Document:

Exhibit 10.1 - First Amendment to Term Loan Agreement

Exhibit 10.1
FIRST AMENDMENT TO TERM LOAN AGREEMENT AND OTHER LOAN DOCUMENTS 

THIS FIRST AMENDMENT TO TERM LOAN AGREEMENT AND OTHER LOAN DOCUMENTS (this “Amendment”) made as of the 21st day of July, 2014, by and among DUPONT FABROS TECHNOLOGY, L.P., a Maryland limited partnership (“Borrower”), DUPONT FABROS TECHNOLOGY, INC., a Maryland corporation (“REIT”), the parties executing below as Subsidiary Guarantors (the “Subsidiary Guarantors”; REIT and the Subsidiary Guarantors, collectively the “Guarantors”), ROYAL BANK OF CANADA, (“RBC”), THE OTHER LENDERS WHICH ARE SIGNATORIES HERETO (RBC and the other lenders which are signatories hereto, collectively, the “Lenders”), and ROYAL BANK OF CANADA, as Agent for the Lenders (the “Agent”).
W I T N E S S E T H:
WHEREAS, Borrower, Agent and certain of the Lenders entered into that certain Term Loan Agreement dated as of September 13, 2013 (as heretofore amended, the “Loan Agreement”); and
WHEREAS, Borrower has requested that the Agent and the Lenders make certain modifications to the terms of the Loan Agreement; and
WHEREAS, the Agent and the Lenders have agreed to make such modifications subject to the execution and delivery by Borrower and Guarantors of this Amendment.
NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby covenant and agree as follows:
1.Definitions.  All the terms used herein which are not otherwise defined herein shall have the meanings set forth in the Loan Agreement.
2.Modifications of the Loan Agreement.  Borrower, the Lenders and Agent do hereby modify and amend the Loan Agreement as follows:
(a)By deleting the words “RBC CAPITAL MARKETS*, AS SOLE LEAD ARRANGER AND SOLE BOOK MANAGER” appearing on the cover page of the Loan Agreement and replacing them with “RBC CAPITAL MARKETS* AND SUNTRUST ROBINSON HUMPHREY, INC., AS JOINT LEAD ARRANGERS AND JOINT BOOK MANAGERS”.
(b)By deleting the words “RBC CAPITAL MARKETS, AS SYNDICATION AGENT” appearing on the cover page of the Loan Agreement and replacing them with “SUNTRUST BANK, AS SYNDICATION AGENT”.
(c)By deleting the words “RBC CAPITAL MARKETS, as Sole Lead Arranger and Sole Book Manager” in the recital of parties to the Loan Agreement and replacing them with “RBC CAPITAL MARKETS and SUNTRUST ROBINSON HUMPHREY, INC., as Joint Lead Arrangers and Joint Book Managers”.
(d)By deleting the words “RBC CAPITAL MARKETS, as Syndication Agent” in the recital of parties to the Loan Agreement and replacing them with “SUNTRUST BANK, as Syndication Agent”.
(e)By deleting in their entirety the definitions of “Applicable Margin”, “Arranger” and “Maturity Date” appearing in §1.1 of the Loan Agreement, and inserting in lieu thereof the following:

1

“Applicable Margin.  (a)  On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Asset Value:
	
				
	Pricing Level
	Ratio
	LIBOR Rate Loans
	Base Rate Loans

	Pricing Level 1
	Less than or equal to 35%
	1.50%
	0.50%

	Pricing Level 2
	Greater than 35% but less than or equal to 40%
	1.60%
	0.60%

	Pricing Level 3
	Greater than 40% but less than or equal to 45%
	1.75%
	0.75%

	Pricing Level 4
	Greater than 45% but less than or equal to 52.5%
	1.90%
	0.90%

	Pricing Level 5
	Greater than 52.5%
	2.10%
	1.10%

The initial Applicable Margin as of July 21, 2014 shall be at Pricing Level 1.  At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period.  The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate after the end of a calendar quarter.  In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate.
(b)    From and after the date that Agent first receives written notice from REIT or Borrower that Borrower has first obtained an Investment Grade Rating and the Borrower delivers a written notice to Agent irrevocably electing to have the Applicable Margin determined pursuant to this subparagraph (b), the Applicable Margin shall mean, as of any date of determination, a percentage per annum determined by reference to the Credit Rating Level as set forth below:
	
				
	

Pricing
Level
	Credit Rating Level
	Applicable Margin for
LIBOR Rate Loans
	Applicable Margin for
Base Rate Loans

	I
	Credit Rating Level 1
	0.825%
	0.00%

	II
	Credit Rating Level 2
	0.875%
	0.00%

	III
	Credit Rating Level 3
	1.00%
	0.00%

	IV
	Credit Rating Level 4
	1.25%
	0.25%

	V
	Credit Rating Level 5
	1.65%
	0.65%

2

At such time as this subparagraph (b) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the Credit Rating Level in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the Credit Rating Level in effect on the first day of such Interest Period; provided, however that no change in the Applicable Margin resulting from the application of the Credit Rating Levels or a change in the Credit Rating Level shall be effective until three (3) Business Days after the date on which the Agent receives written notice of the application of the Credit Rating Levels and Borrower’s irrevocable election to have the Applicable Margin determined pursuant to this subparagraph (b) or a change in such Credit Rating Level.  From and after the first date that the Applicable Margin is based on Borrower’s Investment Grade Rating pursuant to this subparagraph (b), the Applicable Margin shall no longer be calculated by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value (provided that any accrued interest payable at the Applicable Margin determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value prior to such date shall be payable as provided in §2.6).”
“Arrangers.  RBC Capital Markets and SunTrust Robinson Humphrey, Inc. or any successor of either of them.”
“Maturity Date.  July 21, 2019, or such earlier date on which the Loan shall become due and payable pursuant to the terms hereof.” 
(f)All references in the Loan Agreement to “Arranger” shall be replaced with “Arrangers” (other than in the Schedules to the Loan Agreement).
(g)By deleting in its entirety Schedule 1.1 of the Credit Agreement and inserting in lieu thereof Schedule 1.1 attached to this Amendment.
3.Commitments.  
(a)Borrower and Guarantors hereby acknowledge and agree that as of the effective date of this Amendment and following satisfaction of all conditions thereto as provided herein, the amount of each Lender's Commitment shall be the amount set forth on Schedule 1.1 attached hereto.  Each of the Lenders that is increasing its Commitment and each of the Lenders that is decreasing its Commitment (the “Subject Lenders”) shall receive a Note based on its Commitment as set forth on Schedule 1.1 hereto, which Note shall be replacements for such Lender’s existing Note and shall not be a novation or satisfaction of such indebtedness.
(b)By its signature below, each Subject Lender hereby agrees to perform all obligations with respect to its respective Commitment as set forth in this Amendment, which obligations shall include, but shall not be limited to, the obligation to indemnify the Agent as provided in the Loan Agreement.
(c)On the effective date of this Amendment, (i) the outstanding principal balance of the Advances prior to the effectiveness of this Amendment shall be reallocated among the Lenders such that the outstanding principal amount of the Advances owed to each Lender shall be equal to such Lender’s Commitment (as in effect after the effectiveness of this Amendment), and (ii) those Lenders whose Commitment is increasing shall advance the funds to the Agent and the funds so advanced shall be distributed among the Lenders whose Commitment is decreasing or is unchanged as necessary to accomplish the required reallocation of the outstanding Advances.
4.References to Loan Agreement.  All references in the Loan Documents to the Loan Agreement shall be deemed a reference to the Loan Agreement as modified and amended herein.

