Document:

exhibit41.htm

 

Exhibit 4.1

 

 

GENERAL ELECTRIC CAPITAL SERVICES, INC.,

 

 

Company

 

 

 

 

GENERAL ELECTRIC CAPITAL CORPORATION,

 

 

Successor Company

 

 

 

 

GENERAL ELECTRIC COMPANY,

 

 

Guarantor

 

 

 

 

and

 

 

 

 

THE BANK OF NEW YORK MELLON

 

 

as successor to JPMorgan Chase Bank, N.A. (successor to The Chase Manhattan Bank, National Association)

 

 

Trustee

 

 

	  	 	  
	  	 	  

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of February 22, 2012

 

With respect to the:

 

INDENTURE DATED AS OF AUGUST 1, 1995

 

GUARANTEED SUBORDINATED DEBT SECURITIES

 

 

	  	 	  
	  	 	  

 

  

 

  

THIS FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), dated as of February 22, 2012, is between GENERAL ELECTRIC CAPITAL SERVICES, INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), GENERAL ELECTRIC CAPITAL CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (the “Successor Company”), GENERAL ELECTRIC COMPANY, a corporation duly organized and existing under the laws of the State of New York (the “Guarantor”) and THE BANK OF NEW YORK MELLON (as successor to JPMorgan Chase Bank, N.A. (successor to The Chase Manhattan Bank, National Association)), a New York banking corporation, as trustee (the “Trustee”).

 

WITNESSETH:

 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of August 1, 1995 (the “Indenture”), among the Company, the Guarantor and the Trustee, providing for the issuance by the Company from time to time of its unsecured subordinated bonds, debentures, notes and other evidences of indebtedness guaranteed by the Guarantor to be issued in one or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized in or pursuant to a resolution or certificate of the Board of Directors, the Securities Issuance Committee or the Designated Officers of the Company or in or pursuant to one or more supplemental indentures, and furthermore has delivered to the Trustee resolutions by the Board of Directors of the Company at meetings held on March 29, 1995 and June 29, 1995 and an Officers’ Certificate executed under these resolutions, providing for the issuance of $300,000,000 in aggregate principal amount of its 71⁄2% Guaranteed Subordinated Notes due August 21, 2035, which currently constitute the only series of Securities Outstanding under the Indenture; and

 

WHEREAS, the Company and the Successor Company are parties to that certain Agreement and Plan of Merger, dated as of January 19, 2012 (the “Merger Agreement”), which provides for the merger of the Company with and into the Successor Company, with the Successor Company continuing its existence (the “Merger”), which Merger will be effective at 5:00 p.m. EST on February 22, 2012 (the “Effective Time”); and

 

WHEREAS, Section 11.01 of the Indenture provides, among other things, that the Company shall not merge with any other corporation, unless (i) the successor corporation (if other than the Company), shall by supplemental indenture satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, expressly assume the due and punctual payment of the principal of and, premium, if any, and interest on all the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of the Indenture to be performed by the Company and (ii) such successor corporation shall not, immediately after such merger, be in default in the performance of any such covenant or condition; and

 

WHEREAS, Section 10.01 of the Indenture provides, among other things, that the Company and the Guarantor, when authorized by resolution of their respective Boards of Directors or, in the case of the Company, by resolution of the Securities Issuance Committee or certificate of the Designated Officers or, in the case of the Guarantor, by resolution of the Funding Committee, and the Trustee may from time to time enter into a supplemental indenture without the consent of the Holders of any Securities at the time Outstanding to evidence the succession of another corporation to the Company and the assumption by the successor corporation of the covenants, agreements and obligations of the Company pursuant to Article Eleven of the Indenture; and

 

WHEREAS, at the Effective Time, the Successor Company will succeed to and be substituted for the Company with the same effect as if it had been named in the Indenture as the Company and the 

 

  

(1)

  

 

Company shall be relieved of any further obligation under the Indenture and under the Securities in accordance with Section 11.02 of the Indenture;

