Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

VOTING AND SUPPORT AGREEMENT 

VOTING AND SUPPORT AGREEMENT, dated as of October 30, 2018 (this “Agreement”) by and among LSC Communications, Inc., a
Delaware corporation (the “Company”), and the trustees (the “Trustees”) under the Amended and Restated Voting Trust Agreement, dated as of June 25, 2010 (the “Voting Trust Agreement”), pursuant
to which certain shares of capital stock of Quad/Graphics, Inc., a Wisconsin corporation (“Parent”), are held by the Quad/Graphics, Inc. Voting Trust (the “Voting Trust”). 

RECITALS 
 WHEREAS,
concurrently with the execution of this Agreement, Parent and the Company have entered into an Agreement and Plan of Merger, dated as of the date hereof (as it may be amended, supplemented, modified or waived from time to time, the “Merger
Agreement”), providing for, among other things and subject to the terms and conditions of the Merger Agreement the merger of QLC Merger Sub, Inc., a wholly owned subsidiary of Parent (“Merger Sub”), with and into the
Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Parent; 
 WHEREAS, as of the
date hereof, the Trustees have the right to vote or direct the voting of the Existing Trust Shares (as defined below), and the Beneficiaries are the Beneficial Owners of the Existing Trust Certificates (as defined below); 

WHEREAS, it is a condition to the consummation of the Merger and the other transactions contemplated by the Merger Agreement that Parent
obtain the Parent Shareholder Approval for the Parent Share Issuance at the Parent Shareholders Meeting; and 
 WHEREAS, the Trustees have
been provided with the execution copy of the Merger Agreement and acknowledge that the Voting Trust will benefit directly and substantially from the consummation of the transactions contemplated thereby; 

WHEREAS, as a condition and inducement to the willingness of the Company to enter into the Merger Agreement and the transactions contemplated
thereby, the Company has required that each of the Trustees agree to, and each of the Trustees has agreed to, enter into this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, and
intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 1. Certain Definitions. 

(a) Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the Merger Agreement. 

(b) “Beneficial Owner” shall be interpreted in accordance with the term “beneficial owner” as defined in Rule 13d-3 adopted by the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended. The terms “Beneficial Ownership,” “Beneficially
Own” and “Beneficially Owned” shall have correlative meanings. 

 (c) “Beneficiaries” means the beneficiaries of the Voting Trust. 

(d) “Existing Trust Certificates” means the trust certificates of the Voting Trust held by the Beneficiaries as of the date
hereof, as set forth on Schedule A. 
 (e) “Existing Trust Shares” means the number of Parent Shares or other
securities of Parent Beneficially Owned and/or owned of record by the Trustees as of the date hereof, as set forth on Schedule B. 

(f) “Trust Certificates” means the Existing Trust Certificates, together with any trust certificates acquired by the
Beneficiaries of the Voting Trust on or after the date hereof. 
 (g) “Trust Shares” means the Existing Trust Shares,
together with any Parent Shares or other securities of Parent that are transferred to the Trustees on or after the date hereof. 
 2.
Agreement to Vote. 
 (a) From the date hereof until the Expiration Date (as defined below), at the Parent Shareholders Meeting or any
other meeting of the shareholders of Parent, however called, including any adjournment or postponement thereof, and in connection with any written consent of the shareholders of Parent, relating to any proposed action by the shareholders of Parent
with respect to the matters set forth in Section 2(a)(ii) below, each Trustee hereby irrevocably and unconditionally agrees to: 

(i) appear at each such meeting or otherwise cause the Trust Shares that the Trustees have the right to vote or direct the
voting of to be counted as present at each such meeting for purposes of calculating a quorum; and 
 (ii) vote (or cause to
be voted), in person or by proxy, or deliver (or cause to be delivered) a written consent covering, all of the Trust Shares to which it has, directly or indirectly, the right to vote or direct the voting, (A) in favor of the Parent Share
Issuance and any other action of the shareholders of Parent in furtherance thereof; (B) in favor of any proposal to adjourn or postpone the Parent Shareholders Meeting to a later date if there are not sufficient votes to approve the Parent
Share Issuance and/or if there are not sufficient shares present in person or by proxy at the Parent Shareholders Meeting to constitute a quorum and (C) against the following actions: (1) any action or proposal in favor of any merger,
amalgamation, consolidation, share exchange, business combination, joint venture, sale of assets or securities or other similar transaction involving Parent or any of its Subsidiaries, the business of which constitutes 15% or more of the net
revenues, net income or assets of Parent and its Subsidiaries, taken as a whole, or any liquidation, dissolution, recapitalization, extraordinary dividend or other significant corporate reorganization of Parent, the business of which constitutes 15%
or more of the net revenues, net income or assets of Parent and its Subsidiaries, taken as a 

  
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whole, or any combination of the foregoing other than the Merger, (2) any action or agreement submitted for approval to the shareholders of Parent that would reasonably be expected to result
in a breach of any covenant, representation or warranty or any other obligation or agreement of Parent contained in the Merger Agreement or of the Trustees contained in this Agreement and (3) any other action or agreement submitted for approval
to the shareholders of Parent that would reasonably be expected to impede, frustrate, interfere with, delay, postpone or adversely affect the Merger or the Parent Share Issuance or any other transaction contemplated by the Merger Agreement or this
Agreement, including the consummation thereof; provided, however, that the parties acknowledge that this Agreement is entered into by each of the Trustees solely in his/her capacity as trustee of the Voting Trust and that nothing in
this Agreement shall prevent such Trustee from discharging his/her fiduciary duties as a member of the board of directors of Parent. 
 (b)
Any vote required to be cast or consent required to be executed pursuant to Section 2(a) above shall be cast or executed in accordance with the applicable procedures relating thereto so as to ensure that it is duly counted
for purposes of determining that a quorum is present (if applicable) and for purposes of recording the results of that vote or consent. The Trustees shall provide the Company with at least five (5) Business Days’ written notice prior to
signing any action proposed to be taken by written consent with respect to any of the Trust Shares. The obligations of the Trustees under this Agreement, including this Section 2, shall not be affected by any breach by the
Company of any of its representations, warranties, agreements or covenants set forth in the Merger Agreement. 
 (c) Each of the Trustees
hereby covenants and agrees that, except for actions taken in furtherance of this Agreement, it (i) has not entered, and shall not enter at any time while this Agreement remains in effect, into any voting agreement or voting trust with respect
to the Trust Shares other than the Voting Trust Agreement, and (ii) has not granted, and shall not grant at any time while this Agreement remains in effect, a proxy, a consent or power of attorney with respect to the Trust Certificates
inconsistent with the terms of this Agreement. 
 3. Representations and Warranties of the Trustees. Each Trustee hereby represents
and warrants (solely in his/her capacity as a Trustee and not individually and not jointly and severally) to the Company as follows: 
 (a)
Authority; Binding Nature of Agreement. Each Trustee has all requisite capacity, power and authority to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby, and no other proceedings or actions on
the part of such Trustee are necessary or required under the Voting Trust Agreement to authorize the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated hereby. The execution and delivery of this
Agreement by each Trustee, and the performance by each Trustee of such Trustee’s obligations under this Agreement, have been duly authorized by all necessary action on the part of such Trustee. This Agreement has been duly executed and
delivered by such Trustee and, assuming this Agreement constitutes a valid and binding obligation of the other parties hereto, constitutes a valid and binding obligation of such 

