Document:

Amendment No. 1 to Fourth Amended and Restated Credit Agreement

 Exhibit 10.1 
 AMENDMENT NO. 1 TO FOURTH AMENDED 
 AND RESTATED CREDIT AGREEMENT 
 This Amendment No. 1 to Fourth Amended and Restated Credit Agreement (this “Agreement”) dated as of
December 3, 2008 is made by and among WILLIAMS-SONOMA, INC., a California corporation having its principal place of business in San Francisco, California (the “Borrower”), BANK OF AMERICA, N.A., a national banking
association organized and existing under the laws of the United States (“Bank of America”), in its capacity as administrative agent for the Lenders (as defined in the Credit Agreement (as defined below)) (in such capacity, the
“Administrative Agent”), and each of the Lenders signatory hereto, and each of the Guarantors (as defined in the Credit Agreement) signatory hereto. 
 W I T N E S S E T H: 
 WHEREAS, the Borrower, the Administrative Agent
and the Lenders have entered into that certain Fourth Amended and Restated Credit Agreement dated as of October 4, 2006 (as hereby amended and as from time to time hereafter further amended, modified, supplemented, restated, or amended and
restated, the “Credit Agreement”; capitalized terms used in this Agreement not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement), pursuant to which the Lenders have made available to
the Borrower a revolving credit facility, including letter of credit, swing line and alternative currency subfacilities; and 
 WHEREAS, each of the Guarantors has entered into a Guaranty pursuant to which it has guaranteed the payment and performance of the obligations of the Borrower under the Credit Agreement and the other Loan Documents; and 

WHEREAS, the Borrower has advised the Administrative Agent and the Lenders that it desires to amend certain provisions of the
Credit Agreement as set forth below and the Administrative Agent and the Lenders signatory hereto are willing to effect such amendment on the terms and conditions contained in this Agreement; 
 NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows: 
 1.      Amendments to Credit
Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended as follows: 
 A.        Amendment to Section 1.1 of the Credit Agreement.  Subject to the terms and conditions contained herein, Section 1.1 of the Credit
Agreement is hereby amended to add new definitions of “Alternative Base Rate,” “Disproportionate Facility Risk,” “Distress Event,” “Fixed Charge Coverage Ratio,” “Impacted Lender,” “Total Fixed
Charges” “Total Rental Expense” in alphabetical order and to amend and restate the definitions of “Base Rate,” “Defaulting Lender,” “EBITDAR,” “Eligible Assignee” and 

 
“Total Adjusted Funded Debt”, all to read as follows: 
 “Alternative Base Rate” means, for all Loans, on any day any such Loan is outstanding, the fluctuating rate of interest (rounded upwards, as necessary, to the nearest 1/100 of
1%) equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the Agent from time to time) at approximately
11:00 a.m., London time, on each day any such Loan is outstanding, for US Dollar deposits with a term of one month, as adjusted from time to time in the Agent’s sole discretion for changes in deposit insurance requirements and other regulatory
costs. If such rate is not available at such time for any reason, then the “Alternative Base Rate” shall be the rate per annum determined by the Agent to be the rate at which deposits in US Dollars for delivery in Same Day Funds in the
approximate amount of the US Dollar denominated Loans outstanding with a term equivalent to one week would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately
11:00 a.m. (London time), on each day any such Loan is outstanding. 
 “Base Rate” means for
any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus one-half of one percent (0.50%), (b) the Alternative Base Rate plus 1.00%, and (c) the rate of interest in effect for such day as publicly
announced from time to time by Bank of America as its “prime rate.” Such rate is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such announced rate. Any change in such rate announced by Bank of America shall take effect at the opening of business on the day specified in
the public announcement of such change. 
 “Defaulting Lender” means any Lender that
(a) has failed to fund any portion of the Revolving Loan, participations in L/C Obligations or participations in Swingline Advances required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder,
(b) has otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute or (c) has become subject
to a Distress Event. 
 “Disproportionate Facility Risk” means, as of any date of
determination, (a) with respect to any Lender, each amount of excess at such date of the Outstanding Amount of its Revolving Loans over the Outstanding Amount of Revolving Loans of each Defaulting Lender, (b) with respect to the L/C
Issuer, the sum of (i) all unfunded participations in L/C Obligations at such date and (ii) without duplication, all unfunded Base Rate Revolving Loans at such date that have been requested under Section 3.3 to refinance L/C
Obligations, in each case allocable to Defaulting Lenders and Impacted Lenders, other than L/C Obligations as to which cash collateral or other credit support satisfactory to the L/C Issuer has been provided, and (c) with respect to Bank
of America in its capacity to make Swingline Advances, all unfunded participations in Swingline 

  

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Advances at such date allocable to Defaulting Lenders and Impacted Lenders, other than Swingline Advances as to which cash collateral or other credit
support satisfactory to the L/C Issuer has been provided. 
 “Distress Event” means, with
respect to any Person (each, a “Distressed Person”), a voluntary or involuntary case with respect to such Distressed Person under the Bankruptcy Code or any similar bankruptcy laws of its jurisdiction of formation, or a custodian,
conservator, receiver or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person’s assets, or such Distressed Person or any Person that directly or indirectly controls such Distressed Person is
subject to a forced liquidation, merger, sale or other change of control supported in whole or in part by guaranties or other support of (including without limitation the nationalization or assumption of ownership or operating control by) the U.S.
government or other governmental authority, or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any governmental authority having regulatory authority over such
Distressed Person or its assets to be, insolvent, bankrupt, or deficient in meeting any capital adequacy or liquidity standard of any governmental authority applicable to such Distressed Person and as to which the Agent, the L/C Issuer and Bank of
America have not concluded in good faith that the risk of creating Disproportionate Facility Risk, as a result of any of the events or circumstances described above, has been sufficiently mitigated, to permit the removal of such designation.

 “EBITDAR” means, for any period, the total of the following calculated for the Borrower
and its Subsidiaries, without duplication, on a consolidated basis for such period: 
 (a)    Net Income; plus 
 (b)    any provision for
(or less any benefit from) income or franchise taxes to the extent included in the determination of Net Income; plus  
 (c)    Interest Expense to the extent included in the determination of Net Income; plus  
 (d)    amortization and depreciation expense to the extent included in the determination of Net Income; plus  
 (e)    expenses resulting from any non-cash compensation charges arising from any grant of stock,
stock options, stock-settled stock appreciation rights, restricted stock units, or other equity based compensation, provided that such expenses are and will be non-cash items in the period when taken and in all later fiscal periods to the extent
included in the determination of Net Income; plus  
 (f)    other non-cash,
non-recurring charges to the extent included in the determination of Net Income (including by way of example, but not limited to, asset write-offs associated with store or facility closings, asset impairments associated with underperforming stores,
asset write-offs associated with real Property dispositions, and 

  

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asset write-offs associated with obsolete or underperforming information technology assets); plus  
 (g)    all lease and rent expense for any real Property to the extent included in the determination
of Net Income, plus  
 (h)    non-recurring cash expenses relating to store
closings, other discontinued operations or infrastructure downsizing (including by way of example, but not limited to, store closings, call center closings, distribution center closings and severance packages) in an aggregate amount not to exceed
$10,000,000 for any four consecutive Fiscal Quarters, to the extent included in the determination of Net Income, minus  
 (i)    other non-recurring gains to the extent included in the determination of Net Income. 
 “Eligible Assignee” means: (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other Person (other than a natural person) approved
by (i) the Agent, the L/C Issuer and Bank of America (in its capacity as lender of Swingline Advances), and (ii) unless an Event of Default has occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld or
delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower, any of the Borrower’s Affiliates or Subsidiaries or any Defaulting Lender or any of its Subsidiaries. 
 “Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) EBITDAR for
the period of the four (4) Fiscal Quarters most recently ended to (b) Total Fixed Charges for such period. 
 “Impacted Lender” means any Lender (a) that has given verbal or written notice to the Borrower, the Agent, the L/C Issuer or any Lender or has otherwise publicly announced that such Lender
believes it will become, or that fails following inquiry promptly to provide to the Borrower, the Agent, the L/C Issuer or Lender making such inquiry, reasonably satisfactory assurance that such Lender will not become, a Defaulting Lender,
(b) as to which the Agent or the L/C Issuer has a good faith belief that such Lender has defaulted in fulfilling its obligations (as a lender, administrative or other agent, letter of credit issuer or issuer of bank guarantees) under any other
syndicated credit facility or (c) with respect to which any Distress Event has occurred with respect to any Affiliate of such Lender that directly or indirectly controls such Lender. 
 “Total Adjusted Funded Debt” means, as of any date of determination, with respect to the Borrower and
its Subsidiaries, (a) the average outstanding principal balance of all Funded Debt of such Persons as of the end of each of the immediately preceding twelve (12) Fiscal Periods, plus (b) without duplication, all lease and rent
expense for any real Property for the preceding four (4) Fiscal Quarters multiplied by six (6). 
 “Total Fixed Charges” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, without duplication, the sum of (a) Interest Expense for such period, and (b) Total Rental Expense during
such period. 
  

