Document:

EX-10.1 FIRST AMEND. TO TERM LOAN CREDIT AGRMT.

 

Exhibit 10.1

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT

     This FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT (this “Amendment”) is made as of November
7, 2007 by and among (a) Medical Properties Trust, Inc. (“Holdings”), (b) MPT Operating
Partnership, L.P. (the “Borrower”), (c) JPMorgan Chase Bank, N.A. and KeyBank National Association,
as the Lenders party hereto, (d) JPMorgan Chase Bank, N.A. as Administrative Agent (in such
capacity, the “Administrative Agent”) for the Lenders, and (e) KeyBank National Association, as
Syndication Agent (in such capacity, the “Syndication Agent”).

     WHEREAS, Holdings, the Borrower, the Lenders, the Administrative Agent and the Syndication
Agent are parties to a Term Loan Credit Agreement dated as of August 9, 2007 (the “Loan
Agreement”), pursuant to which the Lenders made loans to the Borrower on the terms and conditions
set forth therein; and

     WHEREAS, the Borrower has requested that the Lenders extend the Maturity Date under the Loan
Agreement and the Lenders are willing to extend the Maturity Date under the Loan Agreement on the
terms and conditions set forth herein;

     NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and fully intending to
be legally bound by this Amendment, the parties hereto agree as follows:

     1. Definitions. Capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Loan Agreement.

     2. Amendment to Loan Agreement. As of the Effective Date (as defined in §4 hereof)
the Loan Agreement is amended as follows:

     2.1. Maturity Date. The definition of “Maturity Date” set forth in Section 1.1
of the Loan Agreement is amended by deleting the date “November 9, 2007” set forth therein
and substituting the date “November 30, 2007” in place thereof.

     3. Provisions Of General Application.

     3.1. Representations and Warranties. Holdings and the Borrower hereby jointly
and severally represent and warrant as of the date hereof that (a) each of the
representations and warranties of Holdings and the Borrower contained in the Loan Agreement,
the other Loan Documents or in any document or instrument delivered pursuant to or in
connection with the Loan Agreement or this Amendment are true and correct in all material
respects as of the date as of which they were made and are true and correct in all material
respects at and as of

 

 

 -2-

the date of this Amendment (except to the extent (i) of changes resulting from transactions
contemplated or not prohibited by the Loan Agreement or the other Loan Documents, (ii) of
changes occurring in the ordinary course of business, or (iii) that such representations and
warranties relate expressly to an earlier date), (b) no Default or Event of Default exists
on the date hereof (before and after giving effect to this Amendment), and (c) this
Amendment has been duly authorized, executed and delivered by Holdings and the Borrower and
is in full force and effect as of the Effective Date, and the agreements and obligations of
Holdings and the Borrower contained herein constitute the legal, valid and binding
obligations of such Person, enforceable against it in accordance with its terms, subject
only to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
or other laws relating to or affecting generally the enforcement of creditors’ rights and to
the fact that the availability of the remedy of specific performance or injunctive relief is
subject to the discretion of the court before which any proceeding therefor may be brought.

     Holdings and the Borrower hereby further jointly and severally represent and warrant as
of the date hereof that the execution, delivery and performance of this Amendment are within
Holdings’ and the Borrower’s corporate or partnership powers, as applicable, have been
authorized by all necessary corporate or partnership action, as applicable, and do not and
will not (a) require the consent or approval of its shareholders or partners, as applicable,
or such consent or approval has been obtained, (b) contravene either its certificate of
incorporation, by-laws, certificate of limited partnership or agreement of limited
partnership, as applicable, (c) violate any Requirement of Law or Contractual Obligation of
Holdings or the Borrower, or (d) result in, or require, the creation or imposition of any
Lien on any of the respective properties or revenues of Holdings or the Borrower pursuant to
any Requirement of Law or Contractual Obligation (other than the Liens created by the
Security Documents).

     3.2. No Other Changes. Except as otherwise expressly provided or contemplated
by this Amendment, all of the terms, conditions and provisions of the Loan Agreement remain
unaltered and in full force and effect. The Loan Agreement and this Amendment shall be read
and construed as one agreement. The making of the modifications in this Amendment does not
imply any obligation or agreement by the Administrative Agent or any Bank to make any other
amendment, waiver, modification or consent as to any matter on any subsequent occasion.
This Amendment shall be a Loan Document under the Loan Agreement.

     3.3. Governing Law. This Amendment shall be deemed to be a contract under the
laws of the State of New York. This Amendment and the rights and obligations of each of the
parties hereto are contracts under the laws of the State of New York and shall for all
purposes be construed in accordance with and governed by the laws of such State (excluding
the laws applicable to conflicts or choice of law).

