Document:

EX-4.6

 Exhibit 4.6 
  

 
  

(Real Estate Mortgage) 

PUGET SOUND ENERGY, INC. 

TO 
 U.S. BANK NATIONAL
ASSOCIATION, 
 Trustee 
  

 
 Ninety-First
Supplemental Indenture 
 Dated as of April 30, 2013 

 
  

Relating to First Mortgage Bonds 
  

 
 Supplemental
to Indenture dated as of 
 June 2, 1924, as supplemented and modified 

 
  

 
  

 
 (NOT PART OF INDENTURE) 

 THIS NINETY-FIRST SUPPLEMENTAL INDENTURE, made as of the 30th day of April, 2013, by and
between Puget Sound Energy, Inc., formerly Puget Sound Power & Light Company, a corporation duly organized and existing under and by virtue of the laws of the State of Washington (hereinafter sometimes called the “Company”), party
of the first part, and U.S. Bank National Association, a national banking association with a principal corporate trust office at 100 Wall Street, Suite 1600, in the city of New York and State of New York 10005 (successor to Old Colony Trust Company)
(hereinafter sometimes called the “Trustee”), as Trustee under the First Mortgage (originally, and before modification thereof by certain supplemental indentures, called “First and Refunding Mortgage”) from Puget Sound
Power & Light Company, a Massachusetts corporation (hereinafter sometimes called the “Predecessor Company”), dated as of June 2, 1924 (said Mortgage being hereinafter sometimes called the “Original Mortgage”), as
supplemented and modified by all indentures supplemental thereto heretofore executed and delivered, party of the second part; 
 WITNESSETH:
that 
 WHEREAS, the Predecessor Company did by the Original Mortgage, file for record in the offices of the Auditors of the Counties of
Chelan, Clallam, Cowlitz, Douglas, Grant, Grays Harbor, Island, Jefferson, King, Kitsap, Kittitas, Lewis, Mason, Pacific, Pierce, Skagit, Snohomish, Thurston and Whatcom, all in the State of Washington, and left on file as a chattel mortgage in each
of said counties, convey and pledge certain property therein described to Old Colony Trust Company, as Trustee, to be held upon the trusts expressed in the Original Mortgage to equally secure an unlimited authorized amount of mortgage bonds (therein
and herein called the “Bonds”) issued or to be issued in one or more series, all as more fully provided in the Original Mortgage; and 

WHEREAS, the Predecessor Company, prior to September 1, 1954, had executed and delivered to the Trustee thirty-nine supplemental
indentures, supplementing and in certain respects modifying the Original Mortgage and providing for the execution, certification and delivery of Bonds of various series from time to time pursuant thereto (which Original Mortgage, as so supplemented
and modified, is therein and herein sometimes called the “First Mortgage”); and 
 WHEREAS, the Predecessor Company executed and
delivered to the Trustee a Fortieth Supplemental Indenture, dated as of September 1, 1954, which Supplemental Indenture is divided into two parts, designated as Part I and Part II, and Part I thereof provided for the establishment and the
execution, certification and delivery initially of Twenty-Five Million Dollars ($25,000,000) principal amount of a series of Bonds, designated as First Mortgage Bonds, 3-1/2% Series due 1984, and contained certain

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	PAGE 1

 
covenants, restrictions, conditions and provisions affecting, and provided for certain modifications of, the First Mortgage (the First Mortgage, as so supplemented and modified by said Part I,
being sometimes in said Fortieth Supplemental Indenture and herein called the “Revised First Mortgage”) and Part II thereof provided for modifications of the Revised First Mortgage as therein set forth, which modifications became effective
on October 20, 1955 (the Revised First Mortgage as so modified by Part II of the Fortieth Supplemental Indenture as heretofore, hereby, and hereafter supplemented and modified being sometimes in said Part II and herein called the
“Indenture” and references herein to Sections, Articles or other provisions of the Indenture being to the revised or modified provisions thereof as set forth in Part II of the Fortieth Supplemental Indenture); and 

