Document:

exhibit_10-20.htm

Exhibit 10.20

 

PERFORMANCE UNIT AWARD AGREEMENT

 

This instrument is issued as of the 15th day of February, 2012, by ONEOK, Inc., an Oklahoma corporation, (hereinafter referred to as “Corporation”), to «Officer_Name» (hereinafter referred to as “Grantee”), an employee of the Corporation or a division or subsidiary thereof, pursuant to the terms of the ONEOK, Inc. Equity Compensation Plan, effective February 17, 2005, as amended (hereinafter referred to as the “Plan”).

 

1.  Performance Unit Award.  This instrument and that certain Notice of Performance Unit Award and Agreement, dated February 15, 2012, a copy of which is attached hereto and incorporated herein by reference (the “Notice of Performance Unit Award and Agreement”), constitute evidence of the issuance and grant of a Performance Unit Award (hereinafter referred to as “Award”) of «No_of_Perf_Units» Performance Units to the Grantee by the Corporation that shall entitle the Grantee to receive shares of the Corporation’s Common Stock (hereinafter also referred to as “Common Stock”) or cash, all pursuant and subject to the terms, provisions, and conditions of this instrument (including, without limitation, the conditions, restrictions and limitations stated in paragraph 5, below) and the terms and provisions of the Plan, which are incorporated herein by reference.  This instrument, when executed by the Grantee, together with the Notice of Performance Unit Award and Agreement constitute an agreement between the Corporation and the Grantee.  Notwithstanding the foregoing, should there be any inconsistency between the provisions of this instrument and the terms and provisions of the Award stated in the resolutions and records of the Board of Directors of the Corporation providing for the Award or provisions of the Plan, the provisions of such resolutions and records and of the Plan shall control.  The grant of such Performance Units to the Grantee shall be effective in the manner and to the extent provided in this instrument and the Plan as to all or any part of the shares of Common Stock subject to the grant from time to time during the period stated herein.

 

2.  Plan.  The Award is made to the Grantee pursuant to the terms and provisions of the Plan, as approved by the Shareholders of the Corporation, which Plan provides that a specific aggregate number of shares of Common Stock of the Corporation may be issued or transferred pursuant to Stock Incentives under the Plan.  The Plan specifies the authority of the Corporation, its Board of Directors, and a committee of the Board of Directors to select employees to be granted Stock Incentives under the Plan.   The Executive Compensation Committee of the Board of Directors (hereinafter referred to as the “Committee”) is authorized to administer the Plan with respect to this instrument and the grant of the Award made to the Grantee pursuant to the Plan.  Except where expressly stated or clearly indicated otherwise by the terms of this instrument, all terms, words and phrases used herein shall have the same meaning and effect as stated in the Plan.  The Grantee has been provided a complete copy of the Plan with this instrument.

 

3.  Grantee’s Agreement Concerning Award and Employment.  In consideration of the Corporation’s granting of the Award of Performance Units and entitlement to shares of Common Stock, as incentive compensation to Grantee pursuant to this instrument, the Grantee, by acceptance thereof, and signing this instrument evidencing its terms, agrees to such terms and to continue to contribute and perform service in the employ of the Corporation or a division or subsidiary thereof, at the direction, will and pleasure of the Corporation and the Board of 

 

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Directors.  Provided, however, neither the foregoing agreement of the Grantee in this paragraph 3, nor any other provision in this instrument shall confer on the Grantee any right to continue in the employ of the Corporation (or a division or Subsidiary thereof), or interfere in any way with the right of the Corporation (or such division or Subsidiary) to terminate the Grantee’s employment at any time.

 

4.  Registration of Stock; Grantee’s Representation With Respect To Acquiring for Investment.  It is intended by the Corporation that the Plan and the shares of Common Stock covered by the Award issued and granted to the Grantee referred to in paragraph 1, above, are to be registered under the Securities Act of 1933, as amended, prior to the date of the grant; provided, that in the event such registration is for any reason not made effective for such shares, the Grantee agrees, for the Grantee, and for the Grantee’s permissible assignees, heirs and legal representatives by inheritance or bequest, that all shares acquired pursuant to the grant will be acquired for investment and not with a view to, or for sale or tender in connection with the distribution of any part thereof, including any transfer or distribution of such shares by the Grantee pursuant to the grant and this instrument or as otherwise allowed by the Plan.

 

5.  Terms and Conditions of Award; Transfer of Stock to Grantee.  The issue and grant of the Award of Performance Units to the Grantee stated in paragraph 1, above, shall be subject to the following terms and conditions:

 

(a)      The right to ownership and transfer of the Performance Units granted to the Grantee shall be subject to the Award during the period beginning February 15, 2012, the date of the grant thereof (hereinafter referred to as “Grant Date”), and ending on February 15, 2015, (which period is hereinafter referred to as “Performance Period”), as herein provided.

 

(b)      The Grantee shall earn and become entitled to receive a percentage of the number of Performance Units granted under paragraph 1, above, at the expiration of the Performance Period as provided for in Exhibit A and Exhibit B, attached hereto, based upon the Corporation’s ranking for Total Stockholder Return in the ONEOK Peer Group listed in Exhibit C attached hereto, all as determined by the Committee, in its sole discretion (the “Performance Goal”).

 

(c)      Upon expiration of the Performance Period, the Grantee shall be entitled to receive one (1) share of Common Stock for each Performance Unit that becomes earned by and vested in the Grantee pursuant to the Award; provided, no fractional shares shall be issued and any amount attributable to a fractional share shall be paid to the Grantee in cash.

 

(d)      All Common Stock the Grantee becomes entitled to receive pursuant to the Award and any other compensation payable to the Grantee under the Award shall be paid, distributed, transferred  and issued by the Corporation to the Grantee at the expiration of the Performance Period, or as soon as practicable after the determination that the Grantee has earned and become entitled to Performance Units and to receive such Common Stock and cash, as determined by the Committee,  and in no event later than the 15th day of the third month after the date of expiration of the Performance Period, and the Grantee shall not be permitted, directly or indirectly, to designate the time of payment, distribution or transfer or the taxable year in which it is to be made. Provided, that if the Grantee elects pursuant to paragraph 6, below, to defer the 

 

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receipt of all Performance Units, Common Stock and cash for each Performance Unit that becomes earned by and vested in the Grantee pursuant to the Award, the payment, distribution and transfer of such Performance Units, Common Stock and cash shall be deferred and thereafter paid, distributed and transferred by the Corporation to the Grantee at the specified time and in accordance with the method of payment, distribution and transfer that is elected in by the Grantee in accordance with the election provisions set forth therein.

 

(e)      The Grantee shall not be entitled to vote any shares of Common Stock of the Corporation, or otherwise have any right or interest as a Common Stock shareholder by reason of the Performance Unit Award granted under the Award during the Performance Period, and prior to the actual transfer of Common Stock to the Grantee pursuant to the Award.

 

(f)       No dividends or any similar amounts shall be payable or paid with respect to Performance Units, Common Stock earned under the Award, or the Award during or for the Performance Period.

 

(g)      The Grantee shall have no right to receive cash or acquire shares of Common Stock of the Corporation under the Award other than the cash and Common Stock attributable to the Performance Units earned by the Grantee to the extent provided for herein.

 

(h)      The Common Stock or cash to which the Grantee becomes entitled shall be paid and transferred to the Grantee only upon the determination of the Performance Units earned by the Grantee at the expiration of the Performance Period.  The payment and transfer of such Common Stock or cash to the Grantee shall be made as soon as reasonably practicable after the expiration of the Performance Period, as determined and directed by the Committee, in its sole discretion.

 

(i)       The Performance Units or any Common Stock or cash to be paid or transferred to Grantee pursuant to the Award may not be sold, assigned, transferred, pledged, encumbered or otherwise disposed of by Grantee or any other person except as provided in the Award and the Plan until the expiration of the Performance Period and payment and transfer of Common Stock or cash pursuant to the Agreement and Plan.

 

(j)       The Grantee shall become entitled to receive Performance Units earned, and shall become owner of the shares of Common Stock or cash paid and transferred to the Grantee pursuant to the Award free and clear of all terms, conditions and restrictions imposed by the Award if the Grantee’s employment by the Corporation does not terminate during the Performance Period; provided, that the Grantee shall become entitled to a prorated amount of Performance Units and the terms and conditions imposed by the Award shall partially cease to apply in certain events to the extent described in paragraph 7(d), below.

 

(k)      If the Grantee’s employment with the Corporation (or a division or Subsidiary thereof) terminates prior to the end of the Performance Period other than by reason of Retirement, Total Disability or death, the Grantee shall forfeit all of the Grantee’s right, title or interest in the Performance Units; and the Grantee shall forfeit such right, title and interest in the Performance Units regardless of the reason for such termination of employment.  Any such termination of employment of the Grantee described in the preceding sentence shall not be 

 

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deemed to occur by reason of transfer of employment of the Grantee by or between the Corporation and any division or Subsidiary of the Corporation.  Upon a forfeiture the Performance Units forfeited shall be cancelled for all purposes.

