Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 dated as of February 6, 2015 

among 
 RICE ENERGY
INC., 
 as Borrower, 

The Guarantors Party Hereto, 

WELLS FARGO BANK, N.A., 

as Administrative Agent, 

and 
 The Lenders Party
Hereto 
 WELLS FARGO SECURITIES, LLC, 

as Sole Lead Arranger and Sole Bookrunner 
  

 
  

 LIMITED CONSENT AND SECOND
AMENDMENT TO 
 THIRD AMENDED AND RESTATED
CREDIT AGREEMENT 
 This LIMITED CONSENT
AND SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Second
Amendment”), dated as of February 6, 2015 (the “Second Amendment Effective Date”), is among RICE ENERGY INC., a Delaware corporation (the “Borrower”); each
of the undersigned guarantors (the “Guarantors”, and together with the Borrower, the “Loan Parties”); each of the Lenders that is a signatory hereto; and WELLS FARGO
BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”). 

Recitals 
 A. The
Borrower, the Administrative Agent and the Lenders are parties to that certain Third Amended and Restated Credit Agreement dated as of April 10, 2014 (as amended prior to the date hereof, the “Credit Agreement”), pursuant to
which the Lenders have, subject to the terms and conditions set forth therein, made certain credit available to and on behalf of the Borrower. 

B. The Borrower has advised the Administrative Agent and the Lenders that the Borrower and the Restricted Subsidiaries have entered into, and
remain party to, certain Swap Agreements in respect of natural gas listed on Schedule 1 hereto (the Swap Agreements listed on Schedule 1 hereto are, solely to the extent such Swap Agreements cover any month in calendar year 2015,
referred to herein as the “Specified 2015 Swap Agreements”). 
 C. The Borrower has advised the Administrative Agent and
the Lenders that the notional volumes of the Specified 2015 Swap Agreements may exceed the maximum notional volumes permitted under Section 9.18(a)(ii)(B) of the Credit Agreement in respect of natural gas for calendar months in 2015. 

D. The Borrower has requested that the Majority Lenders party hereto consent to the existence of the Specified 2015 Swap Agreements on the
terms and conditions set forth herein. 
 E. The parties hereto desire to amend certain terms of the Credit Agreement as set forth herein
including, without limitation, to increase the LC Commitment from $100,000,000 to $175,000,000, in each case, to be effective as of the Second Amendment Effective Date. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined Terms. Each
capitalized term which is defined in the Credit Agreement, but which is not defined in this Second Amendment, shall have the meaning ascribed such term in the Credit Agreement, as amended hereby. Unless otherwise indicated, all section references in
this Second Amendment refer to the Credit Agreement. 

  
 Page 1 

 Section 2. Amendments. In reliance on the representations, warranties, covenants and
agreements contained in this Second Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Credit Agreement shall be amended effective as of the Second Amendment Effective Date in the
manner provided in this Section 2. 
 2.1 Additional Definitions. Section 1.02 of the Credit Agreement is hereby
amended to add thereto in alphabetical order the following definitions which shall read in full as follows: 

“Anti-Corruption Laws” means all state or federal laws, rules, and regulations applicable to the Borrower or
any of its Affiliates from time to time concerning or relating to bribery or corruption, including the FCPA. 

“Sanction” means any economic or financial sanction or trade embargo imposed, administered or enforced from
time to time by the U.S. government, including those administered by OFAC, the U.S. Department of the Treasury or the U.S. Department of State. 

“Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any
Sanctions (including Cuba, Iran, North Korea, Sudan and Syria). 
 “Sanctioned Person” means, at any time,
(a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of the Treasury or the U.S. Department of State, (b) any Person operating, organized or resident in a Sanctioned Country or
(c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Second Amendment” means that certain Limited Consent and Second Amendment to Third Amended and Restated
Credit Agreement dated as of February 6, 2015, among the Borrower, the Guarantors party thereto, the Administrative Agent and the Lenders party thereto. 

2.2 Amended Definitions. The definitions of “LC Commitment” and “Loan Documents” contained in
Section 1.02 of the Credit Agreement are hereby amended and restated in their entirety to read in full as follows: 

“LC Commitment” at any time means $175,000,000. 

“Loan Documents” means this Agreement, the First Amendment, the Second Amendment, the Notes, the Fee Letters,
the Letter of Credit Agreements, the Letters of Credit and the Security Instruments. 
 2.3 Amendment to Section 7.20 of the Credit
Agreement. Section 7.20 of the Credit Agreement is hereby amended to add the following sentence immediately after the third sentence thereof: 

The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and the Borrower shall procure
that its Subsidiaries and its 

  
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or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or
authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any
Sanctioned Person, or in any Sanctioned Country, or (c) in any manner that would knowingly or negligently result in the violation of any Sanctions applicable to any party hereto. 

