Document:

Exhibit 10.1

 

EXECUTION COPY

 

SIRVA
WORLDWIDE, INC.,

 

THE FOREIGN
SUBSIDIARY BORROWERS PARTIES HERETO,

 

THE SEVERAL
LENDERS

FROM TIME TO TIME PARTIES HERETO,

 

JPMORGAN CHASE
BANK, N.A.

as administrative agent

 

and

 

J.P. MORGAN SECURITIES INC.

as sole lead arranger and sole bookrunner

 

SIXTH
AMENDMENT TO THE CREDIT AGREEMENT

 

March 23, 2006

 

 

SIXTH
AMENDMENT, dated as of March 23, 2006 (this “Sixth Amendment”), to
the Credit Agreement, dated as of December 1, 2003 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”),
among SIRVA WORLDWIDE, INC., a Delaware corporation (the “Parent Borrower”),
the Foreign Subsidiary Borrowers from time to time parties to the Credit
Agreement (together with the Parent Borrower, the “Borrowers”), the
several banks and other financial institutions from time to time parties to the
Credit Agreement (the “Lenders”), JPMORGAN CHASE BANK, N.A. (formerly
known as JPMorgan Chase Bank), as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”), and the other Agents parties
thereto.

 

W
I  T  N  E  S  S  E  T  H:

 

WHEREAS, the
Borrowers, the Lenders and the Administrative Agent are parties to the Credit
Agreement; and

 

WHEREAS, the
Parent Borrower has requested that the Administrative Agent and the Lenders
agree to amend certain provisions of the Credit Agreement as set forth herein;

 

NOW THEREFORE,
in consideration of the premises and the mutual covenants hereinafter set
forth, the parties hereto hereby agree as follows:

 

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

 

2.               Amendments to Subsection 1.1
(Defined Terms). (a) Subsection 1.1 of the Credit Agreement is
hereby amended by (a) deleting therefrom the definition of “Applicable
Margin” in its entirety and (b) inserting, in proper alphabetical order,
the following new or substitute defined terms and related definitions:

 

“Adjustment Date”:  the date on which the Lenders receive both (a) the
financial statements of Holding and the Parent Borrower required to be
delivered pursuant to subsection 7.1 for the fiscal periods ended March 31,
2005, June 30, 2005, and September 30, 2005, and (b) the related
compliance certificates required to be delivered pursuant to subsection 7.2(b) with
respect to such fiscal periods.

 

“Applicable Margin”:  (a) until the Adjustment Date, as
applied to any given type of Loans, (i) with respect to ABR Loans, 3.50%
per annum and (ii) with respect to Eurocurrency Loans, 4.50% per annum,
and (b) on and after the Adjustment Date, as applied to any given type of
Loans, (i) with respect to ABR Loans, 3.00% per annum and (ii) with
respect to Eurocurrency Loans, 4.00% per annum, provided that, with
respect to this clause (b), at any time that the Borrower has a senior implied
rating of less than B2 (with negative outlook) from Moody’s or a corporate
credit rating of less than B (with negative outlook) from S&P, then the
Applicable Margin shall be (x) 3.50% per annum, in the case of ABR Loans, and
(y) 4.50% per annum, in the case of Eurocurrency Loans.

 

 

(b) Subsection 1.1 of the Credit Agreement
is hereby amended, effective on and as of January 1, 2005, by adding the
following at the end of the definition of the term “Consolidated
Indebtedness/Securitizations”:

 

For purposes of determining the Consolidated Leverage
Ratio for any fiscal quarter ended after January 1, 2005, and on or prior
to December 31, 2005, (i) any Indebtedness then owing by the Parent
Borrower or any of its Subsidiaries to Holding or any of its Subsidiaries
(other than the Parent Borrower or any of its Subsidiaries) that would
otherwise be included in Consolidated Indebtedness/Securitizations shall be
reduced by the amount of Indebtedness then owing by Holding or any of its
Subsidiaries (other than the Parent Borrower or any of its Subsidiaries) to the
Parent Borrower or any of its Subsidiaries, and (ii) Consolidated
Indebtedness/Securitizations shall accordingly be reduced by the same amount.

