Document:

bluelinx101.htm

Exhibit 10.1

NINTH AMENDMENT TO AMENDED AND RESTATED

LOAN AND SECURITY AGREEMENT

NINTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT, dated as of August 14, 2014 (this “Amendment No. 9”), is by and among Wells Fargo Bank, National Association, a national banking association, in its capacity as administrative and collateral agent for the Lenders (as hereinafter defined) pursuant to the Loan Agreement defined below (in such capacity, “Agent” as hereinafter further defined), BlueLinx Corporation, a Georgia corporation (“BlueLinx”), BlueLinx Services Inc., a Georgia corporation (“BSI”), and BlueLinx Florida LP, a Florida limited partnership (“BFLP”, and together with BlueLinx and BSI, each individually a “Borrower” and collectively, “Borrowers”), BlueLinx Florida Holding No. 1 Inc., a Georgia corporation (“BFH1”) and BlueLinx Florida Holding No. 2 Inc., a Georgia corporation (“BFH2”, and together with BFH1, each individually a “Guarantor” and collectively, “Guarantors”).

 

W I T N E S S E T H:

 

WHEREAS, Agent, the parties to the Loan Agreement as lenders (collectively, “Lenders”), Borrowers and Guarantors have entered into financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders) have made and may make loans and advances and provide other financial accommodations to Borrowers as set forth in the Amended and Restated Loan and Security Agreement, dated August 4, 2006, by and among Agent, Lenders, Borrowers and Guarantors, as amended by First Amendment to Amended and Restated Loan and Security Agreement, dated as of October 22, 2008, Second Amendment to Amended and Restated Loan and Security Agreement, dated as of July 7, 2010, Third Amendment to Amended and Restated Loan and Security Agreement, dated as of May 10, 2011, Fourth Amendment to Amended and Restated Loan and Security Agreement, dated as of August 11, 2011, Fifth Amendment to Amended and Restated Loan and Security Agreement and Lender Joinder, dated as of March 29, 2013, Sixth Amendment to Amended and Restated Loan and Security Agreement, dated as of June 28, 2013, Seventh Amendment to Amended and Restated Loan and Security Agreement, dated as of March 14, 2014, and Eighth Amendment to Amended and Restated Loan and Security Agreement, dated as of July 8, 2014 (as from time to time further amended, modified, supplemented, extended, renewed, restated or replaced, the “Loan Agreement”, and together with all agreements, documents and instruments at any time executed and/or delivered in connection therewith or related thereto, as from time to time amended, modified, supplemented, extended, renewed, restated, or replaced, collectively, the “Financing Agreements”);

 

WHEREAS, Borrowers and Guarantors have requested that Agent, Required Lenders and Tranche A Loan Lenders (a) extend the maturity of the Tranche A Loan Maturity Date and (b) enter into certain other amendments to the Loan Agreement;

 

WHEREAS, the parties hereto desire to enter into this Amendment No. 9 to evidence and effectuate such amendments under the Loan Agreement, in each case subject to the terms and conditions and to the extent set forth herein;

  

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NOW, THEREFORE, in consideration of the premises and covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

Section 1. Amendments.

 

1.1 Additional Definition.  As used herein or in the Loan Agreement or any of the other Financing Agreements, the following term shall have the meaning set forth below and the Loan Agreement and the other Financing Agreements shall be deemed and are hereby amended to include, in addition and not in limitation, the following definition:

 

“Amendment No. 9” shall mean the Ninth Amendment to Amended and Restated Loan and Security Agreement, dated as of August 14, 2014, by and among Agent, Borrowers and Guarantors, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced.

 

1.2 Amendments to Definitions.

 

(a) All references to the term “Administrative and Collateral Agent” in the Loan Agreement and the other Financing Agreements (including UCC financing statements) are hereby amended to mean the following:

 

           “Agent” shall mean Wells Fargo Bank, National Association, a national banking association, in its capacity as administrative and collateral agent  on behalf of Lenders pursuant to the terms hereof, and any replacement or successor agent hereunder.

 

All references to “Administrative and Collateral Agent” in the Loan Agreement and the other Financing Agreements are hereby redesignated to “Agent”; provided, that, to the extent that any Financing Agreement (including any UCC financing statement) that is filed with any Governmental Authority refers to “Administrative Agent and Collateral Agent”, Agent need not amend such filed Financing Agreements (including UCC financing statements) and the failure to amend such Financing Agreements shall not affect the rights or remedies of Agent.

 

(b) All references to the term “ERISA Event” in the Loan Agreement and the other Financing Agreements shall be deemed and each such reference is hereby amended by adding the following proviso at the end of such definition:  “; provided, that, neither the issuance of the Funding Waiver Letter nor any of the events for which the Funding Waiver Letter was obtained shall constitute an ERISA Event.”

 

(c) All references to the term “Tranche A Loan Limit” in the Loan Agreement and the other Financing Agreements shall be deemed and each such reference is hereby replaced with the following:

 

“Tranche A Loan Limit” shall mean (a) from March 14, 2014 through and including March 31, 2015, $20,000,000, (b) from April 1, 2015 through and including April 30, 2015, $18,000,000, (c) from May 1, 2015 through and including May 31, 2015, $16,000,000, (d) from June 1, 2015 through and including June 29, 2015, $14,000,000, and  (e) on and after June 30, 2015, $-0-; provided, that, (i) on and after giving effect to each such reduction in the immediately preceding clauses (b) through (e), Excess Availability shall be not less than $50,000,000, and (ii) on and after giving effect to such payment or prepayment, no Event of Default shall exist or have occurred and be continuing.

  

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(d) All references to the term “Tranche A Loan Maturity Date” in the Loan Agreement and the other Financing Agreements shall be deemed and each such reference is hereby replaced with the following:

 

“Tranche A Loan Maturity Date” shall mean June 30, 2015 or earlier in accordance with the terms and conditions of Amendment No. 7 and Amendment No. 9.

 

Section 2. Amendments to Loan Agreement.

