Document:

Exhibit 4.3

 Exhibit 4.3 
 2009 GENERAL DYNAMICS UNITED KINGDOM 
 SHARE SAVE PLAN 
  

	1.	Definitions 

  

	1.1	In these Rules the following words and expressions shall have, where the context so admits, the following meanings: 

  

					
	“Accounting Period”	  	—	 	an accounting reference period of the Company;
			
	“Act”	  	—	 	the Income Tax (Earnings and Pensions) Act 2003;
			
	“Acquiring Company”	  	—	 	where the conditions of paragraph 38 of Schedule 3 are met, such company as shall be at any time the “acquiring company” as defined in that paragraph;
			
	“Adoption Date”	  	—	 	the date on which the Plan is adopted by a resolution of the Board;
			
	“Announcement Date”	  	—	 	the date on which the results of the Company are announced for any period;
			
	“Application”	  	—	 	an application for an Option in the form as approved by the Committee from time to time;
			
	“Approval Date”	  	—	 	the date upon which HM Revenue and Customs approves the Plan;
			
	“Associated Company”	  	—	 	has the same meaning as in paragraph 47 of Schedule 3;
			
	“Auditors”	  	—	 	the auditors for the time being of the Company (acting as experts and not as arbitrators);
			
	“Board”	  	—	 	the board of directors of the Company or a duly constituted committee thereof at which a quorum is present;
			
	“Bonus Date”	  	—	 	where repayments under the relevant Savings Contract are taken as including the Maximum Bonus, the earliest date on which the Maximum Bonus is payable and in any other case the earliest date
on which a bonus is payable under the relevant Savings Contract;
			
	“Committee”	  	—	 	the Compensation Committee of the Board of Directors of the Company comprising two or more members of the Board of Directors, all of whom shall be “non-employee directors” or the
Board of Directors of any Participating Company to which such authority is delegated by the Compensation Committee;
			
	“Company”	  	—	 	General Dynamics Corporation or save for Rules 2, 3, 4, 5 and 10.2
			
		  	(i)	 	the Acquiring Company; or
			
		  	(ii)	 	some other company falling within sub-paragraph (b) or sub-paragraph (c) of paragraph 10 of Schedule 3 over whose shares a New Option has been granted;

  

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	“General Dynamics United Kingdom”	  	—	 	General Dynamics United Kingdom Limited company number 1911653;
			
	“Common Stock”	  	—	 	General Dynamics Corporation Common Stock;
			
	“Control”	  	—	 	has the same meaning as in section 719 of the Act;
			
	“Date of Grant”	  	—	 	the date on which an Option is, was or is to be granted under the Plan, pursuant to Rule 4.1, or on which an Option is or was treated as being granted pursuant to Rule 4.3;
			
	“Dealing Day”	  	—	 	a day on which The New York Stock Exchange is open for the transaction of business;
			
	“Eligible Employee”	  	—	 	any employee or director of any Participating Company who:
			
	 (a)
	  	(i)	 	in the case of a director, normally devotes more than 25 hours per week to his duties (exclusive of meal breaks);
			
		  	(ii)	 	has earnings from his office or employment which meet (or would meet if there were any) the requirements set out in paragraphs 6(2)(c) and 6(2)(ca) of Schedule 3;
			
		  	(iii)	 	is employed by any Participating Company on the date on which the Committee grants an Option pursuant to Rule 4.1 below;
			
	 (b)
	  		 	has been nominated by the Committee either individually or as a member of a category of directors or employees for participation in the Plan;
			
	 (c)
	  		 	is not prohibited from participating by the provisions of Paragraph 8 of Schedule 3 (whether falling within (a) or (b) above);
			
	“Exercise Price”	  	—	 	the amount as determined by the Board and expressed in dollars, which a Participant shall pay to acquire Common Stock on the exercise of an Option being, subject to Rule 4.3 and Rule 8 not
less than 80% or other such percentage as is for the time being permitted by statute or other statutory provision of Fair Market Value of Common Stock on the day the Invitation was issued pursuant to Rule 2 if the Exercise Price is specified in the
Invitation or, if the Exercise Price is notified to the Eligible Employees after the Invitations are issued but before the Options are granted in accordance with rule 2.2, on the date the Eligible Employees are so notified;
			
	“Fair Market Value”	  	—	 	on any day an amount equal to the closing middle market quotation of Common Stock on the New York Stock Exchange for the immediately preceding Dealing Day or if on that day the Shares are not
so listed, the market value of Common Stock determined in accordance with the provisions of Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed with HM Revenue and Customs Shares and Assets Valuation on or before that
day;

  

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	“Group”	  	—	 	the Company and its Subsidiary companies and the phrase “Group Company” shall be construed accordingly;
			
	“Group Employee”	  	—	 	a director or employee of any Group Company;
			
	“ICTA”	  	—	 	means the Income and Corporate Taxes Act 1988;
			
	“Injury or Disability”	  	—	 	the cessation of employment or office by reason of injury or disability provided the Committee are satisfied, on production of such evidence as it may reasonably require:
			
		  	(i)	 	that the individual has ceased to exercise and, by reason of injury or disability, is incapable of exercising that office or employment; and
			
		  	(ii)	 	that the individual is likely to remain so incapable for the foreseeable future;
			
	“Invitation”	  	—	 	a letter of invitation to participate in the Plan in a form approved by the Committee from time to time;
			
	“Invitation Period”	  	—	 	subject to Rule 10.6 any time following the Approval Date;
			
	“Maximum Bonus”	  	—	 	the bonus payable to the Participant at the maturity of a Savings Contract which matures after seven years;
			
	“New Option”	  	—	 	an option over shares meeting the requirements of sub-paragraphs 39 (4)(a) to (d) of Schedule 3, granted in consideration for the release of a Subsisting Option within the relevant period
specified in paragraph 58(3) of Schedule 3;
			
	“Nominated Savings Authority”	  	—	 	the savings authority or the savings authorities (as the case may be) nominated by the Company for the purposes of the Plan;
			
