Document:

Exhibit 4.11

 

 

AMENDMENT NO. 6

TO THE

RAI 401K SAVINGS PLAN

 

 

THIS AMENDMENT NO. 6 to the RAI 401K Savings Plan (the “Plan”), restated as of January 20, 2015, is made and entered into the 20th day of December, 2016.  The provisions of this Amendment shall be effective as of the dates set forth below.

W I T N E S S E T H:

WHEREAS, Reynolds American Inc. (“RAI”) maintains the Plan for the benefit of its employees and its subsidiaries and affiliates designated as participating companies; and

WHEREAS, the RAI Employee Benefits Committee (the “Committee”), by actions taken on July 18, 2016, December 14, 2016, and December 20, 2016, authorized amendments to the Plan to (i) reflect the addition of a new managed account option for participants to use in the investment of their Plan contributions; (ii) add RAI Trade Marketing Services Company as a Participating Company; and (iii) clarify the Plan language regarding Roth conversions; and

WHEREAS, such actions of the Committee further authorized the members of the Committee to perform any and all acts and execute any and all documents that they may deem necessary to effectuate the Committee’s resolutions;

NOW, THEREFORE, the Plan hereby is amended as follows:

1.

 

Effective as of January 1, 2016, Section 1.59 of the Plan is hereby amended in its entirety to read as follows:

 

	“1.59	
Roth Conversion Amounts means the amounts which an Employee, former Employee, Surviving Spouse or alternate payee who is a spouse or former spouse of an Employee or former Employee has irrevocably elected to convert to Roth Contributions, as provided in Section 3.11.  All Roth Conversion Amounts shall be transferred directly to a Roth Conversion Subaccount within the Participant’s Roth Contribution Account.  Roth Conversion Amounts (and the earnings thereon) shall be eligible for distribution under Article 7 and withdrawal under Section 8.02 of the Plan at the same time and in the same order and classification as applied to such amounts prior to their conversion.”

 

2.

 

Effective as of October 17, 2016, Section 4.05 of the Plan is hereby amended by adding a new subsection (d) to the end thereof:

 

“(d)         Managed Account Service.  For purposes of this Section 4.05, a Participant may act individually or utilize a managed account service, under which investment directions for the selection of investment options will be provided by registered investment advisers on behalf of the Participant, in accordance with rules and procedures set forth in the trust agreement described in Section 4.01.”

 

 

 

3.

 

Effective as of December 19, 2016, Schedule B of the Plan is hereby amended in its entirety to read as follows:

 

“SCHEDULE B

PARTICIPATING UNITS

	
Participating Company

	
Participating Unit

	
R. J. Reynolds Tobacco Company

	
All Employees

	
Reynolds American Inc.

	
All Employees

	
Reynolds Finance Company

	
All Employees

	
Santa Fe Natural Tobacco Company, Inc.

	
All Employees, excluding Employees in the Santa Fe Executive Department who are paid on a monthly payroll

*  All Employees in the Santa Fe Executive Department who are paid on a monthly payroll

	
American Snuff Company, LLC

 (f/k/a Conwood Company, LLC)

	
Effective as of July 1, 2012, all Employees, excluding (i) Employees transferred to or hired into the ASC Executive Department (f/k/a the Conwood Executive Department) on or after January 1, 2007 who are paid on a monthly payroll and (ii) Employees whose principal place of employment was transferred to Winston-Salem, North Carolina (other than the Taylor Brothers Division of ASC) on or after July 1, 2010

*  All Employees transferred to or hired into the ASC Executive Department (f/k/a the Conwood Executive Department) on or after January 1, 2007 who are paid on a monthly payroll

**  All Employees whose principal place of employment on or after July 1, 2010 is in Winston-Salem, North Carolina (other than at the Taylor Brothers Division of ASC)

	
RAI International, Inc.

	
All Employees

	
Reynolds Innovations Inc.

	
All Employees

	
RAI Services Company

	
All Employees

	
Niconovum USA, Inc.

R. J. Reynolds Vapor Company

	
All Employees

All Employees

	
Kentucky BioProcessing, Inc.

	
All Employees

	
RAI Innovations Company

	
All Employees

	
RAI Trade Marketing Services Company

	
All Employees

 

 

 

		*	
The above-marked Employee groups will be collectively referred to as the “Affiliate Executive Department” for all purposes under the Plan, and the Affiliate Executive Department shall be considered a Participating Unit for purposes of the Plan.

 

		**	
The above-marked Employee group will be referred to as the “ASC Winston-Salem Employees” for all purposes under the Plan, and the ASC Winston-Salem Employees shall be considered a Participating Unit for purposes of the Plan.”

 

IN WITNESS WHEREOF, the undersigned member of the Committee has executed this Amendment No. 6 as of the day and year first written above.

 

	 	
RAI Employee Benefits Committee

	 
	 	 	 	 
	
 

	
By: 

	/s/ Constantine E. Tsipis    	 
	 	 	Constantine E. Tsipis	 
	 	 	
SecretaryExhibit 4.12

 

AMENDMENT NO. 7

TO THE

RAI 401K SAVINGS PLAN

THIS AMENDMENT NO. 7 to the RAI 401k Savings Plan, restated as of January 20, 2015 (the “Plan”), is made and entered into the 18th day of May, 2017.