 

 

 -3-

     3.4. Assignment. This Amendment shall be binding upon and inure to the benefit
of each of the parties hereto and their respective permitted successors and assigns.

     3.5. Counterparts. This Amendment may be executed in any number of
counterparts, but all such counterparts shall together constitute but one and the same
agreement. In making proof of this Amendment, it shall not be necessary to produce or
account for more than one counterpart thereof signed by each of the parties hereto.
Delivery of an executed counterpart of this Amendment by facsimile or other electronic
transmission, with confirmation of receipt or record of transmission, shall be effective as
delivery of a manually executed counterpart of this Amendment.

     4. Effectiveness of this Amendment. This Amendment shall become effective on the date
on which the following conditions precedent are satisfied (such date being hereinafter referred to
as the “Effective Date”):

     (a) Execution and delivery to the Administrative Agent of this Amendment by each of the
Lenders, Holdings, the Borrower and the Administrative Agent.

     (b) Execution and delivery to the Administrative Agent of a secretary’s certificate of
Holdings and the Borrower (i) either confirming that there have been no changes to its
organizational documents since August 9, 2007, or if there have been changes to Holdings’ or
the Borrower’s organizational documents since such date, certifying as to such changes, and
(ii) either certifying as to resolutions and incumbency of officers or certifying that the
resolutions attached to and the incumbency certification set forth in its secretary’s
certificate dated as of August 9, 2007 and delivered to the Administrative Agent remain
unchanged and in full force and effect.

     (c) Delivery to the Administrative Agent by the Guarantors of the Reaffirmation of the
Guarantee and Collateral Agreement attached hereto.

[Remainder of page left blank intentionally]

 

 

     IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of the
date first set forth above.

	 	 	 	 	 
	 	MEDICAL PROPERTIES TRUST, INC.

 	 
	 	By:  	/s/ R. Steven Hamner
 	 
	 	 	Name:  	R. Steven Hamner 	 
	 	 	Title:  	Executive Vice President and CFO 	 
	 
	 	MPT OPERATING PARTNERSHIP, L.P.

 	 
	 	By:  	/s/ R. Steven Hamner
 	 
	 	 	Name:  	R. Steven Hamner 	 
	 	 	Title:  	Executive Vice President and CFO 	 
	 

Signature Page for First Amendment to Term Loan Credit Agreement

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as Administrative

Agent and as a Lender

 	 
	 	By:  	/s/ Vanessa Chiu
 	 
	 	 	Name:  	Vanessa Chiu 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page for First Amendment to Term Loan Credit Agreement

 

 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION, as Syndication Agent
and as a Lender

 	 
	 	By:  	/s/ Laura Conway
 	 
	 	 	Name:  	Laura Conway 	 
	 	 	Title:  	Vice President 	 

Signature Page for First Amendment to Term Loan Credit Agreement

 

 

	 	 	 	 	 

Each of the undersigned Guarantors, being the Guarantors under the Guarantee and Collateral
Agreement dated as of August 9, 2007 in favor of the Administrative Agent (the “Guarantee and
Collateral Agreement”), hereby acknowledges the foregoing First Amendment to Term Loan Credit
Agreement and reaffirms its guaranty of the Guarantor Obligations (as defined in Guarantee and
Collateral Agreement) under the Loan Agreement and the other Loan Documents, each as modified
hereby or in connection herewith, in accordance with the Guarantee and Collateral Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	MEDICAL PROPERTIES TRUST, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ R. Steven Hamner	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: R. Steven Hamner	 	 
	 	 	 	 	Title: Executive Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF REDDING, LLC

MPT OF CHINO, LLC

MPT OF SHERMAN OAKS, LLC

MPT OF BUCKS COUNTY, LLC

MPT OF VICTORVILLE, LLC

MPT OF BLOOMINGTON, LLC

MPT OF COVINGTON, LLC

MPT OF DENHAM SPRINGS, LLC

MPT OF DALLAS LTACH, LLC

MPT OF CENTINELA, LLC

MPT OF MONTCLAIR, LLC

MPT OF PORTLAND, LLC

MPT OF WARM SPRINGS, LLC

MPT OF VICTORIA, LLC

MPT OF LULING, LLC

MPT OF HUNTINGTON BEACH, LLC

MPT OF WEST ANAHEIM, LLC

MPT OF LA PALMA, LLC

MPT OF TWELVE OAKS, LLC

MPT OF SHASTA, LLC

MPT OF PARADISE VALLEY, LLC

MPT OF SOUTHERN CALIFORNIA, LLC

MPT OF INGLEWOOD, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OPERATING PARTNERSHIP, L.P., its sole member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ R. Steven Hamner	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: R. Steven Hamner	 	 
	 	 	 	 	Title: Executive Vice President and CFO	 	 