 

2.1 ERISA.  Employee Benefits.

 

(a) Section 8.9(a) of the Loan Agreement is hereby amended by replacing the second and third sentences thereof with the following:

 

“Each Plan which is intended to qualify under Section 401(a) of the Code (i) has received or Borrowers and Guarantors will file an application to receive a favorable determination letter from the Internal Revenue Service within the remedial amendment period prescribed by Section 401(b) of the Code and, or (ii) is entitled to rely on a determination letter issued by the Internal Revenue Service to the sponsor of a prototype or volume submitter plan, and (iii) to the best of each Borrower’s and each Guarantor’s knowledge, nothing has occurred which would cause the loss of such qualification. Except for the Funding Waiver Letter and the express events for which it was obtained, (x) each Borrower and each Guarantor and their respective ERISA Affiliates have made all required contributions to any Plan subject to Section 412 of the Code, and (y) no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan.”

 

(b) Section 8.9(c) of the Loan Agreement is hereby amended in its entirety to read as follows:

 

           “(c)           (i) No ERISA Event has occurred or is reasonably expected to occur, except as set forth in clause (iii) below; (ii) except for events for which the Funding Waiver Letter was obtained, no Borrower, Guarantor, or any of their respective ERISA Affiliates have incurred or reasonably expect to incur, any material liability under Title IV of ERISA with respect to any Plan (other than premiums due and not delinquent under Section 4007 of ERISA and any contributions to be made timely under the Code and ERISA); (iii) no Borrower, Guarantor or any of their respective ERISA Affiliates have incurred or reasonably expect to incur, any liability in excess of $3,000,000 in the aggregate (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (iv) no Borrower, Guarantor or any of their respective ERISA Affiliates have engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA.”

 

2.2 Interpretation.  Capitalized terms used herein which are not otherwise defined herein shall have the respective meanings ascribed to them in the Loan Agreement.

 

  

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Section 3. Representations and Warranties. Borrowers and Guarantors, jointly and severally, represent and warrant with and to Agent and Lenders as follows, which representations and warranties, together with the representations and warranties in the other Financing Agreements, shall survive the execution and delivery hereof, and the truth and correctness thereof, in all material respects, being a continuing condition of the making of any Loans by Lenders (or Agent on behalf of Lenders) to Borrowers:

 

3.1 This Amendment No. 9 has been duly authorized, executed and delivered by all necessary action on the part of Borrowers and Guarantors which is a party hereto and is in full force and effect as of the date hereof, as the case may be, and the obligations of Borrowers or Guarantors contained herein constitute legal, valid and binding obligations of Borrowers and Guarantors, as the case may be, enforceable against them in accordance with their terms, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and except to the extent that availability of the remedy of specific performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought.

 

3.2 All of the representations and warranties set forth in the Loan Agreement as amended hereby, and the other Financing Agreements, are true and correct in all material respects after giving effect to the provisions of this Amendment No. 9, except to the extent any such representation or warranty is made as of a specified date, in which case such representation or warranty shall have been true and correct in all material respects as of such date.

 

3.3 After giving effect to the provisions of this Amendment No. 9, no Default or Event of Default exists or has occurred and is continuing.

 

Section 4. Conditions Precedent.  Concurrently with the execution and delivery hereof, and as a further condition to the effectiveness of this Amendment No. 9 and the agreement of Agent to the modifications and amendments set forth in this Amendment No. 9:

 

4.1 Agent shall have received an executed copy of an original or executed original counterparts of this Amendment No. 9 by electronic mail or facsimile (with the originals to be delivered within five (5) Business Days after the date hereof), duly authorized, executed and delivered by each Borrower and Guarantor; and

 

4.2 each Borrower and Guarantor shall deliver, or cause to be delivered, to Agent a true and correct copy of any consent, waiver or approval to or of this Amendment No. 9, which any Borrower or Guarantor is required to obtain from any other Person, and such consent, approval or waiver shall be in a form and substance satisfactory to Agent in its good faith determination;

 

4.3 Agent shall have received approvals of the Lenders required to consent to the amendments to the Loan Agreement and the other Financing Agreements, set forth in this Amendment No. 9;

 

4.4 Agent shall have received payment, or shall be authorized to charge the Borrowers' Loan Account for payment, of all fees set forth in any fee letter between Agent and Borrowers with respect to the transactions contemplated by this Amendment No. 9;

 

  

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4.5 all of the representations and warranties set forth in the Loan Agreement and the other Financing Agreements, each as amended by this Amendment No. 9, shall be true and correct in all material respects on and as of the date hereof, as if made on the date hereof, except to the extent any such representation or warranty is made as of a specified date, in which case such representation or warranty shall have been true and correct in all material respects as of such date; and

 

4.6 after giving effect to the amendment contemplated by this Amendment No. 9, no Default or Event of Default shall exist or have occurred and be continuing.

 

Section 5. Effect of this Amendment No. 9.  Except as expressly set forth herein, no other amendments, changes or modifications to the Financing Agreements are intended or implied, and in all other respects the Financing Agreements are hereby specifically ratified, restated and confirmed by all parties hereto as of the date hereof and Borrowers and Guarantors shall not be entitled to any other or further amendment by virtue of the provisions of this Amendment No. 9 or with respect to the subject matter of this Amendment No. 9.  To the extent of conflict between the terms of this Amendment No. 9 and the other Financing Agreements, the terms of this Amendment No. 9 shall control.  The Loan Agreement and this Amendment No. 9 shall be read and construed as one agreement.

 

Section 6. Further Assurances. Borrowers and Guarantors shall execute and deliver such additional documents and take such additional action as may be reasonably requested by Agent to effectuate the provisions and purposes set forth in this Amendment No. 9.

 

Section 7. Governing Law. The validity, interpretation and enforcement of this Amendment No. 9 and any dispute arising out of the relationship between the parties hereto, whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of New York but excluding any principles of conflict of laws or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York.

 

Section 8. Binding Effect. This Amendment No. 9 shall be binding upon and inure to the benefit of Borrowers, Guarantors, Agent and Lenders and their respective successors and assigns.

 

Section 9. Waiver, Modification, Etc.  No provision or term of this Amendment No. 9 may be modified, altered, waived, discharged or terminated orally, but only by an instrument in writing executed by the party against whom such modification, alteration, waiver, discharge or termination is sought to be enforced.

 

Section 10. Entire Agreement.  This Amendment No. 9 represents the entire agreement and understanding concerning the subject matter hereof among the parties hereto, and supersedes all other prior agreements, understandings, negotiations and discussions, representations, warranties, commitments, proposals, offers and contracts concerning the subject matter hereof, whether oral or written.

