Document:

wstg_Ex10_1

		
			Exhibit 10.1
		

		
			EMPLOYMENT AGREEMENT
		

		
			 
		

		
			This Employment Agreement (this “Agreement”) is entered into as of January 15, 2020 (the “Effective Date”) by and between Wayside Technology Group, Inc., a Delaware corporation (the “Company” or “Wayside”), and Dale Foster (the “Executive”). 
		

		
			 
		

		
			WITNESSETH:
		

		
			 
		

		
			WHEREAS, Executive previously served as the President of Lifeboat Distribution, Inc., a subsidiary of the Company;
		

		
			 
		

		
			WHEREAS, the Company desires the employment of the Executive in accordance with the provisions of this Agreement; and
		

		
			 
		

		
			WHEREAS, the Executive desires and is willing to be employed by the Company in accordance with the provisions of this Agreement.
		

		
			 
		

		
			NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, and intending to be legally bound, the parties agree as follows:
		

		
			 
		

			
	
			
				 1.
			

			
	
			
			Employment.

		
			 
		

			
	
			
				 (a)
			Position.  On the terms and subject to the conditions set forth in this Agreement, the Company shall employ the Executive and the Executive shall serve the Company as “Chief Executive Officer”.

		
			 
		

			
	
			
				 (b)
			Duties.  The Executive’s duties shall be prescribed from time to time by the Board of Directors of the Company (the “Board”) and shall include such responsibilities as are customary for employees performing functions similar to those of the Executive. In addition, the Executive shall serve at no additional compensation in such executive capacity or capacities with respect to any subsidiary or affiliate of the Company to which he may be elected or appointed, provided that such duties are not inconsistent with those of a Chief Executive Officer. The Executive shall devote substantially all of the Executive’s time and attention to the performance of the Executive’s duties and responsibilities for and on behalf of the Company except as set forth herein or as may be consented to by the Company. 

		
			 
		

			
	
			
				 (c)
			Outside Activities.  Notwithstanding anything to the contrary herein, Executive shall be permitted: (i) to serve as a member of the board of directors or advisory board (or their equivalents in the case of a non-corporate entity) of any charitable or philanthropic organization; (ii) to engage in charitable, community or philanthropic activities or any other activities; or (iii) to serve as an executor, trustee or in a similar fiduciary capacity; provided, that the activities set out in the foregoing clauses shall be limited by the Executive so as not to affect, interfere or conflict with, individually or in the aggregate, the performance of the Executive's duties and responsibilities.  Any outside activities in excess of the foregoing shall require the consent of the Board, which consent will not be unreasonably withheld, delayed or conditioned.

		
			

		 

		

		
			 
		

			
	
			
				 (d)
			Company Policies.  The employment relationship between the parties shall also be subject to the Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion.  Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.

		
			 
		

			
	
			
				 2.
			Term of Employment.  Unless terminated earlier in accordance with the provisions of this Agreement, the Term of this Agreement shall commence on the Effective Date and shall continue until the first  (1st) anniversary of the Effective Date (the “Term”).  The Term shall thereafter automatically renew for successive additional one (1) year periods unless either party provides the other party with written notice of its intent not to renew at least thirty (30) days prior to the end of the then-current Term.  The non-renewal of the Term by the Company shall be deemed as a termination by the Company of Executive’s employment without Cause (as defined in Section 4(c)).  The parties expressly agree that designation of a Term does not in any way limit the right of the parties to terminate the Executive’s employment at any time as hereinafter provided. 

		
			 
		

			
	
			
				 3.
			Compensation.  The Executive shall receive, for all services rendered to the Company pursuant to this Agreement, the following:

		
			 
		

			
	
			
				 (a)
			Base Salary.  The Employee shall be paid a base salary at the rate of Three Hundred Twenty-Five Thousand Dollars ($325,000) per annum (the “Base Salary”), less such deductions for withholding taxes required under applicable law or as otherwise authorized by the Executive. The Base Salary shall accrue from and after the Effective Date, and shall be payable during the Term in equal periodic installments in accordance with Company’s then current general salary payment policies.  The Executive’s Base Salary shall be reviewed annually by the Board, or a committee thereof, and may be increased based upon the evaluation of the Executive’s performance and the compensation policies of the Company in effect at the time of each such review.

		
			 
		

			
	
			
				 (b)
			Bonuses; Equity Compensation.  During the Term, the Executive shall be eligible to earn a cash bonus and equity compensation in the amount(s) consistent with the annual compensation plan as adopted by the compensation committee of the Board.  In all events, any cash bonus earned pursuant to this Section 3(b) will be paid on or before March 15 of the calendar year following the calendar year for which such cash bonus is earned.

		
			 
		

			
	
			
				 (c)
			Benefits.  During the Term, the Company shall provide the Executive with the following benefits:

		
			 
		

			
	
			
				 (i)
			Company Plans.  The Executive and his “dependents” (as that term may be defined under the applicable benefit plan(s) of the Company) shall be included, if and to the extent eligible thereunder, in any and all standard benefit plans, programs and policies of the Company, which may include health care insurance (medical, dental and vision), long-term disability plans, life insurance, supplemental disability insurance, supplemental life insurance and a 401(k) plan (the “Benefits Plans”). The Executive acknowledges and agrees that the Benefits Plans may from time to time be modified by the Company as it deems necessary and appropriate.

		
			 
		

		
			

		 

		

			
	
			
				 (ii)
			Paid Time Off.  During the Term, the Executive shall be entitled to paid vacation, paid holidays and other paid time off (“PTO”) for which executives of the Company are generally eligible, in each case consistent with Company policy in effect from time to time, provided,  that the Executive will be entitled to no less than 20 days of vacation annually.  The Executive shall be entitled to payment for unused PTO, up to a maximum of twenty (20) PTO days, upon the termination of Executive’s employment, regardless of who terminates or the reason therefor.

		
			 
		

			
	
			
				 (d)
			Withholding.  The Company is authorized to deduct and withhold from the Executive’s compensation all sums authorized by the Executive or necessary or required (whether by law, court decree, executive order or otherwise), including, but not limited to, social security, income tax withholding and otherwise, and any other amounts required by law or any taxing authority.

		
			 
		

			
	
			
				 (e)
			Expenses.  The Company shall reimburse the Executive for all reasonable out-of-pocket expenses incurred by the Executive in connection with the performance of the Executive's duties and responsibilities hereunder, upon presentment of a valid receipt or other usual and customary documents evidencing such expenses. The Company will reimburse properly substantiated and timely submitted expenses no later than 30 days after the date the appropriate documentation is submitted by the Executive.

		
			 
		

			
	
			
				 4.
			

			
	
			
			Termination.

		
			 
		

			
	
			
				 (a)
			General.  The employment of the Executive hereunder (and this Agreement) shall terminate upon expiration of the Term pursuant to Section 2 hereof, unless earlier terminated in accordance with the provisions of this Section 4.  

		
			 
		

			
	
			
				 (b)
			Termination Upon Mutual Agreement.  The Company and the Executive may, by mutual written agreement, terminate the employment of the Executive hereunder (and this Agreement) at any time, in which case the Executive will be entitled to the Standard Termination Benefits (as defined in Section 4(j)), as well as any additional termination benefits set forth in such mutual written agreement.

		
			 
		

			
	
			
				 (c)
			Termination by the Company for Cause.   The employment of the Executive hereunder (and this Agreement) shall be terminated (but after the expiration of the cure period described in clause (v) below, if applicable), at the option of the Company, for “Cause” (as defined herein), upon written notice to the Executive specifying the subsection(s) of the definition of Cause relied on to support the decision to terminate, in which event the Company shall have no further obligations or liabilities under this Agreement (including, without limitation, Section 3 hereof) except to pay to the Executive the Standard Termination Benefits.  Termination by the Company for Cause shall be effective immediately after the Company gives notice to Executive of Executive’s termination, unless the Company specifies a later date, in which case, termination shall be effective as of such later date; provided that no effective date of termination shall precede the expiration of the cure period described in clause (v) below, if applicable.  For purposes of this Agreement,  “Cause” means: (i) an act of personal dishonesty in connection with the Executive’s responsibilities as an employee of the Company that is intended to result in personal enrichment of 

		 

	the Executive; (ii) a plea of guilty or nolo contendere to, conviction of, or an indictment for a felony or other crime involving theft, fraud or moral turpitude, in each case in which the Board reasonably believes has had or will have a material detrimental effect on the Company’s reputation or business; (iii) a breach of any fiduciary duty owed to the Company that has, or is reasonably expected to have, a material detrimental effect on the Company’s reputation or business (except in the case of a personal disability) as determined in good faith by the Board; (iv) serious neglect or misconduct in the performance of Executive’s duties for the Company or willful or repeated failure or refusal to perform such duties; (v) the material breach by the Executive of any provision of Section 6 [Restrictive Covenants] hereof if (in the event such failure is reasonably susceptible of cure) such failure continues uncured for ten  (10) days after written notice specifying in reasonable detail such failure; or (vi) the abuse by the Executive of drugs or alcohol, if such abuse has or is reasonably expected to have a material adverse effect on the business of the Company.

		
			 
		

			
	
			
				 (d)
			Termination by the Company without Cause.  The employment of the Executive hereunder (and this Agreement) may be terminated at any time, at the option of the Company without Cause.  Termination by the Company without Cause shall be effective immediately after the Company gives notice to Executive of Executive’s termination, unless the Company specifies a later date, in which case, termination shall be effective as of such later date.  If the Company terminates the Executive’s employment with the Company without Cause as specified in the previous sentence, the Company shall pay to the Executive the Standard Termination Benefits.  Additionally, if: (i) the Executive delivers to the Company an effective, general release of claims in favor of the Company in a form substantially similar to Exhibit A (the “Release”) within forty-five (45) days following the termination date; and (ii) the Executive returns all Company property, complies in all material respects with his post-termination obligations under this Agreement and the Release, and complies in all material respects with the Release including, without limitation, any non-disparagement and confidentiality provisions contained therein, then the Executive shall be eligible to receive the Severance Benefits.

		
			 
		

			
	
			
				 (e)
			Termination Upon Death of Executive.  This Agreement will terminate automatically upon the death of the Executive, in which event the Company shall have no further obligations or liabilities under this Agreement (including, without limitation, Section 3 hereof) except to pay to the Executive’s estate or his personal representative, as the case may be, the Standard Termination Benefits.

		
			 
		

			
	
			
				 (f)
			Termination Upon Disability of Executive.  The employment of the Executive hereunder (and this Agreement) shall be terminated, at the option of the Company, upon not less than thirty (30) days prior written notice to the Executive or his legal representative, as the case may be, in the event the Executive suffers a “Total Disability” (as defined below), in which event the Company shall have no further obligations or liabilities under this Agreement (including, without limitation, Section 3 hereof) except to pay to the Executive or his legal representative, as the case may be, the Standard Termination Benefits.  “Total Disability” shall mean the determination by the Board, that, because of a medically determinable disease, condition, injury or other physical or mental disability, the Executive is unable to substantially perform the duties of the Executive required hereby, and that such disability is determined or reasonably expected to last for a continuous period of one hundred eighty (180) days.  This definition shall be interpreted and 

		 

	applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law.

