Document:

Exhibit 4.44.1

 

EXECUTION VERSION

 

AMENDMENT
LETTER

 

		To:	Nordea Bank Norge ASA

Essensdrop gate 7

N-0107 Oslo

Norway

 

as Agent on behalf of the Finance
Parties as defined in the Facilities Agreement (as defined below)

 

Attention: Nina Storm Glomstein

 

Date: 23 December 2016

 

Dear Sirs

 

USD 412,000,000 Facilities Agreement
originally dated 11 April 2014 as amended and restated on 1 April 2015 and on 17 March 2016 and made between, inter alios, (i)
Hoegh LNG Cyprus Limited and Höegh LNG FSRU IV Ltd. as Borrowers, (ii) Höegh LNG Ltd., Höegh LNG Holdings Ltd.,
Höegh LNG FSRU III Ltd., Höegh LNG Partners LP, and Höegh LNG Colombia Holding Ltd as Corporate Guarantors, (iii)
Nordea Bank Norge ASA as agent, security trustee and account bank (the “Facilities Agreement”)

 

		1	Words and expressions defined in the Facilities Agreement shall have the same meaning where used
in this letter.

 

Amendments to Facilities Agreement

 

		2	We refer to the intended (i) increase in the share capital of HLNG Colombia HoldCo and (ii) subsequent
transfer of part of the shares in HLNG Colombia HoldCo from the Original Shareholder first to Höegh MLP and immediately thereafter
to OPCO, which constitutes under the terms of the Facilities Agreement a dropdown of HLNG Colombia HoldCo, FSRU IV and HCOL into
the Höegh MLP Group. It is intended that the remaining shares in HLNG Colombia HoldCo will remain in the ownership of the
Original Shareholder for the time being.

 

		3	The Facilities Agreement contemplates that a dropdown in relation to Vessel 2 will take place through
a transfer of the entire share capital of FSRU IV’s sole shareholder, HLNG Colombia HoldCo, to Höegh MLP or to OPCO.

 

		4	The Finance Parties have consented to the revised dropdown procedure subject to appropriate changes
to the Facilities Agreement being made.

 

		5	We therefore request the following amendments be made to the Facilities Agreement:

 

		i.	The definition of “Corporate Guarantor Shares Security Deed” be deleted
in its entirety and replaced with the following:

 

QUOTE

 

“Corporate Guarantor
Shares Security Deed” means each of the deeds executed or to be executed: 

 

     

     

    

 

		(a)	in respect of FSRU III, OPCO;

 

		(b)	in respect of HLNG Colombia HoldCo: 

 

		(i)	the Original Shareholder; or 

 

		(ii)	following the second Höegh MLP Effective Date, the Original Shareholder and Höegh
MLP or OPCO; or

 

		(iii)	following the final Höegh MLP Effective Date, Höegh MLP or OPCO;

 

UNQUOTE

 

		ii.	The definition of “Dropdown Borrower” be deleted in its entirety
and be replaced with the following:

 

QUOTE

 

“Dropdown Borrower”
means:

 

		(a)	FSRU IV; or

 

		(b)	HLNG Cyprus;

 

UNQUOTE

 

		iii.	The definition of “Höegh MLP Effective Date” be deleted in its entirety
and be replaced with the following:

 

QUOTE

 

“Höegh
MLP Efffective Date” means each date on which:

 

		(a)	the share capital of FSRU III and/or a Quotaholder; and/or 

 

		(b)	any part of the share capital of HLNG Colombia HoldCo; and/or 

 

		(c)	the remainder of the share capital of HLNG Colombia HoldCo,

 

is transferred to Höegh
MLP or OPCO or another wholly owned subsidiary of Höegh MLP (and in relation to which the Parent Company shall have provided
not less than 20 days written notice to the Agent), which shall occur prior to three (3) months before the Maturity Date of the
relevant Dropdown Borrower’s Loan;

 

