Document:

Exhibit 4.5-Third Supplement

 

Exhibit 4.5

THIRD SUPPLEMENT TO PREFERRED SHARES RIGHTS AGREEMENT

     This THIRD SUPPLEMENT TO PREFERRED SHARES RIGHTS AGREEMENT (this “SUPPLEMENT”) is dated as of
December 1, 2007, by and between LANCE, INC., a North Carolina corporation (the “COMPANY”) and
COMPUTERSHARE TRUST COMPANY, N.A. (“COMPUTERSHARE”).

Recitals

     Wachovia Bank, N.A. (“WACHOVIA”) and the Company entered into a Preferred Shares Rights
Agreement (the “AGREEMENT”), dated as of July 14, 1998, as supplemented by First Supplement to
Preferred Shares Rights Agreement dated as of July 1, 1999 between the Company and First Union
National Bank (by merger, now Wachovia) whereby Wachovia agreed to act as Rights Agent for the
Company under the Agreement and as further supplemented by Second Supplement to Preferred Shares
Rights Agreement dated as of November 1, 2006 between the Company and American Stock Transfer &
Trust Company (“AST”) whereby AST agreed to act as Rights Agent for the Company under this
Agreement. Pursuant to Section 21 of the Agreement, the Company gave notice on October 15, 2007 of
the removal of AST as Rights Agent effective December 1, 2007. This Supplement is made pursuant to
Section 27 of the Agreement in order to confirm the appointment of COMPUTERSHARE as successor
Rights Agent under the Agreement and make other certain amendments to the Agreement.

     NOW, THEREFORE, in consideration of the promises and the mutual agreements herein set forth,
the parties hereby agree as follows:

     SECTION 1. Certain Definitions. All capitalized terms used but not defined herein shall have
the meanings assigned to them in the Agreement.

     SECTION 2. Appointment of Rights Agent. The Company hereby appoints Computershare as
successor Rights Agent to act as agent for the Company in accordance with the terms of the
Agreement, and Computershare hereby accepts such appointment, pursuant to Section 21 of the
Agreement.

     SECTION 3. Modification of Legend for Common Stock Certificate. The legend required pursuant
to Section 3(c) of the Agreement is hereby modified and restated in its entirety as follows:

     This certificate also evidences and entitles the holder hereof to certain
rights as set forth in a Preferred Shares Rights Agreement between Lance, Inc. and
Computershare Trust Company, N.A. as the successor Rights Agent, dated as of July
14, 1998, as supplemented, (the “RIGHTS AGREEMENT”), the terms of which are hereby
incorporated herein by

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reference and a copy of which is on file at the principal executive offices of
Lance, Inc. Under certain circumstances, as set forth in the Rights Agreement,
such Rights will be evidenced by separate certificates and will no longer be
evidenced by this certificate. Lance, Inc. will mail to the holder of this
certificate a copy of the Rights Agreement without charge after receipt of a
written request therefor. Under certain circumstances set forth in the Rights
Agreement, Rights issued to, or held by, any Person who is, was or becomes an
Acquiring Person or any Affiliate or Associate thereof (as such terms are defined
in the Rights Agreement), whether currently held by or on behalf of such Person or
by any subsequent holder, may become null and void.

     SECTION 4. Change of Notice Address. Computershare’s address for notice or demand pursuant to
Section 26 of the Agreement is as follows:

Computershare Trust Company, N.A.

250 Royall Street

Canton, MA 02021

Attn: General Counsel

     SECTION 5. Amendment to Section 21. Section 21 of the Agreement is hereby amended by
inserting the following new sentence after the first sentence:

“In the event the transfer agency relationship in effect between the Company and the Rights
Agent with respect to the Company’s Common Shares and the Preferred Shares terminates, the
Rights Agent will be deemed to resign automatically on the effective date of such
termination and any required notice will be sent by the Company.”