 

(c) Subsection 1.1 of the Credit Agreement
is hereby amended by amending clause (a) of the definition of the term “Net
Cash Proceeds” to read in its entirety as follows:

 

(a) reasonable attorneys’ fees, accountants’
fees, brokerage, consultant and other customary fees, underwriting commissions
and other reasonable fees and expenses actually incurred in connection with
such Asset Sale, Recovery Event, issuance or borrowing (including, (i) in
the case of an Asset Sale permitted pursuant to clause (xv) of subsection 8.6(a),
up to $11,000,000 of funding requirements (including, without limitation, in
the form of a cash deposit) in connection with insurance coverage that prior to
such Asset Sale had been provided by National Association of Independent
Truckers LLC, Vanguard Insurance Agency, Inc. or Transguard, and (ii) in
the case of an Asset Sale permitted pursuant to clause (xvii) of subsection 8.6(a),
up to £5,000,000 of funding requirements (including, without limitation, in the
form of a cash deposit) in connection with pension obligations of or relating
to SIRVA UK Limited and/or the business that is the subject of such Asset
Sale),

 

3.               Amendments to Subsection 7.1
(Financial Statements). Subsection 7.1 of the Credit Agreement is
hereby amended by:

 

(a)                                  deleting from paragraph (a) thereof
the date “June 30, 2006” and substituting in lieu thereof the date “August 15,
2006”;

 

(b)                                 deleting from paragraph (b) thereof
the phrase “March 31, 2006, and for the quarterly period ending March 31,
2006, not later than July 31, 2006” and substituting in lieu thereof the
phrase “May 15, 2006, for the quarterly periods ending March 31,
2006, and June 30, 2006, not later than October 16, 2006, and for the
quarterly period ending September 30, 2006, not later than December 15,
2006”;

 

(c)                                  deleting from paragraph (c) thereof
the date “June 30, 2006” and substituting in lieu thereof the date “August 15,
2006”; and

 

(d)                                 deleting from paragraph (d) thereof
the phrase “March 31, 2006, and for the quarterly period ending March 31,
2006, not later than July 31, 2006” and substituting in lieu thereof the
phrase “May 15, 2006, for the quarterly periods ending March 31,

 

2

 

2006, and June 30, 2006, not later than October 16,
2006, and for the quarterly period ending September 30, 2006, not later
than December 15, 2006”.

 

4.               Amendment to Subsection 7.2(c) (Certificates;
Other Information). Subsection 7.2(c) of the Credit Agreement is
hereby amended by inserting the phrase “but for the fiscal year beginning January 1,
2006, not later than May 15, 2006,” to the second line of such subsection immediately
following the phrase “each fiscal year of the Parent Borrower,”.

 

5.               Amendments to Subsection 8.6(a) (Limitation
on Sale of Assets). Subsection 8.6(a) of the Credit Agreement is
hereby amended by (a) deleting the word “and” at the end of clause (xv)
thereof, (b) deleting the “.” at the end of clause (xvi) thereof and
substituting “; and” in lieu thereof and (c) inserting the following new
clause (xvii) at the end thereof:

 

(xvii)                      the Disposition of records
management and crate hire businesses and assets in the United Kingdom and the
Republic of Ireland (including the Capital Stock of Irish Security Archives
Limited), pursuant to the Agreement entitled “Agreement for the sale and
purchase of SIRVA UK Limited’s Records Management and Crate Hire operations in
the UK and Ireland”, dated as of March 15, 2006, among SIRVA UK Limited,
Crown Relocation Services Limited and Crown Worldwide Holdings Limited, provided,
that (x) subject to clause (y) below, 100% of the Net Cash Proceeds of such
Disposition is applied in accordance with subsection 4.4(c) and (y)
notwithstanding anything to the contrary in such subsection 4.4(c), none
of such Net Cash Proceeds are eligible to be reinvested.