 

6.  Deferral of Payment, Distribution and Transfer of Stock.

 

(a)           The Grantee may irrevocably elect to defer the time of  payment, distribution and transfer of Performance Units , Common Stock and cash that the Grantee becomes entitled to receive under this Agreement and Award from the end of the Performance Period generally provided for in paragraph 5, above, to a specified time by filing with the Committee, on or before the deferral election date (hereinafter referred to as "Election Date") described in paragraph 6(b), below, a signed written irrevocable election (hereinafter referred to as "Election") which shall be in the form substantially the same as attached hereto as Exhibit D, or as otherwise prescribed by the Committee.

(b)           An Election of the Grantee to defer the payment, distribution and transfer of Performance Units, Common Stock and cash that the Grantee becomes entitled to receive under this Agreement and Award shall be filed by the Grantee with the Committee on or before the Election Date, which shall be August 15, 2014, the date that is six (6) months before the end of the Performance Period, provided that the Grantee performs services for the Corporation continuously from the later of the beginning of the Performance Period or the date the performance criteria are established through the date the Election is made under this paragraph 6(b), and provided, further, that in no event may the Grantee make an Election to defer the payment, distribution and transfer of Performance Units, Common Stock or cash after such compensation has become readily ascertainable; and in this regard for purposes of this paragraph 6(b), if the amount of Performance Units, Common Stock and cash, or other compensation, as performance-based compensation, is a specified or calculable amount, then it shall be considered compensation that is readily ascertainable if and when the amount is first substantially certain to be paid, distributed and transferred to the Grantee. If the amount of Performance Units, Common Stock and cash, or other compensation, is performance-based compensation that is not a specified or calculable amount because, for example, the amount may vary based upon the level of performance, such compensation, or any portion of the compensation, shall be considered readily ascertainable when the amount is first both calculable and substantially certain to be paid. For this purpose, such performance-based compensation is to be bifurcated between the portion that is readily ascertainable and the amount that is not readily ascertainable, and, in general, any minimum amount that is both calculable and substantially certain to be paid shall be treated as readily ascertainable.

 

(c)           A Grantee that makes an Election to defer payment, distribution and transfer of Performance Units, Common Stock and cash that the Grantee becomes entitled to receive under this Agreement and Award may irrevocably elect to have payment, distribution and transfer made to the Grantee at a Specified Time, that shall be either (i) the later of (A) the date of the Grantee's separation from service with the Corporation, or (B) a specified calendar date, or (ii) the date of the Grantee's separation from service with the Corporation; and may elect to have payment made in a specified form of payment that shall be either (i) a single lump sum payment, distribution and transfer, or (ii) a payment, distribution and transfer in two, three, four 

 

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or five equal annual installments commencing at the Specified Time elected by the Grantee hereunder and thereafter on each anniversary thereof, until fully paid, transferred and distributed.

 

(d)           The Award shall be subject to such other rules and requirements as the Committee, in its sole discretion, may determine to be appropriate with respect to administration thereof and the restrictions made applicable to the Grantee and the Performance Units during the Performance Period.  This instrument and the rights and obligations of the parties involved, shall be subject to interpretation and construction by the Committee to the same extent and with the same effect as the Committee actions under pertinent provisions of the Plan.  The Grantee shall take all actions and execute and deliver all documents as may from time to time be requested by the Committee in connection with such restrictions and in furtherance hereof.  The Grantee agrees to pay to the Corporation any applicable federal, state, or local income, employment, social security, Medicare, or other withholding tax obligation arising in connection with the grant of the Award to the Grantee; and the Corporation shall have the right, without the Grantee’s prior approval or direction, to satisfy such withholding tax by withholding all or any part of the Common Stock that would otherwise be transferred and delivered to the Grantee, with any shares of Common Stock so withheld to be valued at the Fair Market Value (as defined in the Plan) on the date of such withholding. The Grantee, with the consent of the Corporation, may satisfy such withholding tax by delivery and transfer to the Corporation of shares of Common Stock previously owned by the Grantee, with any shares so delivered and transferred to be valued at the Fair Market Value on the date of such delivery.

 

(e)           The provisions of this instrument providing for the deferral of payment, distribution, transfer or issuance of Performance Units, Common Stock or cash shall be applicable solely and exclusively to the Grantee and the Award Agreement and Award referred to herein, and shall not apply to any other stock incentive or other grant, award or transfer provided for or made under the Plan.

 

(f)           Notwithstanding anything otherwise provided under the Plan or in the Award Agreement and Award, the following requirements shall apply to this Award Agreement and the Award, to all elections or subsequent elections made by the Grantee, and to all distributions and payments made to the Grantee pursuant to this Award Agreement and Award:

 

(1)           Any compensation for services performed by the Grantee during a taxable year may be deferred at the Grantee's election or the Corporation's election or determination only if the election to defer such compensation is made not later than the close of the preceding taxable year or such other time as provided in Treasury Regulations under section 409A of the Internal Revenue Code of 1986, as amended ("Code"), but in all events any deferral of the payment, distribution, transfer or issuance of Performance Units, Common Stock or cash pursuant to the Award and Award Agreement may be made only by an election that is made on or before the Election Date.

 

(2)           Any compensation deferred under the Plan shall not be distributed earlier than

 

(i)           Separation from Service of the Grantee,

 

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(ii)           the date the Grantee becomes Disabled,

 

(iii)           death of the Grantee,

 

                (iii)           a Specified Time (or pursuant to a Fixed Schedule) specified under the plan under which the compensation is deferred at the date of deferral of such compensation,

 

(v)            a Change in Ownership or Control, or

 

(vi)           the occurrence of an Unforeseeable Emergency.

 

(3)           If the Grantee is a Specified Employee, no payment or distribution shall be made before the date which is six (6) months after the date of the Grantee's Separation from Service, or, if earlier, the date of death of the Grantee.

 

(4)           No acceleration of the time or schedule of any distribution or payment under the plan under which compensation is deferred shall be permitted or allowed, except to the extent provided in Treasury Regulations issued under Code section 409A.

 

(5)           This instrument shall not permit a subsequent election unless authorized and agreed upon in writing by the Corporation and Grantee, and if the Plan or this instrument permits under any subsequent election by the Grantee a delay in a payment or a change in the form of payment of compensation deferred under this Award Agreement and Award, such subsequent election shall not take effect until at least twelve (12) months after the date on which it is made.  In the case of a subsequent election related to a payment to be made upon Separation from Service of the Grantee, at a Specified Time or pursuant to a Fixed Schedule, or upon a Change in Ownership or Control, the first payment with respect to which such subsequent election is made shall be deferred for a period of not less than five (5) years from the date such payment would otherwise have been made; and any such subsequent election related to a payment at a Specified Time or pursuant to a Fixed Schedule may not be made less than twelve (12) months prior to the date of the first scheduled payment to which it relates.

 

(6)           For purposes of the Plan and this instrument and the Award, the following terms and definitions shall apply with respect to deferral of compensation and the time of payment of any deferred compensation:

 

(i)           "Change of Ownership or Control" means to the extent provided by Treasury Regulations issued under Code Section 409A, a change in the ownership or effective control of the Corporation, or in the ownership of a substantial portion of the assets of the Corporation, which shall be if (i) a Person acquires more than 50% of the  Corporation’s stock; (ii) a Person acquires during a 12-month period at least 30% (or a higher percentage specified under the Plan) of the Corporation’s stock; (iii) a majority of the members of the Board of Directors of the Corporation are replaced during a 12-month period; or (iv) a  Person acquires during a 12-month period at least 40% of the gross fair market value of the Corporation’s assets.

 

(ii)             "Disabled" means that an individual (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental

 

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impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii)  is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the individual's employer.

 

(iii)           "Fixed Schedule" means the distribution or payment of compensation deferred under this instrument and Award in a fixed schedule of distributions or payments that are determined and fixed at the time the deferral of such compensation is first elected by the Grantee or the Corporation.

 

(iv)           "Specified Employee" means a key employee (as defined in Code section 416(i) without regard to paragraph (5) thereof) of the Corporation.

 

(v)           "Specified Time" means a specified date at which deferred compensation deferred by or for the Grantee pursuant to this instrument and Award is required to be distributed or paid and which is specified at the time of the election of deferral of such deferred compensation

 

(vi)           “Unforeseeable Emergency” means a severe financial hardship to the participant resulting from an illness or accident of the participant, the participant's spouse, or a dependent (as defined in Code section 152(a)) of the participant, loss of the participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant. As determined under Treasury Regulations under Code section 409A, the amounts distributed with respect to an emergency shall not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the participant's assets (to the extent the liquidation of such assets would not itself cause severe financial hardship)."

 

7.  Transferability of Performance Units; Termination of Employment.

 

(a)           Except as provided in subparagraph (b) of this paragraph 7, below, the Award, the Grantee’s rights and obligations hereunder and the Performance Units granted hereunder shall not be transferable by the Grantee otherwise than by will or the laws of descent and distribution which apply to the Grantee’s estate.

(b)           Notwithstanding the foregoing, the Grantee may transfer any part or all of the Grantee’s rights in and to the Performance Units to members of the Grantee’s immediate family, or to one or more trusts for the benefit of such immediate family members, or partnerships in which such immediate family members are the only partners if the Grantee does not receive any consideration for the transfer.  In the event of any such transfer, Performance Units shall continue to be subject to the same terms and conditions otherwise applicable hereunder and under the Plan immediately prior to its transfer, except that this stock shall not be further transferable by the transferee inter vivos, except for transfer back to the original Grantee. 

