Document:

EX-4.5

 Exhibit 4.5 
  

 
 R.R. DONNELLEY & SONS
COMPANY 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 
  

 
 ELEVENTH
SUPPLEMENTAL INDENTURE 
 Dated as of June [•], 2020 

to 
 Indenture dated as
of January 3, 2007 
  
  

[•]% Notes due 20[•] [and [•]% Notes due 20[•]] 

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	 
		 	Article I	  			
			
		 	DEFINITIONS	  			
			
	 Section 1.1
	 	 Generally
	  	 	4	 
			
		 	Article II	  			
			
		 	AMENDMENTS	  			
	 Section 2.1
	 	 Certain Amendments to the Indenture
	  	 	4	 
			
		 	Article III	  			
			
		 	MISCELLANEOUS PROVISIONS	  			
	 Section 3.1
	 	 Ratification of Indenture
	  	 	5	 
	 Section 3.2
	 	 Trustee Not Responsible for Recitals
	  	 	5	 
	 Section 3.3
	 	 Table of Contents, Headings, etc.
	  	 	5	 
	 Section 3.4
	 	 Counterpart Originals
	  	 	5	 
	 Section 3.5
	 	 Governing Law; Jury Trial Waiver
	  	 	6	 

  
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 THIS ELEVENTH SUPPLEMENTAL INDENTURE, dated as of June [•], 2020 (the “Eleventh
Supplemental Indenture”), between R.R. Donnelley & Sons Company, a Delaware corporation, as issuer (the “Company”), and Wells Fargo Bank, National Association, a national banking association, as trustee (the
“Trustee”). 
 RECITALS: 

WHEREAS, the Company has executed and delivered to the Trustee an Indenture, dated as of January 3, 2007 (the “Base
Indenture” and together with the [•] Supplemental Indenture [and [•] Supplemental Indenture], the “Indenture”), providing for the issuance by the Company from time to time of its unsecured senior debentures, notes
or other evidences of indebtedness to be issued in one or more series unlimited as to principal amount (the “Securities”); 

WHEREAS, the Company has executed and delivered to the Trustee a [•] Supplemental Indenture, dated as of [•], 20[•] (the
“[•] Supplemental Indenture”) to the Base Indenture governing the [•]% Notes due 20[•] (the “[[•] Notes]/[Notes]”) [and a [•] Supplemental Indenture, dated
as of [•], 20[•] (the “[•] Supplemental Indenture”) to the Base Indenture governing the [•]% Notes due 20[•] (the “[•] Notes” and, together with the
[•] Notes, the “Notes”)]; 
 WHEREAS, pursuant to the terms of a registration statement on Form S-4, initially filed by the Company with the Securities and Exchange Commission on May 19, 2020, the Company offered to exchange validly tendered Notes and certain of its other outstanding debt securities for
its new 8.250% senior notes due 2027 and solicited consents to certain amendments to the Indenture with respect to the Notes and other Securities as set forth herein; 

WHEREAS, Section 8.02 of the Base Indenture provides that the Company and the Trustee may amend certain provisions of the Indenture or
the Notes with the consent of the holders of a majority in aggregate principal amount of the Notes [of the applicable series] then outstanding (excluding any Notes owned by the Company or any of its Affiliates), and such consent has been received by
the Company; 
 WHEREAS, the Company desires the Trustee to join with it in the execution and delivery of this Eleventh Supplemental
Indenture, and in accordance with Sections 8.02, 8.06 and 10.04 of the Base Indenture, the Company has (i) duly adopted and delivered to the Trustee, resolutions of its Board of Directors authorizing the execution and delivery of this Eleventh
Supplemental Indenture, (ii) delivered to the Trustee evidence reasonably satisfactory to the Trustee that Holders of a majority in aggregate principal amount of the Notes outstanding have given and, as of the date hereof, have not withdrawn
their consents to the amendments set forth in this Eleventh Supplemental Indenture, and (iii) delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that the execution of this Eleventh Supplemental Indenture is
permitted by the Indenture and that all conditions precedent to its execution have been complied with, and the Indenture and this Eleventh Supplemental Indenture are valid and binding obligations of the Company and are enforceable in accordance with
their terms; 

  
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 WHEREAS, all things necessary to make this Eleventh Supplemental Indenture a valid agreement
of the Company and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have been done; 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Company covenants and agrees with the Trustee, for the equal and ratable benefit of the Holders, that the Indenture is supplemented and amended, to the extent expressed herein, as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.1    Generally. 