Signature Page for First Amendment to Term Loan Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	MPT OF BUCKS COUNTY, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF BUCKS COUNTY, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF DALLAS LTACH, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF DALLAS LTACH, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF CENTINELA, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF CENTINELA, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF MONTCLAIR, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF MONTCLAIR, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF WARM SPRINGS, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF WARM SPRINGS, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 

Signature Page for First Amendment to Term Loan Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	MPT OF VICTORIA, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF VICTORIA, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF LULING, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF LULING, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF HUNTINGTON BEACH, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF HUNTINGTON BEACH, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF WEST ANAHEIM, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF WEST ANAHEIM, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF LA PALMA, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF LA PALMA, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 

Signature Page for First Amendment to Term Loan Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	MPT OF TWELVE OAKS, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF TWELVE OAKS, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF SHASTA, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF SHASTA, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF PARADISE VALLEY, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF PARADISE VALLEY, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MPT OF SOUTHERN CALIFORNIA, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF SOUTHERN CALIFORNIA, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 

Signature Page for First Amendment to Term Loan Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	MPT OF INGLEWOOD, L.P.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	MPT OF INGLEWOOD, LLC, its general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	MPT OPERATING PARTNERSHIP, L.P., its sole
member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	/s/ R. Steven Hamner	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name:
	 	R. Steven Hamner	 	 
	 

	 	 	 	 	 	 	 	Title:
	 	Executive Vice President
and CFO of MPT
Operating Partnership, L.P.	 	 

Signature Page for First Amendment to Term Loan Credit AgreementEX-10.7

 

Exhibit
10.7

GTx, INC.

DIRECTORS’ DEFERRED COMPENSATION PLAN

(AMENDED AND RESTATED

EFFECTIVE NOVEMBER 1, 2007)

 

 

GTX, INC.

DIRECTORS’ DEFERRED COMPENSATION PLAN

Table of Contents

	 	 	 	 	 
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	Definitions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	Election to Defer
	 	 	2	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	Deferred Compensation Accounts
	 	 	3	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	Payment of Deferred Compensation
	 	 	4	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	Administration
	 	 	5	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	Amendment of Plan
	 	 	5	 

 

 

ARTICLE I

DEFINITIONS

               1.1      “Board” shall mean the Board of Directors of GTx, Inc.

               1.2      “Cash Account” shall mean the account created by the Company pursuant to Article III
of this Plan in accordance with an election by a Director to receive deferred cash compensation
under Article II hereof.

               1.3      “Common Stock” shall mean the Common Stock of the Company.

               1.4      “Company” means GTx, Inc.

               1.5      “Director” shall mean a member of the Board of Directors of the Company who is not
an employee of the Company or any of its subsidiaries.

               1.6      “Fees” shall mean amounts earned for serving as a member of the Board, including any
committees of the Board.

               1.7      “He”, “Him” or “His” shall apply equally to male and female members of the Board.

               1.8      “Plan” shall mean the GTx, Inc. Directors’ Deferred Compensation Plan, as it may be
amended from time to time.

               1.9      “Stock Account” shall mean the account created by the Company pursuant to Article
III of this Plan in accordance with an election by a Director to receive stock compensation under
Article II hereof.

               1.10      “Stock Value” shall mean, for any given day, the closing price of the Company’s Common
Stock as reported on the Nasdaq Stock Market (“Nasdaq”) on the business day immediately preceding
such day, except as otherwise provided in the Plan. If the closing price is not available from
Nasdaq for the Common stock on a business day immediately preceding the date in question, then the
immediately preceding practicable date for which such closing price is available shall be used.

               1.11      “Year” shall mean calendar year.

ARTICLE II

ELECTION TO DEFER

               2.1      A Director may elect, on or before December 31 of any Year, to defer payment of all
or a specified part of all Fees earned during the Year following such election. Any person who
shall become a Director during any Year, and who was not a Director of the

2

 

Company on the preceding December 31, may elect, within thirty (30) days after becoming a
Director, to defer payment of all or a specified part of such Fees earned during the remainder of
such Year.

               2.2      The election to participate in the Plan and defer payments under the Plan shall be
designated by submitting a letter in the form attached hereto as Appendix A to the Secretary of the
Company by the applicable date under Paragraph 2.3.

               2.3      The election is irrevocable with respect to the Year to which it relates upon the
submission of such election to the Secretary of the Company. The election first submitted by a
Director shall remain effective with respect to Fees earned during subsequent Years, unless the
Director terminates it by written request delivered to the Secretary of the Company prior to the
commencement of the Year for which the termination is first effective.