W I T N E S S E T H:

WHEREAS, Reynolds American Inc. (“RAI”) maintains the Plan for the benefit of its employees and the employees of its subsidiaries and affiliates designated as participating companies; and

WHEREAS, in connection with the transactions contemplated by the Agreement and Plan of Merger among British American Tobacco p.l.c. (“BAT”), BATUS Holdings Inc., Flight Acquisition Corporation and RAI, dated as of January 16, 2017 (the “Merger Agreement”), contingent upon the closing of the transactions contemplated by the Merger Agreement and effective as of the closing date contemplated by the Merger Agreement (the “Closing Date”), the Compensation and Leadership Development Committee of the Board of Directors of RAI, by action taken on May 3, 2017, authorized an amendment to the Plan to reflect that the company stock fund thereunder will invest exclusively in American depositary shares of BAT (“BAT ADSs”) (except for cash and cash equivalent investments required to facilitate participant transactions or pay plan expenses) and authorized the RAI Employee Benefits Committee (the “Committee”) to effectuate such amendment; and

WHEREAS, the Committee, by action taken on May 16, 2017, authorized an amendment to the Plan, contingent upon the closing of the transactions contemplated by the Merger Agreement, to (i) reflect the holding of BAT ADSs in the company stock fund, as authorized by the Compensation Committee, (ii) provide that participants whose accounts under the 401k Plan are invested in the RAI Common Stock Fund shall be given ninety (90) days following the Closing Date to direct the investment of the cash portion of the Merger Consideration, as defined in the Merger Agreement (the “Merger Consideration”), (iii) reflect the determination of the RAI Pension Investment Committee with respect to the investment of the Merger Consideration, and (iv) eliminate the dividend payout option; and

WHEREAS, such action of the Committee further authorized the members of the Committee to perform any and all acts and execute any and all documents that they may deem necessary to effectuate the Committee’s resolutions;

NOW, THEREFORE, contingent upon the closing of the transactions contemplated by the Merger Agreement, the Plan hereby is amended, effective as of the Closing Date, as follows:

1.

 

Article 1 of the Plan is hereby amended by inserting the following new Section 1.08A immediately following Section 1.08, to read as follows:

 

		“1.08A	
BAT Stock Fund means an Investment Fund the purpose of which is to invest exclusively in Company Stock, subject to Section 4.03(d) of the Plan.”

2.

 

Article 1 of the Plan is hereby amended by inserting the following new Section 1.14A immediately following Section 1.14, to read as follows:

 

		“1.14A	
Closing means the closing of the transactions contemplated by the Agreement and Plan of Merger among British American Tobacco p.l.c. (“BAT”), BATUS Holdings Inc., Flight Acquisition Corporation and RAI, dated as of January 16, 2017 (the “Merger Agreement”).”

 

3.

 

Section 1.20 of the Plan is hereby amended in its entirety to read as follows:

 

		“1.20	
Company Stock means, prior to the Closing, the common stock of RAI, and after the Closing, the American depositary shares of BAT, or any equity security into which such American depositary shares may be changed by reason of a corporate transaction involving BAT.  References in the Plan to shares of stock, or similar terms, held in the BAT Stock Fund shall be references to American depositary shares of BAT (“BAT ADSs”).”

 

4.

 

Sections 1.33, 1.34, 7.01 and 10.08 and Article 4 (other than Section 4.03(e), added hereby) of the Plan are hereby amended by replacing the phrase “RAI Common Stock Fund” with the phrase “BAT Stock Fund” each place it appears therein.

 

5.

 

Section 1.52 of the Plan is hereby amended by inserting the following sentence at the end thereof:

 

“Effective as of the Closing, the RAI Common Stock Fund ceased to be an Investment Fund under the Plan.”

 

6.

 

The last sentence of Section 4.03(d) of the Plan is hereby amended in its entirety to read as follows:

 

“Company Stock may be acquired by the Trustee through purchases on the open market, private purchases, purchases from the depositary bank with respect to the BAT ADSs, contributions in kind, or otherwise.”

 

7.

 

Section 4.03 of the Plan is hereby amended by inserting the following subsection (e) at the end thereof:

 

		“(e)	
Effect of the Merger Transaction.  (1)  In connection with the transactions contemplated by the Merger Agreement, effective as of the Closing, RAI common stock held in the RAI Common Stock Fund prior to the Closing was converted into the right to receive the merger consideration (the “Merger Consideration”), consisting of BAT ADSs and cash, as provided in the Merger Agreement.  Upon receipt by the Plan,

 

 

			
the BAT ADS portion of the Merger Consideration was invested in the BAT Stock Fund.  The Committee, in its settlor capacity, has determined that for a period of ninety (90) days following the Closing, any Participant whose Account is invested in the RAI Common Stock Fund as of the Closing (a “Stock Fund Participant”) shall be permitted to elect to direct the investment of the cash portion of the Merger Consideration considered allocated to the Participant’s Account to one or more Investment Funds under the Plan (including the BAT Stock Fund).

 

			
(2)  Upon receipt by the Plan, during the ninety (90)-day period following the Closing, the cash portion of the Merger Consideration shall be invested in a temporarily maintained money market fund in the Plan and shall be held therein until Stock Fund Participants direct its reinvestment into one or more Investment Funds or until ninety (90) days after the Closing, if later.  The amount of the cash portion of the Merger Consideration that remains invested in such money market fund at the end of such ninety (90)-day period for the benefit of any Stock Fund Participant who has failed to redirect its investment shall be invested in the BlackRock LifePath Target Date Fund that has the target retirement date closest to the year in which the Participant reaches age 65.”

 

8.

 

Section 8.06 of the Plan is hereby deleted in its entirety.

 

9.

 

The heading of Section 11.07 of the Plan is hereby amended in its entirety to read as follows:

 

“Amendments Relating to BAT ADSs.”

 

IN WITNESS WHEREOF, the undersigned member of the Committee has executed this Amendment No. 7 as of the day and year first written above.

 

	 	RAI Employee Benefits Committee	 
	 	 	 	 
	
 

	
By: 

	/s/ Constantine (Dean) E. Tsipis   	 
	 	 	Constantine (Dean) E. Tsipis	 
	 	 	Secretary

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