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 “Total Rental Expense” means, for any period, the
aggregate rental expenses payable by the Borrower and its Subsidiaries on a consolidated basis for such period (including percentage rent) under any operating lease classified as such under GAAP, but not including any amount included in the
definition of “Interest Expense.” 
 B.        Amendment
to Section 3.1(b)(vii) of the Credit Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended by inserting the phrase “or an Impacted Lender” after “Lender” and
before “hereunder” in the second line of Section 3.1(b)(vii). 
 C.        Amendment to Section 3.7 of the Credit Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended to restate
Section 3.7 to read as follows 
    Section 3.7    Cash Collateral.  (a) If, as of the Maturity Date, any Letter of Credit may for any reason remain outstanding and partially or wholly undrawn, the Borrower
shall immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations. The Agent may, at any time and from time to time after the initial deposit of Cash Collateral, request that additional Cash Collateral be provided in order to
protect against the results of exchange rate fluctuations. For purposes hereof, “Cash Collateralize” means to pledge and deposit with or deliver to the Agent, for the benefit of the L/C Issuer and the Lenders, as applicable, as
collateral for the L/C Obligations, cash or deposit account balances pursuant to documentation in form and substance satisfactory to the Agent and the L/C Issuer (which documents are hereby consented to by the Lenders). Derivatives of such term,
such as “Cash Collateral” have corresponding meanings. The Borrower hereby grants to the Agent, for the benefit of the L/C Issuer and the Lenders, as applicable, a security interest in all such cash, deposit accounts and all
balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked, non-interest-bearing deposit accounts at Bank of America. 
    (b)        Notwithstanding anything to the contrary contained in this Agreement, (i) Cash Collateral or other credit support (and
proceeds thereof) provided by any Defaulting Lender or Impacted Lender pursuant to Section 3.1(b)(vii) to support the obligations of such Lender in respect of Letters of Credit shall be held and applied, first, to fund the
L/C Advances of such Lender arising from Letters of Credit with respect to which such Cash Collateral or other credit support was provided, as the same shall be or become due and owing to the L/C Issuer (or, with the consent or at the direction of
the L/C Issuer in its sole and absolute discretion, to fund such Lender’s Commitment Percentage of the Base Rate Balance advanced to repay L/C Obligations under Article 3, as applicable)and, second, to fund (x) the L/C
Advances of such Lender arising from any other Letters of Credit, as the same shall be or become due and owing to the L/C Issuer (or, with the consent or at the direction of the L/C Issuer in its sole and absolute discretion, to fund such
Lender’s Commitment Percentage of the Base Rate Balance advanced to repay L/C Obligations under Article 3, as applicable), and (y) any interest accrued for the benefit of the L/C Issuer pursuant to Section  

  

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3.3(f) allocable to such Lender, and (ii) Cash Collateral (and proceeds thereof) otherwise provided by or on behalf of the Borrower under
Article 3, Section 5.4 or Section 13.2(c) to support L/C Obligations shall be held and applied to the satisfaction of the specific L/C Obligations so Cash Collateralized prior to the application of such collateral or
proceeds thereof to any other Obligations in accordance with Section 13.2(f). 
    (c)        Cash Collateral and other credit support provided under Section 3.1(b)(vii) in connection with any Lender’s status as a Defaulting Lender or an Impacted
Lender shall be released (except as the L/C Issuer and the Person providing collateral or other credit support may agree otherwise) promptly following the earlier to occur of (i) the termination of such Lender’s status as a Defaulting
Lender or Impacted Lender or (B) following the L/C Issuer’s good faith determination that there remain outstanding no L/C Obligations as to which it has actual or potential Disproportionate Facility Risk in relation to such Lender as to
which it desires to maintain collateral or other credit support; subject, however, to the additional condition that, as to any collateral or other credit support provided by or on behalf of the Borrower, no Default or Event of Default shall
then have occurred and be continuing. 
 D.        Amendment to
Section 3.9 of the Credit Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended by inserting the following proviso after “2%” and before the period in the tenth line of
Section 3.9: 
 ; and provided further that no Letter of Credit Fees shall be payable to any
Defaulting Lender or Impacted Lender, except in respect of Letters of Credit for which Cash Collateral or other credit support has been provided by such Defaulting or Impacted Lender under Section 3.1(b)(vii). Letter of Credit Fees
otherwise payable to Defaulting or Impacted Lenders in respect of outstanding Letters of Credit for which Cash Collateral or other credit support has not been provided shall be paid to the L/C Issuer. 
 E.        Amendment to Section 4.2 of the Credit
Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended to restate the pricing grid contained in, and the last paragraph of, Section 4.2 to read as follows: 
  

									
	LEVERAGE RATIO	 	  FACILITY    
  FEE RATE    	 	  LIBOR RATE    
  MARGIN    	 	  IBOR RATE    
  MARGIN    	 	  BASE RATE  
  MARGIN  
	  
 Greater than or equal to 3.50 to 1.00
  
	 	  
 0.400%
  
	 	  
 3.100%
  
	 	  
 3.100%
  
	 	  
 2.100%
  

	  
 Greater than or equal to 3.00 to 1.00
but less than 3.50 to 1.00
  
	 	  
 0.325%
  
	 	  
 2.675%
  
	 	  
 2.675%
  
	 	  
 1.675%
  

	  
 Greater than or equal to 2.50 to 1.00
but less than 3.00 to 1.00
  
	 	  
 0.300%
  
	 	  
 2.450%
  
	 	  
 2.450%
  
	 	  
 1.450%
  

	  
 Greater than or equal to 2.00 to 1.00
but less than 2.50 to 1.00
  
	 	  
 0.250%
  
	 	  
 2.250%
  
	 	  
 2.250%
  
	 	  
 1.250%
  

	  
 Less than 2.00 to 1.00
  
	 	  
 0.250%
  
	 	  
 1.750%
  
	 	  
 1.750%
  
	 	  
   .750%
  

  

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 If the Borrower fails to deliver such certificate with respect to any Fiscal Quarter
which sets forth the Leverage Ratio within the period of time required by Section 10.1(c): (x) each of the Libor Rate Margin and the IBOR Rate Margin (each for Interest Periods commencing after the applicable Margin Adjustment Date)
shall automatically be adjusted to 3.100% per annum; (y) the Base Rate Margin shall be automatically adjusted to 2.100% per annum; and (z) the Facility Fee Rate shall automatically be adjusted to 0.400% per annum. The
automatic adjustments provided for in the preceding sentence shall take effect as of the date on which the referenced certificate is due and shall remain in effect until otherwise adjusted on the date such certificate is actually received in
accordance herewith. 
 F.        Amendment to Section 4.6 of
the Credit Agreement.  Subject to the terms and conditions set forth herein, Section 4.6 of the Credit Agreement is hereby amended to add the words “that is not a Defaulting Lender” after the words “each
Lender” in the second line thereof. 
 G.        Amendment of
Section 5.7 of the Credit Agreement.  Subject to the terms and conditions set forth herein, Section 5.7 of the Credit Agreement is hereby amended to add the following sentence at the end thereof: “The provisions of this
Section 5.7 shall not be construed to apply to any Cash Collateral or other credit support provided to the L/C Issuer or Bank of America as the Lender of Swingline Advances in respect of a Defaulting or Impacted Lender.” 

H.        Amendment of Section 11.4 of the Credit
Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended to restate Section 11.4 in its entirety to read as follows: 
    Section 11.4    Restricted Payments.  The Borrower will not,
nor will it permit any Subsidiary of the Borrower to, directly or indirectly declare, order, pay, make or set apart any sum for (i) any dividend or other distribution (whether in cash, securities or other property) with respect to any shares of
any class of Capital Stock of the Borrower, (ii) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of Capital Stock of any
such Person now or hereafter outstanding or (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Capital Stock of any such Person now or hereafter
outstanding except: 
    (x)        so long as no
Default or Event of Default shall exist at the time of declaration or payment, after giving effect to such payment, calculated on a pro forma basis, the Borrower may declare and pay cash dividends to its stockholders in an amount not to exceed
$60,000,000 in the aggregate in any Fiscal Year; provided that in any Fiscal Year ending February 2, 2011 or thereafter, if the Leverage Ratio for the Fiscal Year most recently ended is less than 3.00 to 1.00, the Borrower may
declare and pay cash dividends to its stockholders in an amount not to exceed $75,000,000 in the aggregate in such Fiscal Year; and 
  

