Document:

EX-10.46

 

EXHIBIT 10.46

AMENDED AND RESTATED

DEPOSIT ACCOUNT CONTROL AGREEMENT

     THIS AMENDED AND RESTATED DEPOSIT ACCOUNT CONTROL AGREEMENT (“Amended Agreement”) is dated May
24, 2007 (but effective as of the Effective Date) by and among BancorpSouth Bank (together with its
successors and assigns, “Bank”), Hancock Fabrics, Inc. (together with its successors and assigns,
the “Company”) and Wachovia Bank, National Association, in its capacity as agent pursuant to the
Loan Agreement (as hereinafter defined) acting for and on behalf of the parties thereto as lenders
(in such capacity, together with its successors and assigns, “Agent”).

W I T N E S S E T H

     WHEREAS, Bank maintains for the use of the Company the following deposit accounts:

01-210513 (the “Concentration Account”)

01-236083 (the “Operating Account”)

01-247794 (the “Merchandise Vendor AP Account”)

     which deposit accounts are hereinafter referred to collectively as the “Deposit Accounts”, and
individually, each as a “Deposit Account”;

     WHEREAS, Bank additionally maintains for the use of the Company the following deposit
accounts:

01-230662 (the “Salaried Payroll Account”)

60-550191 (the “Hourly Payroll Account”)

60-466018 (the “Pension Benefits Account”)

     which deposit accounts are hereinafter referred to collectively as the “Payroll Accounts”, and
individually, each as a “Payroll Account”;

     WHEREAS, the Company maintains numerous deposit accounts with numerous financial institutions
(including Bank) throughout the United States into which are deposited revenues generated by
Company’s various stores, which deposit accounts are hereinafter referred to collectively as the
“Store Accounts”, and individually, each as a “Store Account”;

     WHEREAS, pursuant to the terms of a Deposit Account Control Agreement dated June 29, 2005, by
and among the Bank, the Company and the Agent (the “Prior Agreement”) and pursuant to the Loan
Agreement as therein defined, Agent and the parties to the Loan Agreement as lenders (collectively,
together with their respective successors and assigns, “Lenders”) have a security interest in,
among other things, all right, title and interest of the Company in and to the following, whether
now or hereafter existing or arising (collectively, the “Deposit Account Collateral”): (a) the
Deposit Accounts, (b) all checks, money orders, drafts, instruments,

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electronic funds transfers and other items and forms of remittances and all funds and other amounts
at any time paid, deposited or credited (whether for collection, provisionally or otherwise), held
or otherwise in the possession or under the control of, or in transit to, Bank or any agent or
custodian thereof for credit to or to be deposited in any Deposit Account, (c) all funds and cash
balances or other amounts in or attributable to any Deposit Account, and (d) any and all proceeds
of any of the foregoing;

     WHEREAS, on March 19, 2007, Agent served Bank with a Notice of Exclusive Control pursuant to
Section 2 of the Prior Agreement;

     WHEREAS, pursuant to Section 7(a) of the Prior Agreement, on March 20, 2007, Bank gave written
notice to the Agent and to the Company of Bank’s intention to terminate the Prior Agreement thirty
(30) days from said date;

     WHEREAS, on March 21, 2007, the Company commenced a voluntary Chapter 11 bankruptcy case as
case number 07-10353(BLS) on the docket of the United States Bankruptcy Court for the District of
Delaware;

     WHEREAS, the Company and the Agent desire to continue the terms and conditions of the Prior
Agreement, notwithstanding the pending termination of the same, and the Bank is willing to amend
and restate the terms and conditions of the Prior Agreement, but on the amended terms and
conditions set forth in this Amended Agreement;

     NOW, THEREFORE, in order for the Company to comply with the requirements of Agent and Lenders
under their financing arrangements with the Company, as authorized by the Bankruptcy Court, the
Company, Bank and Agent agree as follows:

     1. Deposit Account Collateral. Bank hereby represents, warrants and covenants with
and to Agent and Lenders that: Bank has established and will maintain the Deposit Accounts and has
identified the Company as the sole owner of the Deposit Accounts, subject to the rights of Agent
therein as provided herein; the records of Bank do not reflect, and it has not received any notice
of, any assignment or pledge of, or security interest in the Deposit Accounts or any of the other
Deposit Account Collateral (other than the pledge and security interest of Agent referred to
herein), or any notice of any adverse claim with respect to any of the same; Bank has not entered
and will not enter into any agreement with any person other than Agent by which it is obligated for
any reason to comply with instructions from such other person as to the disposition of funds in or
from the Deposit Accounts or with respect to any other dealings with any of the Deposit Account
Collateral; Bank will not agree that any person other than the Company or Agent is the Bank’s
customer with respect to any Deposit Account; the Deposit Accounts are each a “deposit account” as
such term is defined in the UCC; Bank acknowledges that it holds and will hold possession of the
Deposit Account Collateral consisting of instruments and money as bailee for Agent and for the
benefit of Agent, subject to the terms and provisions of this Amended Agreement; and Bank is
hereby irrevocably authorized and instructed to change the designation of the customer on any
Deposit Account to Agent upon the request of Agent and Bank shall so change the customer promptly
upon such request by Agent. This

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Amended Agreement shall be inapplicable to any account maintained by Company at Bank other than the
Deposit Accounts, the Payroll Accounts and the Store Accounts.

     2. Control.

     (a) Notwithstanding any other term or provision of this Amended Agreement or any other
agreement between Bank and the Company or otherwise, Bank is hereby irrevocably authorized and
directed to, and Bank agrees that it will, comply with written instructions originated by Agent
directing the disposition of funds from time to time in any Deposit Account or as to any other
matters relating to any Deposit Account or any of the other Deposit Account Collateral without
further consent by the Company (which instructions may include the giving of stop payment orders
for any items being presented to a Deposit Account for payment).

     (b) Bank shall not permit the Company or any of its affiliates to withdraw any amounts from,
to draw upon or otherwise exercise any authority or powers with respect to the Concentration
Account and Bank shall not at any time honor, any instructions with respect to the Concentration
Account, other than those approved in writing by Agent.

     3. Remittance of Funds; Use of Cash Management Facilities.

     (a) Unless the Company is otherwise directed by the Agent, the Company shall cause all
Deposit Account Collateral to be deposited into the Concentration Account. Each banking day, Bank
shall transfer to Agent all available funds in the Concentration Account by wire to Wachovia Bank,
ABA #053000219, Account Name: Wachovia Bank National Association, Account Number: 5000000030295,
Reference: Hancock Fabrics.

     (b) Unless otherwise agreed to in writing between Agent and the Company, the proceeds of the
loans and advances made by Agent and Lenders to the Company pursuant to the terms and conditions
set forth in the Loan Agreement and related documents, agreements, and instruments that are
deposited into the Operating Account will be utilized by the Company to fund, subject to the terms
and conditions set forth in this Amended Agreement, (i) all transactions made by Company on the
Payroll Accounts and (ii) all other transactions made by Company on the Operating Account. Each
banking day, or so often as may be required, Company, through use of Bank’s cash management
facilities, shall transfer available funds in the Operating Account to the Payroll Accounts in such
amounts as are sufficient, in the Company’s determination, to fund all transactions made on the
Payroll Accounts. Nothing contained in this subsection (b) or any other provision contained in
this Amended Agreement or otherwise shall or shall be construed to obligate or create in any way
any liability or responsibility on the part of Agent or any Lender to fund or to ensure that the
Company has sufficient funds to make the payments specified in this subsection or any other
payments related to the operation of the Company’s business.

     (c) Bank will permit transactions on the Deposit Accounts and the Payroll Accounts only to
the extent that sufficient funds are available therein. Bank may reject any ACH Debit Entry for
the Payroll Accounts if sufficient funds are not available therein at least two (2) banking days
prior to the Effective Entry Date. [As used in this subsection (c), the terms “ACH”, “Debit”,

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“Entry” and “Effective Entry Date” shall have the respective meanings ascribed in Bank’s cash
management agreements with the Company.]

     (d) The Company will cause funds to be transferred from the Operating Account into the
Merchandise Vendor AP Account in amounts sufficient to fund, in the Company’s determination, all
transactions made on the Merchandise Vendor AP Account. Bank will permit transactions on the
Merchandise Vendor AP Account only to the extent that sufficient funds are available therein.
Within thirty (30) days following the Effective Date, Agent or Company shall cause the Merchandise
Vendor AP Account to be closed and the available balance therein to be transferred to Agent’s
order.