  
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Trustee, enforceable in accordance with its terms, subject to (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors, and (ii) rules of law
governing specific performance, injunctive relief and other equitable remedies. 
 (b) Ownership. The Existing Trust Certificates
listed on Schedule A are, and any additional trust certificates of the Voting Trust and any additional options to purchase trust certificates of the Voting Trust acquired by the Beneficiaries after the date hereof and prior to the Expiration
Date will be, Beneficially Owned or of record by the Beneficiaries. As of the date hereof, the Existing Trust Certificates listed on Schedule A constitute all of the Trust Certificates of the Voting Trust held of record, Beneficially Owned or
for which voting power or disposition of power is held or shared by the Beneficiaries. Except as permitted by Sections 5.01, 5.02, 5.03, 5.05, 5.06, 5.07 and 5.08 of the Voting Trust Agreement, the Beneficiaries may not transfer their Trust
Certificates without the prior unanimous vote or written consent of the Trustees, and except as permitted by Sections 7.05(a) and 7.06 of the Voting Trust Agreement, the Beneficiaries may not transfer or withdraw Trust Shares from the Voting Trust
without the prior unanimous vote or written consent of the Trustees. 
 (c) Non-Contravention.
The execution and delivery of this Agreement by such Trustee and his/her obligations under this Agreement will not, (i) conflict with or violate any law, ordinance or regulation of any Governmental Body applicable to him/her or by which any of
his/her assets or properties is bound or (ii) conflict with, result in any breach of or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, or require payment under, or result in the creation of any Encumbrance on his/her properties or assets pursuant to, any note, bond, mortgage, indenture, contract, agreement (including, for the avoidance of
doubt, the Voting Trust Agreement), lease, license, permit, franchise or other instrument or obligation to which he/she is a party or by which his/her or any of his/her assets or properties is bound, except for any of the foregoing as would not
reasonably be expected, either individually or in the aggregate, to prevent or materially impair the ability of such Trustee to perform his/her obligations hereunder. 

(d) No Preemptive Rights. No Trustee or Beneficiary has any right of first refusal or any preemptive or similar rights to purchase any
Parent Shares in connection with any issuance of Parent Shares. 
 (e) Trustees. Each Trustee is an existing trustee of the Voting
Trust duly appointed in accordance with the Voting Trust Agreement and has not resigned or been removed as of the date hereof. As of the date hereof, the Voting Trust does not have any trustee other than the Trustees. 

(f) Voting Power. As of the date hereof, the Voting Trust owns of record, and has the sole right to vote, the Parent Shares as set forth
on Schedule B constituting more than a majority of the voting power of all the outstanding Parent Shares, and such shares are not subject to Section 180.1150 of the Wisconsin Business Corporation Law. 

  
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 (g) Voting Trust Agreement. The amended and restated voting trust agreement, dated as
of June 25, 2010, filed as Exhibit 9.1 to Parent’s Current Report on Form 8-K, dated July 2, 2010 and filed on July 9, 2010, is a true and complete copy of the Voting Trust Agreement and is
in full force and effect. 
 (h) Reliance by the Company. Each Trustee understands and acknowledges that the Company is entering into
the Merger Agreement in reliance upon the execution and delivery of this Agreement by such Trustee. 
 4. Representations and Warranties
of the Company. The Company represents and warrants to the Trustees and Beneficiaries as follows: 
 (a) Authority; Binding Nature of
Agreement. The Company has all requisite corporate power and authority to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by the Company, and the
performance by the Company of its obligations under this Agreement, have been duly authorized by all necessary action on the part of the Company. This Agreement has been duly executed and delivered by the Company and, assuming this Agreement
constitutes a valid and binding obligation of the other parties hereto, constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms, subject to (i) laws of general application relating to bankruptcy,
insolvency and the relief of debtors, and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies. 

5. Restrictions on Transfer of Trust Certificates and Trust Shares; Compliance with the Merger Agreement. 

(a) Except as provided in Section 5(b), each Trustee hereby covenants and agrees that, during the period from the
date of this Agreement until the date Parent Shareholder Approval is obtained, such Trustee shall not (i) sell, transfer, pledge, encumber, assign, distribute, gift or otherwise dispose of, or consent to any of the foregoing (collectively, a
“Transfer”), (ii) enter into any contract, option or other arrangement or understanding with respect to any Transfer (whether by actual disposition or effective economic disposition due to hedging, cash settlement or otherwise)
of, any of the Existing Trust Shares, any additional Parent Shares and options to purchase Parent Shares acquired beneficially or of record by such Trustee after the date hereof, or any interest therein, or (iii) approve any withdrawals of
Trust Shares represented by the Trust Certificates from the Voting Trust pursuant to Section 7.05(b) of the Voting Trust Agreement, in each case, without the prior written consent of the Company. Any purported Transfer of the Trust Shares in
violation of this Section 5 shall be null and void ab initio. 
 (b) Notwithstanding the provisions
of Section 5(a), (i) the Beneficiaries may withdraw Trust Shares represented by the Trust Certificates from the Voting Trust pursuant to and in accordance with Section 7.05(a) of the Voting Trust Agreement, and the
Trustees may allow any such withdrawals and (ii) (A) the Beneficiaries may withdraw Trust Shares represented by the Trust Certificates from the Voting Trust pursuant to and in accordance with Section 7.05(b) of the Voting Trust Agreement,
and the Trustees may allow any such withdrawals and (B) the 

