Document:

Amendment No. 4 to Second Amendment and Restated Credit and Security Agreement

 Exhibit 10.3 
 THE USE OF THE FOLLOWING NOTATION IN THIS EXHIBIT INDICATES THAT A CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION: [***]. 
 AMENDMENT NO. 4 TO SECOND AMENDED AND RESTATED CREDIT
AND SECURITY AGREEMENT 
 THIS AMENDMENT NO. 4 TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT,
dated as of January 12, 2011 (this “Amendment”), is by and among: 
 (a) RED BIRD
RECEIVABLES, LLC, a Delaware limited liability company formerly known as Red Bird Receivables, Inc., a Delaware corporation (“Borrower”), 

(b) INTERNATIONAL PAPER COMPANY, a New York corporation (“International Paper” and, together with
Borrower, the “Loan Parties” and each, a “Loan Party”), as Servicer (and solely for purposes of making the representation in Section 1.5 of this Amendment, individually), 

(c) GOTHAM FUNDING CORPORATION, a Delaware corporation (together with its successors, “Gotham”),
and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, in its capacity as a Liquidity Bank to Gotham (together with its successors, “BTMU” and, together with Gotham, the “Gotham Group”),

 (d) JUPITER SECURITIZATION COMPANY LLC, a Delaware limited liability company as successor by merger to Park
Avenue Receivables Company LLC (together with its successors, “Jupiter”), and JPMORGAN CHASE BANK, N.A., in its capacity as a Liquidity Bank to Jupiter (together with its successors, “JPMorgan” and,
together with Jupiter, the “Jupiter Group”), 
 (e) STARBIRD FUNDING CORPORATION, a
Delaware corporation (together with its successors, “Starbird”), and BNP PARIBAS, ACTING THROUGH ITS NEW YORK BRANCH, in its capacity as a Liquidity Bank to Starbird (together with its successors, “BNP
Paribas” and, together with Starbird, the “Starbird Group”), 
 (f) CAFCO,
LLC, a Delaware limited liability company (together with its successors, “CAFCO”), and CITIBANK, N.A., in its capacity as a Liquidity Bank to CAFCO (together with its successors, “Citibank” and,
together with CAFCO, the “CAFCO Group”), 
 (g) WORKING CAPITAL MANAGEMENT CO., L.P., a
California limited partnership (together with its successors, “WCM”), and MIZUHO 

 CORPORATE BANK, LTD., in its capacity as a Liquidity Bank to WCM (together with its
successors, “Mizuho” and, together with WCM, the “WCM Group”), 

(h) ATLANTIC ASSET SECURITIZATION LLC, a Delaware limited liability company (together with its successors,
“Atlantic” and, together with Gotham, Jupiter, Starbird, WCM and CAFCO, the “Conduits”), and CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (F/KA CALYON NEW YORK BRANCH), in its capacity as a Liquidity
Bank to Atlantic (together with its successors, “CACIB” and, together with Atlantic, the “Atlantic Group”), 
 (i) THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, in its capacity as agent for the Gotham Group (together with its successors in such capacity, the “Gotham Agent” or a
“Co-Agent”), JPMORGAN CHASE BANK, N.A., in its capacity as agent for the Jupiter Group (together with its successors in such capacity, the “Jupiter Agent” or a “Co-Agent”), BNP
PARIBAS, ACTING THROUGH ITS NEW YORK BRANCH, in its capacity as agent for the Starbird Group (together with its successors in such capacity, the “Starbird Agent” or a “Co-Agent”), CREDIT AGRICOLE
CORPORATE AND INVESTMENT BANK, in its capacity as agent for the Atlantic Group (together with its successors in such capacity, the “Atlantic Agent” or a “Co-Agent”), MIZUHO CORPORATE BANK, LTD. (the
“WCM Agent” or a “Co-Agent”), and CITIBANK, N.A. in its capacity as agent for the CAFCO Group (together with its successors in such capacity, the “CAFCO Agent” or, after
effectiveness of this Amendment, a “Co-Agent”), and 
 (j) CITICORP NORTH AMERICA, INC.
(“CNAI”), as administrative agent for the Gotham Group, the Jupiter Group, the Starbird Group, the CAFCO Group, the Atlantic Group, the WCM Group and the Co-Agents (in such capacity, together with any successors thereto in
such capacity, the “Administrative Agent” and together with each of the Co-Agents, the “Agents”). 
 Capitalized terms used and not otherwise defined herein shall have the meanings attributed thereto in the Credit Agreement (as defined below). 

PRELIMINARY STATEMENTS 
 WHEREAS, the parties hereto (other than WCM and Mizuho) are parties to that certain Second Amended and Restated Credit and Security Agreement, dated as of March 13, 2008, as amended (as
hereby and hereafter amended, restated or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, WCM wishes to become a Conduit, and Mizuho wishes to become a Liquidity Bank and a Co-Agent, under the Credit Agreement on the terms and subject to the conditions hereinafter set
forth; 
 WHEREAS, in addition, the Loan Parties desire to amend the Credit Agreement as hereinafter set forth;
and 

  
 2 

 WHEREAS, the Agents are willing to agree to such amendments on the terms and
subject to the conditions set forth in this Amendment; 
 NOW, THEREFORE, in consideration of the foregoing
premises and the mutual agreements herein contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

1. Amendments. Effective on the date hereof, upon satisfaction of each of the conditions precedent set forth in Section 3
below: 
 1.1. All references in the Credit Agreement to “Calyon New York Branch” are hereby replaced with
“Credit Agricole Corporate and Investment Bank,” and all references in the Credit Agreement to “Calyon” (whether alone or as part of another defined term) are hereby replaced with “CACIB.” All references in the Credit
Agreement to “Park Avenue Receivables Company LLC” are hereby replaced with “Jupiter Securitization Company LLC,” and all references in the Credit Agreement to “PARCO” (whether alone or as part of another defined term)
are hereby replaced with “Jupiter.” 
 1.2. Section 1.1(a) of the Credit Agreement is hereby amended to
(a) move the word “and” at the end of clause (iv) thereof to the end of clause (v) thereof, and (b) to insert the following new clause (vi) therein: 