     (e) Notwithstanding any provision of this Amended Agreement to the contrary, until Agent
otherwise advises Bank in writing, Company shall have access to all of the Deposit Accounts via
Bank’s cash management facilities for the following purposes (with reference parenthetically to the
name of Bank’s cash management products which may be used by Customer to accomplish such purposes):

     (i) Concentration Account: Company may deposit Deposit Account
Collateral into the Concentration Account (Express Deposit Services). Company may
originate ACH entries to transfer funds to the Concentration Account from any Store
Account (InView).

     (ii) Operating Account: Company may make transfers from the Operating
Account and may originate outgoing wires from the Operating Account (InView).
Company may run fraud, error detection and reconciliation cash management products
on the Operating Account (Positive Pay).

     (iii) Merchandise Vendor AP Account: Until such time as the
Merchandise Vendor AP Account is closed pursuant to Section 3(b) hereof, Company may
make transfers from the Merchandise Vendor AP Account and may originate outgoing
wires from the Merchandise Vendor AP Account (InView). Company may run fraud,
error detection and reconciliation cash management products on the Merchandise
Vendor AP Account (Positive Pay).

     (iv) Payroll Accounts: Company may make transfers from the Payroll
Accounts. Company may run fraud, error detection and reconciliation cash management
products on the Payroll Accounts (Positive Pay).

     (v) All Accounts: In addition, with regard to all Deposit Accounts,
including the Concentration Account, all Payroll Accounts, and all Store Accounts
maintained at Bank, Company may view all transactions on all such accounts and may
retrieve all balance information concerning all such accounts. (InView).

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     4. Indemnity; Bank’s Responsibility. The Company agrees to indemnify, defend and
hold harmless Bank against any loss, liability or expense (including reasonable fees and
disbursements of counsel) incurred in connection with this Amended Agreement, including any action
taken by Bank pursuant to the instructions of Agent, except to the extent due to the gross
negligence or willful misconduct of Bank or breach of any of the provisions hereof. The Company
confirms and agrees that neither Bank nor Agent or Lenders shall have any liability to the Company
for wrongful dishonor of any items or transaction as a result of any instructions of Agent or
otherwise in accordance with the terms of this Amended Agreement. Bank shall have no duty to
inquire or determine whether the obligations of the Company to Agent or Lenders are in default, or
whether Agent or Lenders are authorized by the Bankruptcy Court, the Loan Agreement, applicable law
or otherwise to take any action, or whether Agent is entitled to give any such instructions, and
Bank is fully entitled to rely upon such instructions from Agent (even if such instructions are
contrary or inconsistent with any instructions or demands given by the Company).

     5. Statements, Confirmations and Notices of Adverse Claims. At such time or times as
Agent may request, Bank will promptly report to Agent the amounts received in and held in the
Deposit Accounts and will furnish to Agent any copies of bank statements, deposit tickets,
deposited items, debit and credit advices and other records maintained by Bank under the terms of
its arrangements with the Company (as in effect on the date hereof). Agent will reimburse Bank for
its reasonable expenses in providing such items to Agent. Upon receipt of notice of any lien,
encumbrance or adverse claim against any Deposit Account Collateral, Bank will promptly notify
Agent and the Company thereof.

     6. Subordination of Bank’s Security Interest; Setoff Rights; Bank’s Fees and
Expenses.

          (a) In the event that at any time Bank has a security interest in or lien upon any of the
Deposit Account Collateral, such security interest and lien of Bank shall be subject and
subordinate to the security interest and lien of Agent therein. Bank shall not for any reason
charge, debit, deduct or offset, or exercise any security interest or lien rights, against any
checks, automated clearinghouse transfers or other form of remittances at any time deposited in or
credited to any Deposit Account, except that Bank may setoff against funds in the
Deposit Accounts (i) for all amounts due to Bank in respect of its fees and expenses as provided in
Section 6(c) hereof that are unpaid and outstanding, (ii) for the amount of any checks, automated
clearinghouse transfers, items or other form of remittances that have been credited to any Deposit
Account and subsequently returned unpaid or lawfully demanded to be refunded by any paying or
collecting bank(whether for insufficient funds or any other reason), (iii) for the amount of any
checks, automated clearinghouse transfers, items or other form of remittances which have been
credited to any Deposit Account incorrectly by reason of inadvertent error which is corrected as
soon as practicable after the discovery of such error, and (iv) for any overdrafts arising as a
result of any of the foregoing; provided, that, Bank shall first setoff for such
amounts due to it against funds held in the Operating Accounts before any other Deposit Account.