UNQUOTE

 

		iv.	The definition of “Shareholder” to be deleted in its entirety and be
replaced with the following:

 

QUOTE

 

“Shareholder”
means:

 

		(a)	in respect of HLNG Cyprus, FSRU III;

 

		(b)	in respect of FSRU IV and HCOL, HLNG Colombia HoldCo;

 

		(c)	in respect of FSRU III, OPCO;

 

     

     

    

 

		(d)	in respect of the Quotaholders, the Original Shareholder;

 

		(e)	in respect of HLNG Colombia HoldCo:

 

		(i)	before the second Höegh MLP Effective Date, the Original Shareholder; and

 

		(ii)	following the second Höegh MLP Effective Date, the Original Shareholder and Höegh
MLP or OPCO; or

 

		(iii)	following the final Höegh MLP Effective Date, Höegh MLP or OPCO;

 

UNQUOTE

 

		v.	Clause 8.4.1 be deleted in its entirety and replaced with the following:

 

QUOTE

 

		8.4.1	(a) HLNG Cyprus (directly or indirectly) ceases to be a wholly owned subsidiary of Höegh
MLP; and/or 

 

(b) FSRU IV (directly or
indirectly) ceases to be:

 

(i) a
wholly owned subsidiary of the Original Shareholder, or 

 

(ii) following the second
Höegh MLP Effective Date, a subsidiary owned in part by the Original Shareholder and in part by Höegh MLP; or 

 

(iii) following the final
Höegh MLP Effective Date, a wholly owned subsidiary of Höegh MLP;

 

UNQUOTE

 

		vi.	Clause 18.1.2 be deleted in its entirety and replaced with the following:

 

QUOTE

 

		18.1.2	During the period: 

 

		(a)	commencing on the first Höegh MLP Effective Date and ending on the second Höegh MLP
Effective Date, the guarantee, undertaking and indemnity of the Additional Corporate Guarantor under Clause 18.1.1 above, shall
be limited by reference to the obligations of HLNG Cyprus under the Finance Documents in relation to the financing and the chartering
of Vessel 1; and

 

		(b)	commencing on the second Höegh MLP Effective Date and ending on the final Höegh MLP
Effective Date, the guarantee, undertaking and indemnity of the Additional Corporate Guarantor under Clause 18.1.1 above, shall
be limited by reference to (i) the obligations of FSRU III under the Finance Documents in relation to the financing and the chartering
of Vessel 1; and (ii) the obligations of FSRU IV under the Finance Documents in relation to the financing and chartering of Vessel
2 in proportion to the Additional Corporate Guarantor’s pro rata share of the share capital of HLNG Colombia HoldCo. 

 

UNQUOTE

 

		vii.	Clause 27.14 be deleted in its entirety and replaced with the following:

 

QUOTE

 

     

     

    

  

		27.14	Dividends and share redemption

 

		27.14.1	The Parent Company and any Borrower owned (in whole or in part, directly or indirectly as permitted
by the terms of this Agreement) by the Parent Company may:

 

		(c)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid
dividend, charge, fee or other distribution and whether in cash or in kind) to its shareholders on or in respect of its share capital
(or any class of its share capital) in relevant proportions;

 

		(d)	repay or distribute any dividend or share premium reserve;

 

		(e)	service loans from shareholders;

 

		(f)	pay any management, advisory or other fee to or to the order of any of its respective shareholders;
or

 

		(g)	redeem, repurchase, defease, retire, cancel or repay any of its share capital or resolve to
do so

 

provided that no Default
has occurred and is continuing and after giving effect to any payments made with respect to (a) – (e) above, the Parent Company
and any Borrower owned (in whole or in part as permitted by the terms of this Agreement) by the Parent Company would remain in
compliance with the financial covenants set out in Clause 22.2.1 and 22.2.2 and Clause 26.1 provided that in respect of FSRU IV
such test shall only apply in relation to the portion of such dividend or distribution payable to the Parent Company.

