Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
 FIRST
AMENDMENT AND CONSENT 
 THIS FIRST AMENDMENT AND CONSENT, dated as of February 19, 2020 (this “First Amendment”),
to the Credit Agreement, dated as of May 24, 2019 (as the same may from time to time be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by among others, MERIDIAN BIOSCIENCE,
INC., an Ohio corporation (the “Borrower”), the Guarantors party thereto from time to time, the Lenders party thereto from time to time, and PNC BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity,
the “Administrative Agent”). 
 The Borrower has requested that the Lenders and the Administrative Agent agree to make
certain amendments to the Credit Agreement, including increasing the Revolving Credit Commitments by $35,000,000 and making certain other modifications as set forth more fully herein, and that the Lenders and the Administrative Agent consent to the
purchase by the Borrower of all of the equity interests in Exalenz Bioscience Ltd., a company organized under the laws of Israel. The Administrative Agent and the Lenders are willing to agree to so amend the Credit Agreement and provide such
consent, but only pursuant to the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing
and the agreements, provisions and covenants herein contained, the parties to this First Amendment hereby agree, on the terms and subject to the conditions set forth herein, as follows: 

Section 1. Definitions. Unless otherwise specifically defined herein, each term used herein that is defined in the Credit
Agreement shall have the meaning assigned to such term in the Credit Agreement. 
 Section 2. Amendments. 

(a) Section 1.1 of the Credit Agreement (Certain Definitions) is hereby amended by inserting the following new terms
in the appropriate alphabetical order: 
 ““Exalenz Acquisition” means the acquisition by the Borrower
of all of the equity interests of Exalenz Bioscience Ltd., a company organized under the laws of Israel pursuant to that certain Agreement and Plan of Merger dated as of February 19, 2020 by and among Borrower, APM Trust Shelf 14 LTD. and
Exalenz Bioscience Ltd. as the same may be amended, restated, supplemented or otherwise modified from time to time.” 

““First Amendment Effective Date” means February 19, 2020.” 

(b) Section 1.1 of the Credit Agreement (Certain Definitions) is hereby amended by inserting the following to appear
as the last sentence of the definition of “Permitted Acquisitions” appearing therein: 
 “For the avoidance of
doubt, the Exalenz Acquisition shall be deemed a Permitted Acquisition for all purposes of this Agreement and the other Loan Documents.” 

(c) Part 1 to Schedule 1.1(B) of the Credit Agreement (Commitments of Lenders and Addresses for Notices to Lenders) is amended and
restated in its entirety to appear as set forth on Schedule 1.1(B) attached hereto. 

 Section 3. Consent. The Borrower has notified the Administrative Agent and the
Lenders that it intends to consummate the Exalenz Acquisition. Upon the satisfaction of the conditions precedent set forth in Section 5 hereof, the Administrative Agent and the Lenders hereby consent to the entry by the
Borrower into the Exalenz Acquisition and confirm, acknowledge and agree that, notwithstanding anything to the contrary contained in the Credit Agreement or the other Loan Documents, the Exalenz Acquisition shall be, and shall be deemed to be, a
Permitted Acquisition for all purposes under the Credit Agreement and the other Loan Documents. 
 Section 4. Representations and
Warranties. Each of the Loan Parties represents and warrants to the Administrative Agent and each Lender that: 
 (a) it has full power
and authority to enter into, execute, deliver and carry out this First Amendment and each other Loan Document related thereto; 
 (b) the
First Amendment and each other Loan Document executed and delivered in connection therewith has been duly authorized and duly and validly executed and delivered by the parties thereto and constitutes the legal, valid and binding obligation of each
Loan Party which is or will be a party thereto, enforceable against such Loan Party in accordance with its terms; 
 (c) no consent,
approval, exemption, order or authorization of, or a registration or filing with, or notice to, any Official Body or any other Person is required by any Law or any agreement in connection with the execution, delivery and performance by, or
enforcement against, any Loan Party of this First Amendment and the other Loan Documents executed in connection therewith or the consummation of the transactions contemplated hereby and thereby, except as has been obtained or issued; 

(b) the representations and warranties set forth in the Credit Agreement and the other Loan Documents are true and correct true and correct in
all material respects (except representations and warranties that are qualified by materiality, which shall be true an correct in all respects, and those that expressly stated to relate to a specific earlier date, in which case such representations
and warranties were true and correct in all material respects as of such earlier date); 
 (e) both before and after giving effect to this
First Amendment, no Potential Default or Event of Default exists under the Credit Agreement, nor will any occur immediately after the execution and delivery of this First Amendment or by the performance or observance of any provision hereof, nor
will any occur immediately after the effectiveness of this First Amendment; and 
 (c) it has no claim or offset against, or defense or
counterclaim to, any obligations or liabilities of the Borrower under the Credit Agreement or any other document executed in connection with the Credit Agreement. 