3

5.Acknowledgment of Borrower and Guarantors.  Borrower and Guarantors hereby acknowledge, represent and agree that each of the Loan Agreement, as modified and amended herein, and the Guaranty, remains in full force and effect and constitutes the valid and legally binding obligation of Borrower and Guarantors, as applicable, enforceable against Borrower and Guarantors in accordance with its respective terms, and that the execution and delivery of this Amendment does not constitute, and shall not be deemed to constitute, a release, waiver or satisfaction of Borrower’s or any Guarantor’s obligations under the Loan Documents.
6.Representations and Warranties.  Borrower and Guarantors represent and warrant to Agent and the Lenders as follows:
(a)Authorization.  The execution, delivery and performance of this Amendment and the other documents executed in connection herewith and the transactions contemplated hereby and thereby (i) are within the authority of Borrower and Guarantors, (ii) have been duly authorized by all necessary proceedings on the part of Borrower and Guarantors, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any of Borrower or Guarantors is subject or any judgment, order, writ, injunction, license or permit applicable to any of Borrower or Guarantors, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement or certificate, certificate of formation, operating agreement, articles of incorporation or other charter documents or bylaws of, or any mortgage, indenture, agreement, contract or other instrument binding upon, any of Borrower or Guarantors or any of their respective properties or to which any of Borrower or Guarantors is subject, and (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of any of Borrower or Guarantors.
(b)Enforceability.  This Amendment and the other documents executed in connection herewith are the valid and legally binding obligations of Borrower and Guarantors enforceable in accordance with the respective terms and provisions hereof and thereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity.
(c)Approvals.  The execution, delivery and performance of this Amendment and the other documents executed in connection herewith and the transactions contemplated hereby and thereby do not require the approval or consent of any Person or the authorization, consent, approval of or any license or permit issued by, or any filing or registration with, or the giving of any notice to, any court, department, board, commission or other governmental agency or authority other than those already obtained and any disclosure filings with the SEC as may be required with respect to this Amendment.
(d)Reaffirmation.  Borrower and Guarantors reaffirm and restate as of the date hereof each and every representation and warranty made by Borrower and Guarantors and their respective Subsidiaries in the Loan Documents or otherwise made by or on behalf of such Persons in connection therewith except for representations or warranties that expressly relate to an earlier date.
7.No Default.  By execution hereof, Borrower and Guarantors certify that as of the date of this Amendment and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.
8.Waiver of Claims.  Borrower and Guarantors acknowledge, represent and agree that none of such Persons has any defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever arising on or before the date hereof with respect to the Loan Documents, the administration or funding of the Loan or with respect to any acts or omissions of Agent or any Lender, or any past or present officers, agents or employees of Agent or any Lender pursuant to or relating to the Loan Documents, and each of such Persons does hereby expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action arising on or before the date hereof, if any.

4

9.Ratification.  Except as hereinabove set forth, all terms, covenants and provisions of the Loan Agreement remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Loan Documents as modified and amended herein.  Guarantors hereby consent to the terms of this Amendment.  Nothing in this Amendment or any other document delivered in connection herewith shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness evidenced by the Notes or the other obligations of Borrower and Guarantors under the Loan Documents.
10.Effective Date.  The effectiveness of this Amendment is subject to receipt by the Agent of each of the following, each in form and substance reasonably satisfactory to the Agent:
(a)A counterpart of this Amendment duly executed by Borrower, Guarantors, all of the Lenders and Agent;
(b)An opinion of counsel to Borrower and the Guarantors addressed to the Agent and the Lenders covering such matters as the Agent may reasonably request;
(c)A Note duly executed by Borrower in favor of each Lender that is increasing or decreasing its respective Commitment pursuant to this Amendment in the amount set forth next to such Lender’s name on Schedule 1.1 attached hereto;
(d)Evidence that Borrower shall have paid all fees due and payable with respect to this Amendment; and
(e)Such other certificates, documents, instruments and agreements as the Agent may reasonably request.
Borrower will pay the reasonable fees and expenses of Agent in connection with this Amendment in accordance with Section 15 of the Loan Agreement.  All interest and fees accrued prior to the effectiveness of this Amendment under provisions of the Loan Agreement modified by this Amendment shall remain payable at the due dates set forth in the Loan Agreement.
11.Amendment as Loan Document.  This Amendment shall constitute a Loan Document.
12.Counterparts.  This Amendment may be executed in any number of counterparts which shall together constitute but one and the same agreement.   Delivery of an executed counterpart of a signature page of this Amendment by telecopier or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.
13.MISCELLANEOUS.  THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors, successors-in-title and assigns as provided in the Loan Agreement.
[CONTINUED ON NEXT PAGE]

5

IN WITNESS WHEREOF, the parties hereto have hereto set their hands and affixed their seals as of the day and year first above written.
BORROWER:
DUPONT FABROS TECHNOLOGY, L.P., a Maryland limited partnership
		
	By:
	DuPont Fabros Technology, Inc., a Maryland corporation, its sole General Partner

By:          /s/ Richard A. Montfort, Jr.        
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

REIT:
DUPONT FABROS TECHNOLOGY, INC.,
a Maryland corporation, as Guarantor
By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

SUBSIDIARY GUARANTORS:
GRIZZLY EQUITY LLC,
a Delaware limited liability company

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

6

GRIZZLY VENTURES LLC,
a Delaware limited liability company

By:     Grizzly Equity LLC,
a Delaware limited liability company,
its Managing Member

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

LEMUR PROPERTIES LLC,
a Delaware limited liability company

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

7

PORPOISE VENTURES LLC,
a Delaware limited liability company

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

RHINO EQUITY LLC, 
a Delaware limited liability company

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

8

TARANTULA INTERESTS LLC, 
a Delaware limited liability company

By:    DuPont Fabros Technology L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

TARANTULA VENTURES LLC,
a Delaware limited liability company

By:     Tarantula Interests, LLC,
a Delaware limited liability company,
its Managing Member