          (b) In the event that the funds in the Operating Account or any other Deposit

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Account are insufficient to reimburse Bank for any amounts specified in Section 6(a) above, Agent
shall reimburse Bank upon demand for all such amounts; provided, that, (i) in respect of amounts
specified under clause (i) of 6(a) above, Agent shall have first received written demand from Bank
for payment of such fees and expenses prior to the date that is 60 days after the date such fees or
expenses were due and payable to Bank, and (ii) in respect of amounts specified in clauses (ii),
(iii) and (iv) of Section 6(a) above, Agent received final payment in respect thereof and Agent has
received notice of failure of the Company to pay Bank prior to the date that is 90 days after such
check, automated clearinghouse transfer items, or other form of remittance is returned to the Bank
or such demand is made to Bank or such error was discovered by Bank. The Company shall reimburse
Agent for any amounts paid by Agent to Bank under this Section 6(b) or otherwise under this Amended
Agreement promptly upon demand by Agent (without inquiry as to, and regardless of, any dispute
between the Company and Bank). Such amounts shall be paid to Agent by Company (or at Agent’s
option, Agent may charge any loan account of the Company or its affiliates maintained by Agent)
without offset, defense or counterclaim.

          (c) As compensation for Bank’s services rendered to Agent and to Company under this Amended
Agreement, Bank shall be entitled to the fees and expenses set forth in Exhibit “A” hereto.

     7. Termination. In the event that the Bankruptcy Court shall require that any of the
Deposit Accounts yield earnings or be bonded or secured as provided in 11 U.S.C. § 345, then Bank
may at any time thereafter immediately terminate this Amended Agreement upon written notice to the
Company and Agent. Otherwise, this Amended Agreement cannot be changed, modified or terminated
except that this Amended Agreement may be terminated either: by Bank upon thirty (30) days prior
written notice to the Company and Agent and upon written notice by Agent to Bank. In the event
that for any reason this Amended Agreement shall be terminated, Bank will, on the effective date of
such termination, transfer all available funds in the Deposit Accounts to the account of Agent
specified in Section 3(a) hereof.

     8. Notices. All notices hereunder to the Bank shall be in writing, sent by
telecopier and by nationally recognized overnight courier with instructions to deliver the next
business day, and shall be deemed to have been given or made when Bank has had a reasonable period
of time to act thereon (but in no event longer than two business days after the Bank has received
such notice). All notices to any other party hereunder shall be in writing and deemed to have been
given or made: if delivered in person, immediately upon delivery; if by telex, telegram or
facsimile transmission, immediately upon sending and upon confirmation of receipt; if by nationally
recognized overnight courier service with instructions to deliver the next business day, one (1)
business day after sending; and if by certified mail, return receipt requested, five (5) days after
mailing. All notices to any party shall be given to its address set forth below (or to such other
address as any party may designate by notice in accordance with this Section).

     9. Customer Agreements. This Amended Agreement supplements all other agreements
between the Company and Bank with respect to the Deposit Accounts, as such agreements may now exist
or may hereafter be amended and whether now existing or hereafter arising, including, but not
limited to, all agreements pertaining to use of Bank’s cash

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management facilities and the daily transmission limits set forth therein. No consent of the Agent
or the Lenders shall be required to amend any such other agreement or for the Company and the Bank
to enter into any additional agreement. In the event of any inconsistency between this Amended
Agreement and the terms of such other agreements of the Company or its affiliates with Bank, the
terms of this Amended Agreement control.

     10. Governing Law. This Amended Agreement shall be governed by the laws of the State
of Mississippi. Notwithstanding anything to the contrary contained in any other agreement among
any of the parties hereto, for purposes of the UCC, the State of Mississippi shall be deemed to be
the Bank’s jurisdiction within the meaning of Section 9-304 of the UCC. All references to the
“UCC” herein shall mean the Uniform Commercial Code as in effect on the date hereof in the State of
Mississippi.

     11. Counterparts. This Amended Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which taken together shall constitute
one and the same agreement. Delivery of an executed counterpart of this Amended Agreement by
telefacsimile or other means of electronic transmission shall have the same force and effect as the
delivery of an original executed counterpart of this Amended Agreement. Any party delivering an
executed counterpart of any such agreement by telefacsimile or other means of electronic
transmission shall also deliver an original executed counterpart, but the failure to do so shall
not affect the validity, enforceability or binding effect of such agreement.

