sixth Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Sixth Supplemental Indenture supersede any conflicting provisions included in the Base Indenture, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this Sixth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Sixth Supplemental Indenture.

 

SECTION 5.7.                                     Headings.

 

The Section headings in this Sixth Supplemental Indenture are for convenience only and shall not affect the construction thereof.

 

SECTION 5.8.                                     Effectiveness.

 

The provisions of this Sixth Supplemental Indenture shall become effective as of the date hereof.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Sixth Supplemental Indenture to be duly executed as of the date first above written.

 

 

	
 
    	
DOLLAR   GENERAL CORPORATION,
    
	
 
    	
as Issuer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ John W. Garratt
    
	
 
    	
 
    	
Name: John   W. Garratt
    
	
 
    	
 
    	
Title: Executive   Vice President and Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
U.S. BANK   NATIONAL ASSOCIATION, a national banking association,
    
	
 
    	
as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Wally Jones
    
	
 
    	
 
    	
Name: Wally   Jones
    
	
 
    	
 
    	
Title: Vice   President
    

 

[Signature Page to Sixth Supplemental Indenture]

 

 

EXHIBIT A

 

Form of 3.875% Senior Notes due 2027

 

[Include the following legend on each Note that is a Global Note:

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN.  TRANSFER OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]

 

DOLLAR GENERAL CORPORATION

 

3.875% Senior Notes due 2027

 

	
REGISTERED
    	
 
    	
PRINCIPAL AMOUNT: $[ ]
    
	
No.
    	
 
    	
 
    

 

CUSIP: 256677AE5

ISIN: US256677AE53

 

DOLLAR GENERAL CORPORATION, a Tennessee corporation (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [  ] ($[  ]) on April 15, 2027 (the “Maturity Date”) (except to the extent redeemed or repaid prior to the Maturity Date) and to pay interest thereon from April 11, 2017 (the “Original Issue Date”) or from the most recent Interest Payment Date to which interest has been paid or duly provided for at the rate of 3.875% per annum, on the 15th day of April and October (of each year each such date, an “Interest Payment Date”), commencing on October 15, 2017, until the principal hereof is paid or made available for payment.

 

(1)                                 Payment of Interest.  The interest so payable, and punctually paid or made available for payment, on any Interest Payment Date, will, as provided in the Indenture, be paid, in immediately available funds, to the Person in whose name this Note (or one or more predecessor Securities) is registered at the close of business on the 1st day of April and October (whether or not a Business Day, as defined in the Indenture referred to

 

A-1

 

herein), as the case may be, next preceding such Interest Payment Date (the “Regular Record Date”).

 

(2)                                 Place of Payment.  Payment of principal, premium, if any, and interest on this Note will be made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that each installment of interest, premium, if any, and principal on this Note may at the Company’s option be paid in immediately available funds by wire transfer to an account maintained by the payee located in the United States.

 

(3)                                 Time of Payment.  In any case where any Interest Payment Date, the Maturity Date or any date fixed for redemption of the Notes shall not be a Business Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal, premium, if any, or interest, if any, need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, the Maturity Date or the date so fixed for redemption or repayment, as the case may be, and no interest shall accrue in respect of the delay.

 

(4)                                 General.  This Note is one of a duly authorized series of Securities of the Company, issued and to be issued in one or more series under an indenture (the “Base Indenture”), dated as of July 12, 2012, between the Company and U.S. Bank National Association, a national banking association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of which this Note is a part), as supplemented by a Sixth Supplemental Indenture thereto, dated as of April 11, 2017 (the “Sixth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered; provided that to the extent of any inconsistency between the terms and provisions in the Indenture and those contained in this Note, the Indenture shall govern. This Note is one of a duly authorized series of Securities designated as “3.875% Senior Notes due 2027” (collectively, the “Notes”), initially limited in aggregate principal amount to SIX HUNDRED MILLION DOLLARS ($600,000,000).

 

(5)                                 Further Issuance.  The Company may, from time to time, without the consent of the Holders, issue and sell additional Notes (“Additional Notes”) ranking equally and ratably with the Notes in all respects (other than the issue date, and to the extent applicable, issue price, initial date of interest accrual and initial interest payment date of such Additional Notes). Any such Additional Securities shall be consolidated with and form a single series with the Notes for all purposes under the Indenture.  If the Additional Notes are not fungible with the Notes for U.S. federal income tax purposes, the Additional Notes will have a different CUSIP number.

 

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(6)                                 Ranking.  The Notes shall constitute senior indebtedness of the Company and shall rank equally in right of payment with all existing and future senior indebtedness of the Company and, to the extent of the value of the collateral, will be effectively subordinated to the Company’s secured indebtedness.

 

(7)                                 Events of Default.  If an Event of Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.

 

(8)                                 Sinking Fund.  The Notes are not subject to any sinking fund.

 

(9)                                 Optional Redemption.  Prior to January 15, 2027, the Notes shall be redeemable, for cash, in whole or in part, at the Company’s option, at any time and from time to time at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of the principal and interest thereon to January 15, 2027 (not including any portions of such payments of interest accrued as of the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 25 basis points, plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

 

(10)                          Par Redemption.  Notwithstanding the foregoing paragraph (9), at any time on or after January 15, 2027, the Notes will be redeemable, as a whole or in part, at the Company’s option and at any time or from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

 

(11)                          Offer to Repurchase Upon a Change of Control Triggering Event.  If a Change of Control Triggering Event occurs with respect to the Notes, unless the Company has exercised its right to redeem the Notes as described above under “Optional Redemption” or has exercised its option to satisfy and discharge the Indenture under Article IV thereof, Holders shall have the right to require the Company to repurchase all or any part of their Notes for a price in cash equal to 101% of the then outstanding aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to, but not including, the date of purchase.

 

(12)                          Defeasance and Covenant Defeasance.  The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Note and (b) certain restrictive covenants and the related Events of Default, in each case which provisions shall apply to this Note.

 

(13)                          Modification and Waivers; Obligations of the Company Absolute.  The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities. Such amendment may be effected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes affected thereby. The

 

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Indenture also contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding, on behalf of the Holders of all outstanding Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority in aggregate principal amount of the outstanding Securities of individual series to waive on behalf of all of the Holders of Securities of such individual series certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding upon the Holder of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, and premium, if any, and interest on, this Note at the time, place, and rate, and in the coin or currency, herein prescribed.

 

(14)                          Limitation on Suits.  As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of more than 25% in principal amount of the outstanding Notes shall have made written request, and offered reasonable indemnity, to the Trustee to institute such proceedings as trustee, and the Trustee shall not have received from the Holders of a majority in principal amount of the outstanding Notes a direction inconsistent with such request and shall have failed to institute such proceeding within 90 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of or interest on,  this Note on or after the respective due dates expressed herein.

 

(15)                          Registration of Transfer or Exchange.  As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable in the register of the Notes maintained by the Registrar upon surrender of this Note for registration of transfer, at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar, duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

No service charge shall be made for any such registration of transfer or exchange (except as provided by the Indenture), but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the

 

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owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

(16)                          Defined Terms. All terms used in this Note, which are defined in the Indenture and are not otherwise defined herein, shall have the meanings assigned to them in the Indenture.