     SECTION 6. Amendment to Section 21. Section 21 of the Agreement is hereby amended by deleting
the following sentence in its entirety:

“Any successor Rights Agent, whether appointed by the Company or by such a court, shall be
a corporation organized and doing business under the laws of the United States or of any
state of the United States, in good standing, which is authorized under such laws to
exercise corporate trust or stockholder services powers and is subject to supervision or
examination by federal or state authority and which has at the time of its appointment as
Rights Agent a combined capital and surplus of at least $50 million.”

and replacing it with the following:

“Any successor Rights Agent, whether appointed by the Company or by such a court, shall be
(a) a corporation organized and doing business under the laws of the Unites States or of
any state of the United States, in good standing, which is authorized under such laws to
exercise corporate trust or stockholder services

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powers and is subject to supervision or examination by federal or state authority and which
has at the time of its appointment as Rights Agent a combined capital and surplus of at
least $50 million, or (b) an affiliate of a corporation described in (a) above.”

     SECTION 7. Amendment to Agreement. The Agreement is hereby amended by adding a new Section
35, as follows:

"Section 35. Force Majeure. Notwithstanding anything to the contrary contained herein,
the Rights Agent shall not be liable for any delays or failures in performance resulting
from acts beyond its reasonable control including, without limitation, acts of God,
terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or
malfunction of computer facilities, or loss of data due to power failures or mechanical
difficulties with information storage or retrieval systems, labor difficulties, war or
civil unrest.”

     IN WITNESS WHEREOF, the parties hereto have caused this Third Supplement to Preferred Shares
Rights Agreement to be duly executed as of the day and year first above written.

	 	 	 	 	 
	 	LANCE, INC.

 	 
	 	By  	/s/ Rick D. Puckett
 	 
	 	 	Rick D. Puckett 	 
	 	 	Executive Vice President 	 
	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.

 	 
	 	By  	/s/ Dennis V. Moccia
 	 
	 	 	Dennis V. Moccia 	 
	 	 	Managing Director 	 

3EX-10.1 2008 Variable Pay Plan

 

Exhibit 10.1

Spherion Corporation

Corporate Executives

Management Variable Pay Plan

2008 Variable Pay Plan

For Plan Year: Fiscal 2008

					
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	2008 Corporate Executives	 	 	 	 
	Revision Date — 1/1/08
	 	-1 of 6-
	 	©Copyright 2008, Spherion Corporation

 

 

Introduction

The following Variable Pay Plan (the “Plan”) is designed to reward Plan Eligible Associates for
achievement of specific goals as well as to provide an incentive to retain talent and encourage
future performance with Spherion. This Plan has been established to align your individual success
with that of Spherion.

Your dedication and commitment to the Company is greatly appreciated. Thank you for your continued
support now and in the future.

Effective Date/Plan Year

This Plan is in effect for Fiscal Year 2008 (December 31, 2007 through December 28, 2008) (the
“Plan Year”). This Plan supersedes any prior plans as of the date it becomes effective. This Plan
may be extended beyond the Plan Year at the sole discretion of Spherion.

Eligibility

Eligibility to participate in this Plan is within Spherion’s sole discretion, but in general
is based on an Associate’s position. For purposes of this Plan, the term Plan Eligible Associate
means an Associate who Spherion determines is eligible to participate in this Plan.

Eligibility begins on the first day of the accounting quarter after an Associate begins employment
as a Plan Eligible Associate and terminates immediately when an Associate’s employment as a Plan
Eligible Associate ends.

Change of Positions/Leave of Absence/ Other types of Pro-rated Compensation

In order to be eligible for or earn any compensation under this Plan, a Plan Eligible Associate
must remain employed by Spherion in some capacity through the last date of the Variable Pay Period.
If the Plan Eligible Associate does not meet this condition, he/she will not earn any compensation
under this Plan. (See the Variable Pay Period/Payment Section below) If a Plan Eligible
Associate meets this condition, but was actively employed as a Plan Eligible Associate for only a
part of the Variable Pay Period, his/her compensation under this Plan will be pro-rated based on
the number of full weeks he/she was actively employed as a Plan Eligible Associate. Some examples
include:

	 	1.	 	Leave of Absence — LOA
	 
	 	2.	 	Change in Work Classification Status (full-time vs. part-time)
	 
	 	3.	 	Position Changes resulting in Incentive Plan &/or Salary Changes
	 
	 	4.	 	P&L Roll Up Structure Changes (with no position change)

For a detailed explanation of the administrative policies on how these and other types of Personnel
Changes affect the Plan Eligible Associate’s compensation, please refer to the Pro-Ration
Guidelines.

