Document:

Exhibit 4.5

 

FIRST SUPPLEMENTAL INDENTURE

 

FIRST SUPPLEMENTAL
INDENTURE (“First Supplemental Indenture”), dated as
of January 25, 2010, among B&G Foods, Inc., a Delaware
Corporation, (the “Company”) and
each of the Guarantors party thereto (the “Guarantors”)
and The Bank of New York Mellon, as trustee (the “Trustee”).

 

WITNESSETH:

 

WHEREAS,
the Company, the Guarantors and the Trustee have entered into an Indenture,
dated as of October 14, 2004 (the “Original Indenture”)
governing the Company’s 8% Senior Notes due 2011 (the “Notes”);

 

WHEREAS,
under Section 9.02 of the Original Indenture, the Company, the Guarantors
and the Trustee may amend the Original Indenture with the consent of the
Holders of at least a majority in principal amount of Notes then outstanding
voting as a single class pursuant to the terms set forth therein;

 

WHEREAS,
Holders of a majority in principal amount of Notes outstanding voting as a
single class have consented to the amendments set forth herein in connection
with the tender offer and consent solicitation of the Company commencing on January 8,
2010, with respect to the Notes (the “Tender Offer”);

 

WHEREAS,
the Company and the Guarantors desire to enter into this First Supplemental
Indenture on the date set forth above for the purpose of making the amendments
set forth herein, which amendments will become operative as set forth in Section 4
herein; and

 

WHEREAS,
all other conditions and requirements necessary to make this First Supplemental
Indenture a valid, binding and legal instrument enforceable in accordance with
its terms have been performed and fulfilled by the parties hereto, and the
execution and delivery thereof have been in all respects duly authorized by the
parties hereto.

 

NOW,
THEREFORE, for
and in consideration of the foregoing premises, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the Notes, as
follows:

 

1.             DEFINITIONS.  For all
purposes of the Original Indenture and this First Supplemental Indenture,
except as otherwise expressly provided or unless the context otherwise
requires:

 

(a)           References.  The terms
“herein,” “hereof” and other words of similar import refer to the Original
Indenture and this First Supplemental Indenture as a whole and not to any
particular article, section or other subdivision.

 

(b)           Capitalized Terms.  All
capitalized terms used in this First Supplemental Indenture but not defined
herein shall have the meanings assigned to such terms in the Original
Indenture.

 

2.             ELIMINATION AND AMENDMENT OF CERTAIN DEFINED TERMS IN ARTICLE I OF THE
ORIGINAL INDENTURE.  From and
as of the Operational Time (as defined in Section 4(b) of this First
Supplemental Indenture), any defined terms appearing in Article 1 of the
Original Indenture or elsewhere in the Original Indenture, and all references
thereto, that are used solely in the sections, subsections or provisions of the
Original Indenture deleted from the Original Indenture by virtue of Section 3
of this First Supplemental Indenture shall be deleted in their entireties from Section 1.01
of the Original Indenture.

 

 

3.             AMENDMENT OF CERTAIN PROVISIONS OF ARTICLES 3, 4, 5 AND 6 AND OTHER
RELATED PROVISIONS OF THE ORIGINAL INDENTURE.

 

(a)           Amendment of Section 3.09 of the Original Indenture.  From and as of the Operational Time (as
defined in Section 4(b) of this First Supplemental Indenture), Section 3.09
of the Original Indenture shall be amended by deleting such section in its
entirety, together with any references thereto in the Original Indenture.

 

(b)           Amendment of Article 4 of Original Indenture.  From and as of the Operational Time (as
defined in Section 4(b) of this First Supplemental Indenture), Article 4
of the Original Indenture shall be amended by deleting Sections 4.03, 4.04,
4.05, 4.06, 4.07 (other than to the degree clause (8) of the fourth paragraph
of Section 9.02 of the Original Indenture would prohibit such amendment
and deletion), 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.17, 4.18, 4.19 and
4.20 in their entireties, together with any references thereto in the Original
Indenture.

 

(c)           Amendment of Section 5.01 of Original Indenture.  From and as of the Operational Time (as
defined in Section 4(b) of this First Supplemental Indenture), Section 5.01
of the Original Indenture shall be amended by

 

(i)            adding
“and” after “;” at the end of clause (2);

 

(ii)           deleting
“; and” at the end of clause (3) and substituting “.” therefor; and

 

(iii)          deleting
clause (4) in its entirety.

 

(iv)          deleting
the following language: “In addition, the Company shall not, directly or
indirectly, lease all or substantially all of its properties or assets, in one
or more related transactions, to any other Person.  This Section 5.01 will not apply to (1) a
merger of the Company with an Affiliate solely for the purpose of reincorporating
the Company in another jurisdiction; or (2) any consolidation or merger,
or any sale, assignment, transfer, conveyance or other disposition of assets
between or among the Company and any of the Guarantors.”

 

(d)           Amendment of Article 6 of the Original Indenture.  From and as of the Operational Time, Article 6
of the Original Indenture shall be amended by: (i) deleting Sections 6.01(4),
(5), (6), (7), (8) and (9) in their entireties, together with any
references thereto in the Original Indenture; (ii) adding “and” after “;”
at the end of Section 6.01(1); and (iii) deleting “;” at the end of Section 6.01(2) and
substituting “.” therefor.

 

(e)           Amendment of Additional Provisions of Original Indenture.  From and as of the Operational Time, any and
all additional provisions of the Original Indenture shall be deemed amended to
reflect the intentions of the amendments provided for in this Section 3
and elsewhere herein.