ARTICLE III

DEFERRED COMPENSATION ACCOUNTS

               3.1      The Company shall maintain separate memorandum accounts for the Fees deferred by
each Director. Each Director shall be fully vested at all times in any amounts credited to his
Cash Account and Stock Account.

               3.2      The Company shall credit, on the date Fees become payable, to the Cash Account of
each Director the deferred portion of any Fees due the Director as to which an election to receive
cash has been made. Fees deferred in the form of cash (and interest thereon) shall be held in the
general funds of the Company.

               3.3      On the first day of each quarter, the Company shall credit the Cash Account of each
Director with interest calculated on the basis of the balance in such account on the first day of
each month of the preceding quarter at the prime rate of interest then in effect at First Horizon
National Bank, Memphis, Tennessee, or if no such rate shall be available, then such rate of
interest as is then published in the Wall Street Journal as the prevailing prime rate of interest.

               3.4      The Company shall credit the Stock Account of each Director who has elected to receive
deferred compensation in the form of Common Stock with the number of shares of Common Stock equal
in value to (i) the deferred portion of any Fees due the Director as to which an election to
receive Common Stock has been made, divided by the Stock Value on the date such Fees otherwise
would have been paid, (ii) any cash dividends (or the fair market value of dividends paid in
property other than dividends payable in Common Stock) payable on the number of shares of Common
Stock represented in each Director’s Stock Account, divided by the Stock Value on the date such
cash dividends are paid, and (iii) any stock dividends payable on the number of shares of Common
Stock represented in each Director’s Stock Account, equal in value to the Stock Value of such stock
dividends on the date such stock dividends are paid. Credits that are made to each Director’s
Stock Account pursuant to the preceding sentence shall be made, with respect to any Fees, on the
date that such Fees become payable and, with respect to any dividends, on the date that such
dividends are paid on Common Stock. If adjustments are made to the outstanding shares of Common
Stock as a result of stock-splits, recapitalizations,

3

 

mergers, consolidations and the like, an appropriate adjustment also will be made in the
number of shares of Common Stock credited to the Director’s Stock Account.

               3.5      Common Stock shall be computed to three decimal places.

               3.6      The right to receive Common Stock at a later date shall not entitle any person to rights
of a stockholder with respect to such Common Stock unless and until shares of Common Stock have
been issued to such person pursuant to Article IV hereof.

               3.7      The Company shall not be required to acquire, reserve, segregate, or otherwise set aside
shares of Common Stock for the payment of its obligations under the Plan, but shall make available
as and when required a sufficient number of shares of Common Stock to meet the needs of the Plan,
provided that the Company shall not be required to issue any fractional shares of Common Stock, and
any fractional share amounts shall be paid in cash to the Director, at the time the shares of
Common Stock are issued to such Director, based on the Stock Value of such Common Stock on the
payment date.

               3.8      Nothing contained herein shall be deemed to create a trust of any kind or any fiduciary
relationship. To the extent that any person acquires a right to receive payments from the Company
under the Plan, such right shall be no greater than the right of any unsecured general creditor of
the Company.

ARTICLE IV

PAYMENT OF DEFFERED COMPENSATION

               4.1      Amounts credited to a Director’s Cash Account and Stock Account shall be distributed in a
single lump sum to the Director on the date, if any, selected by the Director pursuant to the
Director’s election (made pursuant to Paragraph 2.2 of Article II) (or as soon as administratively
practicable thereafter); provided, however, that if the Director has not selected a distribution
date or the Director’s selected distribution date is after his retirement or separation from the
Board, distribution shall be made in accordance with the following: (i) the amount credited to the
Director’s Cash Account shall be distributed in the form of a single lump sum within thirty (30)
days after commencement of the Year following the Director’s retirement or separation from the
Board, and (ii) the shares of Common Stock credited to the Director’s Stock Account shall be
distributed in the form of a single lump sum within the later of (a) thirty (30) days after
commencement of the Year following the Director’s retirement or separation from the Board or (b)
six (6) months after such event. Amounts credited to a Director’s Cash Account shall be paid in
cash. Amounts credited to a Director’s Stock Account shall be paid in shares of Common Stock,
subject to Paragraph 3.7 hereof.

                          Any payments made pursuant to this Paragraph 4.1 shall be subject to the distribution
requirements of Section 409A(a)(2)(A) of the Code, if applicable, including, without limitation,
the requirement of Section 409A(a)(2)(B)(i) of the Code that payment be delayed until six (6)
months after separation from service if the Director is a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i) of the Code at the time of such separation from service.