 

(17)                          Governing Law. The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York.

 

Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

Dated:                , 2017

 

	
 
    	
DOLLAR   GENERAL CORPORATION,

as Issuer
    
	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

A-6

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	
 
    	
U.S. BANK   NATIONAL ASSOCIATION, a national banking association, as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Dated:                     , 2017

 

A-7

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

 

 

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

(Please print or typewrite name and address,

including postal zip code, of assignee)

 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints

 

 

to transfer said Note on the books of the Trustee, with full power or substitution in the premises.

 

	
Dated:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
NOTICE:   The signature to this assignment must correspond with the name as written   upon the face of the within Note in every particular, without alteration or   enlargement or any change whatsoever.
    
	
 
    	
 
    	
 
    
	
Signature   of Guarantee
    	
 
    	
 
    

 

A-8Exhibit 4.7

 

Globus
Maritime Limited

2012 EQUITY INCENTIVE PLAN AMENDED AUGUST 12, 2016 AND APRIL 9, 2017

 

 

ARTICLE I.

General

 

1.1.        Purpose

  

The Globus
Maritime Limited 2012 Equity Incentive Plan (the “Plan”) is designed to provide certain key Persons (as defined
below), whose initiative and efforts are deemed to be important to the successful conduct of the business of Globus Maritime Limited,
a company formed under the laws of Jersey and domesticated as a corporation into the Marshall Islands (the “Company”),
with incentives to (a) enter into and remain in the service of the Company or its Affiliates (as defined below), (b) acquire
a proprietary interest in the success of the Company, (c) maximize their performance and (d) enhance the long-term performance
of the Company.

 

1.2.        Administration

 

(a)       Administration.
The Plan shall be administered by the remuneration committee (the “Remuneration Committee”) of the Company’s
Board of Directors (the “Board”) or such other committee of the Board as may be designated by the Board to administer
the Plan or the Board, where the Board is acting as the Remuneration Committee or performing the functions of the Remuneration
Committee (the “Administrator”); provided that in the event the Company is subject to Section 16
of the U.S. Securities Exchange Act of 1934, as amended (the “1934 Act”), the Administrator shall be composed
of two or more directors, each of whom is a “Non-Employee Director” (a “Non-Employee Director”) under Rule 16b-3
(as promulgated and interpreted by the Securities and Exchange Commission (the “SEC”) under the 1934 Act, or any
successor rule or regulation thereto as in effect from time to time). Subject to the terms of the Plan and applicable law, and
in addition to other express powers and authorizations conferred on the Administrator by the Plan, the Administrator shall have
the full power and authority to: (1) designate the Persons to receive Awards (as defined below) under the Plan; (2) determine
the types of Awards granted to a participant under the Plan; (3) determine the number of shares to be covered by, or with
respect to which payments, rights or other matters are to be calculated with respect to, Awards; (4) determine the terms and
conditions of any Awards; (5) determine whether, and to what extent, and under what circumstances, Awards may be settled or
exercised in cash, shares, other securities, other Awards or other property, or cancelled, forfeited or suspended, and the methods
by which Awards may be settled, exercised, cancelled, forfeited or suspended; (6) determine whether, to what extent, and under
what circumstances cash, shares, other securities, other Awards, other property and other amounts payable with respect to an Award
shall be deferred, either automatically or at the election of the holder thereof or the Administrator; (7) construe, interpret
and implement the Plan and any Award Agreement (as defined below); (8) prescribe, amend, rescind or waive rules and regulations
relating to the Plan, including rules governing its operation, and appoint such agents as it shall deem appropriate for the proper
administration of the Plan; (9) make all determinations necessary or advisable in administering the Plan; (10) correct
any defect, supply any omission and reconcile any inconsistency in the Plan or any Award Agreement; and (11) make any other
determination and take any other action that the Administrator deems necessary or desirable for the administration of the Plan.
Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or
with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any time and shall
be final, conclusive and binding upon all Persons.

 

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(b)       General
Right of Delegation. Except to the extent prohibited by applicable law, the applicable rules of a stock exchange or any charter,
by-laws or other agreement governing the Administrator, the Administrator may delegate all or any part of its responsibilities
to any Person or Persons selected by it and may revoke any such allocation or delegation at any time.

 

(c)       Indemnification.
No member of the Board, the Administrator or any employee of the Company or an Affiliate (each such Person, a "Covered
Person") shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect
to the Plan or any Award hereunder. Each Covered Person shall be indemnified and held harmless by the Company against and from
(i) any loss, cost, liability or expense (including attorneys' fees) that may be imposed upon or incurred by such Covered
Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which
such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement
and (ii) any and all amounts paid by such Covered Person, with the Company's approval, in settlement thereof, or paid by such Covered
Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; provided that
the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company
gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company's
choice. The foregoing right of indemnification shall not be available to a Covered Person to the extent that a court of competent
jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines that the
acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person's bad faith,
fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company's
Amended and Restated Articles of Incorporation or Amended and Restated By-Laws. The foregoing right of indemnification shall not
be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company's Amended and Restated
Articles of Incorporation or Amended and Restated By-Laws, as a matter of law, or otherwise, or any other power that the Company
may have to indemnify such Persons or hold them harmless.

 

(d)       Delegation
of Authority to Senior Officers. The Administrator may, in accordance with the terms of Section 1.2(b), delegate, on such
terms and conditions as it determines, to one or more senior officers of the Company the authority to make grants of Awards to
employees (other than officers) of the Company and its Subsidiaries (as defined below)(including any such prospective employee)
and consultants of the Company and its Subsidiaries; provided, however, that in no event shall any such officer be
delegated the authority to grant Awards to, or amend Awards held by, the following individuals: (i) individuals who are subject
to Section 16 of the 1934 Act, or (ii) officers of the Company (or directors of the Company) to whom authority to
grant or amend Awards has been delegated hereunder.

 

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(e)       Awards
to Non-Employee Directors. Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion,
at any time and from time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such Awards. In
any such case, the Board shall have all the authority and responsibility granted to the Administrator herein. Notwithstanding anything
herein to the contrary, the Board shall serve as the Administrator in respect of, and grant, any Awards made to any director of
the Company for serving on the Board or on any committee thereof.

 

1.3.        Persons
Eligible for Awards

  

The Persons
eligible to receive Awards under the Plan are those directors, officers and employees (including any prospective officer or employee)
of the Company and its Subsidiaries and Affiliates and consultants and service providers (including individuals who are employed
by or provide services to any entity that is itself such a consultant or service provider) to the Company and its Subsidiaries
and Affiliates (collectively, “Key Persons”) as the Administrator shall select.

  

1.4.        Types
of Awards

  

Awards may
be made under the Plan in the form of (a) stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted
stock units and (e) unrestricted stock, all as more fully set forth in the Plan. The term “Award” means any of
the foregoing that are granted under the Plan.

