Document:

Exhibit 4.1

 

	
 
    

 

THE ALLSTATE CORPORATION

 

to

 

U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

 

TWENTY-THIRD SUPPLEMENTAL INDENTURE TO
 INDENTURE DATED DECEMBER 16, 1997
 (SENIOR DEBT SECURITIES)

 

Dated as of June 10, 2019

 

3.850% SENIOR NOTES DUE 2049

 

	
 
    

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE I
    	
RELATION TO INDENTURE;   DEFINITIONS
    	
1
    
	
SECTION 1.01.
    	
Relation to Indenture
    	
1
    
	
SECTION 1.02.
    	
Definitions
    	
1
    
	
 
    	
 
    	
 
    
	
ARTICLE II
    	
THE SERIES OF   SECURITIES
    	
2
    
	
SECTION 2.01.
    	
Title of the Securities
    	
2
    
	
SECTION 2.02.
    	
Limitation on Aggregate   Principal Amount
    	
2
    
	
SECTION 2.03.
    	
Principal Payment Date
    	
2
    
	
SECTION 2.04.
    	
Interest and Interest   Rates
    	
2
    
	
SECTION 2.05.
    	
Place of Payment
    	
3
    
	
SECTION 2.06.
    	
Redemption
    	
3
    
	
SECTION 2.07.
    	
Denomination
    	
5
    
	
SECTION 2.08.
    	
Currency
    	
5
    
	
SECTION 2.09.
    	
Form of Securities
    	
5
    
	
SECTION 2.10.
    	
Securities Registrar   and Paying Agent
    	
5
    
	
SECTION 2.11.
    	
Sinking Fund   Obligations
    	
5
    
	
SECTION 2.12.
    	
Defeasance and Covenant   Defeasance
    	
5
    
	
SECTION 2.13.
    	
Immediately Available   Funds
    	
5
    
	
 
    	
 
    	
 
    
	
ARTICLE III
    	
EXPENSES
    	
5
    
	
SECTION 3.01.
    	
Payment of Expenses
    	
5
    
	
SECTION 3.02.
    	
Payment Upon   Resignation or Removal
    	
6
    
	
 
    	
 
    	
 
    
	
ARTICLE IV
    	
MISCELLANEOUS   PROVISIONS
    	
6
    
	
SECTION 4.01.
    	
Trustee Not Responsible   for Recitals
    	
6
    
	
SECTION 4.02.
    	
Adoption, Ratification   and Confirmation
    	
6
    
	
SECTION 4.03.
    	
Counterparts
    	
6
    
	
SECTION 4.04.
    	
Governing Law
    	
6
    
				

 

i

 

Twenty-Third Supplemental Indenture, dated as of June 10, 2019, between The Allstate Corporation, a Delaware corporation (the “Company”), and U.S. Bank National Association, a national banking association, organized under the laws of the United States, as successor in interest to State Street Bank and Trust Company, a trust company organized under the laws of the Commonwealth of Massachusetts, as Trustee (the “Trustee”).

 

R E C I T A L S

 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture for Senior Debt Securities, dated as of December 16, 1997, as amended by the Third Supplemental Indenture dated as of July 23, 1999 and the Sixth Supplemental Indenture dated as of June 12, 2000 (the “Indenture”), providing for the issuance from time to time of series of the Company’s Securities;

 

WHEREAS, Section 301 of the Indenture provides for various matters with respect to any series of Securities issued under the Indenture to be established in an indenture supplemental to the Indenture;

 

WHEREAS, Section 901(7) of the Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Indenture to establish the form or terms of Securities of any series as provided by Sections 201 and 301 of the Indenture;

 

NOW, THEREFORE, THIS TWENTY-THIRD SUPPLEMENTAL INDENTURE WITNESSETH:

 

For and in consideration of the premises and the issuance of the series of Securities provided for herein, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities of such series, as follows:

 

ARTICLE I
 RELATION TO INDENTURE; DEFINITIONS

 

SECTION 1.01.                                Relation to Indenture

 

This Twenty-Third Supplemental Indenture constitutes an integral part of the Indenture.

 

SECTION 1.02.                                Definitions

 

For all purposes of this Twenty-Third Supplemental Indenture:

 

(a)                                 Capitalized terms used herein without definition shall have the meanings specified in the Indenture;

 

(b)                                 All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Twenty-Third Supplemental Indenture; and

 

(c)                                  The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Twenty-Third Supplemental Indenture.

 

1

 

ARTICLE II
 THE SERIES OF SECURITIES

 

SECTION 2.01.                                Title of the Securities

 

There shall be a series of Securities designated the “3.850% Senior Notes due 2049” (the “Securities”).

 

SECTION 2.02.                                Limitation on Aggregate Principal Amount

 

The aggregate principal amount of the Securities shall initially be limited to $500,000,000.  The Company may, without giving notice to or seeking the consent of the Holders of the Securities, issue additional Securities having the same terms (except for the issue date and, in some cases, the public offering price and the first interest payment date) as, and ranking equally and ratably with, the Securities.  Any additional Securities, together with the Securities offered by the related prospectus supplement, will constitute a single series of Securities under the Indenture.  No additional Securities may be issued if an Event of Default under the Indenture has occurred and is continuing with respect to the Securities.

 

SECTION 2.03.                                Principal Payment Date

 

The principal amount of the Securities outstanding (together with any accrued and unpaid interest) shall be payable in a single installment on February 10, 2049, which date shall be the Stated Maturity of the Securities Outstanding.

 

SECTION 2.04.                                Interest and Interest Rates

 

The rate of interest on each Security shall be 3.850% per annum, accruing from June 10, 2019, or from the most recent interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for, payable semi-annually in arrears on February 10 and August 10 of each year commencing February 10, 2020 until the principal thereof shall have become due and payable, and until the principal thereof is paid or duly provided for or made available for payment.  The amount of interest payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months.  The amount of interest payable for any partial period shall be computed on the basis of the actual number of days elapsed in a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on any Security is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay).  A “Business Day” shall mean any day, other than a Saturday or Sunday, on which banks in the City of New York are not required by law to close.  The interest installment so payable in respect of any Security, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the person in whose name such Security (or one or more Predecessor Securities) is registered at the close of business on June 1 or December 1 prior to such Interest Payment Date.  Any such interest installment not punctually paid or duly provided for in respect of any Security shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may either be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date to be fixed by the Trustee for the

 

2

 

payment of such Defaulted Interest, notice whereof shall be given to the Holders of this series of Securities not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

SECTION 2.05.                                Place of Payment

 

The Place of Payment where the Securities may be presented or surrendered for payment, where the Securities may be surrendered for registration of transfer or exchange and where notices and demand to or upon the Company in respect of the Securities and the Indenture may be served shall be the Corporate Trust Office of the Trustee.

 

SECTION 2.06.                                Redemption

 

(a)                                 The Company may redeem the Securities, in whole or in part, at any time and from time to time prior to February 10, 2049 (six months prior to the Stated Maturity of the Securities) (the “Par Call Date”) at a redemption price equal to the greater of (i) 100% of the principal amount of the Securities to be redeemed and (ii) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal of and interest on the securities to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) from the redemption date to the Par Call Date discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 20 basis points.

 

At any time and from time to time on or after the Par Call Date, the Securities will be redeemable at the Company’s option, in whole or in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed.