 

		27.14.2	Höegh MLP and any Borrower owned (in whole or in part, directly or indirectly as permitted
by the terms of this Agreement) by Höegh MLP, following the first Höegh MLP Effective Date may:

 

		(a)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid
dividend, charge, fee or other distribution and whether in cash or in kind) to its shareholders on or in respect of its share capital
(or any class of its share capital) in relevant proportions;

 

		(b)	repay or distribute any dividend or share premium reserve;

 

		(c)	service loans from shareholders;

 

		(d)	pay any management, advisory or other fee to or to the order of any of its respective shareholders;
or

 

		(e)	redeem, repurchase, defease, retire, cancel or repay any of its share capital or resolve to
do so

 

provided that no Default
has occurred and is continuing and after giving effect to any payments made with respect to (a) – (e) above, Höegh MLP
and any Borrower owned (in whole or in part, directly or indirectly as permitted by the terms of this Agreement) by Höegh
MLP would remain in compliance with the financial covenants set out in Clause 22.2.2 and 22.2.3 and Clause 26.1 provided that in
respect of FSRU IV such test shall only apply in relation to the portion of such dividend or distribution payable to Höegh
MLP.

 

UNQUOTE

 

		viii.	Paragraph (b) of Clause 27.19 be deleted in its entirety and replaced with the following:

 

QUOTE

 

     

     

    

 

		(b)	Following the first Höegh MLP Effective Date and
up to but excluding the second Höegh MLP Effective Date:

 

		a.	Höegh MLP shall directly or indirectly maintain an ownership of 100 per cent in HLNG Cyprus;

 

		b.	the Parent Company shall directly or indirectly maintain an ownership of 100 per cent in FSRU
IV;

 

		(c)	Following the second Höegh MLP Effective Date and
up to but excluding the final Höegh MLP Effective Date:

 

		a.	Höegh MLP shall directly or indirectly maintain an ownership of 100 per cent in HLNG Cyprus;

 

		b.	The Parent Company and Höegh MLP shall each directly or indirectly maintain an ownership
level in FSRU IV as notified to the Agent prior to the second Höegh MLP Effective Date (if only a partial share transfer has
been made thereon), provided that the Parent Company and Höegh MLP may adjust their respective indirect ownership levels in
FSRU IV further provided (i) they have given prior written notice of the details of the intended changes to the Agent, (ii) any
transfer of shares is in respect of HLNG Colombia HoldCo to OPCO and (iii) an appropriate amendment of the relevant Corporate Guarantor
Shares Security Deed (in a form and substance satisfactory to the Agent) is made; and

 

		(d)	Following the final Höegh MLP Effective Date:

 

		a.	Höegh MLP shall directly or indirectly maintain an ownership of no less than 100 per cent
of each Borrower. 

 

UNQUOTE

 

		ix.	Paragraph 3 of Part VII of Schedule 2 be deleted in its
entirety and replaced with the following:

 

QUOTE

 

		3.	Evidence acceptable to the Agent that the legal and beneficial ownership of the relevant Borrower
has been transferred from the Parent Company to Höegh MLP or OPCO (in whole or in part as notified to the Agent in advance
of the relevant Höegh MLP Effective Date) and, where only a partial transfer has taken place, that the remainder of the legal
and beneficial ownership of the relevant Borrower remains with the Original Shareholder, including (if requested) copies of any
purchase agreements or other documents evidencing such transaction.

 

UNQUOTE

 

		x.	A new paragraph 6 be inserted in Part VII of Schedule 2
and the subsequent paragraphs re-numbered accordingly:

 

QUOTE

 

		6.	Each Shareholder of HLNG Colombia HoldCo shall have
executed a Corporate Guarantor Shares Security Deed in respect of the shares owned by it in HLNG Colombia HoldCo on such Höegh
MLP Effective Date.

