Document:

Second Amendment and Waiver, dated as of March 4, 2003

  Exhibit 10.30
 SECOND AMENDMENT AND
WAIVER TO FIVE -YEAR CREDIT AGREEMENT
 THIS SECOND AMENDMENT TO FIVE-YEAR CREDIT AGREEMENT, dated as of March 4, 2003 (this “Amendment”), amends the Five-Year Credit Agreement, dated as of October 31, 2000 (as heretofore amended, the “Credit Agreement”), among UnumProvident
Corporation, a Delaware corporation (the “Company”), the several financial institutions from time to time party to this Agreement (collectively, the “Banks”; individually, a “Bank”), Citicorp USA Inc. and Wachovia Bank, N.A., as Co-Syndication Agents, Fleet National Bank, as Documentation Agent and Bank
of America, N.A., as Administrative Agent for the Banks (the “Agent”). Terms defined in the Credit Agreement are, unless otherwise defined herein or the context otherwise requires, used herein
as defined therein.
 WHEREAS, the parties hereto have entered into the Credit Agreement, which provides for the Banks to extend certain credit facilities to
the Company from time to time; and
 WHEREAS, the parties hereto desire to amend the Credit Agreement in certain respects as hereinafter set forth;

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the
parties hereto agree as follows:
 SECTION 1. AMENDMENTS. The Credit Agreement is hereby amended as follows:
 (a)                The definition of “Statutory EBIT Ratio” in
Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
 “Statutory
EBIT” means net earnings before interest expense and tax expense in accordance with SAP as set forth in column 1, line 31, page 4 in the 2001 Annual Statement; provided that in the calculation of the Senior Debt to
Statutory EBIT Ratio for any period which includes the fiscal quarter ended December 31, 2002, Statutory EBIT shall be adjusted by adding back the $24,876,486 decrease to EBIT taken in such fiscal quarter in connection with the 2002 LTD Intercompany
Reinsurance Treaty; and provided further that any Statutory EBIT increases arising from either the cancellation or which partially or wholly offset the 2002 LTD Intercompany Reinsurance Treaty shall be excluded from Statutory EBIT to the extent that
the Statutory EBIT increases are offset in federal income tax and/or capital gains.”
 (b)               Section 1.1 of the Credit Agreement shall be amended by the addition of the following definition in proper alphabetical
order:
 “2002 LTD Intercompany Reinsurance Treaty” means the reinsurance treaty entered into in the
fiscal quarter ended December 31, 2002 between Provident Life and Accident Insurance Company, The Paul Revere Life Insurance Company and UNUM Life Insurance Company of America.”
 
  

  SECTION 2. WAIVER; LIMITATION OF WAIVER.
 (a)                The Banks hereby waive the right to require compliance by the Company with the requirements of Section
7.10(c) of the Credit Agreement for the period ended December 31, 2002.
 (b)               The waiver set forth herein shall be limited to its terms and shall not constitute a waiver of any other rights the Banks may have
from time to time, including the right, upon the occurrence of an Event of Default other than the breach of any agreement specifically waived hereunder, to accelerate the maturity of the Loans and all payments, including interest payment, with
respect thereto.
 SECTION 3. CONDITIONS PRECEDENT. This Agreement shall become effective when each of the conditions precedent set forth in this
Section 3 shall have been satisfied, and notice thereof shall have been given by the Agent to the Company and the Banks.
 (a)                Receipt of Documents. The Agent shall have received
this Agreement, duly executed by the Company, the Agent and the Required Banks.
 (b)               Fees. The Company shall have paid an amendment fee to each Bank executing and delivering this Agreement
before 5:00 p.m. Tuesday, March 4, 2003, equal to (i) $250,000 multiplied by (ii) the percentage equivalent (expressed as a decimal, rounded to the ninth decimal place) as of the date hereof of such Bank’s Commitment divided by the combined
Commitments of each signing Bank.
 SECTION 4. REPRESENTATIONS AND WARRANTIES. To induce the Banks and the Agent to enter into this Agreement, the Company
hereby reaffirms, as of the date hereof, its representations and warranties contained in the Credit Agreement, as hereby amended, and the Company additionally represents and warrants to the Agent and each Bank as follows:
 (a)                Due Authorization, Non-Contravention,
etc. The execution, delivery and performance by the Company of this Agreement are within the Company’s corporate powers, have been duly authorized by all necessary corporation action, and do not contravene the
Company’s Organization Documents; contravene any contractual restriction, law or governmental regulation or court decree or order binding on or affecting the Company; or result in, or require the creation or imposition of, any Lien on any of
the Company’s properties.
 (b)               Governmental Approval, Regulation, etc. No authorization or approval or other action by, and no notice to
or filing with, any governmental authority or regulatory body or other Person is required for the due execution, delivery or performance by the Company of this Agreement.
 (c)                Validity, etc. This Agreement constitutes the legal,
valid and binding obligation of the Company enforceable in accordance with its terms, except to the extent enforceability thereof is limited by bankruptcy, insolvency or other laws relating to, or affecting enforcement of, creditors’ rights in
general, and general principles of equity.
 SECTION 5. MISCELLANEOUS.
 
