Document:

exhibit10_33.htm

  

 

 

 

 

Exhibit 10.33

 

 

 

 

 

 

 

 

 

 

BRUNSWICK RESTORATION PLAN

 

(As Amended and Restated Effective January 1, 2009)

  

  

  

TABLE OF CONTENTS

 

	
 

	
 

	
Page

	
SECTION 1     GENERAL

	  	1 
	
Item 1.1

	
History, Purpose and Effective Date

	
1

	
Item 1.2

	
Definitions, References

	
1

	
Item 1.3

	
Plan Administration, Source of Benefit Plans

	
1

	
Item 1.4

	
Applicable Laws

	
1

	
Item 1.5

	
Plan Year

	
1

	
Item 1.6

	
Accounting Date

	
1

	Item 1.7      	Gender and Number	1
	Item 1.8   	Notices	
                                          1 

	Item 1.9	Limitations on Provisions	1
	Item 1.10	Claims and Review Procedures	 1
	 	 	 
	
SECTION 2   PARTICIPATION

	  	  2
	
Item 2.1

	
Eligibility to Participate

	
2

	
Item 2.2

	
Beneficiary

	
2

	
Item 2.3

	
Termination of Participation

	
2

	
Item 2.4

	
Plan Not Contract of Employment

	
2

	 	 	
 

	
SECTION 3   ACCOUNTS AND CONTRIBUTIONS

	
2

	
Item 3.1

	
Participant Accounts

	
2

	Item 3.2      	Supplemental Elective Contributions	  2
	Item 3.3	Restoration Matching Contributions	 2
	Item 3.4	Restoration Profit Sharing Contributions	 2
	 	 	 
	
SECTION 4   PLAN ACCOUNTING

	  	  3
	
Item 4.1

	
Adjustment of Accounts

	
3

	
Item 4.2

	
Statement of Accounts

	
3

	 	 	
 

	
SECTION 5   PAYMENT OF PLAN BENEFITS

	 	
3

	
Item 5.1

	
Distribution on Termination

	
3

	Item 5.2   	Effect of Change in Control	  3
	Item 5.3	Additional Distribution and Withdrawal Rights for Deferred Compensation Accounts	 3
	Item 5.4	Distributions to Persons under Disability	 3
	Item 5.5	Benefits May Not Be Assigned or Alienated	 3
	Item 5.6   	Withholding for Tax Liability	 3
	 	 	 
	
SECTION 6   COMMITTEE

	  	  4
	Item 6.1	Powers of Committee	 4
	Item 6.2	Delegation by Committee	 4
	Item 6.3	Information to be Furnished to Committee	4
	Item 6.4	Liability and Indemnification of Committee	4
	 	 	 
	SECTION 7   AMENDMENT AND TERMINATION	 4

  

  

  

BRUNSWICK RESTORATION PLAN

 

 

SECTION 1

 

General

 

1.1.  History, Purpose and Effective Date.  Brunswick Corporation (the “Company”) has previously established the Brunswick Rewards Plan and the Brunswick Retirement Savings Plan (“Savings Plan”) to provide retirement and other benefits to or on behalf of its eligible employees and those of its affiliates which, with the consent of the Company, adopt the Rewards Plan and/or the Savings Plan.  The Company also previously maintained the Brunswick Rewards Plan with Variable Profit Sharing which was merged with and into the Rewards Plan effective January 1, 2008 (the Brunswick Rewards Plan and the Brunswick Rewards Plan with Variable Profit Sharing are referred to hereafter as the “Rewards Plan”).  Contrary to the desire of the Company, the amount of the employer contributions which may be made to the Rewards Plan and the Savings Plan by or for the benefit of employees may be limited by reason of the application of certain provisions of the Internal Revenue Code of 1986, as amended (the “Code”).  Therefore, the Company established the Brunswick Restoration Plan (the “Plan”), effective as of January 1, 2000, to assure that affected individuals would receive benefits in an amount comparable to the amount that they would have received if certain limitations of the Code were not applicable to the Rewards Plan and the Savings Plan.  Effective January 1, 2002, the Plan was amended to permit Participants to make “Supplemental Elective Contributions” to the Plan (defined below), to cause the “Restoration Matching Contributions” (defined below) to be based on such Supplemental Elective Contributions, and to reflect changes made to the Rewards Plan and Savings Plan.  Effective January 1, 2004 the Plan was amended and restated to provide for participation by participants in the Rewards Plan and to clarify the impact on benefits under the Plan of a Participant’s deferral of compensation under the Company’s Automatic Deferred Compensation Plan or Elective Deferred Compensation Plan.  Effective July 1, 2004, the Plan was amended and restated to provide for the establishment of “Deferred Compensation Accounts” (defined below) for amounts deferred under the Brunswick Corporation Elective Deferred Compensation Plan.  Effective July 13, 2005, the Plan was amended and restated to modify the eligibility provisions in certain respects.  The Plan was further amended and restated effective as of January 1, 2009 to comply with the requirements of Code Section 409A and the final regulations issued thereunder.   The Company and any affiliate of the Company which adopts the Plan for the benefit of its eligible employees are referred to below, collectively, as the “Employers” and individually as an “Employer”.