					
	 	 	 	 	 
	 	 	 	 	 
	2008 Corporate Executives	 	 	 	 
	Revision Date — 1/1/08
	 	-2 of 6-
	 	©Copyright 2008, Spherion Corporation

 

 

Components

A Plan Eligible Associate has a Variable Pay Opportunity which is determined as a percentage (%) of
his/her base salary.

The Variable Pay Opportunity is made up of two components: Company EPS and Core Values.

To the extent permitted by the law, Spherion shall have the right to withhold, deduct, and/or set
off any and all amounts for bad debts (including write-offs), re-bills, credits, or other
adjustments from the payment calculations.

	 	1.	 	Company Earnings Per Share (EPS). 85% of the Variable Pay Opportunity is based on the
Company attaining EPS from continuing operations * (adjusted for stock
option accounting) for fiscal year 2008. In order for a Plan Eligible Associate to earn
any compensation under this EPS component, the Company must attain a
minimum Threshold EPS of *. No EPS component will be earned if 2008 EPS
from continuing operations is less than the Threshold. If the EPS Threshold is reached,
the component payout will increase and be precisely interpolated between Goal Levels as
reflected in the chart below:

	 	 	 	 	 	 	 
	Spherion EPS
	(85% of Variable Pay Opportunity)
	 	 	EPS from continuing	 	 
	Goal Level	 	operations	 	% of EPS Component Awarded
	Achievement
	 	 	*	 	 	200%
	Target
	 	 	*	 	 	100%
	Threshold
	 	 	*	 	 	5.88%
	Below Threshold
	 	 	*	 	 	0%

	 	 	 	The EPS goal levels are set at the beginning of the year, but are subject to change at
the sole discretion of the Company. Any change to the EPS goal levels will be communicated
to the Plan Eligible Associates.
	 
	 	 	 	Payout of this component will be capped at 200% of the EPS Component Awarded; provided
however, in the event that Company EPS exceeds a 200% payout, the Compensation Committee, in
its sole discretion, upon recommendation by the CEO may create and distribute a pool of
additional payout dollars as it deems appropriate.
	 
	 	2.	 	Core Values. 15% of the Variable Pay Opportunity is based on attaining Spherion’s Core
Values and driving service excellence for fiscal year 2008. Specific individual goals
will be provided by the CEO related to:

	 	•	 	Respect
	 
	 	•	 	Partnership
	 
	 	•	 	Customer Focus
	 
	 	•	 	Results
	 
	 	•	 	Engagement

      Please see the example provided at the end of this Plan.

 

			
	*	 	Confidential terms omitted and provided separately to the
Securities and Exchange Commission.

					
	 	 	 	 	 
	 	 	 	 	 
	2008 Corporate Executives	 	 	 	 
	Revision Date — 1/1/08
	 	-3 of 6-
	 	©Copyright 2008, Spherion Corporation

 

 

Variable Pay Period/ Payment

The “Variable Pay Period” is the Plan Year. Compensation under this Plan is based on annual
results and is therefore earned on an annual basis. A Plan Eligible Associate must be employed by
Spherion through the last date of the Variable Pay Period to be eligible for or earn any
compensation under this Plan. (See Termination of Employment Section Below) Any compensation
earned under this Plan will be paid within 45 business days after the close of the accounting year.

Termination of Employment

Eligibility to participate in and ability to earn any, or receive any compensation under this Plan
ceases immediately upon termination of employment with Spherion regardless of whether such
termination of employment is due to resignation, termination without cause, termination for cause,
or otherwise.

A Plan Eligible Associate, whose employment with Spherion terminates prior to the end of the
Variable Pay Period, will not be eligible for or be considered to have earned compensation under
this Plan in whole or in part.

In addition, any Plan Eligible Associate who resigns his/her employment or who is terminated for
cause after the end of the Variable Pay Period but before Spherion pays the actual compensation
earned under this Plan will not be eligible for or be considered to have earned any compensation
under this Plan. If a Plan Eligible Associate is terminated by Spherion without cause after the
Variable Pay Period but before Spherion pays the compensation, the Plan Eligible Associate will be
considered to have earned compensation under this Plan through the end of the Variable Pay Period.