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    (y)        during the period beginning February 4, 2010 and ending on the Maturity Date, the Borrower may repurchase its Capital Stock for an aggregate cost not to exceed
$100,000,000; provided that (A) the Total Debt to Capitalization Ratio immediately after giving effect to any such repurchase, calculated on a pro forma basis, shall not exceed 0.40:1, (B) at the time of any such repurchase the
Leverage Ratio for the Fiscal Year most recently ended shall not exceed 3.00 to 1.00, and (C) no Default shall be in existence at the time of such repurchase. 
 I.        Amendment of Article 12 of the Credit
Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended to restate Article 12 in its entirety to read as follows: 
 Financial Covenants 
   The Borrower
covenants and agrees that, as long as the Obligations or any part thereof are outstanding or any Lender has any Commitment hereunder or any Letter of Credit shall remain outstanding (unless such Letter of Credit is Cash Collateralized in full), it
will perform and observe the following financial covenants: 
   Section 12.1    Leverage Ratio.  As of the end of each Fiscal Quarter set forth below, the Borrower shall not permit the Leverage Ratio calculated as of the end of such Fiscal Quarter,
for the preceding twelve (12) Fiscal Periods then ending, to exceed the ratio set forth below opposite such Fiscal Quarter: 
  

			
	Fiscal Quarter Ended	  	 Maximum
     Leverage Ratio    

	   November 3, 2008
	  	3.50 to 1.00
	   February 3, 2009
	  	3.50 to 1.00
	   May 3, 2009
	  	4.20 to 1.00
	   August 3, 2009
	  	4.60 to 1.00
	   November 3, 2009
	  	4.50 to 1.00
	   February 3, 2010 through November 3, 2011
	  	4.00 to 1.00

   Section 12.2    Fixed
Charge Coverage Ratio.  As of the end of each Fiscal Quarter set forth below, the Borrower shall not permit the Fixed Charge Coverage Ratio calculated as of the end of such Fiscal Quarter, for the preceding twelve (12) Fiscal
Periods then ending, to be less than the ratio set forth below opposite such Fiscal Quarter: 
  

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	Fiscal Quarter Ended	  	 Minimum Fixed Charge
 Coverage Ratio

	   November 3, 2008
	  	1.80 to 1.00
	   February 3, 2009
	  	1.80 to 1.00
	   May 3, 2009
	  	1.50 to 1.00
	   August 3, 2009
	  	1.30 to 1.00
	   November 3, 2009
	  	1.30 to 1.00
	   February 3, 2010 through May 3, 2011
	  	1.50 to 1.00
	   August 3, 2011 and thereafter
	  	1.60 to 1.00

 J.        Amendment of
Section 13.2 of the Credit Agreement.  Subject to the terms and conditions set forth herein, Section 13.2 of the Credit Agreement is hereby amended to restate the last paragraph thereof to read as follows: 
 “Notwithstanding the foregoing, subject to Section 3.3, amounts used to Cash Collateralize Swingline Advances or the
undrawn amount of Letters of Credit shall be applied to satisfy the repayment of such Swingline Advances when due and to satisfy drawings under Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Swingline
Advances have been repaid and all Letters of Credit have either been fully drawn or expired, the portion of such remaining amount that was provided by the Borrower shall be applied to the other Obligations, if any, in the order set forth above, and
such portion of such remaining amount that was provided by a Defaulting or Impacted Lender shall be returned to such Lender. 
 K.        Amendment and Restatement of Exhibit D.  Subject to the terms and conditions set forth herein, the Credit Agreement is amended to restate Exhibit D,
the form of Compliance Certificate, in the form set forth as Exhibit A to this Agreement. 
 2.      Effectiveness; Conditions Precedent.  The effectiveness of this Agreement and the amendments to the Credit Agreement herein provided are subject to the satisfaction of the following
conditions precedent: 
 (a)        the Administrative Agent shall
have received each of the following documents or instruments in form and substance reasonably acceptable to the Administrative Agent: 
     (i)        six (6) original counterparts of this Agreement, duly executed by the Borrower, the Administrative Agent, each Guarantor and the Required
Lenders; 
     (ii)       such other documents,
instruments, opinions, certifications, undertakings, further assurances and other matters as the Administrative Agent shall reasonably request; and 
  

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 (b)        all fees and expenses
payable to the Administrative Agent and the Lenders (including the fees and expenses of counsel to the Administrative Agent) estimated to date shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses).

 3.      Consent of the Guarantors.  Each Guarantor hereby consents,
acknowledges and agrees to the amendments set forth herein and hereby confirms and ratifies in all respects the Guaranty to which such Guarantor is a party (including without limitation the continuation of such Guarantor’s payment and
performance obligations thereunder upon and after the effectiveness of this Agreement and the amendments contemplated hereby) and the enforceability of such Guaranty against such Guarantor in accordance with its terms. 
 4.      Representations and Warranties.  In order to induce the Administrative Agent and
the Lenders to enter into this Agreement, the Borrower represents and warrants to the Administrative Agent and the Lenders as follows: 
 (a)        The representations and warranties made by the Borrower in Article 9 of the Credit Agreement and in each of the other Loan Documents to which it is a party are
true and correct on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date; 
 (b)        Since the date of the most recent financial reports of the Borrower delivered pursuant to Section 10.1 of the Credit Agreement, no
act, event, condition, or circumstance has occurred or arisen which, singly or in the aggregate with one or more other acts, events, occurrences or conditions (whenever occurring or arising), has had or could reasonably be expected to have a
Material Adverse Effect; 
 (c)        The Persons appearing as
Guarantors on the signature pages to this Agreement constitute all Persons who are required to be Guarantors pursuant to the terms of the Credit Agreement and the other Loan Documents, including without limitation all Persons who became Subsidiaries
or were otherwise required to become Guarantors after the Closing Date, and each of such Persons has become and remains a party to a Guaranty as a Guarantor; 
 (d)        This Agreement has been duly authorized, executed and delivered by the Borrower and Guarantors party hereto and constitutes a legal, valid and
binding obligation of such parties, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally; and

 (e)        After giving effect to this Agreement, no Default or
Event of Default has occurred and is continuing. 
 5.      Entire
Agreement.  This Agreement, together with all the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter
hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, 

  

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representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such
promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any
party to the other. None of the terms or conditions of this Agreement may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 15.10 of the Credit Agreement. 
 6.      Full Force and Effect of Agreement.  Except as hereby specifically amended,
modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms. 
 7.      Counterparts.  This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopy,
facsimile or other electronic transmission (including .PDF) shall be effective as delivery of a manually executed counterpart of this Agreement. 
 8.      Governing Law.  This Agreement shall in all respects be governed by, and construed in accordance with, the laws of the State of California applicable to contracts
executed and to be performed entirely within such State, and shall be further subject to the provisions of Section 15.13 of the Credit Agreement. 
 9.      Enforceability.  Should any one or more of the provisions of this Agreement be determined to be illegal or unenforceable as to one or more
of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. 
 10.    References.  All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby. 
 11.    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the
Borrower, the Administrative Agent and each of the Guarantors and Lenders, and their respective successors, legal representatives, and assignees to the extent such assignees are permitted assignees as provided in Section 15.7 of the
Credit Agreement. 
 [Signature pages follow.] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made,
executed and delivered by their duly authorized officers as of the day and year first above written. 
  

					
	 BORROWER:

	
	 WILLIAMS-SONOMA, INC.

		
	 By:
	 	       /s/ Sharon L. McCollam

	 Name:
	 	       Sharon L. McCollam

	 Title:
	 	       Executive Vice President, Chief Operating
       and Chief Financial Officer

	
	GUARANTORS:
	
	 WEST ELM, INC.

	 POTTERY BARN, INC .

	 POTTERY BARN KIDS, INC.

	 POTTERY BARN TEEN, INC .

	 WILLIAMS SONOMA HOME, INC.

	 WILLIAMS-SONOMA STORES, INC.

	 WILLIAMS-SONOMA DIRECT, INC.

	 WILLIAMS-SONOMA PUBLISHING, INC.

	WILLIAMS-SONOMA RETAIL SERVICES, INC.
	WILLIAMS-SONOMA GIFT MANAGEMENT, INC.
		
	 By:
	 	       /s/ Sharon L. McCollam

	 Name:
	 	       Sharon L. McCollam

	 Title:
	 	       Executive Vice President, Chief Operating
       and Chief Financial Officer

	
	 WILLIAMS-SONOMA STORES, LLC

		
	 By:
	 	 WILLIAMS-SONOMA STORES, INC.

			
		 	 By:
	 	       /s/ Sharon L. McCollam

		 	 Name:
	 	       Sharon L. McCollam

		 	 Title:
	 	       Executive Vice President, Chief Operating
       and Chief Financial Officer

  
 AMENDMENT NO. 1 TO

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 Signature Page 

			
	 ADMINISTRATIVE AGENT:

	
	 BANK OF AMERICA, N.A., as Administrative
 Agent

		
	 By:
	 	       /s/ Tiffany Shin

	 Name:
	 	       Tiffany Shin

	 Title:
	 	       Assistant Vice President

	
	LENDERS:
	
	BANK OF AMERICA, N.A., as a Lender,
	L/C Issuer and Lender of Swingline Advances
		
	By:	 	       /s/ David Leimsieder

	 Name:
	 	       David Leimsieder

	 Title:
	 	       Senior Vice President

	
	 JPMORGAN CHASE BANK, N.A.

		
	 By:
	 	       /s/ Camille Farnsworth-Schrader

	 Name:
	 	       Camille Farnsworth-Schrader

	 Title:
	 	       Senior Underwriter

	
	 UNION BANK OF CALIFORNIA, N.A.

