Document:

EX-10.1

 EXHIBIT 10.1 
  

 
  
  

 
  

SECURITIES PURCHASE AGREEMENT 
 by
and among 
 ELIZABETH ARDEN, INC., 

NIGHTINGALE ONSHORE HOLDINGS L.P. 

and 
 NIGHTINGALE OFFSHORE
HOLDINGS L.P. 
 Dated as of August 19, 2014 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I AUTHORIZATION OF SECURITIES
	  	 	1	  
			
	 1.1
	 	Authorization	  	 	1	  
		
	 ARTICLE II SALE AND PURCHASE OF SECURITIES
	  	 	1	  
			
	 2.1
	 	Sale and Purchase	  	 	1	  
	 2.2
	 	Purchase Price Allocation	  	 	2	  
		
	 ARTICLE III CLOSING
	  	 	2	  
			
	 3.1
	 	Closing	  	 	2	  
	 3.2
	 	Deliveries	  	 	2	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	3	  
			
	 4.1
	 	Organization; Power and Authority	  	 	3	  
	 4.2
	 	Authorization, Etc.	  	 	3	  
	 4.3
	 	Execution; Due Authority	  	 	4	  
	 4.4
	 	No Conflicts	  	 	4	  
	 4.5
	 	Consents, Approvals or Waivers	  	 	5	  
	 4.6
	 	Legal and Governmental Proceedings	  	 	5	  
	 4.7
	 	Compliance With Laws	  	 	5	  
	 4.8
	 	Company SEC Documents	  	 	6	  
	 4.9
	 	No Material Adverse Effect	  	 	7	  
	 4.10
	 	Financial Statements; Material Liabilities	  	 	7	  
	 4.11
	 	No Registration Rights	  	 	7	  
	 4.12
	 	Antitakeover Provisions	  	 	8	  
	 4.13
	 	No General Solicitation	  	 	8	  
	 4.14
	 	Disclosure	  	 	8	  
		
	 ARTICLE V REPRESENTATIONS OF THE PURCHASERS
	  	 	8	  
			
	 5.1
	 	Organization; Power and Authority	  	 	8	  
	 5.2
	 	Execution; Due Authority	  	 	8	  
	 5.3
	 	No Conflicts	  	 	9	  
	 5.4
	 	Purchase for Investment	  	 	9	  
	 5.5
	 	Accredited Investor	  	 	9	  
		
	 ARTICLE VI REGISTRATION; TRANSFER; SUBSTITUTION OF CERTIFICATES
	  	 	10	  
			
	 6.1
	 	Registration of Securities	  	 	10	  
	 6.2
	 	Replacement of Certificates	  	 	10	  
	 6.3
	 	Restrictive Legends	  	 	10	  
		
	 ARTICLE VII NOTICES
	  	 	11	  
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	12	  
			
	 8.1
	 	Confidential Information	  	 	12	  
	 8.2
	 	Further Assurances	  	 	12	  
	 8.3
	 	Tax Matters	  	 	12	  
	 8.4
	 	Survival	  	 	13	  
	 8.5
	 	Fees and Expenses	  	 	13	  
	 8.6
	 	Amendment	  	 	13	  
	 8.7
	 	Waiver	  	 	13	  
	 8.8
	 	Successors and Assigns	  	 	13	  
	 8.9
	 	Severability	  	 	13	  
	 8.10
	 	Construction, Etc.	  	 	13	  
	 8.11
	 	Counterparts	  	 	14	  
	 8.12
	 	Table of Contents, Headings, Etc.	  	 	14	  
	 8.13
	 	Construction	  	 	14	  
	 8.14
	 	Governing Law	  	 	14	  
	 8.15
	 	Jurisdiction and Process; Waiver of Jury Trial	  	 	14	  

 SCHEDULE A — DEFINED TERMS 

EXHIBIT A — FORM OF ARTICLES OF AMENDMENT 

EXHIBIT B — FORM OF WARRANT 

  
 i 

 SECURITIES PURCHASE AGREEMENT 

SECURITIES PURCHASE AGREEMENT (this “Agreement”) dated as of August 19, 2014, by and among Elizabeth Arden, Inc., a Florida corporation
(the “Company”), Nightingale Onshore Holdings L.P. and Nightingale Offshore Holdings L.P. (each, a “Purchaser,” and together, the “Purchasers”). 

WHEREAS, subject to the terms and conditions of this Agreement, the Purchasers are paying the Company $50,000,000, and the Company is issuing to Nightingale
Onshore Holdings L.P. $21,996,000 aggregate liquidation preference of the Company’s Series A Serial Preferred Stock, par value $0.01 per share (“Series A Serial Preferred Stock”), together with warrants to purchase 1,078,805
shares of Common Stock (such term, and all other capitalized terms used herein without definition, as defined in Schedule A) and (b) to Nightingale Offshore Holdings L.P. $28,004,000 aggregate liquidation preference of Series A Serial Preferred
Stock, together with warrants to purchase 1,373,462 shares of Common Stock; 
 WHEREAS, the Board of Directors of the Company has determined that this
Agreement and the transactions contemplated hereby are advisable and in the best interests of the Company and its shareholders, and has previously approved, adopted and authorized the transactions contemplated hereby (the
“Transactions”); 
 WHEREAS, simultaneously with the execution and delivery of this Agreement by the parties hereto, the Company and the
Purchasers are entering into a Shareholders Agreement (the “Shareholders Agreement”), which provides for certain governance and other rights for the Company and the Purchasers; 

NOW, THEREFORE, in consideration of the premises above and of the mutual covenants and agreements contained herein, the parties hereto hereby agree as
follows: 
 ARTICLE I 

AUTHORIZATION OF SECURITIES 
 1.1
Authorization. Subject to the terms and conditions of this Agreement, the Company has authorized the issuance and sale of (i) 50,000 shares of Series A Serial Preferred Stock, that will have the rights, preferences and privileges set
forth in the form of Articles of Amendment attached hereto as Exhibit A, and (ii) warrants for the purchase of up to 2,452,267 shares of Common Stock at an exercise price of $20.39, substantially in the form attached hereto as Exhibit B (the
“Warrants,” and together with the Series A Serial Preferred Stock, the “Securities”). 
 ARTICLE II 

SALE AND PURCHASE OF SECURITIES 

2.1 Sale and Purchase. Subject to the terms and conditions of this Agreement, the Company hereby issues, sells and grants as set forth
below to the Purchasers 

 
(and the Purchasers hereby purchase and accept from the Company), for the aggregate purchase price of $50,000,000 (the “Purchase Price”): 

(a) 21,996 shares of Series A Serial Preferred Stock and Warrants to purchase 1,078,805 shares of Common Stock to Nightingale Onshore Holdings
L.P.; and 
 (b) 28,004 shares of Series A Serial Preferred Stock and Warrants to purchase 1,373,462 shares of Common Stock to Nightingale
Offshore Holdings L.P. 
 2.2 Purchase Price Allocation. The Company and the Purchasers shall cooperate in good faith to agree on the
allocation of the Purchase Price between the Series A Serial Preferred Stock and the Warrants. If the Company and the Purchasers are unable to reach agreement on such allocation within ninety (90) days following the date hereof, the parties
shall promptly cause an independent accounting or valuation firm, mutually acceptable to the Company, on the one hand, and the Purchasers, on the other hand (the “Neutral Arbitrator”), to resolve any remaining dispute (the
allocation of the Purchase Price between the Series A Serial Preferred Stock and the Warrants as agreed between the Company and the Purchasers, and as adjusted for any resolution by the Neutral Arbitrator, the “Allocation”). Any
fees and expenses of the Neutral Arbitrator shall be shared equally by the Company, on the one hand, and the Purchasers, on the other hand. The Allocation shall be final and binding on the Company and the Purchasers for all reporting purposes and
none of the Company or the Purchasers shall (and shall cause their respective Affiliates not to) take any position inconsistent with the Allocation. 

ARTICLE III 
 CLOSING 

3.1 Closing. The sale and purchase of the Securities to be issued to the Purchasers (the “Closing”) is occurring
simultaneously with the execution of this Agreement. 
 3.2 Deliveries. 

 
 (a) At the Closing, the Company is delivering (i) certificates
evidencing the shares of Series A Serial Preferred Stock to be purchased by the Purchasers or evidence of book-entry filing reasonably acceptable to the Purchasers, (ii) the Warrants, against delivery of payment of immediately available funds
in the amount of the Purchase Price by wire transfer to an account number specified by the Company, (iii) the written opinion of Weil, Gotshal & Manges LLP, counsel for the Company, dated the date of the Closing, in form and substance
reasonably acceptable to the Purchasers, (iv) a true and complete copy of the Articles of Amendment in the form attached hereto as Exhibit A, duly filed with the Secretary of State of the State of Florida, (v) evidence reasonably
satisfactory to the Purchasers that the Company has effected the By-laws Amendment and (vi) a duly executed signature page of the Company to the Shareholders Agreement. 
  

