Document:

EX-4.4

 Exhibit 4.4 
 REGISTERED 
 No. I- 
 PHILIP MORRIS INTERNATIONAL INC. 
  

							
	  	 	        2.750% NOTE DUE 2025	 	PRINCIPAL AMOUNT  
		 		 		 	€
		 		 		 	CUSIP NO. 718172 BB4  
		 		 		 	ISIN NO. XS0906815591  

 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE EUROCLEAR SYSTEM OR BY CLEARSTREAM
BANKING, SOCIÉTÉ ANONYME (EACH, A “DEPOSITARY”) TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF HSBC ISSUER SERVICES COMMON DEPOSITARY NOMINEE (UK) LIMITED OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO HSBC BANK USA, NATIONAL ASSOCIATION OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, HSBC ISSUER SERVICES COMMON DEPOSITARY NOMINEE (UK) LIMITED, HAS AN INTEREST HEREIN. 

PHILIP MORRIS INTERNATIONAL INC., a Virginia corporation (hereinafter called the “Company”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to HSBC Issuer Services Common Depositary Nominee (UK) Limited or registered assigns, the principal sum of
€            (or such other principal sum as has been most lately endorsed on the Schedule of Exchanges of Interests hereto) on March 19, 2025, and to pay interest thereon from
March 19, 2013 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, annually in arrears on March 19, in each year, commencing March 19, 2014, at the rate of 2.750% per annum until
the principal hereof is paid or made available for payment. 

 The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be March 4 (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may be paid to the
Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee for the Notes, notice whereof shall be given
to Holders of Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture. 
 Interest on this Note will be
calculated on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Note (or March 19, 2013 if no interest
has been paid on this Note), to but excluding the next scheduled Interest Payment Date. 
 Payment of the principal of (and
premium, if any) and interest on this Note will be made at the office or agency of the Company maintained for that purpose in the City of London or the Borough of Manhattan, The City of New York, in such coin or currency of the member states of the
European Monetary Union that have adopted or that adopt the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on European Union as at the time of payment shall be legal tender for the payment
of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear on the Securities Register or
by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the person entitled thereto. All payments of principal,
premium, if any, and interest in respect of this Note will be made by the Company in immediately available funds. 
 Additional
provisions of this Note are contained on the reverse hereof, and such provisions shall have the same effect as though fully set forth in this place. 
 Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee for the Notes by manual signature, this Note shall not be entitled to any benefit under the Indenture, or
be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, PHILIP MORRIS INTERNATIONAL INC. has caused this instrument to be duly
executed. 
  

					
	Dated: March 19, 2013
	
	PHILIP MORRIS INTERNATIONAL INC.
			
	By:	 	  
	 	

 
					
	Name:	 	Marco Kuepfer
	Title: Vice President Finance and Treasurer

 

					
	Attest:
			
	By:	 	  
	 	

 
					
	Name:	 	Markus R. Mueller
	Title:	 	Assistant General Counsel and
		 	Assistant Corporate Secretary

  
 Signature page
to International Global Note 

 CERTIFICATE OF AUTHENTICATION 

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

 

					
	HSBC BANK USA, NATIONAL ASSOCIATION,
	as Trustee
			
	By:	 	  
	 	
		 	Authorized Officer	 	

  
 International
Global Note due 2025 

 (Reverse of Note) 
 PHILIP MORRIS INTERNATIONAL INC. 
 This Note is one of a duly authorized issue of
debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”) of the Company of the series hereinafter specified, which series is limited in aggregate principal amount to €750,000,000 (except as provided
in the Indenture hereinafter mentioned), all such Securities issued and to be issued under an Indenture dated as of April 25, 2008 between the Company and HSBC Bank USA, National Association, as Trustee (herein called the
“Indenture”), to which Indenture and all other indentures supplemental thereto reference is hereby made for a statement of the rights and limitations of rights thereunder of the Holders of the Securities and of the rights, obligations,
duties and immunities of the Trustee for each series of Securities and of the Company, and the terms upon which the Securities are and are to be authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more
series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at different rates, may be subject to different redemption provisions, if any, may be subject to different
sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Note is one of a series of the Securities designated therein as 2.750%
Notes due 2025 (the “Notes”). 
 Principal and interest payments in respect of the Notes are payable by the Company in
Euro, but holders of beneficial interests in Global Securities held through The Depository Trust Company (“DTC”) will receive payments in Dollars unless they elect to receive payments in Euro. If a Holder through DTC has not made such an
election, payments to the Holder will be converted to Dollars by the exchange agent, which will be the Currency Determination Agent under the Indenture. All costs of conversion will be borne by the Holder by deduction from the payments. The Dollar
amount of any payment in respect of principal or interest received by a Holder not electing payment in Euro will be the amount of Euro otherwise payable exchanged into Dollars at the Euro/Dollar rate of exchange prevailing as at 11:00 a.m. (New York
City time) on the day which is two Business Days prior to the relevant payment date, less any costs incurred by the exchange agent for the conversion (to be shared pro rata among the holders of beneficial interests in the Global Securities accepting
Dollar payments in proportion to their respective holdings), in accordance with the following. 
 The Currency Determination
Agent will obtain a bid quotation from a leading foreign exchange bank in the City of New York, which may be the Trustee or the Currency Determination Agent or selected by the Currency Determination Agent for that purpose after consultation with the
Company. If no bid quotation from a leading foreign exchange bank is available, payment will be made in Euro to the account or accounts specified by DTC to the Trustee unless Euro are unavailable due to the imposition of exchange controls or other
circumstances beyond the Company’s control. 
 The holder of a beneficial interest in the Global Securities held through a
participant of DTC (other than Euroclear or Clearstream) may elect to receive payment or payments under a Global Security in Euro by notifying the DTC participant through which its Notes are held on or