 

Section 11. Headings.  The headings listed herein are for convenience only and do not constitute matters to be construed in interpreting this Amendment No. 9.

 

  

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Section 12.  Counterparts.  This Amendment No. 9 may be executed in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of this Amendment No. 9 by telefacsimile or a substantially similar electronic transmission shall have the same force and effect as the delivery of an original executed counterpart of this Amendment No. 9.  Any party delivering an executed counterpart of this Amendment No. 9 by telefacsimile or a substantially similar electronic transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of this Amendment No. 9.

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 9 to be duly executed and delivered by their authorized officers as of the day and year first above written.

 

	 	
BORROWERS

 

	 	
BLUELINX CORPORATION

 

By:                  /s/ Susan C. O’Farrell   

                                                  

Name: Susan C. O’Farrell

Title:   Senior Vice President, Chief Financial

            Officer, Treasurer and Chief

      Accounting Officer

 

	 	
BLUELINX FLORIDA LP

 

By: BlueLinx Florida Holding No. 2 Inc.,

its General Partner

 

By:                   /s/ Sara E. Epstein 

                                                    

Name: Sara E. Epstein

Title:  Vice President, General Counsel

     and Secretary

 

	 	
BLUELINX SERVICES INC.

 

By:                  /s/ Susan C. O’Farrell 

                                                     

Name: Susan C. O’Farrell

Title:   Treasurer and Chief Financial Officer

	 	  
	 	
GUARANTORS

 

	 	
BLUELINX FLORIDA HOLDING NO. 1 INC.

 

By:                  /s/ Susan C. O’Farrell      

                                               

Name: Susan C. O’Farrell

Title:   Treasurer

 

	 	
BLUELINX FLORIDA HOLDING NO. 2 INC.

 

By:                  /s/ Susan C. O’Farrell      

                                               

Name: Susan C. O’Farrell

Title:   Treasurer

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AGENT AND LENDERS

 

	  	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent and a Lender

 

By:           /s/  Marc J. Breier                                          

 

Name:  Marc J. Breier

Title:   Authorized Signatory

 

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BANK OF AMERICA, N.A.,

  as a Documentation Agent and a Lender

 

By:           /s/ Douglas Cowan        

                                  

Name:  Douglas Cowan

Title: Senior Vice President

	  	  

 

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JPMORGAN CHASE BANK, N.A.,

  as a Documentation Agent and a Lender

 

By:           /s/ Eric A. Anderson         

                                            

Name:  Eric A. Anderson

Title:    Authorized Officer

	  	  

 

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REGIONS BANK,

  as Syndication Agent and a Lender

 

By:           /s/ Kathy Myers     

                                     

Name:   Kathy Myers

Title:    Vice PresidentEX-4.1

 Exhibit 4.1 
 MetLife, Inc. 2015 Non-Management Director Stock Compensation Plan 
 Article 1.
Establishment, Purpose, and Duration 
 1.1 Establishment of the Plan.    MetLife, Inc., a Delaware
corporation (hereinafter referred to as the “Company”), establishes an incentive compensation plan to be known as the MetLife, Inc. 2015 Non-Management Director Stock Compensation Plan (hereinafter referred to as the “Plan”), as
set forth in this document. 
 The Plan permits the grant of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units,
and Stock-Based Awards. 
 1.2 Purpose of the Plan.    The purpose of the Plan is to promote the long-term
interests of the Company and its shareholders by strengthening the Company’s ability to attract, motivate, and retain well qualified individuals as Non-Management Directors of the Company upon whose judgment, initiative, and efforts the
financial success and growth of the business of the Company largely depend, and to provide an additional incentive for such individuals through stock ownership and other rights that promote and recognize the financial success and growth of the
Company and create value for shareholders. 
 1.3 Duration of the Plan.    The Plan shall commence as of the
Effective Date and shall remain in effect until all Shares subject to the Plan have been purchased or acquired according to the Plan’s provisions, subject to the right of the Committee or the Board to amend or terminate the Plan at any time
pursuant to Article 13 herein. 
 1.4 Successor Plan.    This Plan shall serve as the successor to the MetLife,
Inc. 2005 Non-Management Director Stock Compensation Plan (the “Predecessor Plan”), and no further grants shall be made under the Predecessor Plan from and after the Effective Date of this Plan. All outstanding awards under the Predecessor
Plan immediately prior to the Effective Date of this Plan are hereby incorporated into this Plan and shall accordingly be treated as Awards under this Plan. However, each such award shall continue to be governed solely by the terms and conditions of
the instrument evidencing such grant or issuance and, except as otherwise expressly provided herein or by the Committee, no provision of this Plan shall affect or otherwise modify the rights or obligations of holders of such incorporated awards. Any
Shares of common stock reserved for issuance under the Predecessor Plan in excess of the number of Shares as to which awards have been awarded thereunder shall be transferred into this Plan upon the Effective Date and shall become available for
grant under this Plan. 
 Article 2. Definitions 
 Whenever used in the Plan, the following terms shall have the meaning set forth below, and when the meaning is intended, the initial letter of the word shall be capitalized. 

2.1 “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations of the
Exchange Act, with reference to the Company, and shall also include any corporation, partnership, joint venture, limited liability company, or other entity in which the Company owns, directly or indirectly, at least fifty percent (50%) of the
total combined Voting Power of such corporation or of the capital interest or profits interest of such partnership or other entity. 

2.2 “Award” means, individually or collectively, a grant of Options, Restricted Stock, Restricted Stock Units, or Stock-Based
Awards, in each case under and subject to the terms of this Plan. 
 2.3 “Award Agreement” means either (i) a
written agreement entered into by the Company and a Participant setting forth the terms and provisions applicable to Awards granted under this Plan; or (ii) a written statement issued by the Company to a Participant describing the terms and
provisions of such Award. In either case, such writing may take electronic form. 
 2.4 “Beneficial Owner” or
“Beneficial Ownership” shall have the meaning ascribed to such term in rule 13d-3 of the General Rules and Regulations under the Exchange Act. 
 2.5 “Board” or “Board of Directors” means the Board of Directors of the Company. 