 

4.             EFFECT OF FIRST SUPPLEMENTAL INDENTURE; OPERATION OF AMENDMENTS.

 

(a)           Effect of First Supplemental Indenture.  In accordance with Section 9.04 of the
Original Indenture, upon the execution of this First Supplemental Indenture,
the Original Indenture shall be modified in accordance herewith, and this First
Supplemental Indenture shall form a part of the Original Indenture for all
purposes; and every Holder of the Notes heretofore authenticated and delivered
under the Original Indenture shall be bound hereby.  Except as modified by this First Supplemental
Indenture, the 

 

2

 

Original Indenture and the Notes, and the rights of
the Holders of the Notes thereunder, shall remain unchanged and in full force
and effect.

 

(b)           Operation of Amendments. 
The provisions of this First Supplemental Indenture shall not become
operative until the date and time (such date and time, the “Operational Time”)
the Company notifies (in writing) The Bank of New York Mellon, as depositary
for the Notes under the Tender Offer (the “Depositary”), that the Company has
purchased Notes tendered and not withdrawn pursuant to the Tender Offer.  In the event the Company notifies (in
writing) the Depositary that it has withdrawn or terminated the Tender Offer
prior to the Operational Time, this First Supplemental Indenture shall be
terminated and be of no force or effect and the Original Indenture shall not be
modified hereby.  The Company shall
promptly notify the Trustee in writing of any notice it gives to the
Depositary.

 

5.             MATTERS CONCERNING THE TRUSTEE.  The Trustee accepts the trusts of the
Original Indenture, as amended and supplemented by this First Supplemental
Indenture, and agrees to perform the same, but only upon the terms and
conditions set forth in the Original Indenture, as amended and supplemented by
this First Supplemental Indenture, to which the parties hereto and the Holders
from time to time of the Notes agree and, except as expressly set forth in the
Original Indenture, as amended and supplemented by this First Supplemental
Indenture, shall incur no liability or responsibility in respect thereof.  Without limiting the generality of the
foregoing, the recitals contained herein shall be taken as the statements of
the Company, and the Trustee assumes no responsibility for their correctness,
and the Trustee makes no representation as to the validity or sufficiency of
this First Supplemental Indenture or any consents thereto.

 

6.             RATIFICATION AND CONFIRMATION OF THE ORIGINAL INDENTURE.  Except as expressly amended hereby, the
Original Indenture is in all respects ratified and confirmed and all the terms,
provisions and conditions thereof shall be and remain in full force and effect.

 

7.             MISCELLANEOUS.

 

(a)           Binding Effect.  All
agreements of the Company in this First Supplemental Indenture shall be binding
upon the Company’s successors.  All
agreements of the Trustee in this First Supplemental Indenture shall be binding
upon its successors.

 

(b)           Governing Law.  THE
INTERNAL LAWS OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS
FIRST SUPPLEMENTAL INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

(c)           Conflict with Trust Indenture Act of 1939.  If and to the extent that any provision of
this First Supplemental Indenture limits, qualifies or conflicts with the
duties imposed by Sections 310-317 of the Trust Indenture Act of 1939, as
amended (the “Trust Indenture Act”), by operation of Section 318(c) of
the Trust Indenture Act, the imposed duties shall control.

 

(d)           Headings for Convenience of Reference.  The titles and headings of the sections of
this First Supplemental Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof and shall in no way
modify or restrict any of the terms or provisions hereof.

 

(e)           Counterparts.  This First
Supplemental Indenture may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but such counterparts
shall constitute but one and the same agreement.

 

3

 

(f)            Severability.  In case
any provision of this First Supplemental Indenture shall be determined to be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions hereof or of the Original Indenture shall not in any
way be affected or impaired thereby.

 

(g)           Effect Upon Original Indenture.  This First Supplemental Indenture shall form
a part of Original Indenture for all purposes, and every Holder of Notes
heretofore or hereafter authenticated and delivered shall be bound hereby.

 

(signature page follows)

 

4

 

IN
WITNESS WHEREOF, the Company and the Trustee have caused this First
Supplemental Indenture to be duly executed by their respective officers
thereunto duly authorized and their respective corporate seals, duly attested,
to be hereunto affixed all as of the day and the year first above written.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  B&G FOODS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert C. Cantwell

  
	
   

  	
   

  	
  Name:  Robert C. Cantwell

  
	
   

  	
   

  	
  Title:  Executive Vice President of Finance

  

 

 

EXISTING GUARANTORS:

 

BGH HOLDINGS, INC.

 

BLOCH & GUGGENHEIMER, INC.

 

BURNHAM & MORRILL COMPANY

 

WILLIAM UNDERWOOD COMPANY

 

 

	
   

  	
  By:

  	
  /s/ Robert C. Cantwell

  
	
   

  	
   

  	
  Name:  Robert C. Cantwell

  
	
   

  	
   

  	
  Title:  Executive Vice President of Finance

  

 

 

	
   

  	
  TRUSTEE

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK
  MELLON,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Franca M. Ferrera

  
	
   

  	
   

  	
    Authorized SignatoryExhibit 10.1

 

AMENDED AND RESTATED

STANDSTILL AGREEMENT

 

This Amended and
Restated Standstill Agreement (this “Agreement”) is made as of January     ,
2010 by and between SuperMedia Inc., a Delaware corporation formerly known as
Idearc Inc. (the “Company”),
and Paulson & Co. Inc., a Delaware corporation  (“Paulson & Co.”), for its own account
for the limited purposes set forth herein, and on behalf of the investment
funds and accounts managed by Paulson & Co. listed on Schedule A
to this Agreement (the “Standby Purchasers”
and together with Paulson & Co., “Paulson”).

