Document:

Exhibit

4839-1766-7665v.4 58437-3
EXHIBIT 10.1

FIRST AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT FACILITY AGREEMENT

THIS FIRST AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT FACILITY AGREEMENT (the "Amendment"), dated as of October 20, 2017, is among LENNOX INTERNATIONAL INC., a Delaware corporation (the "Borrower"), the Lenders party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the "Administrative Agent").
RECITALS:

The Borrower, the Administrative Agent, and the lenders listed on the signature pages thereto have entered into that certain Sixth Amended and Restated Credit Facility Agreement dated as of August 30, 2016 (as the same may hereafter be amended or otherwise modified, the "Agreement").  The Borrower, the Administrative Agent and the requisite Lenders now desire to amend the Agreement as herein set forth.
NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows effective as of the date hereof unless otherwise indicated:
ARTICLE 1. 
 
Definitions
Section 1.1.    Definitions.  Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the same meanings as in the Agreement, as amended hereby.
ARTICLE 2.     
 
Amendment
Section 2.1.    Amendment to Section 6.01(i).  Clause (i) of Section 6.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(i)    Receivable Securitization Outstandings in an aggregate principal amount not to exceed $400,000,000;
ARTICLE 3.     
 
Conditions Precedent
Section 3.1.    Conditions.  The effectiveness of Article 2 of this Amendment is subject to the satisfaction of the following conditions precedent:
(a)    The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or other electronic transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment;
(b)    The Administrative Agent shall have received such additional documentation and information as the Administrative Agent or its legal counsel may request; 
(c)    The representations and warranties of each Loan Party set forth herein and in all other Loan Documents shall be true and correct in all material respects or, in the case of such representations and warranties which are subject to a materiality or Material Adverse Effect qualifier, such representations and warranties shall be true and correct in all respects, in each case on and as of the date hereof, except to the extent such representations and warranties specifically relate to any earlier date in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date, or, in the case of such representations and warranties which are subject to a materiality or Material Adverse Effect qualifier, such representations and warranties shall be true and correct in all respects as of such earlier date;
(d)    No Default shall exist; 
(e)    The Administrative Agent shall have received all fees and other amounts due and payable pursuant to this Amendment, the Agreement or any other Loan Document on or prior to the date hereof, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder, under the Agreement or under any other Loan Document; and
(f)    All proceedings taken in connection with the transactions contemplated by this Amendment and all documentation and other legal matters incident thereto shall be satisfactory to the Administrative Agent and its legal counsel.
ARTICLE 4.     
 
Ratifications, Representations and Warranties
Section 4.1.    Ratifications.  The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect.  The Borrower, the Administrative Agent, and the Lenders party hereto agree that the Agreement as amended hereby and the other Loan Documents shall continue to be a legal, valid and binding obligation of the Borrower or such Loan Party (as the case may be), enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.  For all matters arising prior to the effective date of this Amendment (including, without limitation, the accrual and payment of interest and fees and compliance with financial covenants), the terms of the Agreement (as unmodified by this Amendment) shall control and are hereby ratified and confirmed.
Section 4.2.    Representations and Warranties.  The Borrower hereby represents and warrants to the Administrative Agent and the Lenders as follows:  (a) after giving effect to this Amendment, no Default has occurred and is continuing; (b) after giving effect to this Amendment, the representations and warranties set forth in the Loan Documents are true and correct in all material respects or, in the case of such representations and warranties which are subject to a materiality or Material Adverse Effect qualifier, such representations and warranties shall be true and correct in all respects, in each case on and as of the date hereof, except to the extent such representations and warranties specifically relate to any earlier date in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date, or, in the case of such representations and warranties which are subject to a materiality or Material Adverse Effect qualifier, such representations and warranties shall be true and correct in all respects as of such earlier date; (c) the execution, delivery and performance of this Amendment has been duly authorized by all necessary action on the part of the Borrower and each other Loan Party and does not and will not:  (1) require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other Person, except such as have been obtained or made and are in full force and effect; (2) violate any applicable law or regulation or the charter, bylaws or other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority; (3) violate or result in a default under any material indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or its assets (including the documentation governing the Senior Unsecured Notes), or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries; (4) result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries; and (d) the articles of incorporation, bylaws, partnership agreement, certificate of limited partnership, membership agreement, articles of organization or other applicable governing document of the Borrower and each other Loan Party and the resolutions of each Borrower and each other Loan Party attached as exhibits to any previously delivered Certificate of Secretary or Assistant Secretary have not been modified or rescinded and remain in full force and effect.
ARTICLE 5.     
 
