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  Exhibit 10.20    
    

 
    EXECUTION VERSION    
    

 
 

  SECOND AMENDMENT AND INCREASE AGREEMENT    
    

        SECOND AMENDMENT AND INCREASE AGREEMENT, dated as of September 15, 2008 (this
"Agreement"), prepared pursuant to Section 4.1(b) of the Credit Agreement, dated as of May 20, 2008 (as amended, supplemented, extended or
restated, or otherwise modified prior to the date hereof including by the First Amendment to the Credit Agreement dated as of July 18, 2008 (the "First
Amendment"), and as modified hereby, and as further amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among BUCKEYE ENERGY SERVICES LLC, on behalf of itself and as the surviving entity of the merger of Farm & Home Oil Company LLC
("F&H") with and into Buckeye Energy Services LLC (the "Borrower"), the several Lenders from time
to time parties thereto, and BNP Paribas, as Administrative Agent (the "Administrative Agent") and as collateral agent. 

 
 

RECITALS    

        WHEREAS,
pursuant to Section 4.1(b)(i) of the Credit Agreement, the Borrower is requesting that the Lenders concurrently increase the Commitments so
that the Total Commitments equal $175,000,000 following the effectiveness of such increase; 

        WHEREAS,
pursuant to Section 4.1(b) of the Credit Agreement, Manufacturers and Traders Trust Company (the "New Lender") has agreed
to join the Credit Agreement and to make Commitments under the Credit Agreement on the terms and subject to the conditions set forth in this Agreement; and 

        WHEREAS,
the Borrower is requesting that the Lenders hereby waive compliance with the terms and conditions of Section 4.1(b)(i), (ii) and (iii) of the Credit
Agreement solely with respect to the requirements under each such Section for the Borrower to deliver notice of a requested increase in Commitments; 

        NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrower, the
Administrative Agent, the Existing Lenders and the New Lender hereby agree as follows: 

        1.    Defined Terms.    Unless otherwise defined herein, terms defined in the Credit Agreement are used herein as
therein defined. 

        1.1    Increase Agreement and New Lender Agreement.    The New Lender hereby agrees to make Loans to the Borrower or
participate in Letters of Credit from time to time until the Termination Date in an aggregate principal amount at any one time outstanding not to exceed its Commitment (as set forth in
Schedule 1.0), such agreement to be effective as of September 16, 2008 (the "Increase Effective Date") upon the receipt by the
Administrative Agent from the New Lender of the amounts required to be paid by the New Lender pursuant to Section 4.1(b) of the Credit Agreement, which amounts the New Lender agrees to pay on
or before September 16, 2008. From and after the Increase Effective Date, the New Lender shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights
and obligations of a Lender under the Credit Agreement and under the other Loan Documents and shall be bound by the provisions thereof. 

        3.    Commitments; New Lender.    Effective upon the Increase Effective Date, the Commitments for the New Lender shall
be as set forth in Schedule 1.0. Schedule 1.0 shall also set forth the Commitments for the Existing Lenders as of the Increase Effective Date. 

 

        4.    Amendment to Section 1.1 of the Credit Agreement (Defined Terms).    Section 1.1 of the Credit
Agreement is hereby amended by deleting the parenthetical in the third and fourth lines of clause (a)(ii) of the definition of "Sub-Limit" and substituting in lieu thereof the
following: 

"(which
must be a whole multiple of $5,000,000 that is equal to or greater than $150,000,000 and equal to or less than $250,000,000)" 

        5.    Amendment to Section 4.1(b)(iii) of the Credit Agreement (Increase, Termination or Reduction of
Commitments).    Section 4.1(b)(iii) of the Credit Agreement is hereby amended by deleting the second sentence of Section 4.1(b)(iii) and substituting
in lieu thereof the following: 

"Such
Increase Amount shall be in an amount equal to $5,000,000 or a whole multiple thereof." 