(b) At the Closing, the Purchasers are (i) paying or causing to be paid the Purchase Price and (ii) delivering duly executed
signature pages of each Purchaser to the 

  
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Shareholders Agreement, in each case subject to the deliveries of the Company pursuant to Section 3.2(a). 

(c) All deliveries at the Closing are deemed to occur simultaneously. 

ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES OF THE COMPANY 
 The Company represents and warrants to each Purchaser that, except (i) as disclosed in the Company SEC Documents or any
other report, schedule, form, statement, prospectus or other document (including exhibits and schedules thereto and other information incorporated therein) in each case filed with, or furnished to, the SEC after August 11, 2013 and publicly
available prior to the date of this Agreement (in each case, to the extent that it is reasonably apparent from the face of such disclosure that such information is relevant to such representations and warranties), (ii) as set forth in the press
release and statement of earnings to be issued by the Company on August 19, 2014 or (iii) as set forth in the applicable section of the Company Disclosure Schedules: 

4.1 Organization; Power and Authority. Each of the Company and its material Subsidiaries is duly organized or incorporated, validly
existing and in good standing or in active status under the laws of the jurisdiction of its organization or incorporation, with all requisite power and authority (corporate or other) to own its properties and carry on its business as now conducted,
and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where the failure to be so qualified or in good standing has not had and would not reasonably be expected to have a
Material Adverse Effect. 
 4.2 Authorization, Etc. 

(a) The Company has, as of the date hereof, an authorized capitalization and, as of the dates set forth on Schedule 4.2(a), issued and
outstanding equity securities (including Convertible Securities or Options) set forth on Schedule 4.2(a). 
 (b) All of the outstanding
shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable and are not subject to any preemptive or similar rights. There are no outstanding rights (including preemptive rights),
Options to acquire, or instruments convertible into or exchangeable or exercisable for, any shares of capital stock or other equity interest in the Company or any of its Subsidiaries, or any contract, commitment, agreement, understanding or
arrangement of any kind relating to the issuance of any capital stock or other equity interest of the Company or any such Subsidiary, any such convertible or exchangeable or exercisable securities or any such rights or Options. None of the Company
nor any of its Subsidiaries owns or holds, directly or indirectly, any interests in, capital stock of or other securities (whether equity or debt) of any Person (other than securities of Subsidiaries of the Company). No bonds, debentures, notes or
other Indebtedness of the Company or any of its Subsidiaries having the right to vote on any matters on which the Company’s shareholders may vote are issued or outstanding. The issuance of the Securities and the exercise of the Warrants will
not entitle any holder of any Equity Interests in 

  
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the Company or any of its Subsidiaries (including any holder of Options or Convertible Securities) to any anti-dilution or similar adjustments or to any preemptive or similar rights. At the
Closing, there will be outstanding no other shares of Series A Serial Preferred Stock of the Company other than the shares of Series A Serial Preferred Stock being issued hereunder. 

(c) Upon issuance in accordance with this Agreement, the Securities will be duly authorized, validly issued, fully paid and nonassessable, and
will be free of any and all Liens and restrictions on transfer, other than restrictions on transfer under applicable Laws or as set forth herein, or in the Shareholders Agreement, Articles of Amendment or Warrants. When issued, shares of Common
Stock issuable upon exercise of the Warrants will have been duly authorized by all necessary corporate action and when so issued will be validly issued, fully paid and nonassessable, will not be subject to preemptive or similar rights of any
shareholder of the Company, and will be free of restrictions on transfer other than restrictions on transfer under applicable Laws or as set forth herein. 

4.3 Execution; Due Authority. 

(a) Subject to the filing of the Articles of Amendment with the Secretary of State of the State of Florida, the execution, delivery and
performance of this Agreement, the Shareholders Agreement and the Warrants (and all other documents required to be executed and delivered by the Company) and the consummation of the transactions contemplated hereby and thereby, have been duly and
validly authorized by all necessary corporate action on the part of the Company, and no action on the part of the shareholders of the Company is required. 

(b) This Agreement and the Shareholders Agreement have been duly executed and delivered by the Company (and all documents required to be
executed and delivered by the Company at or prior to the Closing will be duly executed and delivered by the Company) and this Agreement and the Shareholders Agreement constitute, and at the Closing (assuming the due and valid execution and delivery
of such documents by the other parties thereto) such documents will constitute, the valid and binding obligations of the Company, enforceable in accordance with their terms, except to the extent that the enforceability thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other laws affecting creditors’ rights generally and subject to general principles of equity and implied covenants of good faith and fair dealing,
regardless of whether considered in a proceeding in equity or at law (the “Enforceability Exceptions”). The Warrants will, when issued, have been duly executed and delivered by the Company and will constitute the valid and binding
obligations of the Company, enforceable in accordance with their terms, except for the Enforceability Exceptions. 
 4.4 No
Conflicts. The issue and sale of the Securities and the compliance by the Company with all of the provisions of the Securities, this Agreement, the Shareholders Agreement and the Warrants will not conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under, or give rise to any right of termination, cancellation, payment or acceleration under, any contract, indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any of its Subsidiaries are a party or by which the Company or any of its Subsidiaries are bound or to 

  
 4 

 
which any of the property or assets of the Company or any of its Subsidiaries are subject, including the Existing Indenture and Existing Credit Agreements, nor will such action result in any
violation of the provisions of the Amended and Restated Articles of Incorporation or the Amended and Restated By-laws of the Company (collectively, the “Company Organizational Documents”) or any statute or any order, rule or
regulation of any court or Governmental Authority having jurisdiction over the Company or any of its Subsidiaries or any of their properties, except, with respect to any of the foregoing (other than the violation of the provisions of the Company
Organizational Documents, the Existing Indenture or the Existing Credit Agreements), as would not reasonably be expected to have a Material Adverse Effect, or as would not have a material adverse effect on the ability of the Company to perform its
obligations under this Agreement. To the Knowledge of the Company, the Company is not subject to any notices or actions from or to the Principal Market, other than routine matters incident to listing on the Principal Market and not involving a
violation of the rules of the Principal Market. To the Knowledge of the Company, the Principal Market has not commenced any delisting proceedings against the Company. 

4.5 Consents, Approvals or Waivers. The execution, delivery and performance of this Agreement and the Shareholders Agreement, including
the issuance of the Series A Serial Preferred Stock and the Warrants, by the Company will not be subject to any consent, approval or waiver from any Governmental Authority or other third Person, except the filing of the Articles of Amendment with
the Secretary of State of the State of Florida. 
 4.6 Legal and Governmental Proceedings. As of the date of this Agreement, there
are no legal or governmental proceedings (which, for the avoidance of doubt, shall not include any audits (other than tax audits) by a Governmental Authority) (“Proceedings”) pending to which the Company or any of its Subsidiaries
is a party, except for those that, individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect or would not have a material adverse effect on the ability of the Company to perform its
obligations under this Agreement, and, to the Knowledge of the Company, no such Proceedings are threatened or contemplated by Governmental Authorities or threatened by others. 

4.7 Compliance With Laws. 

(a) Except as would not, individually or in the aggregate, be, or reasonably be expected to have a Material Adverse Effect, (i) the
Company and its Subsidiaries are and have been since August 11, 2013, in compliance in all respects with all applicable Laws, and (ii) none of the Company or any of its Subsidiaries has, prior to the date of this Agreement, received any
notice or communication of any noncompliance with any such Laws that has not been cured as of the date of this Agreement. 
 (b) To the
Knowledge of the Company, except as would not, individually or in the aggregate, be, or reasonably be expected to have a Material Adverse Effect, none of the Company, any of its Subsidiaries or Affiliates, or any director, officer or employee of the
Company or any of its Subsidiaries or Affiliates, or any consultant, agent, broker, representative or other person associated with or acting for or on behalf of the Company or any of its Subsidiaries or Affiliates (in connection with the performance
of their duties and 

  
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responsibilities or any other actions taken, in each case, on behalf of the Company or any of its Subsidiaries or Affiliates), has taken or failed to take any action or otherwise engaged in any
conduct, directly or indirectly, that would constitute or otherwise result in a violation by any such Person of the Foreign Corrupt Practices Act (15 U.S.C. §§78m(b), 78dd-1, 78dd-2, 78ff) (the “FCPA”), The Bribery Act of
2010 of the United Kingdom or any other applicable anti-corruption or other law, rule or regulation regarding bribery, political contributions, gifts, entertainment, hospitality or the provision of other things of value or advantage, including,
without limitation: directly or indirectly (i) making, offering or promising to make, or authorizing the making of, any unlawful payment of money or other thing of value or advantage to any person; (ii) giving, offering or promising to
give, or authorizing the giving of, any unlawful gift, political or charitable contribution or other thing of value or advantage to any person; or (iii) requesting or receiving any unlawful payment, gift, political or charitable contribution or
other thing of value or advantage. 
 4.8 Company SEC Documents. 