 

In each case, the Company will pay accrued and unpaid interest on the principal amount being redeemed to the date of redemption.

 

(b)                                 For the purposes of this Section 2.6,

 

“Adjusted Treasury Rate” means, with respect to any redemption date:

 

(i)                                     the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” published by the Board of Governors of the Federal Reserve System (or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity) under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue.  If no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month; or

 

3

 

(ii)                                  if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

The Adjusted Treasury Rate shall be calculated on the third business day preceding the redemption date.

 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the securities to be redeemed (assuming, for this purpose, that the Securities matured on the Par Call Date) that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such securities (assuming, for this purpose, that the Securities matured on the Par Call Date) (“Remaining Life”).

 

“Comparable Treasury Price” means (i) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by us.

 

“Reference Treasury Dealer” means BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC or their respective successors, as selected by the Company, or if any of the foregoing refuse to act as treasury dealer for this purpose or cease to be primary U.S. Government securities dealers in the United States (a “Primary Treasury Dealer”), any other Primary Treasury Dealers specified by the Company for these purposes.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City Time, on the third business day preceding such redemption date.

 

The Company will mail a notice of redemption at least 30 days but not more than 60 days before the redemption date to each holder of the securities to be redeemed.  If less than all of the securities are to be redeemed, the trustee will select, by such method as it will deem fair and appropriate, including pro rata or by lot, the securities to be redeemed in whole or in part.

 

Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the securities or portions thereof called for redemption.

 

4

 

SECTION 2.07.                                Denomination

 

The Securities of this series shall be issuable only in registered form without coupons and in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

SECTION 2.08.                                Currency

 

Principal and interest on the Securities shall be payable in such coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts.

 

SECTION 2.09.                                Form of Securities

 

The Securities shall be substantially in the form attached as Exhibit A hereto.

 

SECTION 2.10.                                Securities Registrar and Paying Agent

 

The Trustee shall serve initially as Securities Registrar and Paying Agent.

 

SECTION 2.11.                                Sinking Fund Obligations

 

The Company has no obligation to redeem or purchase any Securities pursuant to any sinking fund or analogous requirement or upon the happening of a specified event or at the option of a Holder thereof.

 

SECTION 2.12.                                Defeasance and Covenant Defeasance

 

The Company has elected to have both Section 1302 (relating to defeasance) and Section 1303 (relating to covenant defeasance) applied to the Securities.

 

SECTION 2.13.                                Immediately Available Funds

 

All payments of principal and interest shall be made in immediately available funds.

 

ARTICLE III
 EXPENSES

 

SECTION 3.01.                                Payment of Expenses

 

In connection with the offering, sale and issuance of the Securities, the Company, in its capacity as borrower with respect to the Securities, shall pay all costs and expenses relating to the offering, sale and issuance of the Securities, including commissions to the underwriters payable pursuant to the Underwriting Agreement, dated June 5, 2019, and compensation and expenses of the Trustee under the Indenture in accordance with the provisions of Section 607 of the Indenture.

 

5

 

SECTION 3.02.                                Payment Upon Resignation or Removal

 

Upon termination of this Twenty-Third Supplemental Indenture or the Indenture or the removal or resignation of the Trustee, unless otherwise stated, the Company shall pay to the Trustee all amounts accrued to the date of such termination, removal or resignation.

 

ARTICLE IV
 MISCELLANEOUS PROVISIONS

 

SECTION 4.01.                                Trustee Not Responsible for Recitals

 

The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof.  The Trustee makes no representation as to the validity or sufficiency of this Twenty-Third Supplemental Indenture.

 

SECTION 4.02.                                Adoption, Ratification and Confirmation

 

The Indenture, as supplemented and amended by this Twenty-Third Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

 

SECTION 4.03.                                Counterparts

 

This Twenty-Third Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

 

SECTION 4.04.                                Governing Law

 

THIS TWENTY-THIRD SUPPLEMENTAL INDENTURE AND EACH SECURITY SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

 

SECTION 4.05.                                Notice

 

For purposes of the Senior Notes, Section 106 of the Indenture is deleted in its entirety and replaced with the following:

 

“Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and transmitted by mail, e-mail or facsimile to each Holder affected by such event, at the applicable postal, e-mail or facsimile address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in

 

6

 

writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. In case by reason of the suspension of regular mail, e-mail or facsimile service or by reason of any other cause it shall be impracticable to give such notice by mail, e-mail or facsimile, then such notification as shall be made with the written approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.”

 

7

 

IN WITNESS WHEREOF, the parties hereto have caused this Twenty-Third Supplemental Indenture to be duly executed on the date or dates indicated in the acknowledgments and as of the day and year first above written.

 

	
 
    	
THE ALLSTATE CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael A. Pedraja
    
	
 
    	
 
    	
Name: Michael A Pedraja
    
	
 
    	
 
    	
Title: Senior Vice President and Treasurer
    
	
 
    	
 
    
	
Attest:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Daniel G. Gordon 
    	
 
    
	
 
    	
Name:
    	
Daniel G. Gordon 
    	
 
    
	
 
    	
Title:
    	
Vice President, Assistant General Counsel and   Assistant Secretary 
    	
 
    

 

[Signature Page to Twenty-Third Supplemental Indenture]

 

 

	
 
    	
U.S. BANK NATIONAL ASSOCIATION,
    
	
 
    	
as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Carolina D. Altomare
    
	
 
    	
 
    	
Name: Carolina D. Altomare
    
	
 
    	
 
    	
Title: Vice President
    

 

[Signature Page to Twenty-Third Supplemental Indenture]

 

 

EXHIBIT A

 

(FORM OF FACE OF SECURITY)

 

[THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY.  THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

	
No.
    	
Principal Amount:   $
    
	
 
    	
 
    
	
 
    	
CUSIP No. 020002 BG5
    
	
 
    	
 
    
	
 
    	
ISIN No. US020002BG56
    

 

THE ALLSTATE CORPORATION

 

3.850% SENIOR NOTES DUE 2049

 

The Allstate Corporation, a Delaware corporation (the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or its registered assigns, the principal sum of $                               on August 10, 2049.  The Company further promises to pay interest on said principal sum outstanding from June 10, 2019, or from the most recent interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for, semi-annually in arrears on February 10 and August 10 of each year commencing February 10, 2020 at the rate of 3.850% per annum, until the principal hereof shall have become due and payable and, until the principal hereof is paid or duly provided for or made available for payment.  The amount of interest payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months.  The amount of interest payable for any partial period shall be computed on the basis of the number of actual days elapsed in a 360-day year of twelve

 

 

30-day months.  In the event that any date on which interest is payable on this Security is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay).  A “Business Day” shall mean any day, other than a Saturday or Sunday, on which banks in the City of New York are not required by law to close.  The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on June 1 or December 1 prior to such Interest Payment Date.  Any such interest installment not punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date to be fixed by the Trustee for the payment of such Defaulted Interest, notice whereof shall be given to the Holder of this Security not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

The principal of (and premium, if any) and the interest on this Security shall be payable at the office or agency of the Company maintained for that purpose in the United States in such coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered Holder at such address as shall appear in the Security Register.  Notwithstanding the foregoing, so long as the Holder of this Security is Cede & Co., the payment of the principal of (and premium, if any) and interest on this Security will be made at such place and to such account as may be designated by Cede & Co. All payments of principal and interest hereunder shall be made in immediately available funds.

