Document:

Exhibit

EIGHTH SUPPLEMENTAL INDENTURE
This Eighth Supplemental Indenture (this “Supplemental Indenture”), dated as of June 2, 2016, between Vertical Media Solutions Inc. (the “Guaranteeing Subsidiary”), an affiliate of Time Inc., a Delaware limited liability company (the “Issuer”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”).
W I T N E S S E T H
WHEREAS, the Issuer and the Guarantors (as defined in the Indenture referred to below) have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of April 29, 2014, providing for the issuance of an unlimited aggregate principal amount of Senior Notes due 2022 (the “Notes”);
WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and
WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
(1)  Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
(2)  Agreement to Guarantee.  The Guaranteeing Subsidiary hereby agrees as follows:
(a) Along with all Guarantors named in the Indenture, to jointly and severally unconditionally guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that:
(i) the performance and full punctual payment when due, whether at maturity, by acceleration or otherwise, of all obligations of the Issuer under the Indenture and the Notes, whether for payment of principal of or interest on the Notes, expenses, indemnification or otherwise will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and
(ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors and the Guaranteeing Subsidiary shall be jointly and severally obligated to pay the same immediately. This is a guarantee of payment and not a guarantee of collection.
(b) The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance that might otherwise constitute a legal or equitable discharge or defense of a guarantor.
(c) The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever.
(d) This Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, the Indenture and this Supplemental Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture.
(e) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors (including the Guaranteeing Subsidiary), or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.
(f) The Guaranteeing Subsidiary also agrees to pay any and all reasonable and documented out-of-pocket costs and expenses (including reasonable and documented out-of-pocket attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under Section 10.01 of the Indenture and Section 2 hereof.
(g) As between the Guaranteeing Subsidiary, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article VI of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guaranteeing Subsidiary for the purpose of this Guarantee.
(h) To the extent that the Guaranteeing Subsidiary makes a payment under its Guarantee, the Guaranteeing Subsidiary shall be entitled upon payment in full of all guaranteed obligations under the Indenture to a contribution from each other Subsidiary Guarantor in an amount equal to such other Subsidiary Guarantor’s pro rata portion of such payment based on the respective net assets of all the Subsidiary Guarantors at the time of such payment determined in accordance with GAAP.
(i) Pursuant to Section 10.02 of the Indenture, after giving effect to all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article X of the Indenture, this new Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guaranteeing Subsidiary under this Guarantee will not constitute a fraudulent transfer or conveyance.
(j) This Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes and Guarantee, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Note shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
(k) In case any provision of this Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
(l) This Guarantee shall be a general unsecured senior obligation of such Guaranteeing Subsidiary.
(m) Each payment to be made by the Guaranteeing Subsidiary in respect of this Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.
(3)  Execution and Delivery.  The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes.
(4)  Merger, Consolidation or Sale of All or Substantially All Assets.
(a)  Except as otherwise provided in Section 5.01(b) of the Indenture, the Guaranteeing Subsidiary may not consolidate or merge with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions (for the avoidance of doubt, other than the Transactions), to any Person unless:
(i) (A) the Guaranteeing Subsidiary is the surviving Person or the Person formed by or surviving any such consolidation, merger or wind up (if other than the Guaranteeing Subsidiary) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person organized or existing under the laws of the jurisdiction of organization of the Guaranteeing Subsidiary, as the case may be, or the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof (the Guaranteeing Subsidiary or such Person, as the case may be, being herein called the “Successor Person”);