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

9

WHALE HOLDINGS LLC,
a Delaware limited liability company

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

WHALE INTERESTS LLC,
a Delaware limited liability company

By:     Whale Holdings LLC,
a Delaware limited liability company,
its Managing Member

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

 
 

10

WHALE VENTURES LLC,
a Delaware limited liability company

By:    Whale Interests LLC,
a Delaware limited liability company,
its Managing Member

By:     Whale Holdings LLC,
a Delaware limited liability company,
its Managing Member

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

YAK MANAGEMENT LLC, 
a Delaware limited liability company

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

11

YAK INTERESTS LLC,
a Delaware limited liability company

By:     Yak Management LLC,
a Delaware limited liability company,
its Managing Member

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

XERES MANAGEMENT LLC,
a Delaware limited liability company

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

 
 

12

XERES INTERESTS LLC,
a Delaware limited liability company

By:    Xeres Management LLC,
a Delaware limited liability company,
its Managing Member

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

XERES VENTURES LLC,
a Delaware limited liability company

By:    Xeres Interests LLC,
a Delaware limited liability company,
its Managing Member

By:     Xeres Management LLC,
a Delaware limited liability company,
its Managing Member

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:       /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

13

FOX PROPERTIES LLC,
a Delaware limited liability company

By:    DuPont Fabros Technology, L.P.,
a Maryland limited partnership,
its Managing Member

By:    DuPont Fabros Technology, Inc.,
a Maryland corporation,
its General Partner

By:          /s/ Richard A. Montfort, Jr.
		
	Name:
	Richard A. Montfort, Jr.

		
	Title:
	Executive Vice President, General Counsel and Secretary

14

AGENT AND LENDERS:
ROYAL BANK OF CANADA, 
as Agent

By: /s/ Dan Lepage    
Name: Dan Lepage
Title:   Authorized Signatory
 

15

ROYAL BANK OF CANADA, 
as Lender 

By: /s/ Dan Lepage    
Name: Dan Lepage
Title:   Authorized Signatory

16

KEYBANK NATIONAL ASSOCIATION, 
as Lender

By: /s/ John Scott    
Name: John Scott
Title:   Senior Vice President
 

17

RAYMOND JAMES BANK, N.A, 
as Lender

By: /s/ James M. Armstrong    
Name: James M. Armstrong
Title:   Senior Vice President

18

SUNTRUST BANK, 
as Lender

By:  /s/ Nancy B. Richards    
Name:  Nancy B. Richards 
Title:    Senior Vice President  

19

GOLDMAN SACHS BANK USA, 
as Lender

By: /s/ Mark Walton    
Name: Mark Walton
Title:   Authorized Signatory
 

20

RBS CITIZENS, N.A., 
as Lender 

By: /s/ Brad Bindas    
Name: Brad Bindas
Title:   Senior Vice President

21

COBANK, ACB, 
as Lender

By: /s/ Gloria Hancock    
Name: Gloria Hancock
Title:   Vice President
 

22

FIRST TENNESSEE BANK N.A., 
as Lender

By: /s/ Jean M. Brennan    
Name: Jean M. Brennan
Title:   Senior Vice President

23

REGIONS BANK, 
as Lender

By: /s/ Kerri L. Raines    
Name: Kerri L. Raines
Title:   Vice President
 

24

SYNOVUS BANK, 
as Lender

By: /s/ David W. Bowman    
Name: David W. Bowman
Title:   Senior Vice President 

25

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 
as Lender

By: /s/ Michael Spaight    
Name: Michael Spaight
Title:   Authorized Signatory

By: /s/ Mikhail Faybusovich    
Name: Mikhail Faybusovich
Title:   Authorized Signatory

 

26

TD BANK NA, 
as Lender

By: /s/ Mary Merrill    
Name: Mary Merrill
Title:   Vice President
 

27

TRISTATE CAPITAL BANK, 
as Lender

By: /s/ Ellen Frank    
Name: Ellen Frank
Title:   Senior Vice President

28

U.S. BANK NATIONAL ASSOCIATION, 
as Lender

By: /s/ Garret J. Rowan    
Name: Garret J. Rowan
Title:   Vice President

29

SCHEDULE 1.1
LENDERS AND COMMITMENTS 
	
			
	Name and Address
	Commitment
	Commitment Percentage

	Royal Bank of Canada
Three World Financial Center
200 Vesey Street, 12th Floor
New York, New York  10281-8098
Attention:  Global Loans Administration, NY
Tel:  877-332-7455
Fax:  212-428-2372

LIBOR Lending Office
Same as Above
	$35,000,000
	14.0%

	SunTrust Bank 
8330 Boone Blvd. 
Vienna, VA 22182 
Attention: Nancy Richards
Tel: 703-442-1557 
Fax: 703-442-1570 

LIBOR Lending Office
Same as Above
	$40,000,000
	16.0%

	Goldman Sachs Bank USA 
200 West Street 
New York, NY 10282 
Attention: Operations Contact 
Fax: 917-977-3966 
LIBOR Lending Office
Same as Above
	$11,500,000
	4.6%

	KeyBank National Association 
127 Public Square, 8th Floor 
Cleveland, OH 
Attention: Jason Weaver 
Tel: 216-689-4784 
Fax: 216-689-7724 
LIBOR Lending Office
Same as Above
	$7,500,000
	3%

	RBS Citizens, N.A.
1215 Superior Avenue, 6th Floor 
Cleveland, Ohio 44114
Attention: David R. Jablonowski
Telephone: (216) 277-8667
Facsimile: (216) 277-7106
LIBOR Lending Office
Same as Above
	$15,000,000
	6.0%

	Raymond James Bank, N.A. 
710 Carillon Parkway 
St. Petersburg, FL 33716 
Attention: Thomas G. Scott
Tel: 727-567-4196 
Fax: 1-866-205-1396 
LIBOR Lending Office
Same as Above
	$7,500,000
	3.0%

30

	
			
	CoBank, ACB
900 Circle 
75 Parkway, Suite 1400
Atlanta, GA 30339 
Attention: Gloria Hancock
Tel: 770-618-3212
LIBOR Lending Office
Same as Above
	$20,000,000
	8.0%

	First Tennessee Bank N.A.
701 Market Street
Chattanooga, TN 37402
Attention: Jean M. Brennan
Tel: 423-757-4317
Fax: 423-757-4040
LIBOR Lending Office
Same as Above
	$15,000,000
	6.0%

	Regions Bank
6805 Morrison Boulevard, Suite 210
Charlotte, NC 28211
Attention: Kerri Raines
Tel: 704-362-3564
Fax: 704-466-1397
LIBOR Lending Office
Same as Above
	$38,500,000
	15.4%