 

R E C I T A L S

 

WHEREAS,
pursuant to (a) the
Standby Purchase Agreement (the “Standby Purchase Agreement”),
dated as of December 31, 2009, by and between the Company and Paulson &
Co. (on behalf of the Standby Purchasers), and (b) the Company’s and its
domestic subsidiaries’ Chapter 11 plan of reorganization (the “Plan”), Paulson was issued shares of
the Company’s new common stock, $.01 par value (the “New
Common Stock”), which shares represent approximately 17.4% of
the New Common Stock issued and outstanding as of the date of this Agreement;

 

WHEREAS, as a condition to the Standby Purchase
Agreement, the Company and Paulson & Co. (on behalf of the Standby
Purchasers) entered into a Standstill Agreement (the “Original Agreement”),
dated as of December 31, 2009, pursuant to which Paulson and the Company
defined certain agreements between the Company and Paulson in its capacity as a
stockholder of the Company;

 

WHEREAS, Paulson and the Company desire to amend
and restate the Original Agreement in full by entering into this Agreement;

 

NOW,
THEREFORE, in
consideration of the foregoing recitals and the mutual promises,
representations, warranties and covenants herein contained, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

1.             Board
Representation.

 

(a)           The
Company agrees that if Paulson beneficially owns 17.0% or more of the then
issued and outstanding shares of New Common Stock at any time prior to June 30,
2010, Paulson shall be entitled during such period to nominate one individual
(such individual, and any successor to such individual as contemplated in Section 1(a)(iii),
the “Paulson Nominee”)
for election as a member of the Board of Directors of the Company (the “Board”); and specifically the
Company agrees to:

 

(i)            as
promptly as practicable and in no event later than ten days following the
nomination of the Paulson Nominee as contemplated in this Section 1,
(1) increase the size of the Board by one seat and (2) appoint the
Paulson 

 

 

 

Nominee as a director of the Company whose term shall expire on the
earlier of (A) such time, if any, as Paulson ceases to beneficially own 17.0%
or more of the issued and outstanding shares of New Common Stock for a period
of 30 consecutive days and (B) at the annual meeting of stockholders to be
held in 2011, subject to re-election or re-appointment of the Paulson Nominee
as provided in Sections 1(a)(ii) and 1(a)(iii),
respectively;

 

(ii)           unless
Paulson has at any time prior to the Termination Date ceased to beneficially
own 17.0% or more of the issued and outstanding shares of New Common Stock for
a period of 30 consecutive days, at each annual meeting of stockholders of the
Company to be held prior to the Termination Date, the Company (1) will
cause the slate of nominees standing for election, and recommended by the
Board, at each such meeting to include the Paulson Nominee, (2) will
nominate and reflect in the proxy statement on Schedule 14A for each such
meeting the nomination of the Paulson Nominee for election as a director of the
Company at each such meeting, and (3) cause all proxies received by the
Company to be voted in the manner specified by such proxies and, to the extent
permitted under applicable law and stock exchange rules, cause all proxies for
which a vote is not specified to be voted for the Paulson Nominee; and

 

(iii)          if the Paulson Nominee ceases to be a director of
the Company other than due to Paulson ceasing to beneficially own 17.0% or more
of the issued and outstanding shares of New Common Stock for a period of 30
consecutive days at any time prior to the Termination Date, Paulson may propose
to the Company a replacement nominee for election as a director of the Company,
in which event such individual shall be appointed to fill the vacancy created
as a result of the prior Paulson Nominee ceasing to be a director of the
Company.

 

(b)           The
Company agrees that promptly following the appointment or election of the
Paulson Nominee, the Company will, upon written request by Paulson, cause the
Paulson Nominee to be included as a member of any committee of the Board on
which the Paulson Nominee is eligible to serve under applicable law or stock
exchange or market policy.  Paulson and
the Company agree that at all times the following actions will require approval
of a majority of directors of the Company who are independent of Paulson and
management of the Company, which independent directors may comprise a committee
of the Board: (i) the amendment or waiver of any provision of this
Agreement, (ii) consent to the assignment of Paulson’s rights under this
Agreement or consent to the relief of Paulson’s obligations under this
Agreement, (iii) the amendment or waiver of any provision of the Rights
Agreement (defined in Section 4(a)) or the Registration Rights
Agreement, dated as of December 31, 2009, between the Company, Paulson and
the holders of New Common Stock from time to time party thereto, in each case to
the extent any such amendment or waiver affects Paulson, and (iv) redemption
of the rights issued under the Rights Agreement.

 

(c)           Paulson will provide, as promptly as reasonably
practicable, all information relating to the Paulson Nominee (and other information,
if any) to the extent required under applicable law to be included in any proxy
statement of the Company and 

 

2

 

in any other solicitation materials to be delivered to stockholders of
the Company in connection with a stockholders meeting as contemplated by Section 1(a)(ii).

 

(d)           As
of the date of this Agreement an individual nominated by Paulson has been
appointed to the Board and such nominee is the Paulson Nominee.