2.4 Amendment to Section 7.23 of the Credit Agreement. Section 7.23 of the Credit Agreement is hereby amended and restated in
its entirety to read in full as follows: 
 Section 7.23. Anti-Corruption Laws and Sanctions. The Borrower
and its Subsidiaries have implemented and maintain in effect such policies and procedures, if any, as they reasonably deem appropriate, in light of their business and international activities (if any), to ensure compliance by the Borrower and its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower and its Subsidiaries and their respective officers and employees and, to the knowledge of the Borrower,
their respective directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower and its Subsidiaries or any of their respective directors, officers or employees, or
(b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit,
use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions. 
 2.5
Deletion of Section 7.24 of the Credit Agreement. Section 7.24 of the Credit Agreement is hereby deleted in its entirety. 

2.6 Amendment to Section 8.09 of the Credit Agreement. Section 8.09 of the Credit Agreement is hereby amended to add the
following sentence immediately after the first sentence thereof: 
 The Borrower will maintain in effect and enforce such
policies and procedures, if any, as it reasonably deems appropriate, in light of its businesses and international activities (if any), to ensure compliance by the Borrower, its Subsidiaries and each of their respective directors, officers, employees
and agents with Anti-Corruption Laws and applicable Sanctions. 

  
 Page 3 

 Section 3. Limited Consent. In reliance on the representations, warranties, covenants
and agreements contained in this Second Amendment, and subject to the terms and conditions set forth below in this Section 3 and the satisfaction of the conditions precedent set forth in Section 4 hereof, the Majority Lenders
hereby consent to the Borrower and/or the Restricted Subsidiaries maintaining and continuing to be party to the Specified 2015 Swap Agreements; provided, that 

(a) this consent shall be limited solely to calendar months in 2015, 

(b) this consent shall not apply, and it shall constitute an immediate Event of Default under the Credit Agreement, if the Borrower and the
Restricted Subsidiaries enter into or maintain any Swap Agreement in respect of natural gas that causes the aggregate notional volumes of all Swap Agreements in respect of natural gas then in effect to exceed, as of any date, for any calendar month
in 2015, 100% of the Projected Volume for such month (based on the most recently delivered report under Section 8.01(n), and without double-counting for price swaps and basis swaps, as provided in the Credit Agreement), and 

(c) following the date hereof, the Borrower and the Restricted Subsidiaries may not enter into any Swap Agreements in respect of natural gas
(or amend any Specified 2015 Swap Agreements to add additional volumes) for any calendar month in 2015, other than (i) Swap Agreements or amendments thereto that unwind or modify previous positions to facilitate compliance with the Credit
Agreement and this Section 3 and (ii) Swap Agreements for basis differentials on volumes already hedged pursuant to Specified 2015 Swap Agreements, unless the Borrower would otherwise be in compliance with Section 9.18 of the
Credit Agreement without giving effect to this consent. 
 Nothing contained in this Second Amendment shall be deemed a consent to, or waiver of, any action
or inaction of the Borrower or any Restricted Subsidiary—other than maintaining and continuing to be party to the Specified 2015 Swap Agreements—which constitutes (or would constitute) a violation of any provision of the Credit Agreement
or any other Loan Document, or which results (or would result) in a Default or Event of Default under the Credit Agreement or any other Loan Document, nor shall this Second Amendment constitute a course of conduct or dealing among the parties. The
Administrative Agent and the Lenders shall have no obligation to grant any future waivers, consents or amendments with respect to the Credit Agreement or any other Loan Document. 

Section 4. Conditions Precedent. The effectiveness of this Second Amendment is subject to the following: 

4.1 The Administrative Agent shall have received counterparts of this Second Amendment from the Loan Parties, the Majority Lenders and the
Issuing Bank. 
 4.2 The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Second
Amendment Effective Date. 
 Section 5. Miscellaneous. 

5.1 Confirmation and Effect. The provisions of the Credit Agreement (as amended by this Second Amendment) shall remain in full force
and effect in accordance with its terms 

  
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following the effectiveness of this Second Amendment, and this Second Amendment shall not constitute a waiver of any provision of the Credit Agreement or any other Loan Document, except as
expressly provided for herein. Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof’, “herein”, or words of like import shall mean and be a reference to the Credit Agreement as
amended hereby, and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby. 