WHEREAS, the Predecessor Company has heretofore executed and delivered to the Trustee a Forty-First Supplemental Indenture dated as of
December 1, 1954, a Forty-Second Supplemental Indenture dated as of July 1, 1957, a Forty-Third Supplemental Indenture dated as of May 1, 1958, a Forty-Fourth Supplemental Indenture dated as of November l, 1959, and a Forty-Fifth
Supplemental Indenture dated as of April 1, 1960, all of which mortgaged, pledged, assigned, conveyed and transferred to the Trustee and subjected to the lien of the Indenture additional property acquired or constructed, and betterments,
improvements and additions made to the mortgaged property, since the execution and delivery of the Fortieth Supplemental Indenture; and 

WHEREAS, the Company has executed and delivered to the Trustee a Forty-Sixth Supplemental Indenture dated as of November 10, 1960,
whereby the Company has succeeded to the Predecessor Company with the same effect as if the Company had been named in the Indenture as the mortgagor company and in the Bonds and coupons as the obligor thereon or maker thereof, and the Predecessor
Company merged into the Company on November 16, 1960, whereupon the Company acquired all the property, real, personal or mixed, including all rights, privileges, easements, licenses and franchises, described in the Indenture and thereby
conveyed and mortgaged or intended so to be, including also all such property acquired by the Predecessor Company since the execution and delivery of the Original Mortgage, which by the terms of the Indenture is subjected or intended to be subjected
to the lien thereof; and 

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	PAGE 2

 WHEREAS, the Company has executed and delivered to the Trustee the supplemental indentures set
forth herein: 
  

			
	 Supplemental Indenture
	 	 Dated as of

	Forty-Seventh Supplemental Indenture	 	February 1, 1961
	Forty-Eighth Supplemental Indenture	 	November 1, 1963
	Forty-Ninth Supplemental Indenture	 	May 1, 1964
	Fiftieth Supplemental Indenture	 	January 1, 1966
	Fifty-First Supplemental Indenture	 	June 1, 1967
	Fifty-Second Supplemental Indenture	 	February 1, 1969
	Fifty-Third Supplemental Indenture	 	July 1, 1970
	Fifty-Fourth Supplemental Indenture	 	October 1, 1972
	Fifty-Fifth Supplemental Indenture	 	March 1, 1974
	Fifty-Sixth Supplemental Indenture	 	November 1, 1974
	Fifty-Seventh Supplemental Indenture	 	August 1, 1975
	Fifty-Eighth Supplemental Indenture	 	October 1, 1976
	Fifty-Ninth Supplemental Indenture	 	July 1, 1978
	Sixtieth Supplemental Indenture	 	December 1, 1979
	Sixty-First Supplemental Indenture	 	December 1, 1981
	Sixty-Second Supplemental Indenture	 	July 1, 1984
	Sixty-Third Supplemental Indenture	 	January 1, 1986
	Sixty-Fourth Supplemental Indenture	 	April 1, 1986
	Sixty-Fifth Supplemental Indenture	 	April 1, 1986
	Sixty-Sixth Supplemental Indenture	 	August 1, 1986
	Sixty-Seventh Supplemental Indenture	 	November 1, 1986
	Sixty-Eighth Supplemental Indenture	 	September 1, 1987
	Sixty-Ninth Supplemental Indenture	 	February 1, 1990
	Seventieth Supplemental Indenture	 	October 1, 1990
	Seventy-First Supplemental Indenture	 	May 1, 1991
	Seventy-Second Supplemental Indenture	 	August 1, 1991
	Seventy-Third Supplemental Indenture	 	March 1, 1992
	Seventy-Fourth Supplemental Indenture	 	October 1, 1992
	Seventy-Fifth Supplemental Indenture	 	April 1, 1993
	Seventy-Sixth Supplemental Indenture	 	December 1, 1997
	Seventy-Seventh Supplemental Indenture	 	March 1, 1999
	Seventy-Eighth Supplemental Indenture	 	October 1, 2000
	Seventy-Ninth Supplemental Indenture	 	May 1, 2003
	Eightieth Supplemental Indenture	 	April 30, 2004
	Eighty-First Supplemental Indenture	 	March 1, 2005
	Eighty-Second Supplemental Indenture	 	April 27, 2005
	Eighty-Third Supplemental Indenture	 	April 28, 2006