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  (a)                Continuing Effectiveness, etc. This Agreement shall be deemed to be an amendment to the Credit Agreement, and the Credit Agreement, as amended hereby, shall remain in full force and effect and is hereby ratified,
approved and confirmed in each and every respect. After the effectiveness of this Agreement in accordance with its terms, all references to the Credit Agreement in the Loan Documents or in any other document, instrument, agreement or writing shall
be deemed to refer to the Credit Agreement as amended hereby.
 (b)               Payment of Costs and Expenses. The Company agrees to pay on demand all expenses of the Agent (including
the fees and out-of-pocket expenses of counsel to the Agent) in connection with the negotiation, preparation, execution and delivery of this Agreement.
 (c)                Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction.
 (d)               Headings. The various headings of this Agreement are inserted for convenience only and shall not affect
the meaning or interpretation of this Agreement or any provisions hereof.
 (e)                Execution in Counterparts. This Agreement may be executed by the parties hereto in several
counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.
 (f)                Governing Law. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER
AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.
 (g)               Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors and assigns.
 
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  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their proper and duly authorized officers as of
the day and year first above written.
  

	  
 	  
 	  
 	 UNUMPROVIDENT CORPORATION
 
	  
 	  
 	  
 	  
 	 By: 
 	 
 /s/ ROBERT C. GREVING
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 ROBERT C. GREVING
 
	  
 	  
 	  
 	  
 	 Title: 
 	 SENIOR VICE PRESIDENT & CHIEF
 FINANCIAL
OFFICER
 

  
 
 

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

	  
 	  
 	  
 	 BANK OF AMERICA, N.A., as Agent and as a 
 Bank
 
	  
 	  
 	 
 
 
 	  
 	 By: 
 	 
 /s/ LESLIE NANNEN
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 Leslie Nannen
 
	  
 	  
 	  
 	  
 	 Title: 
 	 Vice President
 

 
 

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

	  
 	  
 	  
 	 CITICORP USA, INC.
 
	  
 	  
 	 
 
 
 	  
 	 By: 
 	 
 /s/ DAVID A DODGE
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 DAVID A DODGE
 
	  
 	  
 	  
 	  
 	 Title: 
 	 Managing Director
 

 
 

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

	  
 	  
 	  
 	 WACHOVIA BANK, National Association
 
	  
 	  
 	 
 
 
 	  
 	 By: 
 	 
 /s/ KIMBERLY SHAFFER
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 Kimberly Shaffer
 
	  
 	  
 	  
 	  
 	 Title: 
 	 Director
 

 
 

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

	  
 	  
 	  
 	 FLEET NATIONAL BANK
 
	  
 	  
 	 
 
 
 	  
 	 By: 
 	 
 /s/ AMY B. PEDEN
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 Amy B. Peden
 
	  
 	  
 	  
 	  
 	 Title: 
 	 Vice President
 

 
 

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

	  
 	  
 	  
 	 BANK ONE, NA
 
	  
 	  
 	 
 
 
 	  
 	 By: 
 	 
 /s/ MARK L. GOLDSTEIN
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 Mark L. Goldstein
 
	  
 	  
 	  
 	  
 	 Title: 
 	 Managing Director
 

 
 

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

	  
 	  
 	  
 	 JPMORGAN CHASE BANK
 
	  
 	  
 	  
 	  
 	 By: 
 	 
 /s/ HEATHER A. LINDSTROM
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 Heather A. Lindstrom 
 
	  
 	  
 	  
 	  
 	 Title: 
 	 Vice President
 

  
 
 

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

	  
 	  
 	  
 	 AMSOUTH BANK
 
	  
 	  
 	  
 	  
 	 By: 
 	 
 /s/ TRACY L BROWN
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 Tracy L. Brown
 
	  
 	  
 	  
 	  
 	 Title: 
 	 Vice President
 

  
 
 

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

	  
 	  
 	  
 	 MIZUHO CORPORATE BANK, LTD.
 