  
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Trustees and/or the Beneficiaries may sell or otherwise Transfer Parent Shares, provided that no withdrawal, sale or Transfer shall be permitted pursuant to this clause (ii) if
following such withdrawal, sale or Transfer (assuming the maximum permitted withdrawal under clause (i) during the calendar year) would result in the Voting Trust ceasing to hold, or the Trustees not having Beneficial Ownership of, at least 60%
of the total voting power of Parent. 
 (c) The Trustees will take all actions necessary to comply with, and cause Parent to comply with,
Section 6.14 of the Merger Agreement. 
 6. Stop Transfer; Changes in Trust Shares. Each Trustee hereby agrees with, and
covenants to, the Company that (a) this Agreement and the obligations hereunder shall attach to the Trust Shares and shall be binding upon any Person or entity to which legal or Beneficial Ownership shall pass, whether by operation of Law or
otherwise, including its successors or assigns; and (b) except as provided in Section 5(b), prior to the date Parent Shareholder Approval is obtained, no Trustee shall request that Parent register the transfer
(book-entry or otherwise) of any certificate or uncertificated interest representing any or all of the Trust Shares. In the event of a stock split, stock dividend or distribution, or any change in the Parent Shares by reason of any split-up, reverse stock split, recapitalization, combination, reclassification, exchange of Parent Shares or the like, the terms “Existing Trust Shares” and “Trust Shares” shall be deemed to
refer to and include such Parent Shares as well as all such stock splits, dividends and distributions and any securities into which or for which any or all of such Parent Shares may be converted, changed or exchanged or which are otherwise received
in such transaction. 
 7. Publication. Each Trustee (a) hereby authorizes, in such Trustee’s capacity as a shareholder of
Parent only, the publication and disclosure by Parent and the Company in any press release or in the Proxy Statement/Prospectus, S-4 Registration Statement (including all documents and schedules filed with the
SEC) or other disclosure document required in connection with the Merger Agreement or the transactions contemplated thereby, its identity and holdings of the Trust Shares and the existence and terms of this Agreement, and (b) hereby agrees to
reasonably cooperate with Parent and the Company in connection with such filings. Each Trustee hereby agrees to as promptly as practicable notify Parent and the Company of any required corrections with respect to any information supplied by such
Trustee, if and to the extent that any information shall contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading. 

8. Additional Parent Shares. Each Trustee agrees, during the period from the date of this Agreement until the Expiration Date, to notify
the Company promptly in writing of the number of any additional Parent Shares, any additional options to purchase Parent Shares or other securities acquired by the Trustees, if any, after the date hereof. 

9. No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in the Company any direct or indirect ownership or
incidence of ownership of or with respect to any Trust Shares. All rights, ownership and economic benefits of and relating to the Trust Shares shall remain vested in and belong to the Trustees and/or the Beneficiaries, and the Company shall have no
authority to manage, direct, superintend, restrict, regulate, govern or administer any of the policies or operations of Parent or exercise any power or authority to direct the Trustees in the voting of any of the Trust Shares, except as otherwise
provided herein. 

  
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 10. No Breach. Each of the Trustees agrees, during the period from the date of this
Agreement until the Expiration Date, not to (a) take, agree or commit to take any action that would make any representation and warranty of such Trustee contained in this Agreement inaccurate in any material respect as of any time during the
term of this Agreement, (b) agree or commit to take any action necessary to prevent any such representation or warranty from being inaccurate in any material respect at any such time or (c) agree or commit to take any action that would
constitute a breach of any covenant of such Trustee contained in this Agreement. 
 11. Changes to Voting Trust Agreement. 

(a) To the extent permitted by the Voting Trust Agreement, each of the Trustees agrees, during the period from the date of this Agreement until
the Expiration Date, not to appoint any additional trustee under the Voting Trust Agreement unless, prior to such appointment, (i) such Trustee provides to the Company prior written notice at least five (5) days prior to the date of such
appointment and (ii) such Person who will be appointed as a trustee under the Voting Trust Agreement agrees in writing, in form and substance reasonably acceptable to the Company, to be subject to the terms and conditions of this Agreement
(including the voting obligations hereunder) and to be bound by the terms and conditions of this Agreement. 
 (b) To the extent permitted by
the Voting Trust Agreement, each of the Trustees agrees, during the period from the date of this Agreement until the Expiration Date, not to amend the Voting Trust Agreement in a manner that adversely affects the ability of such Trustee to comply
with its obligations under this Agreement and, in any event, such Trustee shall provide to the Company written notice at least five (5) days prior to the effective date of any amendment to the Voting Trust Agreement. 

12. Termination. This Agreement shall terminate without further action upon the earliest to occur of (a) the Effective Time and
(b) the termination of the Merger Agreement in accordance with its terms (the date and time at which the earliest of clause (a) and clause (b) occurs being, the “Expiration Date”). Upon termination of this Agreement,
no party shall have any further obligations or liabilities under this Agreement; provided, however, that (i) nothing set forth in this Section 12 shall relieve any party from liability for any material
breach of any representation, warranty or covenant contained in this Agreement occurring prior to the termination hereof; and (ii) the provisions of this Section 12 and Section 14 through
Section 21 shall survive any termination of this Agreement. 
 13. Further Assurances. From time to time, at
the other party’s request and without further consideration, each party hereto shall execute and deliver such additional instruments and other documents and shall take all such further actions as may be necessary or desirable to effectuate,
carry out and comply with all of the terms of this Agreement and the transactions contemplated thereby. 