	“Option”	  	—	 	a right to purchase Common Stock granted or to be granted pursuant to Rules 4.1, 4.2 or 4.3;
			
	“Option Certificate”	  	—	 	an option certificate in a form approved by the Committee from time to time;
			
	“Participant”	  	—	 	a person who has been granted an Option or (where the context admits) his legal personal representative(s);
			
	“Participating Company”	  	—	 	any Group Company nominated by the Committee to participate in the Scheme from time to time;
			
	“Recognised Exchange”	  	—	 	a recognised stock exchange within the meaning of section 109 of the Finance Act 2007 or a recognised investment exchange within the meaning of the Financial Services and Markets Act 2000;

			
	“this Plan”	  	—	 	the 2009 General Dynamics United Kingdom Share Save Plan constituted and governed by the Rules with, and subject to any amendments thereto properly effected;
			
	“Redundancy”	  	—	 	the cessation of employment or office by reason of redundancy within the meaning of the Employment Rights Act 1996;

  

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	“Retirement”	  	—	  	the cessation of employment or office by reason of retirement either at the Specified Age or any other age at which the individual is bound to retire in accordance with the terms of his
contract of employment;
			
	“Rules”	  	—	  	the rules of the Plan as the same may be amended from time to time and “Rule” shall be construed accordingly;
			
	“Savings Contract”	  	—	  	a 3 or 5 year contract under a certified contractual savings scheme (within the meaning of section 702 of the Income Tax (Trading and Other Income) Act 2005 entered into by an Eligible
Employee with a Nominated Savings Authority and which has been approved by HM Revenue and Customs for the purposes of Schedule 3;
			
	“Schedule 3”	  	—	  	Schedule 3 to the Act;
			
	“Specified Age”	  	—	  	age 65;
			
	“Standard 3 Year Bonus”	  	—	  	the bonus payable to the Participant under a Savings Contract which matures after three years;
			
	“Standard 5 Year Bonus”	  	—	  	the bonus payable to the Participant under a Savings Contract which matures after five years;
			
	“Subsidiary”	  	—	  	a company which is under the Control of the Company and which is a subsidiary of the Company within the meaning of section 1159 of the Companies Act 2006;
			
	“Subsisting Option”	  	—	  	an Option which has been granted and which has not lapsed, been surrendered, renounced or been exercised in full.

  

	1.2	In these Rules, except insofar as the context otherwise requires: 

  

	 	(i)	words denoting the singular shall include the plural and vice versa; 

  

	 	(ii)	words importing a gender shall include every gender and references to a person shall include bodies corporate and unincorporated and vice versa; 

  

	 	(iii)	reference to any enactment shall be construed as a reference to that enactment as from time to time amended, modified, extended or re-enacted and shall include any orders,
regulations, instruments or other sub-ordinate legislation made under the relevant enactment; 

  

	 	(iv)	words have the same meanings as in Schedule 3 unless the context otherwise requires; and 

  

	 	(v)	headings and captions are provided for reference only and shall not be considered as part of the Plan. 

  

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	2.	Invitation to apply for Options 

  

	2.1	The Committee may during any Invitation Period but not later than the tenth anniversary of the Adoption Date invite every Eligible Employee by issuing an Invitation to apply for the
grant of an Option, providing that at the intended Date of Grant the Common Stock satisfies the conditions of paragraphs 18 to 22 inclusive of Schedule 3. 

  

	2.2	Each Invitation shall specify: 

  

	 	(i)	the date, being not less than 14 days after the issue of the Invitation, by which an application must be made; 

  

	 	(ii)	whether or not the Eligible Employee may take out a 3 or 5 year Savings Contract; 

  

	 	(iii)	the Exercise Price or that the Exercise Price will be notified to Eligible Employees at a reasonable time prior to the closing date for Applications; 

  

	 	(iv)	whether or not for the purpose of determining the number of shares of Common Stock over which an Option may be exercised, the repayment under the Savings Contract is to be taken:

  

	 	(a)	as including the Maximum Bonus; 

  

	 	(b)	as including only the Standard 5 Year Bonus or the Standard 3 Year Bonus; 

  

	 	(c)	as not including a bonus; 

  

	 	(v)	the maximum permitted aggregate monthly savings contribution being the lesser of the maximum amount specified in Paragraph 25 of Schedule 3 or such other maximum as may be
determined by the Committee, and be permitted by HM Revenue and Customs pursuant to Schedule 3 and by the Nominated Savings Authority; 

 and the Committee may determine and include in the Invitations details of the maximum value on the date of the issue of the Invitation of shares of Common Stock over which Options may be granted on that occasion and a statement that in the
event of excess Applications, each Application may be scaled down in accordance with the Rules. 
  

	2.3	Each Invitation shall be accompanied by an Application which shall provide for the applicant to state: 

  

	 	(i)	the monthly savings contribution being a multiple of £1 and not less than £5 which he wishes to make under the related Savings Contract; 

  

	 	(ii)	whether or not he wishes to take out a 3 or 5 year Savings Contract; 

  

	 	(iii)	that his proposed monthly savings contribution, when added to any monthly savings contributions then being made under any other Savings Contract will not exceed the maximum
permitted aggregate monthly savings contribution specified in the Invitation; 

  

	 	(iv)	his election as to whether for the purpose of determining the maximum value of shares of Common Stock over which an Option is to be granted, the repayment under the Savings Contract
is to be taken as including the Maximum Bonus, the Standard 5 Year Bonus, or the Standard 3 Year Bonus or as not including a bonus, 

 and shall authorise the Committee to enter on the Savings Contract such monthly savings contributions, not exceeding the maximum stated on the Application, as shall be determined pursuant to Rule 3 below. 
  

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	2.4	Each Application shall be deemed to be for an Option to acquire such number of shares of Common Stock as can be bought at the Exercise Price with the repayment under the related
Savings Contract. 