(B) the Successor Person, if other than the Guaranteeing Subsidiary, expressly assumes all the obligations of the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s related Guarantee pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee; and
(C) immediately after such transaction, no Default exists; or
(ii) the transaction is made in compliance with Section 4.10 of the Indenture;
(b)  Subject to certain limitations described in the Indenture, the Successor Person will succeed to, and be substituted for, the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s Guarantee. Notwithstanding the foregoing, (i) the Guaranteeing Subsidiary may merge into or transfer all or part of its properties and assets to another Guarantor or the Issuer and (ii) the Guaranteeing Subsidiary may merge with an Affiliate solely for the purpose or effect of reorganizing the Guaranteeing Subsidiary in a state or commonwealth of the United States, the District of Columbia or any territory thereof.
(5)  Releases.  The Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally released and discharged, and no further action by the Guaranteeing Subsidiary, the Issuer or the Trustee is required for the release of the Guaranteeing Subsidiary’s Guarantee, upon (a) receipt by the Trustee of a notification from the Issuer that such Guarantee be released and (b) the occurrence of any of the following:
(a) any direct or indirect sale, exchange, disposition or other transfer (including by merger, consolidation or otherwise) of the Capital Stock of the Guaranteeing Subsidiary, after which the Guaranteeing Subsidiary is no longer a Restricted Subsidiary, or all or substantially all the assets of the Guaranteeing Subsidiary which sale, exchange, disposition or other transfer is made in a manner not in violation of the applicable provisions of the Indenture;
(b) after the initial effectiveness of the Senior Credit Facilities, the release or discharge of the guarantee by the Guaranteeing Subsidiary of the Senior Credit Facilities or the guarantee which resulted in the creation of such Guarantee, in each case except a release or discharge by or as a result of payment under such guarantee;
(c) designation of Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the provisions set forth under Section 4.07 of the Indenture and the definition of “Unrestricted Subsidiary”;
(d) the Issuer’s exercise of its legal defeasance option or covenant defeasance option as described under Article VIII of the Indenture or the Issuer’s obligations under the Indenture being discharged in a manner not in violation of Article XI;
(e) the occurrence of a Covenant Suspension Event as described in Section 4.15 of the Indenture; provided that such Guarantee will be reinstated upon the applicable Reversion Date in accordance with Section 4.15(c) of the Indenture; or
(f) the initial effectiveness of the Senior Credit Facilities, if such Guaranteeing Subsidiary does not guarantee the Senior Credit Facilities at such time.
 (6)  No Recourse Against Others.  No director, officer, employee, incorporator, member or stockholder of the Guaranteeing Subsidiary, in their capacity as such, shall have any liability for any obligations of the Issuer or the Guarantors (including the Guaranteeing Subsidiary) under the Notes, the Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation.  Each Holder by accepting Notes waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.
(7)  Governing Law.  THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
(8)  Counterparts.  The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.  The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes.
(9)  Effect of Headings.  The Section headings herein are for convenience of reference only, and are not to be considered part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions.
(10)  The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary.
(11)  Subrogation.  The Guaranteeing Subsidiary shall be subrogated to all rights of Holders of Notes against the Issuer in respect of any amounts paid by the Guaranteeing Subsidiary pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided that the Guaranteeing Subsidiary shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all obligations of the Issuer under the Indenture and the Notes shall have been paid in full.
(12)  Benefits Acknowledged.  The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits.
(13)  Successors.  All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its Successors, except as otherwise provided in Section 2(k) hereof or elsewhere in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.
(14) FATCA.    The Guaranteeing Subsidiary represents that this Supplemental Indenture has not resulted in a material modification of the Notes for the purposes of  the Foreign Account Tax Compliance Act (FATCA).