	Synovus Bank
800 Shodes Creek Parkway
Birmingham, AL 35209
Attention: Julie Kendrick
Tel: 205-868-4748
LIBOR Lending Office
Same as Above
	$10,000,000
	4.0%

	TD Bank, National Association
200 State Street, 8th Floor
Boston, MA 02109
Attention: Michael Pappas
Tel: 617-737-3678
Fax: 617-737-0238
LIBOR Lending Office
Same as Above
	$25,000,000
	10.0%

	Tristate Capital Bank
301 Grant Street
Suite 700, One Oxford Centre
Pittsburgh, PA 15219
Attention: Ellen Frank
Tel: 610-526-6771
Fax: 610-526-6762
LIBOR Lending Office
Same as Above
	$5,000,000
	2.0%

31

	
			
	Credit Suisse AG, Cayman Islands Branch 
Eleven Madison Avenue 
New York, NY 10010 
Attention: Mikhail Faybusovich 
Tel: 212-325-5714 
Fax: 646-935-8518 
LIBOR Lending Office
Same as Above
	$10,000,000
	4.0%

	U.S. Bank N.A.
461 Fifth Avenue, 7th Floor
New York, NY 10017
Attention: Karen Gareis
Tel: 646-291-6139
Fax: 646-935-4550
LIBOR Lending Office
Same as Above
	$10,000,000
	4.0%

	*TOTAL
	$250,000,000
	100%

32EX-4.4

 Exhibit 4.4 

APOGEE ENTERPRISES, INC. 

DEFERRED COMPENSATION PLAN 

FOR NON-EMPLOYEE DIRECTORS 
 (2014 Restatement) 
  

	Section 1.	Establishment and Purpose. 

(a)          Establishment.  Apogee Enterprises, Inc., a Minnesota corporation,
together with any and all subsidiaries established effective as of January 31, 1998, a deferred compensation plan for the non-employee members of its Board which shall be known as the Deferred
Compensation Plan for Non-Employee Directors (hereinafter called the “Plan”). Apogee reserved to itself, by action of the Compensation Committee of the Board of Directors, to amend this Plan and has
done so on prior occasions. By the adoption of this 2014 Restatement, Apogee does hereby completely amend and restate the terms of the Plan in this Plan Statement. 
 (b)          Purpose.  The purpose of this Plan is to provide a means whereby amounts payable by the Company to its
Non-Employee Directors for services as a member of the Company’s Board may be deferred to some future period. It is also the purpose of this Plan to motivate such
Non-Employee Directors to continue to make contributions to the growth and profits of the Company and to increase their ownership of shares of Common Stock, and thereby align their interests in the long-term success of the Company with that of the other shareholders. This will be accomplished by allowing each Participating Director to elect voluntarily to receive all or a portion of his or her retainer and
fees in the form of shares of deferred Common Stock pursuant to an irrevocable election made under this Plan. 
  

	Section 2.	Definitions. 

(a)          Definitions.  When the following terms are used herein with
initial capital letters, they shall have the following meanings: 

(i)          “Board” shall mean the Board of Directors of the Company. 

(ii)          “Committee” shall mean the Nominating and Corporate Governance Committee
of the Board or any successor committee of the Board designated by the Board to administer the Plan. The Committee shall be comprised of not less than such number of Directors as shall be required to permit Awards granted under the Plan to qualify
under Rule 16b-3, and each member of the Committee shall be a “Non-Employee Director” within the meaning of
Rule 16b-3. 
 (iii)          “Common
Stock” shall mean the common stock, par value $0.33 1/3 per share, of Apogee Enterprises, Inc. 

(iv)          “Company” shall mean Apogee Enterprises, Inc., a Minnesota corporation,
together with all its subsidiaries. 
 (v)          “Deferral Election Form”
shall mean the irrevocable election to defer the receipt of Fees and Retainer as provided for in Section 4(c) of this Plan. 

(vi)          “Deferred Payment Form” shall mean the irrevocable payment election of
the Participant’s Deferred Stock Account. 
 (vii)          “Deferred Stock
Account” shall mean the account established pursuant to Section 4(b) of this Plan. 

(viii)          “Election Amount” shall mean the amount of the Retainer and Fees the
Participating Director elects to defer as set forth in Section 4(a) of this Plan. 

  
 1 

 (ix)          “Eligible Director” shall
mean any Non-Employee Director of the Company as set forth in Section 3 of this Plan. 

(x)          “Fair Market Value” shall mean the value as set forth in
Section 4(e) of this Plan. 
 (xi)          “Fees” shall mean the amount
payable to a Director for attendance at Board meetings or meetings of committees of the Board. 

(xii)          “Maturity Date” shall mean the date set forth in Section 6(a) of
this Plan. 

(xiii)          “Non-Employee Director” shall
mean an individual who is a member of the Board but who is not an employee of the Company or any of its subsidiaries. 

(xiv)          “Participant” shall mean a person who is a Non-Employee Director who has elected to defer such fees and retainers under this Plan, or a person who, prior to the time of Termination from Board had elected to defer such compensation under this Plan and who
retains, or whose beneficiaries retain, benefits under the Plan and in accordance with its terms. 

(xv)          “Participating Director” shall mean has the meaning set forth in
Section 4(a). 
 (xvi)          “Plan” shall mean this Deferred
Compensation Plan, as it may be amended from time to time. 

(xvii)          “Plan Year” shall mean the
12-month period beginning January 1 and ending December 31. There was a short Plan Year from July 1-December 31, 2005. Plan Years prior to
July 1, 2005, began on July 1 and ended June 30 of each year. 

(xviii)          “Retainer” shall mean the annual amount payable to a Director for
services rendered as a Director. 
 (xix)          “Stock Deferral Election”
shall mean the election made pursuant to Section 4(a) of this Plan. 

(xx)          “Termination from Board” shall mean a Participant’s membership on
the Board terminates under any circumstances. However when the term “Termination from Board” is used in the Plan Statement, it shall be construed to have the same meaning consistent with the term “Separation from Service” as used
in section 409A of the Code. 
 (b)          Gender and Number. Except when
otherwise indicated by the context, any masculine terminology when used in the Plan shall also include the feminine gender, and the definition of any term herein in the singular shall also include the plural. 

 

	Section 3.	Eligibility for Participation. 

 Any Non-Employee Director of the Company shall be eligible to participate in this Plan (an “Eligible Director”). In the event a Participant no longer meets the requirements for participation in this Plan, the
Participant shall become an inactive Participant, retaining all the rights described under this Plan, except the right to make any further deferrals, until the time that the Participant again becomes an active Participant or receives a complete
distribution of the Participant’s Deferred Stock Account. 

  
 2 

	Section 4.	Election to Defer Receipt of Retainer and Fees. 