 

1.2.  Definitions, References.  Unless the context clearly requires otherwise, any word, term or phrase used in the Plan shall have the same meaning given to it under the terms of the Rewards Plan or the Savings Plan, whichever is applicable.  Any reference in the Plan to a provision of the Rewards Plan or the Savings Plan shall be deemed to include reference to any comparable provision of any amendment of that plan.

 

1.3.  Plan Administration, Source of Benefit Payments.  The authority to control and manage the operation and administration of the Plan shall be vested in the Human Resources and Compensation Committee (the “Committee”) of the Board of Directors of the Company.  In controlling and managing the operation and administration of the Plan, the Committee shall have the rights, powers and duties set forth in Section 6.  The amount of any benefit payable under the Plan shall be paid from the general revenues of the Company.  The Company’s obligation under the Plan shall be reduced to the extent that any amounts due under the Plan are paid from one or more trusts, the assets of which are subject to the claims of general creditors of the Company or any affiliate thereof; provided, however, that, nothing in this Plan shall require the Company to establish any trust to provide benefits under the Plan.

 

1.4.  Applicable Laws.  The Plan shall be construed and administered in accordance with the laws of the State of Illinois to the extent that such laws are not preempted by the laws of the 

United States of America.

 

1.5.  Plan Year.  The “Plan Year” shall be the calendar year.

 

1.6.  Accounting Date.  The “Accounting Date” shall be the last business day of each month and each additional date specified by the Committee.

 

1.7.  Gender and Number.  Where the context admits, words in one gender shall include the other gender, words in the singular shall include the plural and the plural shall include the singular.

 

1.8.  Notices.  Any notice or document required to be filed with the Committee under the Plan will be properly filed if delivered or mailed by registered mail, postage prepaid, to the Committee, in care of the Company, at its principal executive offices.  Any notice required under the Plan may be waived by the person entitled to notice.

 

1.9.  Limitations on Provisions.  The provisions of the Plan and the benefits provided hereunder shall be limited as described herein.  Any benefit payable under the Rewards Plan or the Savings Plan shall be paid solely in accordance with the terms and conditions of the Rewards Plan or the Savings Plan, as applicable, and nothing in this Plan shall operate or be construed in any way to modify, amend, or affect the terms and provisions of the Rewards Plan or the Savings Plan. 

 

1.10.  Claims and Review Procedures.  The claims procedure applicable to claims and appeals of denied claims under the Rewards Plan or the Savings Plan shall apply to any claims for benefits

          under the Plan and appeals of any such denied claims.

 

  

  

  

SECTION 2

 

Participation

 

2.1.  Eligibility to Participate.  Each employee of an Employer shall be eligible to participate in the Plan for a Plan Year if such employee is eligible to participate in the Rewards Plan or the Savings Plan and such employee’s annual rate of base pay is at least $20,000 over the compensation amount in effect for such Plan Year under section 414(q)(1)(B) of the Code.  Subject to subsection 2.3, once an employee has become eligible to participate in the Plan for a Plan Year, the employee shall continue to be eligible to participate in the Plan for future Plan Years.  Each eligible employee who makes an effective “Participation Election” under subsection 3.2 for a Plan Year shall be a “Participant” with respect to contributions for such Plan Year.  Each person in whose name an Account (as defined in subsection 3.1) is maintained shall be a “Participant” with respect to the maintenance, hypothetical investment and distribution of such Account.