  
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 14. Notices. Any notice or other communications required or permitted under,
or otherwise given in connection with, this Agreement shall be in writing and shall be deemed to have duly given (a) on the date of receipt if delivered by registered or certified mail (return receipt requested, postage prepaid), (b) on the
date of receipt if delivered by national overnight courier (providing proof of deliver) or (c) on the date delivered if sent by email (provided confirmation of email receipt is obtained), in each case, as follows: 

if to the Company, to: 
 LSC
Communications, Inc. 
 191 N. Wacker Dr., Suite 1400 

Chicago, IL 60606 
 Attn:
Suzanne S. Bettman, General Counsel 
 Email: sue.bettman@lsccom.com 

(with a copy, which shall not constitute notice, to): 

Sullivan & Cromwell LLP 

125 Broad St. 
 New York, NY
10004 
 Attn: Audra D. Cohen 

E-mail: cohena@sullcrom.com 

if to the Trustees to the addresses listed next to its/his/her name on Schedule A and/or Schedule B 

(with copies to, which shall not constitute notice): 

Quad/Graphics, Inc. 
 N61 W23044
Harry’s Way 
 Sussex, WI 53089-3995 

Attn: Jennifer J. Kent, Executive Vice President of Administration and 

General Counsel 
 E-mail: jkent@qg.com 
 and 

Foley & Lardner LLP 

777 East Wisconsin Avenue 

Milwaukee, WI 53202 
 Attn:
Patrick G. Quick 
 Russell E. Ryba 

E-mail: pquick@foley.com 

             rryba@foley.com 

  
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 or to such other persons or addresses as may be designated in writing by the party to receive such notice as
provided above. 
 15. Amendment and Modification; Waivers. This Agreement may not be amended, modified or supplemented, except by an
instrument in writing signed on behalf of each of the parties hereto. Any agreement on the part of a party to any waiver of any obligation of the other parties shall be valid only if set forth in an instrument in writing signed on behalf of such
waiving party. The failure of any party to asset any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights, nor shall any single or partial exercise by any party of any of its rights under this Agreement
preclude any other or further exercise of such rights or any other rights under this Agreement. 
 16. Expenses. All costs and
expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense. 
 17. Assignment.
Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties, and any such
assignment without such consent shall be null and void. Subject to the foregoing, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns. 

18. Governing Law; Jurisdiction. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF WISCONSIN WITHOUT REGARD TO THE CONFLICT OF
LAW PRINCIPLES THEREOF TO THE EXTENT THAT SUCH PRINCIPLES WOULD HAVE THE EFFECT OF APPLYING THE LAWS OF, OR DIRECTING A MATTER TO, ANOTHER JURISDICTION. 

(b) The parties hereby irrevocably submit to the personal jurisdiction of the courts of the State of Wisconsin and the Federal courts of the
United States of America located in the State of Wisconsin solely in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and in respect of the transactions
contemplated hereby, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement of this Agreement or of any such document, that it is not subject thereto or that such action, suit
or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the parties

  
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hereto irrevocably agree that all claims relating to such action, proceeding or transactions shall be heard and determined in such a Wisconsin State or Federal court. The parties hereby consent
to and grant any such court jurisdiction over the person of such parties and, to the extent permitted by Law, over the subject matter of such dispute and agree that mailing of process or other papers in connection with any such action or proceeding
in the manner provided in Section 14 or in such other manner as may be permitted by Law shall be valid and sufficient service thereof. 

19. WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH PARTY HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 19. 
 20.
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute one and the same instrument. The exchange of a fully executed Agreement (in counterparts or
otherwise) by facsimile or PDF shall be sufficient to bind the parties to the terms and conditions of this Agreement. 
 21. Entire
Agreement; Third Party Beneficiaries. This Agreement (including Schedule A and Schedule B hereto and, to the extent referred to in this Agreement, the Merger Agreement, together with the agreements and other documents and
instruments referred to herein or therein or annexed hereto or thereto) (a) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter
hereof and thereof and (b) is not intended to confer any rights, benefits, remedies, obligations or liabilities upon any Person other than the parties hereto and their respective successors and assigns. 

22. Severability. If any term, provision, covenant or restriction in this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void, unenforceable or against its regulatory policy the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired
or invalidated, so long as the economic and legal substance of the transactions contemplated hereby, taken as a whole, are not affected in a manner materially adverse to any party hereto. Upon any such determination, the parties shall negotiate in
good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent of the parties as closely as possible and to the end that the transactions contemplated hereby shall be fulfilled to the maximum extent
possible. 

  
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 23. Specific Performance. The parties agree that irreparable damage would occur and
the parties would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be
entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any Wisconsin state court or any Federal court of the United States of America located in the
State of Wisconsin, and in any action for specific performance, each party hereby waives the defense of adequacy of a remedy at law and waives any requirement for the securing or posting of any bond in connection with such remedy, this being in
addition to any other remedy to which they are entitled at law or in equity. 
 24. Headings; Interpretation. The descriptive headings
used herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. The words “include”, “includes” and “including” shall be deemed
to be followed by “without limitation” whether or not they are in fact followed by such words or words of like import. The words “hereof”, “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Whenever “knowledge”
is used in this Agreement, it shall be deemed to mean the actual knowledge of the Trustees and the Beneficiaries. All Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full
herein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. The parties have participated jointly in
negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 
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blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

					
	LSC COMMUNICATIONS, INC.
		
	By	 	 /s/ Thomas J. Quinlan, III

		 	Name:	 	Thomas J. Quinlan, III
		 	Title:	 	Chairman, President and Chief Executive Officer

  
 [Signature Page to
Voting Agreement] 

 IN WITNESS WHEREOF, each of the Trustees and the Beneficiaries has executed this Agreement as of the date
first written above. 
  