(vi) in the event that WCM elects not to make any such Loan to Borrower, the WCM Agent shall promptly notify Borrower and,
unless Borrower cancels its Borrowing Request, each of the WCM Liquidity Banks severally agrees to make its Ratable Share of such Loan to Borrower, on the terms and subject to the conditions hereof, provided that at no time may the
aggregate principal amount of WCM’s and the WCM Liquidity Banks’ Loans at any one time outstanding exceed the lesser of (i) the WCM Group’s Group Limit, and (ii) WCM’s Percentage of the Borrowing Base (such lesser
amount, the “WCM Allocation Limit”). 
 1.3. Section 1.5(g) of the Credit Agreement is hereby
deleted in its entirety and replaced with the following Sections 1.5(g) and 1.5(h): 
 (g) If, on any Business
Day, the aggregate outstanding principal amount of the Loans from the WCM Group exceeds the WCM Allocation Limit, or the aggregate principal amount of the Loans outstanding from WCM exceeds the WCM Liquidity Banks’ aggregate Liquidity
Commitments pursuant to the WCM Liquidity Agreement divided by 102%, Borrower shall prepay such Loans by wire transfer to the WCM Agent received not later than 1:00 p.m. (New York City time) on the first Business Day thereafter of an amount
sufficient to eliminate such excess, together with accrued and unpaid interest on the amount prepaid. 
 (h) Upon
receipt of any wire transfer pursuant to Section 1.5(a), (b), (c), (d), (e), (f) or (g), the applicable Co-Agent shall wire transfer to each of 

  
 3 

 its Constituent Lenders their respective shares thereof not later than 1:30 p.m. (New York
City time) on the date when received. Any prepayment required pursuant to Section 1.5(b), (c), (d), (e), (f) or (g) shall be applied first, to the ratable reduction of the applicable Group’s Alternate Base Rate Loans outstanding,
second, to the ratable reduction of the applicable Group’s LIBOR Loans outstanding, and lastly, to the reduction of the applicable Group’s CP Rate Loans selected by Borrower (or the Servicer, on Borrower’s behalf). 

1.4. Section 2.2(e) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(e) Unless each of the Co-Agents shall have received written notice by 1:00 p.m. (New York City time) on the third
(3rd) Business Day prior to the last day of an Interest Period with respect to a LIBOR Loan that Borrower intends to reduce the aggregate principal amount of LIBOR Loans outstanding from the Liquidity Banks, each of the Jupiter Liquidity Banks,
the Atlantic Liquidity Banks and the CAFCO Liquidity Banks shall be entitled to assume that Borrower desires to refinance its maturing LIBOR Loans on the last day of such Interest Period with Alternate Base Rate Loans, and each of the Gotham
Liquidity Banks, the WCM Liquidity Banks and the Starbird Liquidity Banks shall be entitled to assume that Borrower desires to refinance its maturing LIBOR Loans on the last day of such Interest Period with LIBOR Loans for the same Interest Period
then ending to the extent of the applicable Liquidity Banks’ ability to provide the funding without the customary three (3) Business Days notice or, otherwise, with Alternate Base Rate Loans. 

1.5. Section 6.1(s) of the Credit Agreement is hereby amended to insert the following at the end thereof: 

In addition to the foregoing, each of International Paper and the Borrower represents and warrants as to itself that each
remittance of Collections by International Paper to the Borrower under the Receivables Sale and Contribution Agreement will have been (i) in payment of a debt incurred by International Paper in the ordinary course of business or financial
affairs of International Paper and the Borrower and (ii) made in the ordinary course of business or financial affairs of International Paper and the Borrower. Furthermore, the Borrower, the Administrative Agent and each Lender represents and
warrants, as to itself, that each remittance of Collections to the Administrative Agent or the Lenders hereunder will have been (x) in payment of a debt incurred by the Borrower in the ordinary course of the business or financial affairs of the
Borrower and the recipient thereof and (y) made in the ordinary course of the business or financial affairs of the Borrower and the recipient thereof. 

  
 4 

 1.6. Section 8.5 of the Credit Agreement is hereby amended to add the following at the
end thereof: 
 In the event that any Loan Party delivers a notice to the Co-Agents of the type described in the definition of
“Pool Receivable,” together with each of the Collateral Reports described above, the Servicer shall deliver to the Co-Agents a detailed explanation of the computation of the Default Ratio, the Dilution Ratio and the Past Due Ratio as well
as the adjustments in the numerator and denominator to each of these ratios resulting from the exclusion of the Receivables owing from such Specified Obligor then being excluded from Pool Receivables. 

1.7. [***] 

1.8. Section 10.2(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(a) If after the date hereof, any Funding Source shall be charged any fee, expense or increased cost on account of the
adoption of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy and including any rules or regulations issued under or implementing any existing law) or any change therein, or any
change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the
force of law) of any such authority, central bank or comparable agency, including any request or directive relating to a Funding Source’s calculations of regulatory capital requirements (a “Regulatory
Change”): (i) that subjects any Funding Source to any charge or withholding on or with respect to any Funding Agreement or a Funding Source’s obligations under a Funding Agreement, or on or with respect to the Receivables,
or changes the basis of taxation of payments to any Funding Source of any amounts payable under any Funding Agreement (except for changes in the rate of tax on the overall net income of a Funding Source or Excluded Taxes) or (ii) that imposes,
modifies or deems applicable any reserve, assessment, insurance charge, special deposit, increase in capital or similar requirement against assets of, deposits with or for the account of a Funding Source, or credit extended by a Funding Source
pursuant to a Funding Agreement or (iii) that imposes any other condition the result of which is to increase the cost to a Funding Source of performing its obligations under a Funding Agreement, or to reduce the rate of return on a Funding
Source’s capital as a consequence of its obligations under a Funding Agreement, or to reduce the amount of any sum received or receivable by a Funding Source under a Funding Agreement or to require any payment calculated by reference to the
amount of interests or loans held or interest received by it (each such Funding Source that suffers any event described in any of the preceding clauses (i)-(iii), an “Affected Entity”), then, upon 

  
 5 

 written demand by the applicable Co-Agent upon the Borrower (with a copy
to the Administrative Agent and Servicer), the Borrower shall pay to the Administrative Agent, for the benefit of the relevant Affected Entity, such amounts charged to such Affected Entity or such amounts to otherwise compensate such Affected Entity
for such increased cost or such reduction; provided, however, that in the case of a Regulatory Change resulting in an increase in the regulatory capital required to be maintained by any Affected Entity, the Borrower shall not be liable
to compensate such Affected Entity for such increase for any period prior to the 61st day following written notification thereof from the applicable Co-Agent to the Borrower (with a copy to the Administrative Agent and the Servicer). 