(a) Each form, report, document, statement, schedule, prospectus, registration statement and definitive proxy statement filed by the Company
with the SEC (the “Company SEC Documents”) since August 11, 2013 and prior to the date hereof, (i) were, as of their respective dates, prepared in all material respects in accordance with the applicable requirements of the
Securities Act, the Exchange Act and the Sarbanes-Oxley Act, as the case may be, and the rules and regulations thereunder and (ii) did not at the time they were filed (or, if amended or superseded by a subsequent filing, then on the date of
such filing), contain any untrue statement of a material fact or omit to state a material fact required to be stated in such Company SEC Document necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. To the Knowledge of the Company, as of the date of this Agreement, none of the Company SEC Documents is the subject of ongoing SEC review or outstanding SEC comment. 

(b) The chief executive officer and chief financial officer of the Company have made all certifications required by Sections 302 and 906 of
the Sarbanes-Oxley Act, and statements contained in such certificates are complete and correct, and the Company is otherwise in compliance with all applicable provisions of the Sarbanes-Oxley Act, except where the failure to be so compliant has not
had and would not reasonably be expected to have a Material Adverse Effect. 
 (c) As of the date of this Agreement, the Company has
disclosed, based on its most recent evaluation, to the Company’s auditors and the audit committee of the Board of Directors (i) any significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting, which are reasonably likely to adversely affect in any material respect the Company’s ability to record, process, summarize and report its consolidated financial information; and (ii) any fraud known to management,
whether or not material that involved management or other employees who have a significant role in the Company’s internal controls over financial reporting. As of the date hereof, the Company has not received any complaint or allegation in
writing since December 31, 2013, regarding accounting, internal accounting controls or auditing matters, including any such complaint regarding improper accounting or auditing matters. The Company and its consolidated Subsidiaries have

  
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established and maintain disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act; such disclosure controls and procedures are reasonably designed to ensure that
material information relating to the Company and its consolidated Subsidiaries is made known on a timely basis to the individuals responsible for the preparation of the Company SEC Documents; and, as of the date hereof, to the Knowledge of the
Company, the Company has not identified any material weaknesses in the design or operation of internal control over financial reporting. As of the date of this Agreement, to the Knowledge of the Company, there is no reason to believe that its chief
executive officer and chief financial officer will not be able to give the certifications and attestations required pursuant to the rules and regulations adopted pursuant to Section 302 of the Sarbanes-Oxley Act when next due. 

4.9 No Material Adverse Effect. Neither the Company nor any of its Subsidiaries has sustained since the Reference Balance Sheet Date
and prior to the date hereof any Material Adverse Effect. 
 4.10 Financial Statements; Material Liabilities. 

(a) Each of the consolidated financial statements contained in the Company SEC Documents (including in each case all notes and schedules
thereto) complied in all material respects with all applicable accounting requirements and the rules and regulations of the SEC with respect thereto, was or will be prepared in accordance with GAAP applied on a consistent basis during the periods
involved (except as may be indicated in the notes thereto or, in the case of the unaudited statements, as permitted by Rule 10-01 of Regulation S-X of the SEC), and fairly presented in all material respects the financial position of the Company and
its consolidated Subsidiaries as of their respective dates and the results of operations and the cash flows of the Company and its consolidated Subsidiaries for the periods presented therein, except that any unaudited interim financial statements do
not include all of the information and notes required by GAAP for complete financial statements and are subject to normal year-end adjustments. 

(b) The Company and its Subsidiaries are not subject to any Liabilities of any nature, whether or not accrued, absolute, contingent or
otherwise and whether due or to become due, other than Liabilities (i) as reflected or reserved against on the balance sheet for the quarter ended March 31, 2014, as contained in the Company SEC Documents (the “Reference Balance
Sheet”), (ii) as disclosed in the Company’s Current Report on Form 8-K that was filed with the SEC on June 24, 2014, (iii) incurred in the ordinary course of business consistent with past practice since the date of the
Reference Balance Sheet or (iv) Liabilities that have not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

4.11 No Registration Rights. No Person has the right to require the Company or any of its Subsidiaries to register any securities for
sale under the Securities Act. After the date hereof, other than pursuant to the Shareholders Agreement, no Person has received the right to require the Company or any of its Subsidiaries to register any securities for sale under the Securities Act.

  
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 4.12 Antitakeover Provisions. The Company’s Board of Directors has taken all
necessary actions so that no “business combination,” “control share acquisition,” or similar anti-takeover law or regulation is applicable to the Purchasers or any of their respective Affiliates or to the transactions
contemplated hereby, including with respect to (i) the issuance of the Securities, (ii) the issuance of Common Stock upon exercise of the Warrants, (iii) the execution, delivery or performance of this Agreement and the Shareholders
Agreement and the consummation of the transactions contemplated hereby and thereby, or (iv) (subject to the Purchasers’ compliance with Section 2.5(i) of the Shareholders Agreement) to any subsequent acquisition of Common Stock by the
Purchasers or any of their respective Affiliates. 
 4.13 No General Solicitation. None of the Company or any of its Affiliates (as
defined in Rule 501(b) of Regulation D under the Securities Act), has, directly or through an agent, engaged in any form of general solicitation or general advertising in connection with the offering of the Securities (as those terms are used in
Regulation D) under the Securities Act or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act, and the Company has not entered into any contractual arrangement with respect to the distribution of
the Securities, except for this Agreement. 
 4.14 Disclosure. The Company has not provided any projections or forecasts material to
the Company to the Purchaser, its agents or counsel that are not otherwise disclosed in SEC Filings on or prior to August 19, 2014 or in the press release and statement of earnings to be issued by the Company on August 19 2014. To the
Knowledge of the Company, neither it nor any other Person acting on its behalf has provided the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not
(or will not be) otherwise disclosed in SEC Filings on or prior to August 19, 2014. The press release and statement of earnings to be issued by the Company on August 19, 2014, are intended, among other things, to publicly disclose
information that constitutes or might constitute material, non-public information. The Company understands and confirms that the Purchasers will rely on the foregoing representations in effecting purchases and sales of securities of the Company.

 ARTICLE V 
 REPRESENTATIONS OF
THE PURCHASERS 
 Each Purchaser represents and warrants, severally and not jointly, to the Company that: 

5.1 Organization; Power and Authority. Such Purchaser is duly organized or incorporated, validly existing and in good standing under
the laws of the State of Delaware, with all requisite power and authority (corporate or other) to own its properties and carry on its business as now conducted and as proposed to be conducted, and is qualified to do business in, and is in good
standing in, every jurisdiction where such qualification is required, or is subject to no material liability or disability by reason of the failure to be so qualified or in good standing in any such jurisdiction. 

5.2 Execution; Due Authority. 

  
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 (a) The execution, delivery and performance of this Agreement and the Shareholders Agreement (and
all other documents required to be executed and delivered by the Purchaser) have been duly and validly authorized by all necessary corporate action on the part of such Purchaser. 

(b) This Agreement and the Shareholders Agreement have been duly executed and delivered by such Purchaser (and all documents required to be
executed and delivered by such Purchaser at the Closing will be duly executed and delivered by such Purchaser), and this Agreement constitutes, and at the Closing (assuming the due and valid execution and delivery of such documents by the other
parties thereto) such documents will constitute, the valid and binding obligations of such Purchaser, enforceable in accordance with their terms, except for the Enforceability Exceptions. 

5.3 No Conflicts. The purchase of the Securities and the compliance by such Purchaser with this Agreement and the consummation of the
transactions contemplated hereby will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or give rise to any right of termination, cancellation, payment or acceleration under,
any contract, indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which such Purchaser is a party or by which such Purchaser is bound or to which any of the property or assets of such Purchaser is subject, nor will
such action result in any violation of the provisions of the organizational documents of such Purchaser or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over such Purchaser or any of its
properties, except, with respect to any of the foregoing (other than the violation of the provisions of such Purchaser’s organizational documents), as would not reasonably be expected to have a material adverse effect on the ability of such
Purchaser to perform its obligations under this Agreement or otherwise materially threaten or materially impede the consummation of the Transactions. 