 
prior to the applicable Regular Record Date of (1) the Holder’s election to receive all or a portion of the payment in Euro and (2) wire transfer instructions to a Euro account
located outside of the United States. DTC must be notified of an election and wire transfer instructions (1) on or prior to the third New York Business Day after the Regular Record Date for any payment of interest and (2) on or prior to
the fifth New York Business Day prior to the date for any payment of principal. DTC will notify the Trustee of an election and wire transfer instructions (1) on or prior to 5:00 p.m. (New York City time) on the fifth New York Business Day after
the Regular Record Date for any payment of interest and (2) on or prior to 5:00 p.m. (New York City time) on the third New York Business Day prior to the date for any payment of principal. If complete instructions are forwarded to and received
by DTC through DTC participants and forwarded by DTC to the Trustee and received on or prior to such dates, such Holder will receive payment in Euro outside DTC; otherwise, only Dollar payments will be made by the Trustee to DTC. All costs of
conversion will be borne by holders of beneficial interests in the Global Securities receiving Dollars by deduction from those payments. 
 So long as the Notes of this series are in the form of Global Securities only, all Notes of this series will collectively be evidenced (a) by one or more Global Securities (the “DTC Global
Notes”) and (b) by the Global Security of this series registered in the name of HSBC Issuer Services Common Depositary Nominee (UK) Limited (the “International Global Note”). The DTC Global Notes and the International Global Note
will at all times collectively represent the aggregate principal amount of this series outstanding from time to time. If at any time a portion of the International Global Note is exchanged for an interest in one or more DTC Global Notes, the
principal amount of one or more DTC Global Notes shall be increased by the amount of such portion, and such DTC Global Notes shall be endorsed on the Schedule of Exchanges of Interests thereto to reflect such principal increase, subject to the
limitation that in no event may the principal amount of any DTC Global Note be greater than the equivalent in Dollars of $500,000,000. If at any time a portion of a DTC Global Note is exchanged for an interest in the International Global Note, the
principal amount of such DTC Global Note shall be decreased by the amount of such portion, and the DTC Global Note shall be endorsed on the Schedule of Exchanges of Interests thereto to reflect such principal decrease. To ascertain the Dollar
equivalent of the principal amount endorsed on the Schedule of Exchanges of Interests attached to such DTC Global Note, inquiry shall be made of the Currency Determination Agent, and the Dollar equivalent quoted by the Currency Determination Agent
(and the date of such quote) shall be noted on such Schedule of Exchanges of Interests next to the corresponding Euro amount. 

Section 1010 of the Indenture shall be applicable to the Notes, except that (i) the term “Holder,” when used in
Section 1010 of the Indenture, shall mean the beneficial owner of a Note or any person holding on behalf or for the account of the beneficial owner of a Note; (ii) the following language shall replace subsection (k) to
Section 1010 of the Indenture “any tax, assessment or other governmental charge imposed pursuant to the provisions of Sections 1471 through 1474 of the Code” and (iii) the following language shall be included as subsection
(l) to Section 1010 of the Indenture “any combination of items (a), (b), (c), (d), (e), (f), (g), (h), (i), (j) and (k).” 
 The Company may redeem the Notes prior to maturity in whole, but not in part, on not more than 60 days’ notice and not less than 30 days’ notice at a redemption price equal to the

 
principal amount of such Notes plus any accrued interest and additional amounts to the date fixed for redemption if: 