 (a)          Election to Receive Common Stock at a Later Date in Lieu of Cash.  On forms provided by the Company, each Eligible Director who
decides to participate may irrevocably elect to defer receipt of cash equal to 25%, 50%, 75% or 100% of the sum of the annual Retainer and any Fees. The amounts to be deferred will be in the form of a Common Stock credit to the Participating
Director’s Deferred Stock Account, as set forth in Section 4(b) hereof, for the amount of the Retainer and Fees the Participating Director elects to defer. The Stock Deferral Election shall be made pursuant to Section 4(c). Any Stock
Deferral Election may only be amended or revoked for a subsequent Plan Year, by completing a new Deferral Election Form and filing it with the Company prior to the beginning of such Plan Year as provided in Section 4(c). 

(b)          Credits to Deferred Stock Account.  Credits to each
Participant’s Deferred Stock Account shall be made quarterly as of the last business day of each calendar quarter. The amount credited for each quarter shall include the Fees earned by the Participating Director for meetings attended during the
calendar quarter and 25% of the amount of the annual Retainer for the applicable Plan Year for which the Participating Director chose to defer receipt of cash. The credit to the Deferred Stock Account shall be in the form of stock units in a number
equal to the number of shares of Common Stock having a Fair Market Value, as defined in Section 4(e), equal to the amount of the Retainer and Fees so elected for deferral for the applicable quarter. Amounts credited to the Deferred Stock
Accounts shall be rounded to the nearest one-hundredth share. In the event that a Participating Director elects to defer less than 100% of the Retainer and Fees in shares of Common Stock, he shall receive the
balance of the payment in cash. 
 (c)          Manner of Making Deferral
Election.  A Participating Director may elect to defer payment of the Retainer and payment of Fees pursuant to this Plan by filing, at any time prior to the beginning of a Plan Year (or by such earlier date as the Administrative
Committee shall determine), an irrevocable election with the Company on a form provided for that purpose, except that any person who is first elected to the Board after the beginning of a Plan Year may make a Stock Deferral Election for that Plan
Year within thirty (30) days of becoming eligible to participate in this Plan. The Deferral Election Form shall specify an amount to be deferred expressed as a percentage of the Participating Director’s Retainer and Fees. In all
circumstances, the first credit to a Participant’s Deferred Stock Account will only include the Retainer and Fees for services performed after the effective date of the Deferral Election Form. 

(d)          Dividend Credit.  Each time a cash dividend is paid on the Common
Stock of the Company, the Participating Director shall receive a credit of stock units to Participating Director’s Deferred Stock Account as of the last business day of the calendar quarter in which the dividend was paid. The number of stock
units credited shall be the number equal to that number of shares of Common Stock (rounded to the nearest one-hundredth of a share) having a Fair Market Value, as defined in Section 4(e), on the last
business day of the applicable calendar quarter equal to the amount of the dividend that would have been payable on the number of shares of Common Stock equal to the number of stock units credited to the Participating Director’s Deferred Stock
Account on the dividend record date. 
 (e)          Fair Market
Value.  For purposes of converting dollar amounts into shares of Common Stock, the Fair Market Value of each share of Common Stock shall be equal to the closing price of one share of the Common Stock on the NASDAQ Global Select Market
(or other exchange on which the shares of Common Stock are then listed and primarily traded) on the applicable crediting date or payment date. 
 (f)          Termination of Service as a Director.  If a Participating Director leaves the Board before the conclusion of any calendar quarter, the
Participating Director will be paid the quarterly installment of the Retainer and Fees entirely in cash, notwithstanding that a Stock Deferral Election made by such Participating Director is on file with the Company. The date of termination of a
Participating Director’s service as a Director of the Company will be deemed to be the date of termination recorded on the personnel or other records of the Company. 

  
 3 

	Section 5.	Shares Available for Issuance. 

(a)          Maximum Number of Shares Available.  The maximum number of shares
of Common Stock that will be available for issuance under this Plan will be 255,000 shares, subject to any adjustments made in accordance with the provisions of Section 5(b). The shares of Common Stock available for issuance under this Plan
shall be authorized but unissued shares. 
 (b)          Adjustments to
Shares.  In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary dividend, an
appropriate adjustment will be made in the number and/or kind of securities available for issuance under this Plan to prevent either the dilution or the enlargement of the rights of the Eligible Directors and Participating Directors. 

 

	Section 6.	Deferral Payment and Issuance of Common Stock. 

 (a)          Maturity of Deferred Stock Account.  A Participant’s account shall become payable to (or with respect to) a Participant upon the
earliest of, or upon the occurrence of, one of the following events (the “Maturity Date”), as elected by the Participant in the Deferral Election Form: 
 (i)          The Participant’s Termination from Board, 
 (ii)         A date selected by the Participant, 

(iii)        The Participant reaches seventy (70) years of age, or 

(iv)        The Participant’s death. 

(b)          Form of Deferral Payment. At the time of making the Stock Deferral Election,
each Participating Director shall also complete a deferral payment election specifying one of the payment options described in Sections 6(c) and (d), and an election pursuant to Section 6(a) for the Maturity Date. The deferral payment
election shall be irrevocable as to all amounts credited to the Participating Director’s Deferred Stock Account. The Participating Director may change the deferral payment election by completing a Deferred Payment Form and filing it with the
Company, such change will only apply to deferrals credited in a subsequent Plan Year. 

(c)          Payment of Deferred Stock Accounts in a Lump Sum. Unless a Participating
Director elects to receive payment of the Participating Director’s Deferred Stock Account in installments as described in Section 6(d), credits to a Participating Director’s Deferred Stock Account shall be payable in full on the first
business day of the calendar year following the Maturity Date. If the provisions of Section 7 become applicable and a Participating Director’s designated beneficiary or beneficiaries are entitled to receive payment, such distributions
shall, in all cases, be made in a lump sum in accordance with this Section and not Section 6(d) of this Plan. All payments shall be made in shares of Common Stock, with one share of Common Stock issued for each stock unit credited to the
Participating Director’s Deferred Stock Account, plus cash in lieu of any fractional share. 