 2.6 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to
time, or any successor thereto. 
 2.7 “Committee” means the Board or, solely to the extent the Board has delegated its
responsibility to fix the amount which a Non-Management Director shall be entitled to receive as compensation for such Director’s services, the Governance and Corporate Responsibility Committee of the Board of Directors, its successor committee
of the Board, or any other duly authorized committee of the Board appointed by the Board to administer the Plan. 
 2.8
“Company” means MetLife, Inc., a Delaware corporation, and any successor thereto as provided in Article 14 herein. 
 2.9
“Director” means any individual who is a member of the Board of Directors of the Company. 
 2.10 “Effective
Date” means January 1, 2015. 
 2.11 “Employee” means any employee of the Company or an Affiliate.

 2.12 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act
thereto. 
 2.13 “Fair Market Value” or “FMV” means a price that is based on the opening, closing,
actual, high, low, or average selling prices of a Share on the New York Stock Exchange (“NYSE”) or other established stock exchange (or exchanges) on the applicable date, the preceding trading day, the next succeeding trading day, or an
average of trading days, as determined by the Committee in its discretion. Such definition(s) of FMV shall be specified in each Award Agreement and may differ depending on whether FMV is in reference to the grant, exercise, vesting, settlement, or
payout of an Award. If, however, the accounting standards used to account for equity awards granted to Participants are substantially modified subsequent to the Effective Date of the Plan, the Committee shall have the ability to determine an
Award’s FMV based on the relevant facts and circumstances. If Shares are not traded on an established stock exchange, FMV shall be determined by the Committee based on objective criteria. 

2.14 “Freestanding SAR” means an SAR that is not a Tandem SAR, as described in Article 7 herein. 

2.15 “Grant Price” means the price against which the amount payable is determined upon exercise of an SAR. 

2.16 “Non-Management Director” means a Director who is not an Employee. 

2.17 “Option” means the conditional right to purchase Shares at a stated Option Price for a specified period of time, subject to
the terms of this Plan. Each Option shall be a Nonqualified Stock Option, in that no Option shall be an Incentive Stock Option intended to meet the requirements of Section 422 of the Code. 

2.18 “Option Price” means the price at which a Share may be purchased by a Participant pursuant to an Option, as determined by the
Committee. 
 2.19 “Participant” means a Non-Management Director who has received an Award, or who has an outstanding
Award granted under the Plan. 
 2.20 “Period of Restriction” means the period when an Award of Restricted Stock or
Restricted Stock Unit is subject to forfeiture based on the passage of time, the achievement of performance goals, and/or upon the occurrence of other events as determined by the Committee, in its discretion. 

2.21 “Restricted Stock” means an Award of Shares subject to a Period of Restriction, granted under Article 8 herein and subject to
the terms of this Plan. 
 2.22 “Restricted Stock Unit” means an Award denominated in units subject to a Period of
Restriction, granted under Article 8 herein and subject to the terms of this Plan. 
 2.23 “Share” means a share of
common stock of the Company, $.01 par value per Share. 

  
 2 

 2.24 “Stock Appreciation Right” or “SAR” means the conditional right
to receive the difference between the FMV of a Share on the date of exercise over the Grant Price, pursuant to the terms of Article 7 herein and subject to the terms of this Plan. 

2.25 “Stock-Based Award” means an equity-based or equity-related Award granted under Article 9 herein and subject to the terms of
this Plan, and not otherwise described by the terms of this Plan. 
 2.26 “Tandem SAR” means an SAR that the Committee
specifies is granted in connection with a related Option pursuant to Article 7 herein and subject to the terms of this Plan, the exercise of which shall require forfeiture of the right to purchase a Share under the related Option (and when a Share
is purchased under the Option, the Tandem SAR shall similarly be cancelled) or an SAR that is granted in tandem with an Option but the exercise of such Option does not cancel the SAR, but rather results in the exercise of the related SAR. Regardless
of whether an Option is granted coincident with an SAR, an SAR is not a Tandem SAR unless so specified by the Committee at time of grant. 

2.27 “Voting Power” shall mean such number of Voting Securities as shall enable the holders thereof to cast all the votes which
could be cast in an annual election of directors of a company. 
 2.28 “Voting Securities” shall mean all securities
entitling the holders thereof to vote in an annual election of directors of a company. 
 Article 3. Administration 

3.1 General.    The Committee shall be responsible for administering the Plan. All actions taken and all
interpretations and determinations made by the Committee shall be final, conclusive, and binding upon the Participants, the Company, and all other interested parties. 
 3.2 Authority of the Committee.    The Committee shall have full and exclusive discretionary power to interpret the terms and the intent of the Plan and any Award Agreement or other
agreement ancillary to or in connection with the Plan, and to adopt such rules, regulations, and guidelines for administering the Plan as the Committee may deem necessary or proper. Such authority shall include, but not be limited to, establishing
all Award terms and conditions and, subject to Article 13 and Section 6.3, adopting modifications and amendments to the Plan or any Award Agreement. 
 3.3 Delegation.    The Committee may delegate to one or more of its members or to one or more Directors or officers of the Company or its Affiliates, or to any other individual(s) such
administrative duties or powers as it may deem advisable, and the Committee or any individual to whom it has delegated duties or powers as aforesaid may employ one or more individuals to render advice with respect to any responsibility the Committee
or such individual may have under the Plan. 
 Article 4. Shares Subject to the Plan and Maximum Awards 

4.1 Number of Shares Available for Awards.    Subject to adjustment as provided in Section 4.2 herein, the number of
Shares hereby reserved for issuance to Participants under the Plan shall be any remaining Shares available for grant under the Predecessor Plan as set forth in Section 1.4 (such total number of Shares, including such adjustment and remaining Shares,
the “Total Share Authorization”). Any Shares issued in connection with any Award shall be counted against the limit as one (1) Share for every one (1) Share issued. 
 Awards that are not settled in Shares shall not reduce any of the Total Authorization. Any Shares related to Awards (or after the Effective Date, awards previously granted under the Predecessor Plan) that (i)
terminate by expiration, forfeiture, cancellation, lapse, or otherwise without the issuance of such Shares, (ii) are settled in cash either in lieu of Shares or otherwise, or (iii) are exchanged with the Committee’s permission for Awards not
involving Shares, shall be available again for grant under the Plan. Moreover, if the Option Price of any Option granted under the Plan (or after the Effective Date, previously granted under the Predecessor Plan) or the tax withholding requirements
with respect to any Award granted under the Plan (or after the Effective Date, previously granted under the Predecessor Plan) are satisfied by tendering Shares to the Company (by either actual delivery or by attestation), or if an SAR is exercised
under the Plan (or after the Effective Date, previously granted under the Predecessor Plan), only the number of Shares issued, net of the Shares tendered, if any, will be deemed delivered for purposes of determining the maximum number of Shares
available for issuance under the Plan. 