4

 

               4.2      Each Director shall have the right to designate a beneficiary who is to succeed to his
right to receive payments hereunder in the event of death. Any designated beneficiary shall
receive payments in the same manner as the Director if he had lived. In case of a failure of
designation or the death of a designated beneficiary without a designated successor, the
balance of the amounts contained in the Director’s Cash Account and/or Stock Account shall be
payable in accordance with Paragraph 4.1 to the Director’s or former Directors’ estate in full
within thirty (30) days after commencement of the Year following the Year in which he dies. No
designation of beneficiary or change in beneficiary shall be valid unless in writing signed by the
Director and filed with the Secretary of the Company.

ARTICLE V

ADMINISTRATION

               5.1      The Company shall administer the Plan at its expense. The Company has the exclusive
discretion and authority to construe and interpret the Plan, and to decide any and all questions of
fact, interpretation, definition, computation or administration arising in connection with the
operation of the Plan, including, without limitation, eligibility to participate in the Plan and
amount of benefits to be paid under the Plan. The rules, interpretations, computations and other
actions of the Company shall be final and binding on all parties.

               5.2      Except to the extent required by law, the right of any Director or any beneficiary to
any benefit or to any payment hereunder shall not be subject in any manner to attachment or other
legal process for the debts of such Director or beneficiary; and any such benefit or payment shall
not be subject to alienation, sale, transfer, assignment or encumbrance.

ARTICLE VI

AMENDMENT OF PLAN

               6.1      The Plan may be amended, suspended or terminated in whole or in part from time to
time by the Board, except that no amendment, suspension, or termination shall apply to the payment
to any Director or beneficiary of a deceased Director of any amounts previously credited to a
Director’s Cash Account or Stock Account without such Director’s (or beneficiary’s, if applicable)
express written consent.

5

 

APPENDIX A

Date: ___________

	 	 	 
	 

Corporate Secretary

GTx, Inc.

	 	 
	 
	 	 
	 

	 	 

Dear Mr.                                        :

               Pursuant to the GTx, Inc. Directors’ Deferred Compensation Plan, as amended to date (the
“Plan”), I hereby elect to defer receipt of all or a portion of my Director’s fees for the calendar
year commencing on January 1, 20                     in accordance with the percentages indicated below.

               [Insert the following paragraph for election forms completed in 2007 only:] I hereby also
elect to make this election effective for all of my Director’s fees previously deferred under the
Plan and any other amounts previously credited to my Cash Account and Stock Account under the Plan.
I understand that this election will supersede all my previous elections under the Plan.

               I acknowledge and agree that this election is irrevocable and shall remain effective with
respect to my Director’s fees earned during subsequent calendar years, unless I terminate it by
written request to the Secretary of the Company prior to the commencement of the year for which the
termination is to be effective.

               I elect to have my Director’s fees (and committee fees, if any) credited as follows (fill in
appropriate percentages for options a, b and c, below).

               (a)                         % of the aggregate Director’s fees shall be credited to my Cash Account (as
defined in the Plan);

               (b)                          % of the aggregate Director’s fees shall be credited to my Stock Account (as
defined in the Plan);

               (c)                         % of the aggregate Director’s fees shall not be deferred, but shall be paid
to me directly as they accrue.

               Optional: I elect to receive a distribution of the amount credited to my Cash Account and
Stock Account on the following date (or as soon as administratively practicable thereafter):
                                        .

               I understand that if I do not select a distribution date for the amount credited to my Cash
Account and Stock Account OR the distribution date I select is after my retirement or separation
from the Board, then notwithstanding my selected distribution date, the amount credited to my

               Appendix A

 

 

Cash Account and Stock Account will be distributed to me as follows: my Cash Account will be
distributed in the form of a single lump sum (in cash) within thirty (30) days after commencement
of the year following my retirement or separation from the Board; and my Stock Account will be
distributed in the form of a single lump sum (in shares of Common Stock) within the later of (a)
thirty (30) days after commencement of the year following my retirement or separation from the
Board or (b) six months after such event.

               I understand that if I am considered a “specified employee” under Section 409A of the Internal
Revenue Code of 1986, as amended, at the time of my separation from service with the Company,
payments from my Cash Account and Stock Account may be delayed until six (6) months after such
separation from service.

               In the event of my death prior to receipt of the amounts credited to my Cash Account and/or
Stock Account, I designate                                          as my beneficiary to receive the amounts so credited.

	 	 	 
	 

	 	Very truly yours,
	 
	 	 
	 
	 	 
	 
	 	 
	 

	 	 
	Appendix A

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