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	PAGE 3

			
	Eighty-Fourth Supplemental Indenture	 	September 1, 2006
	Eighty-Fifth Supplemental Indenture	 	April 27, 2007
	Eighty-Sixth Supplemental Indenture	 	April 29, 2008
	Eighty-Seventh Supplemental Indenture	 	April 29, 2009
	Eighty-Eighth Supplemental Indenture	 	April 28, 2010
	Eighty-Ninth Supplemental Indenture	 	April 26, 2011
	Ninetieth Supplemental Indenture	 	April 30, 2012; and

 WHEREAS, all Bonds of any series heretofore executed, authenticated and delivered pursuant to the Original
Mortgage, as from time to time supplemented and modified, have been retired and canceled or payment duly and irrevocably provided for, except for the series set forth herein: 
  

					
	 Principal Amount of Bonds
	  	 Series
	  	 
			
	 Three Hundred Million Dollars

($300,000,000)
	  	 First Mortgage Bonds,
 Pledged Series A due
December 1,
 2027
	  	
			
	 Two Hundred Million Dollars

($200,000,000)
	  	 First Mortgage Bonds,
 Pledged Series A
due
 June 15, 2018
	  	
			
	 One Hundred Million Dollars

($100,000,000)
	  	 First Mortgage Bonds,
 Pledged Series B
due
 March 9, 2029
	  	
			
	 One Hundred Thirty-Eight Million Four
 Hundred
Sixty Thousand Dollars
 ($138,460,000)
	  	 5% First Mortgage Bonds,
 Pledged Series C due
March 1,
 2031
	  	
			
	 Twenty-Three Million Four Hundred
 Thousand
Dollars
 ($23,400,000)
	  	 5.10% First Mortgage Bonds,
 Pledged Series C
due March 1,
 2031
	  	
			
	 Two Hundred Fifty Million Dollars

($250,000,000)
	  	 5.483% Pledged First Mortgage
 Bonds due June 1,
2035
	  	
			
	 One Hundred Fifty Million Dollars

($150,000,000)
	  	 5.197% Pledged First Mortgage
 Bonds due October
1, 2015
	  	

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	PAGE 4

					
	 Principal Amount of Bonds
	  	 Series
	  	 
			
	 Three Hundred Million Dollars

($300,000,000)
	  	 6.274% Pledged First Mortgage
 Bonds due
March 15, 2037
	  	
			
	 Two Hundred Fifty Million Dollars

($250,000,000)
	  	 6.750% Pledged First Mortgage
 Bonds due January
15, 2016
	  	
			
	 Three Hundred Fifty Million Dollars

($350,000,000)
	  	 5.757% Pledged First Mortgage
 Bonds due October
1, 2039
	  	
			
	 Three Hundred Million Dollars

($300,000,000)
	  	 5.638% Pledged First Mortgage
 Bonds due April
15, 2041
	  	
			
	 Two Hundred Fifty Million Dollars

($250,000,000)
	  	 4.434% Pledged First Mortgage
 Bonds due
November 15, 2041
	  	
			
	 Forty-Five Million Dollars

($45,000,000)
	  	 4.70% Pledged First Mortgage
 Bonds due November
15, 2051.
	  	

 which Bonds are now outstanding and constitute the only Bonds of the Company outstanding under the Indenture; and 

WHEREAS, effective as of the opening of business on January 4, 1971, The First National Bank of Boston succeeded Old Colony Trust Company
as Trustee under the Indenture by reason of the merger of Old Colony Trust Company into The First National Bank of Boston; and 
 WHEREAS,
effective as of October 2, 1995, State Street Bank and Trust Company succeeded The First National Bank of Boston as Trustee under the Indenture; and 