  
 3 

 The maximum number of Shares available for issuance under the Plan shall not be reduced to reflect any
dividends or dividend equivalents that are reinvested into additional Shares or credited as Restricted Stock or Restricted Stock Units. The Shares available for issuance under the Plan may be authorized and unissued Shares or treasury Shares.

 The maximum aggregate number of Shares that may be granted in any one calendar year to any one Participant under the Plan shall be that
number of Shares with an aggregate Fair Market Value on the grant date equal to two million dollars ($2,000,000). The Share limitation in this section with respect to Stock Options and Stock Appreciation Rights shall be determined using one-third
(1/3) the number of Shares the Participant may acquire upon exercise and, with respect to all other awards, the maximum number of Shares that the Participant may receive as a result of the grant. The dollar value limit in this section shall be
adjusted for inflation, as reasonably determined by the Committee, from the date the Company’s shareholders approve the Plan to the date the Share is granted. 
 4.2 Adjustments in Authorized Shares.    In the event of any corporate event or transaction (including, but not limited to, a change in the Shares of the Company or the capitalization of
the Company) such as a merger, consolidation, reorganization, recapitalization, separation, stock dividend, extraordinary dividend, stock split, reverse stock split, split up, spin-off, or other distribution of stock or property of the Company,
combination of securities, exchange of securities, dividend in kind, or other like change in capital structure or distribution (other than normal cash dividends) to shareholders of the Company, or any similar corporate event or transaction, the
Committee, in order to prevent dilution or enlargement of Participants’ rights under the Plan, shall substitute or adjust, as applicable, the number and kind of Shares that may be issued under the Plan, the number and kind of Shares subject to
outstanding Awards, the Option Price or Grant Price applicable to outstanding Awards, the annual Participant Share Award limit, and any other value determinations applicable to outstanding Awards or to this Plan. The Committee shall also make
appropriate adjustments in the terms of any Awards under the Plan to reflect, or related to, such changes or distributions and may modify any other terms of outstanding Awards. The determination of the Committee as to the foregoing adjustments, if
any, shall be conclusive and binding on Participants under the Plan. 
 Subject to the provisions of Article 13 and any applicable law or
regulatory requirement, without affecting the number of Shares reserved or available hereunder, the Committee may authorize the issuance, assumption, substitution, or conversion of Awards under this Plan in connection with any such corporate event
or transaction upon such terms and conditions as it may deem appropriate. 
 Article 5. Eligibility and Participation 

5.1 Eligibility.    Individuals eligible to participate in the Plan include all Non-Management Directors. 

5.2 Participation.    Subject to the provisions of the Plan, the Committee from time to time may make Awards and
determine in its discretion, the nature, terms, and amount of each Award. 
 Article 6. Stock Options 

6.1 Grant of Options.    Subject to the terms and provisions of the Plan, Options may be granted to Participants in such
number, and upon such terms, and at any time and from time to time as shall be determined by the Committee in its discretion. 

6.2 Award Agreement.    Each Option grant shall be evidenced by an Award Agreement that shall specify the Option Price,
the duration of the Option, the number of Shares to which the Option pertains, the conditions upon which an Option shall become vested and exercisable, and any such other provisions as the Committee shall determine. 

6.3 Option Price.    The Option Price for each grant of an Option under this Plan shall be determined by the Committee
and shall be specified in the Award Agreement. The Option Price may include an Option Price based (i) on one hundred percent (100%) of the FMV of the Shares on the date of grant, (ii) an Option Price that is set at a premium to the
FMV of the Shares on the date of grant, or (iii) an Option Price that is indexed to (but in no event less than 100% of) the FMV of the Shares on the date of grant, with the index determined by the Committee in its discretion. Without the prior
approval of the Company’s shareholders, except as provided in Section 6.10 or 13.2, Options issued under the Plan will not be repriced, replaced, or regranted through cancellation, by lowering the exercise price of a previously granted
Option, or by the grant of another Award or payment in cash in substitution of such Options. 

  
 4 

 6.4 Duration of Options.    Each Option granted to a
Participant shall expire at such time as the Committee shall determine at the time of grant; provided, however, no Option shall be exercisable later than the tenth (10th) anniversary date of its grant. 
 6.5 Exercise of Options.    Options granted under this Article 6 shall be exercisable at such times and on the occurrence of such events, and be subject to such restrictions and
conditions, as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant. 
 6.6
Payment for Options.    Options granted under this Article 6 shall be exercised by the delivery of a notice of exercise to the Company or an agent designated by the Company in a form specified or accepted by the Committee, or
by complying with any alternative procedures which may be authorized by the Committee, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares. 

The Option Price upon exercise of any Option shall be payable to the Company in full in a form and method approved or accepted by the Committee in
its sole discretion subject to such rules and regulations as the Committee may establish. 
 Subject to Section 6.7 and any governing
rules or regulations, as soon as practicable after receipt of a notification of exercise and full payment, the Committee shall cause to be delivered to the Participant Share certificates, evidence of book entry Shares, or other evidence of Share
ownership determined by the Company, in each case in an appropriate amount based upon the number of Shares purchased under the Option(s). Unless otherwise determined or accepted by the Committee, all payments in cash shall be paid in United States
dollars. 
 6.7 Restrictions on Share Transferability.    The Committee may impose such restrictions on any
Shares acquired pursuant to the exercise of an Option granted pursuant to this Plan as it may deem advisable, including, without limitation, requiring the Participant to hold the Shares acquired pursuant to exercise for a specified period of time,
or restrictions under applicable laws or under the requirements of any stock exchange or market upon which such Shares are listed and/or traded. 
 6.8 Termination of Directorship.    Each Participant’s Award Agreement shall set forth the extent to which the Participant shall have the right to exercise the Option following
termination of the Participant’s service as a Director. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all
Options issued pursuant to this Article 6, and may reflect distinctions based on the reasons for termination. 
 6.9 Nontransferability
of Options.    Except for transfers without consideration for which the Committee may provide in a Participant’s Award Agreement or otherwise, each Option granted under this Article 6 may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement or otherwise by the Committee consistent with
this Section 6.9, all Options granted to a Participant under the Plan shall be exercisable during the Participant’s lifetime only by such Participant. 
 6.10 Substituting SARs.    Regardless of the terms of the Award Agreement, the Committee shall have the right to substitute SARs for outstanding Options granted to any Participant,
provided the substituted SARs call for settlement by the issuance of Shares, and the terms of the substituted SARs and economic benefit of such substituted SARs are equivalent to the terms and economic benefit of the Options being replaced, as
determined by the Committee. 
 6.11 Dividends and Other Distributions.    Holders of Options granted hereunder
shall not be credited with dividends, dividend equivalents, or other additional rights or benefits on account of dividends declared or paid with respect to the underlying Shares, except as provided in Section 4.2. 