	  
 	  
 	  
 	  
 	 By: 
 	 
 /s/ RAYMOND VENTURA
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 Raymond Ventura
 
	  
 	  
 	  
 	  
 	 Title: 
 	 Senior Vice President
 

  
 
 

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

	  
 	  
 	  
 	 LLOYDS TSB BANK PLC
 
	  
 	  
 	  
 	  
 	 By: 
 	 
 /s/ MICHAEL J GILLIGAN
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 Michael J. Gilligan
 
	  
 	  
 	  
 	  
 	 Title: 
 	 Director, Financial Institutions, USA 
 

  

	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	 By: 
 	 
 /s/ MATTHEW S.R. TUCK
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 Matthew S.R. Tuck
 
	  
 	  
 	  
 	  
 	 Title: 
 	 Vice President, Financial Institutions, USA 
 

  
 
 

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

	  
 	  
 	  
 	 ROYAL BANK OF CANADA
 
	  
 	  
 	  
 	  
 	 By: 
 	 
 /s/ ALEXANDER BIRR
 
	  
 	  
 	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	  
 	 Name: 
 	 Alexander Birr
 
	  
 	  
 	  
 	  
 	 Title: 
 	 Senior ManagerProvident Companies, Inc Employee Stock Option Plan of 1998

  Exhibit 10.31
 EMPLOYEE STOCK OPTION PLAN
OF 1998
 Purpose
 The purpose of this Employee Stock Option Plan of 1998
(“the Plan”) is to advance the interests of Provident Companies, Inc. (“the Company”) and its affiliates by encouraging and enabling the acquisition of a financial interest in the Company by the employees of the Company and its
affiliates, thereby further aligning the interests of the employees with those of the Company’s stockholders.
 Awards
 Awards under the Plan will be in the form of non-qualified stock options for shares of the Company’s common stock. The total number of shares for which options can be granted under the Plan shall
not exceed 350,000.
 Administration of the Plan
 The Compensation Committee
(“the Committee”), designated by the Board of Directors, will administer, construe, and interpret the Plan. No member of the Committee, or of the Board of Directors, or any delegatee as the case may be, shall be liable for any act done in
good faith.
 The Committee shall be constituted so as to permit the Plan to comply with Rule 16b-3 promulgated by the Securities Exchange Commission under the Securities Exchange
Act of 1934 or under any successor rule.
 The construction and interpretation of the Committee of any provision of the Plan shall be final and conclusive. The Committee shall have
full and complete authority in its discretion to determine, among other things, the persons to whom, and the time or times in which, stock options shall be granted, the number of shares to be covered by each option granted and the period of time and
requisite conditions for each; and to determine the terms and provisions of the option agreements (which agreements need not be identical).
 The Committee may, in its discretion,
delegate its general administrative duties to an officer or employee or committee composed of officers or employees of the Company, but may not delegate its authority to construe and interpret the plan or approve the granting of stock
options.
 The Committee may at any time or from time to time amend the Plan in any respect without restriction and without the consent of any participant. However, any
modification of the Plan which would result in a substantial change in the number of participants or the number of stock options granted, or termination of the Plan, must be approved by the Board of Directors.
 The Plan shall terminate on the earlier of December 31, 1998, or the issuance of all stock options authorized for the Plan, unless earlier terminated by the Committee with the approval of the Board of
Directors.
 This Plan, and the rights and obligations of the parties thereunder, will be construed in accordance with the laws of the State of Tennessee.
 Participation in the Plan
 Participation in the Plan shall be based on recommendations by Company
management and subject to approval by the Committee. It is expected that participation in the Plan shall be limited to full-time employees who are not eligible for awards under another incentive compensation plan.
 
 

  Awards of Stock Options
 Except as otherwise specifically
provided herein, stock options granted pursuant to the Plan shall be subject to the following terms and conditions:
 (a)       Option Price. The option price shall be 100% of the fair market value of the stock on the date of grant. The fair market value of a share of stock shall be the average of the high
and low market prices reported in The Wall Street Journal at which a share of stock shall have been sold on the day before the option is granted or on the next preceding trading day if such date was not
a trading day.
 (b)      Payment. The Committee shall determine the
methods by which the exercise price of an option may be paid, the form of payment, including, without limitation, cash, shares of stock, or other property (including “cashless exercise” arrangements), and the methods by which shares of
stock shall be delivered or deemed to be delivered to participants; provided, however, that if shares of stock are used to pay the exercise price of an option, such shares must have been held by the participant for at least six months. When shares
of stock are delivered, such delivery may be by attestation of ownership or actual delivery of one or more certificates. Failure by the Committee to specify methods by which the exercise price of an option may be paid or the form of payment shall be
deemed to express the Committee’s determination that all methods and forms of payment presented under the Plan are permitted under the grant.
 (c)       Duration of Options. The duration of options shall be determined by the Committee, but in no event shall the
duration of an option exceed ten (10) years from the date of its grant.
 (d)      Other Terms and Conditions. Options may contain such other provisions, not inconsistent with the provisions of the Plan, as the Committee shall determine appropriate from time to time;
provided, however, that no option shall be exercisable in whole or in part for a period of twelve (12) months from the date on which the option is granted, except as provided in the sections below headed Change in
Control and Stock Performance Price.
 (e)       Stock Performance Price. For all options granted to participants, if the price per share of common stock reaches a specified level, the options in any grant can be exercised
regardless of the amount of time that has elapsed from the grant date.
 Number of Stock Awards
 The Committee shall determine the number of stock options granted to each participant in the Plan. Each participant shall be awarded 100 stock options.
 Non-Transferability
 No stock option granted pursuant to the Plan shall be transferable otherwise than by will or by the laws of descent and
distribution. During the lifetime of an optionee, a stock award shall be exercisable only by the optionee personally or by the optionee’s legal representative.
 Termination of Employment
 If a participant’s active employment terminates for any reason other than retirement, disability, or death,
all unexercised rights under options held by the participant, shall expire on the date of such termination.
 