     12. Successors and Assigns. Agent and Lenders are relying upon this Amended
Agreement in providing financing to the Company and this Amended Agreement shall be binding upon
the Company and Bank and their respective successors and assigns and inure to the benefit of Agent
and Lenders and their respective successors and assigns.

     13. Effect on Prior Agreement. This Amended Agreement replaces and supersedes the
Prior Agreement. No pre-petition amounts are owed by Company or by Agent to Bank, and no
pre-petition amounts are owed by Bank to Company or to Agent.

     14. Effective Date. This Amended Agreement, regardless of when executed by the
parties, shall be effective as of March 21, 2007 (the “Effective Date”).

[SIGNATURE PAGE FOLLOWS]

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AMENDED AND RESTATED

DEPOSIT ACCOUNT CONTROL AGREEMENT

SIGNATURE PAGE

HANCOCK FABRICS, INC.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 

Address for Notices:

One Fashion Way

Baldwyn, MS 38824

Attention: Larry D. Fair

Telecopy: 662-365-6025

WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 

Address for Notices:

Heritage Square II, Suite 1050

5001 LBJ Freeway

Dallas, TX 75244

Attention: Portfolio Manager

Telecopy: 214-761-9044

BANCORPSOUTH BANK

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 

Address for Notices:

Corporate Banking Department

201 South Spring Street

Tupelo, Mississippi 38804

Attention: Coy Livingston

Telecopy: 662-680-2261

with a copy to:

Cash Management Department

6363 Poplar Avenue, Suite 429

Memphis, Tennessee 38119

Attention: E.P. Morgan

Telecopy: 901-374-0860

with a copy to:

Cash Management Department

2830 West Jackson Street, Building B

Tupelo, Mississippi 38801

Attention: Tracey Hall

Telecopy: 662-620-4029

8Exhibit 10.4

 

Exhibit 10.4

HANESBRANDS INC. OMNIBUS INCENTIVE PLAN OF 2006

NON-EMPLOYEE DIRECTOR

RESTRICTED STOCK UNIT GRANT NOTICE AND AGREEMENT

To: [Name] (referred to as “you” or “Grantee”, in this agreement)

Hanesbrands Inc. (the “Company”) is pleased to confirm that you have been awarded a Restricted
Stock Unit ( “RSU”) Award (this “Award”). This Award is subject to the terms of this Restricted
Stock Unit Grant Notice and Agreement (this “Agreement”) and is made under the Hanesbrands Inc.
Omnibus Incentive Plan of 2006 (the “Plan”) which is incorporated into this Agreement by reference.

     1. Grant of Restricted Stock Units. Subject to the restrictions, limitations, terms and
conditions specified in the Plan, the Participation Guide/Prospectus for the Hanesbrands Inc.
Omnibus Incentive Plan of 2006 (the “Plan Prospectus”), and this Agreement, the Company hereby
Awards to you effective [date] (the “Award Date”), [number] RSUs which are considered Stock Awards
under the Plan.

     2. Dividend Equivalents. Subject to the restrictions, limitations and conditions described in
the Plan, dividend equivalents payable on the RSUs into which they are to be converted will be
accrued on behalf of the Grantee at the time that cash dividends are otherwise paid to owners of
Hanesbrands Inc. common stock. Interest will be credited on accrued dividend equivalent balances
and will vest and will be paid to the Grantee when the RSUs vest.

     3. Vesting. The RSUs will vest and become payable, together with a payment in cash equal to
the value of any fractional shares, in shares of common stock on a one-for-one basis on the first
anniversary of the Award Date (the “Vesting Date”) if you are continuing to serve as a member of
the Board of Directors of Hanesbrands Inc. (the “Board”) on such one-year anniversary; provided
that (i) if your service as a member of the Board is terminated prior to such one-year anniversary
due to your death or permanent and total disability, all unvested RSUs will vest and become
payable, together with a payment in cash equal to the value of any fractional shares, in shares of
common stock as of the date which is five business days after your death or the date you are
determined to be permanently and totally disabled, and (ii) if your service as a member of the
Board is terminated prior to such one-year anniversary for any other reason, that number of RSUs
determined by (A) dividing the number of RSUs granted by twelve, and (B) multiplying the result by
the number of full months that have occurred in the calendar year of termination as of the date of
termination (the “Pro Rata RSUs”) will vest and become payable, together with a payment in cash
equal to the value of any fractional shares, in shares of common stock as of the date which is five
business days after the date of termination, and all RSUs other than the Pro Rata RSUs shall be
forfeited. The RSUs are not transferable by you by means of sale, assignment, exchange, pledge, or
otherwise until vested. You are personally responsible for the payment of all taxes related to
vesting of the RSUs.