1.9. Section 11.1(a) of the Credit Agreement is hereby amended to insert the following new first sentence therein: 

Each member of the WCM Group hereby irrevocably designates and appoints Mizuho Corporate Bank, Ltd., as WCM Agent
hereunder and under the other Transaction Documents to which the WCM Agent is a party, and authorizes the WCM Agent to take such action on its behalf under the provisions of the Transaction Documents and to exercise such powers and perform such
duties as are expressly delegated to the WCM Agent by the terms of the Transaction Documents, together with such other powers as are reasonably incidental thereto. 
 1.10. Section 11.9 of the Credit Agreement is hereby amended to insert the following new clause (f) at the end thereof: 

(f) Mizuho acts, or may in the future act: (i) as administrator of WCM, (ii) to provide credit or liquidity
enhancement for the timely payment for WCM’s Commercial Paper and (iii) to provide other services from time to time for WCM (collectively, the “Mizuho Roles”). Without limiting the generality of Sections 11.1
and 11.8, each of the Agents and WCM hereby acknowledges and consents to any and all Mizuho Roles and agrees that in connection with any Mizuho Role, Mizuho may take, or refrain from taking, any action which it, in its discretion, deems
appropriate, including, without limitation, in its role as administrator of WCM, the giving of notice to the WCM Liquidity Banks of a mandatory purchase pursuant to the WCM Liquidity Agreement. 

1.11. Section 14.5(b) of the Credit Agreement is hereby amended (a) to delete “who rates any Conduit’s Promissory
Notes or other debt securities” in clause (iii) thereof, and (b) to insert “Mizuho,” before “BTMU” in clause (iv) thereof. 
 1.12. Clause (iv) of the definition in Exhibit I to the Credit Agreement of “Eligible Receivable” is hereby amended and restated in its entirety to read as follows:

  
 6 

 (iv) which (A) by its terms is due and payable within 91 days of the
original billing date therefore and has not had its payment terms extended more than once, (B) has not been transferred, in whole or in part, to notes receivable, and (C) is not owing from an Obligor that has had all or any portion of the
Receivables owing from it transferred to notes receivable, provided that the foregoing clause (C) shall not apply to National Envelope Corporation unless any Receivable owing from it is transferred to notes receivable, in whole or
in part, on or after January 1, 2011, 
 1.13. The definition in Exhibit I to the Credit Agreement of each of the terms
specified below is hereby amended and restated in its entirety to read, respectively, as follows: 

“Co-Agents’ Fee Letter” means that certain Co-Agents’ Fee Letter dated as of
January 12, 2011 by and among the Co-Agents and Borrower, as the same may be amended, restated or otherwise modified from time to time. 
 “Committed Lender” means (a) each of the Gotham Liquidity Banks, (b) each of the Jupiter Liquidity Banks, (c) each of the Starbird Liquidity Banks, (d) each of
the CAFCO Liquidity Banks, (e) each of the WCM Liquidity Banks, and (f) each of the Atlantic Liquidity Banks. 
 “Conduits” means Gotham, Starbird, Jupiter, CAFCO, WCM and Atlantic. 
 “Constituent” means, (a) as to the Gotham Group, any member of the Gotham Group from time to time a party hereto, (b) as to the Jupiter Agent, any member of the Jupiter
Group from time to time party hereto, (c) as to the Starbird Agent, any member of the Starbird Group from time to time party hereto, (d) as to the CAFCO Group, any member of the CAFCO Group from time to time party hereto, (e) as to
the WCM Agent, any member of the WCM Group from time to time party hereto, and (f) as to the Atlantic Agent, any member of the Atlantic Group from time to time party hereto, and when used as an adjective,
“Constituent” shall have a correlative meaning. 
 “Credit and
Rebill” means any reduction to the Outstanding Balance of a Receivable which is re-documented by a new invoice for the same product and the same Obligor (unless such new invoice is issued on the same date as the original invoice). For
purposes of measuring Dilution, if the Servicer is able to net the two invoices, a Credit and Rebill may be valued at the amount by which the original invoice exceeds the new invoice; otherwise, it shall be valued at the entire amount of the
original invoice. 
 “Group” means the Atlantic Group, the Gotham Group, the Jupiter
Group, the Starbird Group, the WCM Group or the CAFCO Group, as the case may be. 
 “Liquidity
Bank” means: 
 (a) with respect to Gotham, BTMU or any Eligible Assignee of BTMU’s Commitment
and/or Liquidity Commitment, 

  
 7 

 (b) with respect to Jupiter, JPMorgan or any Eligible Assignee of
JPMorgan’s Commitment and Liquidity Commitment, 
 (c) with respect to Starbird, BNP Paribas or any Eligible
Assignee of BNP Paribas’s Commitment and Liquidity Commitment, 
 (d) with respect to CAFCO, Citibank or any
Eligible Assignee of Citibank’s Commitment and Liquidity Commitment, 
 (e) with respect to WCM, Mizuho or
any Eligible Assignee of Mizuho’s Commitment and Liquidity Commitment, and 
 (f) with respect to Atlantic,
CACIB or any Eligible Assignee of CACIB’s Commitment and Liquidity Commitment, 
 in each of the foregoing cases, to which
Borrower has consented if required under Section 12.1. A Liquidity Bank will become a “Lender” hereunder at such time as it makes any Liquidity Funding. 