 

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For any such transfer to be effective, the Grantee must provide prior written notice thereof to the Committee, unless otherwise authorized and approved by the Committee, in its sole discretion; and the Grantee shall furnish to the Committee such information as it may request with respect to the transferee and the terms and conditions of any such transfer.  For purposes of transfer of this grant under this subparagraph (b), “immediate family” shall mean the Grantee’s spouse, children and grandchildren.

(c)           Notwithstanding anything to the contrary expressed or implied herein (including without limitation, the restrictions stated in paragraph 5, above, applicable to the Performance Units), all rights and interest of the Grantee in the Performance Units shall become invalid and wholly terminated and forfeited upon the termination of the Grantee’s employment with the Corporation (or a division or Subsidiary), during the Performance Period other than a termination by reason of Retirement, Total Disability or death of the Grantee.

 

(d)           Notwithstanding the foregoing provisions, in the event of termination of the Grantee’s employment with the Corporation (or a division or Subsidiary) during the Performance Period by reason of (i) the Retirement of the Grantee, (ii) the Total Disability of the Grantee, or (iii) the Grantee’s death while still employed by the Corporation (or a division or Subsidiary), then an adjusted and prorated entitlement to Performance Units shall be allowed as provided in this paragraph 7(d). The Grantee shall become vested in and entitled to receive, in the event of any such Retirement or Total Disability, and the legatees, designated Beneficiary, or personal representatives or heirs of the Grantee shall be vested in and entitled to receive, in the event of the Grantee’s death, a prorated award of Performance Units earned in the Performance Period following such Retirement, Total Disability or death.  The award shall be a prorated amount of Performance Units equal to the total of Performance Units earned under the Award at the end of the Performance Period for the Grantee, multiplied by a fraction of which the numerator shall be the number of full months which have elapsed under the Performance Period at the time of such termination of employment by reason of Retirement, Total Disability or death, and the denominator of which shall be the total number of months in the Performance Period. The Grantee, legatees, designated Beneficiary, or personal representatives or heirs of the Grantee, as the case may be, shall become entitled to receive such prorated award at the expiration of the Performance Period and following application of the performance criteria as provided in the Award and determined by the Committee.

The prorated award of Performance Units earned in the Performance Period to which the Grantee or the legatees, a designated Beneficiary, or the personal representative or heirs of the Grantee shall become vested in and entitled to receive under the foregoing provisions in event of Retirement, Total Disability or death of the Grantee, is to be qualified performance-based compensation paid solely on account of attainment of the Performance Goal,  as provided for in Treas. Reg. §1.162-27(e)(2)(i).  The Retirement, Total Disability or death of the Grantee during the Performance Period in and of itself alone shall in no case vest the Grantee in Performance Units or any part of thereof. A prorated vesting and entitlement to Performance Units or a part thereof, hereunder by reason of such events shall in all cases remain subject to and dependent solely upon the attainment of the Performance Goal as provided herein.

(e)           The Grantee may designate a Beneficiary to receive any rights of the Grantee which may become vested in the event of the death of the Grantee under procedures and 

 

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in the form established by the Committee; and in the absence of such designation of a Beneficiary, any such rights shall be deemed to be transferred to the estate of the Grantee.

(f)           For purposes of the Award and this instrument, "Retirement" shall mean a voluntary termination of employment of the Grantee with the Corporation and/or a division or subsidiary thereof by the Grantee if at the time of such termination of employment the Grantee has both completed five (5) years of service with the Corporation and/or a division or subsidiary thereof and attained age fifty (50), and “voluntary termination” shall mean that the Grantee had an opportunity to continue employment with the Corporation and/or a division or subsidiary thereof, but did not do so; and except as provide for in paragraph 6 with respect to deferred compensation payments, “Total Disability” shall mean that the Grantee is permanently and totally disabled and unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months, and has established such disability to the extent and in the manner and form as may be required under the provisions of Section 22(e) of the Internal Revenue Code of 1986, as amended (or corresponding section of any future federal tax code), and regulations thereunder.

8.  Administration of Performance Unit Award.  The grant of the Award shall be subject to such other rules and requirements as the Committee, in its sole discretion, may determine to be appropriate with respect to administration thereof and the terms and conditions made applicable to the Grantee and the Performance Units during the Performance Period.  The Award, this instrument, and the rights and obligations of the parties thereto shall be subject to interpretation and construction by the Committee to the same extent and with the same effect as the Committee actions under pertinent provisions of the Plan.  The Grantee shall take all actions and execute and deliver all documents as may from time to time be requested by the Committee in connection with such restrictions and in furtherance hereof.  The Grantee agrees to pay to the Corporation any applicable federal, state, or local income, employment, social security, Medicare, or other withholding tax obligation arising in connection with the grant of the Award to the Grantee; and the Corporation shall have the right, without the Grantee’s prior approval or direction, to satisfy such withholding tax by withholding all or any part of the shares of Common Stock or cash that would otherwise be paid and transferred to the Grantee, with any shares of Common Stock so withheld to be valued at the Fair Market Value (as defined in the Plan) on the date of such withholding. The Grantee, with the consent of the Corporation, may satisfy such withholding tax by delivery and transfer to the Corporation of shares of Common Stock previously owned by the Grantee, with any shares so delivered and transferred to be valued at the Fair Market Value on the date of such delivery.

 

9.  Adjustment Provisions.  It is understood that, prior to the expiration of the Performance Period certain changes in capitalization of the Corporation may occur.  It is, therefore, understood and agreed with respect to changes in capitalization that:

 

(a)           If a stock dividend is declared on the Common Stock of the Corporation, there shall be added to the number of Performance Units provided for under the Award and stated in paragraph 1 of this instrument, the number of Performance Units equal to the number of Performance Units which would have been granted to the Grantee had the Grantee been the fully vested and unrestricted owner of the number of Performance Units then provided for under the 

 

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Award granted, but not theretofore received without restriction; provided, however, that the additional Performance Units shall be subject to all terms and provisions of this instrument (including, without limitation, the terms and conditions stated in paragraph 5, above), and in making such adjustments, no fractional units, shares, or scrip certificates in lieu thereof, shall be granted or issuable by the Corporation, and the Grantee shall be entitled to only the number of full Performance Units to which the Grantee may be entitled by reason of such adjustment at the adjusted grant.

(b)      In the event of an increase in the outstanding shares of Common Stock of the Corporation, effectuated for the purpose of acquiring properties or securities of another corporation or business enterprise, there shall be no increase in the number of Performance Units which are the subject matter of the Award under this instrument as a result of such acquisition.

(c)      In the event of an increase or decrease in the number of outstanding shares of Common Stock of the Corporation through recapitalization, reclassification, stock split-ups, consolidation of shares, changes in par value and the like, an appropriate adjustment shall be made in the number of Performance Units provided for under the Award and stated in Section 1 of this instrument, by increasing or decreasing the number of Performance Units, as may be required to enable the Grantee to acquire the same proportionate stockholdings as the grant of the Award would originally have provided.  Provided, however, that any additional Performance Units shall be subject to all terms and provisions of this instrument (including, without limitation, the restrictions stated in paragraph 5, above), and that in making such adjustments, no fractional Performance Units shall be awarded, and the Grantee shall be entitled to receive only the number of full Performance Units to which the Grantee may be entitled by reason of such adjustment.

(d)      Except as otherwise provided for with respect to the payment of any deferred compensation in paragraph 6, above,  to the extent Performance Units are still not vested in Grantee at the time of a Change in Control with respect to the Corporation, then pursuant to the provisions of the Plan, they shall become fully vested and completely free and clear of any conditions or restrictions stated herein at that time; provided, that if such Change in Control occurs less than six (6) months after the date of the grant of the Award hereunder to the Grantee, then Performance Units shall become fully vested and completely free and clear of any conditions or restrictions stated herein at the time of such Change in Control only if the Grantee agrees in writing, if requested by the Corporation in writing, to remain in the employ of the Corporation or a division or subsidiary of the Corporation at least through the date which is six (6) months after the date the grant was made with substantially the same title, duties, authority, reporting relationships, and compensation as on the day immediately preceding the Change in Control.  The provisions of this subparagraph (d) shall be applied in addition to, and shall not reduce, modify, or change any other obligation or right of the Grantee otherwise provided for in paragraph 3, above, concerning the Grantee’s continued employment with the Corporation or the termination thereof.  If the Performance Units become subject to this subparagraph (d), they shall become fully vested in the Grantee and nonforfeitable.  The Performance Units are subject to the provisions of the Plan authorizing the Corporation, or a committee of its Board of Directors, to provide in advance or at the time of a Change in Control for cash to be paid in actual settlement of the shares of Common Stock for earned Performance Units, all subject to such terms and 

 

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conditions as the Corporation or the Committee, in its sole discretion, may determine and impose.  For purposes of this subparagraph (d), the term “Change in Control” shall have the same meaning as provided in the definition of that term stated in the Plan, including any amendments thereof which may be made from time to time in the future pursuant to the provisions of the Plan, with any amended definition of such term to apply to all events thereafter coming within the amended meaning.