 

	 	—	 	 as a result of a change in or amendment to the tax laws, regulations or rulings of the United States or any political subdivision or taxing authority
of or in the United States or any change in official position regarding the application or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction in the United States) that is announced or
becomes effective on or after March 19, 2013, the Company has or will become obligated to pay additional amounts with respect to the Notes as described in Section 1010 of the Indenture, or 

 

	 	—	 	 on or after March 19, 2013, any action is taken by a taxing authority of, or any decision is rendered by a court of competent jurisdiction in, the
United States or any political subdivision or taxing authority of or in the United States, including any of those actions specified in the bullet point above, whether or not such action is taken or decision is rendered with respect to the Company,
or any change, amendment, application or interpretation is officially proposed, which, in any such case, in the written opinion of independent legal counsel of recognized standing, will result in a material probability that the Company will become
obligated to pay additional amounts with respect to the Notes, 

 and the Company in its business judgment determines that
such obligations cannot be avoided by the use of reasonable measures available to the Company. 
 If the Company exercises its
option to redeem the Notes, the Company will deliver to the Trustee a certificate signed by an authorized officer stating that it is entitled to redeem the Notes and the written opinion of independent legal counsel if required. 

The Indenture contains provisions for defeasance at any time of the entire principal of all the Securities of any series upon compliance
by the Company with certain conditions set forth therein. 
 If an Event of Default (other than an Event of Default described in
Section 501(4) or 501(5) of the Indenture) with respect to the Notes shall occur and be continuing, then either the Trustee or the Holders of at least 25% in aggregate principal amount of the Securities of all series then Outstanding (or, if
such default is not applicable to all series of the Securities, the Holders of at least 25% in principal amount of the then Outstanding Securities of all series to which it is applicable) (in each case voting as a single class) may declare the
entire principal amount of the Securities of all series so affected due and payable in the manner and with effect provided in the Indenture. If an Event of Default specified in Section 501(4) or 501(5) occurs with respect to the Company, all of
the unpaid principal amount and accrued interest then Outstanding shall ipso facto become and be immediately due and payable in the manner with the effect provided in the Indenture without any declaration or other act by the Trustee or
any Holder. 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company with the consent of the Holders of not less than a majority in aggregate principal
amount of the Outstanding Securities of all series of Securities affected thereby (voting as a single class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of
all series affected thereby at the time Outstanding (voting as a single class) to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences to the affected series.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the transfer hereof or in exchange or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, herein and in
the Indenture prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, this Note is
transferable on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company to be maintained for that purpose in the Borough of Manhattan, The City of New York, or at any
other office or agency of the Company maintained for that purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or his or her
attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form in denominations of €100,000 and any integral multiple of €1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a like tenor and of a different authorized denomination, as requested by the Holder
surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The
Company, the Trustee for the Notes and any agent of the Company or such Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note be overdue, and neither the Company, such Trustee nor any such agent shall be affected by notice to the contrary. 
 Certain of the Company’s obligations under the Indenture with respect to Notes may be terminated if the Company irrevocably deposits with the Trustee money or Government

 
Obligations sufficient to pay and discharge the entire indebtedness on all Notes, as provided in the Indenture. 
 This Note shall for all purposes be governed by, and construed in accordance with, the laws of the State of New York. 
 For purposes of the Notes, the term “Business Day” means any day other than (1) a Saturday or Sunday or a day on which commercial banks in the City of New York or the City of London are
authorized or required by law, regulation or executive order to close and (2) a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET or TARGET2) system is not open. The term “New York Business
Day” means any day other than a Saturday or Sunday or a day on which commercial banks in the City of New York are authorized or required by law, regulation or executive order to close. 

Certain terms used in this Note which are defined in the Indenture have the meanings set forth therein. 

 ASSIGNMENT FORM 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
 PLEASE INSERT SOCIAL SECURITY NUMBER OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 

 

	
	  

	  (Name and address of Assignee, including zip code, must be printed or typewritten)
	
	  

	
	  

	the within Note, and all rights thereunder, hereby irrevocably, constituting and appointing
	
	  

	
	  

	Attorney to transfer the said Note on the books of Philip Morris International Inc. with full power of substitution in the premises.