 

UNQUOTE

 

     

     

    

 

New Corporate Guarantor Shares
Security Deed

 

		6	As referred to in 2 above, immediately after having received by way of share transfer shares in
HLNG Colombia HoldCo, Höegh MLP intends to on-transfer all such shares to OPCO.

 

		7	In light of the back to back transfer of the shares, we propose that the current Corporate Guarantor
Shares Security Deed in respect of the shares in HLNG Colombia HoldCo will be amended after the occurrence of the second Höegh
MLP Effective Date and an additional Corporate Guarantor Shares Security Deed in respect of the shares transferred on that date
be entered into by OPCO in favour of the Security Trustee on or about the second Höegh MLP Effective Date but in any event
no more than five days after that Höegh MLP Effective Date, and without the need for a separate Corporate Guarantor Shares
Security Deed being entered into by Höegh MLP for the short interim period (if any) during which it owns the shares in HLNG
Colombia HoldCo.

 

Consent 

 

		8	We should be grateful if you could please counter-sign this Letter where indicated below to confirm
your agreement (i) to the amendments to the Facilities Agreement set out at paragraph 5 above and (ii) the proposed arrangements
regarding the new Corporate Guarantor Shares Security Deed in respect of the transferred shares in HLNG Colombia HoldCo set out
at paragraph 7 above.

 

		9	The provisions of the Facilities Agreement and the Finance Documents shall, save as amended by
this Letter, continue in full force and effect and the Security constituted by the Security Documents shall secure the Secured
Obligations (as defined in the Trust Deed) on the terms as amended by this Letter.

 

		10	This Letter is designated as a Finance Document under the Facilities Agreement by the Agent and
the Borrowers.

 

		11	This Letter and any non-contractual obligations arising out of or in connection with it shall be
governed by and construed in accordance with English law.

 

		12	Please confirm your agreement to the terms of this Letter by signing where indicated below and
returning a copy of this Letter to the Borrowers.

 

Yours faithfully,

 

	/s/ Ida Marie Oedegaard	 	Ida Marie Oedegaard
	 	 	Attorney-in-fact
	For and on behalf of	 	 
	HOEGH LNG CYPRUS LIMITED 	 	 
	as Borrower	 	 

 

     

     

    

 

	/s/ Ida Marie Oedegaard	 	Ida Marie Oedegaard
	 	 	Attorney-in-fact
	For and on behalf of 	 	 
	HÖEGH LNG FSRU IV LTD 	 	 
	as Borrower	 	 
	 	 	 
	/s/ Birgitte Hjertum	 	 
	 	 	 
	For and on behalf of 	 	 
	HÖEGH LNG HOLDINGS LTD	 	 
	as a Corporate Guarantor	 	 
	as Borrower	 	 
	 	 	 
	/s/ Birgitte Hjertum	 	 
	 	 	 
	For and on behalf of 	 	 
	HÖEGH LNG LTD	 	 
	as a Corporate Guarantor	 	 
	as Borrower	 	 
	 	 	 
	/s/ Ida Marie Oedegaard	 	Ida Marie Oedegaard
	 	 	Attorney-in-fact
	For and on behalf of 	 	 
	HÖEGH LNG FSRU III LTD	 	 
	as a Corporate Guarantor	 	 
	 	 	 
	/s/ Richard Tyrrell	 	 
	 	 	 
	For and on behalf of 	 	 
	HÖEGH LNG PARTNERS LP	 	 
	as a Corporate Guarantor	 	 
	 	 	 
	/s/ Ida Marie Oedegaard	 	Ida Marie Oedegaard
	 	 	Attorney-in-fact
	For and on behalf of 	 	 
	HÖEGH LNG COLOMBIA HOLDING LTD	 	 
	as a Corporate Guarantor	 	 

 

     

     

    

 

	We agreed to the terms of this Letter this 23rd day of December 2016:
	 	 	 