     4. Adjustments. If the number of outstanding shares of Company common stock is changed as a
result of a stock split or the like without additional consideration to the Company, the number of
RSUs subject to this Award shall be adjusted to correspond to the change in the outstanding shares
of common stock.

     5. Rights as a Stockholder. Except as provided in Paragraph 2 above (regarding dividends),
You shall have no rights as a stockholder of the Company in respect of the RSUs, including the
right to vote, until and unless the ownership of Shares represented by the RSUs has been
distributed to you.

 

 

     6. No Rights to Continued Service. Nothing in this Agreement, the Plan Prospectus, or the
Plan confers on any Grantee any right to continue on the Board. You further acknowledge that this
Award is for future services to the Company and is not under any circumstances to be considered
compensation for past services.

     7. Miscellaneous.

     a. Interpretations. Any dispute, disagreement or question which arises under, or as a
result of, or in any way relates to the interpretation, construction or application of this
Agreement, the Plan Prospectus, or the Plan will be determined and resolved by the
Compensation Committee of the Company’s Board of Directors (“Committee”). Such
determination or resolution by the Committee will be final, binding and conclusive for all
purposes.

     b. Modification. The Committee may amend or modify this Award in any manner to the
extent that the Committee would have had the authority under the Plan initially to award
such Award, provided that no such amendment or modification shall impair your rights under
this Agreement without your consent. This Agreement generally may be amended, modified or
supplemented only by an instrument in writing signed by both parties hereto.
Notwithstanding anything in this Agreement, the Plan Prospectus, or the Plan to the
contrary, this Award may be amended by the Company without the consent of the Grantee,
including but not limited to modifications to any of the rights awarded to the Grantee
under this Agreement, at such time and in such manner as the Company may consider necessary
or desirable to reflect changes in law. In addition, the Grantee understands that the
Company may amend, resubmit, alter, change, suspend, cancel, or discontinue the Plan at any
time without limitation.

     c. Conformity with the Plan. This Award is intended to conform in all respects with,
and is subject to, all applicable provisions of the Plan. Any capitalized terms used
herein that are otherwise undefined shall have the same meaning provided in the Plan. Any
inconsistencies between this Agreement, the Plan Prospectus or the Plan shall be resolved
in accordance with the terms of the Plan.

     d. Governing Law. All matters regarding or affecting the relationship of the Company
and its stockholders shall be governed by the General Corporation Law of the State of
Maryland. All other matters arising under this Agreement including matters of validity,
construction and interpretation, shall be governed by the internal laws of the State of
North Carolina, without regard to any state’s conflict of law principles. You and the
Company agree that all claims in respect of any action or proceeding arising out of or
relating to this Agreement shall be heard or determined in any state or federal court
sitting in North Carolina, and you agree to submit to the jurisdiction of such courts, to
bring all such actions or proceedings in such courts and to waive any defense of
inconvenient forum to such actions or proceedings. A final judgment in any action or
proceeding so brought shall be conclusive and may be enforced in any manner provided by
law.

     e. Successors and Assigns. Except as otherwise provided herein, this Agreement will
bind and inure to the benefit of the respective successors and permitted assigns of the
parties hereto whether so expressed or not.

     f. Severability. Whenever feasible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any

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provision of this Agreement is held to be prohibited by or invalid under applicable
law, such provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of this Agreement.

     8. Plan Documents. The Plan Prospectus is available by contacting Dreama Douglas at
336/519-4556.

     9. Acceptance of Terms and Conditions. By accepting this Award, you agree that the Award is
made at the discretion of the Committee and that acceptance of this Award is no guarantee that
future Awards will be made under the Plan. You agree to be bound by the terms and conditions
herein, the Plan, and any and all conditions established by the Company in connection with Awards
issued under the Plan, and understand that this Award does not confer any legal or equitable right
(other than those rights constituting the Award itself) against the Company or any Subsidiary
directly or indirectly, or give rise to any cause of action at law or in equity against the
Company.

3

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