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.
	
		
	VERTICAL MEDIA SOLUTIONS INC.

	By

	 
	/s/ Lawrence Jacobs

	 
	Name:   Lawrence Jacobs

	 
	Title:   Vice President & Secretary

	
		
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

	By

	 
	/s/ Raymond Delli Colli

	 
	Name:   Raymond Delli Colli

	 
	Title:   Vice President

	 
	 

1Exhibit

Time Inc. 
2016 Omnibus Incentive Compensation Plan
Non-Employee Director 
 
Deferred Stock Units Agreement

WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference and made a part of this Deferred Stock Units Agreement (the “Agreement”); and 
WHEREAS, the Board of Directors of the Company has determined that it would be in the best interests of the Company and its stockholders to allow Non-Employee Directors to defer some or all of their cash compensation into deferred stock units (the “DSUs”) provided for herein pursuant to the Plan and the terms set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:
		
	1.
	Definitions.  Whenever the following terms are used in this Agreement, they shall have the meanings set forth below.  Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.

		
	a)
	“Date of Grant” has the meaning assigned to such term in the Notice.  

		
	b)
	“Deferral Election” shall mean the deferral election form in effect on the Date of Grant of this Award pursuant to which a Non-Employee Director has elected to defer cash compensation and receive this Award.

		
	c)
	“Non-Employee Director” means an individual who is a member of the Board of Directors of the Company who, as of the close of business on the date of the annual meeting of stockholders of the Company, is not an employee of the Company or any subsidiary of the Company, and shall have the same meaning as may be assigned to the terms “Holder” or “Participant” in the Plan.  For the purposes hereof, a “subsidiary” of the Company shall mean any corporation, partnership or other entity in which the Company owns, directly or indirectly, an equity interest of 50% or more.

		
	d)
	“Notice” means (i) the Notice of Grant of DSUs that accompanies this Agreement, if this Agreement is delivered to the Non-Employee Director in “hard copy,” and (ii) the screen display of the website for the stock plan administration with the heading “Vesting Schedule and Details,” which contains the details of the grant governed by this Agreement, if this Agreement is delivered electronically to the Non-Employee Director.

		
	e)
	“Plan” means the equity plan maintained by the Company that is specified in the Notice, which equity plan has been provided to the Non-Employee Director separately and forms a part of this Agreement, as such plan may be amended, supplemented or modified from time to time. 

		
	f)
	“Settlement Date” means one or more scheduled distribution dates identified by the Non-Employee Director on the Deferral Election.

		
	g)
	“Shares” means shares of Common Stock of the Company.

		
	h)
	“Tax-Related Items” has the meaning assigned to such term in Section 8(a).

		
	2.
	Grant of Deferred Stock Units.  The Company hereby grants to the Non-Employee Director (the “Award”), on the terms and conditions hereinafter set forth, the number of DSUs set forth in the Notice.  Each DSU represents the unfunded, unsecured right of the Non-Employee Director to receive a Share on one or more Settlement Dates set forth in the Deferral Election.  DSUs do not constitute issued and outstanding shares of Common Stock for any corporate purposes and do not confer on the Non-Employee Director any right to vote on matters that are submitted to a vote of holders of Shares. In addition this Award may only be transferred as provided in the Plan.

		
	3.
	Settlement and Delivery of Shares.

		
	a)
	Settlement Date.  The DSUs shall be settled by the issuance by the Company, and transfer to the Non-Employee Director, of a number of Shares covered by the Award on the applicable Settlement Date that is consistent with the Deferral Election.  

		
	b)
	Final Issuance.  Shares issued or transferred upon settlement of the DSUs shall be issued in whole Shares.  

		
	c)
	Section 409A.  Notwithstanding anything else contained in this Agreement, no Shares shall be issued or transferred to a Non-Employee Director before the first date on which a payment could be made without subjecting the Non-Employee Director to tax under the provisions of Section 409A of the Code.

		
	4.
	Acceleration of Settlement.  

		
	a)
	In the event of the Non-Employee Director’s separation from service due to his or her death or disability (defined in accordance with Section 409A of the Code) prior to a Settlement Date, the remaining DSUs subject to this Award shall be settled by transferring to the Non-Employee Director (or his or her heirs, as the case may be) the number of Shares covered by the remaining DSUs no later than sixty (60) days following the occurrence of such separation from service.

		
	b)
	In the event of a Change in Control prior to the prior to a Settlement Date, the remaining DSUs subject to this Award shall be settled by transferring to the Non-Employee Director the number of Shares covered by the DSUs outstanding immediately prior to such Change in Control.

		
	5.
	Limitation on Acceleration of Settlement.  Notwithstanding any provision to the contrary in the Plan or this Agreement, if the Payment (as hereinafter defined) due to the Non-Employee Director hereunder as a result of the early settlement of the DSUs pursuant to Section 4(b) of this Agreement, either alone or together with all other Payments received or to be received by the Non-Employee Director from the Company or any of its Affiliates (collectively, the “Aggregate Payments”), or any portion thereof, would be subject to the excise tax imposed by Section 4999 of the Code (or any successor thereto), the following provisions shall apply:

		
	a)
	If the net amount that would be retained by the Non-Employee Director after all taxes on the Aggregate Payments are paid would be greater than the net amount that would be retained by the Non-Employee Director after all taxes are paid if the Aggregate Payments were limited to the largest amount that would result in no portion of the Aggregate Payments being subject to such excise tax, the Non-Employee Director shall be entitled to receive the Aggregate Payments.

		
	b)
	If, however, the net amount that would be retained by the Non-Employee Director after all taxes were paid would be greater if the Aggregate Payments were limited to the largest amount that would result in no portion of the Aggregate Payments being subject to such excise tax, the Aggregate Payments to which the Non-Employee Director is entitled shall be reduced to such largest amount.