  

1.5.        Shares
Available for Awards; Adjustments for Changes in Capitalization

 

(a)       Maximum
Number. Subject to adjustment as provided in Section 1.5(c), the aggregate number of shares of common stock of the Company,
par value $0.004 (“Common Stock”), with respect to which Awards may at any time be granted under the Plan shall
be 1,000,000. The following shares of Common Stock shall again become available for Awards under the Plan: (i) any shares
that are subject to an Award under the Plan and that remain unissued upon the cancellation or termination of such Award for any
reason whatsoever; (ii) any shares of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement; provided
that any dividend equivalent rights with respect to such shares that have not theretofore been directly remitted to the grantee
are also forfeited; and (iii) any shares in respect of which an Award is settled for cash without the delivery of shares to
the grantee. Any shares tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any
Award shall again become available to be delivered pursuant to Awards under the Plan.

 

(b)       Source
of Shares. Shares issued pursuant to the Plan may be authorized but unissued Common Stock or treasury shares. The Administrator
may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions
on transferability as may apply to such shares.

 

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(c)       Adjustments.
i)  In the event that the Administrator determines that any dividend or other distribution (whether in the form of cash,
Company shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase or exchange of Company shares or other securities of the Company, issuance
of warrants or other rights to purchase Company shares or other securities of the Company, or other similar corporate transaction
or event affects the Company shares such that an adjustment is determined by the Administrator to be appropriate or desirable,
then the Administrator shall, in such manner as it may deem equitable or desirable, adjust any or all of the number of shares or
other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted
under the Plan.

 

(ii)       The
Administrator is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition
of unusual or nonrecurring events (including the events described in Section 1.5(c)(i) or the occurrence of a Change in Control
(as defined below) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or of changes
in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles
or law, whenever the Administrator determines that such adjustments are appropriate or desirable, including providing for (A) adjustment
to (1) the number of shares or other securities of the Company (or number and kind of other securities or property) subject
to outstanding Awards or to which outstanding Awards relate and (2) the Exercise Price (as defined below) with respect to
any Award and (B) a substitution or assumption of Awards, accelerating the exercisability or vesting of, or lapse of restrictions
on, Awards, or accelerating the termination of Awards by providing for a period of time for exercise prior to the occurrence of
such event, or, if deemed appropriate or desirable, providing for a cash payment to the holder of an outstanding Award in consideration
for the cancellation of such Award (it being understood that, in such event, any option or stock appreciation right having a per
share Exercise Price equal to, or in excess of, the Fair Market Value (as defined below) of a share subject to such option or stock
appreciation right may be cancelled and terminated without any payment or consideration therefor).

 

(iii)       In
the event of (A) a dissolution or liquidation of the Company, (B) a sale of all or substantially all the Company’s
assets or (C) a merger, reorganization or consolidation involving the Company or one of its Subsidiaries (as defined below),
the Administrator shall have the power to:

 

(1)  provide
that outstanding options, stock appreciation rights and/or restricted stock units (including any related dividend equivalent right)
shall either continue in effect, be assumed or an equivalent award shall be substituted therefor by the successor corporation or
a parent corporation or subsidiary corporation;

 

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(2)  cancel,
effective immediately prior to the occurrence of such event, options, stock appreciation rights and/or restricted stock units (including
each dividend equivalent right related thereto) outstanding immediately prior to such event (whether or not then exercisable) and,
in full consideration of such cancellation, pay to the holder of such Award a cash payment in an amount equal to the excess, if
any, of the Fair Market Value (as of a date specified by the Administrator) of the shares subject to such Award over the aggregate
Exercise Price of such Award (it being understood that, in such event, any option or stock appreciation right having a per share
Exercise Price equal to, or in excess of, the Fair Market Value of a share subject to such option or stock appreciation right may
be cancelled and terminated without any payment or consideration therefor); or

 

(3)  notify
the holder of an option or stock appreciation right in writing or electronically that each option and stock appreciation right
shall be fully vested and exercisable for a period of 30 days from the date of such notice, or such shorter period as the Administrator
may determine to be reasonable, and the option or stock appreciation right shall terminate upon the expiration of such period (which
period shall expire no later than immediately prior to the consummation of the corporate transaction).

  

1.6.        Definitions
of Certain Terms

 

(a)       “Affiliate”
shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the Company
and (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Administrator.

 

(b)       Unless
otherwise set forth in an Award Agreement, in connection with a termination of employment or consultancy/service relationship or
a dismissal from Board membership, for purposes of the Plan, the term “for Cause” shall mean any of the following:

 

(A)any
failure by the grantee substantially to perform the grantee’s employment or consulting/service or Board membership duties;

 

(B)       any
excessive unauthorized absenteeism by the grantee;

 

(C)       any
refusal by the grantee to obey the lawful orders of the Board or any other Person to whom the grantee reports;

 

(D)       any
act or omission by the grantee that is or may be materially injurious to the Company or any Affiliate, whether monetarily, reputationally
or otherwise;

 

(E)       any
act by the grantee that is materially inconsistent with the best interests of the Company or any Affiliate;

 

(F)       the
grantee’s gross negligence that is injurious to the Company or any Affiliate, whether monetarily, reputationally or otherwise;

 

(G)       the
grantee’s material violation of any of the policies of the Company or an Affiliate, as applicable, including, without limitation,
those policies relating to insider trading;

 

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(H)       the
grantee’s material breach of his or her employment or service contract with the Company or any Affiliate;

 

(I)       the
grantee’s unauthorized (1) removal from the premises of the Company or an Affiliate of any document (in any medium or
form) relating to the Company or an Affiliate or the customers or clients of the Company or an Affiliate or (2) disclosure
to any Person of any of the Company’s, or any Affiliate’s, confidential or proprietary information;

 

(J)       the
grantee’s being convicted of, or entering a plea of guilty or nolo contendere to, any crime that constitutes a felony or
involves moral turpitude; and

 

(K)       the
grantee’s commission of any act involving dishonesty or fraud.

  

Any rights
the Company or its Affiliates may have under the Plan in respect of the events giving rise to a termination or dismissal “for
Cause” shall be in addition to any other rights the Company or its Affiliates may have under any other agreement with a grantee
or at law or in equity. Any determination of whether a grantee’s employment, consultancy/service relationship or Board membership
is (or is deemed to have been) terminated “for Cause” shall be made by the Administrator. If, subsequent to a grantee’s
voluntary termination of employment or consultancy/service relationship or voluntarily resignation from the Board or involuntary
termination of employment or consultancy/service relationship without Cause or removal from the Board other than “for Cause”,
it is discovered that the grantee’s employment or consultancy/service relationship or Board membership could have been terminated
“for Cause”, the Administrator may deem such grantee’s employment or consultancy/service relationship or Board
membership to have been terminated “for Cause” upon such discovery and determination by the Administrator.

  

(c)       “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(d)       
“Exercise Price” shall mean (i) in the case of options, the price specified in the applicable Award Agreement
as the price-per-share at which such share can be purchased pursuant to the option or (ii) in the case of stock appreciation
rights, the price specified in the applicable Award Agreement as the reference price-per-share used to calculate the amount payable
to the grantee.