  

	3.	Scaling Down 

  

	3.1	If the Committee receives valid Applications over an aggregate value of Common Stock which exceeds the amount stated pursuant to Rule 2.2 or any limitation determined pursuant to
Rule 5, then the following steps shall be carried out successively to the extent necessary to eliminate the excess: 

  

	 	(i)	the excess over £5 of the monthly savings contribution chosen by each applicant shall be reduced pro rata to the extent necessary; 

  

	 	(ii)	each election for a Maximum Bonus to be included in the repayment under the Savings Contract shall be deemed to be an election for the Standard 5 Year Bonus to be included;

  

	 	(iii)	each election for a Standard 5 Year Bonus or a Standard 3 Year Bonus to be included in the repayment under the Savings Contract shall be deemed to be an election for the bonus to be
excluded; 

  

	 	(iv)	applications will be selected by lot, each based on a monthly savings contribution of £5 and the inclusion of no bonus in the repayment under the Savings Contract.

  

	3.2	If after applying the provisions of Rule 3.1(i) to (iii) inclusive the value of Common Stock available is still insufficient to enable an Option based on monthly savings
contributions of £5 to be granted to each Eligible Employee who made a valid Application the Committee may, as an alternative to selecting by lot as in (iv) above, determine in its absolute discretion that no Options shall be granted.

  

	3.3	If the Committee so determines the provision in Rule 3.1(i) to (iv) inclusive may be modified or applied in any manner as may be agreed in advance with HM Revenue and Customs.

  

	3.4	Each Application shall be deemed to have been modified or withdrawn in accordance with the application of the foregoing provisions and the Committee shall complete each Savings
Contract proposal form to reflect any reduction in monthly savings contributions resulting therefrom. 

  

	4.	Grant of Options 

  

	4.1	Within 30 days of the first day by reference to which the Fair Market Value of the Common Stock is determined (or within 42 days of that day when Rule 3 applies and Options cannot
be granted within the 30 day period), the Committee shall grant to each applicant who is still an Eligible Employee and is not precluded from participation in the Plan by virtue of Paragraph 11 of Schedule 3 an Option over such number of shares of
Common Stock as can be purchased on the date of exercise of that Option with the repayment under the relevant Savings Contract. 

  

	4.2	If the Company is prevented by statute, order, regulation or government directive from granting Options within any such periods, then the Committee may grant Options within twenty
one days of the lifting of such restrictions providing the grant takes place not more than 30 days following the date on which Fair Market Value was determined for the purposes of the Option grant in question or not later than 42 days following the
date Fair Market Value was determined if Applications have been scaled down pursuant to Rule 3.1. 

  

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	4.3	Where the circumstances noted in Rule 7.4 apply New Options may be granted within the terms of paragraph 38(1) Schedule 3 in consideration for the release of Options previously
granted under this Plan. Such New Options are deemed to be equivalent to the old Options and to have been granted within the terms of this Plan. 

  

	4.4	No Option may be transferred, assigned or charged and any purported transfer, assignment or charge shall be void ab initio. Each Option Certificate shall carry a statement to this
effect. For the avoidance of doubt, this Rule 4.4 shall not prevent the Option of a deceased Participant being exercised by his personal representative(s) within the terms of these Rules. 

  

	4.5	As soon as possible after Options have been granted the Committee shall issue an Option Certificate specifying the Date of Grant and the Exercise Price. 

  

	5.	Limitations on Grant 

  

	5.1	Before Invitations are issued on any occasion, the Committee may determine a limit on the value of shares of Common Stock which are to be available in respect of that issue of
Invitations. 

  

	5.2	Further, subject to any adjustment as contemplated by Rule 8, the total number of shares of Common Stock which may be issued and/or delivered under this Plan is 600,000 and the
Committee may not grant Options which would cause this limit to be exceeded. In determining this limit, no account shall be taken of any Options to the extent they have ceased to be exercisable. 

  

	6.	Exercise of Options 

  

	6.1	Subject to each of the succeeding sections of this Rule 6 and Rule 9 any Subsisting Option may be exercised by the Participant or, if deceased, by his personal representatives in
whole or in part at the time of or at any time following the occurrence of the earliest of the following events: 

  

	 	(i)	the Bonus Date; 

  

	 	(ii)	the death of the Participant; 

  

	 	(iii)	upon the Participant ceasing to be a Group Employee where that cessation was by reason of Injury, Disability, Redundancy or Retirement; 

  

	 	(iv)	an opportunity to exercise the Option pursuant to Rule 7; 

  

	 	(v)	upon the Participant ceasing to be a Group Employee, where that cessation was by reason only that the Company has ceased to have Control of such company, or that the office or
employment relates to a business or part of a business which is transferred to a person who is neither an Associated Company of the Company nor a company of which the Company has Control. 

  

	6.2	No Option may be exercised by a Participant at any time when he is, or by the personal representatives of an individual who at the date of his death was, precluded by paragraph 11
of Schedule 3 from participating in the Plan. 

  

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	6.3	An Option shall lapse and become thereafter incapable of exercise on the earliest of the following events: 

  

	 	(i)	except where the Participant has died, the expiry of six months following the Bonus Date; 

  

	 	(ii)	where the Participant has died within six months following the Bonus Date, the first anniversary of the Bonus Date; 

  

	 	(iii)	where the Participant has died before the Bonus Date, the first anniversary of his death; 

  

	 	(iv)	unless the Participant has died, on the expiry of six months after the Option has become exercisable by virtue of Paragraph (iii) or (v) of Rule 6.1;

  

	 	(v)	immediately following the Participant ceasing to be a Group Employee save when the Participant ceases to be a Group Employee in the circumstances in Rule 6.1 (ii), (iii),
(iv) and (v) above, and save when the Participant ceases to be a Group Employee but continues to be an employee or director of any Associated Company or company of which the Company has Control; 

  

	 	(vi)	the expiry of six months after the Option has first become exercisable in accordance with Rule 7; 

  

	 	(vii)	the Participant being adjudicated bankrupt; 

  

	 	(viii)	upon the Participant giving notice, (or under the terms of his Savings Contract being deemed to have given notice), to the Nominated Savings Authority that he intends to stop paying
monthly contributions under his Savings Contract prior to the date upon which a right to exercise the Option shall arise; 

  

	 	(ix)	on the winding up other than a voluntary winding up of the Company; and 

  

	 	(x)	six months following a voluntary winding up of the Company. 