 Section 5. Conditions to Effectiveness. 

(a) Conditions Precedent. The First Amendment shall be effective on the date upon which each of the following conditions precedent are
satisfied: 
 (i) the Administrative Agent shall have received the following, each in form and substance satisfactory to the
Administrative Agent: 
 (A) this First Amendment, an amendment to the Administrative Agent’s Letter (the “Fee Letter
Amendment”), amended and restated Notes and each of the other Loan Documents relating to this First Amendment, in each case duly executed by an Authorized Officer and delivered to the Administrative Agent for the benefit of the Lenders,
together with all schedules to the applicable Loan Documents; 
 (B) a certificate dated the Closing Date and signed by the Secretary or an
Assistant Secretary of each of the Loan Parties, certifying as appropriate as to: (A) all action taken by each Loan Party in connection with this First Amendment and the other Loan Documents relating hereto and attaching copies of such
resolution or other corporate or organizational action; (B) the names and titles of the Authorized Officers authorized to sign the Loan Documents and their true signatures; (C) copies of its bylaws, limited liability company agreement or
other applicable governing document as in effect on the First Amendment Effective Date; and (D) copies of its formation documents as in effect on the First Amendment Effective Date certified as of a recent date by the appropriate state official
where such documents are filed in a state office, together with certificates as of a recent date from the appropriate state officials as to the continued existence and good standing of each Loan Party in each state where organized or qualified to do
business; 
 (C) [reserved]; 

(D) a Permitted Acquisition Certificate with respect to the Exalenz Acquisition, duly executed by an Authorized Officer and delivered to the
Administrative Agent; 
 (E) a certificate of an Authorized Officer of the Borrower as to the Solvency of each of the Loan Parties after
giving effect to the First Amendment and the Exalenz Acquisition; 
 (F) written opinion(s) of counsel for the Loan Parties, dated the First
Amendment Effective Date in form and substance reasonably satisfactory to the Administrative Agent and its counsel; and 
 (G) the
Administrative Agent shall have received such additional documents, instruments and information as the Administrative Agent may reasonably request to effect the transactions contemplated hereby; 

(ii) the representations and warranties set forth in the Credit Agreement and the other Loan Documents shall be true and
correct true and correct in all material respects (except representations and warranties that are qualified by materiality, which shall be true an correct in all respects, and those that expressly stated to relate to a specific earlier date, in
which case such representations and warranties were true and correct in all material respects as of such earlier date); 

(iii) no Potential Default or Event of Default shall have occurred and be continuing, nor will any occur immediately after the
execution and delivery of this First Amendment or by the performance or observance of any provision hereof, nor will any occur immediately after the effectiveness of this First Amendment; and 

 (iv) the Borrower shall have paid all fees and expenses payable on or before
the First Amendment Effective Date as required by this First Amendment, the Fee Letter Amendment, the Credit Agreement or any other Loan Document, and Jones Day shall have received from the Borrower payment of all outstanding legal fees and expenses
previously incurred and all reasonable and documented legal fees and expenses incurred in connection with this First Amendment. 
 (b)
Condition Subsequent. The Borrower shall, within sixty (60) days after the closing of the Exalenz Acquisition (or such later date as the Administrative Agent may agree in writing, in its sole discretion), deliver to the Administrative
Agent evidence of the dissolution of Exalenz Bioscience, Inc., a Delaware corporation, which shall be satisfactory to the Administrative Agent in its sole discretion. Failure to comply with the conditions set forth herein shall constitute an
immediate Event of Default under the Credit Agreement, for which there shall be no grace or cure period. 
 Section 6. Reserved.

 Section 7. Waiver. Each Loan Party, by signing below, hereby waives and releases the Administrative Agent, the Lenders and
each of their respective Affiliates from any and all claims, offsets, defenses and counterclaims of which such Loan Party is aware, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after
having consulted legal counsel with respect thereto. 
 Section 8. Entire Agreement. This First Amendment, together with the
Credit Agreement and the other related documents, integrate all the terms and conditions mentioned herein or incidental hereto and supersede all oral representations and negotiations and prior writings with respect to the subject matter hereof. 

Section 9. Effect of First Amendment. Except as expressly set forth herein, this First Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of, amend, or otherwise affect the rights and remedies of the Administrative Agent or the Lenders under the Credit Agreement and shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. This First Amendment shall apply and be effective with respect to
the matters expressly referred to herein. After the First Amendment Effective Date, any reference to the Credit Agreement shall mean the Credit Agreement with such waivers and amendments effected hereby. 