		
			 
		

			
	
			
				 (g)
			Resignation by the Executive for Good Reason.  The Executive shall be able to terminate this Agreement for Good Reason by providing written notice of termination to the Company within thirty (30) days after expiration of the cure period described in the last sentence of this Section 4(g).  If the Executive resigns from his employment with the Company for Good Reason, the Company shall pay to the Executive the Standard Termination Benefits.  Additionally, if: (i) the Executive delivers to the Company the Release within forty-five (45) days following the termination date; and (ii) the Executive returns all Company property, complies with the post-termination restrictive covenants under this Agreement, and complies with the Release including without limitation any non-disparagement and confidentiality provisions contained therein, then the Executive shall be eligible to receive the Severance Benefits. For purposes of this Agreement, “Good Reason” means, with respect to the Executive, in each case to the extent not consented by the Executive: (i) a material violation of this Agreement or any other material agreement between the Executive and the Company, by the Company; (ii) any assignment of duties to the Executive that would require an unreasonable amount of the Executive's work time and that are duties which customarily would be discharged by persons junior or subordinate in status to the Executive within the Company as determined in good faith by the Executive and taking into consideration trends and customs in the market and industry in which the Company operates; or (iii) a decrease in the Executive’s Base Salary, provided that the Executive shall not have Good Reason unless the Executive shall have provided the Company written notice describing such violation in sufficiently reasonable detail for the Company to understand the breach alleged to have occurred, with such notice provided to the Company no later than twenty (20) days after the alleged breach first occurs, and the Company shall fail to cure such alleged breach within thirty (30) days after the Executive has provided the Company the required notice.

		
			 
		

			
	
			
				 (h)
			Resignation by the Executive without Good Reason.  The employment of the Executive hereunder (and this Agreement) may be terminated, at the option of the Executive, without Good Reason, upon thirty (30) days’ prior written notice from the Executive to the Company, in which event the Company shall have no further obligations or liabilities under this Agreement (including, without limitation, Section 3 hereof) except to pay to the Executive the Standard Termination Benefits.

		
			 
		

			
	
			
				 (i)
			Termination in the Event of Change in Control.   During the Term, if, upon a Change in Control or within twelve (12) months following a Change in Control, Executive’s employment terminates, either (i) by the Company without Cause, or (ii) by Executive for Good Reason, the Company shall pay to the Executive the Standard Termination Benefits.  Additionally, if: (x) the Executive delivers to the Company the Release within forty-five (45) days following the termination date; and (y) the Executive returns all Company property, complies with the post-termination restrictive covenants under this Agreement, and complies with the Release including without limitation any non-disparagement and confidentiality provisions contained therein, then  the Executive shall receive: (A) the Severance Benefits paid in accordance with Section 4(k); and (B) an amount in cash equal to the cash bonus paid (but, for avoidance of doubt, not any equity compensation awarded) to Executive pursuant to Section 3(b) for the year immediately prior to the year in which the termination in the event of Change in Control occurs, less all applicable 

		 

	withholdings and deductions, paid in equal installments ((A) and (B) together, “Change in Control Payments”).  No Change in Control Payments will be made prior to the sixtieth (60th) day following the Executive’s Separation from Service (as defined in Section 7(a)).  On the 60th day following the Executive’s Separation from Service, the Company will pay the Executive in a lump sum the payments that the Executive would have received on or prior to such date under the original schedule but for the delay while waiting for the sixtieth (60th) day in compliance with Section 409A and the effectiveness of the Release, with the balance of the payments being paid as originally scheduled.  Upon the occurrence of a Change in Control, all of the Executive’s outstanding equity awards shall become immediately and fully vested.  For purposes of this Agreement, “Change in Control” means: a change in control of a nature that would be required to be reported in response to Item 1 of a Current Report on Form 8-K as in effect on the date the Wayside Technology Group, Inc 2012 Stock-Based Compensation Plan (the “2012 Plan”) became effective under section 13 or 15(d) of the Exchange Act, provided that, without limitation, a Change in Control shall be deemed to have occurred if:  

		
			 
		

			
	
			
				 (I)
			the acquisition of more than 50% of beneficial ownership of the combined voting stock of the Company by any person or group other than the Company or its subsidiaries or any employee benefit plan of the Company or any person who was an officer or director of the Company on the effective date of the 2012 Plan; 

		
			 
		

			
	
			
				 (II)
			consummation by the Company of a reorganization, merger or consolidation in which all or substantially all of the individuals and entities who were the beneficial owners of the voting securities of the Company immediately prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially own, directly or indirectly, securities representing more than 50% of the voting power of then outstanding voting securities of the corporation resulting from such a reorganization, merger or consolidation, unless the transaction is structured as “merger of equals” and the Board determines that a change in control has not occurred;  

		
			 
		

			
	
			
				 (III)
			the sale of all or substantially all of the Company’s assets to a party which is not controlled by or under common control with the Company; or

		
			 
		

			
	
			
				 (IV)
			during any 24 month period, individuals who, as of the beginning of such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, except that individuals whose election or nomination was approved by a vote of at least a majority of the Incumbent Directors then on the Board (other than in connection with an actual or threatened election contest) are treated as Incumbent Directors.

		
			 
		

			
	
			
				 (j)
			Standard Termination Benefits in the Event of Separation from Employment.  In the event that the Executive separates from employment for any reason or no reason, the Company shall pay to the Executive within thirty (30) days of such termination: (i) accrued and unpaid Base Salary in accordance with Section 3(a); (ii) any unreimbursed expenses payable in accordance with Section 4; (iii) any amounts payable under any of the benefit plans of the Company in which the Executive was a participant in accordance with applicable law and the terms of those plans; and (iv) any accrued but unpaid bonus in accordance with Section 3(b) for any calendar year completed as of the Executive’s termination date (collectively, the “Standard Termination Benefits”).

		
			

		 

		

		
			 
		

			
	
			
				 (k)
			    Severance.  If the Company terminates the Executive’s employment at any time without Cause, or the Executive terminates employment with the Company for Good Reason, the Executive shall receive (i) an amount equal to the Executive’s then current Base Salary for twelve (12) months (the “Severance Period”), less all applicable withholdings and deductions, paid in accordance with the Company’s standard payroll practices (subject to the provisions of this Section 4(k)), (ii) if elected by the Executive in accordance with the election procedures in place at the time of termination, the Company shall, during the Severance Period, reimburse the Executive for continuation premiums under COBRA (or similar applicable law) for the Executive and the Executive’s covered qualified dependents, and (iii) if the effective date for such termination of employment is on or after July 1st during any calendar year, a cash payment equal to (A) the cash bonus paid to Executive pursuant to Section 3(b) for the calendar year prior to the date of termination, multiplied by (B) a fraction, the numerator of which is the number of days during such calendar year that the Executive was employed by the Company, and the denominator of which is three hundred and sixty-five (365) ((i), (ii) and (iii), collectively, the “Severance Benefits”).  No payments of Severance Benefits will be made prior to the sixtieth (60th) day following the Executive’s Separation from Service (as defined in Section 7(a)).  On the 60th day following the Executive’s Separation from Service, the Company will pay the Executive in a lump sum the payments that the Executive would have received on or prior to such date under the original schedule but for the delay while waiting for the sixtieth (60th) day in compliance with Section 409A and the effectiveness of the Release, with the balance of the payments being paid as originally scheduled. 

		
			 
		

			
	
			
				 5.
			Assignment of Intellectual Property Rights.  In consideration of his employment, the Executive agrees to be bound by this Section 5.

		
			 
		

			
	
			
				 (a)
			General. The Executive agrees to assign, and hereby assigns, to the Company all of his rights in any Inventions (as hereinafter defined) (including all Intellectual Property Rights (as hereinafter defined) therein or related thereto) that were previously or are made, conceived or reduced to practice, in whole or in part and whether alone or with others, by him during his employment by, or service with, the Company or which arise out of any activity conducted by, for or under the direction of the Company (whether or not conducted at the Company's facilities, working hours or using any of the Company’s assets), or which are useful with, or relate directly or indirectly to, any Company Interest (as defined below). The Executive will promptly and fully disclose and provide all of the Inventions described above (the “Assigned Inventions”) to the Company.

		
			 
		

			
	
			
				 (b)
			Assurances.  The Executive hereby agrees, during the Term and thereafter, to further assist the Company, at the Company’s expense, to evidence, record and perfect the Company’s rights in and ownership of the Assigned Inventions, to perfect, obtain, maintain, enforce and defend any rights specified to be so owned or assigned and to provide and execute all documentation necessary to effect the foregoing.

		
			 
		

			
	
			
				 (c)
			Other Inventions. The Executive agrees to not incorporate, or permit to be incorporated, any Invention conceived, created, developed or reduced to practice by him (alone or with others) prior to or independently of his employment by the Company or any of its subsidiaries 

		 

	(collectively, “Prior Inventions” attached hereto as Schedule A) in any work he performs for the Company, without the Company’s prior written consent. If (i) he uses or discloses any Prior Inventions when acting within the scope of his employment (or otherwise on behalf of the Company), or (ii) any Assigned Invention cannot be fully made, used, reproduced or otherwise exploited without using or violating any Prior Inventions, the Executive hereby grants and agrees to grant to the Company a perpetual, irrevocable, worldwide, royalty-free, non-exclusive, sublicensable right and license to reproduce, make derivative works of, distribute, publicly perform, publicly display, make, have made, use, sell, import, offer for sale, and otherwise exploit and exercise all such Prior Inventions and Intellectual Property Rights therein.

		
			 
		

			
	
			
				 (d)
			Definitions.  “Company Interest” means any business of the Company or any product, service, Invention or Intellectual Property Right that is used or under consideration or development by the Company. “Intellectual Property Rights” means any and all intellectual property rights and other similar proprietary rights in any jurisdiction, whether registered or unregistered, and whether owned or held for use under license with any third party, including all rights and interests pertaining to or deriving from: (a) patents and patent applications, reexaminations, extensions and counterparts claiming property therefrom; inventions, invention disclosures, discoveries and improvements, whether or not patentable; (b) computer software and firmware, including data files, source code, object code and software-related specifications and documentation; (c) works of authorship, whether or not copyrightable; (d) trade secrets (including those trade secrets defined in the Uniform Trade Secrets Act and under corresponding statutory law and common law), business, technical and know-how information, non-public information, and confidential information and rights to limit the use of disclosure thereof by any person; (e) trademarks, trade names, service marks, certification marks, service names, brands, trade dress and logos and the goodwill associated therewith; (f) proprietary databases and data compilations and all documentation relating to the foregoing, including manuals, memoranda and record; (g) domain names; and (h) licenses of any of the foregoing; including in each case any registrations of, applications to register, and renewals and extensions of, any of the foregoing with or by any governmental authority in any jurisdiction. “Invention” means any products, process, ideas, improvements, discoveries, inventions, designs, algorithms, financial models, writings, works of authorship, content, graphics, data, software, specifications, instructions, text, images, photographs, illustration, audio clips, trade secrets and other works, material and information, tangible or intangible, whether or not it may be patented, copyrighted or otherwise protected (including all versions, modifications, enhancements and derivative work thereof).