Miscellaneous
Section 5.1.    Survival of Representations and Warranties.  All covenants, agreements, representations and warranties made by the Loan Parties in this Amendment and the other Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Amendment, the Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Amendment and the other Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder or thereunder, and shall continue in full force and effect until the Loan Obligations have been Fully Satisfied.  The provisions of Sections 2.14, 2.15, 2.16 and 10.03 and Article IX of the Agreement shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Amendment, the Agreement or any provision hereof or thereof.
Section 5.2.    Reference to Agreement.  Each of the Loan Documents, including the Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Agreement as amended hereby, are hereby amended so that any reference in such Loan Documents to the Agreement shall mean a reference to the Agreement as amended hereby.
Section 5.3.    Expenses of Lender.  As provided in the Agreement, the Borrower agrees to pay on demand all costs and expenses incurred by the Administrative Agent or any Lender in connection with the preparation, negotiation, and execution of this Amendment and the other Loan Documents executed pursuant hereto, including without limitation, the costs and fees of the Administrative Agent's legal counsel.
Section 5.4.    Severability.  Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
Section 5.5.    Applicable Law.  This Amendment and all other Loan Documents executed pursuant hereto shall be governed by and construed in accordance with the applicable law pertaining in the State of New York, other than those conflict of law provisions that would defer to the substantive laws of another jurisdiction.  This governing law election has been made by the parties in reliance (at least in part) on Section 5–1401 of the General Obligations Law of the State of New York, as amended (as and to the extent applicable), and other applicable law.
Section 5.6.    Successors and Assigns.  The provisions of this Amendment are binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted under the Agreement (including any Affiliate of any Issuing Bank that issues any Letter of Credit, any Affiliate of a Lender who is owed any of the Obligations and any Indemnitee), except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void).
Section 5.7.    Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.  The words "execution," "signed," "signature," "delivery," and words of like import in or relating to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
Section 5.8.    Effect of Waiver.  No consent or waiver, express or implied, by the Administrative Agent or any Lender to or for any breach of or deviation from any covenant, condition or duty by the Borrower or any other Loan Party shall be deemed a consent or waiver to or of any other breach of the same or any other covenant, condition or duty.
Section 5.9.    Headings.  The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.
Section 5.10.    ENTIRE AGREEMENT.  THIS AMENDMENT AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THIS AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY AND ALL PREVIOUS COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER ORAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO.
[Signatures on Following Page.]

Executed as of the date first written above.
LENNOX INTERNATIONAL INC., as the Borrower 
 
 
By:    /s/  Richard A. Pelini______
Rick Pelini, Vice President and Treasurer
JPMORGAN CHASE BANK, N. A. 
individually as a Lender and as the Administrative Agent 
 
 
By:    /s/ Gregory T. Martin             
    Gregory T. Martin, Executive Director
 
BANK OF AMERICA, NA.,
as a Lender 
 
 
By:    /s/ Allison W. Connally 
    Name:     Allison W. Connally         
    Title:     Senior Vice President        

Wells Fargo Bank,
as a Lender

By:  _/s/ Ronald W. Harrison
Name:      Ronald W. Harrison
Title:      Senior Vice President                    

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
as a Lender

By:  /s/ Mark Maloney
Name:      Mark Maloney
Title:     Authorized Signatory                    

PNC BANK, NATIONAL ASSOCIATION
as a Lender

By:  _/s/ Chad Murray___________
Name:      Chad Murray____________
Title:     Vice President___________                    

U.S. BANK, NATIONAL ASSOCIATION
as a Lender

By:  _/s/ Kara Van Duzee
Name:      Kara Van Duzee
Title:     Vice President                        

Regions Bank
as a Lender

By:  /s/ Claire Harrison
Name:      Claire Harrison
Title:     Vice President                        

Branch Banking and Trust Company,
as a Lender

By:  /s/ Allen King___________
Name:      Allen King___________
Title:     Senior Vice President___                        