 

(e)       The
“Fair Market Value” of a share of Common Stock on any day shall be the closing price on the stock exchange upon which
such shares are listed, as reported for such day in The Wall Street Journal, or, if no such price is reported for such day, the
average of the high bid and low asked price of Common Stock as reported for such day. If no quotation is made for the applicable
day, the Fair Market Value of a share of Common Stock on such day shall be determined in the manner set forth in the preceding
sentence for the next preceding trading day. Notwithstanding the foregoing, if there is no reported closing price or high bid/low
asked price that satisfies the preceding sentences, or if otherwise deemed necessary or appropriate by the Administrator, the Fair
Market Value of a share of Common Stock on any day shall be determined by such methods and procedures as shall be established from
time to time by the Administrator. The “Fair Market Value” of any property other than Common Stock shall be the fair
market value of such property determined by such methods and procedures as shall be established from time to time by the Administrator.

 

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(f)       “Person”
shall mean any individual, firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated association,
joint venture, joint stock company, governmental body or other entity of any kind.

 

(g)       
“Subsidiary” shall mean any entity in which the Company, directly or indirectly, has a 50% or more equity interest.

 

 

ARTICLE II.

Awards Under The Plan

 

2.1.        Agreements
Evidencing Awards

  

Each Award
granted under the Plan shall be evidenced by a written certificate (“Award Agreement”), which shall contain such provisions
as the Administrator may deem necessary or desirable and which may, but need not, require execution or acknowledgment by a grantee.
The Award shall be subject to all of the terms and provisions of the Plan and the applicable Award Agreement.

  

2.2.        Grant
of Stock Options and Stock Appreciation Rights

 

(a)       Stock
Option Grants. The Administrator may grant stock options (“options”) to purchase shares of Common Stock from the
Company to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions,
as the Administrator shall determine, subject to the provisions of the Plan. No option will be treated as an “incentive stock
option” for purposes of the Code.

 

(b)       Stock
Appreciation Right Grants; Types of Stock Appreciation Rights. The Administrator may grant stock appreciation rights to such
Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator
shall determine, subject to the provisions of the Plan. The terms of a stock appreciation right may provide that it shall be automatically
exercised for a payment upon the happening of a specified event that is outside the control of the grantee and that it shall not
be otherwise exercisable. Stock appreciation rights may be granted in connection with all or any part of, or independently of,
any option granted under the Plan.

 

(c)       Nature
of Stock Appreciation Rights. The grantee of a stock appreciation right shall have the right, subject to the terms of the Plan
and the applicable Award Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market Value
of a share of Common Stock on the date of exercise of the stock appreciation right over the Exercise Price of the stock appreciation
right, multiplied by (ii) the number of shares with respect to which the stock appreciation right is exercised. Each Award
Agreement with respect to a stock appreciation right shall set forth the Exercise Price of such Award and, unless otherwise specifically
provided in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value of a share
of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater of (A) the
Fair Market Value of a share of Common Stock on the date of grant and (B) the par value of a share of Common Stock. Payment
upon exercise of a stock appreciation right shall be in cash or in shares of Common Stock (valued at their Fair Market Value on
the date of exercise of the stock appreciation right) or any combination of both, all as the Administrator shall determine. Upon
the exercise of a stock appreciation right granted in connection with an option, the number of shares subject to the option shall
be reduced by the number of shares with respect to which the stock appreciation right is exercised. Upon the exercise of an option
in connection with which a stock appreciation right has been granted, the number of shares subject to the stock appreciation right
shall be reduced by the number of shares with respect to which the option is exercised.

  

    7 

     

    

 

(d)       Option
Exercise Price. Each Award Agreement with respect to an option shall set forth the Exercise Price of such Award and, unless
otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a
share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater of
(i) the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of Common
Stock.

 

2.3.        Exercise
of Options and Stock Appreciation Rights

  

Subject to
the other provisions of this Article II and the Plan, each option and stock appreciation right granted under the Plan shall
be exercisable as follows:

  

(a)       Timing
and Extent of Exercise. Options and stock appreciation rights shall be exercisable at such times and under such conditions
as determined by the Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion of such
Award be exercisable subsequent to the tenth anniversary of the date on which such Award was granted. Unless the applicable Award
Agreement otherwise provides, an option or stock appreciation right may be exercised from time to time as to all or part of the
shares as to which such Award is then exercisable.

 

(b)       Notice
of Exercise. An option or stock appreciation right shall be exercised by the filing of a written notice with the Company and
with the Company’s designated exchange agent (the “Exchange Agent”), on such form and in such manner as the Administrator
shall prescribe.

 

(c)       Payment
of Exercise Price. Any written notice of exercise of an option shall be accompanied by payment for the shares being purchased.
Such payment shall be made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company or
its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the Administrator, which consent shall be
given or withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value
(determined as of the exercise date) equal to all or part of the option Exercise Price and a certified or official bank check (or
the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price;
or (iii) at the sole discretion of the Administrator and to the extent permitted by law, by such other provision, consistent with
the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange
Agent), or by any combination of the foregoing payment methods.

 

    8 

     

    

 

(d)       Delivery
of Certificates Upon Exercise. Subject to Sections 3.2, 3.4 and 3.13, promptly after receiving payment of the full
option Exercise Price, or after receiving notice of the exercise of a stock appreciation right for which the Administrator determines
payment will be made partly or entirely in shares, the Company or its Exchange Agent shall (i) deliver to the grantee, or to such
other Person as may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for
which the Award has been exercised or, in the case of stock appreciation rights, for which the Administrator determines will be
made in shares or (ii) establish an account evidencing ownership of the stock in uncertificated form. If the method of payment
employed upon an option exercise so requires, and if applicable law permits, an optionee may direct the Company or its Exchange
Agent, as the case may be, to deliver the stock certificate(s) to the optionee’s stockbroker.

 

(e)       No
Stockholder Rights. No grantee of an option or stock appreciation right (or other Person having the right to exercise such
Award) shall have any of the rights of a stockholder of the Company with respect to shares subject to such Award until the issuance
of a stock certificate to such Person for such shares. Except as otherwise provided in Section 1.5(c), no adjustment shall
be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other
property) for which the record date is prior to the date such stock certificate is issued.

 

2.4.        Termination
of Employment; Death Subsequent to a Termination of Employment

 

(a)       General
Rule. Except to the extent otherwise provided in paragraphs (b), (c), (d), (e) or (f) of this Section 2.4 or
Section 3.5(b)(iii), a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from
the Board may exercise any outstanding option or stock appreciation right on the following terms and conditions: (i) exercise
may be made only to the extent that the grantee was entitled to exercise the Award on the date of termination of employment or
consultancy/service relationship or dismissal from the Board, as applicable; and (ii) exercise must occur within three months
after termination of employment or consultancy/service relationship or dismissal from the Board but in no event after the original
expiration date of the Award.

 

(b)       Dismissal
“for Cause”. If a grantee incurs a termination of employment or consultancy/service relationship or dismissal from
the Board “for Cause”, all options and stock appreciation rights not theretofore exercised shall immediately terminate
upon the grantee’s termination of employment or consultancy/service relationship or dismissal from the Board.