(d)          Payment of Deferred Stock Accounts in Installments. A Participating Director
may elect to have the Participating Director’s Deferred Stock Account paid in annual installments following the Maturity Date. All payments shall be made in shares of Common Stock, with one share of Common Stock issued for each stock unit
credited to the Participating Director’s Deferred Stock Account, plus cash in lieu of any fractional share. All installment payments shall be made annually beginning on the first business day of the calendar year following the Maturity Date,
with subsequent installments paid on the first business day of each subsequent calendar year. The amount of each installment payment shall be computed as the number of stock units credited to the Participating Director’s Deferred Stock Account
on the relevant installment payment date, multiplied by a fraction, the numerator of which is one and the denominator of which is the total number of installments elected (not to exceed 10) minus the

  
 4 

 
number of installments previously paid. Amounts paid prior to the final installment payment shall be rounded to the nearest whole number of shares; the final installment payment shall be for the
whole number of stock units then credited to the Participating Director’s Deferred Stock Account, together with cash in lieu of any fractional share. 
 (e)          Payment of Deferred Stock Accounts – Change in Control. Notwithstanding Sections 6(c) and (d), in the event of a Change in Control (as
defined in Section 12), credits to a Participating Director’s Deferred Stock Account immediately prior to the effective time of the transaction constituting the Change in Control shall be paid in full to the Participating Director or the
Participating Director’s beneficiary or estate, as the case may be, either in whole shares of Common Stock (together with cash in lieu of a fractional share) or, if the holders of Common Stock generally are to receive other consideration in
such Change in Control transaction, in the consideration per share of Common Stock to be received by such holders of Common Stock, in either case, on the business day immediately after the effective date of the transaction. 

 

	Section 7.	Designation of Beneficiaries. 

(a)          Right to Designate. Each Participant may designate, upon forms to be
furnished by and filed with the Plan Administrator, one or more primary Beneficiaries or alternative Beneficiaries to receive all or a specified part of such Participant’s Deferred Stock Account in the event of such Participant’s death.
The Participant may change or revoke any such designation from time to time without notice to or consent from any Beneficiary. No such designation, change or revocation shall be effective unless executed by the Participant and received by the
Company during the Participant’s lifetime. 
 (b)          Failure of
Designation. If a Participant: 
 (i)          fails to designate a Beneficiary,

 (ii)         designates a Beneficiary and thereafter revokes such designation without
naming another Beneficiary, or 
 (iii)        designates one or more Beneficiaries and all such
Beneficiaries so designated fail to survive the Participant, 
 such Participant’s Deferred Stock Account, or the part thereof as to which such
Participant’s designation fails, as the case may be, shall be payable to the first class of the following classes of automatic Beneficiaries with a member surviving the Participant and (except in the case of surviving issue) in equal shares if
there is more than one member in such class surviving the Participant: 
 Participant’s surviving spouse 

Participant’s surviving issue per stirpes and not per capita 
 Participant’s surviving parents 
 Participant’s surviving brothers and sisters 

Representative of Participant’s estate. 
 (c)          Disclaimers by Beneficiaries. A Beneficiary entitled to a distribution of all or a portion of a deceased Participant’s Deferred Stock
Account may disclaim an interest therein subject to the following requirements. To be eligible to disclaim, a Beneficiary must be a natural person, must not have received a distribution of all or any portion of the Deferred Stock Account at the time
such disclaimer is executed and delivered, and must have attained at least age twenty-one (21) years as of the date of the Participant’s death. Any disclaimer must be in writing and must be executed
personally by the Beneficiary before a notary public. A disclaimer shall state that the Beneficiary’s entire interest in the undistributed Deferred Stock Account is disclaimed or shall specify what portion thereof is disclaimed. To be
effective, duplicate original executed copies of the disclaimer must be both executed and actually 

  
 5 

 
delivered to the Company after the date of the Participant’s death but not later than one hundred eighty (180) days after the date of the Participant’s death. A disclaimer shall be
irrevocable when delivered to the Company. A disclaimer shall be considered to be delivered to the Company only when actually received by the Company. The Company shall be the sole judge of the content, interpretation and validity of a purported
disclaimer. Upon the filing of a valid disclaimer, the Beneficiary shall be considered not to have survived the Participant as to the interest disclaimed. A disclaimer by a Beneficiary shall not be considered to be a transfer of an interest in
violation of the provisions of Section 8 and shall not be considered to be an assignment or alienation of benefits in violation of federal law prohibiting the assignment or alienation of benefits under this Plan. No other form of attempted
disclaimer shall be recognized by the Company. 

(d)          Definitions.  When used herein and, unless the Participant has
otherwise specified in the Participant’s Beneficiary designation, when used in a Beneficiary designation, “issue” means all persons who are lineal descendants of the person whose issue are referred to, including legally adopted
descendants and their descendants but not including illegitimate descendants and their descendants; “child” means an issue of the first generation; “per stirpes” means in equal shares among living children of the person whose
issue are referred to and the issue (taken collectively) of each deceased child of such person, with such issue taking by right of representation of such deceased child; and “survive” and “surviving” mean living after the death
of the Participant. 
 (e)          Special Rules.  Unless the
Participant has otherwise specified in the Participant’s Beneficiary designation, the following rules shall apply: 

(i)          If there is not sufficient evidence that a Beneficiary was living at the time of
the death of the Participant, it shall be deemed that the Beneficiary was not living at the time of the death of the Participant. 

(ii)         The automatic Beneficiaries specified in Section 7(b) and the Beneficiaries
designated by the Participant shall become fixed at the time of the Participant’s death so that, if a Beneficiary survives the Participant but dies before the receipt of all payments due such Beneficiary hereunder, such remaining payments shall
be payable to the representative of such Beneficiary’s estate. 
 (iii)         If the
Participant designates as a Beneficiary the person who is the Participant’s spouse on the date of the designation, either by name or by relationship, or both, the dissolution, annulment or other legal termination of the marriage between the
Participant and such person shall automatically revoke such designation. (The foregoing shall not prevent the Participant from designating a former spouse as a Beneficiary on a form executed by the Participant and received by the Plan Administrator
after the date of the legal termination of the marriage between the Participant and such former spouse, and during the Participant’s lifetime.) 
 (iv)         Any designation of a nonspouse Beneficiary by name that is accompanied by a description of relationship to the Participant shall be given effect without
regard to whether the relationship to the Participant exists either then or at the Participant’s death. 

(v)         Any designation of a Beneficiary only by statement of relationship to the Participant
shall be effective only to designate the person or persons standing in such relationship to the Participant at the Participant’s death. 
 A
Beneficiary designation is permanently void if it either is executed or is filed by a Participant who, at the time of such execution or filing, is then a minor under the law of the state of the Participant’s legal residence. The Company shall
be the sole judge of the content, interpretation and validity of a purported Beneficiary designation. 

  
 6 

 (f)          No Spousal
Rights.  Prior to the death of the Participant, no spouse or surviving spouse of a Participant and no person designated to be a Beneficiary shall have any rights or interest in the benefits credited under this Plan including, but not
limited to, the right to be the sole Beneficiary or to consent to the designation of Beneficiaries (or the changing of designated Beneficiaries) by the Participant. 
 (g)          Death Prior to Full Distribution.  If, at the death of the Participant, any payment to the Participant was due or otherwise pending
but not actually paid, the amount of such payment shall be included in the Deferred Stock Account which are payable to the Beneficiary (and shall not be paid to the Participant’s estate). 