5.4 Purchase for Investment. Such Purchaser represents that it (a) is purchasing the Securities for its own account or for one or
more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof; provided, however, that the disposition of such Purchaser’s property
shall at all times be within such Purchaser’s control and (b) understands that the Securities have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an
exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law. 

5.5 Accredited Investor. Such Purchaser hereby represents and warrants to and agrees with the Company that it (a) is an
“accredited investor” within the meaning of Rule 501 under the Securities Act and a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, (b) has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of an investment in the Securities and it is able to bear the economic risk of such investment and (c) has had the opportunity to perform due diligence with respect to the
Company and the Transactions and to ask questions of and receive answers from the Company in respect thereof. 

  
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 ARTICLE VI 

REGISTRATION; TRANSFER; SUBSTITUTION OF CERTIFICATES 

6.1 Registration of Securities. The Company shall keep at its principal executive office a register for the registration and
registration of transfers of Securities. The name and address of each holder of Securities, each transfer thereof and the name and address of each transferee of one or more Securities shall be registered in such register. Prior to due presentment
for registration of transfer, the Person in whose name any Securities shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the
contrary. 
 6.2 Replacement of Certificates. Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership
of and the loss, theft, destruction or mutilation of any certificate representing shares of Series A Serial Preferred Stock, and (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it, or (b) in the case
of mutilation, upon surrender and cancellation thereof, within ten (10) Business Days thereafter, the Company, at its own expense, shall execute and deliver, in lieu thereof, a new certificate representing such shares of Series A Serial
Preferred Stock. 
 6.3 Restrictive Legends. 

(a) The Purchasers agree that all certificates or other instruments representing the Securities (which, for purposes of this Section 6.3,
shall include the shares of Series A Serial Preferred Stock and the Warrants, as well as any shares of Common Stock issuable upon exercise of the Warrants) will bear a legend substantially to the following effect: 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND
NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE SUBJECT TO THE TERMS OF THE SHAREHOLDERS AGREEMENT, DATED AS OF AUGUST 19, 2014, BY AND AMONG ELIZABETH ARDEN, INC., NIGHTINGALE
ONSHORE HOLDINGS L.P. AND NIGHTINGALE OFFSHORE HOLDINGS L.P., AS THEREAFTER AMENDED FROM TIME TO TIME.” 
 (b) The legend set forth in
Section 6.3(a) shall be removed and the Company shall issue to each Purchaser a certificate without such legend or any other legend, if (i) such securities are registered for resale under the Securities Act, (ii) such securities are
sold or transferred pursuant to Rule 144 (if the transferor is not an Affiliate of the Company), or (iii) such securities are eligible for sale under Rule 144. 

  
 10 

 ARTICLE VII 

NOTICES 
 All notices and communications provided
for hereunder, unless otherwise specified, shall be in writing and shall be deemed delivered (a) on a Business Day if sent by telecopy during the Business Day or on the next Business Day if sent after a Business Day has ended or (b) the
next Business Day after delivery to a recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 
 (i) if
to the Purchasers, to the address set forth below or at such other address as such Purchaser shall have specified to the Company in writing, 

Nightingale Onshore Holdings L.P. 

Nightingale Offshore Holdings L.P. 

c/o Rhône Capital IV L.P. 

630 5th Avenue 

27th Floor 

New York, NY 10111 
 with a copy
(which shall not constitute notice) to: 
 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

New York, NY 10019 

Attention: Trevor S. Norwitz 

Telecopy: 212-403-2000 

(ii) if to the Company, to the Company at the address set forth below or at such other address as the Company shall have specified to the
Purchasers in writing: 
 Elizabeth Arden, Inc. 

2400 S.W. 145th Avenue 

Miramar, FL 33027 

Attention: General Counsel 
 with
a copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges LLP 

7675 Fifth Avenue 

New York, NY 10153 

Phone: (212) 310-8000 

Facsimile: (212) 310-8007 

Attention: Howard Chatzinoff 

              Michael J. Aiello 

  
 11 

 ARTICLE VIII 

MISCELLANEOUS 
 8.1
Confidential Information. The Purchasers acknowledge that the information being provided to it in connection with the consummation of the Transactions is subject to the terms of the Confidentiality Agreement, dated as of May 28, 2014, by
and between the Company and Rhône Capital IV L.P., the terms of which are incorporated herein. 
 8.2 Further Assurances. After
the Closing, each of the Company and the Purchasers agree to take such further actions and to execute, acknowledge and deliver all such further documents as are reasonably requested by the other Parties for carrying out the purposes of this
Agreement or of any document delivered pursuant to this Agreement or the Transactions. 
 8.3 Tax Matters. 

(a) Each Purchaser shall (w) on or prior to the date hereof, (x) on or prior to the date on which any such form or certification
expires or becomes obsolete and (y) after the occurrence of any event requiring a change in the most recent form or certification previously delivered by it pursuant to this clause (a), provide the Company with two completed originals of
Internal Revenue Service (“IRS”) Form W-9 (certifying that Purchaser is entitled to an exemption from U.S. backup withholding tax) or any successor form, if such form is required under applicable law to establish an exemption from
backup withholding. 
 (b) The Company shall be entitled to deduct and withhold (or have deducted and withheld) from any amounts payable
pursuant to the Series A Serial Preferred Stock or the Warrants such amounts as are required to be deducted or withheld therefrom or in connection therewith under the Code or any other provision of applicable Tax Law (it being understood that the
Company shall not deduct or withhold any amounts in connection with any accrued, undeclared and unpaid dividends that the Company is required, pursuant to Section 8.3(c), not to treat as giving rise to a deemed distribution by the
Company under Section 305 of the Code or the Treasury Regulations promulgated thereunder). To the extent such amounts are so deducted or withheld and duly paid to the applicable Governmental Authority, such amounts shall be treated for all
purposes under this Agreement as having been paid to the Person in respect of which such deduction or withholding was made. 
 (c) For U.S.
federal (and applicable state and local) income tax purposes, the Company agrees, with respect to each Purchaser and any transferee of Series A Serial Preferred Stock that is an Affiliate of Purchaser and a U.S. Person, not to treat any accrued,
undeclared and unpaid dividends under Section 2 (Dividends and Distribution) of the Articles of Amendment on the Series A Serial Preferred Stock purchased by such Purchaser hereunder as giving rise to a deemed distribution by the Company under
Section 305 of the Code or the Treasury Regulations promulgated thereunder (including, without limitation on IRS Form 1099), in each case, for so long as such Purchaser and/or such Affiliate(s) of Purchaser are U.S. Persons and such Persons,

  
 12 

 
together with any other U.S. Persons, are the sole beneficial owners of such shares, except (x) to the extent otherwise required pursuant to legislation enacted or applicable Treasury
Regulations promulgated after the date of this Agreement or (y) if such treatment would (i) cause the Company to incur a material penalty or (ii) materially adversely affect the Company’s ability to timely file its corporate
income tax return or timely receive an unqualified audit opinion from its auditors. 
 8.4 Survival. The representations and
warranties contained in Articles IV and V herein shall not survive the Closing; provided, however, that the representations and warranties set forth in Section 4.1 (Organization; Power and Authority), Section 4.2 (Authorization, Etc.),
Section 4.3 (Execution; Due Authority), Section 4.8 (Company SEC Documents) and Section 4.10 (Financial Statements; Material Liabilities) shall survive for a period of one year following the date hereof. 

8.5 Fees and Expenses. Each Party hereto is responsible for all costs and expenses incurred by it in connection with this Agreement and
the sale and purchase of the Securities. 
 8.6 Amendment. This Agreement may not be amended except by an instrument in writing
signed by the Parties hereto. 
 8.7 Waiver. At any time, any Party hereto may, to the extent permitted by applicable Law,
(a) extend the time for the performance of any obligation or other act of any other Party hereto, (b) waive any inaccuracy in the representations and warranties contained herein or in any document delivered pursuant hereto and
(c) waive compliance with any agreement or condition contained herein. Any such extension or waiver shall be valid if set forth in an instrument in writing signed by the Party or Parties to be bound thereby. 

8.8 Successors and Assigns. This Agreement shall be binding upon, and inure solely to the benefit of, each Purchaser, the Company, and
their respective successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. 
 8.9
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

8.10 Construction, Etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as being
independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action
to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

  
 13 

 Certain capitalized and other terms used in this Agreement are defined in Schedule A; and references to a
“Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part
hereof. 
 8.11 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original but
all of which together shall constitute one (1) instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. Delivery of an executed counterpart of a
signature page to this Agreement electronically (including portable document format (.pdf)) or by facsimile shall be as effective as delivery of a manually executed counterpart of this Agreement. 