 

2.             Voting. 
Paulson agrees that until the Termination Date:

 

(a)           it
will cause to be present, in person or represented by proxy, all Voting
Securities that Paulson beneficially owns at all stockholder meetings of the
Company so that all Voting Securities that Paulson beneficially owns may be
counted for the purposes of determining the presence of a quorum at such
meetings;

 

(b)           if
and for so long as Paulson beneficially owns in excess of 22.5% of the then
issued and outstanding shares of New Common Stock, on any and all matters
submitted to a vote of the holders of New Common Stock Paulson (1) may
vote up to 22.5% of the shares of New Common Stock then issued and outstanding
in its discretion, and (2) shall vote, or cause to be voted, any shares of
New Common Stock that Paulson beneficially owns in excess of such 22.5% in the
same proportion as the other holders of New Common Stock vote their shares
of New Common Stock with respect to such matters; provided, that
notwithstanding the foregoing:

 

(i)            with
respect to the election of nominees to the Board, Paulson (1) may vote up
to 12.5% of the then issued and outstanding shares of New Common
Stock in its discretion at the annual meeting of the stockholders of the
Company to be held in 2011, (2) may vote up to 17.0% of the then issued and outstanding
shares of New Common Stock in its discretion at each annual meeting of the
stockholders of the Company to be held prior to the Termination Date (other
than the annual meeting to be held in 2011), and (3) shall vote, or cause
to be voted, any shares of New Common Stock that Paulson beneficially owns in
excess of such 12.5% and 17.0%, as applicable, in the same proportion as other
holders of shares of New Common Stock vote their shares of New Common Stock
with respect to the election of nominees to the Board at each annual meeting of
the stockholders of the Company held prior to the Termination Date; provided,
that in all cases, Paulson may vote all of its shares of New Common Stock in
favor of the election of the Paulson Nominee;

 

(ii)           with
respect to a proposed Change of Control Transaction that Paulson desires to
vote in favor of, Paulson may vote all shares of New Common Stock that Paulson
beneficially owns in favor of such Change of Control Transaction if such Change
of Control Transaction treats Paulson and its Affiliates the same as all other
holders of New Common Stock and if pursuant to such Change of Control
Transaction Paulson will dispose of its shares of New Common Stock;

 

(iii)          with
respect to a proposed Change of Control Transaction that Paulson does not
desire to vote in favor of, but which Change of Control 

 

3

 

Transaction has been recommended by the Board for approval by the
Company’s stockholders, Paulson (1) may vote up to 27.5% of the then
issued and outstanding shares of New Common Stock in respect of such Change of
Control Transaction in its sole discretion, and (2) shall vote, or cause
to be voted, any shares of New Common Stock that Paulson beneficially owns in
excess of such 27.5% in the same proportion as the other holders of New Common
Stock vote their shares of New Common Stock with respect to such Change of
Control Transaction; and

 

(iv)          notwithstanding
Sections
2(b)(ii) and (iii),
except as provided in the immediately succeeding sentence, if Paulson or an
Affiliate of Paulson has any interest in the Person or Persons (other than the
Company) that is a party in a Change of Control Transaction (other than a Debt
Interest) or if such Change of Control Transaction treats Paulson or its
Affiliates differently than all other holders of New Common Stock, then Paulson
shall vote, or cause to be voted, all shares of New Common Stock that Paulson
beneficially owns in the same proportion as the holders of New Common Stock who
do not have an interest in any Person or Persons (other than the Company) that
is a party in such Change of Control Transaction vote their shares of New
Common Stock with respect to such Change of Control Transaction.  Notwithstanding the foregoing, Paulson shall
not be subject to the restrictions set forth in this Section 2(b)(iv) prior
to the Termination Date at such time, if any, as Paulson shall beneficially own
less than 17.0% of the then issued and outstanding shares of New Common Stock
for a period of 30 consecutive days.

 

(c)           Paulson
agrees that with respect to the voting of shares of its New Common Stock over
which Paulson has discretion as contemplated in Section 2(b),
Paulson shall vote contemporaneously with the voting by other stockholders of
the Company.  Paulson agrees that with
respect to the voting of shares of its New Common Stock over which Paulson does
not have discretion as contemplated in Section 2(b), Paulson shall
take such action as may be necessary to cause such shares of New Common Stock
to be automatically voted in accordance with the terms of Section 2(b).

 

(d)           As
of the date of the Original Agreement, Paulson revoked any and all other
proxies and voting agreements given by Paulson with respect to the Voting
Securities and caused, and will cause, its Affiliates to revoke any and all
proxies and voting agreements given by any such Affiliate with respect to the
Voting Securities.

 

3.             Standstill.

 

(a)           Paulson
hereby agrees that until the earlier of (x) such time, if any, as Paulson
beneficially owns less than 17.0% of the then issued and outstanding shares of
New Common Stock for a period of 30 consecutive days and (y) the
Termination Date, neither Paulson nor any of its Affiliates will, acting alone,
as part of a “group” (within the meaning of Section 13(d)(3) of the
Exchange Act) or otherwise in concert with any other Person, unless
specifically requested in writing by the Board on an unsolicited basis:

 

4

 

(i)            after
the Purchase Period (as defined below), acquire, or agree to acquire, offer to
acquire, or seek or propose to acquire beneficial ownership of any New Common
Stock or any rights or options to acquire any New Common Stock (including from
a third Person); or

 

(ii)           initiate,
propose, finance, negotiate, seek to effect, guarantee the financing of, assist
any other Person  in obtaining financing
for, or knowingly cause (1) any proxy contest or other proposal to obtain
board representation, (2) any stockholder proposal, whether made pursuant
to Rule 14a-8 or Rule 14a-4 under the Exchange Act or otherwise or (3) any
Change of Control Transaction, except that Paulson may do any of the foregoing
with respect to a proposed Change of Control Transaction if such proposed
Change of Control Transaction is subject to the voting requirements set forth
in Section 2(b); or

 

(iii)          except
with respect to a proposed Change of Control Transaction expressly subject to
the voting requirements set forth in Section 2(b), “solicit”
(within the meaning of Rule 14a-1(l) under the Exchange Act) any
proxies to vote, or seek to influence any other Person with respect to the
voting of any Voting Securities on any of the matters set forth in Section 3(a)(ii);
or