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid for any purpose.

 

 

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

 

	
 
    	
THE ALLSTATE CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Michael A. Pedraja
    
	
 
    	
 
    	
Title:
    	
Senior Vice President and Treasurer
    
	
 
    	
 
    
	
Attest:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
Daniel G. Gordon
    	
 
    
	
 
    	
Title:
    	
Vice President, Assistant General Counsel
    	
 
    
	
 
    	
 
    	
and Assistant Secretary
    	
 
    
	
 
    	
 
    	
 
    

 

CERTIFICATE OF AUTHENTICATION

 

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

 

Dated: June 10, 2019

 

	
 
    	
U.S. BANK NATIONAL ASSOCIATION,
    
	
 
    	
as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

 

(FORM OF REVERSE OF SECURITY)

 

This Security is one of a duly authorized issue of securities of the Company, designated as its 3.850% Senior Notes due 2049 (herein referred to as the “Securities”), issued under and pursuant to an Indenture, dated as of December 16, 1997 between the Company and U.S. Bank National Association, successor in interest to State Street Bank and Trust Company, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), as amended by the Third Supplemental Indenture dated as of July 23, 1999 and the Sixth Supplemental Indenture dated as of June 12, 2000 and as supplemented by the Twenty-Third Supplemental Indenture, dated as of June 10, 2019, between the Company and the Trustee (the Indenture as so amended and supplemented, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered.

 

All terms used in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

The Company may redeem the Securities, in whole or in part, at any time and from time to time prior to February 10, 2049 (six months prior to the Stated Maturity of the Securities) (the “Par Call Date”) at a redemption price equal to the greater of (i) 100% of the principal amount of the Securities to be redeemed and (ii) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal of and interest on the securities to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) from the redemption date to the Par Call Date discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 20 basis points.

 

At any time and from time to time on or after the Par Call Date, the Securities will be redeemable at the Company’s option, in whole or in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed.

 

In each case, the Company will pay accrued and unpaid interest on the principal amount being redeemed to the date of redemption.

 

“Adjusted Treasury Rate” means, with respect to any redemption date:

 

(i)                                     the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” published by the Board of Governors of the Federal Reserve System (or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity) under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue.  If no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall

 

 

be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month; or

 

(ii)                                  if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

The Adjusted Treasury Rate shall be calculated on the third business day preceding the redemption date.

 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the securities to be redeemed (assuming, for this purpose, that the Securities matured on the Par Call Date) that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such securities (assuming, for this purpose, that the Securities matured on the Par Call Date) (“Remaining Life”).

 

“Comparable Treasury Price” means (i) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by us.

 

“Reference Treasury Dealer” means BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC or their respective successors, as selected by the Company, or if any of the foregoing refuse to act as treasury dealer for this purpose or cease to be primary U.S. Government securities dealers in the United States (a “Primary Treasury Dealer”), any other Primary Treasury Dealers specified by the Company for these purposes.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City Time, on the third business day preceding such redemption date.

 

The Company will mail a notice of redemption at least 30 days but not more than 60 days before the redemption date to each holder of the securities to be redeemed.  If less than all of the securities are to be redeemed, the trustee will select, by such method as it will deem fair and appropriate, including pro rata or by lot, the securities to be redeemed in whole or in part.

 

 

Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the securities or portions thereof called for redemption.

 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.

 

The Indenture contains provisions for satisfaction, discharge and defeasance at any time of the entire indebtedness of this Security upon compliance by the Company with certain conditions set forth in the Indenture.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities of each series at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.  No reference herein to the Indenture and no provision of this Security or of the Indenture (other than Section 1302 and Section 1303 of the Indenture) shall alter or impair the obligation of the Company to pay the principal and interest on the Security at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Securities Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 1002 of the Indenture duly endorsed by, or accompanied by a written instrument of transfer, in form satisfactory to the Company and the Securities Registrar, duly executed by the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees.  No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.  This Global Security is exchangeable for Securities in definitive form only under certain limited circumstances set forth in the Indenture.  Securities of this series so issued are issuable only in registered form without coupons in denominations of $2,000 and any integral

 

 

multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations herein and therein set forth, Securities of this series so issued are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same.

 

The Company and, by its acceptance of this Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, this Security agree that for United States federal, state and local tax purposes it is intended that this Security constitute indebtedness.

 

THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THE SECURITIES WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.EdgarFiling

Exhibit 10.1

 

 

 

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT
(this “Agreement”), dated June 9, 2019, between Liberty Tax, Inc. a Delaware corporation (“Company”),
JTH Tax Inc., a Delaware corporation (“Subco” and together with Company, the “Employers”), and
any of their respective successors, and Michael Brent Turner (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the
Employers desire to employ the Executive on an interim basis as the Chief Executive Officer and President, and the Executive desires
to serve the Employers, in accordance with the terms and conditions of this Agreement.

 

NOW THEREFORE,
in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereby agree as follows:

 

1.                 
Term of Employment. Unless the Executive’s employment shall sooner terminate pursuant to Section 4 of this
Agreement, the Employers shall employ the Executive on a month-to-month basis, commencing on June 9, 2019, (the “Effective
Date”) and continuing on the first day of each successive month, unless the Executive or either of the Employers, as
the case may be, at least fifteen (15) calendar days prior to the end of the applicable month, provides written notice to the other
of its or his intention not to renew such employment. The period during which the Executive is employed pursuant to this Agreement
shall be referred to as the “Employment Period.”

 

2.                 
Duties and Responsibilities.

 

(a)              
The Executive shall serve as the Interim Chief Executive Officer and President of Company and Subco. The Executive will
have such duties and authorities as are commensurate with such position and such additional duties and responsibilities as are
determined from time to time by the Board of Directors of Company (the “Board”). The Executive has the authority
to make organizational and policy changes to drive culture, performance and efficiencies. As Interim Chief Executive Officer and
President, the Executive will report directly to the Board. All employees of the Employers other than the General Counsel, the
Chief Financial Officer and all employees who report directly or indirectly to the General Counsel or the Chief Financial Officer
will report to the Executive. Executive has final decision-making authority over all hiring and separation decisions excluding
the Legal Department, Finance Department, and their direct reports; provided, however that hiring and separation decisions will
conform with Employers’ policies, not exceed the Employers’ annual budget and may be subject to Board approval. While
the General Counsel and the Chief Financial Officer have reporting authority to the Board, both positions will also have day to
day reporting responsibilities to the Executive.

 

(b)              
During the Employment Period, the Executive shall devote all business time and best efforts necessary to fully perform his
duties hereunder.

 

    	 	1	 

     

    

 

(c)              
Executive agrees to comply with Employers’ policies, including but not limited to the Code of Conduct and the Insider
Trading Policy.

 

3.                 
Compensation and Benefits.

 

(a)              
Base Salary. During the Employment Period, the Executive shall be paid a monthly base salary by the Employers of
Forty-One Thousand Six Hundred Sixty-Seven Dollars ($41,667.00), payable in regular installments in accordance with the Employers’
usual payment practices. The Board shall review Executive’s monthly base salary annually during the Employment Period (beginning
after the fiscal year ending April 30, 2020), and may increase (but not decrease) that monthly base salary from time-to-time, based
on its periodic review of Executive’s performance in accordance with the Company’s regular policies and procedures.
The Executive’s monthly base salary as in effect from time to time is hereinafter referred to as the “Base Salary.”

