Document:

Exhibit

Exhibit 10.26

____________________________________________________________________________________________________
Deferred Stock Unit                                Denny’s Corporation
Award Certificate                                             ID: 13-3487402            
                                        203 East Main Street
                Spartanburg, SC 29319
_____________________________________________________________________________________________________

You have been awarded deferred stock units under the Denny’s Corporation 2017 Omnibus Incentive Plan (the “Plan”) entitling you to receive shares of Denny’s Corporation, par value $.01 per share (the “Common Stock”), at a future time under the terms indicated below:

		
	Effective Date of Award: 
	 ___________

		
	Number of Deferred Stock Units Awarded: 
	 ___________ units

		
	Payment Rate: 
	       1-for-1 basis

		
	Payment Date:                           
	Your termination of service as a director                                             on the Denny’s Board of Directors for any reason, but subject to any applicable deferral election

		
	Vesting Schedule:
	100% vested _______ (1st anniversary 

of effective date of award)

______________________________________________________________________________________________________

You are also being awarded Dividend Equivalents (as defined in the Plan) with respect to the deferred stock units hereunder. Dividend Equivalents shall entitle you to receive cash payments equal to any ordinary cash dividends with respect to the number of shares of Common Stock subject to this award of deferred stock units. Any such cash dividends shall accrue without interest and shall vest and be paid, if at all, when and if the deferred stock unit is paid.

Notwithstanding the above payment date or any applicable deferral election, all outstanding deferred stock units and Dividend Equivalents hereunder, will accelerate, vest and settle in shares of Common Stock, or cash, with respect to Dividend Equivalents, upon a Change in Control.

If you completed and filed a deferral election pursuant to the deferred compensation program in place for non-employee directors, the deferred stock units and Dividend Equivalents hereunder will be subject to settlement and payment in shares of Common Stock, or cash with respect to Dividend Equivalents, on such date or dates set forth in the deferral election. No right or interest in this award may be pledged, encumbered, or hypothecated to or in favor of any party other than Denny’s Corporation, or shall be subject to any lien, obligation, or liability to any party other than Denny’s Corporation. This award is not assignable or transferable by you other than by will or the laws of descent and distribution.

This award is governed by the terms of the Plan. Any defined terms, to the extent not defined herein, shall have the meanings ascribed to such terms in the Plan.

________________________________                    ________________
For Denny’s Corporation                             DateExhibit

Exhibit 10.29

SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION

Director Fees. The cash compensation payable to Denny’s non-employee directors (“Board”) is as follows:

Annual Cash Fees.

		
	•
	An annual cash retainer of $75,000 (for all non-employee directors other than the Board Chair); 

		
	•
	An annual cash retainer of $130,000 for the Board Chair; 

		
	•
	An additional annual cash retainer of $20,000 for the chair of the Audit and Finance Committee; 

		
	•
	An additional annual cash retainer of $15,000 for the chair of the Compensation and Incentives Committee; 

		
	•
	An additional annual cash retainer of $15,000 for the chair of the Corporate Governance and Nominating Committee; 

		
	•
	A $5,000 annual cash retainer is paid to the Audit and Finance Committee members due to the additional number of regularly scheduled meetings; and

		
	•
	A meeting fee of $500 (for telephonic) or $1,000 (for in-person) for each Board or Committee meeting attended in excess of ten meetings during a calendar year. 

Subject to any applicable deferral election, all retainer amounts are payable in quarterly installments in advance, and all meeting fees are payable in the quarter following the date of the meeting.  All meeting fees and deferred stock unit grants (“DSUs”) are prorated for any partial year if the Board member is not appointed between annual meetings of stockholders.

Annual Equity Grant.

Board members receive an annual grant of DSUs valued at $100,000, or $155,000, in the case of the Board Chair.  All DSUs settle in shares of Denny’s common stock on a one-for-one basis. All DSUs will 100% vest on the first anniversary of grant and settle in shares of common stock upon a termination of service, including in connection with a change in control, subject to a deferral election.

Other Benefits. All Board members are reimbursed for reasonable travel and other out-of-pocket expenses incurred in connection with attendance at meetings of the Board and of committees of the Board.

Deferral of Board Fees. All Board members are given the opportunity to elect to defer all or a specified percentage of the annual retainer and meeting fees, each payable in cash (the “Cash Fees”) and the annual grant of DSUs.  If a deferral election is made, the Cash Fees will be payable in the form of share-settled DSUs (based on dividing the value of such Cash Fees by the closing market price per share of Denny’s common stock on the date that each payment of the Cash Fees otherwise would be made).  Board members may elect to have DSUs deferred with respect to the Cash Fees paid (i) on a fixed payment date, (ii) upon termination of service as a member of the Board, or (iii) in three equal annual installments commencing after termination of service as a member of the Board.

A deferral election can also be made to defer 100% of the annual grant of DSUs. Board members may elect to have them paid (i) immediately following the vesting date (i.e. the first anniversary of the award date), (ii) on a fixed payment date not earlier than the first anniversary of the award date, or (iii) in three equal annual installments commencing after termination of service as a member of the Board.  Absent a deferral election, the annual grant of DSUs will continue to be settled in shares of Denny’s common stock upon a termination of service with the Board.  