The eligibility requirements described in this Plan are void to the extent that they conflict with
state or local law.

Retention Bonus

If variable pay that exceeds 200% of the Plan Eligible Associate’s opportunity is calculated, this
retention bonus will be distributed along with the regularly scheduled variable pay compensation
for Fiscal Year 2009 (within 45 business days after the close of the 2009 accounting year). In
order to earn the retention bonus, the Plan Eligible Associate must still be employed with Spherion
on the date the payment is made; provided, that if a Plan Eligible Associate is terminated by
Spherion without cause during the period between the end of the Variable Pay Period and the date
the retention bonus is paid, the Plan Eligible Associate will still be eligible to receive the
retention bonus.

Disputes

If there is a dispute related to this Plan, including, but not limited to, a dispute over
eligibility or award, it will be resolved by the Compensation Committee or its designee, whose
decision shall be final.

					
	 	 	 	 	 
	 	 	 	 	 
	2008 Corporate Executives	 	 	 	 
	Revision Date — 1/1/08
	 	-4 of 6-
	 	©Copyright 2008, Spherion Corporation

 

 

At-Will Employment

The only matter this Plan is intended to address is variable pay compensation. Nothing in this
Plan shall alter or be construed as to alter the at-will employment status of any Plan Eligible
Associate. The Plan Eligible Associate’s employment is at-will and may be terminated by either
party at any time, with or without cause.

Amendments, Exceptions, or Termination of the Plan

The Compensation Committee or its designee will administer this Plan and have the power to
implement, operate, and interpret this Plan and to take such action as it deems equitable and
consistent with the purpose of this Plan in particular circumstances. No exception or
modification to this Plan will be valid unless it has been approved in writing by the Compensation
Committee or its designee.

The Company reserves the right to change, modify, alter, amend, or cancel this Plan at any time,
with or without notice and with or without consideration.

Acknowledgement

Plan Eligible Associate acknowledges that he/she has reviewed the Plan and will address any of
his/her questions to the Spherion Compensation Department. Plan Eligible Associate hereby
reaffirms his/her Acknowledgement of the Plan.

					
	 	 	 	 	 
	 	 	 	 	 
	2008 Corporate Executives	 	 	 	 
	Revision Date — 1/1/08
	 	-5 of 6-
	 	©Copyright 2008, Spherion Corporation

 

 

EXAMPLE (This example is not intended to imply any actual percentages, payout, or targets under
this Variable Pay Plan. It is merely for illustrative purposes to show how the Variable Pay Plan
components may be calculated in a hypothetical situation)

Corporate Executive Management

2008 Variable Pay Plan Example

	 	 	 	 	 	 	 
	Assumptions:	 	 	 	 	 	 
	Base Salary (January 1, 2008)   
	 	 	 	$	150,000	 
	Variable Pay Opportunity (% of base) 
	 	 	 	 	50	%
	Variable Pay Opportunity ($) 
	 	$150,000 x 50%	 	$	75,000	 
	Spherion EPS 
	 	Target-$*	 	 	 	 

Year End Results

	 	 	 	 	 	 	 
	Example #1	 	 	 	 	 	 
	Spherion EPS
	 	Target-$*	 	 	 	 
	EPS Attainment
	 	 	 	 	100	%
	Core Value Achievement
	 	 	 	 	100	%
	Variable Pay Calculation:
	 	 	 	 	 	 
	EPS
	 	$75,000 x 85%	 	 	 	 
	Payout
	 	 	 	$	63,750	 
	Core Values
	 	$75,000 x 15%	 	$	11,250	 
	Payout
	 	$11,250 X 100%	 	$	11,250	 
	Total Annual Variable Pay
	 	 	 	$	75,000	 

 

			
	*	 	Confidential terms omitted and provided separately to the
Securities and Exchange Commission.

					
	 	 	 	 	 
	 	 	 	 	 
	2008 Corporate Executives	 	 	 	 
	Revision Date — 1/1/08
	 	-2 of 6-
	 	©Copyright 2008, Spherion Corporation

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