		
	 By:
	 	       /s/ Ching Lim

	 Name:
	 	       Ching Lim

	 Title:
	 	       Vice President

	
	 WELLS FARGO BANK, N.A.

		
	 By:
	 	       /s/ Meggie Chichioco

	 Name:
	 	       Meggie Chichioco

	 Title:
	 	       Senior Vice President

	
	 THE BANK OF NEW YORK MELLON

		
	 By:
	 	       /s/ Timothy J. Glass

	 Name:
	 	       Timothy J. Glass

	 Title:
	 	       Vice President

 AMENDMENT NO. 1 TO 
 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 Signature Page 

			
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By:
	 	       /s/ Conan Schleicher

	 Name:
	 	       Conan Schleicher

	 Title:
	 	       Vice President

	
	 FIFTH THIRD BANK

		
	 By:
	 	       /s/ Gary S. Losey

	 Name:
	 	       Gary S. Losey

	 Title:
	 	       Vice President

	
	 NATIONAL CITY BANK

		
	 By:
	 	       /s/ Daniel O’Rourke

	 Name:
	 	       Daniel O’Rourke

	 Title:
	 	       Director

	
	 THE BANK OF NOVA SCOTIA

		
	 By:
	 	       /s/ Annabella Guo

	 Name:
	 	       Annabella Guo

	 Title:
	 	       Director

	
	 MB FINANCIAL BANK, N.A.

	 (formerly OAK BROOK BANK )

		
	 By:
	 	       /s/ Henry Wessel

	 Name:
	 	       Henry Wessel

	 Title:
	 	       Vice President

  
 AMENDMENT NO. 1 TO

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 Signature Page 

 EXHIBIT A TO AMENDMENT NO. 1 
 AMENDED AND RESTATED FORM OF COMPLIANCE CERTIFICATE 
 EXHIBIT D

 Form of Compliance Certificate 
 The undersigned, duly appointed and acting chief financial officer or Vice President, Treasury (as the case may be) of WILLIAMS-SONOMA, INC. (the “Borrower”), being duly authorized, hereby delivers
this Compliance Certificate to the Agent and the Lenders, pursuant to Section 10.1(c) of that certain Fourth Amended and Restated Credit Agreement, dated as of October 4, 2006, among the Borrower, BANK OF AMERICA, N.A., in its
capacity as administrative agent (the “Agent”) and the Lenders party thereto, as such agreement may be amended, restated or otherwise modified from time to time, reference to which hereby is made (the “Credit
Agreement”). Terms defined in the Credit Agreement which are used herein shall have the meanings provided in the Credit Agreement. 
 1.        The Borrower hereby delivers to the Agent and the Lenders [check as applicable]: the audited Fiscal Year end financial statements and the unaudited
consolidating financial statements required by Section 10.1(a); or     the Fiscal Quarter end financial statements required by Section 10.1(b), dated as of
                    , 20    . Such financial statements have been prepared in accordance with GAAP (as applicable)
applied consistently throughout the periods reflected therein, except for year-end audit adjustments and the absence of footnotes for any financial statements delivered pursuant to Section 10.1(b) and present fairly the financial
condition of the Borrower and its Subsidiaries as of the respective dates indicated therein. 
 2.        The undersigned represents and warrants to the Agent and the Lenders that, except as may have been previously or concurrently disclosed to the Agent and the Lenders in writing by the
Borrower, the representations and warranties contained in Article 9 of the Credit Agreement are true and correct on and as of the date of this Compliance Certificate as if made on and as of the date hereof (except to the extent that such
representations and warranties are expressly by their terms made only as of the Closing Date or another specified date). 
 3.        The undersigned hereby states that, to the best of his or her knowledge and based upon an examination sufficient to enable an informed statement [check as applicable]:

  

			
	 ̈	 	 No Default exists as of the date hereof.

		
	 ̈	 	 One or more Defaults have occurred or exist as of the date hereof. Included within Exhibit A attached hereto is a written description
specifying each such Default, its nature, when it occurred, whether it is continuing as of the date hereof and the steps being taken by the Borrower with respect thereto. Except as so specified, no Default exists as of the date
hereof.

 4.        Exhibit B attached hereto
sets forth the calculations necessary to establish the status of the Borrower’s compliance with the covenant contained in Article 12 of the Credit Agreement as of the effective date of the financial statements referenced in paragraph
1 above. 

 5.        Exhibit C attached hereto sets
forth the determination of the Base Rate Margin, the Libor Rate Margin, the IBOR Margin and the Facility Fee Rate to become effective on the Margin Adjustment Date with respect to the financial statements referenced in paragraph 1 hereof.

 Date of execution of this Compliance Certificate:
                    , 20    . 
  

			
	 WILLIAMS-SONOMA, INC.

		
	 By:
	 	  

			
	 Name:
	 	  

			
	 Title:
	 	  

 EXHIBIT A 
 to 
 COMPLIANCE CERTIFICATE 
 dated 
                     , 20     
 The following is attached to and made a part of the above referenced Compliance Certificate. 
 [specify Defaults] 

 EXHIBIT B 
 to 
 COMPLIANCE CERTIFICATE 
 dated 
                 , 20     
 The
following is attached to and made a part of the above referenced Compliance Certificate. 
  

															
	 1.
	 	 Leverage Ratio – Section 12.1:
	 		  		  	
		 	 (a)
	 	 Total Adjusted Funded Debt:
	 		  		  	
		 		 	 (i) 
	 	 Average funded Debt1, plus
	 		  		  	 $                

		 		 	 (ii)
	 	 (A)
	 	all lease and rent expense for any Real	 	         $                
	  		  	
		 		 		 		 	Property for the preceding four (4) Fiscal	 		  		  	
		 		 		 		 	Quarters, multiplied by	 		  		  	
		 		 		 	 (B)
	 	six.	 	         x              6
	  		  	 $                

		 		 	 (iii)
	 	 Total Adjusted Funded Debt
	 		  		  	
		 		 		 	 [1(a)(i) + 1(a)(ii)(B)]
	 	         $                
	  		  	 $                

		 	 (b)
	 	 EBITDAR:
	 		  		  	
		 		 	 (i)
	 	 Net Income, plus (or less any benefit from)
	 	         $                
	  		  	
		 		 	 (ii)
	 	 Income or franchise taxes to the extent included in the determination of Net Income, plus
	 	         $                
	  		  	
		 		 	 (iii)
	 	 Interest Expense to the extent included in the determination of Net Income, plus
	 	         $                
	  		  	
		 		 	 (iv)
	 	 amortization and depreciation expense to the extent included in the determination of Net Income, plus
	 	         $                
	  		  	
		 		 	 (v)
	 	 expenses resulting from any non-cash compensation charges arising from any grant of stock, stock options, stock-settled stock appreciation rights, restricted
stock units, or other equity based compensation, provided that such expenses are and will be non-cash items in the period when taken and in all later fiscal periods to the extent included in the determination of Net Income,
plus
	 		  		  	
		 		 	 (vi)
	 	 other non-cash, non-recurring charges to the extent included in the determination of Net Income (including by way of example, but not limited to, asset write-offs
associated with store or facility closings, asset impairments associated with underperforming stores, asset write-offs associated with real Property dispositions, and asset write-offs associated with obsolete or underperforming information
technology assets), plus
	 	         $                
	  		  	
		 		 	 (vii)
	 	 all lease and rent expense for any real Property to the extent included in the determination of Net Income, plus
	 		  		  	
		 		 	 (viii)
	 	 non-recurring cash expenses relating to store closings, other discontinued operations or infrastructure downsizing (including by way of example, but not limited
to, store closings, call center closings, distribution center closings and severance packages) in an aggregate amount not to exceed
	 		  		  	

  
 1 The average of all Funded Debt as of the end of each of the immediately preceding twelve (12) Fiscal Periods. 

															
		 		 		 	 $10,000,000 for any four consecutive Fiscal Quarters, to the extent included in the determination of Net Income; minus
	 		  		  	
		 		 	 (ix)
	 	 other non-recurring gains to the extent included in the determination of Net Income,
	 	         $                
	  		  	
		 		 	 (x)
	 	 Total EBITDAR [sum of 1(b)(i) through 1(b)(ix)]
	 	                   $                

		 	 (c)
	 	 Actual Leverage Ratio [1(a)(ii) ÷ 1(b)(x)]
	 		  	                 to 1.00

					
	 (d)
	 	 Required Maximum Leverage Ratio
	 		  		  	

  

							
		 	 Fiscal Quarter Ended
	  	Maximum Leverage Ratio	  	
		 	 November 3, 2008
	  	3.50 to 1.00	  	
		 	 February 3, 2009
	  	3.50 to 1.00	  	
		 	 May 3, 2009
	  	4.20 to 1.00	  	
		 	 August 3, 2009
	  	4.60 to 1.00	  	
		 	 November 3, 2009
	  	4.50 to 1.00	  	
		 	 February 3, 2010 through
	  		  	
		 	 November 3, 2011
	  	4.00 to 1.00	  	

  