 

6.               Conditions to Effectiveness of this
Sixth Amendment. This Sixth Amendment shall become effective upon the date
(the “Sixth Amendment Effective Date”) when the following conditions are
satisfied:

 

(a)                                  the Administrative Agent shall
have received (i) counterparts of this Sixth Amendment, duly executed and
delivered by the Borrowers and Administrative Agent, (ii) executed Lender
Addenda, or facsimile transmissions thereof, substantially in the form of Exhibit A
hereto (each, a “Lender Addendum”) from the Required Lenders under the
Credit Agreement, (iii) an executed Acknowledgment and Confirmation,
substantially in the form of Exhibit B hereto, from an authorized officer
of each of Holding and each Guarantor and (iv) all fees required to be
paid on or before the Sixth Amendment Effective Date, and all expenses required
to be paid on or before the Sixth Amendment Effective Date for which invoices
have been presented; and

 

(b)                                 the Parent Borrower shall have
paid to the Administrative Agent, on behalf of each Lender which shall have
executed and delivered a Lender Addendum to counsel to the Administrative Agent
by 12:00 Noon (New York City time) on March 23, 2006, an amendment fee in
an amount equal to 0.25% of the sum of each such Lender’s Revolving Credit
Commitment and Term Loans then outstanding.

 

3

 

7.               Representations and Warranties.

 

(a)                                  No Default. No Default or Event of Default
shall have occurred and be continuing on the Sixth Amendment Effective Date
after giving effect to the transactions contemplated herein.

 

(b)                                 Representations and Warranties. Each of the representations
and warranties made by Holding and the Loan Parties in or pursuant to the Loan
Documents shall be true and correct in all material respects on and as of the
Sixth Amendment Effective Date (after giving effect hereto) as if made on and
as of such date, except to the extent such representations and warranties
expressly relate to a particular date, in which case such representations and
warranties were true and correct in all material respects as of such date.

 

8.               Payment of Expenses. The Parent
Borrower agrees to pay or reimburse the Administrative Agent for all of its
reasonable out-of-pocket costs and expenses incurred in connection with this
Sixth Amendment, any other documents prepared in connection herewith and the
transactions contemplated hereby, including, without limitation, the reasonable
fees and disbursements of counsel to the Administrative Agent.

 

9.               Continuing Effect of the Loan
Documents. This Sixth Amendment shall not constitute an amendment or waiver
of any provision of the Credit Agreement or any other Loan Document not
expressly referred to herein and shall not be construed as an amendment, waiver
or consent to any further or future action on the part of Holding or the Loan
Parties that would require an amendment, waiver or consent of the Lenders or
Administrative Agent. Except as expressly amended hereby, the provisions of the
Credit Agreement and the other Loan Documents are and shall remain in full
force and effect. Any reference to the “Credit Agreement” in the Loan Documents
or any related documents shall be deemed to be a reference to the Credit
Agreement as amended by this Sixth Amendment. 

 

10.         Counterparts. This Sixth Amendment may
be executed by one or more of the parties hereto on any number of separate
counterparts (including by facsimile), and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

 

11.         Severability. Any provision of this
Sixth Amendment which 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 not invalidate
or render unenforceable such provision in any other jurisdiction.

 

12.         Integration. This Sixth Amendment and
the other Loan Documents represent the agreement of Holding, the Loan Parties,
the Administrative Agent and the Lenders with respect to the subject matter
hereof, and there are no promises, undertakings, representations or warranties
by the Administrative Agent or any Lender relative to the subject matter hereof
not expressly set forth or referred to herein or in the other Loan Documents.

 

13.         GOVERNING LAW. THIS SIXTH AMENDMENT AND
THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SIXTH AMENDMENT SHALL BE

 

4

 

GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.