 

(b)              
Equity and Cash Incentive Plan. To the extent approved by the Board, the Executive may be granted annual equity or
cash incentive awards pursuant to the Employers’ Equity and Cash Incentive Plan, which may be amended or terminated by the
Employers at Employers’ discretion. Executive’s eligibility for equity or cash incentive awards shall be determined
on a basis consistent with other named executive officers of the Company (as defined under the Securities Exchange Act of 1934).

 

(c)              
Benefits. During the Employment Period, Executive will be eligible to participate in the employee and executive benefit
plans and programs maintained by the Employers from time-to-time in which executive officers of the Employers are eligible to participate,
including, to the extent maintained by the Employers, life, medical, dental, accidental and disability insurance plans, retirement
plans, incentive stock award and stock compensation plans, and deferred compensation and savings plans, in accordance with the
terms and conditions thereof as in effect from time to time. Executive shall be eligible to participate in the Employers’
existing 401(k) plan, in accordance with its terms, and the Employers shall match Executive’s contributions in accordance
with the terms of that plan, provided that the matching does not violate any provisions of the 401(k) plan. All benefit programs
are subject to change from time to time in the Employers’ discretion.

 

(d)              
Vacation. During the Employment Period, Executive shall be entitled to vacation on the same basis as other executive
officers of the Employers. Executive shall also be entitled to Employer-designated holidays, but in no event shall Executive have
less than four weeks of vacation per year.

 

(e)              
Business Expenses. During the Employment Period, the Employers shall pay or reimburse the Executive for all reasonable
expenses incurred or paid by the Executive in the performance of his duties pursuant to this Agreement, upon presentation of expense
statements or vouchers and such other information as the Employers may require and in accordance with the generally applicable
policies and procedures of the Employers.

 

    	 	2	 

     

    

 

(f)               
Sarbanes-Oxley/Dodd-Frank Act Compliance: Repayment of Bonus and Profits: Executive understands that, in accordance
with The Sarbanes-Oxley Act of 2002 and the Dodd—Frank Wall Street Reform and Consumer Protection Act of 2010 (together,
“Applicable Law”), if the Company is required to prepare an accounting restatement due to the material noncompliance
of the Company with any financial reporting requirement under securities laws, Executive shall reimburse the Company, to the extent
reimbursement is required by Applicable Law, for: (i) the amount of any bonus or other incentive- based or equity-based compensation
received by Executive from the Company during the three-year period following the first public issuance or filing with the SEC
(whichever first occurs) of the financial document embodying such financial reporting requirement, but only to the extent that
the amount of incentive compensation received exceeds the amount of incentive-based compensation that otherwise would have been
paid had it been determined based on the accounting restatement; and (ii) any profits realized from the sale of securities of the
Company during that three-year period, but only to the extent that the amount of profits received exceeds the amount of profits
that otherwise would have been paid had it been determined based on the accounting restatement.

 

4.                 
Termination of Employment.

 

(a)              
Early Termination of the Employment Period. If, during the Employment Period, the Executive’s employment terminates
for any reason, including but not limited to, the Executive’s death or Disability (as hereinafter defined), termination by
the Employers with or without Cause (as hereinafter defined) or voluntary termination by the Executive, the Employment Period shall
thereupon end and, except as otherwise provided herein, this Agreement shall terminate upon the effective date of such termination.

 

(b)              
Termination by the Employers with or without Cause. The Executive’s employment hereunder may be terminated
by the Employers with or without Cause prior to the end of a month, effective immediately upon delivery of a Notice of Termination
to the Executive. “Cause” shall mean the Executive’s (i) grossly negligent failure to substantially perform
his duties under this Agreement; (ii) the Executive’s violation of the Employers’ Code of Conduct or Insider Trading
Policy; (iii) the Executive’s conviction of, or plea of nolo contendere to a crime constituting (x) a felony under
the laws of the United States or any state thereof or (y) a misdemeanor under the laws of the United States or any state thereof
(not including any traffic offense) involving moral turpitude, deceit, dishonesty or fraud that relates to the Employers’
property; (iv) conduct of the Executive which is materially injurious to either of the Employers, monetarily or otherwise; or (v)
the Executive’s breach of Section 6 or Section 7 of this Agreement.

 

(c)              
Termination due to Death or Disability. The Executive’s employment hereunder shall terminate upon the Executive’s
death or in the event of a termination by the Employers due to the Executive’s Disability. “Disability” shall
mean (i) a finding by the Board that the Executive has been unable to perform his job functions by reason of a physical or mental
impairment for a period of 90 consecutive days or any 90 days within a period of 180 consecutive days. The Board’s good faith
determination of Disability shall be final, binding and conclusive.

 

(d)              
Delivery of Non-Renewal Notice. In the event the Employers or the Executive delivers a notice of non-renewal in conformity
with Section 1 hereof, the Executive’s employment hereunder shall terminate upon the expiration of the applicable month.

 

    	 	3	 

     

    

 

(e)              
Voluntary Termination by the Executive. The Executive may voluntarily terminate his employment with the Employers
by delivering a Notice of Termination to the Employers no less than fifteen (15) days prior to the effective date of such termination.

 

(f)               
Notice of Termination. Any termination of the Executive’s employment by the Employers or by the Executive (other
than by reason of death) in connection with Section 4(b), (c) or (e) shall be communicated by a written Notice of Termination addressed
to the other parties to this Agreement. A “Notice of Termination” shall mean a written notice stating that the
Executive’s employment with the Employers has been or will be terminated.

 

5.                 
Payments upon Certain Terminations.

 

(a)              
In General. Within thirty (30) days following the termination of the Executive’s employment for any reason,
the Employers shall pay the Executive: (i) the Base Salary earned but not yet paid for services rendered to the Employers on or
prior to the date on which the Employment Period ends; (ii) any business expenses incurred on or prior to the date on which the
Employment Period ends that are eligible for reimbursement in accordance with the Employers’ expense reimbursement policies
as then in effect; and (iii) any vested benefits to which the Executive is entitled under the Employers’ employee benefit
plans and any welfare benefits to which he is entitled in accordance with the terms of the Company’s welfare plans. The amounts
described in this Section 5(a) are collectively referred to herein as the “Accrued Rights.”

 

(b)              
Termination by Reason of the Executive’s Death or Disability or as a Result of Delivery of Notice of Non-Renewal.
In the event the Employment Period ends by reason of the Executive’s death or a termination of the Executive’s employment
by the Employers for Disability or the Executive delivers a notice of non-renewal as described in Section 1 hereof, the Employers’
sole obligation to the Executive shall be to pay the Executive an amount equal to the Accrued Rights, as set forth in Section 5(a)
hereof.

 

(c)              
Termination by the Employers without Cause. Subject to Section 5(d) hereof and provided that the Executive is in
compliance with his obligations under Section 6 and Section 7 hereof, in the event the Employment Period ends prior to the expiration
of a month by reason of a termination of the Executive’s employment by the Employers without Cause, including by delivery
of a notice of non-renewal by the Employers, the Executive shall be entitled to:

 

(i)                
The Accrued Rights.

 

(ii)             
To the extent any incentive stock awards, such as stock options, stock appreciation rights, restricted stock, dividend equivalent
rights, or any other form of incentive stock compensation granted Executive shall have not vested, such incentive stock awards
that have been granted but have not yet vested shall immediately become fully (100%) vested and exercisable.