	 	 	Lida Logotheti
	/s/ Lida Logotheti	 	Attorney-in-fact
	NORDEA BANK NORGE ASA 	 	 
	(as Agent for the Finance Parties)	 	 
	 	 	 
	 	 	Lida Logotheti
	/s/ Lida Logotheti	 	Attorney-in-fact
	EKSPORTKREDITT NORGE AS	 	 
	(as ECA Lender)	 	 
	 	 	 
	/s/ J.A.L.M. Gorgels	 	/s/ Bjørn P. Flaate
	J.A.L.M. Gorgels 	 	Bjørn P. Flaate
	ABN AMRO BANK N.V., Oslo Branch	 	 
	(as Bank Guarantor and Commercial Lender)	 	 
	 	 	 
	/s/ ILLEGIBLE SIGNATURE	 	 
	CITIBANK NA, London Branch	 	 
	(as Bank Guarantor and Commercial Lender)	 	 
	 	 	 
	 	 	Lida Logotheti
	/s/ Lida Logotheti	 	Attorney-in-fact
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
	(as Bank Guarantor and Commercial Lender)	 	 
	 	 	 
	 	 	Lida Logotheti
	/s/ Lida Logotheti	 	Attorney-in-fact
	DANSKE BANK, Norwegian Branch	 	 
	(as Bank Guarantor and Commercial Lender)	 	 
	 	 	 
	 	 	Lida Logotheti
	/s/ Lida Logotheti	 	Attorney-in-fact
	DNB BANK ASA 	 	 
	(as Bank Guarantor and Commercial Lender)	 	 
	 	 	 
	 	 	Lida Logotheti
	/s/ Lida Logotheti	 	Attorney-in-fact
	NORDEA BANK NORGE ASA 	 	 
	 (as Commercial Lender)	 	 
	 	 	 
	 	 	Lida Logotheti
	/s/ Lida Logotheti	 	Attorney-in-fact
	NORDEA BANK FINLAND PLC 	 	 
	(as Bank Guarantor)	 	 
	 	 	 
	 	 	Lida Logotheti
	/s/ Lida Logotheti	 	Attorney-in-fact
	SWEDBANK AB (publ) 	 	 
	(as Bank Guarantor and Commercial Lender)Exhibit 10.1

 

DIPLOMAT PHARMACY, INC.

Form of Restricted Stock Unit Award Agreement

Under 2014 Omnibus Incentive Plan

 

	
Grantee:
    	
 
    	
 
    
	
Grant Date:
    	
 
    	
 
    
	
Number of Restricted Stock Units:
    	
 
    	
 
    
					

 

1.                                      Grant of RSU.  Pursuant to the Diplomat Pharmacy, Inc. 2014 Omnibus Incentive Plan (the “Plan”), effective as of the Grant Date set forth above, Diplomat Pharmacy, Inc. (the “Company”) grants to the Grantee identified above an award of      Restricted Stock Units (“RSUs”), on the terms and subject to the conditions set forth in this Restricted Stock Unit Award Agreement (this “Agreement”) and in the Plan. Each RSU represents the right to receive, upon vesting and the satisfaction of any required tax withholding obligation, one share of common stock, no par value, of Diplomat Pharmacy, Inc. (“Common Stock”).  Capitalized terms not defined in this Agreement have the meanings ascribed to such terms in the Plan.

 

2.                                      Normal Vesting.   Except as provided in Paragraphs 3, the RSUs shall become vested                   (the “Vesting Date”), provided that Grantee has remained continuously employed by the Company or a Subsidiary from the Grant Date to such vesting date.