 

WHEREAS, the Company, pursuant to the foregoing authority, proposes in and by this First Supplemental Indenture to amend and supplement the Indenture and has requested that the Trustee join in the execution of this First Supplemental Indenture;

 

WHEREAS, all acts, conditions and requirements necessary to make this First Supplemental Indenture a valid and legally binding instrument in accordance with its terms and for the purposes set forth herein have been performed, complied with and fulfilled and the execution and delivery hereof has been in all respects duly authorized;

 

NOW, THEREFORE:

 

In consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, each of the Company, the Successor Company, the Guarantor and the Trustee, intending to be legally bound hereby, has executed and delivered this First Supplemental Indenture and hereby mutually covenant and agree for the equal and ratable benefit of the Holders of Securities from time to time as follows:

 

Section 1.  Definitions.

 

(a)           Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture.

 

(b)           The words “herein,” “hereof” and “hereby” and other words of similar import used in this First Supplemental Indenture refer to this First Supplemental Indenture as a whole and not to any particular Section hereof.

 

Section 2.  Assumption of Obligations; Succession.

 

(a)           Pursuant to Section 11.01 of the Indenture, the Successor Company, as the surviving corporation of the Merger, hereby, from and after the Effective Time, expressly assumes the due and punctual payment of the principal of and, premium, if any, and interest on the Securities, and the due and punctual performance and observance of all of the covenants, agreements, obligations and conditions to be performed by the Company under the Indenture and the Securities with the same effect as if the Successor Company had been named as the Company in the Indenture and the Securities.

 

(b)           Pursuant to Section 11.02 of the Indenture, the Successor Company shall, from and after the Effective Time, by virtue of the foregoing assumption and the delivery of this First Supplemental Indenture, succeed to and be substituted for the Company with the same effect as if it had been named in the Indenture and the Securities as the Company and the Company shall be relieved of any further obligation under the Indenture and the Securities.

 

Section 3.  Miscellaneous.

 

(a)           Effectiveness.  This First Supplemental Indenture shall become effective as of the Effective Time.

 

(b)           Ratification of Indenture.  All the provisions of this First Supplemental Indenture shall be deemed to be incorporated in, and made a part of, the Indenture; and the Indenture, as 

 

 

  

(2)

  

 

supplemented and amended by this First Supplemental Indenture, shall be read, taken and construed as one and the same instrument.  The Indenture, as amended hereby, is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  Every Holder of Securities heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby.

 

(c)           Headings.  The headings of the Sections of this First Supplemental Indenture are inserted for convenience of information and reference and shall not be deemed to be a part thereof.

 

(d)           Counterparts.  This First Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument.  Delivery of an executed signature page to this First Supplemental Indenture by facsimile, email or other electronic transmission shall be effective as delivery of a manually signed counterpart of this First Supplemental Indenture.

 

(e)           Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this First Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

 

(f)           Successors and Assigns.  All covenants and agreements in this First Supplemental Indenture by the Company, the Successor Company and the Guarantor shall bind their respective successors and assigns, whether so expressed or not.

 

(g)           Benefits of First Supplemental Indenture.  Nothing in this First Supplemental Indenture, express or implied, shall give to any person, other than the parties hereto and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy, or claim under this First Supplemental Indenture.

 

(h)           Trustee Not Responsible for Recitals. The recitals and statements herein contained are made by the Company, the Successor Company and the Guarantor, as the case may be, and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof.  The Trustee makes no representation as to the validity or sufficiency of this First Supplemental Indenture.

 

(i)           Notices. For purposes of Section 16.03 of the Indenture, the address of the Successor Corporation is:

 

General Electric Capital Corporation

        

        260 Long Ridge Road

        Stamford, Connecticut 06927

        United States of America

        Attention: Senior Vice President, Corporate Treasury and Global Funding Operations

 

(j)           Governing Law. This First Supplemental Indenture shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State.

*******

 

[Remainder of this page intentionally left blank]

 

  

(3)

  

IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly executed as of the date first above written.