8.12 Table of Contents, Headings, Etc. The table of contents, cross-reference sheet and headings of the Sections of this Agreement have
been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

8.13 Construction. The Company acknowledges and agrees that the purchase and sale of the Securities pursuant to this Agreement is an
arm’s-length commercial transaction between the Company, on the one hand, and the Purchasers, on the other, and that the Company has consulted its own legal and financial advisors to the extent it deemed appropriate. 

8.14 Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed
by, the laws of the State of New York (excluding choice-of-law principles of the laws of such State that would permit the application of the laws of a jurisdiction other
than such State), other than to the extent the laws of the State of Florida mandatorily apply. 
 8.15 Jurisdiction and Process; Waiver
of Jury Trial. 
 (a) Each of the Company and each Purchaser agrees that any suit or proceeding arising in respect of this Agreement
will be tried in the U.S. District Court for the Southern District of New York or in any state court located in the City and County of New York and the Company and each Purchaser agree to submit to the jurisdiction of, and to venue in, such courts.

 (b) The Company consents to process being served in any suit, action or proceeding of the nature referred to in Section 8.15(a) by
mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Article VII or at such other address of which such holder shall then
have been notified pursuant to said Section. The Company agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest
extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal
Service or any reputable commercial delivery service. 

  
 14 

 (c) Each of the Company and each Purchaser hereby irrevocably waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the Transactions. 

[Signature page follows] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement by their authorized
representatives as of the date first above written. 
  

			
	ELIZABETH ARDEN, INC.
		
	By:	 	/s/ Marcey W. Becker            
		 	 Marcey W. Becker
 Senior Vice
President, Finance

  
 [Signature page to Securities
Purchase Agreement] 

 
			
	 NIGHTINGALE ONSHORE HOLDINGS L.P. 
  

By: Nightingale GP LLC, its general partner

		
	By:	 	/s/ Franz-Ferdinand Buerstedde            
		 	 Name: Franz-Ferdinand Buerstedde
 Title:
Authorized Signatory

		 	

 [Signature page to Securities Purchase Agreement] 

 
			
	 NIGHTINGALE OFFSHORE HOLDINGS L.P. 
  

By: Nightingale GP LLC, its general partner

		
	By:	 	/s/ Franz-Ferdinand Buerstedde            
		 	 Name: Franz-Ferdinand Buerstedde
 Title:
Authorized Signatory

 [Signature page to Securities Purchase Agreement] 

 SCHEDULE A 
  

DEFINED TERMS 
 As used herein, the
following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 
 “Affiliate” of any
specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to
any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this
definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings. For purposes of this Agreement, none of the Purchasers and their respective Affiliates
shall be deemed to be Affiliates of the Company or any of its Subsidiaries. 
 “Articles of Amendment” means the Articles of Amendment to
the Amended and Restated Articles of Incorporation of the Corporation providing the voting and other powers, preferences and relative, participating, optional or other rights of the shares of Series A Serial Preferred Stock and its qualifications,
limitations and restrictions. 
 “Associate” means, with respect to any Person, (a) such Person’s directors, managers or
executive or senior officers and (b) (i) a corporation or organization (other than the Company or any of its Subsidiaries) of which such director, manager or officer is an officer, director or partner or is, directly or indirectly,
Beneficially Owns ten percent (10%) or more of any class of equity securities, (ii) any trust or other estate in which such director, manager or officer has a substantial beneficial interest or as to which such director, manager or officer
serves as trustee or in a similar capacity, and (iii) any relative or spouse of such director, manager or officer, or any relative of such spouse, who has the same home as such director, manager or officer or who is a director, manager or
officer of the Company or any of its Subsidiaries. 
 “Agreement” is defined in the first paragraph to this Agreement. 

“Bankruptcy Law” means Title 11, United States Code, or any other U.S. Federal or state law for the relief of debtors. 

“Beneficially Own” with respect to any securities shall mean having “beneficial ownership” of such securities (as determined
pursuant to Rule 13d-3 under the Exchange Act without giving effect to the sixty (60)-day limitation on determining beneficial ownership contained in Rule 13d-3(d)), including pursuant to any agreement, arrangement or understanding, whether or not
in writing. 

  
 A-1 

 “Board of Directors” means: 

(a) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such
board; 
 (b) with respect to a partnership, the board of directors of the general partner of the partnership; 

(c) with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof; and

 (d) with respect to any other Person, the board or committee of such Person serving a similar function. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banking institutions in New York City are
authorized or required by law to close. 
 “By-laws Amendment” means that certain amendment to Section 7(a) of Article III of the
Amended and Restated By-laws of the Company, which, once effected, will result in the introductory clause of such section reading as follows: “Except as provided in the Articles or in Section 8 of this Article,”. 

“Capitalized Lease Liabilities” means all monetary obligations of any Person under any leasing or similar arrangement which could be
classified as capitalized leases, and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, and the stated maturity thereof shall be the date of the last payment of rent or any other amount due
under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. 
 “Capital
Stock” means: 
 (a) in the case of a corporation, corporate stock; 

(b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock; 
 (c) in the case of a partnership or limited liability company, partnership interests (whether general or
limited) or membership interests; and 
 (d) any other interest or participation that confers on a Person the right to receive a share of
the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing clauses (a) through (c) any debt securities convertible into Capital Stock, whether or not such debt securities include
any right of participation with Capital Stock. 
 “Closing” is defined in Section 3.1. 

  
 A-2 

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Company Disclosure Schedules” means the disclosure schedules attached hereto that correspond to the numbered sections in this Agreement; the
information disclosed in any particular section or subsection of the Company Disclosure Schedules shall be deemed to apply to, relate to and to qualify the particular representation or warranty set forth in the corresponding section or subsection of
this Agreement and each other section or subsection of this Agreement to the extent it is reasonably apparent on its face that such information is relevant to or applies to such other section or subsection, whether or not an explicit cross-reference
appears. 
 “Common Stock” means the common stock of the Company, par value $0.01 per share. 

“Company” is defined in the first paragraph of this Agreement. 

“Company Organizational Documents” is defined in Section 4.4. 

“Company SEC Documents” is defined in Section 4.8(a). 

“Convertible Securities” means, with respect to any Person, any shares or securities (other than Options) directly or indirectly convertible
into or exchangeable or exercisable for shares of capital stock of such Person (including, in the case of the Company, shares of Common Stock). 

“Enforceability Exceptions” is defined in Section 4.3(b). 

“Equity Interests” means Capital Stock and all Options or other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “Existing Credit Agreements” means (i) that
certain Third Amended and Restated Credit Agreement, dated as of January 21, 2011, among the Company, as borrower, JP Morgan Chase Bank, N.A., as administrative agent, and the lenders party thereto from time to time, as amended by the First
Amendment thereto dated as of June 12, 2012 and by the Second Amendment thereto dated as of January 16, 2014; and (ii) that certain Credit Agreement (Second Lien) dated as of June 12, 2012 between the Company and JPMorgan Chase
Bank, N.A., as amended by the First Amendment thereto dated as of February 11, 2013, by the Second Amendment thereto dated as of January 16, 2014, and by the Third Amendment thereto dated as of March 28, 2014, in each case, as in
effect on the date hereof (each, an “Existing Credit Agreement”). 
 “Existing Indenture” means that certain Indenture,
dated as of January 21, 2011, by and between the Company and U.S. Bank National Association, as trustee, as amended by that certain First Supplemental Indenture thereto, dated as of January 30, 2014, in each case, as in effect on the date
hereof, pursuant to which the Company has issued $350,000,000 in aggregate principal amount of its 7.375% Senior Notes due 2021. 
 “FCPA”
is defined in Section 4.7(b). 