“Liquidity Termination Date” means: 

(a) as to the Gotham Group, January 11, 2012 (unless such date is extended from time to time in the sole discretion
of the Gotham Liquidity Banks); 
 (b) as to the Jupiter Group, January 11, 2012 (unless such date is
extended from time to time in the sole discretion of the Jupiter Liquidity Banks); 
 (c) as to the Starbird
Group, January 11, 2012 (unless such date is extended from time to time in the sole discretion of the Starbird Liquidity Banks); 
 (d) as to the CAFCO Group, January 11, 2012 (unless such date is extended from time to time in the sole discretion of the CAFCO Liquidity Banks); 

(e) as to the WCM Group, January 11, 2012 (unless such date is extended from time to time in the sole discretion of
the WCM Liquidity Banks); and 
 (f) as to the Atlantic Group, January 11, 2012 (unless such date is
extended from time to time in the sole discretion of the Atlantic Liquidity Banks). 
 “Net Pool
Balance” means, at any time, the Eligible Receivables Net Balance minus (a) the aggregate amount, if any, by which the Outstanding Balance of all Eligible Receivables of each Obligor and its Affiliates exceeds the Obligor
Concentration Limit for such Obligor and minus (b) unapplied cash and other offsets applicable to the Eligible Receivables. 
 “Pool Receivable” means any Receivable other than a Receivable owing from a Specified Obligor that has suffered a Credit Event and as to which the Servicer has given 

  
 8 

 written notice to the Co-Agents that it wishes to exclude such Specified
Obligor’s Receivables from the Pool Receivables. 
 “Specified Obligor” means any of
(a) Office Depot Inc. and (b) Corrugated Supplies Company LLC and its Affiliates, Ruscorr, LLC and CSC-Indiana, LLC. 

1.14. The following new definitions are hereby inserted into Exhibit I to the Credit Agreement in their appropriate alphabetical order:

 “Credit Event” means, with respect to any Specified Obligor, that such Specified
Obligor has suffered an Event of Bankruptcy or that the Loan Parties have written off the Receivables owing from such Specified Obligor. 
 “Mizuho” means Mizuho Corporate Bank, Ltd. 

“WCM” means Working Capital Management Co., L.P., a California limited partnership, and its
successors. 
 “WCM Agent” means Mizuho in its capacity as agent for the WCM Group,
together with its successors in such capacity. 
 “WCM Allocation Limit” has the meaning
set forth in Section 1.1(a)(vi). 
 “WCM Group” means, collectively, WCM and
the WCM Liquidity Bank(s). 
 “WCM Liquidity Agreement” means, collectively, any
liquidity agreement pursuant to which any of the WCM Liquidity Banks provides liquidity to WCM and any related asset purchase agreement, as each may be amended, restated, supplemented, replaced or otherwise modified from time to time. 

“WCM Liquidity Bank” means Mizuho and any other Liquidity Bank that now or hereafter enters into
this Agreement and a WCM Liquidity Agreement. 

  
 9 

 1.15. Each of Exhibits II and V to the Credit Agreement is hereby amended and restated in
its entirety to read as set forth in the comparably numbered exhibit set forth in Annex A to this Amendment. 
 1.16. Exhibit IV
to the Credit Agreement is hereby amended to add Lockbox no. 532655 at PNC Bank in Chicago in the last line thereof. 
 1.17.
Schedule A to the Credit Agreement is hereby amended and restated in its entirety to read as set forth in Annex B to this Amendment. 
 1.18. Each of the parties hereto hereby consents to the future assignment by CNAI to Citibank, N.A. of all of its rights and obligations as Administrative Agent at such time as CNAI may determine such
assignment to be desirable, provided that substantially simultaneously with, each of the Collection Account Agreements and each of the UCC financing statements filed by the Administrative Agent in connection with the Receivables Sale and
Contribution Agreement or the Credit Agreement is amended to reflect “Citibank, N.A., as Administrative Agent” as the new secured party thereunder. 
 2. Representations and Warranties. As an inducement to the Agents and the Lenders to enter into this Amendment, Borrower hereby represents and warrants to each of them as follows: 

(i) the representations and warranties set forth in Section 6.1 of the Credit Agreement are true and correct
on and as of the date of this Amendment as though made on and as of such date; and 
 (ii) no event has occurred
and is continuing that constitutes an Amortization Event, and no event has occurred and is continuing that constitutes an Unmatured Amortization Event. 
 3. Conditions Precedent. This Amendment shall become effective as of the date first above written upon (a) execution and delivery to the Administrative Agent’s counsel of each of the
documents listed on Annex C hereto, and (b) receipt by the Co-Agents of the Amendment and Renewal Fee (as defined in the Co-Agents’ Fee Letter) in immediately available funds. 

4. Miscellaneous. 
 (a) CHOICE OF LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF
OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW. 
 (b) Counterparts. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

  
 10 

 (c) Ratification. Except as expressly amended hereby, the Credit Agreement remains
unaltered and in full force and effect and is hereby ratified and confirmed. 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their duly authorized officers as of the date hereof. 
  

					
	 RED BIRD RECEIVABLES, LLC

 
	 	 
	By:	 	 /s/ Phillip M. Sisneros
	 	
	Name:	 	Phillip M. Sisneros	 	
	Title:	 	President	 	

  
 12 

							
		 	 INTERNATIONAL PAPER COMPANY, AS
SERVICER
 AND SOLELY FOR
PURPOSES OF SECTION 1.5 HEREOF,

INDIVIDUALLY

				
		 	 By:
	 	 /s/ Errol A. Harris
	 	
		 		 	 Name: Errol A. Harris
	 	
		 		 	 Title:   Vice President & Treasurer
	 	

  
 13 

							
		 	GOTHAM FUNDING CORPORATION	 	
				
		 	 By:
	 	 /s/ Frank B. Bilotta
	 	
		 	 Name:
	 	Frank B. Bilotta	 	
		 	 Title:
	 	President	 	
		
		 	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
 NEW YORK BRANCH, as a Liquidity Bank

				
		 	 By:
	 	 /s/ Ravneet Mumick
	 	
		 	 Name:
	 	Ravneet Mumick	 	
		 	 Title:
	 	Authorized Signatory	 	

  

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

				
		 	 By:
	 	 /s/ Aditya Reddy
	 	
		 	 Name:
	 	Aditya Reddy	 	
		 	 Title:
	 	Senior Vice President	 	

  
 14 

							
		 	JUPITER SECURITIZATION COMPANY LLC
		
		 	 BY: JPMORGAN CHASE BANK, N.A.,
ITS ATTORNEY-IN-
 FACT

				
		 	 By:
	 	 /s/ Trisha Lesh
	 	
		 	 Name:
	 	Trisha Lesh	 	
		 	 Title:
	 	Vice President	 	

  

							
		 	 JPMORGAN CHASE BANK, N.A.,
 as a Liquidity Bank and as Jupiter Agent

				
		 	 By:
	  	 /s/ Trisha Lesh
	  	
		 	 Name:
	  	Trisha Lesh	  	
		 	 Title:
	  	Vice President	  	

  
 15 

 
					