        6.    Conditions Precedent.    This Agreement shall become effective (the "Amendment Effective
Date") upon the satisfaction of the following conditions precedent: 

        (a)    Agreement.    The Administrative Agent shall have received this Agreement, executed and delivered by a duly
authorized officer of the Borrower, the New Lender and each Existing Lender. 

        (b)    Secretary's Certificates.    The Administrative Agent shall have received, with a counterpart for each Lender,
a certificate of each Loan Party, dated as of the Amendment Effective Date, substantially in the form of Exhibit E to the Credit Agreement, with appropriate insertions and attachments,
satisfactory in form and substance to the Administrative Agent, executed by the President or any Vice President and the Secretary or any Assistant Secretary of such Loan Party. 

        (c)    Proceedings of the Loan Parties.    The Administrative Agent shall have received a copy of the resolutions, in
form and substance satisfactory to the Administrative Agent, of the Board of Directors (or analogous body) of each Loan Party authorizing (i) the execution, delivery and performance of this
Agreement and the Notes delivered on the Amendment Effective Date and the other Increase Documents, and the reaffirmations of the applicable Loan Documents to which it is a party, and (ii) the
reaffirmation by it of the Liens created pursuant to the Security Documents, certified by the Secretary or an Assistant Secretary of such Loan Party, or, if applicable, of the general partner or
managing member or members of such Loan Party as of the Amendment Effective Date, which certification shall be in form and substance reasonably satisfactory to the Administrative Agent and shall state
that the resolutions thereby certified have not been amended, modified, revoked or rescinded. 

        (d)    Incumbency Certificates.    To the extent the following have been amended, restated, supplemented or otherwise
modified since the Closing Date, the Administrative Agent shall have received, with a counterpart for each Lender, a certificate of each Loan Party, dated as of the date hereof, as to the incumbency
and signature of the officers of such Loan Party executing any Increase Document, which certificate shall be included in the certificate delivered in respect of such Loan Party pursuant to
Section 4(c), shall be satisfactory in form and substance to the Administrative Agent, and shall be executed by the President or any Vice President and the Secretary or any Assistant Secretary
of such Loan Party. 

        (e)    Organizational Documents.    To the extent the following have been amended, restated, supplemented or otherwise
modified since the Closing Date, the Administrative Agent shall have received, with a counterpart for each Lender, true and complete copies of the Governing Documents of each Loan Party, certified as
of the date hereof as complete and correct copies thereof by the Secretary or an Assistant Secretary of such Loan Party, which certification shall be included in the certificate delivered in respect
of such Loan Party pursuant to Section 4(c) and shall be in form and substance satisfactory to the Administrative Agent. 

        (f)    Good Standing Certificates.    The Administrative Agent shall have received, with a copy for each Lender,
certificates dated as of a recent date from the Secretary of State or other 

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appropriate
authority, evidencing the good standing of each Loan Party (i) to the extent relevant under applicable laws, in the jurisdiction of its organization and (ii) in each other
jurisdiction where its ownership, lease or operation of property or the conduct of its business requires it to qualify as a foreign Person except, as to this subclause (ii), where the failure
to so qualify could not have a Material Adverse Effect. 

        (g)    Consents, Licenses and Approvals.    The Administrative Agent shall have received, with a counterpart for each
Lender, a certificate of a Responsible Officer of the Borrower either (i) attaching copies of all consents, authorizations and filings referred to in Section 6.1(i) of the Credit
Agreement, and stating that such consents, licenses and filings are in full force and effect, and each such consent, authorization
and filing shall be in form and substance satisfactory to the Administrative Agent or (ii) stating that no such consents, licenses or approvals are so required. 

        (h)    Other Conditions.    Each of the other conditions to the Amendment Effective Date provided in
Section 4.1(b) of the Credit Agreement shall have been satisfied. 