10.  Required Grantee Repayment/Reduction Provision.  Notwithstanding anything in the  Plan, the Award or this instrument to the contrary, all or a portion of the Award made to the Grantee  under this instrument  is subject to being called for repayment to the Corporation or reduced in any situation where the Board of Directors of the Corporation or a Committee thereof determines that fraud, negligence, or intentional misconduct by the Grantee  was a contributing factor to the Corporation having to restate all or a portion of its financial statement(s). The Committee may determine whether the Corporation  shall effect any such repayment or reduction : (i) by seeking repayment from the Grantee , (ii) by reducing (subject to applicable law and the terms and conditions of the Plan or any other applicable plan, program, or arrangement) the amount that would otherwise be awarded or payable to the Grantee  under the Award, the Plan or any other compensatory plan, program, or arrangement maintained by the Corporation , (iii) by withholding payment of future increases in compensation (including the payment of any discretionary bonus amount) or grants of compensatory awards that would otherwise have been made in accordance with the Corporation's  otherwise applicable compensation practices, or (iv) by any combination of the foregoing. The determination regarding the Grantee’s conduct, and repayment or reduction under this provision shall be within the sole discretion of the Committee and shall be final and binding on the Grantee and the Corporation. The Grantee, in consideration of the grant of the Award, and by the Grantee's execution of this instrument, acknowledges the Grantee's understanding of and agreement to this provision, and hereby agrees to make and allow an immediate and complete repayment or reduction in accordance with this provision in the event of a call for repayment or other action by the Corporation or Committee to effect its terms with respect to the Grantee, the Award and/or any other compensation described herein.

 

11.  Stock Reserved.  The Corporation shall at all times during the term of the Award reserve and keep available such number of shares of its Common Stock as will be sufficient to satisfy the Award issued and granted to Grantee and the requirements thereof as evidenced by this instrument, and shall pay all original issue taxes, if any, on the transfer of Common Stock to the Grantee, and all other fees and expenses necessarily incurred by the Corporation in connection therewith.

 

12.  Rights of Shareholder.  Except as otherwise provided in the Award and this instrument, the Grantee shall have no rights as a shareholder of the Corporation in respect of the Performance Units or Common Stock for which the Award is granted; and the Grantee shall not be considered or treated as a record owner of shares with respect to the Common Stock until the Performance Units are fully vested and no longer subject to any of the conditions, performance requirements, or restrictions imposed under the Award, and Common Stock is actually issued and transferred to the Grantee.

 

13.  Entire Agreement.  This instrument contains the entire terms of the Award, and may not be changed orally or other than by a written instrument issued and approved by the 

 

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Corporation pursuant to the Plan.  This instrument supersedes any agreements or understandings that may previously have existed, and there are no other agreements or understandings, relating to its subject matter.

 

14.  Successors and Assigns.  The Award shall inure to the benefit of and be binding upon the heirs, legatees, legal representatives, successors, and assigns of the parties thereto.

 

The Grantee hereby acknowledges receipt of this instrument, the Notice of Performance Unit Award and a copy of the Plan, and accepts the Award under the terms and conditions stated in this instrument, subject to all terms and provisions of the Plan, by signing this instrument in duplicate originals, as of the date first above written.

 

 

	 	 	 	 
	Date	 	«Officer_Name»	 
	 	 	Grantee	 
	 	 	 	 

 

 

 

                                                                       

12

  

  

 

 

Exhibit A

Performance Units Criteria

2012-2015 Performance Period

 

 

	
Total Stockholder Return (TSR):vs. ONEOK Peer Group

 

	
ONEOK TSR Ranking vs. ONEOK 

Peer Group

	
Percentage of Performance Units 

Earned

	
90th percentile and above

75th percentile

50th percentile

25th percentile

Below 25th percentile

	
200%

150%

100%

50%

0%

IF ONEOK’s TSR ranking at the end of the performance period is between the stated percentile levels in the above table, the percentage of the performance units earned will be interpolated between the earning levels.  No Performance Units are earned if ONEOK’s TSR ranking at the end of the performance period is below the 25th percentile

  

  

  

 

Exhibit B

Illustration of Hypothetical 2012-2015 Performance Period

Performance Unit Award Calculation

 

Illustration assumes 1,000 Performance Units Granted in February 2012

 

	
Total Stockholder Return (TSR) vs. ONEOK Peer Group

	
 

Hypothetical 2012-2015 ONEOK TSR Ranking = 40th percentile

 

A 40th percentile TSR ranking earns 80% of Performance Units granted (i.e., 1,000 units)

as interpolated between 50% and 100% from Table A (see chart below)

 

800 units earned

 

	
Total Performance Units Earned

	
 

TR 800 Performance Units

 

800 performance units earned out of 1,000 units granted = 80.0% “earn-out” [80% (1,000 shares) paid and distributed in the form of Common Stock as provided in section 5.c.]

 

 

  

  

  

 

	Exhibit C
	 	 	 	 	 	 
	
ONEOK PEER GROUP – 2012

 
	  	  	  	  	  	  
	
Company Name

	
Sym

	  	  	  	  
	  	  	  	  	  	  
	
AGL Resources Inc.

	
GAS

	  	  	  	  
	
ATMOS Energy

	
ATO

	  	  	  	  
	
CenterPoint Energy Inc.

	
CNP

	  	  	  	  
	
Enbridge Inc.

	
ENB

	  	  	  	  
	
Energy Transfer Partners LP

	
ETP

	  	  	  	  
	
Enterprise Products Partners LP

	
EPD

	  	  	  	  
	
EQT Corporation

	
EQT

	  	  	  	  
	
Integrys Energy Group Inc.

	
TEG

	  	  	  	  
	
Kinder Morgan Energy LP

	
KMP

	  	  	  	  
	
MDU Resources Corp

	
MDU

	  	  	  	  
	
Magellan Midstream Partners LP

	
MMP

	  	  	  	  
	
MarkWest Energy Partners LP

	
MWE

	  	  	  	  
	
National Fuel Gas Company

	
NFG

	  	  	  	  
	
NiSource Inc.

	
NI

	  	  	  	  
	
OGE Energy Corp

	
OGE

	  	  	  	  
	
ONEOK, Inc.

	
OKE

	  	  	  	  
	
Questar Corp

	
STR

	  	  	  	  
	
SEMPRA Energy

	
SRE

	  	  	  	  
	
Spectra Energy Corporation

	
SE

	  	  	  	  
	
Targa Resources Corp

	
TRGP

	  	  	  	  
	
TransCanada Corporation

	
TRP

	  	  	  	  
	
Williams Companies Inc.

	
WMB

	  	  	  	  

  

  

  

Exhibit D

ONEOK, INC. EQUITY COMPENSATION PLAN

PERFORMANCE UNIT AWARD AGREEMENT

DEFERRAL ELECTION

This Election is made by the undersigned Grantee pursuant to that certain Performance Unit Award granted to me under the ONEOK, Inc. Equity Compensation Plan, on the 15th day of February 2012, a copy of which is attached hereto (the "Award").

This Election is made on or before the date of August 15, 2014, which is six (6) months before the end of the Performance Period on February 15, 2015.

I hereby irrevocably elect to defer the payment, distribution and transfer and my receipt of all Performance Units, Common Stock and cash that I may earn and become entitled to receive from the regularly scheduled time of payment, distribution and transfer provided for in Section 5(d) of the Award, until a later date as follows:

A.           Election of Specified Time of Payment (Initial one election of time of payment)

___           I elect to have all Common Stock, cash or other compensation which I earn or become entitled to receive under the Award and Award Agreement deferred and paid, distributed, transferred and issued to me on the later of (i) the date of my separation from service as an employee of the Corporation, or (ii) _________________, 20__ in the form specified below.

___           I elect to have all Common Stock, cash or other compensation which I earn or become entitled to receive under the Award and Award Agreement deferred and paid, distributed, transferred and issued to me on the date of my separation from service as an employee of the Corporation.

B.           Election of Form of Payment (Initial one election of form of payment)

___           I elect to receive payment, transfer and distribution of all Common Stock, cash or other compensation which I earn or become entitled to receive under the Award or Award Agreement in a single lump sum payment.

____         I elect to receive payment, transfer and distribution of all Common Stock, cash or other compensation which I earn or become entitled to receive under the Award or Award Agreement in ______(specify 2, 3, 4 or 5) equal annual installments commencing on the specified date of payment elected above, and thereafter on each anniversary thereof until fully paid and transferred. The number of shares of Common Stock or cash received in each installment will equal the number and amount that have not been settled, paid, transferred and distributed (as of the date immediately preceding the installment payment date) divided by the number of installments remaining to be paid (as of the date immediately preceding the installment payment date) rounded down to the next whole number except that the final installment shall be rounded up to the next whole number.

  

  

  

 

C.            Election for Death Prior to Specified Time of Payment   (Put initials by your choice)

___           In the event of my death prior to the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries receive payment and transfer of the Common Stock, cash or other deferred compensation in a single lump sum within 60 days following my death.

___           In the event of my death prior to the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries receive payment and transfer of the Common Stock, cash or other deferred compensation be paid and transferred in ______ (specify 2, 3, 4 or 5) equal annual installments commencing within 60 days following my death, and thereafter on each anniversary of the commencement date until fully paid and transferred. The number of shares of Common Stock or cash received in each installment will equal the number and amount that have not been paid (as of the date immediately preceding the installment payment date) divided by the number of installments remaining to be paid (as of the date immediately preceding the installment payment date) rounded down to the next whole number except that the final installment shall be rounded up to the next whole number.