 

2.2.  Beneficiary.  A Participant’s “Beneficiary” under the Plan, with respect to all amounts other than the Participant’s Deferred Compensation Account (as defined in subsection 3.1), shall be identical to his beneficiary under the Rewards Plan or the Savings Plan, whichever the Participant last participated in at the time of his death, and, with respect to the Participant’s Deferred Compensation Account, shall be identical to his beneficiary under the Brunswick Corporation Elective Deferred Compensation Plan.

 

2.3.  Termination of Participation.  Notwithstanding any other provision of the Plan to the contrary, if the Committee determines that participation by one or more Participants or Beneficiaries shall cause the Plan to be subject to Part 2, 3 or 4 of Title I of the Employee Retirement Income Security Act of 1974, as amended, the entire interest of such Participant or Beneficiary under the Plan shall, in the discretion of the Committee, be segregated from the Plan, and such Participant(s) or Beneficiary(ies) shall cease to have any interest under the Plan.

 

2.4.  Plan Not Contract of Employment.  

 

SECTION 3

 

Accounts and Contributions

 

3.1.  Participant Accounts.  The Committee shall maintain a “Supplemental Elective Contribution Account”, a “Restoration Matching Account” and a “Restoration Profit Sharing Account”, and such subaccounts as the Committee deems necessary or appropriate, in the name of each person who is a Participant, for bookkeeping purposes only.  The Committee shall also maintain a “Deferred Compensation Account”, and such subaccounts as the Committee deems necessary or appropriate, in the name of each person who is a participant in the Brunswick Corporation Elective Deferred Compensation Plan, for bookkeeping purposes only, representing the balance in the Participant’s Elective Cash Deferral Account under the Brunswick Corporation Elective Deferred Compensation Plan as of the close of business on June 30, 2004 and all amounts deferred thereafter under the Brunswick Corporation Elective Deferred Compensation Plan that are not deferred into an Elective Stock Deferral Account under such plan.  Such accounts are sometimes referred to collectively as the Participant’s Accounts and individually as the Participant’s “Account”.

 

3.2.  Supplemental Elective Contributions.  For any Plan Year, an eligible employee may file with the Committee a “Participation Election” in accordance with uniform rules established by the Committee which, in all events, shall be filed prior to the first day of the Plan Year to which it relates (or within 30 days after the Participant’s hire date, if later).  To the extent that a Participation Election relates to deferral of performance-based bonus (within the meaning of Code Section 409A), it shall be made no later than six months before the end of the performance period or such other time as may be required under Code Section 409A.  A Participant’s Participation Election shall indicate the Participant’s agreement to defer from Compensation and have credited to the Participant’s Accounts the amount of any Pre-Tax Contributions that the Participant elected to contribute to the Rewards Plan or the Savings Plan for the Plan Year for which the Supplemental Elective Contributions Participation Election is made, but that cannot be contributed to such Plan due to the limits under sections 401(a)(17), 402(g) and 415 of the Code or imposed under the Plan to enable the Plan to pass the nondiscrimination requirements of sections 401(k)(3) and 401(m)(2) of the Code, or due to the Participant’s deferral of compensation under the Brunswick Corporation Automatic Deferred Compensation Plan or the Brunswick Corporation Elective Deferred Compensation Plan.

 

3.3.  Restoration Matching Contributions.  For any Plan Year, the Restoration Matching Account of a Participant who has made an effective Participation Election for such Plan Year will be credited with an amount equal to the remainder of (a) minus (b), where

 

(a) equals (i) the matching rate applicable to the Participant under the Rewards Plan or the Savings Plan, as applicable, multiplied by (ii) the amount, up to the maximum percentage of the Participant’s Compensation for such Plan Year which is eligible for a Matching Contribution under the plan applicable to the Participant, of Pre-Tax Contributions the Participant elected to contribute to the Rewards Plan or the Savings Plan, as applicable, for the Plan Year (without regard to the limits under the Code or imposed under the Rewards Plan or the Savings Plan, as applicable, to enable such Plan to comply with such limits or due to the Participant’s deferral of compensation under the Brunswick Corporation Automatic Deferred Compensation Plan) or the Brunswick Corporation Elective Deferred Compensation Plan; and

 

(b) equals the Matching Contributions made on the Participant’s behalf under the Rewards Plan or the Savings Plan, as applicable, for the Plan Year.  