        7.    Representations and Warranties.    To induce the New Lender and the Existing Lenders to enter into this
Agreement, the Borrower hereby represents and warrants to the undersigned Lenders that, after giving effect to the increase of the Commitments and the other modifications to the Credit Agreement
provided for herein, the representations and warranties contained in the Credit Agreement and the other Loan Documents will be true and correct in all material respects as of the date hereof, except
for those representations and warranties that by their terms were made as of a specified date which shall be true and correct on and as of such date, and that no Default or Event of Default has
occurred and is continuing. 

        8.    Disclaimer.    The New Lender and each Existing Lender acknowledges and agrees that no Lender party to the
Credit Agreement (i) has made any representation or warranty and shall have no responsibility with respect to any statements, warranties or representations made in or in connection with the
Credit Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any other Loan Documents or any other instrument or document furnished
pursuant thereto; (ii) has made any representation or warranty and shall have no responsibility with respect to the financial condition of the Borrower or any other obligor or the performance
or observance by the Borrower or any obligor of any of their respective obligations under the Credit Agreement or any other Loan Documents or any other instrument or document furnished pursuant hereto
or thereto. The New Lender represents and warrants that it is legally authorized to enter into this Agreement, and the New Lender (i) confirms that it has received a copy of the Credit
Agreement, together with copies of the financial statements delivered pursuant to Section 6.1 thereof and such other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without reliance upon the Lenders or the Administrative Agent and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, the other Loan Documents or any other
instrument or document furnished pursuant hereto or thereto; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and
discretion under the Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms
thereof, together with such powers as are incidental thereto; and (iv) agrees that it will be bound by the provisions of the Agreement and will perform in accordance with its terms all the
obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. 

        9.    No Other Amendments or Waivers.    Except as expressly amended or waived hereby, the Credit Agreement, the Note
and the other Loan Documents shall remain in full force and effect in 

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accordance
with their respective terms, without any waiver, amendment or modification of any provision thereof. 

        10.    Reaffirmations.    

        (a)   The
Borrower hereby reaffirms its obligations (including the obligations formerly owed by F&H, to which the Borrower has succeeded by operation of law) under the
Security Agreement and acknowledges and agrees, after giving effect to the Credit Agreement (including the amendments and increases thereto, effectuated by the First Amendment and by this Agreement),
that the security interest in the Collateral granted in the Security Agreement is continuing and in full force and effect in favor of the Collateral Agent on behalf of and for the ratable benefit of
the Secured Parties (as defined in the Security Agreement). 

        (b)   The
Borrower hereby reaffirms its obligations (including the obligations formerly owed by F&H, to which the Borrower has succeeded by operation of law) under the
Guarantee and acknowledges and agrees, after giving effect to the Credit Agreement (including the amendments and increases thereto, effectuated by the First Amendment and by this Agreement), that the
guarantee contained therein is continuing and shall remain in full force and effect in favor of the Collateral Agent on behalf of and for the ratable benefit of the Secured Parties (as defined in the
Security Agreement). 

        (c)   The
Borrower hereby reaffirms its obligations (including the obligations formerly owed by F&H, to which the Borrower has succeeded by operation of law) under the Pledge
Agreement and acknowledges and agrees, after giving effect to the Credit Agreement (including the amendments and increases thereto, effectuated by the First Amendment and by this Agreement), that the
grant of security interest in the Pledged Collateral (as defined in the Pledge Agreement) granted in the Pledge Agreement is continuing and in full force and effect in favor of the Collateral Agent on
behalf of and for the ratable benefit of the Secured Parties (as defined in the Security Agreement). 

        (d)   The
Borrower hereby reaffirms its obligations its obligations (including the obligations formerly owed by F&H, to which the Borrower has succeeded by operation of law)
under all of the other Loan Documents to which it is a party and acknowledges and agrees, after giving effect to the Credit Agreement (including the amendments and increases thereto, effectuated by
the First Amendment and by this Agreement), that such obligations are continuing and shall remain in full force and effect. 