 

    9 

     

    

 

(c)       Retirement.
If a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board as the result of
his or her retirement (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable
at the time of such retirement, remain exercisable for a period of three years after such retirement; provided that in no
event may such option or stock appreciation right be exercised following the original expiration date of the Award. For this purpose,
“retirement” shall mean a grantee’s resignation of employment or consultancy/service relationship or dismissal
from the Board, with the Company’s or its applicable Affiliate’s prior consent, on or after (i) his or her 65th
birthday, (ii) the date on which he or she has attained age 60 and completed at least five years of service with the
Company or one or more of its Affiliates (using any method of calculation the Administrator deems appropriate) or (iii) if
approved by the Administrator, on or after his or her having completed at least 20 years of service with the Company or one
or more of its Affiliates (using any method of calculation the Administrator deems appropriate).

 

(d)       Disability.
If a grantee incurs a termination of employment or consultancy/service relationship or a dismissal from the Board by reason of
a disability (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the
time of such termination or dismissal, remain exercisable for a period of one year after such termination or dismissal; provided
that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.
For this purpose, “disability” shall mean any physical or mental condition that would qualify the grantee for a disability
benefit under the long-term disability plan maintained by the Company or an Affiliate, as applicable, or, if there is no such plan,
a physical or mental condition that prevents the grantee from performing the essential functions of the grantee’s position
(with or without reasonable accommodation) for a period of six consecutive months. For the avoidance of doubt, the existence of
such disability shall not constituted a “Cause” as defined in Section 1.6. The existence of a disability shall be determined
by the Administrator.

 

(e)       Death.

 

(i)       Termination
of Employment as a Result of Grantee’s Death. If a grantee incurs a termination of employment or consultancy/service
relationship or leaves the Board as the result of his or her death, then any outstanding option or stock appreciation right shall,
to the extent exercisable at the time of such death, remain exercisable for a period of one year after such death; provided
that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.

 

(ii)       Restrictions
on Exercise Following Death. Any such exercise of an Award following a grantee’s death shall be made only by the grantee’s
executor or administrator or other duly appointed representative reasonably acceptable to the Administrator, unless the grantee’s
will specifically disposes of such Award, in which case such exercise shall be made only by the recipient of such specific disposition.
If a grantee’s personal representative or the recipient of a specific disposition under the grantee’s will shall be
entitled to exercise any Award pursuant to the preceding sentence, such representative or recipient shall be bound by all the terms
and conditions of the Plan and the applicable Award Agreement which would have applied to the grantee.

 

(f)       Administrator
Discretion. The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.4.

 

    10 

     

    

 

2.5.        Transferability
of Options and Stock Appreciation Rights

 

Except as
otherwise provided in an applicable Award Agreement evidencing an option or stock appreciation right, during the lifetime of a
grantee, each such Award granted to a grantee shall be exercisable only by the grantee, and no such Award shall be assignable or
transferable other than by will or by the laws of descent and distribution. The Administrator may, in any applicable Award Agreement
evidencing an option or stock appreciation right, permit a grantee to transfer all or some of the options or stock appreciation
rights to (a) the grantee’s spouse, children or grandchildren (“Immediate Family Members”), (b) a trust
or trusts for the exclusive benefit of such Immediate Family Members or (c) other parties approved by the Administrator. Following
any such transfer, any transferred options and stock appreciation rights shall continue to be subject to the same terms and conditions
as were applicable immediately prior to the transfer.

 

2.6.        Grant
of Restricted Stock

 

(a)       Restricted
Stock Grants. The Administrator may grant restricted shares of Common Stock to such Key Persons, in such amounts and subject
to such vesting and forfeiture provisions and other terms and conditions as the Administrator shall determine, subject to the provisions
of the Plan. A grantee of a restricted stock Award shall have no rights with respect to such Award unless such grantee accepts
the Award within such period as the Administrator shall specify by accepting delivery of a restricted stock Award Agreement in
such form as the Administrator shall determine and, in the event the restricted shares are newly issued by the Company, makes payment
to the Company or its Exchange Agent by certified or official bank check (or the equivalent thereof acceptable to the Administrator)
in an amount at least equal to the par value of the shares covered by the Award (which payment may be waived at the time of grant
of the restricted stock Award to the extent the restricted shares granted hereunder are otherwise deemed to be fully paid and non-assessable).

 

(b)       Issuance
of Stock Certificate. Promptly after a grantee accepts a restricted stock Award in accordance with Section 2.6(a), subject
to Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock certificates
for the shares of Common Stock covered by the Award or shall establish an account evidencing ownership of the stock in uncertificated
form. Upon the issuance of such stock certificates, or establishment of such account, the grantee shall have the rights of a stockholder
with respect to the restricted stock, subject to: (i) the nontransferability restrictions and forfeiture provisions described
in the Plan (including paragraphs (d) and (e) of this Section 2.6); (ii) in the Administrator’s sole
discretion, a requirement, as set forth in the Award Agreement, that any dividends paid on such shares shall be held in escrow
and, unless otherwise determined by the Administrator, shall remain forfeitable until all restrictions on such shares have lapsed;
and (iii) any other restrictions and conditions contained in the applicable Award Agreement.

 

(c)       Custody
of Stock Certificate. Unless the Administrator shall otherwise determine, any stock certificates issued evidencing shares of
restricted stock shall remain in the possession of the Company until such shares are free of any restrictions specified in the
applicable Award Agreement. The Administrator may direct that such stock certificates bear a legend setting forth the applicable
restrictions on transferability.

 

    11 

     

    

 

(d)       Nontransferability.
Shares of restricted stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of prior to the
lapsing of all restrictions thereon, except as otherwise specifically provided in this Plan or the applicable Award Agreement.
The Administrator at the time of grant shall specify the date or dates (which may depend upon or be related to the attainment of
performance goals and other conditions) on which the nontransferability of the restricted stock shall lapse.

 

(e)       Consequence
of Termination of Employment. Unless otherwise set forth in the applicable Award Agreement, (i) a grantee’s termination
of employment or consultancy/service relationship and/or dismissal/resignation from the Board for any reason other than death or
disability (as defined in the Plan) shall cause the immediate forfeiture of all shares of restricted stock that have not yet vested
as of the date of such termination of employment or consultancy/service relationship and/or dismissal/resignation from the Board
and (ii) if a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board as
the result of his or her death or disability, all shares of restricted stock that have not yet vested as of the date of such termination
or departure from the Board shall immediately vest as of such date. Unless otherwise determined by the Administrator, all dividends
paid on shares forfeited under this Section 2.6(e) that have not theretofore been directly remitted to the grantee shall also
be forfeited, whether by termination of any escrow arrangement under which such dividends are held or otherwise. The Administrator
may, in writing, waive or modify the application of the foregoing provisions of this Section 2.6(e).

 

2.7.        Grant
of Restricted Stock Units

 

(a)       Restricted
Stock Unit Grants. The Administrator may grant restricted stock units to such Key Persons, and in such amounts and subject
to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the
provisions of the Plan. A restricted stock unit granted under the Plan shall confer upon the grantee a right to receive from the
Company, conditioned upon the occurrence of such vesting event as shall be determined by the Administrator and specified in the
Award Agreement, the number of such grantee’s restricted stock units that vest upon the occurrence of such vesting event
multiplied by the Fair Market Value of a share of Common Stock on the date of vesting. Payment upon vesting of a restricted stock
unit shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of vesting) or both, all as the
Administrator shall determine, and such payments shall be made to the grantee at such time as provided in the Award Agreement.