  
 A-3 

 “GAAP” means generally accepted accounting principles in the United States of America set forth
in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other
entity as have been approved by a significant segment of the accounting profession, as in effect from time to time. 
 “Governmental
Authority” means: 
 (a) the government of: 

(i) the United States of America or any state or other political subdivision thereof, or 

(ii) any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts
jurisdiction over any properties of the Company or any Subsidiary, or 
 (b) any entity exercising executive, legislative, judicial,
regulatory or administrative functions of, or pertaining to, any such government. 
 “Guarantee” means a guarantee other than by
endorsement of negotiable instruments for collection or deposit in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness. 
 “Hedging Obligations” means, with respect to any specified
Person, the obligations of such Person under: 
 (a) interest rate swap agreements, interest rate cap agreements, interest rate collar
agreements and other agreements or arrangements designed to protect such Person against fluctuations in interest rates; 
 (b) currency
exchange swap agreements, currency exchange cap agreements, currency exchange collar agreements and other agreements or arrangements designed to protect such Person against fluctuations in currency exchange values; 

(c) commodity swap agreements, commodity cap agreements, commodity collar agreements and other agreements or arrangements designed to protect
such Person against fluctuations in commodity prices; and 
 (d) other agreements or arrangements designed to protect such Person against
fluctuations in interest rates or currency exchange rates. 
 “Indebtedness” means, with respect to any specified Person, any indebtedness
of such Person, whether or not contingent: 
 (a) in respect of borrowed money; 

  
 A-4 

 (b) raised pursuant to any note purchase facility or evidenced by bonds, notes, debentures, loan
stock or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 
 (c) in respect of banker’s
acceptances; 
 (d) representing Capitalized Lease Liabilities; 

(e) representing the balance deferred and unpaid of the purchase price of any Property due more than six (6) months after such Property
is acquired, except any such balance that constitutes an accrued expense or trade payable (other than any contingent payment obligations of a Person based on the performance of a business or asset or Capital Stock purchased by such Person); 

(f) representing the net loss value of any Hedging Obligations; 

(g) representing any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect
of a borrowing; 
 (h) representing any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary
letter of credit or any other instrument issued by a bank or financial institution; or 
 (i) representing the amount of any liability in
respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above; 
 if and to the extent any of the
preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all
Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness
of any other Person. 
 “Knowledge” means, with respect to the Company, the actual knowledge of the Chief Executive Officer and the Chief
Financial Officer of the Company. 
 “Law” means all laws, statutes, rules, regulations, ordinances, orders, decrees, requirements,
judgments and codes of Governmental Authorities. 
 “Liabilities” shall mean any and all Indebtedness, liabilities, costs and expenses,
whether accrued or fixed, known or unknown, absolute or contingent, matured or unmatured or determined or determinable, whether or not required to be recorded or reflected in a balance sheet in accordance with GAAP. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such
asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title-retention agreement, 

  
 A-5 

 
any lease (other than an operating lease) in the nature thereof, any option or other agreement to sell or give a security interest in and, any filing of or agreement to give any financing
statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 
 “Material Adverse Effect” means any
development, event, state of facts, change or effect that, individually or in the aggregate, has had or would reasonably be expected to (a) have a material adverse effect on the legality, validity or enforceability of this Agreement, the
Shareholders Agreement or the transactions contemplated hereby or thereby; (b) the business, operations, properties or financial condition of the Company that is material and adverse to the Company and its Subsidiaries, taken as a whole; or
(c) prohibit or otherwise materially interfere with or delay the ability of the Company to perform any of its obligations under this Agreement or the Shareholders Agreement; provided, however, that none of the following, individually or
in the aggregate, shall be taken into account in determining whether a Material Adverse Effect has occurred or insofar as reasonably can be foreseen would likely occur: (i) changes after the date hereof in GAAP, provided such changes shall not
have affected the Company in a materially disproportionate manner as compared to other similarly situated companies; (ii) changes after the date hereof in applicable laws, rules and regulations or interpretations thereof by any Governmental
Authority, provided such changes shall not have affected the Company in a materially disproportionate manner as compared to other similarly situated companies; (iii) changes in conditions in the U.S. or global capital, credit or
financial markets generally, including changes in the availability of capital or currency exchange rates, provided such changes shall not have affected the Company in a materially disproportionate manner as compared to other similarly
situated companies; (iv) changes generally affecting the industry in which the Company operates, provided such changes shall not have affected the Company in a materially disproportionate manner as compared to other similarly situated
companies; (v) any effect of the announcement of, or the consummation of the transactions contemplated by, this Agreement and the Shareholders Agreement; (vi) the failure by the Company or any of its Subsidiaries to meet any projections,
estimates or budgets, whether internally prepared or published, for any period prior to, on or after the date of this Agreement; and (vii) any effect of the announcement by the Company or any of its Subsidiaries of the earnings, revenues or
other metric of financial performance of the Company or any of its Subsidiaries. 
 “Options” means, with respect to any Person, any
rights, warrants or options to subscribe for or purchase shares of capital stock or Convertible Securities of such Person (including, in the case of the Company, shares of Common Stock). 

“Party” means each of the Company and the Purchasers, and “Parties” means all such Persons. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity. 
 “Principal Market” means the Nasdaq Stock Exchange, or, if the Nasdaq Stock
Exchange is not the principal trading market for the shares of Common Stock, then on the principal securities exchange or securities market on which the shares of Common Stock are then traded. 

  
 A-6 

 “Proceedings” is defined in Section 4.6. 

“Property” means, with respect to any Person, any interest of such Person in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible, including Capital Stock in, and other securities of, any other Person. 
 “Purchase Price” is defined in
Section 2.1. 
 “Purchaser” is defined in the first paragraph of this Agreement. 

“Reference Balance Sheet” is defined in Section 4.10(b). 

“Reference Balance Sheet Date” means March 31, 2014. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“SEC” shall mean the Securities and Exchange Commission of the United States, or any successor thereto. 

“Securities” is defined in Section 1.1 of this Agreement. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder from
time to time in effect. 
 “Series A Serial Preferred Stock” is defined in the second paragraph to this Agreement. 

“Shareholders Agreement” is defined in the fourth paragraph of this Agreement. 

“Subsidiary” means, with respect to any specified Person: 

(a) any corporation, association or other business entity of which more than 50.0% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or shareholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the
corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(b) any partnership (i) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person
or (ii) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof); and 

(c) any other Person that is consolidated in the consolidated financial statements of the specified Person in accordance with GAAP. 

“Transactions” is defined in the third paragraph of this Agreement. 

  
 A-7 

 “U.S. Person” means any Person that is a “United States Person” as defined in
Section 7701(a)(30) of the Code. 
 “Warrants” are defined in Section 1.1. 

  
 A-8EX-10.1

 Exhibit 10.1 

Navient Corporation 

Executive Severance Plan for Senior Officers 

Effective May 1, 2014. 

ARTICLE 1 
 NAME,
PURPOSE AND EFFECTIVE DATE 
 1.01. Name and Purpose of Plan. The name of this plan is the Navient Corporation Executive
Severance Plan for Senior Officers (“Plan”). The purpose of the Plan is to provide compensation and benefits to certain senior level officers of Navient Corporation (the “Corporation”) and its affiliates upon employment
termination.  
 1.02. Effective Date. The effective date of the Plan is May 1, 2014. The compensation and
benefits payable under the Plan are payable upon certain employment terminations that occur after the effective date of this Plan.  

1.03. Employment Contracts Govern; Change in Control Severance Plan. To the extent that an Eligible Officer is a party to an
employment or other contract or agreement that provides for any severance payments upon such Eligible Officer’s termination of employment with the Corporation or any of its subsidiaries, then that contract or agreement governs, and not this
Plan. Upon the expiration of such contract or agreement, this Plan will govern. In addition, an Eligible Officer shall not be entitled to receive benefits more than once under this Plan as a result of holding titles with multiple entities with the
Corporation and the group of companies under common control with the Corporation. In addition, to the extent that the Change in Control Severance Plan for Senior Officers provides for severance payments upon an Eligible Officer’s termination of
employment with the Corporation or any of its subsidiaries, then that Plan will govern, and not this Plan.  
 1.04. ERISA
Status. This Plan is intended to be an unfunded plan that is maintained primarily to provide severance compensation and benefits to a select group of “management or highly compensated employees” within the meaning of Sections 201,
301, and 401 of the Employee Retirement Income Security Act of 1974 (“ERISA”), and therefore to be exempt from the provisions of Parts 2, 3, and 4 of Title I of ERISA.  

ARTICLE 2 
 DEFINITIONS

 The following words and phrases have the following meanings unless a different meaning is plainly required by the context: 

2.01. “Average Bonus” means the annualized performance bonus compensation calculated under this Plan for the
rolling 24-month period immediately prior to the Eligible Officer’s Termination Date, including as a full month the month during which the Termination Date occurs. Only bonuses paid or payable under the Corporation’s annual management
incentive plan will be used for purposes of calculating Average Bonus under this Plan; any other bonus payments will be disregarded. An example of a calculation of the Average Bonus portion 

  
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of a Severance Payment according to the Plan is attached hereto as Exhibit A. For purposes of calculating Average Bonus under this Plan for the current fiscal year, the Eligible Officer’s
base salary and target bonus at the Termination Date will be used and the Corporate performance scores from all completed quarters during the relevant portion of the fiscal year will be used. Notwithstanding anything to the contrary herein, if an
Eligible Officer has fewer than 24 months of employment with the Corporation as of his or her Termination Date, then “Average Bonus” means the annualized performance bonus compensation calculated as described above but prorated for the
portion of the rolling 24 month period that is represented by the time from the Eligible Officer’s date of hire to the Eligible Officer’s Termination Date. An example of a calculation of the Average Bonus portion of a Severance Payment
according to the previous sentence is attached hereto as Exhibit B. An Eligible Officer who was employed by SLM Corporation or its affiliates on April 30, 2014, and who has been continuously employed by the Corporation or its affiliates
from and after April 30, 2014, shall have his service as an employee of SLM Corporation or its affiliates, and any performance bonus compensation paid during that period of service, included for purposes of this Section 2.01. 