The deferral program and all deferral elections are intended to be made and administered in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and all corresponding guidance and regulations issued thereunder. If a Board member is determined to be a “specified employee” within the meaning of Section 409A of the Code and if DSUs are scheduled to be settled upon termination of service with the Board, the settlement will be subject to a 6-month delay pursuant to Section 409A of the Code.Exhibit

EXHIBIT 10.1

SECOND AMENDMENT

THIS SECOND AMENDMENT (this “Amendment”) dated as of February 21, 2018 to the Credit Agreement referenced below is among TENNESSEE VALLEY AUTHORITY, a wholly owned corporate agency and instrumentality of the United States of America (the “Borrower”) and BANK OF AMERICA, N.A., as a Lender and as Administrative Agent.

W I T N E S S E T H

WHEREAS, pursuant to the February Maturity Credit Agreement dated as of August 7, 2015 (as amended, modified, supplemented, increased and extended from time to time, the “Credit Agreement”) among the Borrower, the Lender identified therein and the Administrative Agent, the Lender agreed to make extensions of credit to the Borrower; and

WHEREAS, the parties have requested certain modifications to the Credit Agreement and the parties have agreed to the requested modifications on the terms and conditions set forth herein. 

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.    Defined Terms.  Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement.

2.    Amendments to the Credit Agreement.   

2.1    The following definitions, set forth in Section 1.01 of the Credit Agreement, are hereby amended and restated in their entirety to read as follows:

“Arranger” means Bank of America, N.A., an affiliate of Merrill Lynch, Pierce, Fenner & Smith, Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement), in its capacity as sole lead arranger and sole bookrunner.

“Maturity Date” means February 1, 2022; provided, however, that if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and any successor thereto.

2.2    The following definition is hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order:

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for 

purposes of Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets of any such "employee benefit plan" or "plan".

2.3    Section 5.11 of the Credit Agreement is hereby amended to add a new subsection (d) to read as follows:

(d)    The Borrower represents and warrants as of the effective date of the Second Amendment to this Agreement that the Borrower is not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments.

2.4    Schedule 10.02 to the Credit Agreement is hereby amended to replace the address listed after “With a copy to:” for notices to the Administrative Agent to:

Bank of America, N.A.
NC1-001-05-13
One Independence Center
101 North Tryon St
Charlotte NC 28255
Attention: Document Retention Team
Telephone:  (980) 387-5436
Facsimile: (866) 255-9922

2.5    Schedule 10.02 to the Credit Agreement is hereby amended to replace the address listed after “With a copy to:” for notices to Bank of America, N.A., in its capacity as L/C Issuer, to:

Bank of America, N.A.
NC1-001-05-13
One Independence Center
101 North Tryon St
Charlotte NC 28255
Attention: Document Retention Team
Telephone:  (980) 387-5436
Facsimile: (866) 255-9922

3.    Conditions Precedent.  This Amendment shall become effective as of the date set forth above upon satisfaction of each of the following conditions precedent:

(a)    receipt by the Administrative Agent of counterparts of this Amendment executed by the Borrower and the Lender; 

(b)    receipt by the Administrative Agent of resolutions and certificate of incumbency of the Borrower evidencing the authority of the Borrower to enter into this Amendment certified by the Secretary or by an Assistant Secretary of the Borrower to be true and correct as of the date hereof; and

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(c)    receipt by the Administrative Agent of an opinion of legal counsel to the Borrower, addressed to the Administrative Agent and the Lender, dated as of the date hereof, and in form and substance satisfactory to the Administrative Agent.

4.    No Other Changes.  Except as expressly modified hereby, all of the terms and provisions of the Loan Documents shall remain in full force and effect.

5.    Reaffirmation of Representations and Warranties; No Default.  The Borrower represents and warrants that each representation and warranty set forth in the Loan Documents is true and correct in all material respects as of the date hereof (except those that expressly relate to an earlier date or period). No Default or Event of Default has occurred and is continuing or would result from giving effect to this Amendment. 

6.    Counterparts; Delivery.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart.  Delivery of an executed counterpart of this Amendment by facsimile or other electronic imaging means shall be effective as an original.

7.    Governing Law.  Except for those sections that specifically reference a federal statute or regulation, this Amendment shall be deemed to be a contract made under, and for all purposes shall be construed in accordance with, the laws of the State of Tennessee. The foregoing notwithstanding, to the extent the following defenses would be available to the Borrower under federal law, then such defenses shall be available to the Borrower in connection with this Amendment: (i) non-liability for punitive damages, (ii) exemption from anti-trust laws, (iii) the Borrower cannot be contractually bound by representation of an employee made without actual authority, (iv) presumption that government officials have acted in good faith and (v) limitation on the application of the doctrine of equitable estoppel to the government.  For the avoidance of doubt, the Credit Agreement, as amended by this Amendment, shall continue to be governed by Section 10.15, Governing Law; Jurisdiction; Etc., and not by Section 7, Governing Law, of this Amendment.

[Signature Page Follows]

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Second Amendment to the February Maturity Credit Agreement to be duly executed and delivered as of the date first above written.

	
		
	 
	 

	BORROWER:
	TENNESSEE VALLEY AUTHORITY

	 
	 

	 
	 

	 
	By:  /s/Tammy W. Wilson                           

	 
	Name:  Tammy W. Wilson

	 
	Title: Vice President, Treasurer and

	 
	Chief Risk Officer

	 
	 

	ADMINISTRATIVE
	 

	AGENT:
	BANK OF AMERICA, N.A., as Administrative Agent

	 
	 

	 
	 

	 
	By:  /s/ John M. Hall                                     

	 
	Name:  John M. Hall

	 
	Title:  Senior Vice President

	 
	 

	 
	 

	LENDER:
	BANK OF AMERICA, N.A., as a Lender

	 
	 

	 
	 

	 
	By:  /s/ John M. Hall                                     

	 
	Name:  John M. Hall

	 
	Title:  Senior Vice President

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