        11.    Legal Opinions.    Within ten days after the Amendment Effective Date, the Borrower shall deliver to the
Administrative Agent an executed legal opinion of Vinson & Elkins LLP, counsel to the Borrower, in form and substance satisfactory to the Administrative Agent and covering such matters
incident to the transactions contemplated by this Agreement as the Administrative Agent, the Existing Lenders and the New Lender may reasonably require;  provided that, the Administrative Agent may
extend the deadline for satisfaction of this covenant in its sole discretion. 

        12.    Counterparts.    This Agreement may be executed by one or more of the parties hereto on any number of separate
counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

        13.    Waiver.    

        (a)   The
Borrower hereby makes a written request to increase the Total Commitments to $175,000,000 and hereby requests that such increase be effective as of the Increase
Effective Date. The Lenders hereby waive compliance with the terms and conditions of Section 4.1(b)(i), (ii) and (iii) of the Credit Agreement solely with respect to the
requirements under each such Section for the Borrower to deliver notice of a requested increase in Commitments. The Lenders hereby agree 

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and
acknowledge that this Agreement satisfies the notice and approval requirements set forth in such Sections. 

        (b)   The
Borrower hereby makes a written request to increase the Maximum Sub-Limit to $175,000,000 and hereby requests that such increase be effective as of the
Increase Effective Date. The Lenders hereby waive compliance with the terms and conditions of clause (a)(ii) of the definition of "Sub-Limit" in the Credit Agreement solely with
respect to the requirements under such clause for the Borrower to deliver a Sub-Limit Election Notice. The Lenders hereby agree and acknowledge that this Amendment satisfies the
requirements under the Credit Agreement to deliver a Sub-Limit Election Notice. 

        14.    Applicable Law.    This Agreement shall be governed by, and construed and interpreted in accordance with, the
Law of the state of New York. 

[SIGNATURE
PAGES FOLLOW] 

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

					
	 	 	 BUCKEYE ENERGY SERVICES LLC,
     as Borrower
	

 	
 	
 By:	
 	
/s/ KHALID MUSLIH

  Name:  Khalid Muslih

Title:    Vice President

 MANUFACTURERS AND TRADERS

TRUST COMPANY  

							
	 By:
	 	 /s/ FRANK HESTON

  Name:  Frank Heston

Title:     Vice President 	 	 	 	 

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 BNP PARIBAS, as Lender 

							
	 By:
	 	 /s/ KEITH COX

  Name:  Keith Cox

Title:     Managing Director 	 	 	 	 
	 By:
	 	 /s/ JORDAN NENOFF

  Name:  Jordan Nenoff

Title:     Director 	 	 	 	 

 BNP PARIBAS, as Administrative Agent 

							
	 By:
	 	 /s/ KEITH COX

  Name:  Keith Cox

Title:     Managing Director 	 	 	 	 
	 By:
	 	 /s/ JORDAN NENOFF

  Name:  Jordan Nenoff

Title:     Director 	 	 	 	 

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 UNIVEST NATIONAL BANK AND TRUST CO.  

							
	 By:
	 	   

  Name:

Title: 

	 	 	 	 

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 NATIXIS, NEW YORK BRANCH  

							
	 By:
	 	 /s/ SEVERINE PARDO

  Name:  Severine Pardo

Title:     Director 	 	 	 	 

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 DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK FRANKFURT AM MAIN  

							
	
 By:	
 	
/s/ CARLOS LUNARDINI

  Name:  Carlos Lunardini

Title:    Vice President 	
 	
/s/ NICOLAS VON PFLUG

  Nicolas von Pflug
  Senior Vice President 

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 RZB FINANCE LLC  

							
	 By:
	 	   

  Name:

Title: 

	 	 	 	 

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 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH  

							
	 By:
	 	   

  Name:

Title: 

	 	 	 	 

12

 
 
 

  Schedule 1.0 to
  Second Amendment and
  Increase Agreement    
    

 
 