					
	 Compliance:
	 	     Yes/No

  

															
	 2.
	 	 Fixed Charge Coverage Ratio – Section 12.2:
	 		  		  	
		 	 (a)
	 	 Total EBITDAR (item 1.b.(x))
	 		  		  	 $                

		 	 (b)
	 	 Total Fixed Charges
	 		  		  	
		 		 	 (i) Interest Expense plus
	 	         $                
	  		  	
		 		 	 (ii) Total Rental Expense
	 	         $                
	  		  	
		 	 (c)
	 	 Total Fixed Charges
	 	         $                
	  		  	
		 	 (d)
	 	 Actual Fixed Charge Coverage Ratio [2(a) ÷ 2(c)]
	 		  	                 to 1.00

		 	 (e)
	 	 Required Fixed Charge Coverage Ratio
	 		  		  	

  

							
		 	 Fiscal Quarter Ended
	  	Minimum Fixed Charge Coverage Ratio	  	
		 	 November 3, 2008
	  	1.80 to 1.00                  	  	
		 	 February 3, 2009
	  	1.80 to 1.00                  	  	
		 	 May 3, 2009
	  	1.50 to 1.00                  	  	
		 	 August 3, 2009
	  	1.30 to 1.00                  	  	
		 	 November 3, 2009
	  	1.30 to 1.00                  	  	
		 	 February 3, 2010 through
	  		  	
		 	                 May 3,
2011
	  	1.50 to 1.00                  	  	
		 	 August 3, 2011 and thereafter
	  	1.60 to 1.00                  	  	

  

					
	 Compliance:
	 	     Yes/No

 EXHIBIT C 
 to 
 COMPLIANCE CERTIFICATE 
 dated 
                 , 20     
 The following is attached to and made a part of the above referenced Compliance Certificate. 
 [insert
determination of margins and rates]Autodesk, Inc. 2005 Non-Qualified Deferred Compensation Plan, amended & restated

 Exhibit 10.1 
 AUTODESK, INC. 
 2005 NON-QUALIFIED 
 DEFERRED COMPENSATION PLAN 
 As Amended and Restated 
 Effective as of January 1, 2008 
 As Further Amended and Restated 
 Effective as of December 31, 2008 

 TABLE OF CONTENTS 
  

					
	 	  	Page
	ARTICLE I TITLE AND DEFINITIONS	  	2
			
	 1.1
	  	Title	  	2
	 1.2
	  	Definitions	  	2
		
	ARTICLE II PARTICIPATION	  	5
			
	 2.1
	  	Eligibility	  	5
	 2.2
	  	Change of Employment Category	  	5
	 2.3
	  	Participation	  	5
		
	ARTICLE III DEFERRAL ELECTIONS	  	6
			
	 3.1
	  	Elections to Defer Compensation	  	6
	 3.2
	  	Discretionary Contributions by the Company	  	7
	 3.3
	  	Investment Elections	  	7
		
	ARTICLE IV ACCOUNTS	  	7
			
	 4.1
	  	Participant Accounts	  	7
		
	ARTICLE V VESTING	  	8
		
	ARTICLE VI GENERAL DUTIES	  	8
			
	 6.1
	  	Trustee Duties	  	8
	 6.2
	  	Discretionary Contributions	  	8
	 6.3
	  	Department of Labor Determination	  	8
		
	ARTICLE VII DISTRIBUTIONS AND WITHDRAWALS	  	9
			
	 7.1
	  	Distributions	  	9
	 7.2
	  	Unforeseeable Emergency Withdrawal	  	10
	 7.3
	  	Inability To Locate Participant	  	11
		
	ARTICLE VIII ADMINISTRATION	  	11
			
	 8.1
	  	Committee	  	11
	 8.2
	  	Committee Action	  	11
	 8.3
	  	Powers and Duties of the Committee	  	11
	 8.4
	  	Construction and Interpretation	  	12
	 8.5
	  	Information	  	12
	 8.6
	  	Compensation, Expenses and Indemnity	  	12
	 8.7
	  	Quarterly Statements	  	13
		
	ARTICLE IX MISCELLANEOUS	  	13
			
	 9.1
	  	Unsecured General Creditor	  	13
	 9.2
	  	Restriction Against Assignment	  	13
	 9.3
	  	Withholding	  	13
	 9.4
	  	Amendment, Modification, Suspension or Termination	  	13

  

 i 

					
	 9.5
	  	Governing Law	  	14
	 9.6
	  	Receipt or Release	  	14
	 9.7
	  	Payments on Behalf of Persons Under Incapacity	  	14
	 9.8
	  	No Employment Rights; No Undertakings	  	14
	 9.9
	  	Headings, etc. Not Part of Agreement	  	14

  

 ii 

 AUTODESK, INC. 2005 NON-QUALIFIED DEFERRED COMPENSATION PLAN 
 Autodesk, Inc. (the “Company,” as further defined in Section 1.2(h)) maintains the Autodesk, Inc. 2005 Non-Qualified Deferred
Compensation Plan (the “Plan”), as amended and restated effective January 1, 2008, and as further amended and restated effective December 31, 2008, consisting of the following provisions, for the exclusive benefit of the
participants and their beneficiaries. The Plan is effective with respect to amounts subject to deferral elections made in 2004 and thereafter which would otherwise have been payable on or after January 1, 2005 (the “Effective
Date”). 
 RECITALS 
 1. The Company wishes to maintain this supplemental retirement plan for the benefit of a select group of management or highly compensated employees of the Company. 
 2. The Company wishes to provide that the supplemental retirement plan shall be designated the Autodesk, Inc. 2005 Non-Qualified Deferred Compensation
Plan. 
 3. The Company wishes to provide under the Plan for the payment of accrued vested benefits to Plan participants and their
beneficiaries. 
 4. Under the Plan, the Company is obligated to pay vested accrued benefits to the Plan participants and their beneficiaries
from the Company’s general assets. 
 5. The Company has entered into an agreement (the “Trust Agreement”) with
Vanguard Fiduciary Trust Company dated November 29, 2002, as amended, appointing a trustee (the “Trustee”) under an irrevocable trust (the “Trust”) to be used in connection with the Plan. 
 6. The Company intends to make contributions to the Trust so that such contributions will be held by the Trustee and invested, reinvested and
distributed, all in accordance with the provisions of the Plan and the Trust Agreement. 
 7. The Company intends that amounts contributed to
the Trust and the income thereon shall be used by the Trustee to satisfy the liabilities of the Company under the Plan with respect to each Plan participant for whom an Account has been established and such utilization shall be in accordance with
the procedures set forth herein. 
 8. The Company intends that the Trust be a “grantor trust” with the principal and income of the
Trust treated as assets and income of the Company for Federal and state income tax purposes. 
 9. The Company intends that the assets of the
Trust shall at all times be subject to the claims of the general creditors of the Company, as provided in the Trust Agreement. 
 10. The
Company intends that the existence of the Trust shall not alter the characterization of the Plan as “unfunded” for purposes of the Employee Retirement Income 

 
Security Act of 1974, as amended (“ERISA”), and shall not be construed to provide income to Plan participants under the Plan prior to actual
payment of the vested accrued benefits thereunder. 
 NOW THEREFORE, the Company hereby adopts the Plan as follows: 
 ARTICLE I 
 TITLE AND DEFINITIONS

 1.1 Title. This Plan shall be known as the Autodesk, Inc. 2005 Non-Qualified Deferred Compensation Plan. 
 1.2 Definitions. Whenever the following words and phrases are used in this Plan, with the first letter capitalized, they shall have the
meanings specified below: 
 (a) “Account” means, for each Participant, the bookkeeping account maintained by the Committee
that is credited with amounts equal to (1) the Participant’s Compensation Deferrals, (2) Discretionary Contributions, if any, made to the Plan for the Participant’s benefit, and (3) adjustments to reflect Income, and reduced
by distributions or withdrawals, if any, made by the Participant. 
 (b) “Annual Enrollment Period” means the period
approximately one month prior to the beginning of each Plan Year, in which Eligible Employees are able to enroll in the Plan for the upcoming Plan Year by submitting an Enrollment Form. The actual Annual Enrollment Period for each Plan Year shall be
determined by the Committee in accordance with applicable law and rules promulgated under the Code. 
 (c) “Beneficiary” or
“Beneficiaries” means the beneficiary last designated in writing by a Participant in accordance with procedures established by the Committee from time to time to receive the benefits specified hereunder in the event of the
Participant’s death. No Beneficiary designation shall become effective until it is filed with the Committee. In the event that a proper Beneficiary designation is not on file with the Committee or is otherwise not legally effective, the
Beneficiary shall be the Participant’s surviving spouse, if any, or if there is no surviving spouse, the Participant’s estate. 
 (d) “Board of Directors” or “Board” means the Board of Directors of the Company. 
 (e)
“Change Form” means such hard copy and/or electronic form as may be provided by the Committee to permit an Eligible Employee to change certain Distribution Elections in accordance with Section 7.1(c), herein, applicable law and
rules promulgated under the Code. 
  