 

3.4.  Restoration Profit Sharing Contributions.  For any Plan Year in which a Participant participates in the Rewards Plan, such Participant’s Restoration Profit Sharing Account will be credited with an amount equal to the difference between (a) the employer profit sharing contributions that would have been contributed on behalf of the Participant to the Rewards Plan for that Plan Year, in accordance with the terms thereof, determined without regard to the limitations of sections 415 or 401(a)(17) of the Code or to the Participant’s deferral of compensation under the Brunswick Corporation Automatic Deferred Compensation Plan or the Brunswick Corporation Elective Deferred Compensation Plan, and (b) the amount of employer profit sharing contributions actually made to the Rewards Plan on behalf of the Participant.  Credits to the Participant’s Restoration Profit Sharing Account pursuant to this subsection 3.4 (called “Restoration Profit Sharing Contributions”) shall be made at the same time that employer profit sharing contributions would otherwise have been credited to his account under the Rewards Plan.

 

  

  

  

SECTION 4

Plan Accounting

4.1.  Adjustment of Accounts.  The amounts determined under subsections 3.1, 3.2, 3.3 and 3.4 shall be credited to the appropriate Account of a Participant in accordance with uniform rules established by the Committee, and thereafter shall be adjusted from time to time in accordance with procedures established by the Committee to reflect the increase or decrease in value from the assumed investment of the Participant’s Account balance in one or more hypothetical investments that the Committee specifies from time to time.  Such amounts may be adjusted to reflect employment taxes payable with respect to deferred compensation prior to termination of employment.  The Committee may not retroactively eliminate any assumed investment alternative.  To the extent and in the manner permitted by the Committee, the Participant may elect to have different portions of his Account balance adjusted for any period on the basis of different hypothetical investments.  Notwithstanding the election by Participants of certain hypothetical investments and the adjustment of their Accounts based on such investment decisions in accordance with uniform rules established by the Committee, the Plan does not require, and no trust or other instrument maintained in connection with the Plan shall require, that any assets or amounts which are set aside in trust or otherwise for the purpose of paying Plan benefits shall actually be invested in the investment alternatives selected by Participants.

4.2.  Statement of Accounts.  As soon as practicable after the last day of each Plan Year, the Committee will cause to be delivered to each Plan Participant a statement of the balances 

of his Plan Accounts as of that day.

 

 

SECTION 5

 

Payment of Plan Benefits

 

5.1.  Distribution on Termination.  Subject to the following provisions of this Section 5, as of the Accounting Date coincident with or next following a Participant’s termination date, there shall be payable to him or, in the event of his death, to his Beneficiary an amount equal to the entire balance of his Accounts in a lump sum payment in cash and such amount shall be paid to the Participant (or his Beneficiary) as soon as practicable following such Accounting Date; provided, however, that distribution due to termination of employment (other than on account of death) to a Participant who is an executive officer or corporate officer or an employee in Salary Grade 21 or above shall not be made until the date which is six months after the date the Participant ceases to be employed by the Company and its affiliates.  Notwithstanding the foregoing, if, as of a Participant’s termination date, the sum of the Participant’s age and years of service with the Company and its affiliates equals or exceeds 65 and the Participant has so elected in an effective “Distribution Election” under the Brunswick Corporation Elective Deferred Compensation, the balance in the Participant’s Deferred Compensation Account as of December 31, 2004, and earnings thereon, shall be distributed, in accordance with rules and procedures adopted by the Committee, in annual installments over a period not exceeding five years beginning in the month of January following the Participant’s termination date.