WHEREAS, effective as of February 15, 2003, U.S. Bank National Association succeeded State Street Bank and Trust Company as Trustee under
the Indenture; and 
 WHEREAS, the Company has entered into an Indenture (the “Debenture Indenture”) dated as of December 1,
1997 with U.S. Bank National Association (as successor to State Street Bank and Trust Company) as trustee (in such capacity, the “Debenture Indenture Trustee”) pursuant to which the Company proposes to issue from time to time its Senior
Notes (the “Senior Notes”) and the Company has agreed to make certain payments to the Debenture Indenture Trustee in respect of the principal of, premium, if any, and interest on such Senior Notes; and 

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	PAGE 5

 WHEREAS, the Company desires to execute and deliver this Ninety-First Supplemental Indenture, in
accordance with the provisions of the Indenture, for the purpose of confirming the lien of the Indenture on certain property acquired or constructed by the Company since the execution and delivery of the Original Mortgage and on certain betterments,
improvements and additions made by the Company to property previously described in the Indenture. 
 NOW, THEREFORE, WITNESSETH, that,
pursuant to and in execution of the powers, authorities and obligations conferred, imposed and reserved in the Indenture, and pursuant to and in execution of every other power, authority and obligation thereto appertaining and/or enabling, in order
to secure the payment of the principal of, and the premium, if any, and interest on, the Bonds issued and to be issued under the Indenture, and secured thereby and hereby at any time outstanding according to their tenor and effect, and the
performance of all the covenants and conditions therein and herein and in said Bonds contained, and for the purpose of confirming the lien of the Indenture, said Puget Sound Energy, Inc., organized and existing under the laws of the State of
Washington, in consideration of the premises and of One Dollar ($1.00) and other good and valuable consideration to it duly paid by the Trustee, at or before the execution and delivery of these presents, the receipt whereof is hereby acknowledged,
has granted, bargained, sold, conveyed, transferred, assigned, remised, released, mortgaged, set over and confirmed and by these presents does grant, bargain, sell, convey, transfer, assign, remise, release, mortgage, set over and confirm unto U.S.
Bank National Association, as Trustee, and to its successor or successors in the trust created by the Indenture, and to said Trustee and its assigns forever, for the uses and purposes created by the Indenture, all property, real, personal or mixed,
including all rights, privileges, easements, licenses and franchises, described in the Indenture and thereby conveyed and mortgaged or intended so to be, including also all such property acquired by the Company since the execution and delivery of
the Original Mortgage, which by the terms of the Indenture is subjected or intended to be subjected to the lien thereof, and including also all such property as the Company may hereafter acquire which by the terms of the Indenture is subjected or
intended to be subjected to the lien thereof, excepting from the foregoing, however, all property included within the foregoing general description, whether now owned or hereafter acquired, which by the provisions of the Indenture is excepted or to
be excepted from the conveyance and lien of the Indenture, or which has heretofore been released from the lien of the Indenture or otherwise disposed of by the Company free from the lien of the Indenture in accordance with the provisions thereof:

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	PAGE 6

 INCLUDING NEVERTHELESS in the property hereby conveyed and confirmed to the Trustee (without
limiting the generality of the foregoing general description of such property and without prejudice to the conveyance and confirmance of all such property by such general description) the following: 

All property, real, personal or mixed, together with all buildings or improvements thereon and the appurtenances thereto, located in the State
of Washington and described below or conveyed to the Company by the deeds listed on the list of properties and deeds below, to which deeds and the records thereof in the County Auditor’s office of the respective counties in the State of
Washington below stated (in all cases where said deeds and/or records are below specified) reference is hereby made for a more particular description of the property hereby conveyed and confirmed to the Trustee and its respective successor or
successors and assigns as aforesaid, to wit: 