The term “Payment” shall mean any transfer of property within the meaning of Section 280G of the Code.
The determination of whether any reduction of Aggregate Payments is required and the timing and method of any such required reduction in Payments under this Agreement or in any such other Payments otherwise payable by the Company or any of its Affiliates consistent with any such required reduction, shall be made by the Non-Employee Director, including whether any portion of such reduction shall be applied against any cash or any shares of stock of the Company or any other securities or property to which the Non-Employee Director would otherwise have been entitled under this Agreement or under any such other Payments, and whether to waive the right to the acceleration of the Payment due under this Agreement or any portion thereof or under any such other Payments or portions thereof, and all such determinations shall be conclusive and binding on the Company and its Affiliates.    
The Company shall promptly pay, upon demand by the Non-Employee Director, all legal fees, court costs, fees of experts and other costs and expenses which the Non-Employee Director incurred in any actual, threatened or contemplated contest of the Non-Employee Director’s interpretation of, or determination under, the provisions of this Section 6.  
		
	6.
	Taxes; Compliance with Law; Incorporation of Plan Terms.

		
	a)
	The Non-Employee Director acknowledges and agrees that, regardless of any action taken or failed to be taken by the Company, the ultimate liability for all income tax, social insurance, payroll tax, payment on account or other tax-related items related to the Non-Employee Director’s participation in the Plan and legally applicable to the Non-Employee Director (the “Tax-Related Items”), is and remains the Non-Employee Director’s responsibility and, to the extent the Company was required to withhold, may exceed the amount actually withheld by the Company.  The Non-Employee Director further agrees and acknowledges that the Company (x) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of the Award, the settlement of the DSUs or the subsequent sale of any Shares acquired pursuant to such settlement; and (y) does not commit to and is under no obligation to structure the terms of the Award or any aspect of the DSUs to reduce or eliminate the Non-Employee Director’s liability for Tax-Related Items or achieve any particular tax result.  Further, if the Non-Employee Director is subject to tax in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, the Company may be required to withhold or account for Tax-Related Items in more than one jurisdiction.  The Company’s obligation to deliver the Shares subject to the DSUs shall be subject to payment of all Tax-Related Items by the Non-Employee Director.

		
	b)
	The Non-Employee Director acknowledges that the Non-Employee Director will consult with his or her personal tax advisor regarding the Tax-Related Items that arise in connection with this Agreement.  The Non-Employee Director is relying solely on such advisors and is not relying in any part on any statement or representation of the Company or any of its agents.  The Company shall not be responsible for withholding any Tax-Related Items, unless required by law.  In order to comply with all applicable law, the Company may take such action as it deems appropriate to ensure that all Tax-Related Items, which are the Non-Employee Director’s sole and absolute responsibility, are withheld or collected from the Non-Employee Director, if and to the extent required by applicable law.

		
	c)
	The Company will not issue any Shares, to the Non-Employee Director unless and until the Non-Employee Director satisfies its obligation for Tax-Related Items.  

		
	d)
	The Board or the Committee may also require the Non-Employee Director to acknowledge that he or she shall not sell or transfer Shares except in compliance with all applicable securities and exchange control laws, and may apply such other restrictions on the sale or transfer of the Shares as it deems appropriate.

		
	7.
	Changes in Capitalization and Government and Other Regulations.  The Award shall be subject to all of the terms and provisions as provided in this Agreement and in the Plan, which are incorporated by reference herein and made a part hereof, including, without limitation, the provisions of Section 4(e) of the Plan (generally relating to adjustments to the number of Shares subject to the Award, upon certain changes in capitalization and certain reorganizations and other transactions).

		
	8.
	Forfeiture; Waiver.  A breach of any of the foregoing restrictions or a breach of any of the other restrictions, terms and conditions of the Plan or this Agreement, with respect to any of the DSUs or relating thereto, except as waived by the Board or the Committee, will cause a forfeiture of such DSUs.  The Non-Employee Director acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Non-Employee Director or any other grantee.

		
	9.
	No Right of Non-Employee Director to Continue to Serve.  Nothing contained in the Plan or this Agreement shall confer on any Non-Employee Director any right to continue to serve as a director of the Company.