 

(iv)          except
with respect to a proposed Change of Control Transaction expressly subject to
the voting requirements set forth in Section 2(b), take any action
that would require the Company under applicable law, rule or stock
exchange policy to make a public announcement regarding any of the matters set
forth in Section 3(a)(ii); or

 

(v)           except
with respect to a proposed Change of Control Transaction expressly subject to
the voting requirements set forth in Section 2(b), form, join or
participate in any “group” (within the meaning of Section 13(d)(3) of
the Exchange Act) with respect to any Voting Securities; or

 

(vi)          nominate
an individual or individuals for election to the Board at any meeting (or by
written consent in lieu of a meeting) of stockholders of the Company, other
than as expressly provided in this Agreement with respect to the Paulson
Nominee, or effect or attempt to effect the removal of any members of the Board
(other than the Paulson Nominee); provided, that compliance by Paulson with the
provisions of Sections 1 or 2(b) shall not constitute a violation of this
provision; or

 

(vii)         other
than as expressly provided in this Agreement with respect to the Paulson
Nominee, directly or indirectly seek to elect, appoint or otherwise place (or
seek to have elected, appointed or otherwise placed) a representative of Paulson
on the Board, it being the express agreement of Paulson and the Company that
Paulson shall be entitled to only one seat on the Board, subject to the
conditions set forth in this Agreement, prior to the Termination Date; or

 

5

 

(viii)        seek
to call, or to request the call of, a special meeting of the stockholders of
the Company; or

 

(ix)           deposit
any securities of the Company into a voting trust, or subject any securities of
the Company to any agreement or arrangement with respect to the voting of such
securities (other than pursuant to Section 2  of this Agreement), or other agreement or arrangement having
similar effect to which, in each case, a Person who is not an Affiliate of
Paulson is a party; or

 

(x)            execute
any written stockholder consent with respect to the Company, except in
accordance with Section 2  of
this Agreement; or

 

(xi)           except
with respect to a proposed Change of Control Transaction expressly subject to
the voting requirements set forth in Section 2(b), seek or request
permission to do any of the foregoing, make, initiate, take or participate in
any demand, request, action (legal or otherwise) or proposal to amend, waive or
terminate any provision of this Agreement; or

 

(xii)          disclose
any intention, plan or arrangement inconsistent with the foregoing.

 

(b)           Notwithstanding
the foregoing provisions of this Section 3, the parties to this
Agreement acknowledge and agree that:

 

(i)            at
any time prior to September 30, 2010 (the “Purchase Period”), Paulson may acquire
beneficial ownership of additional shares of New Common Stock; provided, that
in no event, before, during or after the Purchase Period, may Paulson acquire
or beneficially own in excess of 45% of the shares of New Common Stock then issued
and outstanding (inclusive of the shares of New Common Stock issued to Paulson
by the Company on the Effective Date in exchange for all of the Class 3
and Class 4 claims of Paulson pursuant to the Plan); provided further,
that Paulson may acquire beneficial ownership of additional shares of New
Common Stock (including after the Purchase Period) pursuant to Paulson’s
exercise of its preemptive rights set forth in Section 11, subject
to the 45% beneficial ownership limitation set forth above in this Section 3(b)(i);

 

(ii)           the
provisions of Section 3(a) shall not restrict the actions of
Paulson taken in respect of a Change of Control Transaction the terms of which
require as a condition to consummation of such Change of Control Transaction
compliance with the applicable voting restrictions set forth in Sections 2(b)(ii), (iii) and (iv) (and
which condition is not waived); and

 

(iii)          the
provisions of Section 3(a) will not limit in any respect
Paulson’s ability to privately make proposals to the Board with respect to any
of the actions, activities, or matters otherwise restricted by Section 3(a).

 

4.             Non-Interference.

 

6

 

(a)           The
Company will not, by amendment of its Amended and Restated Certificate of
Incorporation (the “Charter”), its Amended and
Restated Bylaws (the “Bylaws”),
or its Rights Agreement (the “Rights Agreement”),
or through any other means, circumvent or seek to circumvent the observance or
performance by the Company of any of its obligations under the terms of this
Agreement, including, without limitation, by challenging in any manner the
terms of the Charter, the Bylaws, or the Rights Agreement or the validity or
enforceability of this Agreement on any grounds (including as being against
public policy, as having been improperly induced or otherwise), whether by the
initiation of any legal proceeding for such purpose, or by the intervention,
participation or attempted intervention or participation in any manner in any
other legal proceeding initiated by another Person or otherwise.  Paulson hereby consents to the amendment to
the Bylaws in the form of Exhibit A attached to this Agreement.

 

(b)           Paulson
will not by any means, circumvent or seek to circumvent the observance or
performance by Paulson of any of its obligations under the terms of this
Agreement, including, without limitation, by challenging in any manner the
terms of the  Charter, the Bylaws, or the
Rights Agreement or the validity or enforceability of this Agreement on any
grounds (including as being against public policy, as having been improperly
induced or otherwise), whether by the initiation of any legal proceeding for
such purpose, or by the intervention, participation or attempted intervention
or participation in any manner in any other legal proceeding initiated by
another Person or otherwise.

 

(c)           Notwithstanding
the foregoing, the Company and Paulson each acknowledges and agrees that the
invalidity or unenforceability of any provision of the Charter or the Bylaws
will not constitute or give rise to a breach of Section 1(a)(i) of
this Agreement or a right of either the Company or Paulson to terminate this
Agreement based on such breach.