 

    	 	4	 

     

    

 

(iii)           
Continued medical insurance at Employers’ expense for the six (6) months following the date of termination; provided,
however, that if Executive becomes reemployed with another employer and is eligible to receive comparable medical or other welfare
benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those
provided under such other plan during the applicable period of eligibility provided that the costs of obtaining those medical and
other welfare benefits is less than the cost of those benefits to Executive immediately prior to the date of termination, and provided
further continued participation at the Company’s expense or otherwise shall not be allowed if the Company determines that
such participation or any payment by the Company would be considered discriminatory under applicable law. The coverage provided
pursuant to this Section 5(c)(iii) shall run concurrently with and shall be offset against any continuation coverage under Part
6 of Title I of the Employee Retirement Income Security Act of 1974, as amended (“COBRA Coverage”). Employers’
payment of premiums shall be treated as taxable income to the Executive if the medical plan is self-insured or if otherwise required
to avoid penalties under the Affordable Care Act or other applicable law.

 

(d)              
Execution of Release. As a condition of the Executive’s right to receive any of the payments or benefits described
in Section 5, the Executive shall, within sixty (60) days after the Executive’s date of termination of employment, deliver
to the Employers a full, complete and irrevocable release of all claims or causes of action the Executive may have in respect of
the Executive’s employment by the Employers, substantially in the form attached hereto as Exhibit A (such condition, the
“Release Condition”).

 

(e)              
Effect of Failure. In the event the Executive fails to satisfy the Release Condition, the Executive shall not be
entitled to any of the payments or benefits described in Section 5, other than the Accrued Rights. In the event that the Executive
materially breaches any of his obligations under Section 6 or Section 7 hereof, the Employers’ obligations to provide the
payments and benefits under Section 5(c) hereof, as applicable, shall thereupon cease and the Employers shall be entitled to recover
from the Executive the after-tax proceeds of the amounts theretofore paid to the Executive pursuant to such Section 5(c).

 

(f)               
Certain Property and Information. Upon termination of the Employment, Executive will deliver to the Company any and
all property owned or leased by the Company or any Affiliate and any and all materials and information (in whatever form) relating
to the business of the Company or any Affiliate, including without limitation all customer lists and information, financial information,
business notes, business plans, documents, keys, credit cards, phones, computers and other Company-provided equipment. All Company
property will be returned promptly and in the condition it was received except for normal wear.

 

(g)              
Full Settlement. The Company’s obligations to make the payments provided for in this Agreement and otherwise
to perform the Company’s obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or
other claim, right or action that the Company may have against Executive or others. In no event, shall Executive be obligated to
seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions
of this Agreement and such amounts shall not be reduced whether or not Executive obtains other employment.

 

    	 	5	 

     

    

 

6.                 
Proprietary Information.

 

(a)              
Confidentiality. The Executive acknowledges and agrees that his work for the Employers will bring him into close
contact with many confidential affairs of the Employers not readily available to the public, including plans for further developments
or activities by the Employers or their subsidiaries or affiliates. The Executive agrees that during the Employment Period and
at all times thereafter, he shall keep and retain in the strictest confidence all confidential matters (“Confidential
Information”) of the Employers and their subsidiaries and affiliates, including but not limited to, “know how,”
sales and marketing information or plans; business or strategic plans; salary, bonus or other personnel information; information
about or concerning existing, new or potential customers, franchisees, clients or shareholders; trade secrets; pricing policies;
operational methods; technical processes; inventions and research projects; and other business affairs of the Employers and their
subsidiaries or affiliates, in each case that the Executive may develop or learn in the course of his employment, and shall not
remove such Confidential Information from the Employers’ premises (other than for the purpose of working from home), use
such Confidential Information for personal gain or disclose such Confidential Information to anyone outside of the Employers, either
during or after the Employment Period, except (i) in good faith, in the course of performing his duties under this Agreement; (ii)
with the prior written consent of the Board; (iii) it being understood that Confidential Information shall not be deemed to include
any information that is or becomes generally available to the public other than as a result of disclosure by the Executive; or
(iv) to the extent disclosure is compelled by a court of competent jurisdiction, arbitrator, agency, or other tribunal or investigative
body in accordance with any applicable statute, rule or regulation (but only to the extent any such disclosure is compelled, and
no further). Further, nothing herein shall prevent the Executive from cooperating with any investigation or inquiry conducted by
the Equal Employment Opportunity Commission regarding any employment practice or policy of the Employers. In addition, pursuant
to Section 7 of the Defend Trade Secrets Act of 2016 (which added 18 U.S.C. § 1833(b)), the Executive acknowledges that he
shall not have criminal or civil liability under any federal or state trade secret law for the disclosure of a trade secret that
(A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney
and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other
document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this Agreement is intended to conflict
with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such Section.
Upon the termination of the Executive’s employment with the Employers, or at any time the Employers may so request, the Executive
shall return to the Employers all tangible embodiments (in whatever medium) relating to Confidential Information and Work Product
(as hereinafter defined) that he may then possess or have under her control.

 

    	 	6	 

     

    

 

(b)              
Ownership of Property. The Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations,
improvements, developments, methods, processes, programs, designs, analyses, drawings, reports, patent applications, copyrightable
work and mask work (whether or not including any Confidential Information) and all registrations or applications related thereto,
all other proprietary information and all similar or related information (whether or not patentable) that relate to the Employers’
or any of their subsidiaries’ or affiliates’ actual or anticipated business, research and development, or existing
or future products or services and that are conceived, developed, contributed to, made, or reduced to practice by the Executive
(either solely or jointly with others) while employed by the Employers or any of their subsidiaries or affiliates, including any
of the foregoing that constitutes any proprietary information or records (“Work Product”) belonging to the Employers
or such subsidiary or affiliate, and the Executive hereby assigns, and agrees to assign, all of the above Work Product to the Employers
or to such subsidiary or affiliate, as applicable. Any copyrightable work prepared in whole or in part by the Executive in the
course of his work for any of the foregoing entities shall be deemed a “work made for hire” under the copyright laws,
and the Employers or their respective subsidiary or affiliate shall own all rights therein. To the extent that any such copyrightable
work is not a “work made for hire,” the Executive hereby assigns and agrees to assign to the Employers or such respective
subsidiary or affiliate all right, title, and interest, including without limitation, copyright in and to such copyrightable work.
The Executive shall perform all actions reasonably requested by the Board, at the Employers’ sole expense, to establish and
confirm the Employers’ or such subsidiary’s or affiliate’s ownership (including, without limitation, assignments,
consents, powers of attorney, and other instruments) in Work Product and copyrightable work identified by the Board. Notwithstanding
any provision of this Agreement, Executive shall not be required to assign, nor shall Executive be deemed to have assigned, any
of Executive’s rights in any invention that Executive develops entirely on his own time without using Employers’ equipment,
supplies, facilities, or trade secrets, which Executive developed before Executive came to work for Employers and that are described
on the attached Exhibit B hereto.