(a)    Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto
in the Base Indenture. 
 (b)    The rules of interpretation set forth in the Base Indenture shall be applied hereto as
if set forth in full herein. 
 ARTICLE II 

AMENDMENTS 

Section 2.1    Certain Amendments to the Indenture. Solely with respect to the Notes, the Indenture is hereby
amended as follows: 
 (a)    each of Section 4.06 (Restrictions on Secured Debt), Section 4.07 (Restrictions
on Sale and Lease-Back Transactions), Section 4.08 (Reports to Holders), Section 4.09 (Statement by Officers as to Default), clause (a) of Section 5.01 (Consolidation, Merger and Sale of Assets), and clauses (d) and (e) of
Section 9.02 (Conditions to Defeasance) in the Base Indenture is hereby deleted in its entirety and replaced with “[Intentionally Omitted]”; 

(b)    the failure to comply with the terms of any of the provisions set forth in clause (a) above shall no longer
constitute a Default or an Event of Default under the Indenture and shall no longer have any other consequence under the Indenture; 

(c)    each of clauses (3), (4) and (5) of Section 6.01 (Events of Default) in the Base Indenture is hereby
deleted in its entirety and replaced with “[Intentionally Omitted]” and the occurrence of the events described in such clauses (3), (4) and (5) shall no longer constitute Events of Default; 

(d)    all definitions set forth in Section 1.01 of the Base Indenture that relate to defined terms used solely in
sections deleted by this Eleventh Supplemental Indenture are hereby deleted in their entirety; 

  
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 (e)    all references to Sections of the Indenture amended by this
Eleventh Supplemental Indenture shall mean such Section as amended by this Eleventh Supplemental Indenture; 

(f)    all references to Sections of the Indenture deleted pursuant to this Eleventh Supplemental Indenture are hereby
deleted in their entirety in the Indenture; and 
 (g)    all references to or descriptions of Sections of the Indenture
deleted pursuant to this Eleventh Supplemental Indenture are hereby deleted in their entirety from the Notes. 
 ARTICLE III 

MISCELLANEOUS PROVISIONS 

Section 3.1    Ratification of Indenture. The Indenture, as supplemented by this Eleventh Supplemental
Indenture, is in all respects ratified and confirmed, and this Eleventh Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

Section 3.2    Trustee Not Responsible for Recitals. The recitals contained herein and in the Notes shall be
taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to and shall not be responsible for the validity or sufficiency of this Eleventh Supplemental
Indenture or of the Notes. The Trustee makes no representations as to and shall not be responsible for the Company’s 8.250% senior notes due 2027, the Company’s registration statement on Form S-4 and
the prospectus, initially filed by the Company with the Securities and Exchange Commission on May 19, 2020 or any amendment or supplement thereto, the solicitation of consents and the consents of the Holders of the Notes. In entering into this
Eleventh Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee, whether or not elsewhere herein so
provided. The Company hereby confirms to the Trustee that this Eleventh Supplemental Indenture has not resulted in a material modification of the Notes for Foreign Account Tax Compliance Act (“FATCA”) purposes. The Trustee shall assume
that no material modification for FATCA purposes has occurred regarding the Notes, unless the Trustee receives written notice of such modification from the Company. 

Section 3.3    Table of Contents, Headings, etc. The table of contents and headings of the Articles and
Sections of this Eleventh Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 3.4    Counterpart Originals. The parties may sign any number of copies of this Eleventh Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Eleventh Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Eleventh Supplemental Indenture as to the parties hereto and may be used in lieu of the original Eleventh Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
PDF shall be deemed to be their original signatures for all purposes. 

  
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 Section 3.5    Governing Law; Jury Trial Waiver. THIS
ELEVENTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS ELEVENTH SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

[Signature Pages Follow] 

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

			
	R.R. DONNELLEY & SONS COMPANY
		
	By:	 	 
		 	Name:
		 	Title:

 [Eleventh Supplemental Indenture] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

 [Eleventh Supplemental Indenture]Exhibit 10.1

 

Jerash Holdings (US), Inc.