 

(d)           The
Company agrees that until the earlier of (x) such time, if any, as Paulson
beneficially owns less than 17.0% of the then issued and outstanding shares of
New Common Stock for a period of 30 consecutive days and (y) the
Termination Date, without the prior written consent of Paulson & Co.,
if Paulson (as defined in the Rights Agreement) has not become an Acquiring
Person (as defined in the Rights Agreement), neither the Company nor the Rights
Agent (as defined in the Rights Agreement) shall modify, supplement or amend Section 1(t) of
the Rights Agreement or otherwise modify, supplement or amend the Rights
Agreement in any manner that would adversely affect the rights, interests,
duties or obligations of Paulson (as defined in the Rights Agreement) under the
Rights Agreement in a manner that relates to the determination as to whether
Paulson (as defined in the Rights Agreement) is a “Grandfathered Person” (as
defined in the Rights Agreement) or “Acquiring Person” (as defined in the
Rights Agreement) under the Rights Agreement.

 

5.             Publicity.  Neither
the Company nor Paulson will, directly or indirectly, make or issue or cause to
be made or issued any disclosure, announcement or statement (including without
limitation the filing of any document or report with the SEC or any other
governmental agency or any disclosure to any journalist, member of the media or
securities analyst) concerning 

 

7

 

the other party or any of
its respective past, present or future general partners, managers, directors,
officers or employees, which disparages any of such party’s respective past,
present or future general partners, managers, directors, officers or employees
as individuals (recognizing that each party will be free to (a) comment in
good faith regarding the business of the other party, provided any such comment
shall not otherwise violate the terms of this Agreement, and (b) after
consultation with counsel, make any disclosure that it determines in good faith
is required to be made under applicable law).

 

6.             Paulson’s
Representations and Warranties.  Paulson
represents and warrants to the Company that:

 

(a)           the
execution, delivery and performance of this Agreement by Paulson have been duly
and validly authorized by all necessary corporate action on the part of
Paulson; this Agreement has been duly executed by Paulson, is a valid and
binding agreement of Paulson, and is enforceable against Paulson in accordance
with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium and other similar laws relating to or
affecting creditors’ rights generally or by general equitable principles
(regardless of whether such enforceability is considered in a proceeding in
equity or at law); and

 

(b)           the
execution, delivery and performance by Paulson of this Agreement does not
violate or conflict with or result in a breach of or constitute (or with notice
or lapse of time or both constitute) a default or result in the creation or
imposition of, or give rise to, any lien, charge, restriction, claim,
encumbrance or adverse penalty of any nature whatsoever under Paulson’s
organizational documents or under any agreement or instrument to which Paulson
is a party or by which any of its properties or assets is bound or under any
law or any order of any court or other agency of government.

 

7.             Company’s
Representations and Warranties.  The Company
represents and warrants to Paulson that:

 

(a)           the
execution, delivery and performance of this Agreement by the Company have been
duly and validly authorized by all necessary corporate action on the part of
the Company; this Agreement has been duly executed by the Company, is a valid
and binding agreement of the Company, and is enforceable against the Company in
accordance with its terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium and other similar laws
relating to or affecting creditors’ rights generally or by general equitable
principles (regardless of whether such enforceability is considered in a
proceeding in equity or at law);

 

(b)           the
execution, delivery and performance by the Company of this Agreement does not
violate or conflict with or result in a breach of or constitute (or with notice
or lapse of time or both constitute) a default or result in the creation or
imposition of, or give rise to, any lien, charge, restriction, claim,
encumbrance or adverse penalty of any nature whatsoever under the Charter, the Bylaws or
under any agreement or instrument to which the Company is a party or by which
any of its properties or assets is bound or under any law or any order of any
court or other agency of government; and

 

8

 

(c)           upon
confirmation of the Plan, the New Common Stock will be the only authorized and
outstanding class of capital stock of the Company.

 

8.             Certain Definitions. 
As used in this Agreement, the following terms have the meanings
indicated:

 

(a)           The
term “Accredited Investor” means an
“Accredited Investor,” as such term is defined in Regulation D promulgated
under the Securities Act of 1933, as amended.

 

(b)           The
term “Affiliate”
means, with respect to any Person, any other Person, directly or indirectly,
controlling, controlled by, or under common control with, such Person.  For purposes of this definition, the term “control”
(including the correlative terms “controlling”, “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or
otherwise.

 

(c)           Whether
a Person “beneficially
owns” or “beneficially owned,”
is the “beneficial owner”
of or has “beneficial
ownership” of securities for the purposes of this Agreement
shall be determined in the same manner as that set forth for determining a
beneficial owner of a security under Rule 13d-3 of the Exchange Act,
except that a Person will also be deemed to be the beneficial owner of all
securities which such Person has the right to acquire pursuant to the exercise
of any rights in connection with any securities or any agreement, regardless of
when such rights may be exercised and whether they are conditional.

 

(d)           The
term “Change of Control
Transaction” means any transaction or series of related
transactions that results in any of the following: (i) any Person or “group”
(within the meaning of Section 13(d)(3) of the Exchange Act) is or
becomes the beneficial owner, directly or indirectly, of Voting Securities of
the Company representing at least a majority of the combined voting power of
the Company’s then outstanding securities; (ii) during any period of two
consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period constitute the
Board (together with any new director whose election by the Board or nomination
for election by the Company’s stockholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors at
the beginning of the period or whose election or nomination for election was
previously so approved) cease for any reason to constitute at least a majority
of the members of the Board; and (iii) a sale or disposition by the
Company of all or substantially all of the assets of the Company and its
subsidiaries taken as a whole (including the stock of any subsidiaries of the
Company).