					
	VOTING TRUST TRUSTEES
		
	By	 	 /s/ J. Joel Quadracci

		 	Name:	 	J. Joel Quadracci, Trustee
		
	By	 	 /s/ Kathryn Quadracci Flores

		 	Name:	 	Kathryn Quadracci Flores, Trustee
		
	By	 	 /s/ Elizabeth Quadracci Harned

		 	Name:	 	Elizabeth Quadracci Harned, Trustee
		
	By	 	 /s/ David A Blais

		 	Name:	 	David A Blais, Trustee

  
 [Signature Page to
Voting Agreement] 

 SCHEDULE A 

EXISTING TRUST CERTIFICATES 
  

					
	 Name
	  	Number of
Trust
Certificates
Owned of
Record	 
	 WINDHOVER FOUNDATION
	  	 	1,018	 
	 ELIZABETH E QUADRACCI
	  	 	1,467,958	 
	 H. RICHARD QUADRACCI 2010 Trust
	  	 	259,939	 
	 RICHARD’S CHILDRENS TRUST
	  	 	115,762	 
	 JOEL QUADRACCI
	  	 	773,403	 
	 JOEL & CARAN QUADRACCI
	  	 	780	 
	 CARAN QUADRACCI
	  	 	2,517	 
	 KATHRYN Q. FLORES
	  	 	741,172	 
	 RAJA FLORES
	  	 	4,918	 
	 1992 TRUST FBO JOEL QUADRACCI
	  	 	113,395	 
	 1992 TRUST FBO ELIZABETH Q. HARNED
	  	 	113,435	 
	 ISABELLA FLORES 1999 TRUST
	  	 	26,599	 
	 KAITLIN FLORES 2000 TRUST
	  	 	26,599	 
	 HARRY FLORES 2002 TRUST
	  	 	26,599	 
	 ISABELLA FLORES 2017 TRUST
	  	 	2,545	 
	 KAITLIN FLORES 2017 TRUST
	  	 	2,545	 
	 HARRY FLORES 2017 TRUST
	  	 	2,545	 
	 JOEL QUADRACCI 2012 DGT #1
	  	 	809,525	 
	 KATHRYN QUADRACCI FLORES 2012 DGT #1
	  	 	643,984	 
	 ELIZABETH QUADRACCI HARNED 2012 DGT #1
	  	 	809,525	 
	 H. RICHARD QUADRACCI 2012 DGT #1
	  	 	809,527	 
	 JOEL QUADRACCI 2012 DGT #2
	  	 	582,726	 
	 KATHRYN QUADRACCI FLORES 2012 DGT #2
	  	 	582,726	 
	 ELIZABETH QUADRACCI HARNED 2012 DGT #2
	  	 	582,726	 
	 H. RICHARD QUADRACCI 2012 DGT #2
	  	 	582,724	 
	 HARRY V. QUADRACCI 1998 TRUST FBO H. RICHARD QUADRACCI
	  	 	570,801	 
	 JJQ 2015 LLC
	  	 	542,261	 
	 Larry Betz RKF LLC
	  	 	542,196	 
	 JACACK LLC
	  	 	542,261	 
	 JJQ 2017 LLC
	  	 	74,948	 

					
	 Larry Betz RKF II LLC
	  	 	74,948	 
	 ELIZABETH QUADRACCI HARNED
	  	 	806,152	 
	 E. M. QUADRACCI & C. B. HARNED AS JT TEN WROS
	  	 	17,381	 
	 CHRISTOPHER B. HARNED
	  	 	2,174	 
	 1992 TRUST FBO H. RICHARD QUADRACCI
	  	 	28,629	 
	 JACACK 2017 LLC
	  	 	74,949	 
	 SINSINAWA INDUSTRIES LLC
	  	 	74,949	 
	 MEGHAN QUADRACCI 2001 TRUST
	  	 	24,580	 
	 HALLE QUADRACCI 2003 TRUST
	  	 	24,579	 
	 DANICA QUADRACCI 2008 TRUST
	  	 	24,579	 
	 ELIZABETH HARNED 2003 TRUST
	  	 	15,919	 
	 KATHERINE HARNED 2004 TRUST
	  	 	15,919	 
	 WILLIAM HARNED 2006 TRUST
	  	 	15,919	 
	 ALEXANDER HARNED 2007 TRUST
	  	 	15,919	 
	 QUADGRAPHICS INC. VOTING TRUST DTD 9/1/1982
	  	 
	Class A stock
10,046	 
 

 SCHEDULE B 

EXISTING TRUST SHARES 
  

			
	Number of Parent Shares Beneficially Owned and of Record:	  	 10,046 shares of class A common stock

12,574,255 shares of class B common stock

	Address for Notices:	  	 c/o Quad/Graphics, Inc.
 N61 W23044
Harry’s Way
 Sussex, WI 53089-3995
Attn: J. Joel QuadracciExhibit

HYATT HOTELS CORPORATION
DEFERRED COMPENSATION PLAN FOR DIRECTORS
As Amended and Restated Effective as of January 1, 2019

TABLE OF CONTENTS
        	
				
	ARTICLE I.
	DEFINITIONS
	2
	

	ARTICLE II.
	ELECTION TO DEFER
	4
	

	ARTICLE III.
	DEFERRED COMPENSATION ACCOUNTS
	5
	

	ARTICLE IV.
	PAYMENT OF DEFERRED COMPENSATION
	6
	

	ARTICLE V.
	ADMINISTRATION
	9
	

	ARTICLE VI.
	AMENDMENT OF PLAN
	9
	

	ARTICLE VII.
	CHANGE OF CONTROL
	9
	

	ARTICLE VIII.
	EFFECTIVE DATE
	10
	

	 
	 
	 

	 
	 
	 

i

US-DOCS\102701295.5

HYATT HOTELS CORPORATION
DEFERRED COMPENSATION PLAN FOR DIRECTORS
As Amended and Restated Effective as of January 1, 2019