D.           Election for Death After Specified Time of Payment (Put initials by your choice)

___           In the event of my death after the Specified Time of Payment elected above, I elect to have my named beneficiaries receive payment and transfer of the Common Stock, cash or other deferred compensation in a single lump sum within 60 days following my death.

___           In the event of my death after the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries receive payment of any remaining Common Stock, cash or other compensation in accordance with the installment schedule elected above.

E.            Designation of Beneficiary (List each beneficiary and percentage)

I designate the following individuals (entities) as my beneficiaries to receive the following share(s) of my Common Stock, cash or other deferred compensation, as indicated below:

                                                                                              

 

	Name of Beneficiary  	 	Percent	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	100% (total must equal 100%)

F.           Change in Ownership or Control

Notwithstanding the foregoing, immediately following a Change in Ownership or Control the Common Stock, cash or other deferred compensation that have not been paid and transferred will be paid and transferred.  In the event shares of Common Stock no longer exist at the time of payment and transfer, each of the deferred Performance Units shall be converted in a manner that is consistent with the manner in which shareholders of Common Stock were treated with respect to the Change in Ownership or Control.

Solely for purposes of this election, a “Change in Ownership or Control” shall mean and shall have occurred if one of the following has occurred: A person acquires more than 50% (or a higher percentage specified under the Plan) of the Corporation’s stock;  a person acquires during a 12-month period at least 30% (or a higher percentage specified under the Plan) of the Corporation’s stock; a majority (or a higher percentage specified under the Plan) of the members of the Board of Directors of the Corporation are replaced during a 12-month period; or a person acquires during a 12-month period at least 40% (or a higher percentage specified under the Plan) of the gross fair market value of the Corporation’s assets.

  

  

  

 

 

    Made and executed by me as Grantee of the Award pursuant to the terms and provisions of Section 6 

thereof, on this _______day of ______________, 20___.

_____________________________________

Grantee

    Received this ____day of ____________, 20___,

______________________________________

For the CommitteeYUM-12.31.2011-EX10.11

SECOND AMENDED AND RESTATED YUM! PURCHASING CO-OP AGREEMENT

This is a Second Amended and Restated YUM! Purchasing Co-op Agreement (this "Agreement") between YUM! Brands, Inc. (together with its affiliates, "YUM") formerly named Tricon Global Restaurants, Inc., a North Carolina corporation, and the Unified Foodservice Purchasing Co-op, LLC ("UFPC"), a Kentucky limited liability company, effective as of January 1, 2012. 

Recitals

		
	A.
	This Agreement amends and restates the Tricon Purchasing Coop Agreement dated March 1, 1999, as previously amended on January 25, 2001 and as further amended on March 16, 2005. 

		
	B.
	YUM is engaged in the franchising and operation of quick service restaurants and other food outlets (collectively "Outlets") in the KFC, Pizza Hut and Taco Bell concepts (each a "Concept").  UFPC was formed on March 1, 1999, by the KFC National Purchasing Co-op (the "KFC Co-op"), the Taco Bell National Purchasing Co-op, Inc. (the "Taco Bell Co-op") and the Pizza Hut National Purchasing Co-op, Inc. (the "Pizza Hut Co-op") (the "Concept Co-ops") in consultation with YUM, as a cooperative venture to administer purchasing programs for the Outlets operated by YUM and other members of Concept Co-ops ("Member Outlets").  The established programs of the KFC Co-op for KFC franchisees and Taco Bell franchisees, and the pilot purchasing program of the KFC Co-op for Pizza Hut franchisees, were combined through UFPC and the Concept Co-ops with the purchasing programs of YUM's Supply Chain Management ("SCM").  YUM has the right to designate two members of UFPC's Board of Directors.  YUM is a member of each of the KFC, Pizza Hut and Taco Bell Concept Co-ops.

		
	C.
	This is the Second Amended and Restated YUM! Purchasing Co-op Agreement mentioned in Section 4.1 of the Second Amended and Restated UFPC Operating Agreement of even date herewith (the "Operating Agreement").

		
	D.
	YUM has designated, and continues to designate, certain vendors, processors and manufacturers as approved suppliers ("Approved Suppliers") for food, packaging and supplies and related services ("Goods") and equipment and related services  ("Equipment") used in the system of Outlets (the "System") pursuant to agreements between YUM and Approved Suppliers ("Supplier Agreements").  YUM has designated, and continues to designate, certain wholesalers and distributors ("Approved Distributors") for distribution of Goods and Equipment to the System pursuant to agreements between YUM and Approved Distributors ("Distributor Agreements").  In addition, YUM has entered into an amended agreement with McLane Foodservice, Inc. ("McLane") (the "McLane Agreement") granting McLane certain distribution rights with respect to certain Outlets.

		
	E.
	YUM and UFPC entered into a separate agreement dated as of March 1, 1999, concerning the transfer by YUM to UFPC and the assumption by UFPC of certain SCM purchase contracts and arrangements (the "SCM Transfer Agreement").

		
	F.
	The core mission (the "Mission") of UFPC is (a) to assure that operators of Outlets ("Operators") receive the benefit of continuously available Goods and Equipment in adequate quantities at the lowest possible sustainable Outlet-delivered prices, and (b) to coordinate with YUM in YUM's ongoing development and innovation of Goods and Equipment in support and promotion of each of the Concepts.

		
	G.
	Except as provided in Section 5 hereof with respect to the approval of suppliers and distributors, nothing in this Agreement is intended to affect, limit, diminish, or otherwise modify any of the rights or obligations of YUM under any franchise or license agreement entered into with respect to any Outlet ("Franchise Agreement") or under the McLane Agreement.

1

NOW THEREFORE, for good and valuable consideration, YUM and UFPC agree as follows:

		
	l.
	Designation.  Upon the terms and conditions set forth in this Agreement and the Operating Agreement, YUM hereby constitutes, appoints and designates UFPC, on an exclusive basis to administer purchasing programs on behalf of the Concept Co-ops and otherwise (the "Purchasing Programs"), as the purchasing organization and purchasing agent for Goods and Equipment (including Goods and Equipment with respect to which YUM has not designated one or more Approved Suppliers) for all Outlets located in the United States (the "Area").  During the term of this Agreement, YUM shall not appoint or authorize any person or entity, other than a Concept Co-op, to perform the Purchasing Programs or to act as a purchasing organization or purchasing agent for the System in the Area without UFPC's express prior written consent.  YUM shall promptly notify all existing and future Approved Suppliers and Approved Distributors and System franchisees of UFPC's designation to perform the Purchasing Programs as the purchasing organization and purchasing agent for the YUM System and Outlets in the Area.  YUM also authorizes UFPC on a non-exclusive basis to purchase Goods and Equipment, and make purchase arrangements for Goods and Equipment, sourced in the Area for use in the entire System including Outlets outside of the Area.  YUM may purchase Goods and Equipment sourced in the Area for use in the System outside the Area directly from UFPC or indirectly under contracts negotiated by UFPC provided YUM pays UFPC fees or margins on each purchase of Goods and Equipment not to exceed those charged by UFPC in similar transactions involving Member Outlets or distributors serving Member Outlets.  The Purchasing Programs shall include all Goods and Equipment for all Outlets in the Area, except for items and related services (such as energy aggregation where YUM may be better positioned to make supply arrangements, or items and services where UFPC adds no value or service such as locally sourced office supplies and equipment) which YUM and UFPC or the applicable Concept Co-op or Co-ops agree are not appropriate to include in the Purchasing Programs.  The Purchasing Programs include: (a) the negotiation of the price and other terms of purchasing arrangements for Goods and Equipment both when UFPC takes title to Goods and Equipment and when it does not; (b) the sale of Goods and Equipment to Operators and Approved Distributors; (c) logistics and freight; (d) assistance in the negotiation and monitoring of distribution arrangements; and (e) other supply chain management functions including cooperation with YUM's Brand Management function.  Nothing in this Agreement is meant to take away or adversely affect any rights of a franchisee under a Franchise Agreement to purchase Goods and Equipment directly from any Approved Supplier or Approved Distributor.