 

5.2.  Effect of Change In Control.  During the period beginning 30 days prior to and ending 12 months after a Change in Control of the Company, the Committee, in its discretion, may terminate the Plan, in which case the entire balance of all Participants’ Accounts shall be distributed in an immediate lump sum payment in accordance with the requirements of Code Section 409A.  For this purpose, “Change in Control” of the Company shall have the meaning ascribed to such term under Code Section 409A and applicable regulations issued thereunder; provided, however, in no event shall an acquisition of assets under Treasury Regulation 1.409A-3(i)(5)(vii) constitute a change in control event, unless such event is also a sale or disposition of all or substantially all of the Company’s assets.

 

5.3.  Additional Distribution and Withdrawal Rights for Deferred Compensation Accounts.  Amounts in a Participant’s Deferred Compensation Account may be distributed prior to the Participant’s termination date in accordance with an effective “Distribution Election” under the Brunswick Corporation Elective Deferred Compensation Plan.  In addition, in the event of an “Unforseeable Financial Emergency”, a Participant may, in accordance with rules and procedures established by the Committee, make a withdrawal from his Deferred Compensation Account of up to the amount reasonably needed to satisfy the Unforseeable Financial Emergency (including amounts necessary to pay income taxes or penalties reasonably anticipated to result from the withdrawal).  “Unforseeable Financial Emergency” shall mean a severe financial hardship of the Participant resulting from an illness or accident of the Participant or the Participant’s spouse or dependent, loss of the Participant’s property due to casualty, or other similar extraordinary and unforseeable circumstances arising as a result of events beyond the control of the Participant, and shall be determined by the Committee in its discretion in accordance with the requirements of Code Section 409A.

 

5.4.  Distributions To Persons Under Disability.  In the event a Participant or his Beneficiary is declared incompetent and a conservator or other person legally charged with the care of his person or of his estate is appointed, any benefit to which such Participant or Beneficiary is entitled under the Plan shall be paid to such conservator or other person legally charged with the care of his person or of his estate.

 

5.5.  Benefits May Not Be Assigned or Alienated.  The benefit payable to any Participant or Beneficiary under the Plan may not be voluntarily or involuntarily assigned or alienated. Notwithstanding the foregoing, vested Plan benefits may be transferred to an alternate payee (within the meaning of Code Section 414(p)(8)) pursuant to a domestic relations order that the Committee determines satisfies the criteria set forth in paragraphs (1), (2), and (3) of Code Section 414(p) (a “DRO”).  Any benefits payable to an alternate payee under the Plan will be paid in a lump sum payment as soon as practicable after the Committee determines the order satisfies the requirements of a DRO.

 

5.6.  Withholding for Tax Liability.  The Company may reduce any Account balance to reflect the payment of any taxes due on amounts deferred under the Plan and may withhold or cause to be withheld from any payment of benefits made pursuant to the Plan any taxes required to be withheld and such sum as the Company may reasonably estimate to be necessary to cover any taxes for which the Company may be liable and which may be assessed with regard to such payment.

 

  

  

  

SECTION 6

Committee

6.1.  Powers of Committee.  Responsibility for the day-to-day administration of the Plan shall be vested in the Committee.  The authority to control and manage all other aspects of the operation and administration of the Plan shall also be vested in the Committee.  The Committee is authorized to interpret the Plan, to establish, amend, and rescind any rules and regulations relating to the Plan, to determine the terms and provisions of any agreements made pursuant to the Plan, and to make all other determinations that may be necessary or advisable for the administration of the Plan.  Except as otherwise specifically provided by the Plan, any determinations to be made by the Committee under the Plan shall be decided by the Committee in its sole discretion.  Any interpretation of the Plan by the Committee and any decision made by it under the Plan is final and binding on all persons.

6.2.  Delegation by Committee.  The Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it.  Any such allocation or delegation may be revoked by the Committee at any time.  Until the Committee takes action to the contrary, the powers and responsibilities of the Committee shall be delegated to the Vice President and Chief Human Resources Officer (or his delegate) of the Company, subject to such direction as may be provided to the Vice President and Chief Human Resources Officer or his delegate from time to time by the Committee.