277 Fairfield Road, Suite 338, Fairfield,
NJ 07004

(214) 906-0065

 

June 15, 2020

 

Mr. Bill Korn

61 Darren Drive

Basking Ridge, NJ 07920

 

		Re:	Director Offer Letter for An Independent Director

 

Dear Mr. Korn,

 

Jerash Holdings (US),
Inc., a Delaware corporation (the “Company”), is pleased to offer you a position as member of its board of directors
(the “Board”). We believe your background and experience will be a significant asset to the Company and we look
forward to your participation on the Board. Should you choose to accept this position as a member of the Board, this letter agreement
(this “Agreement”) shall constitute an agreement between you and the Company and contains all the terms and
conditions relating to the services you agree to provide to the Company.

 

1. Term.
This Agreement is effective upon your acceptance and signature below. Subject to the provisions in Section 8 below, your term shall
continue until your successor is duly elected and qualified. The position shall be up for re-election each year at the annual shareholder’s
meeting, and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

 

2. Services.
You shall render services as a member of the Board and the Board committees set forth on Schedule A attached
hereto (hereinafter your “Duties”). During the term of this Agreement, you shall attend and participate in such
number of meetings of the Board and of the Board committee(s) of which you are a member as regularly or specially called. You may
attend and participate at each such meeting via teleconference, video conference, or in person. You shall consult with the other
members of the Board and Board committee(s) as necessary via telephone, electronic mail, or other forms of correspondence.

 

3. Compensation.
As compensation for your services to the Company, you will receive compensation as set forth on Schedule B
attached hereto (hereinafter, the “Compensation”) for serving on the Board during your term as a director. You
shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties.

 

4. No Assignment.
Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior
written consent of the Company.

 

5. Confidential
Information; Non-Disclosure. In consideration of your access to certain Confidential Information (as defined below) of
the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

 

a. Definition.
For purposes of this Agreement the term “Confidential Information” means:

 

i. Any information
which the Company possesses that has been created, discovered, or developed by or for the Company, and which has or could have
commercial value or utility in the business in which the Company is engaged; or

 

ii. Any information
which is related to the business of the Company and is generally not known by non-Company personnel. 

 

iii. Confidential
Information includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts,
ideas, improvements, techniques, methods, research, data, know-how, software, formats, marketing plans, and analyses, business
plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

 

b. Exclusions.
Notwithstanding the foregoing, the term “Confidential Information” shall not include:

 

i. Any information
which becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement,
or any other agreement requiring confidentiality between the Company and you;

 

     

     

    

 

Jerash Holdings (US), Inc.

277 Fairfield Road, Suite 338, Fairfield,
NJ 07004

(214) 906-0065

 

ii. Information
received from a third party in rightful possession of such information who is not restricted from disclosing such information;
and

 

iii. Information
known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

 

c. Documents. You
agree that, without the express written consent of the Company, you will not remove from the Company’s premises, any notes,
formulas, programs, data, records, machines, or any other documents or items which in any manner contain or constitute Confidential
Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with
any reproductions or copies, to the Company upon the earliest of Company’s demand, termination of this Agreement, or your
termination or Resignation, as defined in Section 8 herein.

 

d. Confidentiality.
You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or
indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company,
except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use
any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your
business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.

 

e. Ownership. You
agree that Company shall own all right, title, and interest (including patent rights, copyrights, trade secret rights, mask work
rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating
to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas,
and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that
arise out of your Duties (collectively, “Inventions”) and you will promptly disclose and provide all Inventions
to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and
to perfect, obtain, maintain, enforce, and defend any rights assigned.