The Bank of Nova Scotia,
as a Lender

By:  /s/ Mauricio Saishio
Name:      Mauricio Saishio
Title:     Director                        
 
ZB, N.A. dba Amegy Bank
as a Lender

By:  /s/ Kathy Magee__________
Name:      Kathy Magee__________
Title:     Senior Vice President____

BOKF, N.A. dba Bank of Texas
as a Lender

By:  /s/ Matthew Renna_____
Name:      Matthew Renna
Title:     Senior Vice President                        
THE NORTHERN TRUST COMPANY,
as a Lender

By:  /s/ Wicks Barkhausen________
Name:      Wicks Barkhausen________
Title:     Vice President________                        

Comerica Bank
as a Lender

By: /s/ John Smithson__________
Name:      John Smithson
Title:     Vice President                        
                    

Subsidiary Guarantor Consent

Each of the undersigned Subsidiary Guarantors:  (i) consents and agrees to this Amendment; (ii) agrees that the Loan Documents to which it is a party shall remain in full force and effect and shall continue to be the legal, valid and binding obligation of such Subsidiary Guarantor enforceable against it in accordance with their respective terms; and (iii) agree that the obligations, indebtedness and liabilities of the Borrower arising under this Amendment are "Obligations" as defined in the Agreement and "Guaranteed Indebtedness" as defined in the Guaranty Agreement to which it is a party.
ALLIED AIR ENTERPRISES LLC
ADVANCED DISTRIBUTOR PRODUCTS LLC
HEATCRAFT INC.
HEATCRAFT REFRIGERATION PRODUCTS LLC
LENNOX GLOBAL LTD.
LENNOX INDUSTRIES INC.
LGL AUSTRALIA (US) INC.
LENNOX NATIONAL ACCOUNT SERVICES LLC
		
	LGL EUROPE HOLDING CO. 
 
 
 
By:
	    /s/ Richard A. Pelini____

Rick Pelini, Vice President and Treasurer for each Subsidiary Guarantor

AMENDMENT TO SIXTH FIRST AMENDED AND RESTATED CREDIT FACILITY AGREEMENT, Page 1Exhibit

PULTEGROUP, INC. 
DEFERRED COMPENSATION PLAN 
FOR NON-EMPLOYEE DIRECTORS 
(as amended and restated effective as of January 1, 2017) 

1

TABLE OF CONTENTS 

		
	DEFINITIONS
	4

1.1“Beneficiary”    4
1.2“Board”    4
1.3“Code”    4
1.4“Committee”    4
1.5“Common Stock”    4
1.6“Company”    4
1.7“Deferral Account”    4
1.8“Deferral Date”    5
1.9“Deferral Period”    5
1.10“Deferral Year”    5
1.11“Deferred Share Unit”    5
1.12“Determination Date”    5
1.13“Director”    5
1.14“Director Shares”    5
1.15“Disability”    5
1.16“Distribution Date”    5
1.17“Election Form”    5
1.18“Election Period”    5
1.19“Fair Market Value”    5
1.20“Fees”    6
1.21“Participant”    6
1.22“Payment Date”    6
1.23“Plan”    6
1.24“Separation from Service”    6
1.25“Unrestricted Stock Award”    6
		
	ELIGIBILITY
	6

		
	DEFERRAL ELECTIONS
	6

3.1Deferral Elections.    6
3.2Election Procedures.    7
		
	DEFERRAL ACCOUNTS
	7

4.1Creation and Maintenance of Deferral Accounts.    7
4.2Deferral Account for Fees.    7
4.3Deferral Account for Director Shares.    7
		
	PAYMENTS
	7

5.1Time and Form of Payment.    7
5.2Termination of Service.    8
		
	MISCELLANEOUS
	8

6.1No Trust.    8
6.2Funding Arrangements.    8
6.3Nonforfeitability.    9
6.4Withholding for Taxes.    9
6.5Spendthrift Provision.    9