 

(e)           The
term “Debt Interest”
means an interest as a holder of indebtedness, which indebtedness (i) is
not convertible or exchangeable for equity, (ii) has no voting rights on
matters submitted to the stockholders of the issuer of such indebtedness 

 

9

 

(including the election of directors), and (iii) does not result
in Paulson or its Affiliates being deemed to be an Affiliate of the issuer of
such indebtedness.

 

(f)            The
term “Effective Date”
means the effective date of the Plan pursuant to the terms thereof.

 

(g)           The
term “Equity Securities” means New
Common Stock or equity securities convertible into or exercisable or exchangeable
for New Common Stock, but excluding Exempted Securities.

 

(h)           The
term “Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

(i)            The
term “Exempted Securities” means
New Common Stock or equity securities convertible into or exercisable or
exchangeable for New Common Stock issued (i) as consideration for any
asset, right, entity or business acquired by the Company or any of its
subsidiaries, including in connection with a merger, exchange offer, joint
venture, license transaction or exchange of shares, (ii) in accordance
with any stock option or other equity-based compensation plan of the Company or
its subsidiaries or upon exercise, conversion or exchange of any stock option
or other equity interest issued thereunder, (iii) as a dividend or other
distribution to equityholders of the Company generally, (iv) in connection
with a stock split or (v) in connection with the exchange, exercise or
conversion of any equity interest that is outstanding (1) immediately upon
the date of this Agreement, (2) thereafter, so long as Paulson had an
opportunity to exercise the preemptive rights granted to Paulson with respect
to the underlying equity interest or (3) thereafter, to the extent that
such equity interest was issued pursuant to any of clauses (i), (ii),
(iii) or (iv).

 

(j)            The
term “Person”
will be interpreted broadly to include, without limitation, any corporation,
company, “group” (within the meaning of Section 13(d)(3) of the
Exchange Act), partnership, limited liability company, other entity or
individual.

 

(k)           The
term “Termination Date”
means December 31, 2013.

 

(l)            The
term “Voting Securities”
means securities of the Company with the power to vote with respect to the
election of directors generally, including, without limitation, the New Common
Stock.

 

9.             Notices.  All notices,
demands or other communications to be given or delivered under or by reason of
the provisions of this Agreement shall be in writing and shall be deemed to
have been given when delivered personally to the recipient or sent to the
recipient by facsimile (if sent by facsimile prior to 5:00 p.m. local time
of the recipient on a business day or, if not, on the next business day), or
one business day after deposit with a reputable overnight courier service (charges
prepaid), or three business days after being mailed to the recipient by
certified or registered mail, return receipt requested and postage
prepaid.  Such notices, demands and other
communications shall be sent to the Company and Paulson at the following addresses:

 

10

 

If to the Company:

 

SuperMedia Inc.

2200 West Airfield Drive

P. O. Box 619810

DFW Airport, Texas 75261

Attention: Cody Wilbanks

Facsimile: (972) 453 -6869

 

with copies to (which shall not constitute notice):

 

Fulbright & Jaworski L.L.P.

2200 Ross Avenue, Suite 2800

Dallas, Texas 75201

Attention: Glen J. Hettinger

Facsimile: (214) 855-8200

 

If to Paulson:

 

Paulson & Co. Inc.

1251 Avenue of the Americas, 50th Floor

New York, New York 
10020

Attention: Daniel B.
Kamensky

Facsimile: (212) 977-9505

 

with copies to (which shall not constitute notice):

 

Akin Gump Strauss Hauer &
Feld LLP

One Bryant Park

New York, New York 10036

	
  Attention:

  	
   

  	
  Andrew Hulsh

  
	
   

  	
   

  	
  Fred Hodara

  
	
  Facsimile:

  	
   

  	
  (212)
  872-1002

  

 

10.          Expiration.  This Agreement shall expire on the
Termination Date, subject to Section 12(a).

 

11.          Preemptive Rights.

 

(a)           So
long as Paulson and its controlled Affiliates beneficially own in excess of 20%
of the shares of New Common Stock then outstanding, and subject to the terms
and conditions of Section 11(b), the Company shall not issue
additional Equity Securities (an “Issuance”)
unless, prior to such Issuance, the Company notifies Paulson in writing of the
proposed Issuance and grants to Paulson, or at Paulson’s election, one or more
of its Affiliates, the right (the “Right”) to
subscribe for and purchase in whole or in part, at the same price and upon the
same terms and conditions as set forth in the notice of such Issuance, a
portion of such additional Equity Securities proposed to be issued in the 

 

11

 

Issuance such that immediately after giving effect to the Issuance and
the exercise of the Right (including, for purposes of this calculation, the
issuance of shares of New Common Stock upon conversion, exchange or exercise of
any Equity Security issued in the Issuance and subject to the Right), the
shares of New Common Stock that Paulson and its Affiliates beneficially own
(rounded to the nearest whole share) shall represent the same percentage of the
aggregate number of shares of New Common Stock outstanding as was beneficially
owned by Paulson and its Affiliates immediately prior to the Issuance.  In the event Equity Securities are issued as
part of a unit with other securities, the Right will apply to such unit and not
separately to any component of such unit.

 

(b)           The
Right may be exercised by Paulson, or, at Paulson’s election, one or more of
its Affiliates, as the case may be, provided that the Person exercising the
Right must (i) be an Accredited Investor and (ii) deliver written
notice to the Company of such exercise of the Right which is received by the
Company within 20 business days after the date on which Paulson receives notice
from the Company of the proposed Issuance. 
The closing of the purchase and sale pursuant to the exercise of the
Right shall occur on the date scheduled by the Company for the Issuance, which may
not be earlier than ten business days and no later than 60 business days after
the Company receives notice of the exercise of the Right.