 

(b)       Dividend
Equivalents. The Administrator may include in any Award Agreement with respect to a restricted stock unit a dividend equivalent
right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award is
outstanding and unvested, on the shares of Common Stock underlying such Award if such shares were then outstanding. In the event
such a provision is included in a Award Agreement, the Administrator shall determine whether such payments shall be (i) paid
to the holder of the Award, as specified in the Award Agreement, either (A) at the same time as the underlying dividends are
paid, regardless of the fact that the restricted stock unit has not theretofore vested, or (B) at the time at which the Award’s
vesting event occurs, conditioned upon the occurrence of the vesting event, (ii) made in cash, shares of Common Stock or other
property and (iii) subject to such other vesting and forfeiture provisions and other terms and conditions as the Administrator
shall deem appropriate and as shall be set forth in the Award Agreement.

 

    12 

     

    

 

(c)       Consequence
of Termination of Employment. Unless otherwise set forth in the applicable Award Agreement, (i) a grantee’s termination
of employment or consultancy/service relationship and/or dismissal/resignation from the Board for any reason other than death or
disability (as defined in the Plan) shall cause the immediate forfeiture of all restricted stock units that have not yet vested
as of the date of such termination of employment or consultancy/service relationship and/or dismissal/resignation from the Board
and (ii) if a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board as
the result of his or her death or disability, all restricted stock units that have not yet vested as of the date of such termination
or departure from the Board shall immediately vest as of such date. Unless otherwise determined by the Administrator, any dividend
equivalent rights on any restricted stock units forfeited under this Section 2.7(c) that have not theretofore been directly
remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement under which such dividends are
held or otherwise. The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.7(c).

 

(d)       No
Stockholder Rights. No grantee of a restricted stock unit shall have any of the rights of a stockholder of the Company with
respect to such Award unless and until a stock certificate is issued with respect to such Award upon the vesting of such Award
(it being understood that the Administrator shall determine whether to pay any vested restricted stock unit in the form of cash
or Company shares or both), which issuance shall be subject to Sections 3.2, 3.4 and 3.13. Except as otherwise provided in
Section 1.5(c), no adjustment to any restricted stock unit shall be made for dividends, distributions or other rights (whether
ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such
stock certificate, if any, is issued.

 

(e)       Transferability
of Restricted Stock Units. Except as otherwise provided in an applicable Award Agreement evidencing a restricted stock unit,
no restricted stock unit granted under the Plan shall be assignable or transferable. The Administrator may, in any applicable Award
Agreement evidencing a restricted stock unit, permit a grantee to transfer all or some of the restricted stock units to (i) the
grantee’s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members or
(iii) other parties approved by the Administrator. Following any such transfer, any transferred restricted stock units shall continue
to be subject to the same terms and conditions as were applicable immediately prior to the transfer.

 

    13 

     

    

 

2.8.        Grant
of Unrestricted Stock

 

The Administrator
may grant (or sell at a purchase price at least equal to par value) shares of Common Stock free of restrictions under the Plan
to such Key Persons and in such amounts and subject to such forfeiture provisions as the Administrator shall determine. Shares
may be thus granted or sold in respect of past services or other valid consideration.

 

 

ARTICLE III.

Miscellaneous

 

3.1.        Amendment
of the Plan; Modification of Awards

 

(a)       Amendment
of the Plan. The Board may from time to time suspend, discontinue, revise or amend the Plan in any respect whatsoever, except
that no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore made
under the Plan without the consent of the grantee (or, upon the grantee’s death, the Person having the right to exercise
the Award). For purposes of this Section 3.1, any action of the Board or the Administrator that in any way alters or affects
the tax treatment of any Award shall not be considered to materially impair any rights of any grantee.

 

(b)       Stockholder
Approval Requirement. If required by applicable rules or regulations of a national securities exchange or the SEC, and unless
a specific waiver of the applicability of such rules has been obtained by the pertinent authority, the Company shall obtain stockholder
approval with respect to any amendment to the Plan that (i) expands the types of Awards available under the Plan, (ii) materially
increases the number of shares which may be issued under the Plan (except as permitted pursuant to Section 1.5(c)), (iii) materially
increases the benefits to participants under the Plan, including any material change to (A) permit, or that has the effect
of, a “re-pricing” of any outstanding Award, (B) reduce the price at which shares of options to purchase shares
may be offered or (C) extends the duration of the Plan or (iv) materially expands the class of Persons eligible to receive
Awards under the Plan.

 

(c)       Modification
of Awards. The Administrator may cancel any Award under the Plan. The Administrator also may amend any outstanding Award Agreement,
including, without limitation, by amendment which would: (i) accelerate the time or times at which the Award becomes unrestricted,
vested or may be exercised; (ii) waive or amend any goals, restrictions or conditions set forth in the Award Agreement; or
(iii) waive or amend the operation of Sections 2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon
termination of employment or consultancy/service relationship and/or dismissal/resignation from the Board; provided, however,
that no such amendment shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory
requirement applicable to the Award. However, any such cancellation or amendment (other than an amendment pursuant to Section 1.5,
3.5 or 3.16) that materially impairs the rights or materially increases the obligations of a grantee under an outstanding Award
shall be made only with the consent of the grantee (or, upon the grantee’s death, the Person having the right to exercise
the Award). In making any modification to an Award (e.g., an amendment resulting in a direct or indirect reduction in the
Exercise Price or a waiver or modification under Section 2.4(f), 2.6(e) or 2.7(c)), the Administrator may consider the implications,
if any, of such modification under Sections 409A and 457A of the Code with respect to Awards granted under the Plan to individuals
subject to such provisions of the Code.

 

    14 

     

    

 

3.2.        Consent
Requirement

 

(a)       No
Plan Action Without Required Consent. If the Administrator shall at any time determine that any Consent (as defined below)
is necessary or desirable as a condition of, or in connection with, the granting of any Award under the Plan, the issuance or purchase
of shares or other rights thereunder, or the taking of any other action thereunder (each such action being hereinafter referred
to as a “Plan Action”), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent
shall have been effected or obtained to the full satisfaction of the Administrator.

 

(b)       Consent
Defined. The term “Consent” as used herein with respect to any Plan Action means (i) any and all listings,
registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or local law, rule
or regulation, (ii) any and all written agreements and representations by the grantee with respect to the disposition of shares,
or with respect to any other matter, which the Administrator shall deem necessary or desirable to comply with the terms of any
such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification
or registration be made and (iii) any and all consents, clearances and approvals in respect of a Plan Action by any governmental
or other regulatory bodies.

 

3.3.        Nonassignability

 

Except as
provided in Sections 2.4(e), 2.5, 2.6(d) or 2.7(e), (a) no Award or right granted to any Person under the Plan or under
any Award Agreement shall be assignable or transferable other than by will or by the laws of descent and distribution and (b) all
rights granted under the Plan or any Award Agreement shall be exercisable during the life of the grantee only by the grantee or
the grantee’s legal representative or the grantee’s permissible successors or assigns (as authorized and determined
by the Administrator). All terms and conditions of the Plan and the applicable Award Agreements will be binding upon any permitted
successors or assigns.