  LENDERS AND COMMITMENTS    
    

					
	New Lender 	 	Applicable Lending Office 	 	Commitment 
	 Manufacturers and Traders Trust

Company
	 	One M&T Plaza

Buffalo, New York 14203-2399	 	$15,000,000
	 Univest National Bank and Trust Co.
	 	 14 North Main Street

Souderton, PA 18964
	 	

$15,000,000
	 Natixis, New York Branch
	 	 1251 Avenue of the Americas

New York, NY 10020
	 	

$25,000,000
	 DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main
	 	 609 Fifth Avenue, 7th Floor

New York, NY 10017
	 	

$15,000,000
	 RZB Finance LLC
	 	 1133 Avenue of the Americas

New York, NY 10036
	 	

$15,000,000
	 BNP Paribas
	 	 787 Seventh Avenue, 30th Floor

New York, NY 10019
	 	

$75,000,000
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch
	 	 1251 Avenue of the Americas

New York, NY 10020-1104
	 	

$15,000,000

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QuickLinks

Exhibit 10.20

EXECUTION VERSION

SECOND AMENDMENT AND INCREASE AGREEMENT

RECITALS

Schedule 1.0 to Second Amendment and Increase Agreement

LENDERS AND COMMITMENTSExhibit 10.49

 

DECKERS
OUTDOOR CORPORATION

DEFERRED
STOCK UNIT COMPENSATION PLAN

(a Sub
Plan under the Deckers Outdoor Corporation 2006 Equity Incentive Plan)

 

1.             Definitions.

 

(a)           “Board” means the
Board of Directors of the Company.

 

(b)           “Company” means Deckers
Outdoor Corporation., a Delaware corporation and any affiliate.

 

(c)           “Common Stock” means
the common stock, par value $0.01 per share, of the Company.

 

(d)           “Deferred Stock
Units” means deferred stock units granted to the Participant as a form of Stock
Unit Award under the Equity Incentive Plan.

 

(e)           “Deferred Stock Unit
Account” means the separate account maintained on the books of the Company for
each Participant pursuant to Section 4.

 

(f)            “Director” means
any member of the Board who is not an employee of the Company or any of its
subsidiaries.

 

(g)           “Disability” means
that the Participant (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (ii) is, by reason of any
medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for a period of not less
than 3 months under an accident and health plan covering employees of the
Company.

 

(h)           “Dividend Equivalent
Stock Units” means the additions to the Participant’s Deferred Stock Unit
Account described in Section 4.

 

(i)            “Employee” means
any employee of the Company.

 

(j)            “Effective Date”
means October 1, 2008.

 

(k)           “Equity Incentive
Plan” means the Deckers Outdoor Corporation 2006 Equity Incentive Plan.

 

 

(l)            “Participant” means
a Director or Employee who elects to participate in this Plan as provided in Section 3.

 

(m)          “Plan” means the
Deckers Outdoor Corporation. Deferred Stock Unit Compensation Plan.  The Plan is a sub-plan under the Equity
Incentive Plan.

 

(n)           “Restricted Stock”
means restricted stock granted to the Participant as a form of Stock Award
under the Equity Incentive Plan.

 

(o)           “Section 409A”
means Section 409A of the Internal Revenue Code of 1986, as amended.

 

(p)           “Stock Award” has
the same meaning as the definition of that term in the Equity Incentive Plan.

 

2.             Administration.

 

(a)           The Plan shall be
administered by the Board.  The Board
shall also have the authority to make, amend, interpret, and enforce all
appropriate rules and regulations for the administration of the Plan and
decide any and all questions as may arise in connection with the interpretation
or application of the Plan.  The Board
may delegate some or all of its powers and authority hereunder to the
Compensation Committee of the Board, as the Board deems appropriate.

 

(b)           The decision or
action of the Board (or the Compensation Committee) in respect to any question
arising out of or in connection with the administration, interpretation and
application of the Plan and the rules and regulations promulgated
hereunder shall be final, conclusive and binding upon Participants and all
other persons having or claiming any interest in the Plan.