		
			 
		

			
	
			
				 6.
			Restrictive Covenants.  The Executive acknowledges and agrees that he has and will have access to secret and confidential information of the Company and its subsidiaries (“Confidential Information”) and that the following restrictive covenants are necessary to protect the interests and continued success of the Company. As used in this Agreement, Confidential Information includes, without limitation, all information of a technical or commercial nature (such as research and development information, patents, trademarks and copyrights and applications thereto, formulas, codes, computer programs, software, methodologies, processes, innovations, software tools, know-how, knowledge, designs, drawings specifications, concepts, data, reports, techniques, documentation, pricing information, marketing plans, customer and prospect lists, trade secrets, financial information, salaries, business affairs, suppliers, profits, markets, sales strategies, forecasts and personnel information), whether written or oral, relating to the business and affairs of 

		 

	the Company, its customers and/or other business associates which has not been made available to the general public.

		
			 
		

			
	
			
				 (a)
			Confidentiality. The Executive shall not disclose any Confidential Information to any person or entity at any time during the Term or after the separation of Executive from employment with the Company.  

		
			 
		

			
	
			
				 (b)
			Non-Compete.  In consideration of the employment hereunder, the Executive agrees that during his employment and for a period of one (1) year thereafter, the Executive will not (and will cause any entity controlled by the Executive not to), directly or indirectly, whether or not for compensation and whether or not as an employee, be engaged in or have any financial interest in any business competing with or which may compete with the Business of the Company (or with the Business of any Affiliate (as defined herein) of the Company conducting substantially similar activities) (such Affiliates together with the Company, collectively, “Wayside Group”) within any state or commonwealth within the United States, province within Canada, or country within the European Union in which Wayside Group is then doing business or marketing its products or solicit, advise, provide or sell any services or products of the same or similar nature to services or products of Wayside Group to any person or entity.  For purposes of this Agreement, (i) “Business” means the distribution of software, hardware and related information technology services to corporate resellers, value added resellers, consultants and system integrators or any other business in which the Company or any of its Affiliates may be engaged; and (ii) “Affiliate” shall have the meaning assigned to such term in the Securities Act of 1933, as amended.  For purposes of this Agreement, the Executive will be deemed to be engaged in or to have a financial interest in such competitive Business if he is an executive, officer, director, shareholder, joint venturer, salesperson, consultant, investor, advisor, principal or partner, of any person, partnership, corporation, trust or other entity which is engaged in such a competitive Business, or if he directly or indirectly performs services for such an entity in a capacity the same as or similar to that which Executive performed for the Company; provided, however, that the foregoing will not prohibit the Executive from owning, for the purpose of passive investment, less than 2% of any class of securities of a publicly held corporation.

		
			 
		

			
	
			
				 (c)
			Non-Solicitation/Non-Interference.  The Executive agrees that during the Term and for an additional one (1) year after the separation of Executive from employment with the Company, the Executive shall not (and shall cause any entity controlled by the Executive not to), directly or indirectly: (i) solicit, request or otherwise attempt to induce or influence, directly or indirectly, any present client, distributor, licensor or supplier, or prospective client, distributor, licensor or supplier, of Wayside Group, or other persons sharing a business relationship with Wayside Group, to cancel, limit or postpone their business with Wayside Group, or otherwise take action which might cause a financial disadvantage of Wayside Group; or (ii) hire or solicit for employment, directly or indirectly, or induce or actively attempt to influence, any employee, officer, director, agent, contractor or other business associate of Wayside Group, to terminate his or her employment or discontinue such person’s consultant, contractor or other business association with Wayside Group.  For purposes of this Agreement the term “prospective client” shall mean any person, group of associated persons or entity whose business Wayside Group has directly solicited within the one year period prior to the termination of Executive’s employment.

		
			 
		

		
			

		 

		

			
	
			
				 (d)
			Non-Disparagement.  The parties agree that they will not in any way disparage each other, including current or former officers, directors and employees, nor will they make or solicit any comments, statements or the like to the media or to others that may be considered to be disparaging, derogatory or detrimental to the good name or business reputation of the other.

		
			 
		

			
	
			
				 (e)
			If the Board, in its reasonable discretion, determines that the Executive violated any of the restrictive covenants contained in this Section 6, the applicable restrictive period shall be increased by the period of time from the commencement of any such violation until the time such violation shall be cured by the Executive to the satisfaction of the Board.

		
			 
		

			
	
			
				 (f)
			In the event that either any scope or restrictive period set forth in this Section 6 is deemed to be unreasonably restrictive or unenforceable in any court proceeding, the scope and/or restrictive period shall be reduced to equal the maximum scope and/or restrictive period allowable under the circumstances.

		
			 
		

			
	
			
				 (g)
			The Executive acknowledges and agrees that in the event of a breach or threatened breach of the provisions of this Section 6 by the Executive, the Company may suffer irreparable harm and, therefore, the Company shall be entitled to seek immediate injunctive relief restraining the Executive from such breach or threatened breach of the restrictive covenants contained in this Section 5. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of damages from the Executive. The Company acknowledges and agrees that in the event of a breach or threatened breach of the provisions of this Section 6 by the Company, the Executive may suffer irreparable reputation harm and, therefore, the Executive shall be entitled to seek immediate injunctive relief restraining the Company from such breach or threatened breach of the restrictive covenants contained in this Section 6. Nothing herein shall be construed as prohibiting the Executive from pursuing any other remedies available to him for such breach or threatened breach, including the recovery of damages from the Company.

		
			 
		

			
	
			
				 (h)
			Under the federal Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)), “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

		
			 
		

			
	
			
				 7.
			

			
	
			
			Sections 409A and 280G of the Internal Revenue Code.  

		
			 
		

		
			

		 

		

			
	
			
				 (a)
			Separation from Service.  Notwithstanding anything in this Agreement to the contrary, to the extent that any severance or other payments or benefits paid or provided to Executive, if any, under this Agreement are considered deferred compensation subject to Section 409A of the Code and the final regulations and any guidance promulgated thereunder (“Section 409A”) (such payments, the “Deferred Payments”), then to the extent required by Section 409A, no Deferred Payments will be payable unless Executive’s termination of employment also constitutes a “separation from service,” as defined in Treasury Regulations Section 1.409A-1(h) (a “Separation from Service”). Similarly, no Deferred Payments payable to Executive, if any, under this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulations Section 1.409A-1(b)(9) will be payable until Executive has a Separation from Service. For clarity, if Executive’s employment with the Company is terminated by Executive or the Company (including, without limitation, by resignation) in a manner entitling Executive to Severance Benefits, but the Executive does not incur a Separation from Service, then any severance payments or benefits that are Deferred Payments and that are not immediately payable under this Section 7(a) will instead be paid to Executive when Executive incurs a Separation from Service, as if  termination of employment occurred on such date notwithstanding that Executive may no longer be employed under this Agreement.

		
			 
		

			
	
			
				 (b)
			Payment Delay.  If, at the time of Executive’s Separation from Service, the Company determines that Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code and that delayed commencement of any portion of the Deferred Payments is required to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code (any such delayed commencement, a “Payment Delay”), then that portion of the Deferred Payments will not be provided to Executive until the earlier of (i) the expiration of the six-month period measured from the date of Executive’s Separation from Service, (ii) the date of Executive’s death, or (iii) such earlier date as is permitted under Section 409A. Upon the expiration of the applicable Code Section 409A(a)(2)(B)(i) deferral period, all Deferred Payments deferred under the Payment Delay will be paid in a lump sum to Executive within 30 days following such expiration, and any remaining payments due under this Agreement will be paid as otherwise provided in this Agreement. The determination of whether Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code at the time of Executive’s Separation from Service will be made by the Company, in its discretion, in accordance with Section 409A (including, without limitation, Treasury Regulations Section 1.409A-1(i)). For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)), Executive’s right to receive the payments under this Agreement, including the severance payments and benefits, will be treated as a right to receive a series of separate payments and, accordingly, each installment payment will at all times be considered a separate and distinct payment.

		
			 
		

			
	
			
				 (c)
			Expense Reimbursement.  If required for compliance with Section 409A of the Code, any expenses incurred by Executive that are reimbursed by the Company as a taxable reimbursement under this Agreement will be paid in accordance with Treasury Regulations Section 1.409A-3(i)(1)(iv) and in accordance with the Company’s standard expense reimbursement policies, but in any event on or before the last day of Executive’s taxable year following the taxable year in which Executive incurred the expenses. The amounts so reimbursed during any taxable year of Executive will not affect the amounts provided in any other taxable year of Executive, and 

		 

	Executive’s right to reimbursement for these amounts will not be subject to liquidation or exchange for any other benefit.

		
			 
		

		
			(d)  Notwithstanding any provision of this Agreement to the contrary, if any payment or benefit the Executive would receive from the Company pursuant to this Agreement or otherwise (a “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this Section 7(d), be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount (as defined below). The “Reduced Amount” will be either (1) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (2) the entire Payment, whichever amount after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes), results in the Executive’s receipt, on an after-tax basis, of the greatest amount of the Payment. If a reduction in the Payment is to be made, the reduction in payments and/or benefits will occur in the following order: (1) reduction of benefits (other than cash) paid to the Executive; and (2) reduction of cash payments. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of the Executive’s equity awards.
		

		
			 
		

			
	
			
				 8.
			Attorneys’ Fees.  If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any provision of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled pursuant to the underlying action

		
			 
		

			
	
			
				 9.
			No Conflicts.  The Executive represents and warrants to the Company that the execution, delivery and performance by the Executive of this Agreement do not conflict with or result in a violation or breach of, or constitute (with or without the giving of notice or the lapse of time or both) a default under any contract, agreement or understanding, whether oral or written, to which the Executive is a party or by which the Executive is bound and that there are no restrictions, covenants, agreements or limitations on the Executive’s right or ability to enter into and perform the terms of this Agreement, and the Executive agrees to indemnify and save the Company harmless from any liability, cost or expense, including attorney's fees, based upon or arising out of any breach of this Section 9.

		
			 
		

			
	
			
				 10.
			Waiver.  The waiver by either party of any breach by the other party of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by such party. No person acting other than pursuant to a resolution of the Company shall have authority on behalf of the Company to agree to amend, modify, repeal, waive or extend any provision of this Agreement.

		
			 
		

			
	
			
				 11.
			Assignment. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. This Agreement shall inure to the benefit of and be enforceable by the Executive or his legal representatives, executors, administrators and heirs. The Executive may not assign any of the Executive’s duties, responsibilities, obligations or positions 

		 

	hereunder to any person and any such purported assignment by the Executive shall be void and of no force and effect.