 

	  	
GENERAL ELECTRIC CAPITAL SERVICES, INC., as

	  	
the Company

	  	  
	
By:      

	 /s/Eric C. Duenwald	 
	
Name: 

	
Eric C. Duenwald

	
Title:   

	
Vice President and Assistant Treasurer

	  	  
	  	
GENERAL ELECTRIC CAPITAL CORPORATION, as

	  	
the Successor Company

	  	  
	
By:      

	 /s/Kathleen J. Yoh	 
	
Name: 

	
Kathleen J. Yoh

	
Title:   

	
Vice President and Assistant Treasurer

	  	  
	  	
GENERAL ELECTRIC COMPANY, as

	  	
the Guarantor

	  	  
	
By:      

	 /s/Kathryn A. Cassidy	 
	
Name: 

	
Kathryn A. Cassidy

	
Title:   

	
Senior Vice President and Treasurer

	  	  
	  	  

[SIGNATURE PAGE TO FIRST SUPPLEMENTAL INDENTURE]

 

  

(4)

  

 

	  	
THE BANK OF NEW YORK MELLON, as

	  	
the Trustee

	  	  
	
By:      

	 /s/Eva L. Waite	 
	
Name: 

	
Eva L. Waite

	
Title:   

	
Associate

	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

 

[SIGNATURE PAGE TO FIRST SUPPLEMENTAL INDENTURE]

 

  

(5)exhibit1022.htm

	
Exhibit 10.22

 

Amendment No. 1

LINCOLN NATIONAL CORPORATION

EXECUTIVES’ SEVERANCE BENEFIT PLAN

Pursuant to its authority under Section 14 of the Lincoln National Corporation Executives’ Severance Benefit Plan (the “Plan”), the Board of Directors of the Corporation hereby amends the Plan as set forth below:

1.   Amend Section 5(a) of the Plan in its entirety to provide as follows:

Section 5.           Plan Benefits.

“(a)          Level of Benefits.  For all Executives, benefits under this Plan shall be determined based on the designated “Tier” applicable to such Executive:

Tier One:  Executives in Tier One who become entitled to benefits under Section 7(a) shall be paid a cash lump sum payment, as described in Section 5(b) below.  Tier One Executives shall not be eligible to receive the enhancements described in Section 8 of the Plan.

Tier Two:  Executives in Tier Two who become entitled to benefits under Section 7(a) shall be paid a cash lump sum payment, as described in Section 5(b) below, and shall receive certain enhancements to benefits under certain plans sponsored by the Corporation, as well as other miscellaneous benefits described in Section 8 below.

Tier Three:  Executives in Tier Three who become entitled to benefits under Section 7(a) shall be paid a cash lump sum payment, as described in Section 5(b) below, shall receive certain enhancements to benefits under certain plans sponsored by the Corporation, as well as other miscellaneous benefits described in Section 8 below.

Designations of Executives as Tier One, Tier Two, or Tier Three Executives shall be set forth on Appendix A attached to this Plan, as amended from time to time by the Committee.”

 

 

*           *           *           *

 

2.   Amend Section 9 of the Plan in its entirety to provide as follows:

Section 9.           Potential Reduction of Payments under the Plan

“(a)         Anything in this Plan to the contrary notwithstanding, in the event the Accounting Firm (as defined below) shall determine that receipt of all Payments (as defined below) would subject the Executive to tax under section 4999 of the Code, the Accounting Firm shall determine whether some amount of Plan Payments (as defined below) meets the definition of Reduced Amount (as defined below).  If the Accounting Firm determines that there is a Reduced Amount, then the aggregate Plan Payments shall be reduced to such Reduced Amount.