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6.6Successors, Etc.    9
6.7Severability.    9
6.8Governing Law.    9
6.9Gender and Number Construction.    9
6.10Incapacity of Recipient.    9
6.11Amendment and Termination of Plan.    9
6.12Interpretation.    9
6.13Procedures and Forms.    10
6.14Adjustment.    10
6.15Forfeitures and Unclaimed Amounts.    10
6.16Compliance with Section 409A of the Code.    10
6.17No Rights as Stockholder.    10

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PULTEGROUP, INC. 
DEFERRED COMPENSATION PLAN 
FOR NON-EMPLOYEE DIRECTORS 
(as amended and restated effective as of January 1, 2017) 
PREAMBLE 
This amendment and restatement of the PulteGroup, Inc. Deferred Compensation Plan for Non-Employee Directors (the “Plan”) is effective as of January 1, 2017. The Plan was originally adopted effective January 1, 2005 by PulteGroup, Inc. (the “Company”) and subsequently amended and restated as of December 8, 2009.  This Plan is intended to provide members of the Board of Directors of the Company who are not employees of the Company an additional incentive to remain in the service of the Company by permitting them to defer all or a portion of the fees earned, and shares of Common Stock granted, for services performed as a member of the Company’s Board of Directors.
ARTICLE I 
DEFINITIONS 
The following words and phrases, wherever capitalized, shall have the following respective meanings, unless the context requires otherwise: 

1.1    “Beneficiary”  means the person or persons designated in writing by a Participant to the Company. Such a written designation may be made at any time by a Participant and may, from time to time, be amended or revoked; provided, however, that no designation, amendment or revocation thereof shall be effective if delivered to the Company after a Participant’s death, unless the Company shall otherwise consent. In the absence of an effective designation of Beneficiary, or if the designated Beneficiary shall not survive a Participant, such Participant’s Beneficiary shall be deemed to be the individual (or the individuals in equal shares, per capita) in the first of the following classes of successive preference beneficiaries, of which there shall be any individual surviving the Participant: 
     (a)    his spouse; 
      (b)    his children (and the children of a deceased child, per stirpes); 
      (c)    his parents; or 
      (d)    his brothers and sisters (and children of deceased brothers and sisters, per stirpes). 
In the event of the failure of all of the above categories, a Participant’s estate shall be deemed to be his Beneficiary. 

1.2    “Board”  means the Board of Directors of the Company. 

1.3    “Code”  means the Internal Revenue Code of 1986, as amended. 

1.4    “Committee”  shall have the meaning set forth in Section 6.12 (Interpretation). 

1.5    “Common Stock”  means the common stock, $.01 par value, of the Company. 

1.6    “Company”  shall have the meaning set forth in the Preamble hereof. 

1.7    “Deferral Account”  means the bookkeeping account established by the Company with respect to a Director pursuant to Article IV (Deferral Accounts) for the purpose of recording the amount of the Fees and the 

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number of Director Shares being deferred pursuant to this Plan, the amount of any earnings or dividend equivalents credited thereto pursuant to Article IV (Deferral Accounts), and any payments made pursuant to Article V (Payments). 

1.8    “Deferral Date”  means (a) with respect to Fees, the first business day of the calendar quarter following the calendar quarter during which such Fees are earned on which it is reasonably possible to credit amounts to a Participant’s Deferral Account for Fees and (b) with respect to Director Shares, the day on which a Participant would have been entitled to receive shares of Common Stock subject to an Unrestricted Stock Award. 

1.9    “Deferral Period”  means (a) with respect to each subaccount established within a Participant’s Deferral Account for Fees, the period beginning on the first day of the calendar year during which deferred Fees are earned and ending on the date specified by a Participant on an Election Form for such Deferral Year in accordance with Section 3.1(a) (Deferral of Fees) and (b) with respect to Director Shares, the period beginning on the Deferral Date and ending upon such Participant’s Separation from Service for any reason, including death or Disability. 

1.10    “Deferral Year”  means a calendar year beginning on or after January 1, 2005 during which Fees or Directors Shares are earned by a Director and are deferred pursuant to Section 3.1 (Deferral Elections). 

1.11    “Deferred Share Unit”  means a bookkeeping unit credited to a Participant’s Deferral Account for Director Shares and having a value equal to one share of Common Stock. 