 

(c)              
Third Party Information. The Executive understands that the Employers and their subsidiaries and affiliates will
receive from third parties confidential or proprietary information (“Third Party Information”) subject to a
duty on the Employers’ and their subsidiaries’ and affiliates’ part to maintain the confidentiality of such information
and to use it only for certain limited purposes. During the Executive’s employment with the Employers and thereafter, and
without in any way limiting the provisions of Section 6(a) of this Agreement, the Executive shall hold Third Party Information
in the strictest confidence and shall not disclose to anyone (other than personnel and consultants of the Employers or their subsidiaries
and affiliates who need to know such information in connection with their work for the Employers or such subsidiaries and affiliates)
or use, except in connection with his work for the Employers or their subsidiaries and affiliates, Third Party Information unless
expressly authorized by the Board in writing.

 

7.                 
Restrictive Covenants. The Executive acknowledges that (i) in the course of his employment with the Employers and
their subsidiaries and affiliates, he will become familiar with the Employers’ and their subsidiaries’ and affiliates’
trade secrets and with other Confidential Information concerning the Employers and such subsidiaries and affiliates; (ii) his services
will be of special, unique and extraordinary value to the Employers and such subsidiaries and affiliates; (iii) the agreements
and covenants of the Executive contained in Section 6 and Section 7 hereof are essential to the business and goodwill of the Employers;
and (iv) the Employers would not have entered into this Agreement but for the covenants and agreements set forth in Section 6 and
Section 7 hereof. Therefore, the Executive agrees that, without limiting any other obligation pursuant to this Agreement:

 

    	 	7	 

     

    

 

(a)              
Non-Solicitation. Except with prior written permission of the Board, the Executive shall not, directly or indirectly
(individually or on behalf of other persons), during the Employment Period and for a period of twelve (12) months thereafter, for
any reason hire, offer to hire or entice away any officer, employee, franchisee, supplier, vendor, or agent of the Employers or
any of their subsidiaries or affiliates (or any former officer, employee or agent of the Employers or any of their subsidiaries
or affiliates who was employed by the Employers or any of their subsidiaries or affiliates at any time during the twelve (12) month
period prior to the Executive’s cessation of employment; provided that the foregoing shall not be violated by general advertisements
not targeted at employees or consultants of either Employer.

 

(b)              
Non-Disparagement. At any time during or within twenty-four (24) months after the Employment Period, the Executive
shall not make (whether directly or through any other Person) any public or private statements (whether oral or in writing) which
are derogatory or damaging to the Employers or their direct or indirect parents, subsidiaries and affiliates, together with each
of their current and former principals, officers, directors, direct or indirect equity holders, general and limited partners, agents,
representatives and employees, or any of their businesses, activities, operations, affairs, reputations or prospects, and the Employers
will not authorize any of their officers, directors or employees to make disparaging or derogatory statements about the Executive
(and will use its reasonable best efforts to prevent such individuals from making such statements) except, in each case, to the
extent required by law, and only after consultation with the other party to the maximum extent possible to maintain the goodwill
of such party.

 

(c)              
Injunctive Relief with Respect to Covenants. Executive acknowledges and agrees that in the event of any material
breach by Executive of any of section of this Agreement that remedies at law may be inadequate to protect the Employers, and, without
prejudice to any other legal or equitable rights and remedies otherwise available to the Employers, Executive agrees to the
granting of injunctive relief in the Employers’ favor in connection with any such breach or violation without proof of irreparable
harm.

 

(d)              
Enforcement. If, at the time of enforcement of Section 6 hereof or this Section 7, a court or other body of legal
authority holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree
that the maximum duration, scope or geographical area reasonable under such circumstances shall be substituted for the stated period,
scope or area and that the court may revise such restrictions to cover the maximum duration, scope and area permitted by law and
reasonable under such circumstances. Because the Executive’s services are unique and because the Executive has access to
Confidential Information, the parties hereto agree that the Employers and their subsidiaries and affiliates would be irreparably
harmed by, and money damages would be an inadequate remedy for, any breach of this Agreement. Therefore, in the event of a breach
or threatened breach of this Agreement, the Employers and their subsidiaries and affiliates and/or their respective successors
or assigns may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction
for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof
(without posting a bond or other security).

 

    	 	8	 

     

    

 

8.                 
Miscellaneous.

 

(a)              
Survival. To the extent necessary to give effect to such provisions, the provisions of this Agreement (including
without limitation, Sections, 6 and 7 hereof) shall survive the termination of this Agreement, whether such termination shall be
by expiration of the Employment Period, an earlier termination pursuant to Section 4 hereof or otherwise.

 

(b)              
Binding Effect. This Agreement shall be binding on, and shall inure to the benefit of, the Employers and any person
or entity that succeeds to the interest of the Employers (regardless of whether such succession occurs by operation of law) by
reason of the sale of all or a portion of the Employers’ equity securities, a merger, consolidation or reorganization involving
the Employers or, unless the Employers otherwise elect in writing, a sale of all or a portion of the assets of the business of
the Employers. This Agreement shall also inure to the benefit of the Executive’s heirs, executors, administrators and legal
representatives.

 

(c)              
Assignment. This Agreement may not be assigned by the Executive. The Employers may assign their rights, together
with its obligations, hereunder (i) to any affiliate or subsidiary, provided that the assignor continues to be responsible for
the obligations set forth herein until discharged, or (ii) to third parties in connection with any sale, transfer or other disposition
of all or substantially all of its business or assets. The Company will require any successor to assume expressly and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession
had taken place.

 

(d)              
Entire Agreement. This Agreement, together with Exhibit A hereto, constitutes the entire agreement between the parties
hereto with respect to the matters referred to herein and supersedes any and all prior agreements, whether written or oral, including
the “Consulting Agreement,” dated September 20, 2018, which is hereby void and of no effect. No other agreement relating
to the terms of the Executive’s employment by the Employers, oral or otherwise, shall be binding between the parties unless
it is in writing and signed by the party against whom enforcement is sought. There are no promises, representations, inducements
or statements between the parties other than those that are expressly contained herein. The Executive acknowledges that he is entering
into this Agreement of his own free will and accord, and with no duress, that he has read this Agreement and that he understands
it and its legal consequences.

 

(e)              
Severability; Reformation. In the event that one or more of the provisions of this Agreement shall become invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein
shall not be affected thereby. In the event any covenant contained herein is not enforceable in accordance with its terms, the
Executive and the Employers agree that such provision shall be reformed to make such covenant enforceable in a manner that provides
as nearly as possible the result intended by this Agreement.

 

(f)               
Waiver. Waiver by any party hereto of any breach or default by the other party of any of the terms of this Agreement
shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived.
No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties hereto or from any
failure by either party hereto to assert its or his rights hereunder on any occasion or series of occasions.

 

    	 	9	 

     

    

 

(g)              
Notices. Any notice required or desired to be delivered under this Agreement shall be in writing and shall be delivered
personally, by courier service, by registered mail, return receipt requested, or by nationally recognized overnight carrier and
shall be effective upon actual receipt by the party to which such notice shall be directed, and shall be addressed as follows (or
to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

 

If to the Employers:

 

JTH Tax Inc.

1716 Corporate Landing Parkway

Virginia Beach, VA 23454

Attention: Vice President of Human Resources

 

If to the Executive:

 

with a copy which shall not constitute notice to:

 

Brent Turner

6900 Reverchon Court

Colleyville, TX 76034

 

(h)              
Amendments. This Agreement may not be altered, modified or amended except by a written instrument signed by each
of the parties hereto.