(b)           If the Accounting Firm determines that aggregate Plan Payments should be reduced to the Reduced Amount, the Corporation shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof.  For purposes of reducing the Plan Payments so that the Parachute Value of all Payments, in the aggregate, equals the Reduced Amount, only amounts payable under this Plan (and no other Payments) shall be reduced.  The reduction of the amounts payable hereunder, if applicable, shall be made by reducing the Plan Payments under the following sections in the following order:  (i) any Plan Payments under Section 5(b) of the Plan; (ii) any Plan Payments payable in cash under Section 8(b) of the Plan; and (iii) any Plan Payments under Section 8(a)(ii) of the Plan, in each case beginning with payments that would be made last in time.  In connection with making determinations under this Section 9, the Accounting Firm shall take into account the value of any reasonable compensation for services rendered or to be rendered by the Executive before or after the Change of Control, including without limitation, the Executive’s agreeing to refrain from performing services pursuant to a covenant not to compete or similar covenant, and the Corporation shall cooperate in good faith in connection with any such valuations and reasonable compensation positions.

(c)           As a result of the uncertainty in the application of section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Corporation to or for the benefit of the Executive pursuant to this Plan which should not have been so paid or distributed (each an “Overpayment”) or that additional amounts which will have not been paid or distributed by the Corporation to or for the benefit of the Executive pursuant to this Plan could have been so paid or distributed (each an “Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder.  In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Corporation or the Executive which the Accounting Firm believes has a high probability of success, determines that an Overpayment has been made, the Executive shall pay promptly (and in no event later than 60 days following the date on which the Overpayment is determined) any such Overpayment to the Corporation together with interest at the applicable federal short-term rate provided for in section 7872(f)(2)(A) of the Code compounded semi-annually; provided, however, that no amount shall be payable by the Executive to the Corporation if and to the extent such payment would not either reduce the amount on which the Executive is subject to tax under section 1 and section 4999 of the Code or generate a refund of such taxes.  In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than 60 days following the date on which the Underpayment is determined) by the Corporation to or for the benefit of the Executive together with interest at the applicable federal short-term rate provided for in section 7872(f)(2) (A) of the Code compounded semi-annually.

(d)           All determinations made by the Accounting Firm under this Section 9 shall be binding upon the Corporation and the Executive and shall be made as soon as reasonably practicable and in no event later than 15 days following the date of Executive’s Separation from Service.  All fees and expenses of the Accounting Firm in implementing the provisions of this Section 9 shall be borne solely by the Corporation.

(e)           Definitions.  The following terms shall have the following meanings for purposes of this Section 9.

“Accounting Firm” shall mean a nationally recognized certified public accounting firm that is selected by the Corporation for purposes of making the applicable determinations hereunder and reasonably acceptable to the Executive, which firm shall not, without the Executive’s consent, be a firm serving as accountant or auditor for the individual, entity or group effecting the Change of Control.

 

“Net After-Tax Receipt” shall mean the Present Value of a Payment net of all taxes imposed on the Executive with respect thereto under sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under section 1 of the Code and under state and local laws which applied to the Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Accounting Firm determines likely to apply to the Executive in the relevant tax year(s).

 

“Parachute Value” of a Payment shall mean the Present Value as of the date of the change of control for purposes of section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under section 280G(b)(2) of the Code, as determined by the Accounting Firm for purposes of determining whether and to what extent the excise tax under section 4999 of the Code will apply to such Payment.

 

“Payment” shall mean any payment, distribution or benefit in the nature of compensation (within the meaning of section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Plan or otherwise.

 

“Plan Payment” shall mean a Payment paid or payable pursuant to this Plan (disregarding this Section 9).

 

“Present Value” shall mean the present value of a particular payment, distribution or benefit for purposes of section 280G of the Code as determined by the Accounting Firm using the discount rate required by section 280G(d)(4) of the Code.

 

“Reduced Amount” shall mean the amount of Plan Payments that (i) has a Present Value that is less than the Present Value of all Plan Payments and (ii) results in aggregate Net After-Tax Receipts for all Payments that are greater than the Net After-Tax Receipts for all Payments that would result if the aggregate Present Value of Plan Payments were any other amount that is less than the Present Value of all Plan Payments.”

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