1.12    “Determination Date”  means each December 31st and such other date or dates as of which the Company determines the balance of a Participant’s Deferral Account for Fees and the balance of a Participant’s Deferral Account for Director Shares attributable to dividend equivalents credited thereto. 

1.13    “Director”  means a member of the Board who is not an employee of the Company. 

1.14    “Director Shares”  means shares of Common Stock granted to a Director pursuant to an Unrestricted Stock Award for the performance of services as a member of the Board; provided, however, that Director Shares shall not include shares of Common Stock granted to a Director pursuant to an Unrestricted Stock Award (i) on the effective date of his election or appointment to the Board or (ii) at any time during the calendar year in which a Director’s election or appointment to the Board first becomes effective. 

1.15    “Disability”  means a medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, which results in a Participant’s (i) inability to engage in any substantial gainful activity or (ii) receipt of income replacement benefits for a period of not less than three (3) months under an accident and health plan of the Company or one of its affiliates. Additionally, a Participant shall be deemed to have incurred a Disability if the Participant is determined to be totally disabled by the Social Security Administration. 

1.16    “Distribution Date”  means the date in the January after the end of the applicable Deferral Period; provided, however, in the case of a Separation from Service (other than due to death), “Distribution Date” means the later of (i) the January after such Separation from Service and (ii) the date that is six (6) months after such Separation from Service. 

1.17    “Election Form”  means the form provided by the Company on which each of a Participant’s elections are made under this Plan. 

1.18    “Election Period”  means the period designated by the Company before each Deferral Year, ending no later than the December 31 immediately preceding such Deferral Year. 

1.19    “Fair Market Value”  means the average of the high and low transaction prices of a share of Common Stock on the New York Stock Exchange on the date as of which such value is being determined or, if the Common Stock is not listed on the New York Stock Exchange, the average of the high and low transaction prices of 

5

a share of Common Stock on the principal national stock exchange on which the Common Stock is traded on the date as of which such value is being determined, or if there shall be no reported transaction for such date, on the next preceding date for which a transaction was reported; provided, however, that if Fair Market Value for any date cannot be so determined, Fair Market Value shall be determined by the Company by whatever means or method as the Company, in the good faith exercise of its discretion, shall at such time deem appropriate. 

1.20    “Fees”  means the annual retainer, any Committee Chairperson fees, meeting fees and any other fees earned by the Director for the performance of services as a member of the Board. 

1.21    “Participant”  means any Director who elects to defer all or a portion of his Fees or Director Shares earned in a Deferral Year in accordance with Article III (Deferral Elections). 

1.22    “Payment Date”  shall have the meaning set forth in Section 5.2(a)(ii) (Installments). 

1.23    “Plan”  shall have the meaning set forth in the Preamble hereof. 

1.24    “Separation from Service”  means a “separation from service” as that term is defined in Section 409A of the Code, and related Treasury Regulations, including but not limited to the rules under Treasury Regulation Sections 1.409A-1(h)(2), pertaining to independent contractors, and 1.409A-1(h)(5), pertaining to the time at which a separation from service has occurred if an individual provides services as both an employee and member of a board of directors. 

1.25    “Unrestricted Stock Award”  means an award of shares of Common Stock which are not subject to any restrictions or conditions. 

ARTICLE II     
ELIGIBILITY 
Each Director shall be eligible to elect to defer all or any portion of Fees earned subsequent to his election or appointment to the Board in any Deferral Year pursuant to the terms of this Plan. Additionally, each Director who is granted Director Shares for services performed subsequent to his election or appointment to the Board in any Deferral Year shall be eligible to defer the receipt of the shares of Common Stock subject to such award pursuant to the terms of this Plan. 

ARTICLE III     
DEFERRAL ELECTIONS 

3.1    Deferral Elections.  Deferral elections may be made during the Election Period as follows: 
(a)    Deferral of Fees.  Each Director may elect on an Election Form that all or a portion of any Fees earned for services performed as a member of the Board subsequent to the date of his deferral election shall not be paid in accordance with the normal quarterly payment schedule, but shall instead be distributed to him (or in the event of his death, to his Beneficiary) in accordance with the provisions of Article V (Payments). Elections shall be made in one percent (1%) increments, or such other increments as may be specified by the Company, and shall include a separate election with respect to the time and form of payment applicable to Deferral Periods ending pursuant to an election made in accordance with this Section 3.1(a), which may not exceed eight (8) years, and Deferral Periods ending pursuant to Section 5.2 (Termination of Service) due to a Participant’s Separation from Service for any reason, which may not exceed three (3) years. 
(b)    Deferral of Director Shares.  Each Director may elect on an Election Form to receive all or a portion of any Director Shares to be granted for services performed as a member of the Board subsequent to the date of his deferral election on a deferred basis in accordance with the provisions of Article V (Payments). Elections shall be made in one percent (1%) increments, or 