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	PAGE 7

 List of Real Estate in the State of Washington Acquired by 

Puget Sound Energy, Inc. to Date, and Not Heretofore Specifically 

Described in Any Prior Supplemental Indenture** 

Puget Sound Energy, Inc. 
 IN
KITTITAS COUNTY, WASHINGTON: 
 Document: City of Kittitas Ordinance No. 12-007 passed July 24, 2012 (An Ordinance Vacating Portions of
Public Street Rights of Way in the City of Kittitas Washington), and Recorded under Auditors File No.: 201207310023 
 Legal Description: 

All of the alley in Block 1, TOWN OF KITTITAS, in the County of Kittitas, State of Washington, as per plat thereof recorded in Book 2 of Plats, page 39,
records of said County, lying South of the South right-of-way line of First Avenue, North of the North right-of-way line of Railroad Avenue, East of the East boundary line of Lots 1 and 2 in said Block 1 and West of the West boundary line of Lots 3
and 4 of said Block 1. 
  

			
	Tax Parcel Nos.:	  	 17-19-11050-0101 (392333)
 17-19-11050-0103
(402333)

  

	**	All numbers in the row following the designation “Township,” indicate townships north of the Willamette Base Line, and the Letters “E” and “W” in the row following the designation
“Range,” indicate east or west, as the case may be, of the Willamette Meridian. 

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	PAGE 8

 ARTICLE ONE 

MISCELLANEOUS 
 SECTION
1.01 
 This Ninety-First Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Indenture, and
shall form a part thereof, and the Indenture, as hereby supplemented and modified, is hereby confirmed. Except to the extent inconsistent with the express terms hereof, all the provisions, terms, covenants, and conditions of the Indenture shall be
applicable to the Bonds of the New Series to the same extent as if specifically set forth herein. 
 SECTION 1.02 

The Trustee has accepted the amendment of the Indenture effected by this Ninety-First Supplemental Indenture and agrees to execute the trust
created by the Indenture as hereby amended, but only upon the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, and without limiting the
generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect of any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, or for or with
respect to (a) the validity or sufficiency of this Ninety-First Supplemental Indenture or any of the terms or provisions hereof, (b) the proper authorization hereof by the Company by corporate action or otherwise, and (c) the due
execution hereof by the Company. 
 SECTION 1.03 

The Company covenants that it is lawfully seized and possessed of all the trust estate at the date of the execution of the Ninety-First
Supplemental Indenture except as in the Indenture otherwise stated or permitted; that on said date the trust estate is free and clear from all liens and encumbrances other than permitted encumbrances, except as in the Indenture otherwise stated or
permitted; that the Company will warrant and forever defend the trust estate and the title thereto to the Trustee against the claims of all persons whomsoever except as in the Indenture otherwise stated or permitted; that it will maintain and
preserve the lien of the Indenture, as a first mortgage lien, except as in the Indenture otherwise stated or permitted so long as any of the Bonds issued under the Indenture are outstanding; and that it has good right and lawful authority to subject
said property to the lien of the Indenture, as provided in and by the Indenture. 

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	PAGE 9

 SECTION 1.04 

This Ninety-First Supplemental Indenture may be executed in several counterparts, and each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument. 

SECTION 1.05 
 Although
this Ninety-First Supplemental Indenture is dated for convenience and for the purpose of reference as of April 30, 2013, the actual date or dates of execution by the Company and by the Trustee are as indicated by their respective
acknowledgments hereto annexed. 
 [The remainder of this page intentionally left blank] 

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	PAGE 10

 IN WITNESS WHEREOF, Puget Sound Energy, Inc. has caused this Ninety-First Supplemental Indenture
to be signed in its corporate name and behalf by its President or one of its Vice Presidents and the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary, all on April 26, 2013, but as of the day and year first above
written. 
  

			
	PUGET SOUND ENERGY, INC.
		