	 STARBIRD FUNDING CORPORATION

 

	By:	 	 /s/ Frank B. Bilotta
	 	
	Name:	 	Frank B. Bilotta	 	
	Title:	 	President	 	
	
	BNP PARIBAS, ACTING THROUGH ITS NEW YORK BRANCH, as a Liquidity Bank and as Starbird Agent
			
	By:	 	 /s/ Philippe Mojon
	 	
	Name:	 	Philippe Mojon	 	
	Title:	 	Director	 	
			
	By:	 	 /s/ Doo-Sik Nam
	 	
	Name:	 	Doo-Sik Nam	 	
	Title:	 	Vice President	 	

  
 16 

							
	 	 	  
 ATLANTIC ASSET SECURITIZATION LLC

 

		 	 BY:
	 	CREDIT AGRICOLE CORPORATE AND INVESTMENT
		 	 BANK, AS
ATTORNEY-IN-FACT

				
		 	 By:
	 	 /s/ Sam Pilcer
	 	
		 	 Name:
	 	Sam Pilcer	 	
		 	 Title:
	 	Managing Director	 	
				
		 	 By:
	 	 /s/ Jorge Frias
	 	
		 	 Name:
	 	Jorge Frias	 	
		 	 Title:
	 	Managing Director	 	
		
	 	 	CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK, as a Liquidity Bank and as
Atlantic Agent
				
		 	 By:
	 	 /s/ Sam Pilcer
	 	
		 	 Name:
	 	Sam Pilcer	 	
		 	 Title:
	 	Managing Director	 	
				
		 	 By:
	 	 /s/ Jorge Frias
	 	
		 	 Name:
	 	Jorge Frias	 	
		 	 Title:
	 	Managing Director	 	

  
 17 

							
		 	 WORKING CAPITAL MANAGEMENT CO., L.P.

				
		 	By:	 	 /s/ Schinichi Nochiide
	 	
		 	 Name:
	 	Schinichi Nochiide	 	
		 	 Title:
	 	Attorney-in-Fact	 	

  

							
		 	 MIZUHO CORPORATE BANK, LTD., as a Liquidity
 Bank and as WCM Agent

				
		 	By:	 	 /s/ Leon Mo
	  	
		 	 Name:
	 	Leon Mo	  	
		 	 Title:
	 	Authorized Signatory	  	

  
 18 

 
			
	 CAFCO, LLC

 

	BY:	 	CITIBANK, N.A., ITS ATTORNEY-IN-FACT

  

					
	By:	 	 /s/ David Mandel
	 	
	Name:	 	David Mandel	 	
	Title:	 	Vice President	 	

  

					
	CITICORP NORTH AMERICA, INC.,
as Administrative Agent
			
	By:	 	 /s/ David Mandel
	 	
	Name:	 	David Mandel	 	
	Title:	 	Vice President	 	

  

					
	 CITIBANK, N.A.,
 as CAFCO Agent and as a Liquidity Bank

			
	By:	 	 /s/ David Mandel
	 	
	Name:	 	David Mandel	 	
	Title:	 	Vice President	 	

  
 19 

 ANNEX A 
 EXHIBIT II 
 FORM OF BORROWING REQUEST 

—     —    — 

RED BIRD RECEIVABLES, LLC 
 BORROWING REQUEST 
 For Borrowing on
                                 

The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Gotham Agent 
 1251 Avenue of the Americas 
 New York, New York 10020-1104 

Attn: Securitization Group, Fax No. (212) 782-6448 
 JPMorgan Chase Bank, N.A., as Jupiter Agent 
 Chase Tower, 13th Floor 

10 South Dearborn, Mail Suite IL1-0079 
 Chicago,
IL 60603 
 Attention: Jupiter Funding Manager, Fax No. (312) 732-1844 
 BNP Paribas, acting through its New York Branch, as Starbird Agent 
 787 Seventh Avenue, 8th Floor

 New York, New York 10019 
 Attention:
Linda Ruivivar, Fax No. (212) 841-2992 
 Credit Agricole Corporate and Investment Bank, as Atlantic Agent 

1301 Avenue of the Americas 
 New York, NY 10019

 Attention: Roman Burt, Fax No. (917) 849-5584 
 Mizuho Corporate Bank, Ltd., as WCM 
 Agent Americas Financial Products Division 

Securitization & Structured Finance 

1251 Avenue of the Americas 
 New York, NY 10020

 Attention: David Krafchik, Fax No. (212) 282-4105 
 and 
 Citibank, N.A., as CAFCO Agent 
 750 Washington Boulevard 
 Stamford, CT 06901 

Attention: Loretta Lachman, Fax No. (914) 274-9027 

  
 20 

 Ladies and Gentlemen: 
 Reference is made to the Second Amended and Restated Credit and Security Agreement dated as of March 13, 2008 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”) among Red Bird Receivables, LLC (the “Borrower”), International Paper Company, as Servicer, the Conduits, Liquidity Banks and Co-Agents, from time to time party thereto, and Citicorp North America,
Inc., as Administrative Agent. Capitalized terms defined in the Credit Agreement are used herein with the same meanings. 
 1.
The Borrower hereby certifies, represents and warrants to the Agents and the Lenders that on and as of the Borrowing Date (as hereinafter defined): 
 (a) all applicable conditions precedent set forth in Article V of the Credit Agreement have been satisfied; 
 (b) each of its representations and warranties contained in Section 6.1 of the Credit Agreement will be true and correct, in all material respects, as if made on and as of the Borrowing Date;

 (c) no event will have occurred and is continuing, or would result from the requested Advance, that constitutes an
Amortization Event or Unmatured Amortization Event; 
 (d) the Termination Date has not occurred; and 

(e) after giving effect to the Loans comprising the Advance requested below, the aggregate principal amount of the Gotham Group’s
Loans at any one time outstanding will not exceed the Gotham Allocation Limit, the aggregate principal amount of the Jupiter Group’s Loans at any one time outstanding will not exceed the Jupiter Allocation Limit, the aggregate principal amount
of the Starbird Group’s Loans at any one time outstanding will not exceed the Starbird Allocation Limit, the aggregate principal amount of the Atlantic Group’s Loans at any one time outstanding will not exceed the Atlantic Allocation
Limit, the aggregate principal amount of the WCM Group’s Loans at any one time outstanding will not exceed the WCM Allocation Limit, and the aggregate principal amount of the CAFCO Group’s Loans at any one time outstanding will not exceed
the CAFCO Allocation Limit. 
 2. The Borrower hereby requests that the Conduits (or their respective Liquidity Banks) make an
Advance on                     ,             (the “Borrowing
Date”) as follows: 
 (a) Aggregate Amount of Advance:
$                    calculated as: 
  