  

	6.4	If a Participant continues to be employed by a Group Company after the date on which he reaches the Specified Age he may exercise any Subsisting Option within six months following
that date. 

  

	6.5	No person shall be treated for the purposes of this Rule 6 as ceasing to be a Group Employee until he is no longer a director or employee of the Company, and Associated Company of
the Company or a company of which the Company has Control. 

  

	7.	Take-overs, Reconstructions and Liquidations 

  

	7.1	If any person obtains Control of the Company as a result of making: 

  

	 	(i)	a general offer to acquire the whole of the issued share capital of the Company (other than that which is already owned by him) which is unconditional or which is made on a
condition such that if it is satisfied the person making the offer will have Control of the Company; or 

  

	 	(ii)	a general offer to acquire all the shares (other than shares which are already owned by him) in the Company which are of the same class as Common Stock subject to a Subsisting
Option

  

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 then the Committee shall notify all Participants as soon as is practicable of the offer in accordance
with Rule 10.4. Any Subsisting Option may be exercised from the date of the receipt of that notification up to the expiry of a period ending six months from the time when the person making the offer has obtained Control of the Company and any
condition subject to which the offer is made has been satisfied. 
  

	7.2	If under Section 900 of the Companies Act 2006 it is proposed that the Court sanctions a compromise or arrangement likely to affect or apply to Common Stock (or similar
circumstances occur which are acceptable to HM Revenue and Customs) then the Company shall give notice thereof to all Participants at the same time as it sends notices to members of the Company calling the meeting to consider such a compromise or
arrangement. Any Subsisting Option may be exercised by a Participant subject to the terms of this Rule before the expiry of six months from the date on which the Court sanctions such compromise or arrangement. Subject to Rule 7.6, at the end of the
relevant period an unexercised Option shall lapse. 

  

	7.3	If any person becomes bound or entitled to acquire Common Stock under sections 976 to 981 of the Companies Act 2006 (or similar circumstances occur which are acceptable to HM
Revenue and Customs) any Subsisting Option may be exercised at any time when that person remains so bound or entitled. 

  

	7.4	If as a result of the events specified in Rules 7.1 or 7.2 an Acquiring Company has obtained Control of the Company, or if an Acquiring Company has become bound or entitled as
mentioned in Rule 7.3, the Participant may, if the Acquiring Company so agrees, release any Subsisting Option he holds in consideration for the grant of a New Option. A New Option issued in consideration of the release of an Option shall be
evidenced by an Option Certificate which shall import the relevant provisions of these Rules. A New Option shall, for all other purposes of this Plan, be treated as having been acquired at the same time as the corresponding released Option. An
exchange of Options pursuant to this Rule 7.4 shall not alter the fact that this Plan remains that of the Company as the original scheme organizer. 

  

	7.5	If a resolution is passed at a general meeting for the voluntary winding-up of the Company, an Option shall notwithstanding Rule 6.1(i) be exercisable in whole or in part for a
period of six months after which the Option shall to the extent unexercised thereupon lapse. 

  

	7.6	An Option whether or not exercisable prior to or as a result of the occurrence of an event specified in Rules 7.1, 7.2, 7.3 or 7.5 shall if an event so specified occurs lapse in
accordance with the relevant sub-rule of Rule 7, or if earlier, as determined by Rule 6.3 (i) to (x). Where prior to the date an Option lapses there occurs one or more further events specified in Rules 7.1, 7.2, 7.3 or 7.5 an Option shall lapse
on the earlier of the date determined by the preceding part of this Rule 7.6 and the date of lapse relevant to the further event or events. 

  

	7.7	For the purpose of this Rule 7 other than Rule 7.4 a person shall be deemed to have obtained Control of a Company if he and others acting in concert with him have together obtained
Control of it. 

  

	7.8	The exercise of an Option pursuant to the preceding provisions of this Rule 7 shall be subject to the provisions of Rule 9. 

  

	7.9	A New Option shall not be exercisable by virtue of the event pursuant to which it was granted. 

  

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	8.	Variation of Share Capital 

  

	8.1	In the event of any variation of the share capital of the Company affecting the Common Stock, including, but without prejudice to the generality of the preceding words, any
capitalisation or rights issue or any consolidation, sub-division or reduction of capital by the Company, the number and nominal amount of Common Stock subject to any Option and the Exercise Price may be adjusted by the Committee in such manner as
the Auditors confirm in writing to be, in their opinion, fair and reasonable provided that: 

  

	 	(i)	the aggregate amount payable on the exercise of an Option in full is neither materially changed nor increased beyond the expected repayment under the Saving Contract at the Bonus
Date; 

  

	 	(ii)	at any time when the Plan remains approved by HM Revenue and Customs no adjustment shall take effect without the prior approval of HM Revenue and Customs; and

  

	 	(iii)	at any time when the Plan remains approved by HM Revenue and Customs following the adjustment the Common Stock shall continue to satisfy the conditions specified in paragraphs 10 to
14 inclusive of Schedule 3. 

  

	8.2	Such variation shall be deemed to be effective, once the approval of HM Revenue and Customs has been given, from the record date at which the respective variation applied to other
stock of the same class as Common Stock. Any Options exercised within that period shall be treated as exercised with the benefit of the variation confirmed by the Auditors. 

  

	8.3	If an adjustment is made pursuant to Rule 8.1 above with the intention that the Plan shall cease to be approved by HM Revenue and Customs, the Company shall immediately notify HM
Revenue and Customs. 

  

	8.4	The Committee shall take such steps as it considers necessary to notify Participants of any adjustment made under Rule 8.1 and may call in, cancel, endorse, issue or reissue any
Option Certificate consequent upon such adjustment. 