	By	 	 /s/ Donald E. Gaines

		 	 Donald E. Gaines
 Vice President Finance and
Treasurer

 Attest: 
  

	
	 /s/ Samuel S. Osborne

	Samuel S. Osborne
	Assistant Secretary

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	PAGE 11

 ANY WRITING, TEXT, INITIALS, REVISIONS OR NOTARY SEAL APPEARING OUTSIDE THESE MARGINS MAY
DISQUALIFY THIS DOCUMENT FOR RECORDING 
  

					
	STATE OF WASHINGTON            	  	)	  	
		  	)	  	ss:
	COUNTY OF KING	  	)	  	

 On this 26th day of April, 2013, before me, a Notary Public in and for the State of Washington, duly
commissioned and sworn, personally appeared Donald E. Gaines, to me known to be the Vice President Finance and Treasurer of Puget Sound Energy, Inc., a Washington corporation, the corporation named in and which executed the foregoing instrument; and
he acknowledged to me that he signed the same as the free and voluntary act and deed of said corporation for the uses and purposes therein mentioned, being authorized so to do. 

WITNESS my hand and official seal the day and year in this certificate above written. 

 

	
	 /s/ Corinne Scowcroft

	 Notary Name: Corinne Scowcroft
 Notary Public in
and for the State of Washington, residing at Kirkland.
 My commission expires 12/30/14.

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTURE	 	

 ANY WRITING, TEXT, INITIALS, REVISIONS OR NOTARY SEAL APPEARING OUTSIDE THESE MARGINS MAY
DISQUALIFY THIS DOCUMENT FOR RECORDING 
  

					
	STATE OF WASHINGTON            	  	)	  	
		  	)	  	ss:
	COUNTY OF KING	  	)	  	

 On this 26th day of April, 2013, before me, a Notary Public in and for the State of Washington, duly
commissioned and sworn, personally appeared Samuel S. Osborne, to me known to be the Assistant Secretary of Puget Sound Energy, Inc., a Washington corporation, the corporation named in and which executed the foregoing instrument; and he acknowledged
to me that he signed the same as the free and voluntary act and deed of said corporation for the uses and purposes therein mentioned, being authorized so to do. 

WITNESS my hand and official seal the day and year in this certificate above written. 

 

	
	 /s/ Corinne Scowcroft

	 Notary Name: Corinne Scowcroft
 Notary Public in
and for the State of Washington, residing at Kirkland.
 My commission expires 12/30/14.

  

			
	NINETY-FIRST SUPPLEMENTAL INDENTUREEX-10.1

 EXHIBIT 10.1 

SYNOVUS FINANCIAL CORP. 

2013 OMNIBUS PLAN 

2014 SALARY STOCK AWARD AGREEMENT 

This 2014 Salary Stock Award Agreement (the “Agreement”) is made and entered into as of
                        , 20             by and between
Synovus Financial Corp., a Georgia corporation (the “Company”), and the person named on Exhibit A (the “Grantee”) pursuant to the Company’s 2013 Omnibus Plan (the “Plan”). Capitalized terms not defined in this
Agreement have the meanings ascribed to them in the Plan. 
 1. Grant of Stock Units. Pursuant and subject to the Plan and
this Agreement, the Company agrees to grant as of each remaining bi-weekly payroll date in 2013 for services performed for the Company by the Grantee in 2013, a number of Restricted Stock Units (the “Stock Units”). The Stock Units will be
calculated by dividing the bi-weekly salary stock cash value (the “Salary Stock Cash Value”) set forth on Exhibit A less applicable payroll taxes (e.g., FICA, Medicare and FUTA taxes) and dividing the net amount by the closing price of
Synovus Financial Corp. common stock as of the applicable payroll date. The Stock Units will be immediately 100% vested upon the Grant Dates. Grantee’s of and rights with respect to the Stock Units are limited by the terms and conditions of the
Plan and this Agreement, including restrictions on Grantee’s right to transfer the Stock Units. 
 2. Transfer
Restriction. The Stock Units may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided in the Plan or this Agreement. 