6

such other increments as may be specified by the Company, rounding the resulting number of Director Shares subject to the deferral election up to the nearest whole number. 

3.2    Election Procedures.  All deferral elections must be made in accordance with procedures prescribed by the Company and, except as expressly permitted under this Plan, shall be irrevocable. Deferral elections shall apply only with respect to Fees and Director Shares, as applicable, earned for services to be performed as a member of the Board after the date of the deferral election. The submission of an Election Form pursuant to Section 3.1 shall evidence the Participant’s authorization of the Company to withhold (a) the payment of Fees otherwise payable to the Participant or (b) the delivery of Director Shares, to the extent that such Fees or Director Shares are deferred pursuant to such election, and to credit the Participant’s Deferral Account with such deferred Fees or an equal number of Deferred Share Units, as applicable, in accordance with Article IV (Deferral Accounts). 

ARTICLE IV     
DEFERRAL ACCOUNTS 

4.1    Creation and Maintenance of Deferral Accounts.  The Company shall establish a Deferral Account for Fees and a Deferral Account for Director Shares for each Participant. The Company may establish subaccounts for each Deferral Year. The Company shall maintain records for each Deferral Account and any subaccounts until the balances of the Deferral Accounts have been paid in full pursuant to Article V (Payments). 

4.2    Deferral Account for Fees.  As of each Deferral Date, the Participant’s Deferral Account for Fees shall be credited with the portion of Fees that have been deferred pursuant to Section 3.1(a) (Deferral of Fees). As of each Determination Date, the balance of each Participant’s Deferral Account for Fees shall be credited with an amount determined by multiplying the balance of the Deferral Account for Fees as of the Determination Date by a percentage equal to two hundred (200) basis points over the yield, as of January 1st of that year, on U.S. Treasury Notes with a term of five (5) years. The earnings credited shall be weighted to reflect the timing of credits and payments, if any, occurring during the year then ended. On January 1st of each year, the earnings rate shall be reviewed and adjusted, if necessary, to ensure that the rate is a minimum of two hundred (200) basis points over the prevailing yield on U.S. Treasury Notes with a term of five (5) years. 

4.3    Deferral Account for Director Shares.  As of each Deferral Date, the Participant’s Deferral Account for Director Shares shall be credited with a number of Deferred Share Units equal to the number of Director Shares that have been deferred pursuant to Section 3.1(b) (Deferral of Director Shares). Upon payment of a dividend by the Company on issued and outstanding shares of Common Stock, an amount equal to such per share dividend amount multiplied by the number of Deferred Share Units credited to each Participant’s Deferral Account for Director Shares shall be credited to the Participant’s Deferral Account for Director Shares as of the dividend payment date and shall continue to be denominated in cash. The portion of a Participant’s Deferral Account for Director Shares attributable to such dividend equivalents and denominated in cash shall be credited with earnings as of each Determination Date in the same manner as a Participant’s Deferral Account for Fees as described in Section 4.2 (Deferral Account for Fees). 

ARTICLE V     
PAYMENTS 

5.1    Time and Form of Payment.  Payment of a Participant’ Deferral Accounts shall be made at the end of the applicable Deferral Periods as follows: 
(a)    Fees. Subject to Section 5.2 (Termination of Service), distributions with respect to the subaccounts established within a Participant’s Deferral Account for Fees shall be paid wholly in cash and shall be made, or commence, as follows: 