2.02. “Base Salary” means the annual base rate of compensation payable to an Eligible Officer at the time of a
Termination Event, such annual base rate of compensation not reduced by any pre-tax deferrals under any tax-qualified plan, non-qualified deferred compensation plan, qualified transportation fringe benefit plan under Code Section 132(f), or
cafeteria plan under Code Section 125 maintained by the Corporation, but excluding the following: incentive or other bonus plan payments, accrued vacation, commissions, sick leave, holidays, jury duty, bereavement, other paid leaves of absence,
short-term disability payments, recruiting/job referral bonuses, severance, hiring bonuses, long-term disability payments, payments from a nonqualified deferred compensation plan maintained by the Corporation, or amounts paid on account of the
exercise of stock options or on account of the award or vesting of restricted or performance stock or other stock-based compensation.  

2.03. “Board of Directors” means the Board of Directors of Navient Corporation. 

2.04. “For Cause” means a determination by the Committee (as defined herein) that there has been a willful and
continuing failure of an Eligible Officer to perform substantially his duties and responsibilities (other than as a result of Eligible Officer’s death or Disability) and, if in the judgment of the Committee such willful and continuing failure
may be cured by an Eligible Officer, that such failure has not been cured by an Eligible Officer within ten (10) business days after written notice of such was given to Eligible Officer by the Committee, or that Eligible Officer has committed
an act of Misconduct (as defined below). For purposes of this Plan, “Misconduct” means: (a) embezzlement, fraud, conviction of a felony crime, pleading guilty or nolo contendere to a felony crime, or breach of fiduciary duty or
deliberate disregard of the Corporation’s Code of Business Code; (b) personal dishonesty of Eligible Officer materially injurious to the Corporation; (c) an unauthorized disclosure of any Proprietary Information; or (d) competing
with the Corporation while employed by the Corporation or during the Restricted Period, in contravention of the non-competition and non-solicitation agreements substantially in the form provided in Exhibit C upon termination of employment. 

 2.05. “Termination of Employment For Good Reason” means: (a) a material reduction in the position
or responsibilities of the Eligible Officer not including a change in title only; (b) a reduction in Eligible Officer’s Base Salary or a material reduction in Eligible Officer’s compensation arrangements (provided that variability in
the value of stock-based compensation or in the compensation provided under the Navient Corporation 2014 Omnibus Incentive Plan or a successor plan will not be deemed to cause a material reduction in 

  
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compensation); or (c) a relocation of the Eligible Officer’s primary work location to a distance of more than seventy-five (75) miles from its location. If an Eligible Officer
continues his or her employment with the Corporation for more than six months after the occurrence of an event described above that constitutes a Termination for Good Reason, then the Eligible Officer shall be deemed to have given his or her consent
to such event and the Eligible Officer shall not be eligible for a Severance Payment under this Plan as a result of that event and shall be deemed to have waived all rights in regard to such event. 

2.06. “Termination Date” means the Eligible Officer’s last date of employment with the Corporation. 

2.07. “Termination of Eligible Officer’s Employment Without Cause” means termination of an Eligible
Officer’s employment by the Corporation for any reason other than “For Cause” or on account of death or disability, as defined in the Corporation’s long-term disability policy in effect at the time of termination
(“Disability”).  
 ARTICLE 3 

ELIGIBILITY AND BENEFITS 

3.01. Eligible Officers. Officers of Navient Corporation and its wholly-owned subsidiaries with the corporate title of Senior
Vice President or above are eligible for benefits under this Plan (each an “Eligible Officer”). 
 3.02. Severance
Benefits. (a) An Eligible Officer will be entitled to receive a severance payment (“Severance Payment”) and continuation of medical, dental and vision insurance benefits and outplacement services, all as provided herein, after
any of the following events (each a “Termination Event”): (I) Termination of Employment for Good Reason, provided that if such termination is on account of a decision to resign due to clause (a) of the definition of
“Termination by Eligible Officer For Good Reason,” such Eligible Officer continues his or her employment for a transition period mutually agreed to by the Corporation and the Executive Officer or (II) upon a Termination of Eligible
Officer’s Employment Without Cause or (III) upon mutual agreement of the Corporation and an Eligible Officer.  
 (b) The amount
of the Severance Payment will equal the sum of the Eligible Officer’s Base Salary plus the Eligible Officer’s Average Bonus times a multiplier plus a cash payment equal to the Eligible Officer’s target annual bonus amount for the year
in which the Termination Date occurs, such target bonus amount to be prorated for the full number of months in the final year that the Eligible Officer was employed by the Corporation. The multiplier for Eligible Officers with the title of Chief
Executive Officer will be two (2). The multiplier for all other Eligible Officers will be one (1). Contingent upon signing the Confidential Agreement and Release, the Severance Payment will be made to the Eligible Officer in a single lump sum cash
payment within forty-five (45) calendar days after the Eligible Officer’s Termination Date. Notwithstanding anything to the contrary herein, in no event shall a Severance Payment paid to an Eligible Officer hereunder exceed the Eligible
Officer’s Base Salary plus incentive bonus multiplied by three (the “Payment Limit”), and if a Severance Payment hereunder were to exceed such amount, then such payment shall be reduced to the highest amount that does not exceed the
Payment Limit. 
 (c) For eighteen (18) months (or twenty-four (24) months if the Eligible Officer is the Chief Executive Officer)
following the Eligible Officer’s Termination Date, the 

  
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Eligible Officer and his or her eligible dependents or survivors will be entitled to continue to participate in any medical, dental and vision insurance plans generally available to the senior
management of the Corporation, as such plans may be in effect from time to time on the terms generally applied to actively employed senior management of the Corporation, including any Eligible Officer cost-sharing provision; provided that if the
Corporation determines it cannot provide such continued coverage without potentially violating applicable law, the Corporation shall in lieu thereof provide to the Eligible Officer a taxable monthly payment in an amount equal to the portion of the
monthly premium that the Corporation would otherwise be required to pay under this Section 3.02(c) to continue the Eligible Officer’s coverage by such medical, dental and vision benefit plans (based on the premium for the first month of
coverage following the Eligible Officer’s Termination Date), which payment will commence in the month following the month in which the Eligible Officer’s Termination Date occurs and end on the final day of the applicable continuation
period described in this Section 3.02(c). An Eligible Officer and his or her eligible dependents will cease to be covered under the foregoing medical, dental and/or vision insurance plans (or, if taxable medical payments are being provided as
described above, will cease to receive such payments) if he or she becomes eligible to obtain coverage under medical, dental and/or vision insurance plans of a subsequent employer. 

(d) An Eligible Officer will be entitled to receive outplacement services from the Corporation or the Corporation’s service provider(s.)

 (e) All payments and benefits provided under this Section 3.02 are conditioned on the Eligible Officer’s continuing compliance
with this Plan and the Eligible Officer’s execution (and effectiveness) of a release of claims and covenant not to sue and non-competition and non-solicitation agreements substantially in the form provided in Exhibit C hereto. 

3.03. Section 409A. Notwithstanding anything herein to the contrary, to the extent that the Committee determines, in its
sole discretion, that any payments or benefits to be provided hereunder to or for the benefit of an Eligible Officer who is also a “specified employee” (as such term is defined under Section 409A(a)(2)(B)(i) of the Code or any
successor or comparable provision) would be subject to the additional tax imposed under Section 409A(a)(1)(B) of the Code or any successor or comparable provision, the commencement of such payments and/or benefits will be delayed until the
earlier of (x) the date that is six months following the Termination Date or (y) the date of the Eligible Officer’s death (such date is referred to herein as the “Distribution Date”). In the event that the Committee
determines that the commencement of any of the benefits or payments to be provided under Section 3.02(c) are to be delayed pursuant to the preceding sentence, the Corporation will require the Eligible Officer to bear the full cost of such
benefits until the Distribution Date at which time the Corporation will reimburse the Designated Employee for all such costs.  