 

(c)           Nothing in this
Section 11 shall be deemed to prevent any Person from purchasing
for cash or the Company from issuing any additional Equity Securities without
first complying with the provisions of this Section 11; provided
that, (i) the Board has determined in good faith that (a) the Company
needs a prompt cash investment, (b) no alternative financing on terms no
less favorable to the Company in the aggregate than such purchase is available
on a no less timely basis, and (c) the delay caused by compliance with the
provisions of this Section 11 in connection with such investment
would be reasonably likely to materially adversely affect the Company; (ii) the
Company gives prompt notice to Paulson of such investment as soon as
practicable, and in any event at least five business days prior to the
consummation of such investment; and (iii) the purchasing holder or the
Company enables Paulson to exercise its rights to purchase its pro rata share
as promptly as practicable following the initial prompt cash investment.  For purposes of this Section 11(c),
the term “pro rata share” shall be based on Paulson’s and its Affiliates’
beneficial ownership of outstanding Equity Securities relative to the total
number of outstanding Equity Securities, in each case prior to the issuance by
the Company of Equity Securities in the transaction contemplated by this Section 11(c).

 

12.          Miscellaneous.

 

(a)           Survival.  The
representations and warranties, covenants and agreements contained in this
Agreement shall survive the execution of this Agreement and any investigation
at any time by or on behalf of Paulson or the Company.  The provisions of Section 11 and, to the extent necessary for the
interpretation or enforcement of Section 11, Sections 8, 9
and 12, of this Agreement shall survive the expiration of this
Agreement.

 

12

 

(b)           Entire Agreement.  This Agreement contains the entire agreement
between the parties hereto concerning the subject matter hereof and supersedes
all prior written and prior or contemporaneous oral agreements between the
parties with respect to such matters.

 

(c)           Amendment. 
The agreements set forth in this Agreement may be modified or waived
only by a separate writing by the Company and Paulson expressly so modifying or
waiving such agreements.

 

(d)           No Waiver. 
No failure or delay by the Company in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise
of any right, power or privilege hereunder.

 

(e)           Assignment.  Any assignment or attempted assignment of
this Agreement by Paulson without the prior written consent of the Company
shall be void.

 

(f)            Severability.  If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated.

 

(g)           Specific Performance.  The parties hereto agree that money damages
would not be a sufficient remedy for any breach of this Agreement and that each
of the parties hereto shall be entitled to specific performance and injunctive
or other equitable relief as a remedy for any such breach, and each party
further agrees to waive any requirement for the security or posting of any bond
in connection with such remedy.  Such
remedy shall not be deemed to be the exclusive remedy for breach of this
Agreement but shall be in addition to all other remedies available at law or
equity.

 

(h)           THIS
AGREEMENT SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH, AND ENFORCED BY
THE LAWS OF THE STATE OF DELAWARE, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE
GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF. THE PARTIES
HERETO (I) IRREVOCABLY CONSENT TO THE EXCLUSIVE JURISDICTION OF THE COURTS
OF THE STATE OF DELAWARE FOR ANY SUITS, ACTIONS OR PROCEEDINGS ARISING OUT OF
OR RELATED TO THIS AGREEMENT AND IRREVOCABLY WAIVE ALL OBJECTIONS TO SUCH
JURISDICTION, INCLUDING, WITHOUT LIMITATION, ANY CLAIM THAT ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM, (II) AGREE THAT THIS AGREEMENT HAS BEEN ENTERED INTO
IN EXPRESS RELIANCE UPON 6 DEL. C. SS. 2708, AND (III) IRREVOCABLY AND
UNCONDITIONALLY CONSENT TO SERVICE OF PROCESS IN, SUBMIT TO THE EXCLUSIVE JURISDICTION
OF, AND AGREE TO APPEAR IN, THE COURT OF CHANCERY IN THE STATE OF DELAWARE IN
WILMINGTON, DELAWARE, WITH RESPECT 

 

13

 

TO ALL ACTIONS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

13.          Amendment and Restatement. 
This Agreement amends and restates and replaces in full the Original
Agreement.

 

*  
*   *   *

 

14

 

IN
WITNESS WHEREOF,
the parties hereto have executed this Agreement on the date first written
above.

 

	
   

  	
  SUPERMEDIA INC.

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
  /s/
  Samuel D. Jones

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Samuel
  D. Jones

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  PAULSON & CO. INC.

  
	
   

  	
  FOR ITS OWN ACCOUNT FOR THE LIMITED PURPOSE OF
  AGREEING TO BE BOUND SOLELY BY SECTIONS 2, 3, 4(B), 4(C) AND, TO THE
  EXTENT NECESSARY FOR THE INTERPRETATION OR ENFORCEMENT OF ANY OF THE
  FOREGOING, SECTIONS 8, 9, 10 AND 12 OF THIS AGREEMENT

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Stuart Mercer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stuart
  Mercer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Authorized
  Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  PAULSON & CO. INC.

  
	
   

  	
  ON BEHALF OF INVESTMENT FUNDS AND ACCOUNTS MANAGED
  BY IT

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Stuart Mercer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Stuart
  Mercer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Authorized Signatory

  
						

 

 

 

SCHEDULE A

 

Paulson
Recovery Master Fund Ltd.

c/o
Paulson & Co. Inc.

1251
Ave of the Americas

New
York, NY  10020  USA

 

 

 

Exhibit A

 

Amendment to Bylaws

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