 

(i)                
Headings. Headings to sections in this Agreement are for the convenience of the parties only and are not intended
to be part of or to affect the meaning or interpretation hereof.

 

(j)                
Counterparts; Electronic Transmission. This Agreement may be executed in counterparts, each of which shall be deemed
an original but all of which together shall constitute one and the same instrument. Transmission by one party to the others of
fully executed copies of this Agreement by electronically shall bind the parties to the same extent as by the exchange of manually
signed originals.

 

(k)              
Withholding. Any payments provided for herein shall be reduced by any amounts required to be withheld by the Employers
under applicable federal, state or local income or employment tax laws or similar statutes or other provisions of law then in effect.

 

(l)                
Indemnification. The Executive shall be indemnified to the same extent as other senior executives and officers of
the Employers with respect to the Executive’s service as an employee of the Employers or any of the Employers’ subsidiaries
or affiliates. During the Employment Period, the Employers shall maintain a directors and officers’ liability insurance policy
(or policies) providing coverage to the Executive to the extent that the Employers provide such coverage for any other senior executives
or officers of the Employers. Following the Employment Period, the Executive shall be entitled to such coverage to the extent that
the Employers provide such coverage for any other current or former senior executive or officer of the Employers. The Employers
shall advance to the Executive an amount necessary to cover any reasonable fees incurred by the Executive in accordance with this
Section 8(1).

 

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(i)                
Right of Indemnification. The Employers shall indemnify and hold harmless, to the fullest extent permitted by applicable
law as it presently exists or may hereafter be amended, the Executive if he is made or is threatened to be made a party or is otherwise
involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”),
by reason of the fact that he, or a person for whom he is the legal representative, is or was a director or officer of the Employers
or, while a director or officer of the Employers, is or was serving at the request of the Employers as a director, officer, manager,
employee or agent of another Employers or of a partnership, limited liability company, joint venture, trust, enterprise or nonprofit
entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including
reasonable attorneys’ fees) reasonably incurred by the Executive. Notwithstanding the preceding sentence, the Employers shall
be required to indemnify, or advance expenses to, the Executive in connection with a Proceeding (or part thereof) commenced by
the Executive only if the commencement of such Proceeding (or part thereof) by the Executive was authorized by the Board of Directors.

 

(ii)             
Advancement of Expenses. The Employers shall to the fullest extent not prohibited by applicable law pay the reasonable expenses
(including reasonable attorneys’ fees) incurred by the Executive in defending any Proceeding in advance of its final disposition,
provided, however, that, to the extent required by law, such payment of expenses in advance of the final disposition of the Proceeding
shall be made only upon receipt of an undertaking by the Executive to repay all amounts advanced if it should be ultimately determined
that the Executive is not entitled to be indemnified.

 

(iii)           
Claims. A claim for indemnification (following the final disposition of the Proceeding with respect to which indemnification
is sought, including any settlement of such Proceeding) or advancement of expenses under this Section 8 is not paid in full within
thirty days after a written claim therefor by the Executive has been received by the Employers, the Executive may file suit to
recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting
such claim to the fullest extent permitted by applicable law. In any such action the Employers shall have the burden of proving
that the Executive is not entitled to the requested indemnification or advancement of expenses.

 

(iv)            
Non-Exclusivity of Rights. The rights conferred on the Executive by this Agreement shall not be exclusive of any other rights
which the Executive may have or hereafter acquire under any statute, any provision of the Employers’ articles of incorporation,
bylaws, or any agreement, vote of stockholders or disinterested directors or otherwise.

 

(m)            
Voluntary Agreement: No Conflicts. Executive represents that he is entering into this Agreement voluntarily and that
Executive’s employment hereunder and compliance with the terms and conditions of this Agreement will not conflict with or
result in the breach by Executive of any agreement to which he is a party or by which he or his properties or assets may be bound.

 

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(n)              
Governing Law. The parties agree that: (i) any litigation involving any enforcement of, noncompliance with or breach
of the Agreement, or regarding the interpretation, validity and/or enforceability of the Agreement, shall be interpreted in accordance
with and governed by the laws of the State of Delaware, without regard for any conflict of law principles; (ii) jurisdiction and
venue shall be laid solely and exclusively in the Circuit Court for the City of Virginia Beach or the United States District Court
for the Eastern District of Virginia, Norfolk Division, at the option of Employers (or any of them).

 

(o)              
Code Section 409A. The intent of the parties is that payments and benefits under this Agreement comply with or be
exempt from Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”),
and this Agreement shall be interpreted and administered accordingly. Notwithstanding anything contained herein to the contrary,
the Executive shall not be considered to have terminated employment with the Employers for purposes of this Agreement, unless the
Executive would be considered to have incurred a “separation from service” from the Employers within the meaning of
Section 409A (a “Separation from Service”). Each amount to be paid or benefit to be provided under this Agreement
shall be construed as a separate identified payment for purposes of Section 409A, and any payments described in Section 5 of this
Agreement that are due within the “short-term deferral period” as defined in Section 409A shall not be treated as deferred
compensation unless applicable law requires otherwise. Notwithstanding any provision of this Agreement to the contrary, if, at
the time of the Executive’s Separation from Service, the stock of the Employers (or any successor entity) is treated as “publicly
traded” under Section 409A(a)(2)(B)(1) of the Code and the Executive is deemed to be a “specified employee” within
the meaning of said section, all payments which are subject to Section 409A as deferred compensation and which would otherwise
be required to be made upon such Separation from Service shall be made on the earlier of (i) the first day of the first month commencing
at least six (6) months following Executive’s Separation from Service or (ii) the date of the Executive’s death. To
the extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to the Executive under this
Agreement shall be paid to the Executive on or before the last day of the year following the year in which the expense was incurred
and the amount of expenses eligible for reimbursement during any one year may not effect amounts reimbursable or provided in any
subsequent year.

 

 

 

 

 

 

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF,
the Employers have caused this Agreement to be executed by a duly authorized officer and the Executive has hereunto set his hand
as of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	BY: /s/ Patrick A. Cozza
	 	Its:  Compensation Committee Chairman
	 	 
	 	Date: June 9, 2019
	 	 
	 	SUBCO
	 
	 	BY: /s/ Patrick A. Cozza
	 	Its :  Compensation Committee Chairman
	 	 
	 	Date: June 9, 2019
	 	 
	 	 
	 	EXECUTIVE: 
	 	/s/ Michael Brent Turner
	 	 
	 	Date:  June 9, 2019

 

 

 

 

 

 

    	 	13	 

     

    

 

EXHIBIT A

 

Form of Release

 

RELEASE AGREEMENT (this
“Release Agreement”), dated as of -___________, 2019, between Liberty Tax, Inc., a Delaware corporation (“COMPANY”),
JTH Tax, Inc., a Delaware corporation (“Subco” and together with COMPANY, the “Company”),
and M. Brent Turner (“Executive”).