  

	9.	Manner of Exercise of Options 

  

	9.1	No Option may be exercised whilst the Plan is approved by HM Revenue and Customs unless the Common Stock satisfies the conditions specified in paragraphs 18 to 22 inclusive of
Schedule 3. 

  

	9.2	An Option may only be exercised over as a maximum, the number of shares of Common Stock which may be acquired with the sum obtained by way of payment under the related Savings
Contract converted into US dollars at the exchange rate prevailing on the day preceding the date on which the Option is exercised. 

  

	9.3	 An Option shall be exercised by the Participant, or as the case may be by his personal representatives, delivering notice in writing to the Committee, detailing the
number of shares of Common Stock in respect of which he wishes to exercise the Option accompanied by the appropriate payment (which shall not exceed the sum obtained by way of repayment under the related Savings Contract) or authority to the Company
to withdraw and apply monies from the 

  

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Savings Contract to acquire the Common Stock over which the Option is to be exercised and the relevant Option Certificate and shall be effective on the date
of its receipt by the Committee. The Group Company which employs the Participant shall meet or procure the meeting of any stamp duty liability on the exercise of an Option. 

  

	9.4	Where an Option is exercised, the number of shares of Common Stock specified in the notice of exercise given in accordance with Rule 9.3 shall be transferred to the participant
within 30 days of the date of exercise and the Company shall arrange for the delivery of evidence of title thereof. Save for any rights determined by reference to a record date preceding the date of transfer, such Common Stock shall rank pari passu
with the other Common Stock of the same class in issue. 

  

	9.5	When an Option is exercised only in part, it shall lapse to the extent of the unexercised balance. 

  

	9.6	For the purpose of Rules 9.2 and 9.3 above, any repayment under the Savings Contract shall exclude the repayment of any contribution the due date for payment of which falls after
the date on which repayment is made unless provided for in the terms of the Savings Contract. 

  

	9.7	For so long as Common Stock is quoted on The New York Stock Exchange, the Company shall apply for Common Stock in respect of which an Option has been exercised to be quoted if it
were not so quoted already. 

  

	9.8	Where Common Stock is listed or dealt in or any Recognised Exchange no Option may be exercised in contravention of any securities transactions rules of the Recognised Exchange as
may from time to time be in force. 

  

	10.	Administration and Amendment 

  

	10.1	The Plan shall be administered by the Committee whose decision on all disputes shall be final save where the Rules require the concurrence of the Auditors. 

 

	10.2	The Committee may from time to time amend these Rules provided that: 

  

	 	(i)	no amendment to a “key feature” (as defined in paragraph 42(2B) of Schedule 3) shall have effect until approved by HM Revenue and Customs whilst the Plan is and is
intended to remain approved by HM Revenue and Customs pursuant to Schedule 3; and 

  

	 	(ii)	no amendment made with the intention that the Plan shall cease to be approved by HM Revenue and Customs shall take effect unless at the same time HM Revenue and Customs is notified
of such amendment. 

  

	10.3	The cost of establishing and operating the Plan shall be borne by the Group Companies in such proportions as the Board shall determine. 

  

	10.4	Any notice or other communication under or in connection with the Plan may be given by the Committee either personally or by post, and to the Committee either personally or by post
to the Secretary of the Committee; items sent by post shall be pre-paid and shall be deemed to have been received 72 hours after posting. 

  

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	10.5	The Company shall at all times keep available sufficient Common Stock to satisfy the exercise to the full extent still possible of all Subsisting Options. 

 

	10.6	The Plan shall terminate upon the tenth anniversary of the Adoption Date or at any earlier time by the passing of a resolution of the Committee. Termination of the Plan shall be
without prejudice to the subsisting rights of Participants. 

  

	10.7	The rights and obligations of any individual under terms of his office or employment with any Group Company shall not be affected by his participation in the Plan or any right which
he may have to participate therein, and an individual who participates therein shall waive any and all rights to compensation or damages in consequence of the termination of his office or employment for any reason whatsoever insofar as those rights
arise or may arise from his ceasing to have rights under or be entitled to exercise any Option under the Plan as a result of such termination. 

  

	10.8	Neither the grant of an Option nor any benefit which may accrue to a Participant on the exercise of an Option shall form part of that Participant’s pensionable remuneration for
the purposes of any pension scheme or similar arrangement which may be operated by any Group Company. 

  

 12Third Modification Agreement, dated May 4, 2009

 Exhibit 10.45 
 THIRD MODIFICATION AGREEMENT 
 THIS
THIRD MODIFICATION AGREEMENT (“Agreement”) is dated to be effective as of the 4th day of May, 2009 (“Effective Date”), by and
between each of the undersigned Lenders (“Lenders”); MANUFACTURERS AND TRADERS TRUST COMPANY, a New York banking corporation in its capacity as Agent (“Agent”) for the Lenders; LECROY CORPORATION, a Delaware corporation
(“Borrower”); CATALYST ENTERPRISES, INC., a California corporation, COMPUTER ACCESS TECHNOLOGY CORPORATION, a Delaware corporation, LECROY LIGHTSPEED CORPORATION, a Delaware corporation (collectively, “Guarantors,” and together
with the Borrower, collectively, “Obligors”). 
 RECITALS 
 The Lenders have extended credit accommodations to the Borrower in accordance with the terms of a Credit Agreement dated to be effective as of
March 30, 2007, as amended (as the same may be amended, modified, extended, renewed, restated, supplemented, or replaced from time to time, “Credit Agreement”) and the terms of the other “Loan Documents,” as such term is
defined in the Credit Agreement. The Guarantors have guaranteed to the Credit Parties (as such term is defined in the Credit Agreement) the repayment and performance of all existing and future obligations of the Borrower to the Credit Parties
pursuant to Guaranty Agreements dated as of March 30, 2007 (as the same may be amended, modified, extended, renewed, restated, supplemented or replaced from time to time, collectively, Guaranties”). Any capitalized terms used herein
without definition which are defined in, or defined by reference to the Credit Agreement shall have the meanings thereby assigned. 
 The
parties hereto have entered into this Agreement in order to amend certain provisions of the Credit Agreement as set forth below, on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereby agree as follows: 
 AGREEMENT 
 Section 1. Acknowledgment And Reaffirmation Of Obligations. The Obligors acknowledge and affirm that: (a) each of the Loan Documents is the valid and binding obligation of each of the Obligors that is a
signatory thereto; (b) the Loan Documents are enforceable in accordance with all stated terms; (c) the Obligors have no defenses, claims of offset, or counterclaims against the enforcement of the Loan Documents in accordance with all
stated terms. 
 Section 2. Amendment and Modification of Credit Agreement. 
 a. The following definitions set forth in Section 1.01 of the Credit Agreement (captioned “Defined Terms”) are hereby amended as follows:

 1. The definition of “Applicable Rate” is hereby amended to replace the pricing grid set forth therein with the following
pricing grid: 
  

															
	 Tier
 Level
	  	 Senior Leverage
 Ratio
	  	Applicable Rate
for Adjusted
Base Rate 
Borrowings	 	 	Applicable
Rate for
Eurodollar 
Borrowings	 	 	Applicable
Rate for
Commitment
Fees	 	 	Applicable
Rate for LC
Issuance 
Fees	 
	 1
	  	3 2.50	  	2.750	%	 	3.750	%	 	0.500	%	 	3.750	%
	 2
	  	3 2.00 < 2.50	  	2.500	%	 	3.500	%	 	0.350	%	 	3.500	%
	 3
	  	3 1.50 < 2.00	  	2.250	%	 	3.250	%	 	0.300	%	 	3.250	%
	 4
	  	3 1.00 < 1.50	  	2.000	%	 	3.000	%	 	0.250	%	 	3.000	%
	 5
	  	< 1.00	  	1.750	%	 	2.750	%	 	0.250	%	 	2.750	%

 2. The definition of “Base Rate” is hereby amended and restated in its entirety as set forth
below: 
 “Base Rate” means, for any day, the fluctuating rate per annum equal to the highest of (a) the
Prime Rate for such day, (b) the Federal Funds Rate in effect on such day plus fifty (50) Basis Points, and (c) the rate equal to one-month LIBOR Rate applicable to such date. Any change in the Base Rate due to a change in the
Prime Rate or, the Federal Funds Rate shall be effective on the opening of business on the day specified in the public announcement of such change in the Prime Rate or the Federal Funds Rate. 
 3. The definition of “LIBOR Rate” is hereby amended and restated in its entirety as set forth below: 
 “LIBOR Rate” means, with respect to any Eurodollar Borrowing for any Interest Period therefor, the rate per annum
(rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Dow Jones Markets Page 3750 (or any successor page) as the London interbank offered rate for deposits in dollars at approximately 11:00 a.m. (London time) two (2) Business
Days prior to the first day of such Interest Period for a term comparable to such Interest Period, provided that in no event shall the LIBOR Rate be a rate less than one and one-half percent (1.50%) per annum. If for any reason such rate
is not available, the term “LIBOR Rate” shall mean, for any Eurodollar Borrowing for any Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR Page as the
London interbank offered rate for deposits in dollars at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period; provided, however,
if more than one rate is specified on Reuters Screen LIBOR Page, the applicable rate shall be the arithmetic mean of all such rates (rounded upwards, if necessary, to the nearest 1/100 of 1%), and provided further that in no event shall the
LIBOR Rate be a rate less than one and one-half percent (1.50%) per annum. 
 b. Section 7.04 of the Credit Agreement (captioned
“Investments, Loans, Advances, Guarantees and Acquisitions”) is hereby amended by amending and restating clause “(d)” thereof in its entirety as set forth below: 
 (d) Acquisitions (whether by purchase of stock or assets, merger or consolidation) by the Borrower and/or its Subsidiaries not otherwise
permitted by this Section, provided that: (i) such acquisition shall be within the same industry and line of business as that conducted by, or contemplated to be conducted by, the Borrower and/or the Subsidiaries on the Effective Date;
(ii) the aggregate consideration of all acquisitions entered into by the Borrower and/or the Subsidiaries in 

 any Fiscal Year shall not exceed Ten Million Dollars ($10,000,000.00); (iii) the Borrower shall
furnish the Agent with written notice of such acquisition not less than thirty (30) days prior to the closing of such acquisition together with copies of all definitive documentation and financial information of the person being acquired as
such documentation and financial information is available; (iv) in the event any acquisition is of Capital Stock, the Borrower shall, pursuant the Security Agreements, grant to the Agent a first security interest in all of the Capital Stock of
such new Subsidiary if such new Subsidiary is a Domestic Subsidiary, and sixty-six percent (66%) of the Capital Stock of such new Subsidiary if such new Subsidiary is a Material Foreign Subsidiary, and each new Subsidiary shall, at the time it
becomes a new Subsidiary, execute such certifications, opinions, resolutions and documents as the Agent may reasonably require (consistent with the requirements of this Agreement) to cause such new Subsidiary (if a Domestic Subsidiary) to execute
and deliver a Guaranty Agreement and to cause such new Subsidiary to execute and delivery, or become a party to, the Security Agreements in order for such new Subsidiary to grant to the Agent a first security interest in the assets of such new
Subsidiary, subject to the Permitted Encumbrances; (v) the board of directors of the Person being acquired shall have approved the acquisition; and (vi) the Borrower shall have delivered to the Agent a certificate of a Financial Officer of
the Borrower demonstrating that, on a pro forma basis, after giving effect to such acquisition, (1) the Borrower would be in compliance with Sections 7.12, 7.13, 7.14 and 7.15 (such covenants to be determined as if such acquisition had been
consummated on the first day of the period for which such covenants are being calculated) and (2) no Default or Event of Default shall or would exist; 
 c. Section 7.14 of the Credit Agreement (captioned “Fixed Charge Coverage Ratio”) is hereby amended and restated in its entirety as set forth below: 
 Section 7.14 Fixed Charge Coverage Ratio.  
 The Borrower will not permit the Fixed Charge Coverage Ratio as of the end of each fiscal quarter for the four fiscal quarter period
ending on such day to be less than the following amounts during the following periods of time: 
  