		
	10.
	Notices.  Any notice which either party hereto may be required or permitted to give the other shall be in writing and may be delivered personally or by mail, postage prepaid, addressed to Time Inc., at Brookfield Place, 225 Liberty Street, New York, NY 10281, attention: Stock Plan Administration, and to the Non-Employee Director at his or her address, as it is shown on the records of the Company, or in either case to such other address as the Company or the Non-Employee Director, as the case may be, by notice to the other may designate in writing from time to time.

		
	11.
	Interpretation and Amendments.  The Board and the Committee (to the extent delegated by the Board) have plenary authority to interpret this Agreement and the Plan, to prescribe, amend and rescind rules relating thereto and to make all other determinations in connection with the administration of the Plan.  The Board or the Committee may from time to time modify or amend this Agreement in accordance with the provisions of the Plan.

		
	12.
	Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and shall be binding upon and inure to the benefit of the Non-Employee Director and his or her legatees, distributees and personal representatives.

		
	13.
	Copy of the Plan.  By entering into the Agreement, the Non-Employee Director agrees and acknowledges that he or she has received and had an opportunity to read a copy of the Plan.

		
	14.
	Governing Law.  The Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without regard to any choice of law rules thereof which might apply the laws of any other jurisdiction.

		
	15.
	Waiver of Jury Trial.  To the extent not prohibited by applicable law which cannot be waived, each party hereto hereby waives, and covenants that it will not assert (whether as plaintiff, defendant or otherwise), any right to trial by jury in any forum in respect of any suit, action, or other proceeding arising out of or based upon this Agreement.

		
	16.
	Submission to Jurisdiction; Service of Process.  Each of the parties hereto hereby irrevocably submits to the jurisdiction of the state courts of the County of New York, State of New York and the jurisdiction of the United States District Court for the Southern District of New York for the purposes of any suit, action or other proceeding arising out of or based upon this Agreement.  Each of the parties hereto to the extent permitted by applicable law hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding brought in such courts, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that such suit, action or proceeding in the above-referenced courts is brought in an inconvenient forum, that the venue of such suit, action or proceedings, is improper or that this Agreement may not be enforced in or by such court.  Each of the parties hereto hereby consents to service of process by mail at its address to which notices are to be given pursuant to Section 10 hereof.

		
	17.
	Data Privacy.  The Company may hold, collect, use, process and transfer, in electronic or other form, certain personal information about the Non-Employee Director for the exclusive purpose of implementing, administering and managing the Non-Employee Director’s participation in the Plan.  The Non-Employee Director understands that the following personal information is required for the above named purposes: his/her name, home address and telephone number, office address and telephone number, e-mail address, date of birth, citizenship, country of residence at the time of grant, work location country, Company unique ID, title, compensation paid, termination date and reason, tax payer’s identification number, tax equalization code, US Green Card holder status, any shares of stock held in the Company, details of all grants of DSUs (including number of grants, grant dates, vesting type, vesting dates, and any other information regarding DSUs that have been granted, canceled, vested, or forfeited) with respect to the Non-Employee Director, estimated tax withholding rate (if applicable), brokerage account number (if applicable), and brokerage fees (the “Data”).  The Non-Employee Director understands that Data may be transferred to third parties assisting the Company in the implementation, administration and management of the Plan, including the brokers approved by the Company, the broker selected by the Non-Employee Director from among such Company-approved brokers (if applicable), tax consultants and the Company’s software providers (the “Data Recipients”).  The Non-Employee Director understands that some of these Data Recipients may be located outside the Non-Employee Director’s country of residence, and that the Data Recipient’s country may have different data privacy laws and protections than the Non-Employee Director’s country of residence.  The Non-Employee Director understands that the Data Recipients will receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Non-Employee Director’s participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Non-Employee Director’s behalf by a broker or other third party with whom the Non-Employee Director may elect to deposit any Shares acquired pursuant to the Plan.  The Non-Employee Director understands that Data will be held only as long as necessary to implement, administer and manage the Non-Employee Director’s participation in the Plan.  The Non-Employee Director understands that Data may also be made available to public authorities as required by law, e.g., to the U.S. government.  Non-Employee Director understands that the Non-Employee Director may, at any time, review Data and may provide updated Data or corrections to the Data by written notice to the Company.  Except to the extent the collection, use, processing or transfer of Data is required by law, the Non-Employee Director may object to the collection, use, processing or transfer of Data by contacting the Company in writing.  The Non-Employee Director understands that such objection may affect his/her ability to participate in the Plan.  The Non-Employee Director understands that he/she may contact Stock Plan Administration at the Company to obtain more information on the consequences of such objection.