5.2 Ratification and Affirmation of Loan Parties. Each of the Loan Parties hereby expressly (i) acknowledges the terms of this
Second Amendment, (ii) ratifies and affirms its obligations under the Guaranty and Pledge Agreement and the other Loan Documents to which it is a party, (iii) acknowledges, renews and extends its continued liability under the Guaranty and
Pledge Agreement and the other Loan Documents to which it is a party, (iv) agrees that its guarantee under the Guaranty and Pledge Agreement and the other Loan Documents to which it is a party remains in full force and effect with respect to
the Obligations as amended hereby, (v) represents and warrants to the Lenders and the Administrative Agent that each representation and warranty of such Loan Party contained in the Credit Agreement and the other Loan Documents to which it is a
party is true and correct in all material respects as of the date hereof and after giving effect to the amendments set forth in Section 2 hereof and the limited consent contained in Section 3 hereof except (A) to the
extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the date hereof, such representations and warranties shall continue to be true and correct as of such specified earlier date, and
(B) to the extent that any such representation and warranty is expressly qualified by materiality or by reference to Material Adverse Effect, such representation and warranty (as so qualified) shall continue to be true and correct in all
respects, (vi) represents and warrants to the Lenders and the Administrative Agent that the execution, delivery and performance by such Loan Party of this Second Amendment are within such Loan Party’s corporate, limited partnership or
limited liability company powers (as applicable), have been duly authorized by all necessary action and that this Second Amendment constitutes the valid and binding obligation of such Loan Party enforceable in accordance with its terms, except as
the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights generally, and (vii) represents and warrants to the Lenders and the Administrative Agent that, after giving effect to this
Second Amendment, no Event of Default exists. 
 5.3 Counterparts. This Second Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Second Amendment by facsimile or electronic (e.g. pdf) transmission shall
be effective as delivery of a manually executed original counterpart hereof. 
 5.4 No Oral Agreement. THIS
WRITTEN SECOND AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS
EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES THAT MODIFY THE AGREEMENTS OF
THE PARTIES IN THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS. 

  
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 5.5 Governing Law. THIS SECOND AMENDMENT
(INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 5.6 Payment of Expenses. The Borrower agrees to pay
or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with this Second Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby,
including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent. 
 5.7 Severability. Any
provision of this Second Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

5.8 Successors and Assigns. This Second Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 
 [Signature Pages Follow.] 

  
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 The parties hereto have caused this Second Amendment to be duly executed as of the day and year
first above written. 
  

									
	    BORROWER:	 		 	RICE ENERGY INC., a Delaware corporation
					
		 		 		 	By:	 	 /s/ Grayson T. Lisenby

		 		 		 	Name:	 	Grayson T. Lisenby
		 		 		 	Title:	 	Vice President and Chief Financial
		 		 		 		 	Officer

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

									
	    GUARANTORS:	 		 	RICE DRILLING B LLC, a Pennsylvania limited liability company
					
		 		 		 	By:	 	 /s/ Grayson T. Lisenby

		 		 		 	Name:	 	Grayson T. Lisenby
		 		 		 	Title:	 	Vice President and Chief Financial
		 		 		 		 	Officer
				
		 		 		 	RICE DRILLING C LLC, a Delaware limited liability company
					
		 		 		 	By:	 	 /s/ Grayson T. Lisenby

		 		 		 	Name:	 	Grayson T. Lisenby
		 		 		 	Title:	 	Vice President and Chief Financial
		 		 		 		 	Officer
				
		 		 		 	RICE DRILLING D LLC, a Delaware limited liability company
					
		 		 		 	By:	 	 /s/ Grayson T. Lisenby

		 		 		 	Name:	 	Grayson T. Lisenby
		 		 		 	Title:	 	Vice President and Chief Financial
		 		 		 		 	Officer
				
		 		 		 	RICE ENERGY APPALACHIA, LLC, a Delaware limited liability company
					
		 		 		 	By:	 	 /s/ Grayson T. Lisenby

		 		 		 	Name:	 	Grayson T. Lisenby
		 		 		 	Title:	 	Vice President and Chief Financial
		 		 		 		 	Officer

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

					
	BLUE TIGER OILFIELD SERVICES LLC, a Delaware limited liability company
		
	By:	 	 /s/ Grayson T. Lisenby

	Name:	 	Grayson T. Lisenby
	Title:	 	Vice President and Chief Financial Officer
	
	ALPHA SHALE HOLDINGS, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Grayson T. Lisenby

	Name:	 	Grayson T. Lisenby
	Title:	 	Vice President and Chief Financial Officer
	
	ALPHA SHALE RESOURCES, LP, a Delaware limited partnership
	
	By: Alpha Shale Holdings, LLC, its general partner
			
		 	By:	 	 /s/ Grayson T. Lisenby

		 	Name:	 	Grayson T. Lisenby
		 	Title:	 	Vice President and Chief Financial Officer
	