3. Date of Payment. The Stock Units will be paid on January 15, 2015; provided Grantee has satisfied all applicable tax
withholding obligations as provided in Section 5.1 below and the conditions of Sections 5.2 and 5.3 below have been satisfied. Upon the payment date, settlement shall be made in cash based upon the average of the closing price of a Share on the
New York Stock Exchange for the last 20 market trading days immediately preceding January 15, 2015. 
 4. Termination of
Employment; Termination of Right to Stock Units. In the event of Grantee’s death prior to the lapse of transfer restrictions of Section 3 above, the cash value of the vested Stock Units shall be paid as of the date one month
following the date of death. Upon Grantee’s termination of employment for any other reason, the Stock Units that have not yet been paid as of the date of such termination shall remain subject to the provisions of Section 3 above.
Grantee’s rights in respect of future grants of Stock Units shall immediately terminate upon termination of employment, except that Grantee shall be entitled to receive a final grant of Stock Units determined in accordance with Section 1
for any portion of Grantee’s Salary Stock Cash Value that had accrued through the date of termination of employment but had not yet been paid. In addition, Grantee’s right to future Stock Units under this Agreement will terminate on
December 31, 2014. 

 5. Conditions to Lapse of Transfer Restrictions. 

5.1 Tax Withholding. Prior to the lapse of transfer restriction on the Stock Units, Grantee must pay, or otherwise provide to the
satisfaction of the Company, any applicable federal or state withholding obligations of the Company. Unless the Committee permits otherwise, Grantee shall provide for payment of withholding taxes (e.g., income taxes) upon the applicable payment date
by hereby allowing and directing the Company to retain cash based on the Fair Market Value (determined as of the applicable payment date) equal to the statutory minimum amount of taxes required to be withheld. In such case, the Company shall pay the
net cash amount to Grantee after such deduction. 
 5.2 Compliance with Laws. The transfer restrictions set forth in Section 2
above shall not lapse unless such lapse and the issuance or release of the related Stock Units is in compliance, to the reasonable satisfaction of the Committee, with all applicable federal and state laws, as they are in effect on the date of the
lapse of restrictions. 
 5.3 Other Conditions. The Committee may require that Grantee comply with such other procedures relating to
the lapse of transfer restrictions on the Stock Units and the release of shares of Common Stock to Grantee as the Committee may determine, including the manner in which Grantee shall satisfy tax withholding obligations with respect to the Stock
Units. 
 6. Privileges of Stock Ownership. Grantee shall not have the rights of a stockholder with respect to voting or
dividends until the settlement of the Stock Units. 
 7. Right of Offset. The Company shall have the right to offset against
the obligation to settle the Stock Units, any outstanding amounts then owed by Grantee to the Company, but only to the extent such offset does not violate Section 409A of the Code. 

8. Change in Control. Subject to the terms of the Plan, upon the occurrence of a Change in Control, the Stock Units shall be
paid as soon as practicable thereafter to the extent permitted under applicable law, rules, regulation and guidance. 
 9.
Administration, Interpretation and Construction. The terms and conditions set forth in this Agreement will be administered, interpreted and construed by the Compensation Committee, whose decisions will be final, conclusive and binding on
the Company, on Grantee and on anyone claiming under or through the Company or Grantee. By accepting the transfer of Stock Units, Grantee irrevocably consents and agrees to the terms and conditions set forth in this Agreement and to all actions,
decisions and determinations to be taken or made by the Compensation Committee in good faith pursuant to the terms and conditions set forth in this Agreement. 

10. Rights Not Assignable or Transferable. No rights under this Agreement will be assignable or transferable other than by will
or the laws of descent and 

  
 2 

 
distribution, either voluntarily, or, to the full extent permitted by law, involuntarily, by way of encumbrance, pledge, attachment, levy or charge of any nature except as otherwise provided in
this Agreement. Grantee’s rights under this Agreement will be exercisable during Grantee’s lifetime only by Grantee or by Grantee’s guardian or legal representative. 

11. Terms and Conditions Binding. The terms and conditions set forth in the Plan and in this Agreement will be binding upon and
inure to the benefit of the Company, it successors and assigns, including any assignee of the Company and any successor to the Company by merger, consolidation or otherwise, and Grantee, Grantee’s heirs, devisees and legal representatives. In
addition, the terms and conditions set forth in the Plan and in this Agreement will be binding upon and inure to the benefit of Company’s agent and its successors and assigns. 