			
	 Period
	  	Ratio
	 01/01/09 through 06/30/09
	  	1.75:1.00
	 07/01/09 through 12/31/09
	  	1.15:1:00
	 01/01/10 through 06/30/10
	  	1.50:1.00
	 07/01/10 and thereafter
	  	2.25:1.00

 d. Section 7.16 of the Credit Agreement (captioned “Amendments to Convertible Senior
Notes, Indenture and Seller Notes; Prepayment of Convertible Senior Notes or Seller Notes”) is hereby amended and restated in its entirety as set forth below: 
 Section 7.16 Amendments to Convertible Senior Notes, Indenture and Seller Notes; Prepayment of Convertible Senior Notes or
Seller Notes. The Borrower will not agree to any amendments to the Indenture, the Convertible Senior Notes or the Seller Notes. The Borrower will not redeem or repurchase any Convertible Senior Notes prior to October 20, 2011 or prepay
any 

 principal, premium or interest upon the Convertible Senior Notes or the Seller Notes prior to any stated
payment or maturity date; except that, in the absence of any continuing Defaults or Events of Default, the Borrower may redeem, repurchase, or prepay principal amounts outstanding under the Convertible Senior Notes, provided that,
after giving effect to each such redemption, repurchase, or prepayment transaction: 
 (a) the total of all amounts redeemed,
repurchased, or prepaid under the Senior Convertible Notes will not exceed a face amount of Fifty Million Dollars ($50,000,000.00) in the aggregate (including the Twenty-Two Million Dollars ($22,000,000.00) previously permitted); 
 (b) cash paid to repurchase the Convertible Senior Notes will not exceed Twenty-Six Million Dollars ($26,000,000) in the aggregate
(including the Eleven Million Nine Hundred Sixty Thousand Seven Hundred Fifty Dollars ($11,960,750) previously paid); 
 (c)
prior to and immediately after giving effect to any redemption, repurchase or prepayment the Borrower will (i) maintain consolidated cash balances of not less than Four Million Dollars ($4,000,000), (ii) the Senior Leverage Ratio shall not
exceed 2.25 to 1.00 (based on the most recently submitted officer’s compliance certificate), and (iii) the aggregate amount of outstanding Revolving Loans, Swingline Loans, and LC Obligations shall not exceed Twenty-Five Million Dollars
($25,000,000); and 
 (d) no Defaults or Events of Default would then exist. 
 Section 3. Obligors’ Representations And Warranties. As an inducement to the Credit Parties to enter into this Agreement and to agree to the
modifications provided for herein, each of the Obligors makes the following representations and warranties to the Credit Parties and acknowledges the justifiable reliance of the Credit Parties thereon: 
 Section 3.1. Authority And Good Standing. Each Obligor: (a) has the power to enter into this Agreement and any related documents and to
perform all of its obligations hereunder and thereunder; (b) has duly authorized the entry into and performance of this Agreement and all related documents; and (c) is in good standing in the state of its organization and is qualified to
do business and is in good standing in all other states in which it transacts business. 
 Section 3.2. No Violations. The
execution, delivery, and performance of this Agreement by the Obligors will not immediately, or with the passage of time, the giving of notice, or both: (a) violate any laws or result in a default under any contract, agreement, or instrument to
which any Obligor is a party or by which any Obligor or any properties of any Obligor are bound; or (b) result in the creation or imposition of any security interest in, or lien or encumbrance upon, any of the assets of the Obligors.

 Section 3.3. Accuracy Of Information. All information and data submitted by or on behalf of the Obligors in connection with
this Agreement and the transactions contemplated herein, is true, accurate and complete in all material respects as of the date made and contains no knowingly false, incomplete or misleading statements. 
 Section 3.4. Pending Proceedings. There are no actions, suits or proceedings pending against any of the Obligors, the adverse determination
of which would be likely to have a Material Adverse Effect. No judgments have been entered against the Obligors which result in an Event of Default under Section 8.01(k) of the Credit Agreement. 