 

3.                                      Accelerated Vesting upon Termination after Change in Control.  Notwithstanding Paragraph 2 above, upon the termination without Cause by the Company or a Subsidiary (or a successor, as applicable) of Grantee’s service as an employee or if Grantee resigns for Good Reason (as defined below) in connection with or within one year following the consummation of a Change in Control, then the vesting of the RSUs shall accelerate such that 100% of the RSUs shall vest, effective immediately prior to such termination of Grantee’s employment.  In the event of a Change in Control, if the Company’s successor (which, for the purposes of this provision, is the acquirer of the Company’s assets in a Change in Control resulting from the sale of all or substantially all of the Company’s assets) does not agree to assume this Agreement, or to substitute an equivalent award or right for this Award, and if Grantee has remained continuously employed from the Grant Date to the date of the Change in Control, and does not voluntarily resign without continuing with the Company’s successor, then the vesting of the RSUs shall accelerate such that the RSUs shall be vested to the same extent as if Grantee had been terminated without Cause as described in this Paragraph 3, effective immediately prior to, and contingent upon, the consummation of such Change in Control.

 

As used herein, “Good Reason” shall mean Grantee’s resignation due to the occurrence of any of the following conditions which occurs without Grantee’s written consent, provided that the requirements regarding advance notice and an opportunity to cure set forth below are satisfied:  (1) a reduction of Grantee’s then current base salary by 10% or more unless such reduction is part of a generalized salary reduction affecting similarly situated employees; (2) a change in Grantee’s position with the Company that materially reduces Grantee’s duties, level of

 

 

authority or responsibility; (3) a material breach of any employment agreement between Grantee and the Company or a Subsidiary (if any); or (4) the Company conditions Grantee’s continued service with the Company on Grantee’s being transferred to a site of employment that would increase Grantee’s one-way commute by more than 50 miles from Grantee’s then principal residence.  In order for Grantee to resign for Good Reason, Grantee must provide written notice to the Company of the existence of the Good Reason condition within 30 days of the initial existence of such Good Reason condition.  Upon receipt of such notice, the Company will have 30 days during which it may remedy the Good Reason condition and not be required to provide for the vesting acceleration described herein as a result of such proposed resignation.  If the Good Reason condition is not remedied within such 30-day period, Grantee may resign based on the Good Reason condition specified in the notice effective no later than 30 days following the expiration of the 30-day cure period.

 

As used herein, “Change in Control” shall mean a transaction or series of related transactions that both (i) meets the definition of the term “Change in Control” in the Plan, and (ii) meets the definition of a “change in control event” set forth in Treasury Regulation section 1.409A-3(i)(5).

 

4.                                      Issuance of Shares.  Except as provided in Paragraph 24 below, as soon as practicable (but within 30 days) after the vesting of this Award, the Company will issue and transfer to the Grantee one share of Common Stock for each RSU held by Grantee, subject to adjustment in accordance with Paragraph 10 below.  No fractional shares will be issued.

 

5.                                      Dividend Equivalent Rights.  For each cash dividend that is declared on the Common Stock after the date of this Award and prior to the Vesting Date and that is payable on or before the Vesting Date, then, on the payment date of such dividend, Grantee shall be credited with an amount equal to the cash value of the dividends that would have been paid to Grantee if one share of Common Stock had been issued on the Grant Date for each RSU granted to Grantee under this Award.  Each such credited amount shall vest on the same date that the RSUs under this Award vest, and (subject to Paragraph 24 below) the vested credited amount shall be paid in cash to Grantee, without interest, on the 30th day following the Vesting Date.

 

6.                                      Non-Transferability of RSUs.  The RSUs are personal to Grantee.  The RSUs are not transferable by Grantee.

 

7.                                      Restrictive Covenants; Compensation Recovery.  By signing this Agreement, Grantee acknowledges and agrees that the RSUs (and any stock or stock-based award previously granted by the Company or a Subsidiary to Grantee under the Plan or otherwise) shall (i) be subject to forfeiture as a result of Grantee’s violation of any agreement with the Company or a Subsidiary regarding non-competition, non-solicitation, confidentiality, non-disparagement, inventions and/or similar restrictive covenants (the “Restrictive Covenants Agreement”), and (ii) be subject to forfeiture and/or recovery under any compensation recovery policy that may be adopted from time to time by the Company or any of its Subsidiaries. For avoidance of doubt, compensation recovery rights to the RSUs or other shares of Company stock (including shares of stock acquired under previously granted stock-based awards) shall extend to the proceeds realized by Grantee due to sale or other transfer of such stock. Grantee’s prior execution of the Restrictive Covenants Agreement was a material inducement for the Company’s grant of the RSUs under this Agreement.