Article 7. Stock Appreciation Rights 
 7.1
Grant of SARs.    Subject to the terms and conditions of the Plan, SARs may be granted to Participants at any time and from time to time and upon such terms as shall be determined by the Committee in its discretion. The
Committee may grant Freestanding SARs, Tandem SARs, or any combination of these forms of SARs. 

  
 5 

 7.2 SAR Agreement.    Each SAR Award shall be evidenced by an Award
Agreement that shall specify the Grant Price, the term of the SAR, and any such other provisions as the Committee shall determine. 

7.3 SAR Price.    The SAR Grant Price for each grant of a Freestanding SAR shall be determined by the Committee and
shall be specified in the Award Agreement. The SAR Grant Price may include (but not be limited to) a Grant Price based on (i) one hundred percent (100%) of the FMV of the Shares on the date of grant, (ii) a Grant Price that is set at
a premium to the FMV of the Shares on the date of grant, or (iii) is indexed to (but in no event less than 100% of) the FMV of the Shares on the date of grant, with the index determined by the Committee, in its discretion. The Grant Price of
Tandem SARs shall be equal to the Option Price of the related Option. Without the prior approval of the Company’s shareholders, except as provided in Section 13.2, SARs issued under the Plan will not be repriced, replaced, or regranted through
cancellation, by lowering the exercise price of a previously granted SAR, or by the grant of another award or payment in cash in substitution of such SARs. 

7.4 Term of SAR.    The term of an SAR granted under the Plan shall be determined by the Committee
in its sole discretion, and no SAR shall be exercisable later than the tenth (10th) anniversary date of its grant. 
 7.5 Exercise of Freestanding
SARs.    Freestanding SARs may be exercised upon whatever terms and conditions the Committee, in its sole discretion, imposes. 
 7.6. Exercise of Tandem SARs.    Tandem SARs may be exercised for all or part of the Shares subject to the related Option upon the surrender of the right to exercise the equivalent
portion of the related Option. A Tandem SAR may be exercised only with respect to the Shares for which its related Option is then exercisable. 
 7.7 Payment of SAR Amount.    Upon the exercise of an SAR, a Participant shall be entitled to receive payment from the Company in an amount determined by multiplying: 

 

	(a)	 The difference between the FMV of a Share on the date of exercise over the Grant Price; by 

 

	(b)	 The number of Shares with respect to which the SAR is exercised. 

 At the discretion of the Committee, the payment upon SAR exercise may be in cash, Shares of equivalent value (based on the FMV on the date of exercise of the SAR, as defined in the Award Agreement or otherwise
defined by the Committee), in some combination thereof, or in any other form approved by the Committee at its sole discretion. The Committee’s determination regarding the form of SAR payout shall be set forth or reserved for later determination
in the Award Agreement pertaining to the grant of the SAR. 
 7.8 Termination of Directorship.    Each Award
Agreement shall set forth the extent to which the Participant shall have the right to exercise the SAR following termination of the Participant’s service as a Director. Such provisions shall be determined in the sole discretion of the
Committee, shall be included in the Award Agreement entered into with Participants, need not be uniform among all SARs issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination. 

7.9 Nontransferability of SARs.    Except for transfers without consideration for which the Committee may provide in a
Participant’s Award Agreement or otherwise, each SAR granted under the Plan may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further,
except as otherwise provided in a Participant’s Award Agreement or otherwise by the Committee consistent with this Section 7.9, all SARs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such
Participant. 
 7.10 Other Restrictions.    Without limiting the generality of any other provision of this
Plan, the Committee may impose such other conditions and/or restrictions on any Shares received upon exercise of an SAR granted pursuant to the Plan as it may deem advisable. This includes, but is not limited to, requiring the Participant to hold
the Shares received upon exercise of an SAR for a specified period of time. 
 7.11 Dividends and Other
Distributions.    Holders of SARs granted hereunder shall not be credited with dividends, dividend equivalents, or other additional rights or benefits on account of dividends declared or paid with respect to the underlying
Shares, except as provided in Section 4.2. 

  
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 Article 8. Restricted Stock and Restricted Stock Units 

8.1 Grant of Restricted Stock or Restricted Stock Units.    Subject to the terms and provisions of the Plan, the
Committee, at any time and from time to time, may grant Shares of Restricted Stock and/or Restricted Stock Units to Participants in such amounts and upon such terms as the Committee shall determine. 

8.2 Restricted Stock or Restricted Stock Unit Agreement.    Each Restricted Stock and/or Restricted Stock Unit grant
shall be evidenced by an Award Agreement that shall specify the Period(s) of Restriction, the number of Shares of Restricted Stock or the number of Restricted Stock Units granted, and any such other provisions as the Committee shall determine.