6.3.  Information to be Furnished to Committee.  The Employers shall furnish the Committee with such data and information as may be required for it to discharge its duties.  The records of the Employers as to an employee’s or Participant’s employment, termination of employment, leave of absence, reemployment and Eligible Compensation shall be conclusive on all persons unless determined to be incorrect.  Participants and other persons entitled to benefits under the Plan must furnish the Committee such evidence, data or information as the Committee considers desirable to carry out the Plan.

6.4.  Liability and Indemnification of Committee.  No member or authorized delegate of the Committee shall be liable to any person for any action taken or omitted in connection with the administration of the Plan unless attributable to his own fraud or willful misconduct; nor shall the Employers be liable to any person for any such action unless attributable to fraud or willful misconduct on the part of a director or employee of the Employers.  The Committee, the individual members thereof, and persons acting as the authorized delegates of the Committee under the Plan, shall be indemnified by the Company against any and all liabilities, losses, costs and expenses (including legal fees and expenses) of whatsoever kind and nature which may be imposed on, incurred by or asserted against the Committee or its members or authorized delegates by reason of the performance of a Committee function if the Committee or its members or authorized delegates did not act dishonestly or in willful violation of the law or regulation under which such liability, loss, cost or expense arises.  This indemnification shall not duplicate but may supplement any coverage available under any applicable insurance.

 

 

SECTION 7

 

Amendment and Termination

 

The Company may, at any time, amend or terminate the Plan; provided, however, that subject to the provisions of the following sentence, neither an amendment nor a termination shall adversely affect the rights of any Participant or Beneficiary under the Plan.  The Company, by Plan amendment or termination, may prospectively (a) modify or eliminate the right to have amounts credited to any Restoration Matching Account or Restoration Profit Sharing Account of any Participant and (b) prospectively change the rate at which earnings are credited to Account balances and or the hypothetical investment vehicles.  Notwithstanding the foregoing provisions of this Section 7, the Company may amend or terminate the Plan at any time, to take effect retroactively or otherwise, as deemed necessary or advisable for purposes of conforming the Plan to any present or future law, regulations or rulings relating to plans of this or a similar nature.

 

 

 

 

 

EXECUTED at Lake Forest, Illinois this __ day of  ___________________, 2008 to be effective as indicated herein.

 

	  	  
	  	
BRUNSWICK CORPORATION

	  	  
	  	  
	  	
By                                                      

	  	  
	  	
Itsformdebenture.htm

Exhibit 4.24

 

 

(FORM OF FACE OF DEBENTURE)

 

EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.11 OF THE INDENTURE, THIS GLOBAL DEBENTURE MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE DEPOSITORY OR TO A SUCCESSOR DEPOSITORY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

No __________________                                                                                                $________________________

 

Cusip No.    362337AK3

 

 

GTE North Incorporated

 

6.37% Debentures, Series G, Due 2028

 

GTE North Incorporated, a corporation duly organized and existing under the laws of the State of Wisconsin (hereby referred to as the “Company”), for value received, hereby promises to pay to _________________________________, or registered assigns, the principal sum of _____________________________________ Dollars on February 15, 2028 and to pay interest on said principal sum from February 15, 1998, or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually on February 15 and August 15 in each year, commencing August 15, 1998, at the rate of 6.37% per annum until the principal hereof shall have become due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum.  The interest installment so payable, and punctually paid or duly provided for, on any interest payment date will, as provided in the Indenture hereafter referred to, be paid to the person in whose name this Debenture (or one more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the regular record date for such interest installment, which shall be the February1 or August 1, as the case may be (whither or not a business day), next preceding such interest payment date.  Any such interest installment not so punctually paid or duly provided for shall forthwith cease to be payable to the registered holder on such regular record date, and may be paid to the person in whose name this Debenture (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to the registered holders of this series of Debentures not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debenture may be listed, and upon such notice as may be required by such exchange, all as more fully provide in the Indenture hereinafter referred to.  The principal of and the interest on this Debenture shall be payable at the office or agency of the company maintained for that purpose in the City of Chicago, State of Illinois in any coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered holder at such address as shall appear in the Security Register.

 

  

  

  

This Debenture shall not be entitled to any benefit under the Indenture hereinafter referred to, or be valid or become obligatory for any purpose, until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee.

 

The provisions of this Debenture are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place.

 

IN WITNESS WHERE, the Company has caused this instrument to be executed.