 

[THE REMAINDER
OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

5

 

IN WITNESS
WHEREOF, the parties hereto have caused this Sixth Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

 

	
   

  	
  SIRVA WORLDWIDE, INC. 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name: Douglas V. Gathany

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
  ALLIED ARTHUR PIERRE N.V.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin D. Pickford

  	
   

  
	
   

  	
   

  	
  Name: Kevin D. Pickford

  	
   

  
	
   

  	
   

  	
  Title: Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALNAV PLATINUM COMPANY (as successor to

  ALNAV Platinum Group Inc.)

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Douglas V. Gathany

  	
   

  
	
   

  	
   

  	
  Name: Douglas V. Gathany

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PICKFORDS AUSTRALIA PTY. LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Filipovic

  	
   

  
	
   

  	
   

  	
  Name: Michael Filipovic 

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIRVA UK LIMITED (formerly known as Pickfords

  Limited)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin D. Pickford

  	
   

  
	
   

  	
   

  	
  Name: Kevin D. Pickford

  
	
   

  	
   

  	
  Title: Director

  
					

 

 

	
   

  	
  JPMORGAN
  CHASE BANK, N.A. (formerly known as

  JPMorgan Chase Bank), as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Neil R. Boylan

  	
   

  
	
   

  	
   

  	
  Name: Neil R. Boylan

  
	
   

  	
   

  	
  Title: Managing Director

  

 

7Exhibit 10.2

 

SIRVA, Inc. Directors
Compensation Policy 

Established Under the SIRVA, Inc. Omnibus Stock Incentive Plan

 

Amended and Restated as of March 22,
2006

 

•                                          Compensation
Generally. For each full calendar year of participation on the Board of
Directors (the “Board”)
of SIRVA, Inc. (the “Company”),
an Eligible Director will receive

 

(i)                                     “Base Compensation” of
One Hundred Thousand Dollars ($100,000) per year, payable quarterly in arrears
forty percent (40%) in cash and sixty percent (60%) in shares of Deferred Stock
(as such term is defined the SIRVA, Inc. Omnibus Stock Incentive Plan (the
“Plan”));
and

 

(ii)                                  “Additional Compensation”
of

 

a.               if
such Eligible Director is also the chairperson of the Board, Four Hundred
Thousand Dollars ($400,000) per year, payable as set forth below quarterly in
arrears,

 

b.              if
such Eligible Director is also the Vice Chairperson of the Board, Two Hundred
and Fifty Thousand Dollars ($250,000) per year, payable as set forth below
quarterly in arrears,

 

c.               if
such Eligible Director is also the chairperson of the Audit Committee or the
Finance Committee, Fifteen Thousand Dollars ($15,000) per year, payable as set
forth below annually in arrears,

 

d.              if
such Eligible Director is also the chairperson of the Compensation Committee,
the Nominating and Governance Committee (such committees, the “Existing Committees”)
or any other committee established by the Board if the Nominating and
Governance Committee recommends and the Board approves such fee (and meeting
fees, as described below) (each, a “New Committee”) Ten Thousand Dollars
($10,000) per year, payable as set forth below annually in arrears, and

 

e.               At
meetings for which minutes are prepared and submitted to the Secretary of the
Company for inclusion in its minute book, (a) One Thousand Five
Hundred Dollars ($1,500) per Board, Audit Committee, Finance Committee and
Existing Committee (and any New Committee) meeting for participation in person
and (b) Seven Hundred Fifty Dollars ($750) per Board, Audit
Committee, Finance Committee and Existing Committee (and any New Committee)
meeting for participation by telephone or other similar means, in each case,
payable as set forth below quarterly in arrears following such submission.

 

Any Additional Compensation that an Eligible Director receives under
this Policy shall be paid in cash; provided, that any such Additional
Compensation that is payable for

 

 

service as a committee chairperson under clause (ii)(d) above
shall be paid in cash unless the Eligible Director elects to receive all or a
portion of such fees in Deferred Stock. Any cash payable to an Eligible
Director hereunder shall be paid as soon as reasonably practicable after the
close of the applicable period. All shares of Deferred Stock shall be subject
to the terms and conditions of this Policy and the Plan (including, without
limitation, Article IX thereof) and, in the event of a conflict between
any term of this Policy and the terms of the Plan, the terms of this Policy
shall control. For purposes of this Policy, “Compensation” shall mean Base
Compensation plus any Additional Compensation paid hereunder.