 

2

 

3.             Participation.

 

(a)           A Director or Employee who holds an
unvested Stock Award in the form of Restricted Stock (“Restricted Stock Award”)
that was granted under the Equity Incentive Plan may elect to participate in
the Plan by filing a written election with the Company, on such form as may be
prescribed by the Board, to defer the vesting of up to 100% of Participant’s
outstanding unvested Restricted Stock Awards made in any calendar year.

 

(b)           Except
as provided below, a deferral election shall become effective on the first day
of the calendar year following the date the election is made and shall be
effective only as to outstanding unvested Restricted Stock Awards that would
otherwise vest in the calendar year following the date the election is
made.  A new deferral election must be
made by a Participant for each calendar year.

 

(c)           Notwithstanding
anything contained herein to the contrary, a Participant may make a deferral
election within thirty (30) days after a grant of a Stock Award under the
Equity Incentive Plan to such Participant; provided, however, such election may
only be made if: (i) the Stock Award is unvested on the date of the
election, and (ii) none of the Stock Award will vest or become
transferable prior to twelve (12) months from the date such election is made.

 

4.             Deferred Stock Unit Account

 

(a)           For each share of Common Stock held
pursuant to a Restricted Stock Award that is subject to a deferral election as
set forth in Section 3 above, the Participant shall receive one Deferred
Stock Unit under the Equity Incentive Plan in exchange for the cancellation of
such Restricted Stock Award.  The
Deferred Stock Units that are granted pursuant to a Participant’s deferral
election shall be credited to the Participant’s Deferred Stock Unit Account.

 

(b)           Whenever any cash dividends are
declared on the Common Stock, on the date such dividend is paid the Company
will credit the Deferred Stock Unit Account of each Participant with a number
of Dividend Equivalent Units equal to the result of dividing (i) the
product of (x) the total number of Deferred Stock Units and Dividend
Equivalent Units credited to the Participant’s Deferred Stock Unit Account on
the record 

 

3

 

date for such dividend
and (y) the per share amount of such dividend by (ii) the Fair Market
Value (as such term is defined in the Equity Incentive Plan) of one share of
Common Stock on the date such dividend is paid by the Company to the holders of
Common Stock.

 

5.             Settlement
of Deferred Stock Unit Account.

 

(a)           Unless the
Participant elects to change the time of settlement in accordance with the last
sentence of this Section 5(a), settlement of the Participant’s Deferred
Stock Unit Account shall be made by a transfer of shares of Common Stock in
accordance with the Participant’s election filed with the Company (or, if
earlier as provided in paragraph (b) of this Section), on such form as may
be prescribed by the Board on the earlier of (i) the date specified in the
election or (ii) within 30 days after the termination for any reason (including
Disability) of (A) the Participant’s service as a Director if the
Participant is a Director or (B) the Participant’s employment if the
Participant is an Officer.

 

The Participant
may change the time of settlement of the Deferred Stock Unit Account by filing
a new election form with the Company, provided that (i) the
election will not take effect for at least 12 months after the date on which it is made as
required by Section 409A of the Code (i.e., the election must be made at
least 12 months in advance) and (ii) the new settlement date must
be at least five (5) years after the date the Deferred Stock Unit Account
would otherwise have been settled.

 

(b)           Notwithstanding
anything contained herein to the contrary, in the event of a Change of Control (as defined
in the Equity Incentive Plan) or a Participant’s death prior to settlement of
the Deferred Stock Unit Account, then regardless of a Participant’s election or change in
election of the applicable time of settlement, the settlement of the
Participant’s Deferred Stock Unit Account shall be made by issuance of shares
of Common Stock (to the Participant’s beneficiary as provided in Section 6
in the event of the Participant’s death) immediately before the Change of
Control or, if settlement is due to the Participant’s death, then within thirty
(30) days following the date of the Participant’s death.