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(i) Lump Sum.  If the subaccount established within a Participant’s Deferral Account for Fees is payable in a single distribution, distribution shall be made on the Distribution Date applicable to such subaccount. 
(ii) Installments.  If the subaccount established within a Participant’s Deferral Account for Fees is payable in installments, distribution of the applicable subaccount shall commence on the Distribution Date applicable to such subaccount and be paid thereafter in annual payments on each anniversary of the Distribution Date over the period specified on such Participant’s applicable Election Form (each a “Payment Date”). The annual payment of such subaccount to be made to the Participant on each annual Payment Date shall be equal to a percentage of his relevant Deferral Account for Fees subaccount balance on the relevant Payment Date, determined by dividing such subaccount balance at the applicable Payment Date by the total remaining years of the payment term.   If the Director fails to select an installment election, then the default distribution form shall be in a lump sum in accordance with Section 5.1(a)(i). 
(b)    Director Shares.  Distributions of a Participant’s Deferral Account for Director Shares shall be made within 60 days following the Participant’s Separation from Service for any reason, including death or Disability. Distributions of a Participant’s Deferral Account for Director Shares shall be made in the form of whole shares of Common Stock equal to the number of whole Deferred Share Units to be distributed and cash in an amount equal to the balance of the Participant’s Deferral Account for Director Shares denominated in cash which is attributable to dividend equivalents (and earnings) credited in accordance with Section 4.3 (Deferral Account for Director Shares). 

5.2    Termination of Service.  Notwithstanding a Participant’s elected Deferral Period with respect to any subaccount established within a Participant’s Deferral Account for Fees, in the event of a Participant’s Separation from Service for any reason, including by reason of death or Disability, the Deferral Periods for all subaccounts established within a Participant’s Deferral Account for Fees shall end on the effective date of such Separation from Service. Distribution of the Participant’s Deferral Accounts shall be made, or commence, in accordance with Section 5.1(a) (Payment of Deferral Account for Fees), provided that in the event of a Participant’s death (a) during a Deferral Period, (b) after the end of a Deferral Period, but prior to the Distribution Date or (c) after the Distribution Date but before the end of his elected payment period, the balance of his Deferral Accounts will be paid in a lump sum to his Beneficiary on the first Distribution Date or Payment Date, as applicable, following his death. 

ARTICLE VI     
MISCELLANEOUS 

6.1    No Trust.  Nothing contained in this Plan and no action taken pursuant to the provisions hereof shall create or deem to create a trust of any kind, or a fiduciary relationship between the Company and a Participant, his Beneficiary or any other person. To the extent that any person acquires the right to receive benefits from the Company under this Plan, such right shall be no greater than the right of any other unsecured general creditor of the Company, and such person shall have no claim on, or any beneficial interest in, any assets of the Company. The Company may establish bookkeeping reserves or any funding media, including grantor trusts, to cover its obligation to make the payments contemplated under Article V (Payments), but amounts designated in such bookkeeping reserves or contained in such funding media as are established shall remain solely those of the Company and shall be subject to the claims of the creditors of the Company until actually paid to a Participant or his Beneficiary. 

6.2    Funding Arrangements.  It is the Company’s intention that the amounts deferred under this Plan shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. All such amounts shall continue for all purposes to be part of the general funds of the Company and the Plan shall constitute an unsecured promise of the Company to make benefit payments in the future. The 

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Company may, but is not required to, deposit in a trust amounts sufficient to pay benefits under the Plan. Any amounts deposited in a trust will be subject to the Company’s general creditors. 

6.3    Nonforfeitability.  A Participant’s rights to any payments under this Plan, shall at all times be nonforfeitable. 

6.4    Withholding for Taxes.  The Company may withhold from any distribution made under the Plan such amount or amounts as may be required for purposes of complying with the tax withholding provisions of the Code or any applicable state law. 

6.5    Spendthrift Provision.  Benefits, payments, proceeds, claims, rights or interest of a Participant or his Beneficiary to or under this Plan shall not be subject in any manner to any claims, attachments or encumbrances due to the death, contracts, liabilities, engagements or torts of the Participant or his Beneficiary, directly or indirectly, or be subject to any claim of any creditor of the Participant or his Beneficiary, through legal process or otherwise; nor shall a Participant or his Beneficiary be able or permitted in any manner to transfer, encumber, pledge, anticipate, alienate, sell, or assign any such benefits, payments, proceeds, claims, rights or interest, contingent or otherwise. 