Article I. 
DEFINITIONS
1.1    “Accounts” shall mean collectively the Director’s Cash Account and Stock Unit Account.
1.2    “Annual Equity Retainer” shall mean the annual equity retainer paid to the Director pursuant to the Company’s Non-Employee Director Compensation Program, as the same may be amended or restated from time to time (the “Compensation Program”) in Common Stock for serving as a member of the Board. 
1.3    “Annual Fee” shall mean the quarterly retainer paid to the Director pursuant to the Compensation Program for serving as a member of the Board, which may be paid in cash or, at the election of the Director in Common Stock, but does not include any amounts earned for attending committees of the Board or for serving on committees of the Board.
1.4    “Board” shall mean the Board of Directors of Hyatt Hotels Corporation.
1.5    “Cash Account” shall mean the notional account created by the Company pursuant to Article III of this Plan in accordance with an election by a Director to receive deferred cash compensation under Article II hereof.  For the avoidance of doubt, following the Second Restatement Effective Date, no payments shall be deferred into Cash Accounts hereunder.
1.6    “Change of Control” shall mean (a) prior to the consummation of a public offering in which the Company offers for sale shares of its common stock or other equity interests pursuant to an effective registration statement on Form S-1 or otherwise under the Securities Act of 1933, as amended (an “IPO”), Pritzker Affiliates shall fail to own more than 50% of the combined voting power of all Voting Stock of the Company and (b) following an IPO, any person or two or more persons acting in concert (other than (i) any Pritzker Affiliate or (ii)  any Pritzker Affiliate along with any other stockholder which, together with its affiliates, owns more than 5% of the combined voting power or the Voting Stock as of June 30, 2009 (a “Non-Pritzker Affiliate Existing Shareholder”) so long as Pritzker Affiliates continue to own more Voting Stock than such Non-Pritzker Affiliate Existing Shareholder) shall have acquired “beneficial ownership,” directly or indirectly, of, or shall have acquired by contract or otherwise, Voting Stock of the Company (or other securities convertible into such Voting Stock) representing 50% or more of the combined voting power of all Voting Stock of the Company.  As used herein, “beneficial ownership” shall have the meaning provided in Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Notwithstanding the foregoing, no Change of Control shall exist unless it shall constitute a ‘change in control event’ as defined in Treasury Regulation §1.409A-3(i)(5).
1.7    “Common Stock” shall mean the Class A Common Stock of the Company, par value $0.01 per share.
1.8    “Company” shall mean Hyatt Hotels Corporation and any corporate successors.

1.9    “Code” shall mean the Internal Revenue Code of 1986, as amended and any successor statute thereto.
1.10    “Director” shall mean a member of the Board of Directors of the Company who is not an employee of the Company or any of its subsidiaries.
1.11    “Effective Date” shall mean July 1, 2007.
1.12    “Fair Market Value” shall mean (a) if the Common Stock is not publicly traded on a national securities exchange or other quotation system, then the fair market value of the Common Stock as determined by an independent third party appraisal on the December 31 immediately preceding the date Fair Market Value is being so determined, or if the Board determines that subsequent events have materially affected such value, then as of a date determined by the Board, which appraisal shall reflect a reasonable valuation of the Company as contemplated by Treasury Regulation §1.409A-1(b)(5), or (b) if the Common Stock is publicly traded on a national securities exchange, the fair market value of the Common Stock shall be the closing price of the Common Stock regular way, as reported in the Wall Street Journal for the relevant date, or if the Common Stock is not traded on such date, the next preceding trading date.
1.13     “First Restatement Effective Date” shall mean December 10, 2009.
1.14    “Initial Equity Retainer” shall mean the grant of Common Stock deliverable to the Director pursuant to the Compensation Program in connection with the Director’s election or appointment to the Board.
1.15     “Plan” shall mean this Deferred Compensation Plan for Directors as it may be amended from time to time. 
1.16    “Pritzker Affiliate” shall mean (i) all lineal descendants of Nicholas J. Pritzker, deceased, and all spouses and adopted children of such descendants; (ii) all trusts for the benefit of any person described in clause (i) and trustees of such trusts; (iii) all legal representatives of any person or trust described in clauses (i) or (ii); and (iv) all partnerships, corporations, limited liability companies or other entities controlling, controlled by or under common control with any person, trust or other entity described in clauses (i), (ii) or (iii).  “Control” for these purposes shall mean the ability to influence, direct or otherwise significantly affect the major policies, activities or action of any person or entity, and the terms “controlling,” “controlled by” and “under common control with” have correlative meanings.
1.17    “Year” shall mean calendar year.
1.18    “Second Restatement Effective Date” shall mean January 1, 2019.
1.19    “Separation from Service” shall mean termination of service as a Director; provided that the individual is not or does not as a result thereof become an employee or maintain an independent contractor relationship with the Company or any subsidiary.  All determinations of 

whether an individual has had a Separation from Service shall be made applying the definition contained in Treasury Regulation §1.409A-1(h).  
1.20    “Stock Unit” shall mean a notional unit representing the right to receive one share of Common Stock.
1.21    “Stock Unit Account” shall mean the bookkeeping account created by the Company pursuant Article III of this Plan in accordance with an election by a Director to receive deferred stock compensation under Article II hereof.
1.22    “Voting Stock” means each class of securities the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of the Company, even though the right so to vote has been suspended by the happening of such a contingency.
1.23    “He”, “Him” or “His” shall apply equally to male and female members of the Board.

ARTICLE II.     
ELECTION TO DEFER AND PAYMENT ELECTIONS
2.1    A Director may elect to defer payment of all or a specified part of any Annual Fee or Annual Equity Retainer by filing an election with the Company as follows:
		
	(a)
	On or before December 31 of any Year, the Director may elect to defer all or any part of the Annual Fee or Annual Equity Retainer earned during the Year following such election and succeeding Years (until the Director ceases to be a Director).  

		
	(b)
	Any person who shall become a Director during any Year, and who was not a Director on the preceding December 31, may elect within thirty days after the Director’s term begins to defer payment of all or a specified part of such Annual Fee or Annual Equity Retainer earned during the remainder of such Year or succeeding Years following such election.  

		
	(c)
	Prior to the First Restatement Effective Date, each Director was also allowed to defer receipt of his Initial Equity Retainer.

		
	(d)
	Fees deferred pursuant to this Section shall be paid to the Director at the time(s) and in the manner specified in Article IV hereof, in the form of cash or Common Stock, or any combination thereof, as designated by the Director in accordance with Article III hereof.  

2.2    Each deferral election shall continue from Year to Year unless the Director terminates it by written request delivered to the Secretary of the Company prior to the commencement of the Year for which the termination is first effective.