 8.3 Nontransferability of Restricted Stock and Restricted Stock Units.    Except for transfers without
consideration for which the Committee may provide in a Participant’s Award Agreement or otherwise, each of the Shares of Restricted Stock and/or Restricted Stock Units granted under the Plan may not be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated until the end of the applicable Period of Restriction specified in the Award Agreement (and in the case of Restricted Stock Units until the date of delivery or other payment), or upon earlier satisfaction of any
other conditions, as specified by the Committee in its sole discretion in the Award Agreement or otherwise. All rights with respect to the Restricted Stock and/or Restricted Stock Units granted to a Participant under the Plan shall be available
during his or her lifetime only to such Participant, except as otherwise provided in the Award Agreement or otherwise by the Committee consistent with this Section 8.3. 
 8.4 Other Restrictions.    The Committee shall impose, in the Award Agreement or otherwise, such other conditions and/or restrictions on any Shares of Restricted Stock or Restricted Stock
Units granted pursuant to this Plan as it may deem advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each Share of Restricted Stock or each Restricted Stock Unit, time-based restrictions on
vesting following the attainment of the performance goals, time-based restrictions, restrictions under applicable laws or under the requirements of any stock exchange or market upon which such Shares are listed or traded, or holding requirements or
sale restrictions placed on the Shares by the Company upon vesting of such Restricted Stock or Restricted Stock Units. 
 To the extent
deemed appropriate by the Committee subject to Section 15.4, the Company may retain any certificates issued to represent Shares of Restricted Stock, or Shares delivered in consideration of Restricted Stock Units, in the Company’s
possession until such time as all conditions and/or restrictions applicable to such Shares have been satisfied or lapse, and may make appropriate notations in any book entry register of the restrictions on transferability and potential for
forfeiture. 
 Except as otherwise provided in this Article 8, Shares of Restricted Stock covered by each Restricted Stock Award shall
become freely transferable by the Participant after all conditions and restrictions applicable to such Shares have been satisfied or lapse, and Restricted Stock Units shall be paid in cash, Shares, or a combination of cash and Shares as the
Committee, in its sole discretion shall determine. 
 8.5 Certificate Legend.    In addition to any legends
placed on certificates pursuant to Section 8.4 herein, each certificate representing Shares of Restricted Stock granted pursuant to the Plan may bear a legend such as the following (or legend of similar effect determined by the Committee):

 The sale or other transfer of the Shares of stock represented by this certificate, whether voluntary, involuntary, or by
operation of law, is subject to certain restrictions on transfer as set forth in the MetLife, Inc. 2015 Non-Management Director Stock Compensation Plan, and in the associated Award Agreement. A copy of the Plan and such Award Agreement may be
obtained from MetLife, Inc. 
 8.6 Voting Rights.    To the extent required by law, Participants holding Shares
of Restricted Stock granted hereunder shall be granted the right to exercise full voting rights with respect to those Shares during the Period of Restriction. A Participant shall have no voting rights with respect to any Restricted Stock Units
granted hereunder. 
 8.7 Dividends and Other Distributions.    During the Period of Restriction, Participants
holding Shares of Restricted Stock or Restricted Stock Units granted hereunder may, if the Committee so determines, be credited with dividends paid with respect to the underlying Shares or dividend equivalents while they are so held in a manner
determined by the Committee in its sole discretion. The Committee may apply any restrictions to the dividends or dividend equivalents that the Committee deems appropriate. The Committee, in its sole discretion, may determine the form of payment of
dividends or dividend equivalents, including cash, Shares, Restricted Stock, or Restricted Stock Units. 

  
 7 

 8.8 Termination of Directorship.    Each Award Agreement shall set forth
the extent to which the Participant shall have the right to retain Restricted Stock and/or Restricted Stock Units following termination of the Participant’s service as a Director. Such provisions shall be determined in the sole discretion of
the Committee, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Shares of Restricted Stock or Restricted Stock Units issued pursuant to the Plan, and may reflect distinctions based on the
reasons for termination. 
 8.9 Payment in Consideration of Restricted Stock Units.    When and if Restricted
Stock Units become payable, a Participant having received the grant of such units shall be entitled to receive payment from the Company in cash, Shares of equivalent value (based on the FMV, as defined in the Award Agreement or otherwise by the
Committee), in some combination thereof, or in any other form determined by the Committee at its sole discretion. The Committee’s determination regarding the form of payout shall be set forth or reserved for later determination in the Award
Agreement pertaining to the grant of the Restricted Stock Unit. 
 Article 9. Stock-Based Awards 

9.1 Stock-Based Awards.    The Committee may grant other types of equity-based or equity-related Awards not otherwise
described by the terms of this Plan (including the grant or offer for sale of unrestricted Shares) in such amounts and subject to such terms and conditions, or in satisfaction of any obligation of the Company or an Affiliate to a Non-Management
Director, as the Committee shall determine. Such Awards may entail the transfer of actual Shares to Participants, or payment in cash or otherwise of amounts based on the value of Shares and may include, without limitation, Awards designed to comply
with or take advantage of the applicable local laws of jurisdictions other than the United States. 
 9.2 Termination of
Directorship.    Each Award Agreement shall set forth the extent to which the Participant shall have the right to receive Stock-Based Awards following termination of the Participant’s service as a Director. Such
provisions shall be determined in the sole discretion of the Committee, shall be included in the applicable Award Agreement, need not be uniform among all Awards of Stock-Based Awards issued pursuant to the Plan, and may reflect distinctions based
on the reasons for termination. 
 9.3 Nontransferability of Stock-Based Awards.    Except for transfers
without consideration for which the Committee may provide in a Participant’s Award Agreement or otherwise, each Stock-Based Award granted under the Plan may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement or otherwise by the Committee consistent with this Section 9.3, a Participant’s rights under the Plan
shall be exercisable during the Participant’s lifetime only by the Participant. 
 Article 10. Beneficiary Designation 

A Participant’s “beneficiary” is the person or persons entitled to receive payments or other benefits or exercise rights that are
available under the Plan in the event of the Participant’s death. To the extent permitted by the Committee in the Award Agreement or otherwise, a Participant may designate a beneficiary or change a previous beneficiary designation at such times
prescribed by the Committee by using forms and following procedures approved or accepted by the Committee for that purpose. Except to the extent otherwise determined by the Committee in the Award Agreement or otherwise, if no beneficiary designated
by the Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant’s death, the beneficiary shall be the Participant’s estate. 