6.6    Successors, Etc.  This Plan shall be binding upon and benefit the Company and its successors, and the Participant and his Beneficiary, their heirs and personal representatives, all in accordance and subject to the terms of this Plan. 

6.7    Severability.  Each provision of this Plan shall be independent of and separable from every other provision of this Plan and should any provision of this Plan be deemed or be declared to be contrary to or unenforceable under any law, whether constitutional, statutory or otherwise, all of the remaining provisions of this Plan shall remain in full force and effect. 

6.8    Governing Law.  This Plan shall be governed in all respects, whether as to validity, construction, capacity, performance or otherwise, under the laws of the State of Michigan, except to the extent superseded by federal law. 

6.9    Gender and Number Construction.  In all cases where they would so apply, words used in the masculine gender shall be construed to include the feminine gender, and words used in the singular shall be construed to include the plural. 

6.10    Incapacity of Recipient.  In the event a Participant or his Beneficiary is declared incompetent and a conservator or other person legally charged with the care of his person is appointed, any benefits under this Plan to which such Participant or Beneficiary is entitled shall be paid to such appointed person. 

6.11    Amendment and Termination of Plan.  The Company reserves the right to modify or to amend this Plan, in whole or in part, or to terminate this Plan at any time; provided, however, that no such amendment or termination shall (a) affect a Participant’s interest in amounts previously deferred, or (b) change the time or form of payout with respect to such benefits, except to the extent permitted under Section 409A of the Code. Notwithstanding the preceding, upon a Plan termination, distributions shall be paid in a single lump sum under circumstances permitted in Treasury Regulation Section 1.409A-3(j)(4)(ix), pertaining to plan terminations and liquidations, including but not limited to the requirement, where applicable, that neither the Company nor any controlled group member establish another account-based deferred compensation plan covering the Participants at any time during the succeeding three (3) calendar years. 

6.12    Interpretation.  The members of the Executive Committee of the Board of Directors of the Company who are employees of the Company (the “Committee”) shall have exclusive and final authority and discretion with respect to (a) the interpretation and implementation of the terms and provisions of this Plan and (b) the adoption or amendment of such procedures or practices as it deems necessary, helpful or appropriate, in its sole and absolute discretion, for purposes of administering this Plan. 

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6.13    Procedures and Forms.  The Committee may establish and amend such procedures and forms as are appropriate to implement matters under this Plan. 

6.14    Adjustment.  In the event of any stock split, stock dividend, recapitalization, reorganization, merger, consolidation, combination, exchange of shares, liquidation, spin-off or other similar change in capitalization or event, or any distribution to holders of Common Stock other than a regular cash dividend, each Deferral Account for Directors Shares shall be appropriately adjusted by the Company, including, but not limited to, adjusting the number of Deferred Share Units credited to each Deferral Account for Director Shares under this Plan. The decision of the Company regarding any such adjustment shall be final, binding and conclusive. 

6.15    Forfeitures and Unclaimed Amounts.  Unclaimed amounts shall consist of the amounts of the Deferral Accounts of a Participant that are not distributed because of the Company’s inability, after a reasonable search, to locate a Participant or his Beneficiary, as applicable, within a period of two (2) years after the date upon which the payment of any benefits becomes due. Unclaimed amounts shall be forfeited at the end of such two-year period. These forfeitures will reduce the obligations of the Company under this Plan and the Participant or Beneficiary, as applicable, shall have no further right to his Deferral Accounts. 

6.16    Compliance with Section 409A of the Code.  This Plan is intended to comply with the provisions of Section 409A of the Code, and shall be interpreted and construed accordingly. The Company shall have the discretion and authority to amend this Plan at any time to satisfy any requirements of Section 409A of the Code or guidance provided by the U.S. Treasury Department to the extent applicable to the Plan. 

6.17    No Rights as Stockholder.  Except as otherwise provided in Section 4.3 (Deferral Account for Director Shares) with respect to the right to receive dividend equivalents, a Participant shall not be entitled to any privileges of ownership with respect to any Director Shares that are subject to a deferral election unless and until shares of Common Stock are distributed to the Participant in accordance with Section 5.1(b) (Director Shares) and the Participant becomes a stockholder of record with respect to such shares of Common Stock. 

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