					
	 Rollover Amount:
	 	
                  
               
	  	
	 Reduction Amount:
	 	  
	  	
	 New Loan Amount:
	 	  
	  	
	 Total Advance:
	 	  
	  	

  

	 	1.	Gotham Group’s Share of Advance: $                    

  
 21 

	 	2.	Jupiter Group’s Share of Advance: $             

 

	 	3.	Starbird Group’s Share of Advance: $             

 

	 	4.	CAFCO Group’s Share of Advance: $             

 

	 	5.	Atlantic Group’s Share of Advance: $             

 

	 	6.	WCM Group’s Share of Advance: $             

(b) Interest Rate Requested: CP Rate 
 (c) Jupiter Group, Starbird Group, CAFCO Group, Atlantic Group, WCM Group and Gotham Group repayment date:
                         
 3. Please disburse the proceeds of the Loans as follows: 
 (i)
Gotham Group: [Wire transfer $            to account no.             at
            Bank, in [city, state], ABA No.             , Reference:
            ]; 
 (ii) Jupiter Group: [Wire
transfer $            to account no.             at
            Bank, in [city, state], ABA No.             , Reference:
            ]; 
 (iii) Starbird Group: [Wire
transfer $            to account no.             at
            Bank, in [city, state], ABA No.             , Reference:
            ]; 
 (iv) CAFCO Group: [Wire
transfer $            to account no.             at
            Bank, in [city, state], ABA No.             , Reference:
            ]; 
 (v) Atlantic Group: [Wire
transfer $            to account no.             at
            Bank, in [city, state], ABA No.             , Reference:
            ]; and 
 (vi) WCM Group: [Wire
transfer $            to account no.             at
            Bank, in [city, state], ABA No.             , Reference:
            ]. 

  
 22 

 IN WITNESS WHEREOF, the Borrower has caused this Borrowing Request to be
executed and delivered as of this             day of                 ,
            . 
  

					
	RED BIRD RECEIVABLES, LLC, AS BORROWER
			
	 By:
	 	  
	 	
		 	 Name:
	 	
		 	 Title:
	 	

  
 23 

 EXHIBIT V 
 FORM OF COMPLIANCE CERTIFICATE 
  

							
	To:	  	 The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Gotham Agent
 JPMorgan Chase Bank, N.A., as Jupiter Agent
 BNP Paribas, acting through its New York branch, as
Starbird Agent
 Credit Agricole Corporate and Investment Bank, as Atlantic Agent
 Mizuho Corporate Bank, Ltd., as WCM Agent
 Citibank, N.A., as CAFCO Agent

Citicorp North America, Inc., as Administrative Agent
	  			

 This Compliance Certificate is furnished pursuant to that certain Second Amended and Restated
Credit and Security Agreement dated as of March 13, 2008 among Red Bird Receivables, LLC (the “Borrower”), International Paper Company, as Servicer, the Conduits, Liquidity Banks and Co-Agents from time to time party
thereto, and Citicorp North America, Inc., as Administrative Agent (as amended, restated or otherwise modified from time to time, the “Agreement”). Capitalized terms used and not otherwise defined herein are used with the
meanings attributed thereto in the Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1.        I am the duly elected
                                of Borrower. 

2.        I have reviewed the terms of the Agreement and I have made, or have caused to be made
under my supervision, a detailed review of the transactions and conditions of Borrower and its Subsidiaries during the accounting period covered by the attached financial statements. 

3.        The examinations described in paragraph 2 did not disclose, and I have no knowledge of,
the existence of any condition or event which constitutes an Amortization Event or Unmatured Amortization Event, as each such term is defined under the Agreement, during or at the end of the accounting period covered by the attached financial
statements or as of the date of this Certificate[, except as set forth in paragraph 4 below]. 

[4.        Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the
nature of the condition or event, the period during which it has existed and the action which Borrower has taken, is taking, or proposes to take with respect to each such condition or event:
                                ] 

The foregoing certifications and the financial statements delivered with this Certificate in support hereof, are made and delivered as of
                    , 20        . 

 

					
	 By:
	 	 	 	
		 	 Name:
	 	
		 	 Title:
	 	

  
 24 

 ANNEX B 
 SCHEDULE A 
 COMMITMENTS 

[***] 

  
 25 

 ANNEX C 

CLOSING DOCUMENTS 
  

	1.	Amendment No. 4 to Second Amended and Restated Credit and Security Agreement, duly executed by each of the parties thereto. 

 

	2.	Confirmation that the following UCC financing statements remain of record and effective: 

 

													
	 Debtor Name & Address
	  	 Secured Party Name & Address
	  	Type of
Filing	  	 Jurisdiction
	  	 File No./File Date
	  	Expiration
Date	 
	 International Paper Company
	  	Citicorp North America, Inc., as Administrative Agent	  	UCC-1	  	New York SOS	  	 Original file #20080314018813

6 filed 03/14/2008
	  	 	03/14/2013	  
	 6400 Poplar Avenue, Memphis, TN 38197
	  	 450 Mamaroneck Avenue
 Harrison, NY 10528
	  		  		  		  			
	 Red Bird Receivables, LLC
	  	Citicorp North America, Inc., as Administrative Agent	  	UCC-1	  	Delaware SOS	  	Original file #20080917557 filed 03/13/2008	  	 	03/13/2013	  
	 6400 Poplar Avenue, Memphis, TN 38197
	  	 450 Mamaroneck Avenue

Harrison, NY 10528
	  		  		  		  			

  

	3.	Co-Agents’ Fee Letter, duly executed by each of the parties thereto. 

  

	4.	A certificate of Borrower’s Assistant Secretary certifying a copy of its resolutions authorizing its execution delivery and performance of the above documents and
the names and titles of its authorized officers. 

  

	5.	A Certificate of IPCO’s financial officer certifying that, as of the closing date, no Termination Event or Unmatured Termination Event exists and is continuing
under the Receivables Sale and Contribution Agreement. 