		
	2.
	Purchase Commitment.  During the term of this Agreement, YUM shall purchase virtually all Goods and Equipment for use in YUM operated Outlets in the Area through the Purchasing Programs of UFPC and the Concept Co-ops. "Virtually all" with respect to Goods and Equipment means all Goods and Equipment except Goods and Equipment:

		
	(a)
	Where UFPC, or with respect to Outlets of a particular Concept, a Concept Co-op, agrees in advance in writing that YUM need not purchase the particular item or category of Goods or Equipment through the Purchasing Programs of UFPC;

		
	(b)
	Where YUM determines in good faith, after written notice to UFPC (or if prior notice is impractical, with notice given as soon as possible), with respect to a specific item or category of Goods or Equipment for specific Outlets that: (i) UFPC is unable to meet YUM's required volume of supply for the particular Goods or Equipment; or (ii) UFPC is unable to meet previously established quality standards with respect to particular Goods or Equipment;

		
	(c)
	Where YUM determines in good faith, after written notice to UFPC (or if prior notice is impractical with notice given as soon as possible), that UFPC's purchasing policies or procedures with respect to the particular item or category of Goods or Equipment present a material business risk to YUM, which YUM is unwilling to assume, because of UFPC's volume, hedging or similar commitments, arrangements or policies; 

2

		
	(d)
	Where YUM has a specific purchase commitment (such as commitments with respect to fountain beverages, all of which are specifically set forth in detail on Schedule 1 to this Agreement) which YUM is unable as a practical matter to assign to UFPC or which is inappropriate for UFPC to assume.  Goods and Equipment purchased by YUM under commitments set forth on Schedule 1 shall not be deemed to be Goods and Equipment for purposes of this Agreement;

		
	(e)
	Where legal counsel to YUM has advised YUM that its commitments or the performance of its other duties under this paragraph could reasonably be expected in a material way to violate or breach any applicable material law, ordinance, rule or regulation of any governmental body or any material judgment, decree, writ, injunction, order or aware of any court, governmental authority to arbitrative panel; or

		
	(f)
	Upon the proper termination of this Agreement.

		
	3.
	Operating Agreement.  YUM will abide by the terms of the Operating Agreement applicable to it. YUM acknowledges the Code of Business Conduct attached to the Operating Agreement as Annex B.

		
	4.
	Concept Co-ops.  YUM shall become and remain a stockholder member of each of the Concept Co-ops in good standing with respect to all YUM operated Outlets in the Area through the purchase by YUM of membership in accordance with the requirements and policies of each Concept Co-op.  YUM shall abide by the terms of the Certificate of Incorporation and Bylaws of each Concept Co-op as in effect from time to time.  YUM acknowledges that basic decisions about each restaurant concept's purchasing program operations may in the Concept Co-op's discretion be made by each Concept Co-op, including resolution of such issues as the Concept Co-op's guidelines to UFPC for when to take title and when not to take title to Goods and Equipment, and as to the centralization or decentralization and geographic location of Concept purchasing and program coordination functions. 

		
	5.
	Approval Matters.

		
	(a)
	As provided in the Franchise Agreements, YUM shall have the exclusive right and obligation with respect to the purchase and distribution of Goods and Equipment for the System including without limitation to: (i) designate and terminate Approved Suppliers and Approved Distributors; (ii) designate approved Goods and Equipment; and (iii) develop, designate, modify and update specifications (including supplier product warranties) for Goods and Equipment.

		
	(b) 
	However, YUM shall maintain a supplier approval and a distributor approval process which: (i) has appropriate and significant franchisee, UFPC and Concept Co-op involvement; (ii) has specific published procedures, anticipated timetables and provisions for progress reports; (iii) provides that franchisees, UFPC and the Concept Co-ops may submit suppliers and distributors for approval; and (iv) reflects a philosophical commitment to the need in most circumstances for competition among Approved Suppliers and Approved Distributors for the business of Outlets whenever competition will benefit the System or a Concept.

3

		
	(c)
	Subject to: (i) YUM's reasonable policies with respect to trade secrets and with respect to confidentiality undertakings by or to Approved Suppliers and potential suppliers with respect to proprietary information of YUM, an Approved Supplier or a potential supplier; and (ii) confidentiality arrangements with Approved Suppliers binding upon YUM on the date hereof, YUM shall make available to Approved Suppliers and potential suppliers specifications for Goods and Equipment in sufficient detail to encourage suppliers to apply for approval without the need to re-engineer Goods and Equipment.

		
	(d)
	All Supplier Agreements and Distributor Agreements entered into after the date hereof shall note the designation by YUM of UFPC to conduct the Purchasing Programs.

		
	6.
	Sheltered Income.  Neither YUM nor UFPC shall, directly or indirectly, receive or benefit from (nor shall either authorize any Approved Supplier, Approved Distributor or Concept Co-op, directly or indirectly, to receive or benefit from) any "Sheltered Income" in connection with Goods or Equipment purchased or used by Outlets in the Area, except for:

		
	(a)
	Marketing or promotional allowances: (i)(A) provided outside the ordinary course which are approved by UFPC and any applicable Concept Co-op or Co-ops, or (B) provided in the ordinary course; and (ii) which are distributed or administered for the benefit of Operators pro rata based on the volume of the Operators' purchases;

		
	(b)
	Discounts, rebates or allowances which directly lower Member Outlet delivered prices pro rata among Operators based on the volume of the Operators' purchases;

		
	(c)
	Higher prices for Goods or Equipment permitted or charged by Approved Suppliers to amortize Supplier expenses related to research and development of Goods and Equipment if such amortization of research and development expenses is incurred after YUM receives the advance advice and written consent (with such consent not to be withheld if the parties hereto determine in good faith that the expenses to be incurred are both reasonable and in the best interests of the System of any Concept Co-op) of UFPC or the applicable Concept Co-op or Co-ops;

		
	(d)
	Reasonable fees, in no event exceeding YUM's applicable direct expense, and not necessarily completely reimbursing YUM's direct expense in connection with the applicable activity, charged by YUM, in accordance with published schedules adopted with the advance advice and written consent (with such consent not to be withheld if the parties hereto determine in good faith that the expenses to be incurred are both reasonable and in the best interests of the System or any Concept Co-op) of UFPC and the applicable Concept Co-op or Co-ops to potential suppliers and distributors and to Approved Suppliers and Approved Distributors, in connection with the YUM supplier approval and distributor approval processes, or in connection with YUM administered quality inspection and assurance programs; 

		
	(e)
	Sheltered Income specifically, completely and timely disclosed to UFPC not less than quarterly which YUM has permitted McLane to retain under the McLane Agreement with respect to Goods and Equipment purchased or distributed by McLane for YUM operated Outlets;

		
	(f)
	Reasonable and customary gifts and entertainment permissible under UFPC's Code of Business Conduct as in effect from time to time under the Operating Agreement; or

		
	(g)
	Sheltered Income expressly authorized by both YUM and UFPC or the applicable Concept Co-op or Co-ops such as higher prices permitted to amortize the cost of excess inventory or graphics and other product changes.

4

As used in this Agreement, "Sheltered Income" means so called earned income, rebates, kick-backs, volume discounts, tier pricing, purchase commitment discounts, sales and service allowances, marketing allowances, advertising allowances, promotional allowances, label allowances, back-door income, application fees, inspection fees, quality assurance fees, etc., and includes, among other items: (a) fees charged suppliers and distributors in the supplier and distributor approval process; (b) fees charged suppliers and distributors for quality inspections and "hot line" inquiries and complaints; (c) license or trademark fees or rebates charged or expected as a condition of supplier or distributor approval or use, typically paid as a percentage of System wide volume; (d) higher prices permitted suppliers to amortize research and development expenses undertaken by suppliers at the request of YUM or otherwise; (e) higher prices permitted suppliers to amortize the cost of excess inventory; (f) higher prices permitted suppliers to amortize the cost of graphics and other product changes; (g) special or atypical payment terms; (h) payments and allowances to distributors from suppliers based on distributor volume which are not reflected as a reduction in distributor cost or prices; and (i) special favors, gifts and entertainment.

Nothing in this Agreement shall be construed to limit or prohibit the right or ability of UFPC or any Concept Co-op to receive or benefit from any Sheltered Income; provided that UFPC shall share, and shall cause each Concept Co-op to share, such Sheltered Income or the benefit thereof pro rata among each applicable Operator (including YUM) based on the dollar volume of the purchases of such Operator that gave rise to the receipt or benefit of such Sheltered Income.

		
	7.
	Approved Distributors and Suppliers.  

		
	(a)
	YUM acknowledges and agrees that UFPC may require, and YUM from the date hereof shall use its reasonable efforts to require of all distributors, including McLane, as a condition of approval as an Approved Distributor, that the Approved Distributor enter into one (1) or more of: (i) a Distributor Participation Agreement applicable to the System ("DPA"); (ii) a Master Distribution Agreement applicable to the System (“MDA”); or (iii) a Participant Distribution Joinder Agreement (“Participant Agreement” and collectively with the DPA and MDA, the “Distributor Agreements”) with UFPC in UFPC's form of Distributor Agreements as amended from time to time providing among other matters: (a) that the Approved Distributor will comply with all of the terms of any agreements between the Approved Distributor and Member Outlet Operators; (b) for the payment by the distributor to UFPC of a service charge as a percentage of all Goods and Equipment purchased by the distributor from suppliers under arrangements negotiated by UFPC as part of the Purchasing Programs; (c) for compliance by the Approved Distributor with UFPC's reasonable credit standards and policies as in effect from time to time; (d) for the provision by the Approved Distributor to UFPC of information necessary for UFPC to administer its distributor performance monitoring and patronage dividend programs; and (e) prohibitions on the retention by the Approved Distributor of Sheltered Income.  YUM acknowledges UFPC's current standard form of Distributor Agreements which shall not be amended in any material respect without YUM's consent which shall not be unreasonably withheld.  YUM will hold UFPC and the Concept Co-ops harmless and indemnify them from any liability, loss or expense incurred by any of them as a result of claims by McLane or their affiliates or any other Approved Distributor designated by YUM as a result of UFPC's role in conducting the Purchasing Programs, or as a result of UFPC doing business in the manner requested by YUM with McLane or their affiliates or any other Approved Distributor designated by YUM for distribution to YUM operated Outlets or Outlets sold by YUM to franchisees obligated to use McLane; provided, however, that YUM will not be obligated to indemnify UFPC or the Concept Co-ops: (i) for losses resulting from the sale of Goods and Equipment directly by UFPC to McLane or their affiliates or another Approved Distributor other than such sales requested in writing by YUM; or (ii) for losses resulting from UFPC's gross negligence.