12. No Employment Rights. No provision of this Agreement or the Plan will be deemed to confer upon Grantee any right to continue
in the employ of the Company or a Subsidiary or will in any way affect the right of the Company or a Subsidiary to dismiss or otherwise terminate Grantee’s employment at any time for any reason with or without cause, or will be construed to
impose upon the Company or a Subsidiary any liability which may result under this Agreement if Grantee’s employment is so terminated. 

13. No Liability for Good Faith Business Acts or Omissions. Grantee recognizes and agrees that the Compensation Committee, the
Board, or the officers, agents or employees of the Company and its Subsidiaries, in their oversight or conduct of the business and affairs of the Company and its Subsidiaries, may in good faith cause the Company or a Subsidiary to act, or to omit to
act, in a manner that may, directly or indirectly, negatively affect the Stock Units. No provision of this Agreement will be interpreted or construed to impose any liability upon the Company, a Subsidiary, the Compensation Committee, Board, or any
officer, agent or employee of the Company or a Subsidiary, that may result, directly or indirectly, from any such action or omission. 

14. Recapitalization. In the event that Grantee receives, with respect to Stock Units, any securities or other property (other
than cash dividends) as a result of any stock dividend or split, spin-off, recapitalization, merger, consolidation, combination or exchange of shares or a similar corporate change, any such securities or the property received by Grantee will
likewise be held by Company’s agent and be subject to the terms and conditions set forth in this Agreement. 
 15. Legal
Representative. In the event of Grantee’s death or a judicial determination of Grantee’s incompetence, reference in this Agreement to Grantee shall be deemed, where appropriate, to Grantee’s heirs or devises. 

16. Titles. The titles to sections or paragraphs of this Agreement are intended solely for convenience and no provision of this
Agreement is to be construed by reference to the title of any section or paragraph. 

  
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 17. Plan Governs. The Stock Units are being granted to Grantee pursuant to and
subject to the Plan, a copy of which is available upon request to the Corporate Secretary of the Company. The provisions of the Plan are incorporated herein by this reference, and all capitalized terms in this Agreement shall have the same meanings
given to such terms in the Plan. The terms and conditions set forth in this Agreement will be administered, interpreted and construed in accordance with the Plan, and any such term or condition which cannot be so administered, interpreted or
construed will to that extent be disregarded. 
 18. Complete Agreement. This instrument contains the entire agreement of the
parties relating to the subject matter of this Agreement and supersedes and replaces all prior agreements and understandings with respect to such subject matter. The parties hereto have made no agreements, representations or warranties relating to
the subject matter of this Agreement which are not set forth herein or incorporated by reference. 
 19. Amendment; Modification;
Waiver. No provision set forth in this Agreement may be amended, modified or waived unless such amendment, modification or waiver shall be authorized by the Compensation Committee and shall be agreed to in writing, signed by Grantee and by
an officer of the Company duly authorized to do so. No waiver by either party hereto of any breach by the other party of any condition or provisions set forth in this Agreement to be performed by such other party will be deemed a waiver of a
subsequent breach of such condition or provision, or will be deemed a waiver of a similar or dissimilar provision or condition at the same time or at any prior to subsequent time. 

20. Governing Law. The validity, interpretation, performance and enforcement of the terms and conditions set forth in this
Agreement will be governed by the laws of the State of Georgia, the state in which the Company is incorporated, without giving effect to the principles of conflicts of law of that state. 

The Company has issued the Stock Units in accordance with the foregoing terms and conditions and in accordance with the provisions of the
Plan. By signing below, Grantee hereby agrees to the foregoing terms and conditions of the Stock Units. 
 IN WITNESS WHEREOF, Grantee has
set Grantee’s hand and seal, effective as of the date and year set forth above. 
  

                       
                                         
                    (L.S.)                    

  
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