 

3.4.        Taxes

 

(a)       Withholding.
A grantee or other Award holder under the Plan shall be required to pay, in cash, to the Company, and the Company and Affiliates
shall have the right and are hereby authorized to withhold from any Award, from any payment due or transfer made under any Award
or under the Plan or from any compensation or other amount owing to such grantee or other Award holder, the amount of any applicable
withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any payment or transfer under an Award or under
the Plan, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for payment
of such taxes. Whenever shares of Common Stock are to be delivered pursuant to an Award under the Plan, with the approval of the
Administrator, which the Administrator shall have sole discretion whether or not to give, the grantee may satisfy the foregoing
condition by electing to have the Company withhold from delivery shares having a value equal to the amount of minimum tax required
to be withheld. Such shares shall be valued at their Fair Market Value as of the date on which the amount of tax to be withheld
is determined. Fractional share amounts shall be settled in cash. Such a withholding election may be made with respect to all or
any portion of the shares to be delivered pursuant to an Award as may be approved by the Administrator in its sole discretion.

 

    15 

     

    

 

(b)       Liability
for Taxes. Grantees and holders of Awards are solely responsible and liable for the satisfaction of all taxes and penalties
that may arise in connection with Awards (including, without limitation, any taxes arising under Sections 409A and 457A of
the Code) and the Company shall not have any obligation to indemnify or otherwise hold any such Person harmless from any or all
of such taxes. The Administrator shall have the discretion to organize any deferral program, to require deferral election forms,
and to grant or, notwithstanding anything to the contrary in the Plan or any Award Agreement, to unilaterally modify any Award
in a manner that (i) conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable),
(ii) voids any participant election to the extent it would violate Sections 409A or 457A of the Code (to the extent applicable)
and (iii) for any distribution event or election that could be expected to violate Section 409A of the Code, make the
distribution only upon the earliest of the first to occur of a "permissible distribution event" within the meaning of
Section 409A of the Code or a distribution event that the participant elects in accordance with Section 409A of the Code.
The Administrator shall have the sole discretion to interpret the requirements of the Code, including, without limitation, Sections 409A
and 457A, for purposes of the Plan and all Awards.

 

3.5.        Change
in Control

 

(a)       Change
in Control Defined. Unless otherwise set forth in the applicable Award Agreement, for purposes of the Plan, “Change in
Control” shall mean the occurrence of any of the following:

 

(i)       any
“person” (as defined in Section 13(d)(3) of the 1934 Act), company or other entity (other than (A) the
Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its
Affiliates, (C) any company or other entity owned, directly or indirectly, by the holders of the voting stock of the Company
in substantially the same proportions as their ownership of the aggregate voting power of the capital stock ordinarily entitled
to elect directors of the Company or (D) Firment Trading Limited of Cyprus or any of its Affiliates and Immediate Family Members
of such Affiliates who are natural persons, provided that the Company’s Common Stock remains listed on a regulated
securities exchange) acquires “beneficial ownership” (as defined in Rule 13d-3 under the 1934 Act), directly
or indirectly, of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the
Company;

 

    16 

     

    

 

(ii)       the
sale of all or substantially all the Company’s assets in one or more related transactions to any “person” (as
defined in Section 13(d)(3) of the 1934 Act), company or other entity, other than such a sale (A) to a Subsidiary which
does not involve a material change in the equity holdings of the Company, or (B) to an entity which has acquired all or substantially
all the Company’s assets or (C) to Firment Trading Limited of Cyprus or any of its Affiliates and Immediate Family Members
of such Affiliates who are natural persons) (any such entity described in clause (A), (B) or (C), the “Acquiring Entity”)
if, immediately following such sale, 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect
directors of the Acquiring Entity (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership
of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity)
is beneficially owned by the holders of the voting stock of the Company, and such voting power among the persons who were holders
of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the
same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately
prior to such sale;

 

(iii)       any
merger, consolidation, reorganization or similar event of the Company or any Subsidiary as a result of which the holders of the
voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or
indirectly hold 50% or more of the aggregate voting power of the capital stock of the surviving entity (or, if applicable, the
ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate voting power of the
capital stock ordinarily entitled to elect directors of the surviving entity) and such voting power among the persons who were
holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially
the same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately
prior to such sale; or

 

(iv)       the
approval by the Company’s stockholders of a plan of complete liquidation or dissolution of the Company.

  

Notwithstanding
the foregoing, unless otherwise set forth in the applicable Award Agreement, for each Award subject to Section 409A of the
Code, a Change in Control shall be deemed to occur under this Plan with respect to such Award only if a change in the ownership
or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company shall also
be deemed to have occurred under Section 409A of the Code, provided that such limitation shall apply to such Award
only to the extent necessary to avoid adverse tax effects under Section 409A of the Code.

  

(b)       Effect
of a Change in Control. Unless the Administrator provides otherwise in an Award Agreement, upon the occurrence of a Change
in Control:

 

(i)       notwithstanding
any other provision of this Plan, any Award then outstanding shall become fully vested and any restriction and forfeiture provisions
thereon imposed pursuant to the Plan and the Award Agreement shall lapse and any Award in the form of an option or stock appreciation
right shall be immediately exercisable;

 

    17 

     

    

 

(ii)       to
the extent permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement
in such manner as it deems appropriate;

 

(iii)       a
grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board for any reason,
other than a termination or dismissal “for Cause”, concurrent with or within one year following the Change in Control
may exercise any outstanding option or stock appreciation right, but only to the extent that the grantee was entitled to exercise
the Award on the date of his or her termination of employment or consultancy/service relationship or dismissal from the Board,
until the earlier of (A) the original expiration date of the Award and (B) the later of (x) the date provided for
under the terms of Section 2.4 without reference to this Section 3.5(b)(iii) and (y) the first anniversary of the
grantee’s termination of employment or consultancy/service relationship or dismissal from the Board.

 

(c)       Miscellaneous.
Whenever deemed appropriate by the Administrator, any action referred to in paragraph (b)(ii) of this Section 3.5 may
be made conditional upon the consummation of the applicable Change in Control transaction. For purposes of the Plan and any Award
Agreement granted hereunder, the term “Company” shall include any successor to Globus Maritime Limited.

 

3.6.        Operation
and Conduct of Business

 

Nothing in
the Plan or any Award Agreement shall be construed as limiting or preventing the Company or any Affiliate from taking any action
with respect to the operation and conduct of their business that they deem appropriate or in their best interests, including any
or all adjustments, recapitalizations, reorganizations, exchanges or other changes in the capital structure of the Company or any
Affiliate, any merger or consolidation of the Company or any Affiliate, any issuance of Company shares or other securities or subscription
rights, any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or other
securities or rights thereof, any dissolution or liquidation of the Company or any Affiliate, any sale or transfer of all or any
part of the assets or business of the Company or any Affiliate, or any other corporate act or proceeding, whether of a similar
character or otherwise.