 

  Rights in the Event of Retirement
 Upon retirement of a
participant in the Plan, all outstanding stock options will become immediately exercisable for a period of five years (but in no event more than 10 years from date of grant). For purposes of this provision, “retirement” shall mean normal
retirement or early retirement with Committee approval.
 Rights in Event of Disability or Death
 If a participant to whom stock options have been granted terminates active employment with the Company because of total disability or death, such options may be exercised within the period provided in the option
agreement but in no event more than three years after the date of onset of disability or death.
 For purposes of this provision, “disability” shall mean total disability
due to injury or illness. A participant will be considered totally disabled if not able to perform all the duties of the participant’s position with the Company at the time of termination of active employment.
 Change in Control
 In the event of a change in control of the Company, all outstanding options would
become immediately exercisable by all option holders. The Committee also would have the right to cash out any unvested stock options on the date of a change in control at an amount for each option equal to the spread between the fair market value on
the date of change in control and the option price. The fair market value shall be the average of the high and low market prices reported in The Wall Street Journal at which a share of stock shall have
been sold on the day before the date of change in control or on the next preceding trading day if such date was not a trading day.
 Change in Control
shall be deemed to have occurred if any time or from time to time after the date of this Agreement:
 (1)      any “person” or “group” [as those terms are used in Sections 13(d) and 14(d), respectively, of the Securities Exchange Act of 1934 (“Exchange Act”)], other
than the Maclellan family or a trustee or other fiduciary holding securities under an employee benefit plan of Provident, or a corporation owned, directly or indirectly, by the stockholders of Provident in substantially the same proportions as their
ownership of stock of the Company, is or becomes the “beneficial owner,” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting
power of the Company’s then outstanding securities and (ii) the “group” comprised of the Maclellan family does not then beneficially own, directly or indirectly, securities of the Company representing more than thirty percent (30%) of
the combined voting power of the Company’s then outstanding securities; or
 (2)      the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting
securities of Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of
the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets.
 
 

  Adjustment in the Number of Shares and in Option Price
 In
the event there is any change in the shares of stock through the declaration of stock dividends, or stock splits or through recapitalization or merger or consolidation or combination or shares or otherwise, the Committee shall make such adjustment,
if any, as it may deem appropriate in the number of shares of stock covered by each outstanding option. Any such adjustment may provide for the elimination of any fractional shares which might otherwise become subject to any option or right without
payment therefor.
 Income Tax Withholding
 The Company shall have the authority and
the right to deduct or withhold, or require a participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the participant’s FICA obligation) required by law to be withheld with respect to any
taxable event arising as a result of the Plan. With respect to withholding required upon any taxable event under the Plan, the Committee may, at the time the Award is granted or thereafter, require or permit that any such withholding requirement be
satisfied, in whole or in part, by withholding from the award shares of stock having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance
with such procedures as the Committee establishes. 
 Designation of Beneficiaries
 A participant may designate a beneficiary or beneficiaries to exercise stock options previously granted to the participant under the Plan, in case of death. A designation of beneficiary may be replaced by a new designation or may be revoked
by the participant at any time. A designation or revocation shall be on a form to be provided for the purpose and shall be signed by the participant and delivered to the Company prior to the participant’s death. If there shall be any question
as to the legal right of any beneficiary to exercise any rights under the Plan, the rights to the option in question may be exercised by the estate of the participant, in which event the Company shall have no further liability to anyone with respect
to such stock option.
 No Right to Continued Employment
 Participation in the
Plan shall not give any employee any right to remain in the employ of the Company. The Plan is not to be construed as a contract of employment for any period and does not alter the at-will status of any participant.

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