 2 

 (f) “Code” means the Internal Revenue Code of 1986, as amended. Reference to a section
of the Code includes such section and any comparable section or sections of any future legislation that amends, supplements or supersedes such section. 
 (g) “Committee” shall mean those individuals selected by the Board to administer the Plan as defined in Section 8.1. 
 (h) “Company” means Autodesk, Inc., any successor corporation by merger, consolidation or otherwise, any entity that is directly or indirectly controlled by the Company, any entity in which the
Company has a significant equity or investment interest, or any subsidiary of the Company, as determined by the Committee. 
 (i)
“Compensation” means the Salary, Commissions and Bonus earned by the Participant for services rendered to the Company. “Salary” means the Eligible Employee’s base salary for the Plan Year, and excludes amounts
designated by the Company as “hypo tax” or similar tax equalization payments as well as any other form of compensation such as restricted stock, proceeds from stock options, stock appreciation rights or a stock purchase plan, severance
payments, moving expenses, car or other special allowance, or any other amounts included in an Eligible Employee’s taxable income that is not compensation for services. “Commissions” means any cash-based commission earned by an
Eligible Employee during the Plan Year. “Bonus” means any cash-based incentive compensation (other than Commissions) earned by an Eligible Employee in addition to Salary during the Plan Year under the Company’s Annual Incentive
Plan and/or Executive Incentive Plan (or successor plans to such plans), notwithstanding any deferral elections made under the Company’s Equity Incentive Deferral Plan. 
 (j) “Compensation Deferrals” means the amount of Compensation deferred under the Plan pursuant to Section 3.1. 
 (k) “Deferral Election” shall mean a Participant’s Compensation Deferrals specified on the Enrollment Form provided by the
Committee during an Enrollment Period for a given Plan Year as set forth in Section 3.1. 
 (l) “Disability” means the
occurrence of the following event: A Participant has, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months, received income replacement benefits of not less than 3 months under the Company’s long-term disability plan. This definition shall be interpreted consistent with Code Section 409A (a)(2)(C). 
 (m) “Discretionary Contributions” are contributions made to an Account or specific Plan Year Account(s) by the Company, if any, as
defined in Section 3.2. 
 (n) “Distributable Amount” means the entire amount credited to a Participant’s Account
or Plan Year Account. Such amount shall be valued on the date the distribution is made to the Participant under Article VII. 
  

 3 

 (o) “Distribution Election” shall mean a Participant’s selected Distribution
Event(s) and form of distribution of his or her Account or one or more Plan Year Account(s) as specified on his or her Enrollment Form or Change Form in accordance with the provisions of Article 7. 
 (p) “Distribution Event” means, with respect to each Participant, the applicable date or event specified by the Participant on his or
her Enrollment Form pursuant to Section 7.1 (a), or the death or Disability of the Participant. 
 (q) “Eligible
Employee” means an Employee who is designated by the Board of Directors as an eligible employee, taking into consideration applicable regulations, rulings or other pronouncements by the Internal Revenue Service and Department of Labor
regarding “highly compensated employees.” 
 (r) “Employee” means a common law employee of the Company as
reflected at the relevant time on the Company’s payroll records, notwithstanding any later reclassification. 
 (s) “Enrollment
Form” shall mean such hard copy and/or electronic enrollment form as may be provided by the Committee from time to time to Eligible Employees during the Annual Enrollment Period or the Initial Enrollment Period. 
 (t) “Enrollment Period” means the Initial Enrollment Period and the Annual Enrollment Period. 
 (u) “Fund” or “Funds” means one or more of the investment funds selected by the Committee pursuant to Section 3.3.

 (v) “Income” means the Investment Returns from Fund investments credited to a Participant’s Account, as defined in
Section 4.1(c). 
 (w) “Initial Enrollment Period” means, during a Plan Year, the thirty (30) days following an
Eligible Employee’s first receipt of notification of eligibility to participate in the Plan. 
 (x) “Investment Return”
means, for each Fund, an amount equal to the pre-tax rate of income or loss on the assets of such Fund (net of applicable fund and investment charges) during each valuation period, but not less frequently than monthly. 
 (y) “Key Employee” means a “key employee” as defined in Code Section 416(i) without regard to paragraph 5 thereof.

 (z) “Participant” means any Eligible Employee who elects to defer Compensation in accordance with Section 3.1.

 (aa) “Payment Commencement Date” means a date that is within ninety (90) days after the Participant has a
Distribution Event. 
  

 4 

 (bb) “Plan” means the Autodesk, Inc. 2005 Non-Qualified Deferred Compensation Plan set
forth herein, now in effect, or as amended from time to time. 
 (cc) “Plan
Year” means the twelve (12) consecutive month period beginning each January 1st and ending December 31st, with the first Plan Year beginning on the Effective Date. 
 (dd) “Plan Year Account” means the sub-account of and Account relating to a specific Plan Year. 
 (ee) “Retirement” means the date of a Participant’s separation from service (as determined pursuant to Section 409A(2)(A) of the Code and the Treasury Regulations issued thereunder) with the Company on or after
attainment of age sixty-five (65; provided, however, that, in the case of a Key Employee who is treated as a specified employee for purposes of Code Section 409A and the Treasury Regulations issued thereunder, payment of such Participant’s
benefit upon Retirement shall not be made before that date that is six (6) months and one day following the Participant’s separation from service or, if earlier, upon the death of the Participant. 
 (ff) “Termination” means the date of a Participant’s separation from service (as determined pursuant to Section 409A(2)(A) of
the Code and the Treasury Regulations issued thereunder) with the Company, other than Retirement; provided, however, that in the case of a Key Employee who is treated as a specified employee for purposes of Code Section 409A and the Treasury
Regulations issued thereunder, payment of such Participant’s benefit upon Termination shall not be before the date that is six (6) months and one day following the Participant’s separation from service or, if earlier, upon the death
of the Participant. 
 ARTICLE II 
 PARTICIPATION 
 2.1 Eligibility. An Eligible Employee shall be eligible to participate in the Plan during each
Enrollment Period. No individual may become a Participant, however, if he or she is not an Eligible Employee on the date his or her participation is to begin. 
 2.2 Change of Employment Category. During any Plan Year in which a Participant remains in the employ of the Company but ceases to be an Eligible Employee, he or she shall not be eligible to make further
Compensation Deferrals hereunder. Contributions made while an Eligible Employee shall remain in the Plan until distributed pursuant to a Distribution Event in accordance with the terms of the Plan. 
 2.3 Participation. An Eligible Employee shall become a Participant by completing an Enrollment Form electing to defer a portion of his or
her Compensation in accordance with Section 3.1. 
  

 5 

 ARTICLE III 
 DEFERRAL ELECTIONS 
 3.1 Elections to Defer Compensation. 
 (a) Deferral Elections. In accordance with the rules established by the Committee and subject to requirements of the Code and Section 7.1
below, a Participant may make a Deferral Election to defer up to 100% of Compensation relating to services to be performed in the year(s) following the end of the taxable year in which the deferral election is made. A Deferral Election made before
the end of a given calendar year may relate to (1) Salary for services to be performed in the following Plan Year, (2) Commissions earned for services to be performed in the following Plan Year and/or (3) Bonuses relating to services
to be performed during the Company’s fiscal year beginning in the following Plan Year. Notwithstanding the foregoing, however, the Committee may permit a deferral election for a Bonus to be made up until 6 months before the end of the 12 month
service period to which the Bonus relates, provided the Bonus qualifies as “performance-based compensation” under Code Section 409A(a)(4)(B)(iii) and applicable regulations issued thereunder. 
 (b) Automatic Reduction in Deferral Election. Notwithstanding Section 3.1(a) above, a Participant’s Deferral Election for a Plan Year
shall be automatically reduced to the extent necessary to ensure that the Company is able to (i) satisfy its required state, federal or other tax withholding obligations in respect of any amounts payable to the Participant for a Plan Year,
(ii) satisfy its legal obligation to comply with any applicable wage garnishment orders in effect and (iii) properly administer the Participant’s valid elections, if any, made in accordance with Code Section 125. 
 (c) Special Rules for Deferral of Calendar Year 2005 Bonuses. Notwithstanding the timing rules set forth in Section 3.1(a), Participants may
elect to defer the Bonus otherwise payable to a Participant during the Plan Year January 1, 2005 through December 31, 2005, so long as the deferral election is made prior to the beginning of the relevant Plan Year, subject to Code
Section 409A and the relevant transition rules in Section 885(f) of the America Jobs Creation Act and Treasury Regulations issued thereunder. 
 (d) Payroll Deductions. Compensation Deferrals shall be made through regular payroll deductions, and will be limited to the extent necessary to satisfy applicable tax withholding, benefit plan contribution
requirements, and any amounts necessary to satisfy any wage garnishment or similar type obligations. 
 (e) Irrevocable Election. Once
made, Deferral Elections shall remain in force for the applicable Plan Year unless the Participant ceases to be an Eligible Employee, in which case contributions made while an Eligible Employee shall remain in the Plan until distribution as elected
in accordance with Article VII. Notwithstanding the foregoing, an Eligible Employee who participates in the Autodesk, Inc. Executive Incentive Plan may elect to revoke or change his or her Deferral Election for his or her Bonus for the 2008 Plan
Year; provided, that the Bonus qualifies as “performance-based compensation” under Code Section 409A(a)(4)(B)(iii) and applicable regulations issued thereunder. Such election to revoke or change his or her Deferral Election shall be
made no later than July 31, 2008. 
  