 

•                                          Definition
of Eligible Director. For purposes of this Policy, an “Eligible Director”
shall mean a director of the Company (i) who is neither an officer
nor an employee of the Company, (ii) if a consulting agreement with
Clayton Dubilier & Rice, Inc. (“CD&R”) or one of its affiliates is
then in effect, who is not an employee of CD&R, and (iii) in
each case, who is not serving as a director of the Company at the request of his
or her employer.

 

•                                          Partial
Year Service. In the event that an Eligible Director’s service to the Board
or any committee commences or terminates after the beginning of a calendar
year, such Eligible Director will only be entitled to receive a pro rata portion
of his or her annual compensation under this Policy, based on the number of
days served during the applicable calendar year.

 

•                                          Deferral
Elections. An Eligible Director may elect to defer receipt of (i) a
percentage in excess of sixty percent (60%) up to a maximum of 100% of any Base
Compensation payable in respect of such Eligible Director’s future services and
(ii) a percentage in excess of 1% up to a maximum of 100% of any
Additional Compensation for service as a committee chairperson under clause
(ii)(d) above payable in respect of such Eligible Director’s future
services (each, a “Deferral
Election”) and, in lieu thereof, receive additional shares of
Deferred Stock that shall be subject to the terms and conditions of this Policy
and the Plan.

 

•                                          Timing of
Deferral Elections. A Deferral Election may be made (i) on
or before December 31 of any calendar year in respect of the calendar year
following the year in which such election is made, and (ii) for any
Eligible Director who becomes a director after the beginning of a calendar
year, within 30 days following an Eligible Director’s election as a director
with respect to Compensation to be earned in any calendar quarter within the
calendar year in which such Eligible Director becomes a director and subsequent
to the calendar quarter in which such Eligible Director becomes a director.

 

•                                          Form and
Duration of Deferral Election. A Deferral Election shall be made by written
notice delivered to the Company. Such Deferral Election shall continue in
effect unless and until the Eligible Director revokes or modifies such Deferral
Election by written notice delivered to the Company. Any such revocation or
modification of a Deferral Election shall become effective as of the end of the
calendar year in which such notice is given and only with respect to any
compensation to be payable to such Eligible Director

 

2

 

in
respect of such Director’s services in subsequent calendar years; provided that
no Deferral Election and no revocation or modification of a Deferral Election
shall be effective if it is delivered within six months of any prior Deferral
Election or revocation or modification of a Deferral Election. Shares of
Deferred Stock credited to the Eligible Director’s Stock Account (as defined
below) prior to the effective date of any such revocation or modification of a
Deferral Election shall not be affected by such revocation or modification and
shall be distributed only in accordance with the otherwise applicable terms of
this Policy or the Plan. An Eligible Director who has revoked a Deferral
Election may deliver to the Company a new Deferral Election to defer
Compensation no sooner than in the calendar year following the year in which
such new Deferral Election is delivered. The Company reserves the right to
change the ability of Eligible Directors to revoke or modify their Deferral
Elections.

 

•                                          Stock
Accounts. Any shares of Deferred Stock received by an Eligible Director
under the terms of this Policy (including any Compensation deferred pursuant to
a Deferral Election) shall be credited, in whole or in part, to a memorandum
account (the “Stock
Account”) established to record the number of shares of Common
Stock (as defined in the Plan) payable to an Eligible Director under this
Policy. The number of shares of Deferred Stock credited to an Eligible Director’s
Stock Account as of the close of each calendar quarter or year, as the case may be,
shall, as determined by the Board or the Nominating and Governance Committee,
be equal to the quotient of (x) the amount of Compensation so deferred
as of the end of such quarter or year divided by (y) the Fair
Market Value (as such term is defined in the Plan) of one share of Common Stock
as of the end of such quarter or year or as soon as reasonably practicable
thereafter. When determining the number of shares of Deferred Stock to be
credited to an Eligible Director’s Stock Account, awards shall be rounded to
the nearest whole share, with amounts equal to or greater than 0.5 rounded up
and amounts less than 0.5 rounded down. Each Eligible Director shall receive
from the Company on an annual basis (or more frequently as may be
determined by the Board or the Nominating and Governance Committee), an
accounting of such Eligible Director’s Stock Account. An Eligible Director
shall be fully vested in his or her Deferred Stock and Stock Account at all
times.