(h)          Facility of Payment.  In case of the legal disability, including
minority, of a Participant or Beneficiary entitled to receive any distribution under this Plan, payment shall be made, if the Company shall be advised of the existence of such condition: 

(i)          to the duly appointed guardian, conservator or other legal representative of such
Participant or Beneficiary, or 
 (ii)         to a person or institution entrusted with the
care or maintenance of the incompetent or disabled Participant or Beneficiary, provided such person or institution has satisfied the Company that the payment will be used for the best interest and assist in the care of such Participant or
Beneficiary, and provided further, that no prior claim for said payment has been made by a duly appointed guardian, conservator or other legal representative of such Participant or Beneficiary. 

Any payment made in accordance with the foregoing provisions of this Section shall constitute a complete discharge of any liability or obligation of the Company
therefor. 
  

	Section 8.	Nontransferability. 

 In no event shall the
Company make any payment under this Plan to any assignee or creditor of a Participant or of a Beneficiary. Prior to the time of payment hereunder, a Participant or Beneficiary shall have no rights by way of anticipation or otherwise to assign or
otherwise dispose of any interest under this Plan nor shall such rights be assigned or transferred by operation of the law. 
  

	Section 9.	Limitation on Rights of Eligible Directors and Participating Directors. 

 (a)          Service as a Director.  Nothing in this Plan will interfere with or limit in any way the right of the Board or the Company’s
shareholders to remove an Eligible Director or Participating Director from the Board. Neither this Plan nor any action taken pursuant to it will constitute or be evidence of any agreement or understanding, express or implied, that the Board or the
Company’s shareholders have retained or will retain an Eligible Director or Participating Director for any period of time or at any particular rate of compensation. 
 (b)          Nonexclusivity of the Plan.  Nothing contained in this Plan is intended to effect, modify or rescind any of the Company’s
existing compensation plans or programs or to create any limitations on the Board’s power or authority to modify or adopt compensation arrangements as the Board may from time to time deem necessary or desirable. 

 

	Section 10.	Plan Amendment, Modification and Termination. 

 The Board may suspend or terminate this Plan at any time. The Board may amend this Plan from time to time in such respects as the Board may deem advisable in order that this Plan will conform to any change in
applicable laws or regulations or in any other respect that the Board may deem to be in the Company’s best interests; provided, however, that no amendments to this Plan will be effective without approval of the Company’s shareholders, if
shareholder approval of the amendment is 

  
 7 

 
then required pursuant to Rule 16b-3 (or any successor rule) promulgated under the Securities Exchange Act of 1934, as amended, or the rules of the
NASDAQ Global Select Market (or other exchange on which the shares of Common Stock are then listed and primarily traded). Following a termination of the Plan, Deferred Stock Accounts shall remain in the Plan until the Participant becomes eligible
for the benefits under Section 6. The termination of the Plan shall not adversely affect any Participant or Beneficiary who has become entitled to the payment of any benefits under the Plan as of the date of termination. Notwithstanding the
foregoing, to the extent permissible under section 409A of the Code and the related Treasury regulations and guidance, if there is a termination of the Plan with respect to all Participants, the Board shall have the right, in its sole
discretion, and notwithstanding any elections made by the Participant, to immediately pay all benefits in a lump sum following such termination of the Plan. 
  

	Section 11.	Participants Are General Creditors of the Company. 

 The Participating Directors and Beneficiaries thereof shall be general unsecured creditors of the Company with respect to any payments to be made pursuant to this Plan and shall not have any preferred interest by
way of trust, escrow, lien or otherwise in any specific assets of the Company. If the Company shall, in fact, elect to set aside monies or other assets to meet its obligations hereunder (there being no obligation to do so), whether in a
grantor’s trust or otherwise, the same shall, nevertheless, be regarded as a part of the general assets of the Company subject to the claims of its general creditors, and neither any Participating Director nor any Beneficiary thereof shall have
a legal, beneficial or security interest therein. 
  

	Section 12.	Change in Control. 

(a)          Change in Control.  A “Change in Control” shall mean:

 (i)          a change in control of a nature that would be required to be reported
in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or successor provision thereto, whether or not the Company is then subject to such
reporting requirement including, without limitation, any of the following events: 

(A)          the consummation of any consolidation or merger of the Company in which the Company
is not the continuing or surviving corporation or pursuant to which shares of the Company’s Common Stock would be converted into cash, securities or other property, other than a merger of the Company in which the holders of the Company’s
Common Stock immediately prior to the consolidation or merger have the same proportionate ownership of Common Stock of the surviving corporation immediately after the merger; or 

(B)          any sale, lease, exchange or other transfer (in one transaction or a series of
related transactions) of all, or substantially all, of the assets of the Company; 

(ii)          any “person” (as such term is used in sections 13(d) and 14(d) of
the Exchange Act) is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing 35% or
more of the combined voting power of the Company’s then outstanding securities; 

(iii)          the Continuing Directors (as defined in Section 12(b) hereof) cease to
constitute a majority of the Company’s Board; or 
 (iv)         the majority of the
Continuing Directors determine in their sole and absolute discretion that there has been a change in control of the Company. 
 Notwithstanding the
foregoing, none of the foregoing event(s) shall constitute a Change in Control unless such event(s) constitute a Change in Control as defined in section 409A of the Code, any regulations and

  
 8 

 
other guidance in effect from time to time thereunder, including without limitation, Treasury Regulation § 1.409A-3(i)(5). 

(b)          Continuing Director.  “Continuing Director” shall mean
any person who is a member of the Board of the Company, who is not an Acquiring Person (as hereinafter defined) or an Affiliate or Associate (as hereinafter defined) of an Acquiring Person, or a representative of an Acquiring Person or of any such
Affiliate or Associate, and who (a) was a member of the Board on the date, as of which this Plan first became effective or (b) subsequently becomes a member of the Board, if such person’s initial nomination for election or initial
election to the Board is recommended or approved by a majority of the Continuing Directors. For purposes of this Section 12(b): “Acquiring Person” shall mean any “person” (as such term is used in sections 13(d) and
14(d) of the Exchange Act) who or which, together with all Affiliates and Associates of such person, is the Beneficial Owner of 10% or more of the shares of Common Stock of the Company then outstanding, but shall not include the Company, any
subsidiary of the Company or any executive benefit plan of the Company or of any subsidiary of the Company or any entity holding shares of Common Stock organized, appointed or established for, or pursuant to the terms of, any such plan; and
“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act. 

 

	Section 13.	Claims Procedure. 