5

		
	(b)
	YUM acknowledges and agrees that UFPC may require, and YUM from the date hereof shall use its reasonable efforts to require all suppliers, as a condition of approval as an Approved Supplier, to enter into a Supplier Business Relationship Agreement applicable to the System ("SBRA") with UFPC in the form currently endorsed by YUM which shall not be amended in any material respect without YUM's consent which shall not be unreasonably withheld.  YUM and UFPC agree that the SBRA shall provide, among other matters: (a) that the Approved Suppliers will comply with all of the terms of any agreements between the Approved Supplier and YUM and at all relevant times maintain its Approved Supplier status within the YUM system; (b) that, if requested by UFPC, supplier shall collect and remit to UFPC a sourcing fee as a percentage of all Goods and Equipment sold by the supplier to Operators under arrangements negotiated by UFPC as part of the Purchasing Programs; (c) that the Approved Supplier will only permit UFPC-designated purchasers to purchase Goods and Equipment on the terms of the SBRA; (d) for the provision by the Approved Supplier to UFPC of information necessary for UFPC to administer its supplier performance monitoring and patronage dividend programs; (e) that the Approved Supplier shall warrant its Goods and Equipment and maintain insurance as required by YUM; (f) prohibitions on the payment by the Approved Supplier of Sheltered Income; (g) appropriate indemnities of UFPC and Operators by the Approved Supplier for breaches of the SBRA; and (h) that the Approved Supplier adhere to YUM-required recalls or retrofits of Goods and Equipment.

		
	8.
	YUM Programs.  In connection with YUM's role as franchisor in the YUM System, consistent with the terms of the Franchise Agreements, YUM has certain exclusive rights and obligations including the following exclusive rights or obligations with respect to "Brand Management" at its own cost and expense:

		
	(a)
	To initiate and to provide UFPC and the Concept Co-ops information sales forecasts, estimates of usage of Goods and Equipment, marketing, advertising and promotional plans and materials, new product introductions and roll-outs, and product withdrawals;

		
	(b)
	To make strategic product decisions and to develop new products and product modifications;

		
	(c)
	To conduct research and development and product testing activities;

		
	(d)
	To establish safety and quality assurance standards and procedures;

		
	(e)
	To analyze product warranty and liability issues and establish recall procedures and conduct recalls of unsafe or deficient Goods and Equipment;

		
	(f)
	To monitor the performance of each Approved Supplier and to monitor the safety and quality performance of each Approved Distributor; and

		
	(g)
	To manage with UFPC the exhaustion of inventories for Goods and Equipment which are withdrawn from the System.

UFPC acknowledges that Brand Management is YUM's exclusive responsibility.  Nothing in this Section 8 is intended to modify or change the terms of any Franchise Agreement except as provided in Recital G to this Agreement.

		
	9.
	Certain UFPC Obligations.

		
	(a)
	As the designated purchasing organization and purchasing agent for the YUM System in the Area, UFPC, working with the Concept Co-ops, shall have the sole and exclusive responsibility 

6

at its own cost and expense to administer and conduct the Purchasing Programs and to negotiate purchasing arrangements for Goods and Equipment for the System in the Area.  UFPC, working with the Concept Co-ops and YUM, shall administer the Purchasing Programs focused on the Mission.

		
	(b)
	UFPC shall not conduct purchasing programs or act as purchasing agent or in any similar capacity except on behalf of UFPC, the Concept Co-ops, YUM, Operators of Outlets, the Long John Silver's restaurant system, the purchasing cooperative for Long John Silver's franchisees known as the Long John Silver's National Purchasing Co-op, Inc., the A&W All American Food restaurant system and the purchasing cooperative for A&W franchisees known as the A&W National Purchasing Co-op, Inc.

		
	(c)
	UFPC shall permit YUM or SCM to purchase Goods and Equipment for Outlets located outside the Area under the Purchasing Programs on the same terms and conditions as an Operator or an Approved Distributor.

		
	10.
	Cooperation.  YUM and UFPC shall diligently communicate, consult and cooperate with each other to facilitate each other's performance of their respective and joint responsibilities and duties with respect to: (a) the Purchasing Programs under this Agreement and the Operating Agreement; (b) YUM's Brand Management; and (c) fulfillment of the Mission.  YUM and UFPC will deal with each other on all matters related to the Purchasing Programs and otherwise in good faith and with fair dealing.

  
		
	11.
	Confidentiality, Competition, Non-Solicitation and Trademarks.  YUM and UFPC each acknowledge that as a consequence of their relationship with each other and the Purchasing Programs, trade secrets and information of a proprietary or confidential nature relating to the business of YUM and the business of UFPC and the Concept Co-ops may be disclosed to and/or developed by each other, including, without limitation, information about trade secrets, products, services, Goods and Equipment, licenses, costs, sales and pricing information, and any other information that may not be known generally or publicly outside of YUM and UFPC (collectively "Confidential Information").

		
	(a)
	YUM and UFPC each acknowledge that such Confidential Information is generally not known in the trade, and is of considerable importance to YUM and UFPC and the Concept Co-ops, and each agree that their relationship to each other with respect to such information shall be fiduciary in nature.  YUM and UFPC expressly agree that during the term of this Agreement, and for a period of two (2) years thereafter, each will hold  in confidence and not disclose and not make use of any such Confidential Information, except as required in the course of their relationship with each other and the conduct of the Purchasing Programs, and except: (i) as requested or required by law or regulation or any judicial administrative or governmental authority; (ii) for disclosure to its directors, officers, employees, attorneys, advisors or agents who need to review the Confidential Information in connection with the conduct of its respective businesses (it being understood that such directors, officers, employees, advisors and agents will be informed of the confidential nature of such information) or to any rating agency; (iii) in the course of any litigation or court proceeding involving YUM and UFPC concerning this Agreement; and (iv) for disclosure of information that (A) was or becomes generally available to the public other than as a result of a disclosure by its directors, officers, employees, advisors or agents in breach of this provision; (B) was available to it on a non-confidential basis prior to its disclosure to it pursuant hereto; (C) is obtained by it on a non-confidential basis from a source other than such persons or their agents, which source is not prohibited from transmitting the information by a confidentiality agreement or other legal or fiduciary obligation; (D) has been authorized by it to be disseminated to persons on a non-confidential basis; or (E) after the termination of this Agreement as required to assure an orderly supply of Goods and Equipment. 

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	(b)
	Neither YUM nor UFPC shall, at any time during the term of this Agreement, or for a period of two (2) years thereafter, without the advance written consent of the other, whether voluntary or involuntary, directly or indirectly, individually, in a partnership or joint venture, or through a corporation as proprietor, employee, stockholder or consultant, or through any other business entity or by any other means, enter into agreement (except with respect to such agreements after termination of this Agreement as required to assure an orderly supply of Goods and Equipment) with or solicit the employment of any present or former employees of each other for the purpose of causing them to: (a) leave the employee of the other; or (b) reveal or utilize Confidential Information in such manner so as to constitute a violation of this Section 11.

		
	(c)
	During the term of this Agreement, YUM shall not at any time, directly or indirectly, compete with the Purchasing Programs administered by UFPC or the Concept Co-ops in the Area. 

		
	(d)
	Nothing in this Agreement shall be construed to give UFPC or the Concept Co-ops any rights with respect to any intellectual property of YUM including any trademark or trade name registered by YUM, except pursuant to the trademark license agreement entered into between YUM and UFPC and the Concept Co-ops dated the date hereof.

		
	12.
	Representations.  YUM and UFPC each represent and warrant to the other as follows:

		
	(a)
	It is a corporation or limited liability company duly organized under the laws of its state of incorporation or organization.  It has full capacity, right, power and authority to execute and deliver this Agreement and each other Transaction Document to which it is a party and to perform its obligations under this Agreement and each such Transaction Document.  This Agreement and each other Transaction Document to which it is a party constitutes its valid and legal binding obligation and is enforceable against it in accordance with its terms except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability.  The execution and delivery of this Agreement and each other Transaction Document to which it is a party and the consummation and conduct of the transactions contemplated hereby have been approved by all necessary action under applicable laws governing it and any of its governing instruments.

		
	(b)
	The execution and delivery of this Agreement and each other Transaction Document to which it is a party, the consummation and conduct of the transactions contemplated hereby and thereby, and the performance and fulfillment of its obligations and undertakings hereunder and thereunder by it will not violate any provision of, or result in the breach of, or accelerate or permit the acceleration of any performance required by the terms of its governing instruments, any contract, agreement, arrangement or undertaking to which it is a party or by which it is bound; any judgment, decree, writ, injunction, order or award of any arbitration panel, court or governmental authority; or any applicable law, ordinance, rule or regulation of any governmental body.