 

•                                          Dividends/Distributions;
Other Adjustments. Whenever a dividend other than a dividend payable in the
Company’s capital stock is declared with respect to the Common Stock, the
number of shares of Deferred Stock in the Eligible Director’s Stock Account
shall be increased by the number of shares of Deferred Stock, as determined on
the related dividend record date, equal to the quotient of (x) the
product of (A) the number of shares of Deferred Stock in the
Eligible Director’s Stock Account and (B) the amount of any cash
dividend declared by the Company on a share of Common Stock (or, in the case of
any dividend distributable in property other than the Company’s capital stock,
the per share value of such dividend, as determined by the Company for purposes
of income tax reporting), divided by (y) the Fair Market Value. In
the case of any dividend declared on the Common Stock which is payable in the
Company’s capital stock, the Eligible Director’s Stock Account shall be
increased by the number of shares of Deferred Stock, as determined on the
related dividend payment date, equal to the product of (i) the
number of shares of Deferred Stock previously credited to the Eligible Director’s
Stock

 

3

 

Account
and (ii) the number of shares of the Company’s capital stock
(including any fraction thereof) distributable as a dividend on one share of Common
Stock. In the event of any change in the number or kind of outstanding shares
by reason of any recapitalization, reorganization, merger, consolidation, stock
split or any similar change affecting the shares, other than a stock dividend
as provided above, the Board or the Nominating and Governance Committee shall
make an appropriate adjustment in the number of shares of Deferred Stock
credited to the Eligible Director’s Stock Account. Fractional Units shall be
credited, but shall be rounded to the nearest whole share, with amounts equal
to or greater than 0.5 rounded up and amounts less than 0.5 rounded down.

 

•                                          Distribution
from Stock Account Upon Termination of Service as a Director. Distributions
from an Eligible Director’s Stock Account shall occur on the six-month
anniversary of the date on which the Eligible Director ceases to be a director
of the Company. Distributions from such Stock Account shall be made in one
lump-sum payment in the form of the greatest number of whole shares of
Common Stock having a Fair Market Value at such time equal to or less than the
aggregate value of the Deferred Stock to be distributed at such time (with any
fractional interest payable in cash). Unless and until the Company issues a
certificate or certificates to an Eligible Director representing shares of
Common Stock in respect of his or her Deferred Stock, the Deferred Stock (or
the Stock Account) may not be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated, and only then in accordance with applicable
law. Any attempt by a Participant, directly or indirectly, to offer, transfer,
sell, pledge, hypothecate or otherwise dispose of any Deferred Stock (or his or
her Stock Account) or any interest therein or any rights relating thereto
without complying with the provisions of the Policy or the Plan shall be void
and of no effect.

 

•                                          Termination
for Cause. Notwithstanding the foregoing, in the event that an Eligible
Director’s service as a director of the Company is terminated for Cause (as
such term is defined in the Plan), all Deferred Stock credited to such Eligible
Director shall terminate and be canceled immediately upon such termination of
service.

 

•                                          Certain
Amendments. Notwithstanding anything to the contrary contained in the Plan
or this Policy, the Board may amend (such amendment to have the minimum
economic effect necessary, as determined by the Board in its sole discretion)
this Policy and the terms of any outstanding Deferral Election, Deferred Stock
or Stock Account in such a manner as may be necessary or appropriate to
avoid having this Policy, or such Deferred Stock or Stock Account become
subject to the penalty provisions of section 409A of the Code.

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00100-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00100-of-00352.parquet"}]]