		
			 
		

			
	
			
				 12.
			Notices.  All notices, requests, demands and other communications which are required or may be given pursuant to this Agreement shall be in writing and shall be deemed to have been duly given when received if personally delivered; upon confirmation of transmission if sent by telecopy, electronic or digital transmission; the day after it is sent, if sent for next day delivery to a domestic address by recognized overnight delivery service (e.g., Federal Express); and upon receipt, if sent by certified or registered mail, return receipt requested. In each case notice shall be sent to:

		
			If to Executive, addressed to:
		

		
			Dale Foster
		

		
			814 Lamoka Drive
		

		
			Odenton MD, 21113
		

		
			 
		

		
			If to the Company, addressed to:
		

		
			Wayside Technology Group, Inc.
		

		
			4 Industrial Way W.
		

		
			Eatontown, New Jersey 07724
		

		
			or to such other place and with such other copies as either party may designate as to itself by written notice to the others.
		

			
	
			
				 13.
			

			
	
			
			Miscellaneous.

		
			 
		

			
	
			
				 (a)
			Governing Law; Jurisdiction/Venue. This Agreement shall be governed by and its provisions construed and enforced in accordance with the internal laws of Delaware without reference to its principles regarding conflicts of law.  Both parties agree to submit to the exclusive jurisdiction and venue of the state and federal courts located in New Jersey.    

		
			 
		

			
	
			
				 (b)
			Waiver of Jury Trial. The parties hereby waive their respective rights to a trial by jury, and further agree that no demand, request or motion will be made for trial by jury.

		
			 
		

			
	
			
				 (c)
			Severability. In the event that any one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

		
			 
		

			
	
			
				 (d)
			Headings. The descriptive headings of the several paragraphs of this Agreement are inserted for convenience of reference only and shall not constitute a part of this Agreement.

		
			 
		

			
	
			
				 (e)
			Entire Agreement. This Agreement, inclusive of exhibits and schedules, contains the entire agreement of the parties concerning the Executive’s employment and all promises, representations, understandings, arrangements and prior agreements on such subject are merged herein and superseded hereby.

		
			

		 

		

		
			 
		

			
	
			
				 (f)
			Representation by Counsel.  Each of the parties hereto acknowledges that: (i) it or he has read this Agreement in its entirety and understands all of its terms and conditions; (ii) it or he has had the opportunity to consult with any individuals of its or his choice regarding its or his agreement to the provisions contained herein, including legal counsel of its or his choice, and any decision not to was its or his alone; and (iii) it or he is entering into this Agreement of its or his own free will, without coercion from any source.

		
			 
		

			
	
			
				 (g)
			Survival.  The provisions of Sections 4 through 8, and this Section 13 shall survive termination of this Agreement.

		
			 
		

			
	
			
				 (h)
			Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same Agreement. Delivery of facsimile or .pdf, or other electronic copies (complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com)) of signature pages for this Agreement shall be valid and treated for all purposes as delivery of the originals.

		
			[Signatures appear on next page]
		

		
			

		 

		

		
			IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Executive has set his hand, all as of the day and year first above written.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						WAYSIDE TECHNOLOGY GROUP, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Michael Vesey

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Michael Vesey

				
	
					
						 

					
					
						 

					
					
						Its:

					
					
						Vice President and Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						EXECUTIVE

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Dale Foster

				
	
					
						 

					
					
						Dale Foster

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

		
			Schedule A
		

		
			 
		

		
			Prior Inventions: none
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

		
			Exhibit A
		

		
			 
		

		
			Release Agreement
		

		
			 
		

		
			This Release Agreement (“Release”) is made by and between Wayside Technology Group, Inc. (the “Company”) and Dale Foster (“you”).  You and the Company entered into an Executive Employment Agreement dated January ___, 2020 (the “Employment Agreement”).  You and the Company hereby further agree as follows:
		

		
			 
		

		
			1. A blank copy of this Release was attached to the Employment Agreement as Exhibit A.
		

		
			2. Severance Payments.  If either (i) your employment was terminated by the Company without Cause (as defined in the Employment Agreement), or (ii) you resigned for Good Reason, in accordance with the Employment Agreement, then, in consideration for your execution, return and non-revocation of this Release, following the Release Date (as defined in Section 3 below) the Company will provide the severance benefits set forth in your Employment Agreement. 
		

		
			3. Release by You.  In exchange for the payments and other consideration under this Agreement, to which you would not otherwise be entitled, and except as otherwise set forth in this Agreement, you hereby generally and completely release, acquit and forever discharge the Company, its respective subsidiaries, affiliates, predecessors, current and former directors, members, officers, employees, agents, stockholders, heirs, beneficiaries, its successors and assigns (both individually and in their official capacities), its parents and subsidiaries, and its officers, directors, managers, partners, agents, servants, employees, attorneys, shareholders, successors, assigns and affiliates (the “Company Parties”), of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys’ fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, both known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the execution date of this Agreement, including but not limited to:  all such claims and demands directly or indirectly arising out of or in any way connected with your employment with the Company or the termination of that employment; claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law, statute, or cause of action; tort law; or contract law.  The claims and causes of action you are releasing and waiving in this Agreement include, but are not limited to, any and all claims and causes of action that the Company Parties:
		

		
			    has violated its personnel policies, handbooks, contracts of employment, or covenants of good faith and fair dealing;
		

		
			    has discriminated against you on the basis of age, race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation, marital status, parental status, source of income, entitlement to benefits, any union activities or other protected category in violation of any local, state or federal law, constitution, ordinance, or regulation, including but not limited to: the Age Discrimination in Employment Act, as amended (“ADEA”); Title VII of the Civil Rights Act of 1964, as amended; 42 U.S.C. § 1981, as amended; the Civil Rights Act of 1866; the Worker Adjustment Retraining and Notification Act; the Equal Pay Act; the Americans With Disabilities Act; the Genetic Information Non-Discrimination Act; the Family Medical Leave Act; the Occupational Safety and Health Act; the Immigration Reform and Control Act; the Uniform Services Employment and Reemployment Rights Act of 1994, as amended; Section 510 of the Employee Retirement Income Security Act; and the National Labor Relations Act;
		

		
			

		 

		

		
			    has violated any statute, public policy or common law (including but not limited to claims for retaliatory discharge; negligent hiring, retention or supervision; defamation; intentional or negligent infliction of emotional distress and/or mental anguish; intentional interference with contract; negligence; detrimental reliance; loss of consortium to you or any member of your family and/or promissory estoppel).
		

		
			Notwithstanding the foregoing, you are not releasing any right of indemnification you may have for any liabilities arising from your actions within the course and scope of your employment with the Company or within the course and scope of your role as a member of the Board of Directors and/or officer of the Company.  Also excluded from this Agreement are any claims which cannot be waived by law. You are waiving, however, your right to any monetary recovery should any governmental agency or entity, such as the EEOC or the DOL, pursue any claims on your behalf. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the ADEA, as amended.  You also acknowledge that (i) the consideration given to you in exchange for the waiver and release in this Agreement is in addition to anything of value to which you were already entitled, and (ii) that you have been paid for all time worked, have received all the leave, leaves of absence and leave benefits and protections for which you are eligible, and have not suffered any on‐the-job injury for which you have not already filed a claim. You further acknowledge that you have been advised by this writing that:  (a) your waiver and release do not apply to any rights or claims that may arise after the execution date of this Agreement; (b) you have been advised hereby that you have the right to consult with an attorney prior to executing this Agreement; (c) you have twenty-one (21) days to consider this Agreement (although you may choose to voluntarily execute this Agreement earlier); (d) you have seven (7) days following your execution of this Agreement to revoke the Agreement; and (e) this Agreement shall not be effective until the date upon which the revocation period has expired unexercised, which shall be the eighth day after this Agreement is executed by you provided the Company has also executed the Release on or before that date (the “Release Date”). 
		

		
			4. Return of Company Property.  Within ten (10) days of the effective date of the termination of employment, you agree to return to the Company all Company documents (and all copies thereof) and other Company property then in existence that you have had in your possession at any time, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards, identification badges and keys; and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof); provided, however, that you may retain copies of any agreements by and between you and the Company, including, without limitation, your employment agreement, employee proprietary information agreement, inventions, non-competition and non-solicitation agreement, side letter, promissory note, pledge agreement, stock award agreement and other documents related to your equity to which you are a party.  Receipt of the Severance described in paragraph 2 of this Release is expressly conditioned upon return of all such Company property.
		

		
			5. Confidentiality.  The provisions of this Release will be held in strictest confidence by you and the Company will not be publicized or disclosed in any manner whatsoever; provided, however, that:  (a) you may disclose this Agreement in confidence to your immediate family; (b) the parties may disclose this Agreement in confidence to their attorney, accountant, auditor, tax preparer, and financial advisor; and (c) the parties may disclose this Release insofar as such disclosure may be required by law.
		

		
			6. Proprietary Information and Post-Termination Obligations.    You acknowledge your surviving and continuing obligations under the Employment Agreement not to use or disclose any confidential or proprietary information of the Company and its affiliates (as such term is defined in the Securities Act of 1933, as amended) and to refrain from certain solicitation and competitive activities.
		

		
			

		 

		

		
			7. Non-Disparagement.  You and the Company, acting through its executive officers and directors, agree not to disparage the other party, and in addition with respect to the Company, you agree not to disparage the Company’s officers, directors, employees, shareholders and agents, in each case in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that both the Executive and the Company will respond accurately and fully to any question, inquiry or request for information when required by legal process.
		

		
			8.  Permissibility of Disclosure.  18 U.S.C. § 1833(b) provides: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.
		

		
			9. No Admission.  This Agreement does not constitute an admission by you or the Company of any wrongful action or violation of any federal, state, or local statute, or common law rights, including those relating to the provisions of any law or statute concerning employment actions, or of any other possible or claimed violation of law or rights.
		

		
			10. Breach.    You agree that upon any material breach by you of this Release as determined by an arbitrator or court of competent jurisdiction, you will forfeit all amounts paid or owing to you under this Release.  The parties acknowledge that it may be impossible to assess the damages caused by the other party’s material violation of the terms of paragraphs 4,  5,  6, and 7 of this Release and further agree that any threatened or actual material violation or breach of those paragraphs of this Release will constitute immediate and irreparable injury to the non-breaching party.  The parties therefore agree that any such breach of those paragraphs of this Release is a material breach of this Agreement, and, in addition to any and all other damages and remedies available, the non-breaching party shall be entitled to seek an injunction to prevent the other party from violating or breaching this Agreement.
		

		
			11. Miscellaneous.  This Release constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations.  This Release may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.  This Release will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns.  If any provision of this Release is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Release and the provision in question will be modified by the court so as to be rendered enforceable.  This Release will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of Delaware as applied to contracts made and performed entirely within Delaware.
		

		
			 
		

		
			 
		

			
					
						COMPANY

					
					
						 

					
					
						 

				

		 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						Wayside Technology Group, Inc.