		
	18.
	Severability.  The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

Additional Provision Related to Non-Employee Directors Subject to U.K Tax Law
U.K. Taxes.  In the event that Tax-Related Items must be withheld by the Company and such amounts are not collected from or repaid by the Non-Employee Director by the 90th day of the end of the U.K. tax year (April 6 to April 5) following the tax event, the amount of any uncollected Tax-Related Items may constitute a benefit to the Non-Employee Director on which additional income tax and national insurance contributions may be payable.  The Non-Employee Director acknowledges that the Non-Employee Director ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to Her Majesty’s Revenue and Customs (“HMRC”) under the self-assessment regime and for reimbursing the Company for the value of national insurance contribution, if any, due on this additional benefit.  The Non-Employee Director further acknowledges that the Company may recover such amounts from the Non-Employee Director by any of the means referred to in Section 7 of the Agreement, or otherwise permitted under the Plan.

Joint Election.  As a condition of the Non-Employee Director’s participation in the Plan and assuming secondary Class 1 national insurance contributions are due on the income, the Non-Employee Director agrees to accept any liability for secondary Class 1 national insurance contributions which may be payable by the Company in connection with the DSUs and any event giving rise to Tax-Related Items (the “Employer’s NICs”).  Without limitation to the foregoing, the Non-Employee Director agrees to enter into a joint election with the Company (the “Joint Election”), the form of such Joint Election being formally approved by HMRC, and to execute any other consents or elections required to accomplish the transfer of the Employer’s NICs to the Non-Employee Director.  The Non-Employee Director further agrees to execute such other joint elections as may be required between the Non-Employee Director and any successor to the Company and/or the Employer.  

Currency Exchange.  The Non-Employee Director acknowledges and agrees that the Company shall not be liable for any foreign exchange rate fluctuation between the Non-Employee Director’s local currency and the United States Dollar that may affect the value of the DSU or of any amounts due to the Non-Employee Director pursuant to the settlement of the DSU or the subsequent sale of any Shares acquired upon settlement.

Insider Trading Restrictions/Market Abuse Laws.  The Non-Employee Director acknowledges that, depending on his or her country of residence, the Non-Employee Director may be subject to insider trading restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell Shares or rights to Shares (e.g., DSUs) under the Plan during such times as the Non-Employee Director is considered to have “inside information” regarding the Company (as defined by the laws in the Non-Employee Director’s country).  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy.  The Non-Employee Director is responsible for ensuring compliance with any applicable restrictions and is advised to consult his or her personal legal advisor on this matter.

US Taxes.  In the event that Tax-Related Items must be withheld by the Company, then the Company will withhold in Shares upon the relevant taxable or tax withholding event, as applicable, unless the use of such withholding method is problematic under applicable tax or securities law or has materially adverse accounting consequences, in which case, the obligation for Tax-Related Items may be satisfied by one or a combination of the methods below. 

(i)    by requiring the Non-Employee Director to deliver a properly executed notice together with irrevocable instructions to a broker approved by the Company to sell a sufficient number of Shares to generate net proceeds (after commission and fees) equal to the Tax-Related Items and promptly deliver such amount to the Company;

(ii)    by requiring or allowing the None-Employee Director to pay the Tax-Related Items in cash or by check; 

(iii)    by deducting the Tax-Related Items from the cash compensation paid to the Non-Employee Director by the Company; 

(iv)    by allowing the Non-Employee Director to surrender other Shares that (A) in the case of Shares initially acquired from the Company (upon exercise of a stock option or otherwise), have been owned by the Non-Employee Director for such period (if any) as may be required to avoid a charge to the Company’s earnings, and (B) have a Fair Market Value on the date of surrender equal to the Tax-Related Items;

(v)    by withholding a number of Shares to be issued upon delivery of Shares that have a Fair Market Value equal to the Tax-Related Items; 

(vi)    by selling any Shares (on the Non-Employee Director’s behalf pursuant to this authorization) to the extent required to pay the Tax-Related Items; or

(vii)    by such other means or method as the Committee in its sole discretion and without notice to the Non-Employee Director deems appropriate.

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