  

3.7.        No
Rights to Awards

 

No Key Person
or other Person shall have any claim to be granted any Award under the Plan.

  

3.8.        Right
of Discharge Reserved

 

Nothing in
the Plan or in any Award Agreement shall confer upon any grantee the right to continue his or her employment with the Company or
any Affiliate, his or her consultancy/service relationship with the Company or any Affiliate, or his or her position as a director
of the Company or any Affiliate, or affect any right that the Company or any Affiliate may have to terminate such employment or
consultancy/service relationship or service as a director.

 

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3.9.        Non-Uniform
Determinations

 

The Administrator’s
determinations and the treatment of Key Persons and grantees and their beneficiaries under the Plan need not be uniform and may
be made and determined by the Administrator selectively among Persons who receive, or who are eligible to receive, Awards under
the Plan (whether or not such Persons are similarly situated). Without limiting the generality of the foregoing, the Administrator
shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective
Award Agreements, as to (a) the Persons to receive Awards under the Plan, (b) the types of Awards granted under the Plan,
(c) the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated
with respect to, Awards and (d) the terms and conditions of Awards.

 

3.10.        Other
Payments or Awards

 

Nothing contained
in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any Person under any
other plan, arrangement or understanding, whether now existing or hereafter in effect.

  

3.11.        Headings

 

Any section,
subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience only and are not intended
to expand, limit or otherwise define the contents of such subdivisions.

  

3.12.        Effective
Date and Term of Plan

 

(a)       Adoption;
Stockholder Approval. The Plan was adopted by the Board on October 22, 2012. The Board may, but need not, make the granting
of any Awards under the Plan subject to the approval of the Company’s stockholders.

 

(b)       Termination
of Plan. The Board may terminate the Plan at any time. All Awards made under the Plan prior to its termination shall remain
in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable
Award Agreements. No Awards may be granted under the Plan following the tenth anniversary of the date on which the Plan was adopted
by the Board.

 

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3.13.        Restriction
on Issuance of Stock Pursuant to Awards

 

The Company
shall not permit any shares of Common Stock to be issued pursuant to Awards granted under the Plan unless such shares of Common
Stock are fully paid and non-assessable under applicable law. Notwithstanding anything to the contrary in the Plan or any Award
Agreement, at the time of the exercise of any Award, at the time of vesting of any Award, at the time of payment of shares of Common
Stock in exchange for, or in cancellation of, any Award, or at the time of grant of any unrestricted shares under the Plan, the
Company and the Administrator may, if either shall deem it necessary or advisable for any reason, require the holder of an Award
(a) to represent in writing to the Company that it is the Award holder’s then-intention to acquire the shares with respect
to which the Award is granted for investment and not with a view to the distribution thereof or (b) to postpone the date of
exercise until such time as the Company has available for delivery to the Award holder a prospectus meeting the requirements of
all applicable securities laws; and no shares shall be issued or transferred in connection with any Award unless and until all
legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company
and the Administrator. The Company and the Administrator shall have the right to condition any issuance of shares to any Award
holder hereunder on such Person’s undertaking in writing to comply with such restrictions on the subsequent transfer of such
shares as the Company or the Administrator shall deem necessary or advisable as a result of any applicable law, regulation or official
interpretation thereof, and all share certificates delivered under the Plan shall be subject to such stop transfer orders and other
restrictions as the Company or the Administrator may deem advisable under the Plan, the applicable Award Agreement or the rules,
regulations and other requirements of the SEC, any stock exchange upon which such shares are listed, and any applicable securities
or other laws, and certificates representing such shares may contain a legend to reflect any such restrictions. The Administrator
may refuse to issue or transfer any shares or other consideration under an Award if it determines that the issuance or transfer
of such shares or other consideration might violate any applicable law or regulation or entitle the Company to recover the same
under Section 16(b) of the 1934 Act, and any payment tendered to the Company by a grantee or other Award holder in connection
with the exercise of such Award shall be promptly refunded to the relevant grantee or other Award holder. Without limiting the
generality of the foregoing, no Award granted under the Plan shall be construed as an offer to sell securities of the Company,
and no such offer shall be outstanding, unless and until the Administrator has determined that any such offer, if made, would be
in compliance with all applicable requirements of any applicable securities laws.

  

3.14.        Requirement
of Notification of Election Under Section 83(b) of the Code

  

If an Award
recipient, in connection with the acquisition of Company shares under the Plan, makes an election under Section 83(b) of the
Code (to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code), the grantee
shall notify the Administrator of such election within ten days of filing notice of the election with the U.S. Internal Revenue
Service, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code.

  

3.15.        Severability

  

If any provision
of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person
or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Administrator, such provision shall
be construed or deemed amended to conform to the applicable laws or, if it cannot be construed or deemed amended without, in the
determination of the Administrator, materially altering the intent of the Plan or the Award, such provision shall be stricken as
to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

 

    20 

     

    

 

3.16.        Sections
409A and 457A

  

To the extent
applicable, the Plan and Award Agreements shall be interpreted in accordance with Sections 409A and 457A of the Code and Department
of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of the Plan or any applicable
Award Agreement to the contrary, in the event that the Administrator determines that any Award may be subject to Section 409A
or 457A of the Code, the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other
policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that
the Administrator determines are necessary or appropriate to (i) exempt the Plan and Award from Sections 409A and 457A
of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply
with the requirements of Sections 409A and 457A of the Code and related Department of Treasury guidance and thereby avoid
the application of penalty taxes under Sections 409A and 457A of the Code.

  

3.17.        Forfeiture;
Clawback

  

The Administrator
may, in its sole discretion, specify in the applicable Award Agreement that any realized gain with respect to options or stock
appreciation rights and any realized value with respect to other Awards shall be subject to forfeiture or clawback, in the event
of (a) a grantee’s breach of any non-competition, non-solicitation, confidentiality or other restrictive covenants with
respect to the Company or any of its Affiliates or (ii) a financial restatement that reduces the amount of bonus or incentive
compensation previously awarded to a grantee that would have been earned had results been properly reported.

  

3.18.        No
Trust or Fund Created

  

Neither the
Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between
the Company or any of its Affiliates and an Award recipient or any other Person. To the extent that any Person acquires a right
to receive payments from the Company or any of its Affiliates pursuant to an Award, such right shall be no greater than the right
of any unsecured general creditor of the Company or its Affiliates.

  

3.19.        No
Fractional Shares

  

No fractional
shares shall be issued or delivered pursuant to the Plan or any Award, and the Administrator shall determine whether cash, other
securities, or other property shall be paid or transferred in lieu of any fractional shares or whether such fractional shares or
any rights thereto shall be canceled, terminated, or otherwise eliminated.

 

    21 

     

    

 

3.20.        Governing
Law and Jurisdiction 

 

The Plan
will be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of
conflict of laws and, unless otherwise set forth in the applicable Award Agreement, any dispute or claim arising out of or in connection
with the Plan, any applicable Award Agreement, their subject matter or formation (including non-contractual disputes or claims)
shall be subject to the exclusive jurisdiction of the courts of Piraeus, Greece.

 

 

    22

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