 

Dated:

 

GTE NORTH INCORPORATED

 

 

By: _________________________

 

President

 

 

Attest:

 

(SEAL)

 

By: _________________________

 

Secretary

 

Illinois Commerce Commission Identification No. 6073

 

(FORM OF CERTIFICATE OF AUTHENTICATION)

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture.

 

The First National Bank of Chicago

 

as Trustee, Authenticating Agent and

 

Security Registrar

 

 

By_________________________

 

Authorized Signatory

 

  

  

  

(REVERSE OF DEBENTURE)

 

This Debenture is one of a duly authorized series of Securities of the Company (herein sometimes referred to as the “Securities”), all issued or to be issued in one or more series under and pursuant to an Indenture dated as of January 1, 1994, duly executed and delivered between the Company and The First National Bank of Chicago, a national banking organization organized and existing under the laws of the United States of America (hereinafter referred to as the “Indenture”), to which Indenture reference is hereby made for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Securities.  By the terms of the Indenture, the Securities are issuable in series which may vary as to amount, date of maturity, rate of interest and in other respects as in the Indenture provided.  This Debenture is one of the series designated on the face hereof (herein called the “Debentures”) limited in aggregate principal amount to $200,000,000.

 

This Global Debenture shall be exchangeable for Debentures in definitive form registered in the names of persons other than the Depository or its nominee only if (i) the Depository notifies the Company that it is unwilling or unable to continue as the Depository or if at any time such Depository is no longer registered or in good standing under the Securities Exchange Act of 1934 or other applicable statute and a successor depository is not appointed by the Company within 90 days or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate that the Global Debenture shall be so exchangeable.  To the extent that the Global Debenture is exchangeable pursuant to the preceding sentence, it shall be exchangeable for Debentures registered in such names as the Depository shall direct.

 

Notwithstanding any other provision herein, this Global Debenture may not be transferred except as a whole by the Depository to a nominee of such Depository or by a nominee of such Depository to such Depository or another nominee of such Depository.

 

In case an Event of Default, a defined in the Indenture, with respect to the Debentures shall have occurred and be continuing, the principal of all of the Debentures may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the holders of the Securities; provided, however, that no such supplemental indenture shall (i) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, without the consent of the holder or each Security so affected or (ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture, without the consent of the holders of each Security then outstanding and affected thereby.  The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Securities of any series at the time outstanding, on behalf of the holders of Securities of such series, to waive any past default in the performance of any of the covenants contained in The Indenture, or established pursuant to the Indenture with respect to such series, and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on any of the Securities of such series.  Any such consent or waiver by the registered holder of this Debenture (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of the Debenture and if any Debenture issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Debenture.

 

  

  

  

No reference herein to the Indenture and no provision of this Debenture or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Debenture at the times and place and at the rate and in the money herein prescribed.

 

The Debentures are issuable as registered Debentures without coupons in denominations of $1,000 or any integral multiple thereof.  Debentures may be exchanged, upon presentation thereof for that purpose, at the office or agency of the Company in the City of Chicago, State of Illinois, for other Debentures of authorized denominations, and for a like aggregate principal amount and series, and upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto.

 

The Debentures will not be redeemable prior to maturity.

 

As provided in the Indenture and subject to certain limitations therein set forth, this Debenture is transferable by the registered holder hereof on the Security Register of the Company, upon surrender of this Debenture for registration of transfer at the office or agency of the Company in the City of Chicago, State of Illinois accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the Security Registrar duly executed by the registered holder hereof or his attorney duly authorized in writing, and thereupon one or more new Debentures of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees.  No service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto.

 

Prior to due presentment for registration of transfer of this Debenture the Company, the Trustee, and paying agent and any Security Registrar may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Debenture shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and (subject to Section 2.03 of the Indenture) interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.  No recourse shall be had for the payment of the principal of or the interest on this Debenture, or for any claim based on hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 

The Depository by acceptance of this Global Debenture agrees that it will not sell, assign, transfer or otherwise convey any beneficial interest in this Global Debenture unless such beneficial interest is in an amount equal to an authorized denomination for Debentures of this series.

 

Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Indenture.

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