 

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8.                                      Conformity with Plan.  This Award is intended to conform in all respects with and is subject to all applicable provisions of the Plan, which is incorporated herein by reference. Any inconsistencies between the provisions of this Agreement and the Plan shall be resolved in accordance with the provisions of the Plan.

 

9.                                      Rights as a Participant.  Nothing contained in this Agreement shall (i) interfere with or limit in any way the right of the Company or a Subsidiary to terminate Grantee’s employment at any time and for any or no reason, (ii) confer upon Grantee any right to be selected again as a Plan Participant, or (iii) require or permit any adjustment to the number of RSUs upon or as a result of the occurrence of any subsequent event (except as provided in Paragraph 13 of the Plan).  Since no property is transferred until the shares are issued upon vesting, Grantee acknowledges and agrees that Grantee cannot and will not attempt to make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, to include the fair market value of the TSUs in Grantee’s gross income for the taxable year of the grant of the Award.

 

10.                               Withholding of Taxes.  The Company will determine, in its discretion, which of the following two methods will be used to satisfy the statutory minimum tax withholding obligations in connection with the payment of this Award:  (a) withholding from payment to Grantee sufficient cash and/or shares of Common Stock issuable under the Award having a fair market value sufficient to satisfy the withholding obligation; or (b) payment by Grantee to the Company the withholding amount by wire transfer, certified check, or other means acceptable to the Company, or by additional payroll withholding in the event Grantee fails to pay the withholding amount.  To the extent that the value of any whole shares of Common Stock withheld exceeds applicable tax withholding obligations, the Company agrees to pay the excess in cash to Grantee through payroll or by check as soon as practicable.

 

11.                               Resale Restrictions.  The Company currently has an effective registration statement on file with the Securities and Exchange Commission with respect to the RSUs. The Company currently intends to maintain this registration, but has no obligation to do so. If the registration ceases to be effective, Grantee will not be able to sell or transfer Common Stock issued to Grantee upon vesting of the RSUs unless an exemption from registration under applicable securities laws is available. Grantee agrees that any resale by Grantee of Common Stock acquired upon vesting of the RSUs shall comply in all respects with the requirements of all applicable securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, the Exchange Act, and the respective rules and regulations promulgated thereunder) and any other law, rule or regulation applicable thereto, as such laws, rules and regulations may be amended from time to time. The Company shall not be obligated to issue the Common Stock or permit their resale if such issuance or resale would violate any such requirements.

 

12.                               Consent to Transfer of Personal Data.  In administering this Agreement and the Plan, or to comply with applicable legal, regulatory, tax or accounting requirements, it may be necessary for the Company to transfer certain Grantee personal data to a Subsidiary, or to outside service providers, or to governmental agencies. By signing this Agreement and accepting the award of the RSUs, Grantee consents, to the fullest extent permitted by law, to the use and

 

3

 

transfer, electronically or otherwise, of Grantee’s personal data to such entities for such purposes.

 

13.                               Consent to Electronic Delivery.  In lieu of receiving documents in hard copy paper format, Grantee agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other agreements, documents, forms and communications) in connection with the RSUs and any other prior or future incentive award or program made or offered by the Company, a Subsidiary and their predecessors or successors. Electronic delivery of a document to Grantee may be via a Company or Subsidiary email system or by reference to a location on a Company or Subsidiary intranet site to which Grantee has access.