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 3.2 Discretionary Contributions by the Company. The Company may, in its sole and absolute
discretion, make contributions (“Discretionary Contributions”) to the Account or a specific Plan Year Account of one or more Participants at such times and in such amounts as the Board may determine. 
 3.3 Investment Elections. The Committee may, in its sole and absolute discretion, provide each Participant with a list of investment Funds
available for hypothetical investment, and the Participant may designate, in a manner specified by the Committee, one or more Funds that his or her Account or specific Plan Year Account will be deemed to be invested in for purposes of determining
the amount of Income to be credited to his or her Account or specific Plan Year Account. The Committee may, from time to time, in its sole and absolute discretion, select a commercially available fund to constitute the Fund actually selected. The
Investment Return of each such commercially available Fund shall be used to determine the amount of Income to be credited to Participants’ Account and Plan Year Accounts under Section 4.1(c). 
 (a) In making the designation pursuant to this Section 3.3, the Participant may specify that all or any one percent (1%) multiple of his or her
Account be deemed to be invested in one or more of the Funds offered by the Committee. Subject to such limitations and conditions as the Committee may specify, a Participant may change the designation made under this Section 3.3, in such manner
and at such time or times, as the Committee shall specify. If a Participant fails to elect a Fund under this Section 3.3, or if the Committee does not provide such Participant with a list of Funds pursuant to this Section 3.3, then the
Participant shall be deemed to have elected a balanced Fund or similar investment Fund designated by the Committee. 
 (b) The Company may,
but need not, acquire investments corresponding to those designated by the Participants hereunder, and it is not under any obligation to maintain any investment it may make. Any such investments, if made, shall be Company property in which no
Participant shall have any interest. In no event does the Company or Committee make any representation regarding, or guarantee of, investment performance. 
 ARTICLE IV 
 ACCOUNTS 
 4.1 Participant Accounts. The Committee shall establish and maintain an Account and Plan Year Account for each Participant under the Plan.
Each Participant’s Account or Plan Year Account may be further divided into separate subaccounts (“investment fund subaccounts”), corresponding to investment Funds elected by the Participant pursuant to Section 3.3 or as
otherwise determined by the Committee to be necessary or appropriate for proper Plan administration. A Participant’s Plan Year Account shall be credited as follows: 
 (a) As soon as administratively practicable after the payroll withholding is made for a Participant, the Committee shall credit the portion of the Participant’s Compensation Deferrals that the Participant has
elected to be deemed to be invested in a certain type of investment Fund to the investment fund subaccount corresponding to that investment Fund. 
  

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 (b) As soon as administratively practicable after the last day of the Plan Year or such earlier time or
times as the Committee may determine, the Committee shall credit the portion of the Participant’s discretionary contributions, if any, that the Participant has elected to be deemed to be invested in a certain type of investment Fund to the
investment fund subaccount corresponding to that investment Fund. 
 (c) At such time or times as the Committee may determine, but not less
frequently than monthly, each investment Fund subaccount of a Participant’s relevant Plan Year Account shall be credited with an amount equal to that determined by multiplying the balance credited to such investment fund subaccount as of the
last day of the preceding valuation period by the Investment Return for the corresponding Fund selected by the Company (“Income”). 
 ARTICLE V 
 VESTING 
 A Participant’s Account, including all Plan Year Accounts, shall be one hundred percent (100%) vested at all times. 
 ARTICLE VI 
 GENERAL DUTIES 
 6.1 Trustee Duties. The Trustee shall manage, invest and reinvest the Trust Fund as provided in the Trust Agreement. The Trustee shall
collect the income on the Trust Fund, and make distributions therefrom, all as provided in this Plan and in the Trust Agreement. 
 6.2
Discretionary Contributions. While the Plan remains in effect, the Company shall make contributions to the Trust Fund at least once each quarter. As soon as administratively practicable after the close of each Plan quarter, the Company
shall make an additional contribution to the Trust Fund to the extent that previous contributions to the Trust Fund for the current Plan quarter are less than the total of the Compensation Deferrals made by each Participant plus Company
discretionary contributions, if any, accrued as of the close of the current Plan quarter. 
 6.3 Department of Labor
Determination. In the event that any Participants are found to be ineligible, for purposes of the Plan remaining a “top hat” plan under applicable regulations, that is, not members of a select group of management or highly compensated
employees, 

  

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according to a determination made by the Department of Labor (or a general pronouncement, ruling, opinion or regulation of the Department of Labor, or a
judicial decision, which the Committee believes would apply and render such Participants ineligible), the Committee may take whatever steps it deems necessary, in its sole and absolute discretion, to equitably protect the interests of the affected
Participants and other Plan Participants. 
 ARTICLE VII 
 DISTRIBUTIONS AND WITHDRAWALS 
 7.1 Distributions. 
 (a) Election of Distribution Event. During an Enrollment Period, a Participant may elect on the Enrollment Form the following as Distribution
Event(s) which will trigger payment of the Distributable Amount in a Participant’s Plan Year Account to the Participant: (1) Retirement; (2) Termination; (3) another date specified by the Participant. The death or
Disability or a Participant will automatically be a Distribution Event under the Plan. 
 (b) Form of Distribution. A Participant may
elect either of the following forms of distribution with respect to each Distribution Event for which the Participant makes an election: 
 (i) Lump sum payable on the Payment Commencement Date; or 
 (ii) Up to ten (10) annual installments payable on the Payment
Commencement Date and continuing on each anniversary of the Payment Commencement Date thereafter until fully paid. Ten (10) annual installments shall be the default form of distribution in the absence of an election made by the
Participant. If the Participant’s Distributable Amount is paid in installments, the Participant’s Plan Year Account shall continue to be credited not less frequently than monthly with Income and the installment amount shall be adjusted
annually to reflect Income until all amounts credited to the Participant’s Plan Year Account under the Plan have been distributed. 
 Upon Disability or death, the Participant or his beneficiary will automatically receive the Distributable Amount in a lump sum on the Payment Commencement Date. Notwithstanding anything in this Plan to the contrary, if the
Participant’s Distributable Amount is less than the applicable limit under Section 402(g)(1)(B) of the Code upon the occurrence of any Distribution Event, the Distributable Amount shall automatically be distributed in the form of a cash
lump sum payment on the-Payment Commencement Date. 
 (c) Change to Distribution Elections. A Participant may change his or her
Distribution Election by submitting a Change Form, in a manner prescribed by the Committee; provided, however, that any change shall not be effective for at least twelve (12) months after the date on which the Participant submits the Change
Form. In addition, with respect to a specific payment date elected by the Participant, any change in the payment date must be made at least twelve (12) months prior to the date specified in the election, and any change of Distribution 

  

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Election relating to a distribution other than as a result of Disability or death shall be effective only to the extent that the first payment pursuant to
such changed election is deferred for a period of at least five (5) years from the date such payment would otherwise have been made. Notwithstanding the foregoing, a Participant (including, for the avoidance of doubt, a Participant who has
ceased to be an Employee) may make an election to change his or her previous Distribution Elections during the November 2007 and November 2008 enrollment periods in accordance with the transition relief under Section 409A of the Internal
Revenue Code and Internal Revenue Service Notice 2007-86; provided, however, such election may apply only to amounts that would not otherwise be payable in 2007 and 2008, respectively, and may not cause an amount to be paid in 2007 and 2008,
respectively, that would not otherwise be payable in 2007 or 2008, respectively. 
 (d) Death. While Receiving Benefits. If a
Participant is receiving annual installment payments at the time of his or her death, then the Participant’s Beneficiary shall be paid the remaining annual installments as they come due. 
 (e) Payment of Distributable Amount. The Distributable Amount shall be paid to the Participant (or Beneficiary, if applicable) in accordance with
Participant’s Deferral Election(s) on the Payment Commencement Date, provided that if the applicable Distribution Event(s) is a date specified by the Participant, such specified payment date must be at least three (3) years after the end
of the Plan Year for which the election is made. 
 7.2 Unforeseeable Emergency Withdrawal. 
 (a) Triggering an Unforeseeable Emergency Hardship Withdrawal. The Committee may, in its sole and absolute discretion, accelerate the date of
distribution of a Participant’s Account because of an Unforeseeable Emergency at any time. “Unforeseeable Emergency” means a severe financial hardship to the Participant resulting from an illness or accident of the Participant,
the Participant’s spouse, or a dependent (as defined in Code Section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant. The amount permitted to be distributed with respect to the Unforeseeable Emergency may not exceed the amount necessary to satisfy such emergency plus the amount necessary to pay taxes reasonably
anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the
extent the liquidation of such assets would not itself cause severe financial hardship). This Section 7.2 shall be interpreted consistent with Code Section 409 a(2)(B)(ii) and applicable regulations issued thereunder. 
 (b) Distribution Attributable to an Unforeseeable Emergency. Unless the Committee, in its sole and absolute discretion, determines otherwise,
distribution pursuant to this Section 7.2 of less than the Participant’s entire interest in the Plan shall be made pro rata from his or her assumed investments according to the balances in such investments. Subject to the foregoing,
payment of any amount with respect to which a Participant has filed a request under this Section 7.2 shall be made in a single cash lump sum within thirty (30) days after the Committee approves the Participant’s request. Any remaining
amounts in the Participant’s Account shall be distributed as provided in Section 7.1 above. 
  