	RICE MARKETING LLC, a Delaware limited liability company
		
	By:	 	 /s/ Grayson T. Lisenby

	Name:	 	Grayson T. Lisenby
	Title:	 	Vice President and Chief Financial Officer

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

			
	RICE ENERGY MARKETING LLC, a Delaware limited liability company
		
	By:	 	 /s/ Grayson T. Lisenby

	Name:	 	Grayson T. Lisenby
	Title:	 	Vice President and Chief Financial Officer

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

			
	WELLS FARGO BANK, N.A., as Administrative Agent, a Lender and as Issuing Bank
		
	By:	 	 /s/ Matthew W. Coleman

	Name:	 	Matthew W. Coleman
	Title:	 	Director

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

									
		 		 		 	BARCLAYS BANK PLC, as a Lender
					
		 		 		 	By:	 	 /s/ May Huang

		 		 		 	Name:	 	May Huang
		 		 		 	Title:	 	Assistant Vice President

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

 
			
	BMO HARRIS FINANCING, INC.,
	as a Lender
		
	By:	 	 /s/ Gumaro Tijerina

	Name:	 	Gumaro Tijerina
	Title:	 	Managing Director

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

 
			
	CITIBANK, N.A., as a Lender
		
	By:	 	 /s/ Peter Kardos

	Name:	 	Peter Kardos
	Title:	 	Vice President

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

 
			
	COMERICA BANK, as a Lender
		
	By:	 	 /s/ William Robinson

	Name:	 	William Robinson
	Title:	 	Vice President

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

 
			
	FIFTH THIRD BANK, as a Lender
		
	By:	 	 /s/ Richard Butler

	Name:	 	Richard Butler
	Title:	 	Senior Vice President

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	 /s/ Jamie Minieri

	Name:	 	Jamie Minieri
	Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Jay T. Sartain

	Name:	 	Jay T. Sartain
	Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

 
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Tom Byargeon

	Name:	 	Tom Byargeon
	Title:	 	Managing Director

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

 
			
	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ Shannon Juhan

	Name:	 	Shannon Juhan
	Title:	 	Vice President

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

 
			
	CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Kristin N. Oswald

	Name:	 	Kristin N. Oswald
	Title:	 	Vice President

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC. 

 
			
	AMEGY BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Thomas Kleiderer

	Name:	 	Thomas Kleiderer
	Title:	 	Vice President

  
 SIGNATURE
PAGE TO LIMITED CONSENT AND SECOND AMENDMENT TO 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

RICE ENERGY INC.101CovisintCorporationDirectorCompensationSummaryNovember132014

Exhibit 10.1

Covisint Corporation Director Compensation Plan

The Covisint Corporation (“Covisint”) Director Compensation Plan applies to all non-employee members of the Covisint Board of Directors (“Board”).  The Director Compensation Plan consists of four elements: an initial equity award upon appointment to the board, an annual equity award, an annual cash retainer for Board service and additional annual cash retainers for committee membership.  

Each director shall receive the following:

		
	•
	An initial equity grant of 40,000 non-qualified stock options (“Option Grant”) issued upon a new director’s appointment to the Board (“Director’s Commencement Date”), vesting in equal parts over four years;

		
	•
	An annual grant of restricted stock units valued at $75,000 (“Annual RSU Grant”). The number of annual RSUs awarded to a director is calculated by dividing the value of the award by the fair market value of a share of Company common stock on the date the award is granted;

		
	•
	An annual cash retainer of $25,000;

		
	•
	A committee membership annual cash retainer based on the committee and the director’s role on the committee as follows:

	
			
	

Committee
	Committee Chairperson
	Committee Member

	Audit
	$15,000
	$5,000

	Compensation
	$10,000
	$3,750

	Nominating/Governance
	$5,000
	$2,500

The Annual RSU Grant will be awarded on the date the director’s election at the Company’s annual meeting of shareholders (“Annual Meeting”).  The Annual RSU Grant vests and the underlying shares are issued at the rate of one common share per unit on the earliest of (i) the date before the first Annual Meeting following the grant date, (ii) the date the director ceases to be a member of the Board due to death or disability, or (iii) a change in control of the Company. 

All cash retainers will be paid within five (5) business days of the director’s election at the Company’s Annual Meeting.  A new director shall be paid a pro-rata payment for the period between the Director’s Commencement Date and the next Annual Meeting. 

A director shall have the right to elect to convert cash compensation into RSUs at the fair market value of a share of Company common stock on the date of the Annual Meeting. The director must send the Company notice of the election to convert cash compensation to RSUs by the date of the Annual Meeting. Any RSUs awarded to the director due to the election to convert cash compensation into RSUs shall vest as if it were an Annual RSU Grant. 

In the event the Company a director serves as Lead Director, the Lead Director shall receive an annual cash retainer of $15,000. 

Dated: November 17, 2014

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