 

14.                               No Ownership of Common Stock Until Vesting.  Prior to the vesting of the RSUs, the Grantee shall not possess any incidents of ownership of the Common Stock, including voting or dividend rights.

 

15.                               Notices.  Any and all notices, designations, consents, offers, acceptances and any other communications provided for herein shall be given in writing and shall be delivered either personally or by registered or certified mail, postage prepaid, which shall be addressed, in the case of the Company, to the General Counsel of the Company at the principal office of the Company and, in the case of the Grantee, to the Grantee’s address appearing on the books of the Company or to such other address as may be designated in writing by the Grantee.

 

16.                               Successors.  The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and of the Grantee and the beneficiaries, executors, administrators, heirs and successors of the Grantee.

 

17.                               Invalid Provision.  The invalidity or unenforceability of any particular provision hereof shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had been omitted.

 

18.                               Modifications.  Except as provided in the Plan, no change, modification or waiver of any provision of this Agreement shall be valid unless the same is in writing and signed by the parties hereto.

 

19.                               Entire Agreement.  This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and therein and supersede all prior communications, representations and negotiations in respect thereto.

 

20.                               Governing Law.  This Agreement and the rights of the Grantee hereunder shall be governed, construed, and administered in accordance with and governed by the laws of the State of Michigan (regardless of the laws that might otherwise govern under applicable principles of conflicts of laws of such jurisdiction or any other jurisdiction).

 

4

 

21.                               Headings.  The headings of the Paragraphs hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement.

 

22.                               Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

23.                               Committee Determinations Final and Binding.  The Committee shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Grantee and his/her legal representative in respect of any questions arising under the Plan or this Agreement.

 

24.                            Code Section 409A.  This Agreement (and the benefits and payments provided for under this Agreement) are intended to be exempt from or to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and other guidance issued thereunder (“Code Section 409A), and this Agreement shall be interpreted and administered in a manner consistent with that intention; provided, however, that under no circumstances shall the Company or a Subsidiary be liable for any additional tax or other sanction imposed upon the Grantee, or other damage suffered by the Grantee, on account of this Agreement (or the benefits and payments provided for under this Agreement) being subject to and not in compliance with Code Section 409A. For purposes of this Agreement, if necessary to avoid the imposition of additional taxes upon the Grantee under Code Section 409A, the Grantee’s employment will not be considered to have terminated until and if the Grantee has experienced, in respect of the Company or a Subsidiary (or successor thereto), as applicable, a “separation from service” within the meaning of Treasury Regulation section 1.409A-1(h). Where Common Stock is required by this Agreement to be issued to the Grantee (and where dividend equivalent amounts are required to be paid to the Grantee) within a 30 day period following an applicable vesting date, the Company shall determine when during that 30 day period the Common Stock will be issued and the dividend equivalent amount will be paid to the Grantee.  If and to the extent necessary to avoid the imposition of additional taxes upon the Grantee under Code Section 409A, if the Grantee is entitled to receive Common Stock or dividend equivalent amounts upon or as a result of the Grantee’s separation from service, and if the Grantee is a “specified employee” (within the meaning of Treasury Regulation section 1.409A-1(i)) on the date of his or her separation from service, notwithstanding any other provision of this Agreement to the contrary, such Common Stock shall be issued and such dividend equivalent amounts shall be paid to the Grantee only upon the earliest to occur of (i) the day next following the date that is the six-month anniversary of the date of the Grantee’s separation from service, or (ii) the date of the Grantee’s death.

 

[signature page follows]

 

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Very Truly Yours,
    
	
 
    	
 
    
	
 
    	
Diplomat Pharmacy, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Its:
    	
 
    

 

 

The undersigned hereby acknowledges having read this Agreement and the Plan and agrees to be bound by all provisions set forth herein and in the Plan.

 

 

	
Dated as of:
    	
 
    	
 
    	
GRANTEE:
    	
 
    
	
 
    	
 
    
	
 
    	
Name:
    	
 
    
						

 

6

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