  

	6.	A Compliance Certificate in the form of Exhibit V in Annex A to this Amendment, duly executed by Borrower. 

 

	7.	A reliance letter, addressed to WCM and Mizuho, individually and as WCM Agent, with respect to each of the legal opinions delivered under the Receivables Sale and
Contribution Agreement and the Credit and Security Agreement.Alterra Capital Holdings Director Compensation Plan

 Exhibit 10.3 
 2010 DIRECTORS ANNUAL COMPENSATION PROGRAM 
 Alterra Capital Holdings
Limited (the “Company”) has established the 2010 Directors Annual Compensation Program (the “Program”) to compensate the non-employee directors of the Company for their service to the Board of Directors (the
“Board”) and its committees. The terms of the Program are as set forth below. 
  

	 	1.	Eligibility. Any member of the Board who is not an employee of the Company or a subsidiary of the Company (a “non-employee Director”) shall be
entitled to the compensation specified herein and shall be a “Participant” in the Program from and after the earlier of (i) August 3, 2010 (the “Effective Date”) and (ii) the date on which such Participant
becomes a member of the Board and is otherwise eligible to participate in the Program. 

  

	 	2.	Program Year. For purposes of this Program, the Program Year shall mean the period beginning immediately following the consummation of the Company’s annual
general meeting of shareholders (“AGM”) and ending immediately prior to the commencement of the next AGM, which period would generally be expected to be approximately twelve (12) months in length. The first Program Year shall
commence on the Effective Date and extend until immediately prior to the commencement of the Company’s next AGM. 

  

	 	3.	Stock Compensation. Subject to share availability under the Company’s 2008 Incentive Plan or any similar plan adopted by the Board, each Participant shall
be entitled to a grant of Company restricted common shares or restricted stock units (at the election of the Participant) as set forth in the attached schedule on the first business day following the AGM, provided that the Participant is a
non-employee Director as of such date. The Compensation Committee shall also have the authority, in its discretion, to make grants of Company restricted common shares or restricted stock units to Participants upon their election or appointment to
the Board. Any Company restricted common shares or restricted stock units shall be granted under the Company’s 2008 Incentive Plan or any similar plan adopted by the Board and shall be subject to the terms of the plan and the applicable award
agreement (including the adjustment provisions thereof). Shares issued pursuant to this Paragraph 3 do not constitute a separate source of common shares for the grant of equity compensation described herein. 

 

	 	4.	 Cash Compensation. Each Participant shall be entitled to a cash amount as may be recommended from time to time by the Compensation Committee of
the Board and approved by the Board consisting of (i) an annual retainer for services as a non-employee Director during the Program Year; (ii) meeting fees for each meeting of the Board or any committee (and each information session or
presentation) that the 

	 	 
Participant attends in his or her role as a member of the Board or applicable committee during the Program Year; and (iii) any other fees as may be deemed appropriate for service as chairman
of the Board or any committee, lead director or otherwise. 

  

	 	5.	Common Shares in Lieu of Cash Compensation. Subject to the terms of the Company’s procedures and policies regarding securities trading and equity award
grants, each as may be amended from time to time, Participants may elect to receive Company common shares in lieu of any cash annual retainers, meeting fees and/or other fees that would otherwise be payable to them by executing an election form,
substantially in the form attached hereto as Exhibit A, and delivering it to the Company at least thirty (30) days prior to the anticipated commencement of the Program Year. Pursuant to the terms of the election form, a Participant shall
make an election to receive common shares as a percentage of cash compensation payable to the Participant ranging from 0% to 100% (in 25% percent increments). Any fractional shares will be paid in cash notwithstanding a Participant’s election.

 Any election to receive Company common shares shall contain, and the Participant shall make, the
following representation: 
 “The Participant represents, warrants, agrees, acknowledges and covenants that the
Participant does not have in his or her possession, and is not electing to receive common shares in lieu of cash compensation “on the basis of” (as defined in Rule 10b5-1(b) under the Securities Exchange Act of 1934, as amended), any
material nonpublic information concerning the common shares or the business, operations or prospects of the Company and is making the election in good faith.” 
 Any such election to receive Company common shares shall be effective at the commencement of the following Program Year and shall be irrevocable for such Program Year. However, prior to the
election deadline for the following Program Year, a Participant may change his or her election for future Program Years by executing and delivering a new election form to the Company. Elections shall remain in effect for succeeding Program Years
unless timely revoked. If no election form is received in a timely manner, the annual retainer, meeting and other fees for such Participant will be paid in cash. Any Company common shares issued to Participants pursuant to such election will be
issued under the Company’s 2008 Incentive Plan or any similar plan adopted by the Board or any distinct share registration in contemplation of this Program, subject to share availability thereunder, and will be fully vested as of the date of
grant. 
  

	 	6.	 Payment. Subject to any election made pursuant to Paragraph 5 hereof, each Participant shall receive a lump sum cash payment of any annual
retainer for the following Program Year within 30 days following the consummation of the AGM, subject to his or her service as a director on such payment date. For example, for the Program Year commencing August 3, 2010, the annual
retainer for such Program Year 

	 	 
will be paid in advance no later than September 2, 2010. Each Participant shall receive a lump sum cash payment of any Board meeting and committee meeting fees and any other fees owed for
the prior Program Year within 30 days following the conclusion of the Program Year and in all cases in the calendar year during which the applicable Program Year ends. For example, assuming that the first Program Year commences on
August 3, 2010 and ends immediately prior to the commencement of the AGM on August 3, 2011, meeting fees and any other fees will be accumulated and paid within 30 days following August 3, 2011, or no later than September 2, 2011.
Each Participant may designate that his or her cash payments (but not Company common shares) shall be paid to a third party by notifying the Company of such designation in a manner established by the Company. Each Participant who elects to receive
Company common shares in lieu of any cash annual retainers, meeting and/or other fees shall be issued such number of Company common shares as are determined by dividing the amount of cash compensation owed by the closing sales price of the Company
common shares on the payment date). 

  

	 	7.	Cessation of Service. Upon ceasing to be a non-employee Director, such person will no longer be deemed a “Participant” and shall no longer be eligible
to receive Company common shares pursuant to the Program and any amounts owing to such person pursuant to Paragraph 4 hereof shall be paid in cash within 30 days following cessation of his or her service as a non-employee Director. The treatment of
stock compensation granted pursuant to Paragraph 3 upon cessation of service shall be governed by the terms of the applicable plan and award agreement(s). 