 Section 3.5. Events of Default. The Obligors have no actual knowledge of any Events of
Default. 
 Section 4. Other Loan Documents. Each of the Obligors hereby ratifies and confirms all of the Loan Documents to which it
is a party, after giving effect to this Agreement, and the amendment and modification of the Credit Agreement. 
 Section 5. Further
Assurances. Each of the Obligors agrees to execute and deliver to the Agent such other and further documents as may, from time to time, be reasonably requested by the Agent in order to execute or enforce the terms and conditions of this
Agreement, the Credit Agreement, or any of the other Loan Documents. 
 Section 6. Amendment Fee. The Borrower agrees to pay to the
Agent for the benefit of each Lender signing this Agreement an amendment fee (collectively, “Amendment Fee”) in an amount equal to one quarter of one percent (0.25%) of the stated principal amount of each such signing Lender’s
respective Revolving Commitment. The Amendment Fee shall be due and payable on the Effective Date, and shall be deemed to have been fully earned by each respective Lender upon payment. 
 Section 7. Reimbursement Of Expenses Of Agent. The Obligors agree to reimburse to the Agent promptly upon receipt of an invoice therefor, all
reasonable expenses incurred by the Agent in connection with the negotiation and preparation of this Agreement and all other expenses incurred by the Agent as of that date in connection with the consummation of the transactions and matters described
herein and as otherwise incurred by the Agent in the administration of the Loans, including without limitation all reasonable attorneys’ fees and reasonable consultant’s fees incurred by the Agent. Thereafter, the Obligors shall promptly
reimburse the Agent upon the request of the Agent for all reasonable expenses incurred by the Agent in connection with the administration of the Loans and the Loan Documents. 
 Section 8. No Novation; No Refinance. It is the intent of each of the parties that nothing contained in this Agreement shall be deemed to effect,
accomplish, or otherwise constitute a novation of the Credit Agreement or any of the Loan Documents, or of any of the Loans or the other Obligations, or to be a refinance of any of the Loans or the other Obligations. Each of the Obligors reaffirms
and ratifies all Liens previously granted by it to the Credit Parties in accordance with the Loan Documents. 
 Section 9.
Enforceability. This Agreement shall inure to the benefit of and be enforceable against each of the parties and their respective successors and assigns. 
 Section 10. Choice Of Law; Consent To Jurisdiction; Agreement As To Venue. This Agreement shall be construed, performed and enforced, and its validity and enforceability determined in accordance with, the laws
of the State of New York (“Governing State”) (excluding, however, conflict of laws principles). Each of the parties irrevocably consents to the non-exclusive jurisdiction of any State court of the Governing State located in New York City,
and any United States District Court sitting in New York City, and any appellate court from any thereof. Each of the parties agrees that venue shall be proper in any State court of the Governing State located in New York City or in any United States
District Court sitting in New York City, and waives any right to object to the maintenance of a suit in any of such state or federal courts of the Governing State on the basis of improper venue or of inconvenience of forum. 
 Section 11. RELEASE. IN ORDER TO INDUCE THE CREDIT PARTIES TO ENTER INTO THIS AGREEMENT, EACH OF THE OBLIGORS FOREVER RELEASES AND DISCHARGES
EACH OF THE CREDIT PARTIES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, ATTORNEYS, AND AGENTS (COLLECTIVELY, THE “RELEASED PARTIES”) FROM ANY AND ALL CLAIMS, CAUSES OF ACTION, SUITS AND DAMAGES (INCLUDING CLAIMS FOR ATTORNEYS’
FEES AND COSTS) WHICH ANY OF THE OBLIGORS, JOINTLY OR SEVERALLY, EVER HAD OR MAY NOW HAVE AGAINST ANY OF THE RELEASED PARTIES FOR ANY CLAIMS ARISING OUT OF OR RELATED IN ANY WAY TO THE OBLIGATIONS, THE LOAN DOCUMENTS, THIS AGREEMENT OR THE 

 ADMINISTRATION THEREOF, WHETHER KNOWN OR UNKNOWN, INCLUDING BUT NOT LIMITED TO ANY AND ALL CLAIMS BASED UPON OR
RELYING ON ANY ALLEGATIONS OR ASSERTIONS OF DURESS, ILLEGALITY, UNCONSCIONABILITY, BAD FAITH, BREACH OF CONTRACT, REGULATORY VIOLATIONS, NEGLIGENCE, MISCONDUCT, OR ANY OTHER TORT, CONTRACT OR REGULATORY CLAIM OF ANY KIND OR NATURE. THIS RELEASE IS
INTENDED TO BE FINAL AND IRREVOCABLE AND IS NOT SUBJECT TO THE SATISFACTION OF ANY CONDITIONS OF ANY KIND. 
 Section 12. Counterparts
And Delivery. This Agreement may be executed and delivered in counterparts, and shall be fully enforceable against each signatory, even if all designated signatories do not actually execute this Agreement. This Agreement, and the signatures to
this Agreement, may be delivered via facsimile. 
 Section 13. Waiver of Jury Trial. All parties to this agreement waive the right to
a trial by jury in any action brought to enforce or construe this Agreement or which otherwise arises out of or relates to this Agreement or the transactions contemplated herein. 
 [Signatures Begin On The Following Page] 

 Signature Page To Third Modification Agreement: 
 IN WITNESS WHEREOF, the parties have executed this Agreement with the specific intention of creating a document under seal to be effective as of the date
first above written. 
  

							
		 		  	 BORROWER:

	  
 WITNESS/ATTEST:
	 		  	  
 LECROY CORPORATION,
 A Delaware Corporation

				
	 /s/    Lourdes A. Tedesco
	 		  	By:	 	 /s/    Sean B. O’Connor
 Sean B. O’Connor, Vice President-Finance

  

							
		 		  	 GUARANTORS:

			
	WITNESS/ATTEST:	 		  	 CATALYST ENTERPRISES, INC.,
 A
California Corporation

				
	 /s/    Lourdes A. Tedesco
	 		  	By:	 	 /s/    Sean B. O’Connor
 Sean B. O’Connor, Vice President-Finance

			
		 		  	 COMPUTER ACCESS TECHNOLOGY CORPORATION,
 A Delaware Corporation

				
	 /s/    Lourdes A. Tedesco
	 		  	By:	 	 /s/    Sean B. O’Connor
 Sean B. O’Connor, Vice President-Finance

			
		 		  	 LECROY LIGHTSPEED CORPORATION,
 A
Delaware Corporation

				
	 /s/    Lourdes A. Tedesco
	 		  	By:	 	 /s/    Sean B. O’Connor
 Sean B. O’Connor, Vice President-Finance

 [Signatures Continued On The Following Page] 

 Signature Page To Third Modification Agreement – Continued: 
  

							
		 		  	 AGENT:

	  
 WITNESS/ATTEST:
	 		  	  
 MANUFACTURERS AND TRADERS TRUST COMPANY,
 A New York Banking Corporation, In Its Capacity As Agent
 For The
Lenders

				
	  
	 		  	By:	 	 /s/    Manufacturers and Traders Trust Company

			
		 		  	 LENDER:

	  
 WITNESS/ATTEST:
	 		  	  
 MANUFACTURERS AND TRADERS TRUST COMPANY,
 A New York Banking Corporation, In Its Capacity As
 A
Lender

				
	  
	 		  	By:	 	 /s/    Manufacturers and Traders Trust Company

 [Signatures Continued On The Following Page] 

 Signature Page To Third Modification Agreement – Continued: 
  

							
		 		  	 LENDER:

			
	WITNESS/ATTEST:	 		  	 CAPITAL ONE, NATIONAL ASSOCIATION,
 Successor to North Fork Bank,
 in its capacity as a Lender

				
	  
	 		  	By:	 	 /s/    Capital One, National Association

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