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 7.3 Inability To Locate Participant. In the event that the Committee is unable to locate a
Participant or Beneficiary within two (2) years following the Participant’s Distribution Event, the amount allocated to the Participant’s Deferral Account shall be forfeited. If, after such forfeiture, the Participant or Beneficiary
later establishes a proper claim for such benefit, as determined by the Committee in its sole discretion, such benefit (calculated immediately prior to the forfeiture) shall be reinstated without interest or income. 
 ARTICLE VIII 
 ADMINISTRATION 

 8.1 Committee. A Committee shall be appointed by, and serve at the pleasure of, the Board. The number of members comprising
the Committee shall be determined by the Board, which may from time to time vary the number of members. A member of the Committee may resign by delivering a written notice of resignation to the Board. The Board may remove any member by delivering a
certified copy of its resolution of removal to such member. Vacancies in the membership of the Committee shall be filled by the Board. 
 8.2 Committee Action. The Committee shall act at meetings by affirmative vote of a majority of the members of the Committee. Any action permitted to be taken at a meeting may be taken without a meeting if a written consent to
the action is signed by all members of the Committee and such written consent is filed with the minutes of the proceedings of the Committee. A member of the Committee shall not vote or act upon any matter that relates solely to himself or herself as
a Participant. The chairman or any other member or members of the Committee designated by the chairman may execute any certificate or other written direction on behalf of the Committee. 
 8.3 Powers and Duties of the Committee. 
 (a) The Committee, on behalf of the Participants and their Beneficiaries, shall enforce the Plan in accordance with its terms, shall be charged with the general administration of the Plan and shall have all powers
necessary to accomplish its purposes, including, but not by way of limitation, the following: 
 (i) To select the funds to be the Funds in
accordance with Section 3.3 hereof; 
 (ii) To construe and interpret the terms and provisions of this Plan and to make factual
determinations relevant to Plan benefits and entitlements; 
 (iii) To amend, modify, suspend or terminate the Plan in accordance with
Section 9.4; 
  

 11 

 (iv) To compute and certify the amount and kind of benefits payable to Participants and their
Beneficiaries and to direct the Trustee as to the distribution of Plan assets; 
 (v) To maintain all records that may be necessary for the
administration of the Plan; 
 (vi) To provide for the disclosure of all information and the filing or provision of all reports and
statements to Participants, Beneficiaries or governmental agencies as shall be required by law; 
 (vii) To make and publish such rules for
the regulation of the Plan and procedures for the administration of the Plan, including the form of Enrollment Form, as are not inconsistent with the terms hereof; 
 (viii) To appoint a plan administrator or any other agent, and to delegate to them such powers and duties in connection with the administration of the Plan as the Committee may from time to time prescribe; 

(ix) To designate the affiliates that will participate in the Plan; and 
 (x) To determine the entities that constitute predecessor employers for purposes of determining years of service (if applicable). 
 8.4 Construction and Interpretation. The Committee shall have full discretion to construe and interpret the terms and provisions of this
Plan, and to apply them to particular factual circumstances, which interpretation or construction shall be final and binding on all parties, including but not limited to the Company and any Participant and Beneficiary. 
 8.5 Information. To enable the Committee to perform its functions, the Company shall supply full and timely information to the Committee on
all matters relating to the Compensation of all Participants, their death or other cause of termination, and such other pertinent facts as the Committee may reasonably require. 
 8.6 Compensation, Expenses and Indemnity. 
 (a) The members of the Committee shall serve without compensation for their services hereunder. 
 (b) The
Committee is authorized at the expense of the Company to employ such legal counsel or other professional advisers as it may deem advisable from time to time to assist in the performance of its duties hereunder. Expenses and fees in connection with
the administration of the Plan shall be paid by the Company. 
 (c) To the extent permitted by applicable state law, the Company shall
indemnify and save harmless the Committee and each member thereof, the Board and any delegate of the Committee who is an employee of the Company against any and all expenses, liabilities and claims, including legal fees to defend against such
liabilities and claims arising out of their discharge in good faith of responsibilities under or incident to the Plan, other than 

  

 12 

 
expenses and liabilities arising out of willful misconduct or gross negligence. This indemnity shall not preclude such further indemnities as may be
available under insurance purchased by the Company or provided by the Company under any bylaw, agreement or otherwise, as such indemnities are permitted under state law. 
 8.7 Quarterly Statements. Under procedures established by the Committee, a Participant shall be provided with a statement with respect to such Participant’s Account on a quarterly basis. 

ARTICLE IX 
 MISCELLANEOUS 

 9.1 Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or
equitable rights, claims, or interests in any specific property or assets of the Company. No assets of the Company shall be held in any way as collateral security for the fulfilling of the obligations of the Company under this Plan. Any and all of
the Company’s assets shall be, and remain, the general unpledged, unrestricted assets of the Company. The Company’s obligation under the Plan shall be merely that of an unfunded and unsecured promise of the Company to pay money in the
future, and the rights of the Participants and Beneficiaries shall be no greater than those of unsecured general creditors. 
 9.2
Restriction Against Assignment. The Company shall pay all amounts payable hereunder only to the person or persons designated by the Plan and not to any other person or corporation. No part of a Participant’s Account shall be liable
for the debts, contracts, or engagements of any Participant, his or her Beneficiary, or successors in interest, nor shall a Participant’s Account be subject to execution by levy, attachment, or garnishment or by any other legal or equitable
proceeding, nor shall any such person have any right to alienate, anticipate, commute, pledge, encumber, or assign any benefits or payments hereunder in any manner whatsoever. If any Participant, Beneficiary or successor in interest is adjudicated
bankrupt or purports to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any distribution or payment from the Plan, voluntarily or involuntarily, the Committee, in its sole and absolute discretion, may cancel such
distribution or payment (or any part thereof) to or for the benefit of such Participant, Beneficiary or successor in interest in such manner as the Committee shall direct. 
 9.3 Withholding. There shall be deducted from each payment made under the Plan, all taxes that are required to be withheld by the Company
in respect to such payment. The Company shall have the right to reduce any payment by the amount of cash sufficient to provide the amount of said taxes. 
 9.4 Amendment, Modification, Suspension or Termination. The Committee may amend, modify, suspend or terminate the Plan in whole or in part at any time for any reason, except that no amendment,
modification, suspension or termination shall have any retroactive effect to reduce any amounts allocated to a Participant’s Account, provided that a termination or 

  

 13 

 
suspension of the Plan or any Plan amendment or modification that will significantly increase costs to the Company shall be approved by the Board. In the
event that this Plan is terminated, the timing of the disposition of the amounts credited to a Participant’s Account shall occur in accordance with Section 7.1, subject to earlier distribution at the sole and absolute discretion of the
Committee to the extent such exercise of discretion is consistent with the acceleration of distribution rules under Code Section 409A and Treasury Regulations issued thereunder. 
 9.5 Governing Law. The Plan shall be construed, governed and administered in all respects in accordance with ERISA, the Code and other
pertinent Federal laws to the extent applicable, and, to the extent not preempted by ERISA, in accordance with the laws of the State of California (irrespective of the choice of law principles of the State of California as to all matters).

 9.6 Receipt or Release. Any payment to a Participant or the Participant’s Beneficiary in accordance with the provisions
of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Committee and the Company. The Committee may require such Participant or Beneficiary, as a condition precedent to such payment, to execute a receipt and
release to such effect. 
 9.7 Payments on Behalf of Persons Under Incapacity. In the event that any amount becomes payable
under the Plan to a person who, in the sole and absolute judgment of the Committee, is considered by reason of physical or mental condition to be unable to give a valid receipt therefore, the Committee may direct that such payment be made to any
person found by the Committee, in its sole judgment, to have assumed the care of such person. Any payment made pursuant to such determination shall constitute a full release and discharge of the Committee and the Company. 
 9.8 No Employment Rights; No Undertakings. Participation in this Plan shall not confer upon any person any right to be employed by the
Company or any other right not expressly provided hereunder. The Company makes no undertakings, covenants or representations to maintain the tax-deferred status of deferrals under the Plan or that any particular tax or legal consequences will apply
to Deferrals or Plan benefits. 
 9.9 Headings, etc. Not Part of Agreement. Headings and subheadings in this Plan are inserted
for convenience of reference only and are not to be considered in the construction of the provisions hereof. 
  

 14

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