2.3    At the time of deferral, the Director may elect to have the Annual Fee, Annual Equity Retainer or Initial Equity Retainer (for deferrals prior to the First Restatement Effective Date in the case of Initial Equity Retainers) for such Year distributed on the earlier of his Separation from Service as provided in Section 4.1 or the last business day of March of the fifth Year following the Year in which such Annual Fee, Annual Equity Retainer or Initial Equity Retainer would otherwise have been paid, absent the deferral election (an “In-Service Distribution Date”).  

ARTICLE III.     
DEFERRED COMPENSATION ACCOUNTS
3.1    The Company shall maintain separate bookkeeping accounts for the Annual Fees, Annual Equity Retainer or Initial Equity Retainer deferred by each Director.  Each Annual Equity Retainer, Initial Equity Retainer and, with respect to deferral elections made after the Second Restatement Effective Date, each Annual Fee deferred by a Director shall be denominated in Stock Units and held in a Stock Unit Account for the benefit of the Director.  Prior to the Second Restatement Effective Date, each Director was allowed to elect at the time of the deferral to have the Annual Fee denominated in either Stock Units and credited to the Stock Unit Account, or in cash and credited to the Cash Account. 
3.2    For Annual Fees deferred pursuant to a deferral election made prior to the Second Restatement Effective Date for which an election to receive cash was made, the Company shall credit, on the date the Annual Fees become payable, to the Cash Account of each Director the deferred portion of any Annual Fees due to the Director as to which an election to receive cash has been made.  Subject to Section 3.10, Annual Fees deferred in the form of cash (and interest thereon) shall be held in the general funds of the Company.
3.3    The Company shall credit the Cash Account of each Director on a quarterly basis with interest at the prime rate in effect at the Company’s principal commercial bank on the date of the next immediately following regular quarterly Directors’ meeting.  A Director’s Cash Account shall continue to accrue interest in the foregoing manner until two days prior to the date on which the balance of the Director’s Cash Account will be paid, in accordance with the terms of Article IV hereof, in satisfaction of all payments owed to the Director under the Plan.
3.4    With respect to (i) Annual Fees deferred pursuant to a deferral election made prior to the Second Restatement Effective Date for which an election to receive Common Stock was made, (ii) all Annual Fees deferred pursuant to deferral elections made on or after the Second Restatement Effective Date, and (iii) all deferred Annual Equity Retainers, the Company shall credit, on the date such Annual Fees or Annual Equity Retainers (as applicable) become payable, the Stock Unit Account of each Director with the number of Stock Units which is equal to: the deferred portion of any Annual Equity Retainer or Annual Fee due to the Director ), divided by the Fair Market Value of the Common Stock on the date such Annual Equity Retainer or Annual Fee would otherwise have been paid.  With respect to the Initial Equity Retainer deferred prior to the First Restatement Effective Date, the Stock Unit Account will be credited with the number of Stock Units equal to the Initial Equity Retainer divided by the Fair Market Value on the date the Director was first elected or appointed to the Board (or the Effective Date with respect to Initial Equity Retainers granted on the Effective Date).  If adjustments are made to the outstanding shares of Common Stock as a result of recapitalization, merger, consolidation, split up, stock split, reverse stock split, spin-off or other distribution of stock or property of the Company, extraordinary dividends combination of securities, exchange of securities or other similar change in the capital structure of the Company (other than normal cash dividends), an appropriate adjustment also will be made in the number of Stock Units credited to the Director’s Stock Unit Account.
3.5    From and after the Second Restatement Effective Date, on the date on which any dividend is paid to shareholders of Common Stock, the Company shall pay to each Director an amount in cash equal to the per share dividend so paid (or the fair market value of such dividend if non-cash) multiplied by the number of shares of Common Stock underlying the Stock Units held in such Director’s Stock Unit Account (if any).
3.6    With respect to any Annual Fee deferred pursuant to Section 3.4 hereof, each quarterly payment of such Annual Fee will be calculated using the Fair Market Value of the Common Stock on the fifteenth day of the last month of each quarter, and if such fifteenth day is not a market day, the Fair Market Value of the Common Stock from the next market day following such fifteenth day. Any Stock Units credited to a Director’s Stock Unit Account under this Agreement may be credited in fractional shares of Common Stock, if applicable.  
3.7    Stock Units shall not entitle any person to rights of a stock holder with respect to such Stock Units unless and until shares of Common Stock have been issued to such person in respect of such Stock Units pursuant to Article IV hereof.  
3.8    The Company shall not be required to acquire, reserve, segregate, or otherwise set aside shares of its Common Stock or cash for the payment of its obligations under the Plan, but shall make available as and when required a sufficient number of its Common Stock and/or cash to meet the needs of the Plan.
3.9    Nothing contained herein shall be deemed to create a trust of any kind or any fiduciary relationship.  To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of any unsecured general creditor of the Company. 
3.10    The Company may enter into a trust agreement creating an irrevocable grantor trust for the holding of cash credited to the Cash Account of each Director under the Plan.  Any assets of such trust shall be subject to the claims of creditors of the Company to the extent set forth in the trust, and Directors’ interests in benefits under this Plan shall only be those of unsecured creditors of the Company.  

ARTICLE IV.     
PAYMENT OF DEFERRED COMPENSATION
4.1    Timing and Form of Payment.  Unless otherwise elected under Section 2.3, amounts contained in a Director’s Accounts will be distributed in a lump sum on January 31st of the Year following the Director’s Separation from Service.  Amounts credited to a Director’s Cash Account shall be paid in cash.  Amounts credited to a Director’s Stock Unit Account shall be paid in the form of one whole share of Common Stock for each Stock Unit; provided, however, that any fractional share held in such Stock Unit Account shall be automatically and immediately converted to an amount in cash equal to such fractional share multiplied by the Fair Market Value as of the date of the payment of such Director’s Accounts.  
4.2    Designation of Beneficiary.  Each Director shall have the right to designate a beneficiary who is to succeed to his right to receive payments hereunder in the event of death.  Any designated beneficiary will receive payments in the same manner as the Director if he had lived.  In case of a failure of designation or the death of a designated beneficiary without a designated successor, the balance of the amounts contained in the Director’s Accounts shall be payable in accordance with Section 4.1 to the Director’s or former Director’s estate in full on the January 31 of the Year following the Year in which the Director or his designated beneficiary dies.  No designation of beneficiary or change in beneficiary shall be valid unless in writing signed by the Director and filed with the Secretary of the Company.  Any beneficiary may be changed without the consent of any prior beneficiary.
4.3    Permissible Acceleration.  Notwithstanding Section 4.1, all or a portion of a Director’s Accounts may be paid prior to the payment date(s) elected under Section 2.3 in the discretion of the Company upon the following events:
		