 

1.                 
Release.

 

(a)              
In consideration of the payments set forth in Section 5(c) of the Employment Agreement, as applicable, between the Company
and Executive dated as of June __, 2019 (the “Employment Agreement”), Executive, on behalf of himself and his
heirs, executors, successors and assigns, knowingly and voluntarily releases, remises, and forever discharges the Company and its
direct or indirect parents, subsidiaries and affiliates, together with each of their current and former principals, officers, directors,
direct or indirect equityholders, general and limited partners, agents, representatives and employees, and each of their heirs,
executors, successors and assigns (collectively, the “Releasees”), from any and all debts, demands, actions,
causes of actions, accounts, covenants, contracts, agreements, claims, damages, omissions, promises, and any and all claims and
liabilities whatsoever, of every name and nature, known or unknown, suspected or unsuspected, both in law and equity (“Claims”),
which Executive ever had, now has, or may hereafter claim to have against the Releasees by reason of any matter, cause or thing
whatsoever arising from the beginning of time to the time he signs this Release Agreement (the “General Release”).
This General Release of Claims shall apply to any Claim of any type, including, without limitation, any and all Claims of any
type that Executive may have arising under the common law, under Title VII of the Civil Rights Act of 1964, the Civil Rights Act
of 1991, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Americans With Disabilities
Act of 1967, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974, the Sarbanes-Oxley
Act of 2002, each as amended, and any other federal, state or local statutes, regulations, ordinances or common law, or under any
policy, agreement, contract, understanding or promise, written or oral, formal or informal, between any of the Releasees and Executive,
including but not limited to the Employment Agreement, and Company’s Equity and Cash Incentive Plan and shall further apply,
without limitation, to any and all Claims in connection with, related to or arising out of Executive’s employment relationship,
or the termination of his employment, with the Company.

 

(b)              
Except as provided in Section 5(c) of the Employment Agreement, as applicable, Executive acknowledges and agrees that the
Company has fully satisfied any and all obligations owed to his arising out of his employment with the Company, and no further
sums are owed to him by the Company or by any of the other Releasees at any time.

 

    	 	1	 

     

    

 

2.                 
Consultation with Attorney; Voluntary Agreement. The Company advises Executive to consult with an attorney of his
choosing prior to signing this Release Agreement. Executive understands and agrees that he has the right and has been given the
opportunity to review this Release Agreement and, specifically, the General Release in Paragraph 1 above, with an attorney. Executive
also understands and agrees that he is under no obligation to consent to the General Release set forth in Paragraph 1 above. Executive
acknowledges and agrees that the payments set forth in Section 5(c) of the Employment Agreement, as applicable, are sufficient
consideration to require him to abide with his obligations under this Release Agreement, including but not limited to the General
Release set forth in Paragraph 1. Executive represents that he has read this Release Agreement, including the General Release set
forth in Paragraph 1 and understands its terms and that he enters into this Release Agreement freely, voluntarily, and without
coercion. Notwithstanding the foregoing, nothing contained herein shall prevent Executive from filing an administrative charge
of discrimination with the EEOC or state or local fair employment practices agency. No federal, state or local government agency
is a party to this Agreement and none of the provisions of this Agreement restrict or in any way affect a government agency’s
authority to investigate or seek relief in connection with any of the claims released. Moreover, nothing in this Release Agreement
or in any other agreement is intended to or will be used in any way to limit employee’s rights to communicate with a government
agency, as provided for, protected under or warranted by applicable law. However, if a government agency were to pursue any matters
falling within the released claims, which it is free to do, the parties agree that this Agreement shall control as the exclusive
remedy and full settlement of all claims between the parties. Executive agrees that Executive shall not seek, accept, or be entitled
to any monetary relief, whether individually or as a member of a class or group, arising from an EEOC charge filed by Executive
or on Executive’s behalf.

 

3.                 
No Admission of Liability. Nothing in this Agreement is intended to or will be construed as an admission by the Company
that it or any of its officer’s directors or employees, violated any law, interfered with any right, breached any obligation,
or otherwise engaged in any improper or illegal conduct, the Released Parties expressly denying any such conduct.

 

4.                 
Effective Date; Revocation. Executive acknowledges and represents that he has been given twenty-one (21) days during
which to review and consider the provisions of this Release Agreement and, specifically, the General Release set forth in Paragraph
1 above, although he may sign and return it sooner if he so desires. Executive further acknowledges and represents that he has
been advised by the Company that he has the right to revoke this Release Agreement for a period of seven (7) days after signing
it. Executive acknowledges and agrees that, if he wishes to revoke this Release Agreement, he must do so in a writing, signed by
him and received by the Company no later than 5:00 p.m. Eastern Time on the seventh (7th) day of the revocation period. If no such
revocation occurs, the General Release and this Release Agreement shall become effective on the eighth (8th) day following his
execution of this Release Agreement. Executive further acknowledges and agrees that, in the event that he revokes this Release
Agreement, it shall have no force or effect, and he shall have no right to receive any payment pursuant to Section 5(c) of the
Employment Agreement, as applicable.

 

5.                 
Time for Execution. The Executive shall execute this Release Agreement not later than 21 days from the date it is
provided to him

 

6.                 
Severability. In the event that any one or more of the provisions of this Release Agreement shall be held to be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remainder of the Release Agreement shall not in any
way be affected or impaired thereby.

 

    	 	2	 

     

    

 

7.                 
Waiver. No waiver by either party of any breach by the other party of any condition or provision of this Release
Agreement to be performed by such other party shall be deemed a waiver of any other provision or condition at the time or at any
prior or subsequent time. This Release Agreement and the provisions contained in it shall not be construed or interpreted for or
against either party because that party drafted or caused that party’s legal representative to draft any of its provisions.

 

8.                 
Governing Law. This Release Agreement shall be governed by and construed and enforced in accordance with the laws
of the Commonwealth of Virginia, without reference to its choice of law rules.

 

9.                 
Entire Agreement. This Release Agreement constitutes the entire agreement and understanding of the parties with respect
to the release of claims provided for herein and supersedes all prior agreements, arrangements and understandings, written or oral,
between the parties with respect to such release of claims. Executive acknowledges and agrees that he is not relying on any representations
or promises by any representative of the Company concerning the meaning of any aspect of this Release Agreement. This Release Agreement
may not be altered or modified other than in a writing signed by Executive and an authorized representative of the Company.

 

10.             
Headings. All descriptive headings in this Release Agreement are inserted for convenience only and shall be disregarded
in construing or applying any provision of this Release Agreement.

 

11.             
Counterparts. This Release Agreement may be executed in counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument.

 

 

 

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF,
the Company and Executive have executed this Release Agreement, on the date and year set forth below.

 

	 	COMPANY:	 
	 	 	 	 
	 	BY:	 	 	 
	 	 	Name:	 	 
	 	 	Title: 	 	 
	 	 	 	 	 
	 	 	Date: 	 	 
	 	 	 	 	 
	 	SUBCO	 	 
	 	 	 	 
	 	BY: 	 	 	 
	 	 	Name:	 	 
	 	 	Title: 	 	 
	 	 	 	 	 
	 	 	Date: 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	EXECUTIVE 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	Date: 	 	 

 

 

  

 

    	 	4	 

     

    

 

EXHIBIT “B” – PRE-EXISTING
INVENTIONS

 

 

(CHECK ONE)

 

☐       Executive
does not have any interest in any inventions, patents, trademarks or copyrights or other intellectual property developed before
Executive came to work for Employers.

 

-OR-

 

☐       Executive
has an interest in the following inventions, patents, trademarks or copyrights or other intellectual property developed before
Executive came to work for Employers, as follows:

 

 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

 

 

Executed this _________day of _____________________, _________.

 

 

 

__________________________________________

Executive

 

__________________________________________

(Print Name)

 

 

 

 

 

 

 

1

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