  

	 	8.	Per Diem Compensation. To the extent that a Participant performs specific tasks on behalf of and at the direction of the Board, the Board may determine to
compensate such Participant on a per diem basis in an amount equal to a meeting fee or such other fee as the Board may deem appropriate. 

  

	 	9.	Expense Reimbursement. Participants shall be entitled to be reimbursed for reasonable and customary out-of-pocket expenses incurred in attending meetings of the
Board and its committees, including airfare and accommodation expenses in accordance with policies established by the Company. In no event will reimbursements be made later than December 31 of the year following the year in which the expense
was incurred. Reimbursements in one calendar year shall not affect the amount of reimbursements provided in any other calendar year and a Participant’s rights pursuant to this Paragraph 9 shall not be subject to liquidation or exchange for
another benefit. 

  

	 	10.	Taxes. Any tax consequences that arise from participation in the Program shall be the responsibility of the Participant. 

 

	 	11.	Governing Law. The Program shall be governed by the laws of Bermuda. 

 

	 	12.	Successors. All obligations of the Company under the Program shall be binding on any successor to the Company, whether the existence of such successor is the
result of a direct or indirect merger, consolidation, amalgamation, purchase of all or substantially all of the business and/or assets of the Company or otherwise. 

 

	 	13.	 Amendment and Termination. This Program may be amended or terminated at any time by the Board,

	 	 
provided that, no amendment shall be given effect without the consent of a Participant to the extent that it would have the effect of reducing the amount payable to the Participant under the
Program for periods prior to the effective date of the amendment. 

  

	 	14.	No Right to Continued Board Membership. Nothing herein shall be construed as giving a Participant the right to be retained as a non-employee Director. The Board
or any committee thereof may at any time fail or refuse to nominate a Participant for election to the Board, and the shareholders of the Company may at any election fail or refuse to elect any Participant to the Board free from any liability or
claim under this Program. 

  

	 	15.	Section 409A Compliance. The Program is intended to comply with Section 409A of the Code and shall be interpreted accordingly. To the extent required
by Section 409A of the Code, any payments to be made to a Participant upon such Participant’s cessation of service will be made only if such cessation of service constitutes a “separation from service” within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The Company makes no representations or covenants that this Program complies with Section 409A of the Code. 

 

	 	16.	Administration. The Program shall be administered by the Compensation Committee of the Board which shall be authorized to interpret the Program, create rules for
its administration and correct any defect or supply any omission. The decisions of the Compensation Committee of the Board shall be final and binding. 

 CURRENT DIRECTORS FEES 

(As of May 3, 2011) 
  

			
	 Description
	  	 Fee

	Director Annual Retainer	  	$50,000
		
	Director Annual Retainer	  	5,000 restricted common shares or 5,000 restricted stock units (at the election of the director)
		
	Non-executive Chairman Annual Retainer	  	$100,000
		
	Audit and Risk Management Committee Chairman Annual Retainer	  	$25,000
		
	Compensation Committee Chairman Annual Retainer	  	$15,000
		
	Other Committee Chairman Annual Retainer	  	$10,000
		
	Board Meeting Fee	  	$2,500
		
	Committee Meeting Fee	  	$2,500

 EXHIBIT A 

ALTERRA CAPITAL HOLDINGS LIMITED 
 2010 DIRECTORS ANNUAL COMPENSATION PROGRAM 
 Non-Employee Director
Election Form for 
 the Program Year Commencing [Insert date] (the “[TBA] Program Year”) 

 

	To:	Alterra Capital Holdings Limited (the “Company”) 

 The undersigned, being a duly elected non-employee member of the Board of Directors of the Company, hereby irrevocably elects, acknowledges and directs that: 

Election 
 The cash compensation payable
to me for services performed during the [TBA] Program Year (including service as chairman of the Board, or chairman of any committee, or as lead director, or for any meeting fees or other fees payable to me), shall be paid to me within 30
days following the consummation of the AGM for such Program Year subject to my continued service as a non-employee Director on such date, as follows (check one): 
  

	 ̈	100% of my compensation shall be paid in Company common shares (“Shares”) 

 

	 ̈	75% of my compensation shall be paid in Shares 

  

	 ̈	50% of my compensation shall be paid in Shares 

  

	 ̈	25% of my compensation shall be paid in Shares 

  

	 ̈	0% of my compensation shall be paid in Shares 

Number of Shares Issued. 
 I acknowledge
that the number of Shares I will receive for the [TBA] Program Year pursuant to the elections set forth herein will be determined in accordance with Paragraph 6 of the 2010 Directors Annual Compensation Program. 

Representation. 
 I represent, warrant,
agree, acknowledge and covenant that I do not have in my possession, and am not electing to receive common shares in lieu of cash compensation “on the basis of” (as defined in Rule 10b5-1(b) under

 
the Securities Exchange Act of 1934, as amended), any material nonpublic information concerning the common shares or the business, operations or prospects of the Company and I am making the
election in good faith. 
 YOUR ELECTION TO RECEIVE CASH OR SHARES SHALL BE IRREVOCABLE FOR THE [TBA] PROGRAM YEAR. YOU MUST SUBMIT YOUR
ELECTION FORM TO THE COMPANY NO LATER THAN [INSERT DATE]. If the Election Form is received later than [insert date] or no Election Form is received, you will be deemed to have made an election to receive your annual retainer, your meeting
fees and any other fees for the [TBA] Program Year in cash. Any fractional Shares will be paid in cash. 
 THIS ELECTION FORM WILL
REMAIN IN EFFECT FOR THE [TBA] PROGRAM YEAR AND WILL CONTINUE IN EFFECT FOR EACH SUBSEQUENT PROGRAM YEAR, UNLESS YOU EXECUTE A NEW ELECTION FORM PRIOR TO THE DEADLINE FOR SUBMITTING ELECTIONS FOR SUCH PROGRAM YEAR. 

Capitalized terms not defined herein shall have the meanings given to them in the 2010 Directors Annual Compensation Program. I have read and understood
the terms of the 2010 Directors Annual Compensation Program. I am not relying on any representation of the Company in making the elections set forth herein. 
 Dated effective as of the ______ day of ___________, 20__. 
 ____________________________

 Name

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]