ARTICLE 4 
 COMMITTEE

 4.01. Committee. The Plan will be administered by the Employee Benefits Fiduciary Committee, appointed by and serving
at the pleasure of the Board of Directors and consisting of at least three (3) officers of the Corporation (the “Committee”). 

4.02. Powers. The Committee will have full power, discretion and authority to interpret, construe and administer the Plan and
any part hereof, and the Committee’s 

  
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interpretation and construction hereof, and any actions hereunder, will be binding on all persons for all purposes. The Committee will provide for the keeping of detailed, written minutes of its
actions. The Committee, in fulfilling its responsibilities may (by way of illustration and not of limitation) do any or all of the following: 

(i) allocate among its members, and/or delegate to one or more other persons selected by it, responsibility for fulfilling some or all of its
responsibilities under the Plan in accordance with Section 405(c) of ERISA; 
 (ii) designate one or more of its members to sign on its
behalf directions, notices and other communications to any entity or other person; 
 (iii) establish rules and regulations with regard to
its conduct and the fulfillment of its responsibilities under the Plan; 
 (iv) designate other persons to render advice with respect to any
responsibility or authority pursuant to the Plan being carried out by it or any of its delegates under the Plan; and 
 (v) employ legal
counsel, consultants and agents as it may deem desirable in the administration of the Plan and rely on the opinion of such counsel. 

4.03. Action by Majority. The majority of the members of the Committee in office at the time will constitute a quorum for the
transaction of business. All resolutions or other actions taken by the Committee will be by the vote of the majority at any meeting or by written instrument signed by the majority.  

ARTICLE 5  
 CLAIM FOR
BENEFITS UNDER THIS PLAN 
 5.01. Claims for Benefits under this Plan. A condition precedent to receipt of severance
benefits is the execution of an unaltered release of claims in form and substance prescribed by the Corporation. If an Eligible Officer believes that an individual should have been eligible to participate in the Plan or disputes the amount of
benefits under the Plan, such individual may submit a claim for benefits in writing to the Committee within sixty 60 days after the individual’s termination of employment. If such claim for benefits is wholly or partially denied, the Committee
will within a reasonable period of time, but no later than 90 days after receipt of the written claim, notify the individual of the denial of the claim. If an extension of time for processing the claim is required, the Committee may take up to an
additional 90 days, provided that the Committee sends the individual written notice of the extension before the expiration of the original 90-day period. The notice provided to the individual will describe why an extension is required and when a
decision is expected to be made. If a claim is wholly or partially denied, the denial notice: (1) will be in writing, (2) will be written in a manner calculated to be understood by the individual, and (3) will contain (a) the
reasons for the denial, including specific reference to those plan provisions on which the denial is based; (b) a description of any additional information necessary to complete the claim and an explanation of why such information is necessary;
(c) an explanation of the steps to be taken to appeal the adverse determination; and (d) a statement of the individual’s right to bring a civil action under section 502(a) of ERISA following an adverse decision after appeal. The
Committee will have full discretion consistent with their fiduciary obligations under ERISA to deny or grant a claim in  

  
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whole or in part. If notice of denial of a claim is not furnished in accordance with this section, the claim will be deemed denied and the claimant will be permitted to exercise his rights to
review pursuant to Sections 5.02 and 5.03. 
 5.02. Right to Request Review of Benefit Denial. Within 60 days of the
individual’s receipt of the written notice of denial of the claim, the individual may file a written request for a review of the denial of the individual’s claim for benefits. In connection with the individual’s appeal of the denial
of his benefit, the individual may submit comments, records, documents, or other information supporting the appeal, regardless of whether such information was considered in the prior benefits decision. Upon request and free of charge, the individual
will be provided reasonable access to and copies of all documents, records and other information relevant to the claim.  
 5.03.
Disposition of Claim. The Committee will deliver to the individual a written decision on the claim promptly, but not later than 60 days after the receipt of the individual’s written request for review, except that if there are
special circumstances which require an extension of time for processing, the 60-day period will be extended to 120 days; provided that the appeal reviewer sends written notice of the extension before the expiration of the original 60-day period. If
the appeal is wholly or partially denied, the denial notice will: (1) be written in a manner calculated to be understood by the individual, (2) contain references to the specific plan provision(s) upon which the decision was based;
(3) contain a statement that, upon request and free of charge, the individual will be provided reasonable access to and copies of all documents, records and other information relevant to the claim for benefits; and (4) contain a statement
of the individual’s right to bring a civil action under section 502(a) of ERISA.  
 5.04. Exhaustion. An
individual must exhaust the Plan’s claims procedures prior to bringing any claim for benefits under the Plan in a court of competent jurisdiction. No lawsuit shall be brought against the Plan, the Committee or the Corporation after 60 days from
receipt of the final decision on a claim appeal. 
 ARTICLE 6 

MISCELLANEOUS 
 6.01.
Successors. (a) Any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Corporation’s business and/or assets, or all or
substantially all of the business and/or assets of a business segment of the Corporation will be obligated under this Plan in the same manner and to the same extent as the Corporation would be required to perform it in the absence of a succession.
 
 (b) This Plan and all rights of the Eligible Officer hereunder will inure to the benefit of, and be enforceable by, the Eligible
Officer’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

6.02. Creditor Status of Eligible Officers. In the event that any Eligible Officer acquires a right to receive payments from the
Corporation under the Plan, such right will be no greater than the right of any unsecured general creditor of the Corporation.  

6.03. Facility of Payment. If it will be found that (a) an Eligible Officer entitled to receive any payment under the Plan
is physically or mentally incompetent to receive such  

  
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payment and to give a valid release therefor, and (b) another person or an institution is then maintaining or has custody of such Eligible Officer, and no guardian, committee, or other
representative of the estate of such person has been duly appointed by a court of competent jurisdiction, the payment may be made to such other person or institution referred to in (b) above, and the release will be a valid and complete
discharge for the payment. 
 6.04. Notice of Address. Each Eligible Officer entitled to benefits under the Plan must file
with the Corporation, in writing, his post office address and each change of post office address. Any communication, statement or notice addressed to such Eligible Officer at such address will be deemed sufficient for all purposes of the Plan, and
there will be no obligation on the part of the Corporation to search for or to ascertain the location of such Eligible Officer.  

6.05. Headings. The headings of the Plan are inserted for convenience and reference only and shall have no effect upon the
meaning of the provisions hereof.  
 6.06. Choice of Law. The Plan shall be construed, regulated and administered
under the laws of the Commonwealth of Virginia (excluding the choice-of-law rules thereto), except that if any such laws are superseded by any applicable Federal law or statute, such Federal law or statute shall apply.  

6.07. Construction. Whenever used herein, a masculine pronoun shall be deemed to include the masculine and feminine gender, a
singular word shall be deemed to include the singular and plural and vice versa in all cases where the context requires.  
 6.08.
Termination; Amendment; Waiver. (a) Prior to the occurrence of a Termination Event, the Board of Directors, or a delegated Committee of the Board, may amend or terminate the Plan at any time and from time to time. Termination or
amendment of the Plan will not affect any obligation of the Corporation under the Plan which has accrued and is unpaid as of the effective date of the termination or amendment. Unless and until a Termination Event shall have occurred, an Eligible
Officer shall not have any vested rights under the Plan or any agreement entered into pursuant to the Plan.  
 (b) From and after
the occurrence of a Termination Event, no provision of this Plan shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Eligible Officer and by an authorized officer of the
Corporation (other than the Eligible Officer). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of
the same condition or provision at another time. 
 (c) Notwithstanding anything herein to the contrary, the Board of Directors may, in its
sole discretion, amend the Plan (which amendment shall be effective upon its adoption or at such other time designated by the Board of Directors) at any time prior to a Termination Event as may be necessary to avoid the imposition of the additional
tax under Section 409A(a)(1)(B) of the Code; provided, however, that any such amendment shall be implemented in such a manner as to preserve, to the greatest extent possible, the terms and conditions of the Plan as in existence immediately
prior to any such amendment. 
 6.09. Whole Agreement. This Plan contains all the legally binding understandings and
agreements between the Eligible Officer and the Corporation pertaining to the subject matter thereof and supersedes all such agreements, whether oral or in writing, previously entered into between the parties.  

  
 7 

 6.10. Withholding Taxes. All payments made under this Plan will be subject to
reduction to reflect taxes required to be withheld by law. 
 6.11. No Assignment. The rights of an Eligible Officer to
payments or benefits under this Plan shall not be made subject to option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s
process, and any action in violation of this Section 6.11 shall be void. 

  
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