Notwithstanding the provisions above, the Committee may in its discretion, after notifying the affected Participants, modify the foregoing
requirements, institute additional requirements for beneficiary designations, or suspend the existing beneficiary designations of living Participants or the process of determining beneficiaries under this Article 10, or both, in favor of another
method of determining beneficiaries. 
 Article 11. Deferrals and Share Settlements 

Notwithstanding any other provision under the Plan, the Committee may permit or require a Participant to defer such Participant’s receipt of
any Award, or payment in consideration of any Award, under the terms of this Plan or another Plan. To the extent such deferral is permitted by the Committee under the terms of this Plan rather than another Plan, the Committee shall establish rules
and procedures for such deferrals as it sees fit. 

  
 8 

 Article 12. Rights of Non-Management Directors 

12.1 Directorship.    Nothing in the Plan or an Award Agreement shall be construed to confer a right to be elected or to
continue to serve as a Director. No Participant shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed to create any obligation on the part of the Board to nominate any of its members for re-election
by the Company’s shareholders. Nothing in the Plan or an Award Agreement shall interfere with or limit in any way the right of the Board to otherwise remove the Participant from the Board at any time, nor confer upon any Participant a right to
remain a member of the Board for any period of time, or at any particular rate of compensation. 
 12.2
Participation.    No Non-Management Director, having received an Award, shall have the right to receive a future Award or (if receiving such a future Award) the right to receive such a future Award on terms and conditions
identical or in proportion in any way to any prior Award. 
 12.3 Rights as a Shareholder.    A Participant
shall have none of the rights of a shareholder with respect to Shares covered by any Award until the Participant becomes the record holder of such Shares. 
 Article 13. Amendment, Modification, Suspension, and Termination 
 13.1 Amendment,
Modification, Suspension, and Termination.    The Committee or Board may, at any time and from time to time, alter, amend, modify, suspend, or terminate the Plan in whole or in part; provided however, that to the
extent necessary under any applicable law, regulation or exchange requirement, no amendment shall be effective unless approved by the shareholders of the Company in accordance with applicable law, regulation, or exchange requirement. 

13.2 Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events.    The Committee may make
adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (other than those described in Section 4.2 hereof) affecting the Company or the financial statements of the
Company or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent unintended dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan. The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under the Plan.  

13.3 Awards Previously Granted.    Notwithstanding any other provision of the Plan to the contrary, no termination,
amendment, suspension, or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Participant holding such Award. 

Article 14. Withholding 
 The Company or any
Affiliate shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company or any Affiliate, an amount sufficient to satisfy any applicable federal, state, and local taxes, domestic or foreign, that the
Company or any Affiliate determines is required by law or regulation to be withheld with respect to any taxable event arising or as a result of this Plan. The Committee may provide for Participants to satisfy withholding requirements by having the
Company withhold Shares or the Participant making such other arrangements, in either case on such conditions as the Committee specifies. 
 Article 15.
Successors 
 Any obligations of the Company under the Plan with respect to Awards granted hereunder, shall be binding on any successor
to the Company, respectively, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company, as applicable.

 Article 16. General Provisions 

16.1 Forfeiture Events.    Without limiting in any way the generality of the Committee’s power to specify any terms
and conditions of an Award consistent with law, and for greater clarity, the Committee may specify in an Award Agreement 

  
 9 

 
that the Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified
events, in addition to any otherwise applicable vesting or performance conditions of an Award, to the extent consistent with law. 

16.2 Legend.    The certificates for Shares may include any legend that the Committee deems appropriate to reflect any
restrictions on transfer of such Shares. 
 16.3 Delivery of Title.    The Company shall have no obligation to
issue or deliver evidence of title for Shares issued under the Plan prior to: 
  

	(a)	 Obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and 

 

	(b)	 Completion of any registration or other qualification of the Shares under any applicable national or foreign law or ruling of any governmental body that the
Company determines to be necessary or advisable. 

 16.4 Uncertificated Shares.    To the
extent that the Plan provides for issuance of certificates to reflect the transfer of Shares, the transfer of such Shares may be effected on a noncertificated basis to the extent not prohibited by applicable law or the rules of any stock exchange.

 16.5 Unfunded Plan.    Participants shall have no right, title, or interest whatsoever in or to any
investments that the Company or an Affiliate may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or
a fiduciary relationship between the Company or an Affiliate and any Participant, beneficiary, legal representative, or any other person. Awards shall be general, unsecured obligations of the Company. To the extent that any individual acquires a
right to receive payments from the Company, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company, and no special or
separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. The Plan is not intended to be subject to ERISA. 

16.6 No Fractional Shares.    No fractional Shares shall be issued or delivered pursuant to the Plan or any Award
Agreement. In such an instance, unless the Committee determines to round payments up to the nearest whole Share, determines that payment shall be made in cash, or determines otherwise, fractional Shares and any rights thereto shall be forfeited or
otherwise eliminated. 
 16.7 Other Compensation and Benefit Plans.    Nothing in this Plan shall be construed
to limit the right of the Company or an Affiliate to establish other compensation or benefit plans, programs, policies, or arrangements. Except as may be otherwise specifically stated in any other benefit plan, policy, program, or arrangement, no
Award shall be treated as compensation for purposes of calculating a Participant’s rights under any such other plan, policy, program, or arrangement. 
 16.8 No Constraint on Corporate Action.    Nothing in this Plan shall be construed (i) to limit, impair or otherwise affect the Company’s or an Affiliate’s right or
power to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets, or (ii) to limit the
right or power of the Company or an Affiliate to take any action which such entity deems to be necessary or appropriate. 
 16.9
Investment Representations.    The Committee may require each Participant receiving Shares pursuant to an Award under this Plan to represent and warrant in writing that the Participant is acquiring the Shares for investment
and without any present intention to sell or distribute such Shares or make such other representations, warranties, or covenants that the Committee shall determine to be necessary or appropriate to assure that the grant, terms, and/or payment of any
Award complies with applicable law. 
 Article 17. Legal Construction 
 17.1 Gender and Number.    Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular, and the
singular shall include the plural. 

  
 10 

 17.2 Severability.    In the event any provision of the Plan shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

17.3 Requirements of Law.    The granting of Awards and the issuance of Shares under the Plan shall be subject to all
applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. The Company shall receive the consideration required by law for the issuance of Awards under the Plan.

 The inability of the Company or an Affiliate to obtain authority from any regulatory body having jurisdiction, which authority is
deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority
shall not have been obtained. 
 17.4 Governing Law.    The Plan and each Award Agreement shall be governed by
the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction. 

  
 11

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