 

6. Non-Competition.
You agree and undertake that you will not, so long as you are a member of the Board and for a period of 12 months following termination
of this Agreement for whatever reason, directly or indirectly as owner, partner, joint venture, shareholder, employee, broker,
agent principal, corporate officer, director, licensor, or in any other capacity whatsoever, engage in, become financially interested
in, be employed by, or have any connection with any business or venture that is engaged in any activities involving services or
products which compete, directly or indirectly, with the services or products provided or proposed to be provided by the Company
or its subsidiaries or affiliates in the People’s Republic of China, the United States, and the Kingdom of Jordan; provided,
however, that you may own securities of any public corporation which is engaged in such business but in an amount
not to exceed at any one time, one percent of any class of stock or securities of such company, so long as you has no active role
in the publicly owned company as director, employee, consultant, or otherwise. 

 

7. Non-Solicitation.
So long as you are a member of the Board and for a period of 12 months thereafter, you shall not directly or indirectly solicit
for employment any individual who was an employee of the Company during your tenure.

 

8. Termination
and Resignation. Your membership on the Board may be terminated for any or no reason by a vote of the shareholders holding
at least a majority of the shares of the Company’s issued and outstanding shares entitled to vote or, alternatively, by a
written resolution adopted by the shareholders holding at least a majority of the shares of the Company’s issued and outstanding
shares entitled to vote. Your membership on the Board or on any Board committee shall be terminated if you become of unsound mind
or are prohibited by law from being so. Your membership on any Board committee will be terminated on the same effective date when
your membership on the Board is terminated. You may also terminate your membership on the Board or on any Board committee for any
or no reason by delivering your written notice of resignation to the Company (“Resignation”), and such Resignation
shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the
Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will be subject to the
Company’s obligations to pay you any compensation (including the vested portion of the Shares) that you have already earned
and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective
date of such termination or Resignation. Any Shares that have not vested as of the effective date of such termination or Resignation
shall be forfeited and cancelled.

 

    2

     

    

 

Jerash Holdings (US), Inc.

277 Fairfield Road, Suite 338, Fairfield,
NJ 07004

(214) 906-0065

 

9. Governing
Law. All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations
of the parties hereunder, shall be determined in accordance with the internal laws of the State of New York without regard to conflict
of laws provisions therein.

 

10. Entire Agreement;
Amendment; Waiver; Counterparts. This Agreement expresses the entire understanding with respect to the subject matter hereof
and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this
Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties
hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach
or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at
any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party
to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate
counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and
may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable,
as an original of such signature.

 

11. Indemnification.
The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses,
including reasonable attorney’s fees, judgments, fines, settlements, and other legally permissible amounts (“Losses”),
incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such
Losses incurred as a result of your negligence, fraud, or willful misconduct. The Company shall advance to you any expenses, including
reasonable attorneys’ fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted
by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance
of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate
documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought; and (c)
an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately
be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

 

12. Not an Employment
Agreement. This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right
for you to continue employment with the Company.

 

13. Acknowledgement.
You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive,
and final all decisions or interpretations of the Board of the Company of any questions arising under this Agreement.

 

[Signature Page Follows]

 

    3

     

    

 

Jerash Holdings (US), Inc.

277 Fairfield Road, Suite 338, Fairfield,
NJ 07004

(214) 906-0065

 

This Agreement has
been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

 

	 	Sincerely,
	 	 
	 	Jerash Holdings (US), Inc.
	 	 
	 	/s/ Choi Lin Hung
	 	By: Choi Lin Hung
	 	Title: Chairman of the Board, Chief Executive Officer, President, and Treasurer

 

AGREED AND ACCEPTED:

 

	/s/ Bill Korn	 
	By: Bill Korn 	 

 

    4

     

    

 

Jerash Holdings (US), Inc.

277 Fairfield Road, Suite 338, Fairfield,
NJ 07004

(214) 906-0065

 

Schedule A

 

The Director is offered to serve on the
following Board committee(s):

 

	Committee	 	Title
	Audit Committee	 	Member and Chairman
	Nominating and Corporate Governance Committee	 	Member
	Compensation Committee	 	Member

 

    5

     

    

 

Jerash Holdings (US), Inc.

277 Fairfield Road, Suite 338, Fairfield,
NJ 07004

(214) 906-0065

 

Schedule B

Compensation

 

During your term as a member of the Board,
you will receive cash compensation in the amount of US$40,000 per year, which shall be paid to you quarterly at the end of each
quarter.

 

 

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