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						[NAME AND TITLE]

					
					
						 

					
					
						Date

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						EXECUTIVE

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Dale Foster

					
					
						 

					
					
						DateExhibit 4.3

 

EQT CORPORATION

 

as Issuer

 

and

 

THE BANK OF NEW YORK MELLON,

 

as Trustee

 

 

 

NINTH SUPPLEMENTAL INDENTURE

 

Dated as of January 21, 2020

 

to

 

INDENTURE

 

Dated as of March 18, 2008

 

 

 

6.125% Senior Notes due 2025

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1. 

DEFINITIONS 
	 
	Section 1.1	Definition of Terms	2
	 	 	 
	ARTICLE 2. 

GENERAL TERMS AND CONDITIONS OF THE SENIOR NOTES
	 
	Section 2.1	Designation and Principal Amount	4
	Section 2.2	Maturity	4
	Section 2.3	Further Issues	4
	Section 2.4	Form of Payment	4
	Section 2.5	Global Securities	4
	Section 2.6	Interest	4
	Section 2.7	Reserved	4
	Section 2.8	Authorized Denominations	5
	Section 2.9	Redemption	5
	Section 2.10	Limitation on Liens	5
	Section 2.11	Limitation on Sale and Leaseback Transactions	7
	Section 2.12	Merger, Consolidation and Sale of Assets	8
	Section 2.13	Events of Default	8
	Section 2.14	Appointment of Agents	9
	Section 2.15	Defeasance upon Deposit of Moneys or U.S. Government Obligations	9
	 	 	 
	ARTICLE 3. 
 
 FORM OF NOTES
	 	 	 
	Section 3.1	Form of Senior Notes	10
	 	 	 
	ARTICLE 4.
 
 ORIGINAL ISSUE OF NOTES
	 	 	 
	Section 4.1	Original Issue of Senior Notes	10
	 	 	 
	ARTICLE 5.
 
 MISCELLANEOUS
	 	 	 
	Section 5.1	Ratification of Indenture	10
	Section 5.2	Trustee Not Responsible for Recitals	10
	Section 5.3	Governing Law	10
	Section 5.4	Separability	10
	Section 5.5	Counterparts	10
	 	 	 
	Exhibit A – Form of Senior Notes	A-1

 

    	 	i	 

     

    

 

NINTH SUPPLEMENTAL INDENTURE, dated
as of January 21, 2020 (this “Ninth Supplemental Indenture”), between EQT Corporation, a corporation duly organized
and existing under the laws of the Commonwealth of Pennsylvania, having its principal office at EQT Plaza, 625 Liberty Avenue,
Suite 1700, Pittsburgh, Pennsylvania 15222 (the “Company”), and The Bank of New York Mellon, a New York banking corporation,
as trustee (the “Trustee”).

 

WHEREAS, the Company, as successor,
and the Trustee executed and delivered the indenture, dated as of March 18, 2008 (the “Base Indenture”, as supplemented
by a Second Supplemental Indenture, dated as of June 30, 2008, and by this Ninth Supplemental Indenture, the “Indenture”),
to provide for the issuance of the Company’s debt securities (the “Securities”), to be issued in one or more
series;

 

WHEREAS, pursuant to the terms of the
Base Indenture, the Company desires to provide for the establishment of a new series of its notes under the Base Indenture to be
known as its “6.125% Senior Notes due 2025” (the “Senior Notes”), the form and substance and the terms,
provisions and conditions thereof to be set forth as provided in the Base Indenture and this Ninth Supplemental Indenture;

 

WHEREAS, the Board of Directors of
the Company or the Special Debt Transactions Committee of the Board of Directors of the Company, as applicable, pursuant to resolutions
duly adopted on December 4, 2019, January 12, 2020 and January 15, 2020, has duly authorized the issuance of the Senior Notes,
and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to
effect each such issuance;

 

WHEREAS, this Ninth Supplemental Indenture
is being entered into pursuant to the provisions of Section 14.01 of the Base Indenture;

 

WHEREAS, the Company has requested
that the Trustee execute and deliver this Ninth Supplemental Indenture; and

 

WHEREAS, all things necessary to make
this Ninth Supplemental Indenture a valid and legally binding agreement of the Company, in accordance with its terms, and to make
the Senior Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid and legally binding obligations
of the Company, have been performed, and the execution and delivery of this Ninth Supplemental Indenture has been duly authorized
in all respects.

 

NOW THEREFORE, in consideration of
the premises and the purchase and acceptance of the Senior Notes by the Holders thereof, and for the purpose of setting forth,
as provided in the Base Indenture, the forms and terms of the Senior Notes, the Company covenants and agrees, with the Trustee,
as follows:

 

     

     

    

 

ARTICLE
1.

DEFINITIONS

 

Section 1.1           
Definition of Terms. Unless the context otherwise requires:

 

(a)           each term defined in the Base Indenture has the same meaning when used in this Ninth Supplemental Indenture;

 

(b)           the singular includes the plural and vice versa;

 

(c)           headings are for convenience of reference only and do not affect interpretation; and

 

(d)           a reference to a Section or Article is to a Section or Article of this Ninth Supplemental Indenture unless otherwise
indicated.

 

(e)           The
following terms have the meanings given to them in this Section 1.1(e):

 

(i)            “Attributable Debt” in respect of a Sale and Leaseback Transaction means, as of any particular time,
the present value (discounted at the rate of interest implicit in the terms of the lease involved in such Sale and Leaseback Transaction,
as determined in good faith by the Company) of the obligation of the lessee thereunder for net rental payments (excluding, however,
any amounts required to be paid by such lessee, whether or not designated as rent or additional rent, on account of maintenance
and repairs, services, insurance, taxes, assessments, water rates or similar charges and any amounts required to be paid by such
lessee thereunder contingent upon monetary inflation or the amount of sales, maintenance and repairs, insurance, taxes, assessments,
water rates or similar charges) during the remaining term of such lease (including any period for which such lease has been extended
or may, at the option of the lessor, be extended).

 

(ii)           “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in
New York, New York are authorized or required by law to close.

 

(iii)          “Consolidated
Net Tangible Assets” means the aggregate amount of assets of the Company and its consolidated Subsidiaries (less applicable
reserves) after deducting therefrom (x) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense
and other like intangibles and (y) all current liabilities except for current maturities of long-term debt, current maturities
of capitalized lease obligations, indebtedness for borrowed money having a maturity of less than 12 months from the date of the
most recent audited consolidated balance sheet of the Company, but which by its terms is renewable or extendable beyond 12 months
from such date at the option of the borrower and deferred income taxes which are classified as current liabilities, all as of
the end of the most recently completed quarterly accounting period of the Company for which financial information is available
prior to the time as of which “Consolidated Net Tangible Assets” is being determined.

 

    	 	2	 

     

    

 

(iv)          “Credit Agreement” means the Second Amended and Restated Credit Agreement, dated as of July 31, 2017,
and effective on or about the date of this Ninth Supplemental Indenture, by and among the Company, as borrower, and the commercial
lending institutions and other parties that are agents and lenders thereunder, as amended, restated, modified, supplemented, extended,
renewed, refunded, replaced or refinanced in whole or in part from time to time with one or more credit facilities or term loans
of the Company or its Subsidiaries.

 

(v)           “Debt” means indebtedness for borrowed money.

 

(vi)          “DTC”
shall have the meaning assigned to it in Section 2.5.

 

(vii)         “Event of Default” shall have the meaning assigned to it in Section 2.13.

 

(viii)       
“Incurrence Time” shall have the meaning assigned to it in Section 2.10(b).

 

(ix)          “Lien”
means any mortgage, pledge, security interest or lien.

 

(x)            “Person”
means, except as otherwise provided, any individual, corporation, partnership, joint venture, trust, unincorporated organization
or government or any agency or political subdivision thereof.

 

(xi)          “Principal
Property” means any manufacturing plant or production, transportation or marketing facility or other similar facility located
within the United States (other than its territories and possessions) and owned by, or leased to, the Company or any Restricted
Subsidiary, the book value of the real property, plant and equipment of which (as shown, without deduction of any depreciation
reserves, on the books of the owner or owners) is not less than 1.5% of Consolidated Net Tangible Assets as of the date on which
such facility is acquired or a leasehold interest therein is acquired.

 

(xii)         “Restricted
Subsidiary” means any Subsidiary substantially all the property of which is located, or substantially all the business of
which is carried on, within the United States (other than its territories and possessions) which shall at the time, directly or
indirectly, through one or more Subsidiaries or in combination with one or more other Subsidiaries or the Company, own or be a
lessee of a Principal Property.

 

(xiii)        “Sale
and Leaseback Transaction” shall have the meaning assigned to it in Section 2.11.

 

(xiv)        “Subsidiary”
means, with respect to the Company, a corporation of which more than 50% of the total voting power of the capital stock entitled
(without regard to the occurrence of any contingency) to vote in the election of its directors is owned, directly or indirectly,
by the Company or by one or more other Subsidiaries or by the Company and one or more other Subsidiaries.

 

    	 	3	 

     

    

 

ARTICLE
2.

GENERAL TERMS AND CONDITIONS OF THE SENIOR NOTES

 

Section 2.1            
Designation and Principal Amount. There is hereby authorized and established a new series of Securities under
the Base Indenture, designated as the “6.125% Senior Notes due 2025”, which is not limited in aggregate principal amount.
The initial aggregate principal amount of the Senior Notes to be issued under this Ninth Supplemental Indenture shall be limited
to $1,000,000,000. Any additional amounts of such series to be issued shall be set forth in a Company Order.

 

Section 2.2            
Maturity. The stated maturity of principal for the Senior Notes will be February 1, 2025 (the “Stated
Maturity Date”).

 

Section 2.3            
Further Issues. The Company may at any time and from time to time, without notice to or the consent of the
Holders of the Senior Notes, issue additional notes of such series. Any such additional notes will have the same ranking, interest
rate, maturity date and other terms as the Senior Notes. Any such additional notes, together with the Senior Notes herein provided
for, will constitute a single series of Securities under the Indenture; provided, that any such additional notes that are not fungible
with the Senior Notes for U.S. Federal income tax purposes will have a separate CUSIP, ISIN and/or other identifying number, if
applicable, than the Senior Notes.

 

Section 2.4            
Form of Payment. Principal of, premium, if any, and interest on the Senior Notes shall be payable in U.S.
dollars.

 

Section 2.5            
Global Securities. Upon the original issuance, the Senior Notes will be represented by one or more Global
Securities. The Company will issue the Senior Notes in denominations of $2,000 and in integral multiples of $1,000 in excess thereof
and will deposit the Global Securities with the Trustee as custodian for The Depository Trust Company (“DTC”), in New
York, New York, and register the Global Securities in the name of DTC or its nominee.