  

									
	Dated:	 	  
	 		 		 	
		 		 		 	  

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

 SCHEDULE OF EXCHANGES OF INTERESTS 

The following exchanges of a part of this Note for an interest in another Global Security or for a certificated Note, or exchanges of a
part of another Global Security or certificated Note for an interest in this Note, have been made: 
  

									
	     Date of
     Exchange
	  	Amount of
decrease in
Principal
Amount of
this Note	  	 Amount of
 increase
in
 Principal
 Amount

of this Note
	  	 Principal Amount
 of
this Note
 following such
 decrease
(or
 increase)
	  	 Signature of

Authorized Officer of
Trustee or Currency
Determination Agent

	  

					
		  		  		  		  	
	  

		  		  		  		  	
	  

		  		  		  		  	
	  

		  		  		  		  	
	  

		  		  		  		  	
	  

		  		  		  		  	
	  

		  		  		  		  	
	  

		  		  		  		  	
	  

		  		  		  		  	
	  

		  		  		  		  	
	  

		  		  		  		  	
	  

		  		  		  		  	
	  

		  		  		  		  	
	  

  

	*	This Schedule may be used by the Trustee, Paying Agent, Currency Determination Agent or other agent of the Company in respect of this Note, and, if so used, shall be
deemed a part thereof for all purposes.EX-10.1

 Exhibit 10.1 
 M.D.C. HOLDINGS, INC. 
 2013 EXECUTIVE OFFICER PERFORMANCE-BASED
COMPENSATION PLAN 
 Article I 
 Establishment And Administration Of Plan 
 A. The Compensation Committee (the
“Committee”) of the Board of Directors of M.D.C. Holdings, Inc., (the “Company”) hereby establishes the following 2013 Executive Officer Performance-Based Compensation Plan (the “Plan”) to provide
additional incentive to improve the Company’s financial results to eligible employees responsible for management of the Company. Amounts paid pursuant to this Plan that are based upon attainment of performance objectives are intended to qualify
as performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended, and the regulations and other guidance promulgated thereunder (the “Code”). 

B. This Plan replaces the Executive Officer Performance Based Compensation Plan originally approved by the Company’s stockholders at
the Company’s 1994 Annual Meeting of Stockholders, as subsequently amended and reapproved by the Company’s stockholders at the Company’s 2008 and 2012 Annual Meetings of the Stockholders. 

C. For purposes of administering and interpreting this Plan, the Committee shall consist solely of at least two “outside
directors” within the meaning of Code Section 162(m). The Committee shall administer and interpret the Plan such that amounts paid hereunder qualify as performance-based compensation within the meaning of Section 162(m) of the Code.
The Committee shall have exclusive authority to establish one or more Performance Objectives for any fiscal year. 
 D. The Plan
shall be submitted for approval by the Company’s stockholders in accordance with Delaware law. No payment shall be made under the Plan prior to approval of the Plan by the Company’s stockholders as required by Section 162(m) of the
Code. 
 Article II 
 Definitions 
 For purposes of this Plan: 

A. “Covered Employees” shall mean the following individuals entitled to bonus payments under the Plan: Larry A. Mizel,
the Company’s Chairman of the Board and Chief Executive Officer, and David D. Mandarich, the Company’s President and Chief Operating Officer. 
 B. The “Performance Goal” shall be a written goal for the achievement of one or more Performance Objectives approved by the Committee in respect of a particular fiscal year, which is
established by the Committee (i) while the outcome for such Performance Objective for that fiscal year is substantially uncertain and (ii) not more than 90 days after the commencement of the fiscal year. 

C. The “Performance Objectives” for any year shall be determined by the Committee. The Performance Objective shall be
based upon one or more of the following criteria: (1) EBITDA; (2) adjusted pre-tax income; (3) net income; (4) operating income; (5) earnings per share of the 

  
 A-1

 
Company or an identifiable business segment; (6) book value per share; (7) stockholders’ equity; (8) adjusted pre-tax return on stockholders’ equity; (9) expense
management; (10) total shareholder return; (11) return on investment before or after the cost of capital; (12) improvements in capital structure; (13) profitability of the Company or an identifiable business segment, unit or
product; (14) maintenance or improvement of profit margins; (15) stock price; (16) market share; (17) revenues or sales; (18) costs; (19) cash flow; (20) working capital; (21) changes in net assets, whether or
not multiplied by a constant percentage intended to represent the cost of capital; (22) return on assets; (23) debt ratings; (24) debt or net debt to EBITDA ratio; (25) debt or net debt to total capital ratios; (26) debt or
net debt to equity ratios; (27) gross margins; (28) closings/deliveries; (29) net orders/growth; (30) SG&A and expense management; (31) procurement of land/well located lots; (32) operating margins;
(33) mortgage capture rates; (34) acquisitions/entrance into new markets; (35) inventory turnover; (36) liquidity; (37) interest coverage; (38) cost targets, reductions and savings; (39) productivity and
efficiencies; (40) strategic business criteria; (41) human resources management; (42) supervision of litigation; (43) economic value added; (44) customer satisfaction; (45) credit rating; (46) debt to equity;
(47) cash to debt; (48) inventory; (49) land and other asset acquisitions; (50) debt management; (51) new debt issues; (52) debt retirement. The foregoing criteria may relate to the Company, one or more of its subsidiaries,
divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or other industries, or any combination thereof, as the Committee shall determine. 