		
	(c)
	There are not claims of any kind of actions, suits, proceedings, arbitrations or investigations pending or to its knowledge, threatened in any court or before any governmental agency or instrumentality or arbitration panel or otherwise relating to it which would interfere with the consummation or conduct of the transaction contemplated by this Agreement or any other Transaction Document, or the performance and fulfillment of its obligations and undertakings hereunder.

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	(d)
	No consents, approvals, no authorizations, releases or orders are required of or by it for the authorization of, execution and delivery of, and for the performance and consummation and conduct of the transactions contemplated by this Agreement or any other Transaction Document.

"Transaction Document" means this Agreement, the Operating Agreement, the Program Management Agreements, and the SCM Transfer Agreement.

		
	13.
	Dispute Resolution.  YUM and UFPC shall each appoint one or more executives who will meet with each other  for the purpose of resolving any claim, dispute or controversy ("Dispute") between YUM and UFPC arising out of or relating to the performance of this Agreement, or any other Transaction Document, or the conduct of the Purchasing Programs.  If the Dispute is not resolved by negotiation within thirty (30) days, the parties shall endeavor to settle the Dispute by mediation under the then current Center for Public Resources ("CPR") Model Procedure for Mediation of Business Disputes.  The neutral third party will be selected from the CPR panel of neutral parties with the assistance of CPR, unless the parties agree otherwise.  In the event that the parties are unsuccessful in resolving the dispute via mediation, the parties agree promptly to resolve any dispute through binding confidential arbitration conducted in Louisville, Kentucky, in accordance with the then current rules of the American Arbitration Association ("AAA").  In regard to such arbitration, each party shall be entitled to select one arbitrator and the arbitrators selected by the parties shall select a third arbitrator. The parties irrevocably consent to such jurisdiction for purposes of the arbitration, and judgment may be entered thereon in any state or federal court in the same manner as if the parties were residents of the state of federal district in which that judgment is sought to be entered.  The arbitrator shall not make any award or decision that is not consistent with applicable law.  In any action between the parties, the arbitrators may designate the prevailing party in such action which shall recover such of its costs and expenses, including reasonable attorney fees from the non-prevailing party as the arbitrators may designate.  All applicable statutes of limitations and defenses based upon the passage of time shall be tolled while the requirements of this Section 13 are being followed.

		
	14.
	Term and Termination.

		
	(a)
	The initial term of this Agreement shall commence on the date hereof and shall continue until December 31, 2015.  Either YUM or UFPC may terminate this Agreement on any December 31 (beginning with December 31, 2015) upon giving at least three hundred sixty-five (365) days prior written notice of termination to the other party.  In any event, this Agreement will terminate upon the dissolution of UFPC pursuant to Article 17 of the Operating Agreement.

		
	(b)
	Each of YUM and UFPC may, at its option, effective upon written notice to the other party terminate this Agreement immediately upon the occurrence of any of the following events:

		
	(i)
	any material failure on the part of such party to duly observe or perform in any respect any of its material covenants or agreements set forth in this Agreement or any other Transaction Document or any material representation or warranty made by such party in this Agreement or any other Transaction Document shall fail to be correct and true when made or deemed made, which failure continues unremedied for a period of sixty (60) days after the date on which written notice of such failure requiring the same to be remedied shall have been given to other party;

		
	(ii)
	the entry of a decree or order by a court agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator for such party or any of the Concept Co-ops in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings or for 

9

the winding up or liquidation of their respective affairs and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days; or

		
	(iii)
	the consent by such party or any of the Concept Co-ops to the appointment of a conservator or receiver or liquidator in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities, or similar proceedings of or relating to such party or Concept Co-op as of or relating to substantially all of its respective property; or such party or Concept Co-op shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations.

		
	(c)
	YUM may, at its option, terminate this Agreement effective upon at least one hundred eighty (180) days prior written notice to UFPC upon the occurrence of any of the following events:

		
	(i)
	With respect to each Concept Co-op, the failure of that Concept Co-op's franchisee members operating traditional Member Outlets to report at least the percentage specified below of the gross sales reported by all System franchisee traditional Member Outlets of each concept in the Area.

	
					
	 
	Concept
	 
	Percentage
	 

	 
	 
	 
	 
	 

	 
	Kentucky Fried Chicken
	 
	50%
	 

	 
	 
	 
	 
	 

	 
	Pizza Hut
	 
	50%
	 

	 
	 
	 
	 
	 

	 
	Taco Bell
	 
	50%
	 

		
	(ii)
	Any Transaction Document to which YUM is a party shall have terminated in accordance with its terms causing material detriment to YUM.

		
	(d)
	No termination of this Agreement shall relieve a party of such party's obligations created under this Agreement for the period prior to termination.

15.    [Reserved]

		
	16.  
	Miscellaneous.

		
	(a)
	Notices.  All notices, approvals, consents and demands required or permitted under this Agreement shall be in writing and sent by hand delivery, facsimile, overnight mail, certified mail or registered mail, postage prepaid, to the parties at their addresses indicated below, and shall be deemed given when delivered by hand delivery, transmitted by facsimile or mailed by overnight, certified or registered mail.  Either party may specify a different address by notifying the other party in writing of the different address.

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If to YUM:

Mr. Christian L. Campbell
YUM! Brands, Inc.
Law Department
1441 Gardiner Lane
Louisville, Kentucky 40213

If to UFPC:

950 Breckinridge Lane ‐ Suite 300
Louisville, Kentucky 40207
Attention:  President

		
	(b)
	Governing Law.  This Agreement and the rights of the parties to this Agreement shall be governed by and interpreted in accordance with the laws of the Commonwealth of Kentucky, without regard to or application of its conflicts of law principles.

		
	(c)
	Benefit and Binding Effect.  Except as otherwise specifically provided in this Agreement, this Agreement shall be binding upon and shall inure to the benefit of the parties to this Agreement, and their legal representatives, successors and permitted assigns.

		
	(d)
	Pronouns and Number.  Wherever from the context it appears appropriate, each term stated in either the singular or the plural shall include the singular and the plural, and pronouns stated in either the masculine, feminine or neuter gender shall include the masculine, feminine and neuter gender.

		
	(e)
	Headings; Schedules.  The headings contained in this Agreement are inserted only as a matter of convenience, and in no way define, limit or extend the scope or intent of this Agreement or any provision of this Agreement.  The Schedules to this Agreement are incorporated into this Agreement by this reference and expressly made a part of this Agreement.

		
	(f)
	Partial Enforceability.  If any provision of this Agreement, or the application of any provision to any person or entity or circumstance shall be held invalid, illegal or unenforceable, then the remainder of this Agreement, or the application of that provision to persons or entities or circumstances other than those with respect to which it is held invalid, illegal or unenforceable, shall not be affected thereby.

		
	(g)
	Entire Agreements.  Except for the SCM Transfer Agreement and Operating Agreement, this Agreement constitutes the entire understanding between YUM and UFPC with respect to the subject matter hereof and shall supersede all prior and contemporaneous agreements of the parties to this Agreement with respect to the matters to which this Agreement pertains.  This Agreement may not be amended except in a writing signed by both parties.

		
	(h)
	Enforcement.  Notwithstanding the provisions of Section 13, in the event of a material breach or threatened material breach by a party of any of the material provisions of this Agreement, the other party shall be entitled to obtain a temporary restraining order and temporary and permanent injunctive relief without the necessity of proving actual damages by reason of such breach or threatened breach, and to the extent permissible under the applicable statutes and rules of procedure, a temporary injunction or restraining order may be granted immediately upon the commencement of any such suit and without notice.

11

		
	(i)
	No Waiver.  No waiver by any party to this Agreement at any time of a breach by any other party of any provision of this Agreement to be performed by such other party shall be deemed a waiver of any similar or dissimilar provisions of this Agreement at the same or any prior or subsequent time.

		
	(j)
	Third Party Beneficiaries.  It is not intended that any person or entity be a third party beneficiary of this Agreement other than the Concept Co-ops.

		
	(k)
	Public Announcements.  All public announcements about UFPC shall be made by UFPC rather than YUM or any other party; provided, however, that YUM may nevertheless make such public announcements as their respective counsel deem required by law.

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Signed:

	
					
	YUM! Brands, Inc.
	 
	 
	 

	 
	 
	 
	 
	 

	By
	/s/ Christian L. Campbell
	 
	 
	 

	 
	 
	 
	 
	 

	Title:
	Senior Vice President, General Counsel and Secretary
	 
	 
	 

	 
	 
	 
	 
	 

	Date:
	December 30, 2011
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Unified Foodservice Purchasing Co-op, LLC
	 
	 
	 

	 
	 
	 
	 
	 

	By
	/s/ Daniel E. Woodside
	 
	 
	 

	 
	 
	 
	 
	 

	Title:
	President & CEO
	 
	 
	 

	 
	 
	 
	 
	 

	Date:
	December 29, 2011
	 
	 
	 

13

    
Schedule 1

Excluded Commitments

		
	1.
	Any contract or commitment to purchase fountain beverages for use in Outlets owned by Yum! during the term of the Concepts' existing contractual arrangements with Pepsi Co., Inc. and/or Dr. Pepper/Seven Up, Inc. with respect to such Outlets.

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