 

Section 2.6            
Interest. The Senior Notes will bear interest (computed on the basis of a 360-day year consisting of twelve
30-day months) from January 21, 2020 at the rate of 6.125% per annum (subject to adjustment as set forth in the form of Senior
Note attached hereto as Exhibit A under “Interest Rate Adjustment”), payable semiannually in arrears. Interest on the
Senior Notes will be payable on February 1 and August 1 of each year (each, an “Interest Payment Date”), commencing
on August 1, 2020, to the Persons in whose names the Senior Notes are registered at the close of business on the January 15 or
July 15 (whether or not a Business Day), as the case may be, preceding the relevant Interest Payment Date. Interest payable on
each Interest Payment Date will include interest accrued from January 21, 2020 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for.

 

Section 2.7            
Reserved.

 

    	 	4	 

     

    

 

Section 2.8            
Authorized Denominations. The Senior Notes shall be issuable in denominations of $2,000 and in integral multiples
of $1,000 in excess thereof.

 

Section 2.9            
Redemption. The Senior Notes are subject to redemption at the option of the Company as set forth in the form
of Senior Note attached hereto as Exhibit A.

 

Section 2.10          
Limitation on Liens.

 

(a)           Except as otherwise provided in clauses (i) through (ix) below or in subsection (b) of this section, the Company
shall not, and shall not permit any Restricted Subsidiary to, issue, assume or guarantee any Debt secured by a Lien upon any Principal
Property of the Company or of any Restricted Subsidiary or upon any shares of stock or Debt issued by any Restricted Subsidiary,
whether now owned or hereafter acquired, without in any such case effectively providing that the Senior Notes together with, if
the Company shall so determine, any other indebtedness of or guaranty by the Company or such Restricted Subsidiary then existing
or thereafter created which is not subordinated to the Senior Notes, shall be secured equally and ratably with (or, at the option
of the Company, prior to) such secured Debt, so long as such Debt shall be so secured; provided, however, that nothing in this
Section 2.10 shall prevent, restrict or apply to (and there shall be excluded from secured Debt in any computation under
this Section 2.10) Debt secured by:

 

(i)            Liens on property of, or shares of stock or Debt issued by, any Subsidiary existing at the time such Subsidiary becomes
a Restricted Subsidiary; provided, that such Lien shall not have been incurred in connection with the transfer by the Company or
a Restricted Subsidiary of a Principal Property to such Subsidiary unless the Company, within 180 days of the effective date of
such transfer, applies or causes a Restricted Subsidiary to apply an amount equal to the fair value, as determined by the Company’s
Board of Directors, of such Principal Property at the time of such transfer, to the prepayment or retirement of Senior Notes or
other Debt of the Company (other than Debt subordinated to the Senior Notes), or Debt of any Restricted Subsidiary (other than
Debt owed to the Company or any Restricted Subsidiary), having a stated maturity (x) more than 12 months from the date of such
application or (y) which is extendable at the option of the obligor thereon to a date more than 12 months from the date of such
application;

 

(ii)           Liens on any property, shares of stock or Debt existing at the time of acquisition thereof by the Company or a Restricted
Subsidiary (including acquisition through merger or consolidation) or Liens to secure the payment of all or any part of the purchase
price or construction cost thereof or securing any Debt incurred prior to, at the time of, or within 180 days after, the acquisition
of such property, shares of stock or Debt or the completion of any such construction, whichever is later, for the purpose of financing
all or any part of the purchase price or construction cost thereof;

 

(iii)          Liens on any property to secure all or any part of the cost of development, construction, alteration, repair or improvement
of all or any portion of such property, or to secure Debt incurred prior to, at the time of, or within 180 days after, the completion
of such development, construction, alteration, repair or improvement, whichever is later, for the purpose of financing all or any
part of such cost;

 

    	 	5	 

     

    

 

(iv)          Liens which secure Debt owed by a Restricted Subsidiary to the Company or to another Restricted Subsidiary or by
the Company to a Restricted Subsidiary so long as the Debt is held by the Company or a Restricted Subsidiary;

 

(v)           Liens securing indebtedness of a corporation or other Person which becomes a successor of the Company in accordance
with the provisions of Section 6.04 of the Base Indenture and Section 2.12 hereof other than Debt incurred by such corporation
or other Person in connection with a consolidation, merger or sale of assets in accordance with Section 6.04 of the Base Indenture
and Section 2.12 hereof;

 

(vi)          Liens on property of the Company or a Restricted Subsidiary in favor of the United States or any state thereof, or
any department, agency or instrumentality or political subdivision of the United States or any state thereof, or in favor of any
other country or any political subdivision thereof, to secure partial, progress, advance or other payments pursuant to any contract
or statute or to secure any indebtedness incurred or guaranteed for the purpose of financing all or any part of the purchase price
or the cost of construction, alteration, repair or improvement of the property subject to such Liens (including but not limited
to Liens incurred in connection with pollution control, industrial revenue or similar financing), or in favor of any trustee or
mortgagee for the benefit of holders of indebtedness of any such entity incurred for any such purpose;

 

(vii)         Liens
securing Debt which is payable, both with respect to principal and interest, solely out of the proceeds of oil, gas, coal or other
minerals to be produced from the property subject thereto and to be sold or delivered by the Company or a Subsidiary, including
any interest of the character commonly referred to as a “production payment”;

 

(viii)       
Liens created or assumed by a Subsidiary on oil, gas, coal or other mineral property, owned or leased by a Subsidiary,
to secure Debt of such Subsidiary for the purpose of developing such property, including any interest of the character commonly
referred to as a “production payment”; provided, however, that neither the Company nor any Subsidiary shall assume
or guarantee such Debt or otherwise be liable in respect thereof; and

 

(ix)          any
extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien referred
to in the foregoing clauses (i) to (viii), inclusive, or of any Debt secured thereby; provided, that such extension, renewal or
replacement Lien shall be limited to all or any part of the same property that secured the Lien extended, renewed or replaced
(plus any improvements and construction on such property), or to other property of the Company or its Restricted Subsidiaries
not subject to the limitations of this Section 2.10, and shall secure no larger amount of Debt than that which had been
so secured at the time of such extension, renewal or replacement (plus any premium or fee payable in connection therewith) and,
in the case of clause (iv), that the Debt being secured thereby is being secured for the same type of Person as the Debt being
replaced.

 

    	 	6	 

     

    

 

(b)           Notwithstanding the foregoing provisions of this Section 2.10, the Company and any one or more Restricted
Subsidiaries may issue, assume or guarantee Debt secured by a Lien without equally and ratably securing the Senior Notes if at
the time of such issuance, assumption or guarantee (the “Incurrence Time”) the aggregate amount of such Debt plus all
other Debt of the Company and its Restricted Subsidiaries secured by Liens (other than Debt permitted to be secured under clauses
(i) through (ix) above) which would otherwise be subject to the foregoing restrictions after giving effect to the retirement of
any Debt which is concurrently being retired, plus the aggregate Attributable Debt (determined as of the Incurrence Time) of Sale
and Leaseback Transactions (other than Sale and Leaseback Transactions permitted by subsections (a) and (b) of Section 2.11)
entered into after the date of this Ninth Supplemental Indenture and in existence at the Incurrence Time (less the aggregate amount
of proceeds of such Sale and Leaseback Transactions which shall have been applied in accordance with subsection (c) of Section
2.11), does not exceed the greater of (i) $2.5 billion and (ii) 15 % of Consolidated Net Tangible Assets; provided that to
the extent the aggregate amount of any such Debt exceeds clause (ii) above but does not exceed clause (i), such incremental amount
of Debt may only be Debt under the Credit Agreement.

 

Section 2.11          
Limitation on Sale and Leaseback Transactions. The Company shall not, and shall not permit any Restricted
Subsidiary to, enter into any arrangement after the date of this Ninth Supplemental Indenture with any bank, insurance company
or other lender or investor (other than the Company or another Restricted Subsidiary) providing for the leasing as lessee by the
Company or a Restricted Subsidiary of any Principal Property (except a lease for a term not to exceed three years by the end of
which term it is intended that the use of such Principal Property by the lessee will be discontinued and a lease which secures
or relates to industrial revenue or pollution control bonds or similar financing), which was or is owned by the Company or a Restricted
Subsidiary and which has been or is to be sold or transferred by the Company or a Restricted Subsidiary to such Person, more than
180 days after the completion of construction and commencement of full operation of such property by the Company or such Restricted
Subsidiary, to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor
on the security of such Principal Property (herein called a “Sale and Leaseback Transaction”) unless:

 

(a)           the Company or such Restricted Subsidiary would, at the time of entering into such arrangement, be entitled pursuant
to clauses (i) through (ix) of subsection (a) of Section 2.10, without equally and ratably securing the Senior Notes, to
issue, assume or guarantee Debt secured by a Lien on such Principal Property in the amount of the Attributable Debt arising from
such Sale and Leaseback Transaction;

 

(b)           the
Attributable Debt of the Company and its Restricted Subsidiaries in respect of such Sale and Leaseback Transaction and all other
Sale and Leaseback Transactions entered into after the date of this Ninth Supplemental Indenture (other than such Sale and Leaseback
Transactions as are permitted by subsection (a) or (c) of this Section 2.11), plus the aggregate principal amount of Debt
secured by Liens on Principal Properties then outstanding (not including any such Debt secured by Liens described in clauses (i)
through (ix) of subsection (a) of Section 2.10) which do not equally and ratably secure the Senior Notes, would not exceed
15% of Consolidated Net Tangible Assets; or

 

    	 	7	 

     

    

 

(c)           the Company, within 180 days after any such sale or transfer, applies or causes a Restricted Subsidiary to apply
an amount equal to the greater of the net proceeds of such sale or transfer or the fair value, as determined by the Company’s
Board of Directors, of the Principal Property so sold and leased back at the time of entering into such Sale and Leaseback Transaction
to either (or a combination of) (A) the prepayment or retirement of Senior Notes or other Debt of the Company (other than Debt
subordinated to the Senior Notes), or Debt of any Restricted Subsidiary (other than Debt owed to the Company or any Restricted
Subsidiary), or (B) the purchase, construction or development of other property used or useful in the business of the Company.

 

Notwithstanding the foregoing, where the Company
or any Restricted Subsidiary is the lessee in any Sale and Leaseback Transaction, Attributable Debt shall not include any Debt
resulting from the guarantee by the Company or any other Restricted Subsidiary of the lessee’s obligation thereunder.

 

Section 2.12          
Merger, Consolidation and Sale of Assets. In addition to the covenants provided in Section 6.04 of the Base
Indenture, the Company will not consolidate or merge with or into any other entity, or sell other than for cash or lease its assets
substantially as an entirety to another entity, or purchase the assets of another entity substantially as an entirety, if, as a
result of any such consolidation, merger, sale, lease or purchase, properties or assets of the Company would become subject to
a lien which would not be permitted by the Indenture, unless the Company or such successor Person, as the case may be, takes such
steps as are necessary to effectively secure the Senior Notes equally and ratably with (or prior to) all indebtedness secured thereby.