	(a)
	To comply with a domestic relations order (as defined in Code Section 414(p)(1)(B));

		
	(b)
	In the event of an Unforeseeable Emergency (as defined below), a Director may, upon written request, receive payment of all or any portion of his Accounts as is reasonably necessary (as determined by the full Board of Directors, without regard to the affected Director) to relieve the need occasioned by the Unforeseeable Emergency.  Such payment shall be made as soon as reasonably practicable following the later of (i) the payment date designated by the Director in his request or (ii) the determination of Unforeseeable Emergency, but in any event not later than 30 days after such date.  For purposes of this paragraph (b), an “Unforeseeable Emergency” means a severe financial hardship to the Director resulting from an illness or accident of the Director, or of the Director’s spouse, beneficiary, or dependent, loss of the Director’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director.  The determination of Unforeseeable Emergency shall be made by the full Board of Directors without regard to the affected Director based upon all of the facts and circumstances of each case and in light of Treasury Regulation Section 1.409A-3.  No payment on account of Unforeseeable Emergency shall be made to the extent that the hardship is or may be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Director’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship).

		
	(c)
	If the Internal Revenue Service, makes a determination that a Director is required to include in gross income the value of his Accounts, as soon as practicable following such determination the Company shall pay to the Director in a lump sum, the full amount required to be included in the Director’s gross income.

		
	(d)
	If the distributable balance of the Director’s Accounts is less than the amount applicable under Code Section 402(g) for the Year in question, then notwithstanding any prior installment election, the balance of such Accounts shall be distributed in a lump sum.

		
	(e)
	Upon the termination and liquidation of the Plan, the balance of the Directors Accounts shall be distributed in a lump sum twelve months following such termination and liquidation; provided that such termination or liquidation is not in connection with a downturn in the financial health of the Company and shall conform to the requirements of Treasury Regulation Section 1.409A-3(j)(4)(ix).   

4.4    Section 409A Delay.  Notwithstanding anything in Section 4.1 to the contrary, if a Director is an employee of the Company at the time of his Separation from Service such Director’s Accounts shall not be payable to the Director prior to the earlier of (a) the expiration of the six-month period measured from the date of the Director’s Separation from Service or (b) death, at which time all payments deferred pursuant to this Section 4.4 shall be paid in a lump sum to the Director, and any remaining payments shall be paid as otherwise provided under Section 4.1.
4.5    Election to Further Defer Payment. A Director who has elected to receive payment under Section 2.3 of an Annual Fee, Annual Equity Retainer or Initial Equity Retainer on an In-Service Distribution Date may change such election by completing and delivering an election to the Secretary of the Company to change the In-Service Distribution Date to a new In-Service Distribution Date subject to the following limitations:
		
	(a)
	The Director’s election of a new In-Service Distribution Date shall not take effect until at least twelve (12) months after the Director’s new In-Service Distribution Date election is made in accordance with Section 409A(a)(4)(C)(i) of the Code and the Treasury Regulations thereunder.    

		
	(b)
	The Director’s new In-Service Distribution Date may not be less than five years from the date of the Director’s prior In-Service Distribution Date, as determined in accordance with Section 409A(a)(4)(C)(ii) of the Code and the Treasury Regulations thereunder.

		
	(c)
	The Director’s election of a new In-Service Distribution Date  shall not be made less than twelve (12) months prior to the prior In-Service Distribution Date in accordance with Section 409A(a)(4)(C)(iii) of the Code and the Treasury Regulations thereunder.

		
	(d)
	Any change to a Director’s In-Service Distribution Date election shall be made in accordance with Section 409A(a)(4)(C) of the Code and the Treasury Regulations thereunder.

ARTICLE V.     
ADMINISTRATION
5.1    The books and records to be maintained for the purpose of the Plan shall be maintained by the Company at its expense.  All expenses of administering the Plan shall be paid by the Company. 
5.2    Except to the extent required by law, the right of any Director or any beneficiary to any benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal process for the debts of such Director or beneficiary; and any such benefit or payment shall not be subject to alienation, sale, transfer, assignment or encumbrance.
5.3    No member of the Board and no officer or employee of the Company shall be liable to any person for any action taken or omitted in connection with the administration of the Plan unless attributable to his own fraud or willful misconduct, and the Company shall not be liable to any person for any such action unless attributable to fraud or willful misconduct on the part of a Director, officer or employee of the Company.

ARTICLE VI.     
AMENDMENT OF PLAN
6.1    Subject to any stockholder approval which may be required by law or the requirements of any stock exchange on which the Common Stock is then listed, the Plan may be amended, suspended or terminated in whole or in part from time to time by the Board, except no amendment, suspension, or termination shall apply to the payment to any Director or beneficiary of a deceased Director of an amounts previously credited to a Director’s Accounts, without the Director’s consent (or the beneficiary’s consent in the case of a deceased Director).
6.2    Notice of every such amendment shall be given in writing to each Director and beneficiary of a deceased Director.

ARTICLE VII.     
CHANGE OF CONTROL
7.1    Notwithstanding any election under Section 2.3 or the provisions of Section 4.1 to the contrary, upon the occurrence of a Change of Control the amounts credited to a Director’s Accounts shall be paid in a lump sum on the date of the Change of Control.  
7.2    A Director’s Accounts shall be paid within thirty (30) days following the Change of Control, but in no event later than the later of: (a) December 31 of the Year in which the Change of Control occurs, or (b) two and one-half (2 1⁄2) months following the date of the Change of Control.

ARTICLE VIII.     
EFFECTIVE DATE
This Plan was originally adopted by the Board of Directors effective as of July 1, 2007, was amended and restated effective December 10, 2009, was amended effective January 1, 2009, and was further amended and restated effective January 1, 2019.

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