 

4

 

(c)           Notwithstanding
anything contained herein the contrary, in the event settlement of the
Participant’s Deferred Stock Unit Account is to be made by reason of the
Participant’s termination of service or termination of employment, other than
by reason of death or Disability, no issuance of shares of Common Stock shall
be made until six months after such termination of service if the Participant
is a “specified employee” as defined in Internal Revenue Code Section 409A
and the regulations published thereunder.

 

(d)           Settlement of the
Deferred Stock Unit Account shall be made in shares of Common Stock, with one
share payable for each Deferred Stock Unit and each Dividend Equivalent Unit
credited to the Participant’s Deferred Stock Unit Account.

 

6.             Beneficiary Designation.

 

Each Participant
shall have the right, at any time, to designate any person or persons as his beneficiary
or beneficiaries in whose favor settlement of the deceased Participant’s
Deferred Stock Unit Account shall be made in the event of his death prior to
settlement such Deferred Stock Unit Account. 
Any beneficiary designation may be made or changed by a Participant by a
written instrument, in such form prescribed by the Board, which is filed with
the Company prior to the Participant’s death. 
If a Participant fails to designate a beneficiary, or if all designated
beneficiaries predecease the Participant, then the Deferred Stock Unit Account
shall be settled in favor of the Participant’s estate.

 

7.             Amendment; Cessation of Deferrals.

 

(a)           The Board may amend
the Plan at any time in whole or in part; provided that no amendment may
adversely affect the rights of a Participant to receive amounts properly
credited to the Participant’s Deferred Stock Unit Account in accordance with
the Plan prior to such amendment.

 

(b)           The Board may, in
its sole discretion, cease future deferrals under the Plan at any time.  In such event, settlement of the Deferred
Stock Unit Accounts of Participants will continue to be made as provided in Section 5.

 

5

 

8.             Miscellaneous.

 

(a)           The Company’s
obligation to settle any Participant’s Deferred Stock Unit Account under the
Plan shall be contractual only and all shares of Common Stock used for this
purpose shall be credited against the shares reserved for issuance of
Restricted Stock Awards set forth in Section 3 of the Equity Incentive
Plan.

 

(b)           Neither a
Participant nor any other person shall have any right to sell, assign,
transfer, pledge, anticipate, or otherwise encumber, the amounts, if any,
payable hereunder, to the Participant or such other person.  No part of the amounts payable under the Plan
shall be subject to seizure or sequestration for the payment of any debts,
judgments, alimony or separate maintenance owed by a Participant or any other
person, nor be transferable by operation of law in the event of a Participant’s
or any other person’s bankruptcy or insolvency.

 

(c)           In the event of a
stock split, stock dividend, recapitalization or other event described in Section 15
of the Equity Incentive Plan the provisions of said Section 15 shall apply
to Deferred Stock Units and the related Dividend Equivalent Stock Units
credited to the Participant’s Deferred Stock Unit Account; provided, however,
that the determination of adjustments shall be made by the Board.

 

(d)           Neither the
Participant nor any other person shall have any rights as a stockholder of the
Company under the Plan with respect to the Deferred Stock Units or Dividend
Equivalent Stock Units credited to the Participant’s Deferred Stock Unit
Account until their settlement in shares of Common Stock by their issuance to
the Participant or the beneficiary of the Participant.

 

(e)           This Plan shall be
governed by, and construed and enforced in accordance with, the laws of the
State of Delaware, without reference to principles of conflict of laws.

 

(f)            This Plan in
intended to comply, and shall be administered in a manner that is intended to
comply, with Section 409A and shall be construed and interpreted in
accordance with such intent.  Any
provision of this Plan that would cause the Plan to fail to satisfy Section 409A
shall be amended to comply with Section 409A on a timely basis, which may
be made retroactively, in accordance with regulations and other guidance issued
under Section 409A.

 

6

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