 

Section 2.13          
Events of Default. The term “Event of Default” with respect to the Senior Notes shall mean only:

 

(a)           the
failure of the Company to pay any installment of interest on the Senior Notes when and as the same shall become payable, which
failure shall have continued unremedied for a period of 30 days;

 

(b)           the failure of the Company to pay the principal of (and premium, if any, on) the Senior Notes, when and as the same
shall become payable, whether at maturity or by call for redemption;

 

(c)           the failure of the Company, subject to the provisions of Section 6.06 of the Base Indenture, to perform any covenants
or agreements contained in the Indenture (other than a covenant or agreement which has been expressly included in the Indenture
solely for the benefit of a series of Securities other than the Senior Notes and other than a covenant or agreement a default in
the performance of which is specifically addressed elsewhere in this Section 2.13), which failure shall not have been remedied,
or without provision deemed to be adequate for the remedying thereof having been made, for a period of 90 days after written notice
shall have been given to the Company by the Trustee or shall have been given to the Company and the Trustee by Holders of 25% or
more in aggregate principal amount of the Senior Notes then Outstanding, specifying such failure, requiring the Company to remedy
the same and stating that such notice is a “Notice of Default” hereunder;

 

    	 	8	 

     

    

 

(d)           default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured
or evidenced any indebtedness for money borrowed by the Company or any Subsidiary in an aggregate principal amount in excess of
$200,000,000 whether such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay
any portion of the principal of such indebtedness when due and payable after the expiration of any applicable grace period with
respect thereto or shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which
it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration having been
rescinded or annulled, which continues for a period of 30 days after written notice shall have been given to the Company by the
Trustee or shall have been given to the Company and the Trustee by Holders of 25% or more in aggregate principal amount of the
Senior Notes then Outstanding, specifying such default, requiring the Company to remedy the same and stating that such notice is
a “Notice of Default” hereunder;

 

(e)           the
entry by a court having jurisdiction in the premises of a decree or order for relief in respect of the Company in an involuntary
case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee
or sequestrator (or similar official) of the Company or of substantially all the property of the Company or ordering the winding-up
or liquidation of its affairs and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days;
or

 

(f)           the commencement by the Company of a voluntary case under the federal bankruptcy laws, as now or hereafter constituted,
or any other applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent
by the Company to the entry of an order for relief in an involuntary case under any such law, or the consent by the Company to
the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian or sequestrator (or similar official)
of the Company or of substantially all the property of the Company or the making by it of an assignment for the benefit of creditors
or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action
by the Company in furtherance of any action; provided, however, that no event described in clause (c) or (d) above shall constitute
an Event of Default hereunder until a Responsible Officer assigned to and working in the Trustee’s corporate trust department
has actual knowledge thereof or until a written notice of any such event is received by the Trustee at the Corporate Trust Office,
and such notice refers to the facts underlying such event, the Senior Notes generally, the Company and the Indenture.

 

Section 2.14          
Appointment of Agents. The Trustee will initially be the Registrar and Paying Agent for the Senior Notes.

 

Section 2.15          
Defeasance upon Deposit of Moneys or U.S. Government Obligations. At the Company’s option, either (a)
the Company shall be deemed to have been Discharged from its obligations with respect to the Senior Notes on the first day after
the applicable conditions set forth in Section 12.03 of the Base Indenture have been satisfied or (b) the Company shall cease to
be under any obligation to comply with any term, provision or condition set forth in Section 6.04 of the Base Indenture and Sections
2.10, 2.11 and 2.12 with respect to the Senior Notes at any time after the applicable conditions set forth in Section 12.03 of
the Base Indenture have been satisfied.

 

    	 	9	 

     

    

 

ARTICLE
3.

FORM OF NOTES

 

Section 3.1            
Form of Senior Notes. The Senior Notes and the Trustee’s Certificate of Authentication to be endorsed
thereon are to be substantially in the form set forth in Exhibit A hereto.

 

ARTICLE
4.

ORIGINAL ISSUE OF NOTES

 

Section 4.1            
Original Issue of Senior Notes. The Senior Notes may, upon execution of this Ninth Supplemental Indenture,
be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company order, authenticate
and deliver such Senior Notes as in such Company order provided.

 

ARTICLE
5.

MISCELLANEOUS

 

Section 5.1            
Ratification of Indenture. The Base Indenture, as supplemented by this Ninth Supplemental Indenture, is in
all respects ratified and confirmed, and this Ninth Supplemental Indenture shall be deemed part of the Base Indenture in the manner
and to the extent herein and therein provided; provided that the provisions of this Ninth Supplemental Indenture apply solely with
respect to the Senior Notes.

 

Section 5.2            
Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity
or sufficiency of this Ninth Supplemental Indenture.

 

Section 5.3            
Governing Law. This Ninth Supplemental Indenture and each Senior Note shall be deemed to be contracts made
under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said
State.

 

Section 5.4            
Separability. In case any provision in this Indenture or in the Senior Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

 

Section 5.5            
Counterparts. This Ninth Supplemental Indenture may be executed in any number of counterparts, each of which
shall be an original; but such counterparts shall together constitute but one and the same instrument.

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Ninth Supplemental Indenture to be duly executed, all as of the day and year first above written.

 

	 	EQT CORPORATION
	 	 
	 	 
	 	By: 	/s/ David M. Khani
	 	 	Name: David M. Khani
	 	 	Title:   Chief Financial Officer
	 	 
	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	 	as Trustee
	 	 
	 	 
	 	By:	/s/ Latoya S. Elvin
	 	 	Name: Latoya S. Elvin
	 	 	Title:   Vice President

 

[Signature Page to Ninth Supplemental Indenture]

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF SECURITY]

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

    	 	A-1	 

     

    

 

CUSIP No. 26884L AH2

 

EQT CORPORATION

 

6.125% SENIOR NOTE DUE 2025

 

	No. R-[__]	$[__]
	 	 
	 	As revised by the Schedule
    of Increases or Decreases in Global Security attached hereto

 

Interest. EQT Corporation, a corporation
duly organized and existing under the laws of the Commonwealth of Pennsylvania (herein called the “Company”, which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
Cede & Co. or registered assigns, the principal sum of [__] dollars ($[__]), as revised by the Schedule of Increases or Decreases
in Global Security attached hereto, on February 1, 2025 and to pay interest thereon (computed on the basis of a 360-day year consisting
of twelve 30-day months) from January 21, 2020 or from the most recent Interest Payment Date to which interest has been paid or
duly provided for, semi-annually in arrears on February 1 and August 1 in each year, commencing August 1, 2020 at the rate of 6.125%
per annum, until the principal hereof is paid or made available for payment.

 

Interest Rate Adjustment. The interest
rate payable on this 6.125% Senior Note due 2025 (this “Security”) will be subject to adjustment from time to time
if either Moody’s, S&P or Fitch, or, in any case, any Substitute Rating Agency downgrades (or subsequently upgrades)
the credit rating assigned to the Senior Notes, in the manner described below.

 

If the rating from Moody’s (or any Substitute
Rating Agency) of the Senior Notes is decreased to a rating set forth in the immediately following table, the interest rate on
this Security will increase such that it will equal the interest rate first set forth on the face of this Security plus the percentage
set forth opposite the ratings from the table below (plus, if applicable, the percentage set forth opposite the rating in the table
under each of “S&P Rating” and “Fitch Rating”):

 

	Moody’s Rating* 	 	Percentage 	 
	Ba2	 	 	0.25	%
	Ba3	 	 	0.50	%
	B1	 	 	0.75	%
	B2 or below	 	 	1.00	%

 

* including the equivalent ratings of any
Substitute Rating Agency.

 

    	 	A-2	 

     

    

 

If the rating from S&P (or any Substitute
Rating Agency) of the Senior Notes is decreased to a rating set forth in the immediately following table, the interest rate on
this Security will increase such that it will equal the interest rate first set forth on the face of this Security plus the percentage
set forth opposite the ratings from the table below (plus, if applicable, the percentage set forth opposite the rating in the table
under each of “Moody’s Rating” and “Fitch Rating”):

 

	S&P Rating* 	 	Percentage 	 
	BB+	 	 	0.25	%
	BB	 	 	0.50	%
	BB-	 	 	0.75	%
	B+ or below	 	 	1.00	%

 

* including the equivalent ratings of any
Substitute Rating Agency.

 

If the rating from Fitch (or any Substitute
Rating Agency) of the Senior Notes is decreased to a rating set forth in the immediately following table, the interest rate on
this Security will increase such that it will equal the interest rate first set forth on the face of this Security plus the percentage
set forth opposite the ratings from the table below (plus, if applicable, the percentage set forth opposite the rating in the table
under each of “Moody’s Rating” and “S&P Rating”):

 

	Fitch Rating* 	 	Percentage 	 
	BB+	 	 	0.25	%
	BB	 	 	0.50	%
	BB-	 	 	0.75	%
	B+ or below	 	 	1.00	%

 

* including the equivalent ratings of any
Substitute Rating Agency.

 

If at any time the interest rate on the Senior
Notes has been adjusted upward and any of Moody’s, S&P or Fitch (or, in any such case, a Substitute Rating Agency), as
the case may be, subsequently increases its rating of the Senior Notes to any of the threshold ratings set forth above, the interest
rate on this Security shall be decreased such that the interest rate for this Security shall equal the interest rate first set
forth on the face of this Security plus the percentages set forth opposite the ratings in the tables above in effect immediately
following the increase in rating. If Moody’s (or any Substitute Rating Agency) subsequently increases its rating of the Senior
Notes to Ba1 (or its equivalent, in the case of a Substitute Rating Agency) or higher, S&P (or any Substitute Rating Agency)
increases its rating to BBB- (or its equivalent, in the case of a Substitute Rating Agency) or higher and Fitch (or any Substitute
Rating Agency) increases its rating to BBB- (or its equivalent, in the case of a Substitute Rating Agency) or higher, the interest
rate on this Security will be decreased to the interest rate first set forth on the face of this Security. In addition, the interest
rate on this Security will permanently cease to be subject to any adjustment described above (notwithstanding any subsequent decrease
in the ratings by any or all Rating Agencies) if the Senior Notes become rated Baa2, BBB and BBB (or the equivalent of any such
rating, in the case of a Substitute Rating Agency) or higher by any two of Moody’s, S&P and Fitch (or, in any case, a
Substitute Rating Agency thereof), respectively.

 

    	 	A-3	 

     

    

 

Each adjustment required by any decrease or
increase in a rating set forth above, whether occasioned by the action of Moody’s, S&P or Fitch (or, in any case, a Substitute
Rating Agency), shall be made independent of any and all other adjustments; provided, however, that in no event shall (1)
the interest rate for this Security be reduced to below the interest rate first set forth on the face of this Security or (2) the
total increase in the interest rate on this Security exceed 2.00% above the interest rate first set forth on the face of this Security.