 Without limiting the
generality of the following, an application for benefits under Section 3 shall be processed as a claim for the purposes of this Section. 
 (a)          Original Claim.  Any person may file with the Committee a written claim for benefits under this Plan. Within ninety (90) days
after the filing of such a claim, the Committee shall notify the claimant in writing whether his or her claim is upheld or denied in whole or in part or shall furnish the claimant a written notice describing specific special circumstances requiring
a specified amount of additional time (but not more than one hundred eighty days from the date the claim was filed) to reach a decision on the claim. If the claim is denied in whole or in part, the Committee shall state in writing: 

(i)          the specific reasons for the denial; 

(ii)         the specific references to the pertinent provisions of the Plan Statement on which the
denial is based; 
 (iii)        a description of any additional material or information
necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and 

(iv)        an explanation of the claims review procedure set forth in this Section. 

(b)          Claims Review Procedure. Within sixty (60) days after receipt of notice
that his or her claim has been denied in whole or in part, the claimant may file with the Committee a written request for a review and may, in conjunction therewith, submit written issues and comments. Within sixty (60) days after the filing of
such a request for review, the Committee shall notify the claimant in writing whether, upon review, the claim was upheld or denied in whole or in part or shall furnish the claimant a written notice describing specific special circumstances requiring
a specified amount of additional time (but not more than one hundred twenty days from the date the request for review was filed) to reach a decision on the request for review. 

(c)          General Rules. 

(i)          No inquiry or question shall be deemed to be a claim or a request for a review of a
denied claim unless made in accordance with the claims procedure. The Committee may require that any claim for benefits and any request for a review of a denied claim be filed on forms to be furnished by the Committee upon request. 

  
 9 

 (ii)          All decision on claims and on
requests for a review of denied claims shall be made by the Committee. 

(iii)          The Committee may, in its discretion, hold one or more hearings on a claim or a
request for a review of a denied claim. 
 (iv)          Claimants may be represented
by a lawyer or other representative (at their own expense), but the Committee reserves the right to require the claimant to furnish written authorization. A claimant’s representative shall be entitled to receive copies of notices sent to the
claimant. 
 (v)          The decision of the Committee on a claim and on a request for
a review of a denied claim shall be served on the claimant in writing. If a decision or notice is not received by a claimant within the time specified, the claim or request for a review of a denied claim shall be deemed to have been denied.

 (vi)          Prior to filing a claim or a request for a review of a denied claim,
the claimant or his or her representative shall have a reasonable opportunity to review a copy of the Plan Statement and all other pertinent documents in the possession of Apogee. 

(vii)          The Committee may permanently or temporarily delegate all or a portion of its
authority and responsibility under this Section to another committee or to an individual. 

(viii)          The procedures and remedies herein are not exclusive. Subsequent to a Change in
Control, a Participant or surviving spouse of a Participant shall not be required to exhaust these administrative remedies. If there is litigation regarding the benefits payable to or with respect to a Participant, then notwithstanding
Section 7(d), determinations made by the Committee subsequent to a Change in Control (even if such determinations relate to events occurring wholly or partially before the Change in Control) shall not be afforded any deference and the matter
shall be heard de novo. 
 (ix)          If any Participant successfully
litigates, in whole or in part, any claim for benefits under this Plan, the court shall award reasonable attorney’s fees and costs of the action to the Participant. 

 

	Section 14.	Miscellaneous. 

(a)          Securities Law and Other Restrictions. Notwithstanding any other provision
of this Plan or any Stock Deferral Election delivered pursuant to this Plan, the Company will not be required to issue any shares of Common Stock under this Plan and a Participating Director may not sell, assign, transfer or otherwise dispose of
shares of Common Stock issued pursuant to this Plan, unless (a) there is in effect with respect to such shares a registration statement under the Securities Act of 1933, as amended (the “Securities Act”) and any applicable state
securities laws or an exemption from such registration under the Securities Act and applicable state securities laws, and (b) there has been obtained any other consent, approval or permit from any other regulatory body that the Company deems
necessary or advisable. The Company may condition such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved, and the placement of any legends on certificates representing shares of Common Stock,
as may be deemed necessary or advisable by the Company, in order to comply with such securities law or other restriction. 

(b)          Governing Law. The validity, construction, interpretation, administration
and effect of this Plan and any rules, regulations and actions relating to this Plan will be governed by and construed exclusively in accordance with the laws of the State of Minnesota. 

(c)          Service of Process. In the absence of any designation to the contrary by the
Company, the Secretary of the Company is designated as the appropriate and exclusive agent for the 

  
 10 

 
receipt of service of process directed to this Plan in any legal proceeding including arbitration, involving this Plan. 
 (d)          Administrative Determinations.  The Committee shall make such determinations as may be required from time to time in the
administration of this Plan. The Committee shall have the discretionary authority and responsibility to interpret and construe the Plan Statement and to determine all factual and legal questions under this Plan, including but not limited to the
entitlement of Participants and others, and the amounts of their respective interests. Each interested party may act and rely upon all information reported to them hereunder and need not inquire into the accuracy thereof, nor be charged with any
notice to the contrary. 
 (e)          Rules and Regulations.  Any
rule not in conflict or at variance with the provisions hereof may be adopted by the Committee. 

(f)          Errors in Computations.  The Company nor the Committee shall not
be liable or responsible for any error in the computation of any benefit payable to or with respect to any Participant resulting from any misstatement of fact made by the Participant or by or on behalf of any survivor to whom such benefit shall be
payable, directly or indirectly, to Apogee, and used by the Company in determining the benefit. Apogee shall not be obligated or required to increase the benefit payable to or with respect to such Participant which, on discovery of the misstatement,
is found to be understated as a result of such misstatement of the Participant. However, the benefit of any Participant which is overstated by reason of any such misstatement or any other reason shall be reduced to the amount appropriate in view of
the truth (and to recover any prior overpayment by offset or other legal process). 

(g)          ERISA Status.  This Plan is adopted with the understanding that it
is an unfunded plan maintained primarily for the purpose of providing deferred compensation for non-employee directors only, and thus is not subject to ERISA. Each provision shall be interpreted and
administered accordingly. 
 (h)          IRC Status.  This Plan is
intended to be a nonqualified deferred compensation arrangement. The rules of section 401(a) et. seq. of the Code shall not apply to this Plan. The rules of section 409A of the Code shall apply to this Plan to the extent applicable
and this Plan Statement shall be construed and administered accordingly. The Company nor any of its officers, directors, agents or affiliates shall be obligated, directly or indirectly, to any Participant or any other person for any taxes,
penalties, interest or like amounts that may be imposed on the Participant or other person on account of any amounts under this Plan or on account of any failure to comply with any Code section. 

Adopted by the Board on October 9, 1998, subject to and effective upon shareholder approval 
 Approved by shareholders on June 22, 1999 
 Amended and Restated by the Board on October 11, 2006 

Amended by the Board on February 27, 2009 
 Amended by the Board
on April 29, 2009 
 Amended and Restated by the Board on April 30, 2014, subject to and effective upon shareholder approval 

  
 11

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