Article III 

Performance-Based Compensation 
 A. The payments provided for in this Plan shall be paid only in the event that the Performance Goal established by the Committee for that fiscal year is achieved, in which case the Covered Employees shall
receive the amount of compensation provided in Paragraph B of Article III. 
 B. If the Performance Goal for that fiscal year is
achieved, each of the Covered Employees shall receive, in accordance with the terms of this Plan, no more than one percent (1%) of Total Assets as set forth on the Company’s balance sheet at the end of the most recent fiscal year.

 C. The Committee shall have no discretion to increase the amount of any payment determined pursuant to this Plan. The
Committee, however, may, in its sole discretion, reduce the amount otherwise payable to any Covered Employee for any fiscal year. 
 D. This Plan shall be effective for fiscal years of the Company commencing after December 31, 2012. 
 Article IV 
 Payment 

A. Any amounts to be paid pursuant to Paragraph B of Article III of this Plan shall be payable, in the Committee’s sole discretion,
in cash and/or Common Stock; provided that no more than 20% of the amount paid to any Covered Employee for any fiscal year pursuant to this Plan shall be paid in Common Stock. The maximum number of shares of Common Stock available for issuance
pursuant to Article IV of this Plan is 1,000,000 and the maximum number of such shares that may be issued to any one person is 1,000,000. If the Committee elects to pay any amount pursuant to Paragraph B of Article III of this Plan in Common Stock,
such Common Stock shall be valued at the average closing price of 

  
 A-2

 
the Company’s Common Stock on the New York Stock Exchange for the 31 trading days preceding the date (the “Certificate Date”) the Committee certifies in writing
(i) that the Performance Goal has been achieved; and (ii) the factors on which the Performance Goal is based, as required by the following paragraph. If such trading value is not available for any reason, the Common Stock issued pursuant
to this Plan shall be valued at its fair market value as of the Certificate Date as determined by the Committee. The Company shall use its best efforts to cause any shares of Common Stock to be issued pursuant to this Plan to be registered pursuant
to the Securities Act of 1933 and regulations thereunder and any appropriate state securities laws and regulations within 180 days of the issuance of such shares of Common Stock. 

B. The Company shall make payment to each of the Covered Employees as promptly as practicable after the end of each fiscal year, but in
no event later March 15 of the calendar year following the fiscal year to which such bonus relates. Before any payment is made for a fiscal year pursuant to the Plan, the Committee shall certify in writing that the Performance Goal for such
fiscal year was achieved. 
 Article V 
 Miscellaneous 
 A. This Plan may be terminated or amended at any time by the
Committee with or without the consent of any Covered Employees, provided that in no event shall the Committee amend the plan in a manner that would cause amounts payable hereunder to cease to be “performance based compensation” within the
meaning of Code Section 162(m). 
 B. This Plan is established with the intent that amounts payable hereunder qualify as
“performance based compensation”, and any provision of this Plan which is determined to be contrary to or in conflict with any such requirement shall be modified to the extent necessary so as to comply with all such requirements.

 C. Any payments made pursuant to this Plan shall be in addition to the base salaries and other compensation or benefits paid
or provided to the Covered Employees, and in no event shall this Plan cause such base salaries and benefits to be reduced or forfeited. 
 D. The Plan shall be unfunded, and the Company shall not be required to segregate any assets which may at any time be awarded under the Plan. Any liability of the Company to any person with respect to any
amount under the Plan shall be based solely upon any contractual obligations which may be created by the terms of the Plan or any agreement with respect to payment of any amounts under the Plan. No such obligation of the Company shall be deemed to
be secured by any pledge of, or other encumbrance on, any property of the Company. 
 ARTICLE VI 

Section 409A 

Notwithstanding anything contained in the Plan to the contrary, the time and form of payment that is subject to the limitations imposed
by Section 409A of the Code shall comply with the requirements of Section 409A of the Code. Amounts payable pursuant to this Plan are intended to constitute “short-term deferrals” within the meaning of Code Section 409A, and
the Plan shall be interpreted and administered consistent with this intent. 

  
 A-3

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