 

No adjustments in the interest rate of this
Security shall be made solely as a result of a Rating Agency ceasing to provide a rating of the Senior Notes. If at any time Moody’s,
S&P or Fitch ceases to provide a rating of the Senior Notes for any reason, the Company will use its commercially reasonable
efforts to obtain a rating of the Senior Notes from a Substitute Rating Agency, to the extent one exists, and if a Substitute Rating
Agency exists, for purposes of determining any increase or decrease in the interest rate on this Security pursuant to the tables
above, (a) such Substitute Rating Agency will be substituted for the last Rating Agency to provide a rating of the Senior Notes
but which has since ceased to provide such rating, (b) the relative rating scale used by such Substitute Rating Agency to assign
ratings to senior unsecured debt will be determined in good faith by an Independent Investment Banker or any other independent
investment banking institution of national standing appointed by the Company and, for purposes of determining the applicable ratings
included in the applicable table above with respect to such Substitute Rating Agency, such ratings will be deemed to be the equivalent
ratings used by Moody’s, S&P or Fitch, as applicable, in such table and (c) the interest rate on this Security will increase
or decrease, as the case may be, such that the interest rate equals the interest rate first set forth on the face of this Security
plus the appropriate percentage, if any, set forth opposite the rating from such Substitute Rating Agency in the applicable table
above (taking into account the provisions of clause (b) above) (plus any applicable percentage resulting from a decreased rating
by the other Rating Agency). For so long as only one of Moody’s, S&P or Fitch provides a rating of the Senior Notes and
no Substitute Rating Agency has replaced the other Rating Agency, any subsequent increase or decrease in the interest rate of this
Security necessitated by a reduction or increase in the rating by the Rating Agency providing the rating shall be twice the percentage
set forth in the applicable table above. For so long as any two of Moody’s, S&P or Fitch provide a rating of the Senior
Notes and no Substitute Rating Agencies have replaced the other Rating Agencies, any subsequent increase or decrease in the interest
rate of this Security necessitated by a reduction or increase in the ratings by the Rating Agencies providing the ratings shall
be as set forth in the applicable tables above. For so long as none of Moody’s, S&P, Fitch or a Substitute Rating Agency
provides a rating of the Senior Notes, the interest rate on this Security will increase to, or remain at, as the case may be, 2.00%
above the interest rate first set forth on the face of this Security.

 

Any interest rate increase or decrease described
above will take effect from the first day of the interest period commencing after the date on which a rating change occurs that
requires an adjustment in the interest rate. As such, interest will not accrue at such increased or decreased rate until the next
interest payment date following the date on which a rating change occurs. If Moody’s, S&P or Fitch (or, in any case,
a Substitute Rating Agency) changes its rating of the Senior Notes more than once during any particular interest period, the last
change in such interest period by such Rating Agency will control for purposes of any interest rate increase or decrease with respect
to this Security described above relating to such Rating Agency’s action. If the interest rate payable on this Security is
increased as described above, the term “interest,” as used with respect to the Senior Notes and this Security, will
be deemed to include any such additional interest unless the context otherwise requires.

 

    	 	A-4	 

     

    

 

The Company shall promptly provide an officer’s
certificate to the Trustee and the Paying Agent on becoming aware of any decrease in the rating assigned to the Senior Notes by
any of Moody’s, S&P or Fitch (or any Substitute Rating Agency). Neither the Trustee nor the Paying Agent shall have any
obligation to monitor the rating assigned to the Senior Notes.

 

For purposes of this “Interest Rate
Adjustment” section, the following definitions are applicable:

 

“Fitch” means Fitch Ratings, Inc.
and any successor to its rating agency business.

 

“Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agencies” means each of
Moody’s, S&P and Fitch; provided, that if any of Moody’s, S&P or Fitch ceases to rate the Senior Notes or fails
to make a rating of the Senior Notes publicly available, then “Rating Agencies” shall include the applicable Substitute
Rating Agency in lieu of Moody’s, S&P or Fitch, or any of them, as the case may be.

 

“S&P” means Standard &
Poor’s Ratings Services, a division of McGraw Hill Financial, Inc., and its successors.

 

“Substitute Rating Agency” means,
in the Company’s discretion at any time and from time to time, any other “nationally recognized statistical rating
organization,” within the meaning of Section 3(a)(62) of the Securities Exchange Act of 1934, as amended, selected by the
Company (as certified to the Trustee by a certificate of a responsible officer of the Company) as a replacement agency for Moody’s,
S&P or Fitch, or any of them, as the case may be.

 

Method of Payment. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the January
15 or July 15 (whether or not a Business Day), as the case may be, preceding the relevant Interest Payment Date (the “Record
Date”). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice thereof having been given to the Holder of this Security (or one or more Predecessor Securities) not less than 10 days prior
to such Special Record Date, all as more fully provided in the Indenture. Payment of the principal of (and premium, if any) and
any such interest on this Security will be made at the Corporate Trust Office in U.S. Dollars.

 

    	 	A-5	 

     

    

 

Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

 

Authentication. Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 

    	 	A-6	 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be executed by its duly authorized officer.

 

	January 21, 2020	 EQT CORPORATION
	 	 
	 	 
	 	By:	 
	 	Name:	 David M. Khani
	 	Title:	 Chief Financial Officer  

 

    	 	A-7	 

     

    

 

	TRUSTEE’S CERTIFICATE
    OF AUTHENTICATION
	 
	
	Dated: January 21, 2020
	 
	
	THE BANK OF NEW YORK MELLON
	 
	as Trustee,
    certifies
	that
    this is one of
	the Securities
    referred
	to in
    the Indenture.

 

 

	By:	 	 
	 	Authorized Signatory	 

 

    	 	A-8	 

     

    

 

[FORM OF REVERSE OF SECURITY]

 

Indenture. This Security is one of
a duly authorized issue of securities of the Company, issued and to be issued in one or more series under an Indenture, dated as
of March 18, 2008, between EQT Corporation (the “Company”), as successor, and The Bank of New York Mellon, as trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), as supplemented and amended
by a Second Supplemental Indenture, dated June 30, 2008, and by a Ninth Supplemental Indenture, dated January 21, 2020 (as so supplemented,
herein called the “Indenture”), between the Company and the Trustee, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Senior Notes and of the terms upon which the Senior Notes are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof, initially in aggregate principal
amount of $1,000,000,000.

 

Optional Redemption. The Senior Notes
are subject to redemption at the Company’s option, at any time and from time to time prior to the Stated Maturity Date, in
whole or in part.

 

If any of the Senior Notes are redeemed prior
to the Par Call Date, the Redemption Price will be equal to the greater of (i) 100% of the principal amount of the Senior Notes
to be redeemed plus accrued and unpaid interest thereon to the Redemption Date, and (ii) the sum of the present values of the remaining
scheduled payments of principal and interest on the Senior Notes to be redeemed (assuming that such Senior Notes matured on the
Par Call Date) exclusive of interest accrued to, but excluding, the Redemption Date, discounted to the Redemption Date on a semiannual
basis (assuming a 360-day year consisting of twelve 30 day months) at the applicable Treasury Rate plus 50 basis points plus accrued
and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date.

 

If any of the Senior Notes are redeemed on
or after the Par Call Date, the Redemption Price will be 100% of the principal amount of the Senior Notes to be redeemed plus accrued
and unpaid interest thereon to, but excluding, the Redemption Date.

 

For purposes of determining the Redemption
Price for the optional redemption of the Senior Notes, the following definitions are applicable:

 

“Comparable Treasury Issue” means
the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of
the Senior Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining terms of the Senior Notes.

 

“Comparable Treasury Price” means,
with respect to any Redemption Date:

 

(a)              
the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and
lowest Reference Treasury Dealer Quotations, or

 

    	 	A-9	 

     

    

 

(b)              
if the Independent Investment Banker is unable to obtain at least four such Reference Treasury Dealer Quotations,
the average of all Reference Treasury Dealer Quotations obtained by the Independent Investment Banker.

 

“Independent Investment Banker”
means one of BofA Securities, Inc. and J.P. Morgan Securities LLC as specified by the Company, or if these firms are unwilling
or unable to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing
appointed by the Company.

 

“Par Call Date” means January
1, 2025 (one month prior to the Stated Maturity Date).

 

“Reference Treasury Dealer” means
(i) BofA Securities, Inc. and J.P. Morgan Securities LLC (and their respective successors), provided however, that if either of
the foregoing shall cease to be a primary U.S. government securities dealer (a “Primary Treasury Dealer”), the Company
will substitute therefor another Primary Treasury Dealer and (ii) any other Primary Treasury Dealer selected by the Company.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date for the Senior Notes, an average, as determined by
the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Senior Notes (expressed
in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New
York City time, on the third Business Day preceding such Redemption Date.

 

“Treasury Rate” means, with respect
to any Redemption Date for the Senior Notes, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for that Redemption Date.

 

The Treasury Rate will be calculated on the
third Business Day preceding the Redemption Date.

 

Notice of any redemption will be mailed, or
delivered electronically if such Senior Notes are held by any Depositary (including, without limitation, DTC) in accordance with
such Depositary’s customary procedures, at least 15 days but not more than 60 days before the Redemption Date to each registered
Holder of Senior Notes to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption
Date, interest will cease to accrue on the Senior Notes or portions of the Senior Notes called for redemption. If fewer than all
of the Senior Notes are to be redeemed, the particular Senior Notes or portions thereof will be selected for redemption from the
Outstanding Senior Notes not previously called in accordance with applicable DTC procedures.

 

Defaults and Remedies. If an Event
of Default with respect to the Senior Notes shall occur and be continuing, the principal of the Senior Notes may be declared due
and payable in the manner and with the effect provided in the Indenture.

 

    	 	A-10	 

     

    

 

Amendment, Modification and Waiver.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Senior Notes to be affected under the Indenture at any time by
the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Senior Notes at
the time Outstanding. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount
of the Senior Notes at the time Outstanding, on behalf of the Holders of all Senior Notes, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and
of any security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

Denominations, Transfer and Exchange.
The Senior Notes are issuable only in registered form without coupons in denominations of $2,000 and in integral multiples of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Senior Notes are exchangeable
for a like aggregate principal amount of Senior Notes of like tenor of a different authorized denomination, as requested by the
Holder surrendering the same.

 

As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the Register, upon surrender of this Security
for registration of transfer at the Registrar accompanied by a written request for transfer in form satisfactory to the Company
and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new
Senior Notes of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

 

No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Persons Deemed Owners. Prior to due
presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security
be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Miscellaneous. The Indenture and this
Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts
of law rules of said State.

 

All terms used in this Security and not defined
herein shall have the meanings assigned to them in the Indenture.

 

    	 	A-11	 

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
SECURITY

 

The following increases or decreases in this
Global Security have been made:

 

	Date of
 Exchange	 	 	Amount of
 increase in
 Principal
 Amount of this
 Global Security	 	Amount of
 decrease in
 Principal
 Amount of this
 Global Security	 	Principal
 Amount of this
 Global Security
 following each
 decrease or
 increase	 	Signature of
 authorized
 signatory of
 Trustee
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	 	A-12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]