Section 10. GOVERNING LAW. THIS FIRST AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN
CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS FIRST AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT
REGARD TO ITS CONFLICT OF LAWS PRINCIPLES.  
 Section 11. JURY TRIAL WAIVER. EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS FIRST AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)  

 
CERTIFIES THAT NO REPRESENTATIVE, ADMINISTRATIVE AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS FIRST AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11. 

Section 12. Counterparts. This First Amendment may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this First Amendment by telecopy or e-mail shall be effective as delivery of a manually executed counterpart of this First Amendment. 

Section 13. Ratification of Guaranty Agreement. Each Guarantor hereby (a) reaffirms its respective obligations under that
certain Continuing Agreement of Guaranty and Suretyship dated as of May 24, 2019 (as the same may from time to time be amended, restated, supplemented or otherwise modified from time to time, the “Guaranty Agreement”) and given
to the Administrative Agent by the undersigned Guarantors, (b) reaffirms that its respective obligations under the Guaranty Agreement are separate and distinct from the Borrower’s obligations as borrower, and reaffirms its waivers of
possible defenses to such obligations as set forth in the Guaranty Agreement, and (c) agrees that, notwithstanding the effectiveness of this First Amendment and the consummation of the transactions contemplated hereby, such guarantees shall
continue to be in full force and effect and shall accrue to the benefit of the Administrative Agent and the Lenders. Each of the Guarantors further agrees to take any action that may be required or that is reasonably requested by the Administrative
Agent to ensure compliance by the Borrower with the Credit Agreement and each of other Loan Documents. Neither this Section 13 nor the execution, delivery or effectiveness of this First Amendment shall extinguish the
obligations outstanding under, or be construed as a substitution or novation of, the Guaranty Agreement, which shall remain in full force and effect, except to any extent modified hereby or by instruments executed concurrently herewith. This
Section 13 shall be deemed to form a part of and shall be construed in connection with and as part of the Guaranty Agreement. Except as expressly amended hereby, all of the terms, covenants, representations, waivers and
other provisions contained in the Guaranty Agreement shall continue unchanged and remain in full force and effect, and all such terms, covenants, representations, waivers and other provisions are hereby incorporated herein, as if fully set forth
herein, mutatis mutandis. 
 Section 14. Ratification of Intercompany Subordination Agreement. Each of the undersigned
hereby (a) reaffirms its respective obligations under that certain Intercompany Subordination Agreement dated as of May 24, 2019 (as the same may from time to time be amended, restated, supplemented or otherwise modified from time to time,
the “Intercompany Subordination Agreement”), and (b) agrees that, notwithstanding the effectiveness of this First Amendment and the consummation of the transactions contemplated hereby, the Intercompany Subordination Agreement
shall continue to be in full force and effect and shall accrue to the benefit of the Administrative Agent and the Lenders. Neither this Section 14 nor the execution, delivery or effectiveness of this First Amendment shall
extinguish the obligations outstanding under, or be construed as a substitution or novation of, the Intercompany Subordination Agreement, which shall remain in full force and effect, except to any extent modified hereby or by instruments executed
concurrently herewith. This Section 14 shall be deemed to form a part of and shall be construed in connection with and as part of the Intercompany Subordination Agreement. Except as expressly amended hereby, all of the
terms, covenants, representations, waivers and other provisions contained in the Intercompany Subordination Agreement shall continue unchanged and remain in full force and effect, and all such terms, covenants, representations, waivers and other
provisions are hereby incorporated herein, as if fully set forth herein, mutatis mutandis. 
 [Remainder of page intentionally left
blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed
as of the day and year first written above. 
  

									
	ADMINISTRATIVE AGENT AND LENDERS:	 		 	PNC BANK, NATIONAL ASSOCIATION,
as Administrative Agent and as a Lender
					
	    	 		 		 	By:	 	 /s/ Jeff Fisher

		 		 		 	Name: Jeff Fisher
		 		 		 	Title:   Senior Vice President

 
			
	FIFTH THIRD BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Andrew Kulesza

	Name: Andrew Kulesza
	Title:   Vice President

									
	BORROWER:	 		 	MERIDIAN BIOSCIENCE, INC.
					
		 		 		 	By:	 	 /s/ Bryan Baldasare

	    	 		 		 	Name: Bryan Baldasare
		 		 		 	Title:   Chief Financial Officer
			
	GUARANTORS:	 		 	MERIDIAN BIOSCIENCE CORPORATION
					
		 		 		 	By:	 	 /s/ Bryan Baldasare

		 		 		 	Name: Bryan Baldasare
		 		 		 	Title:   Chief Financial Officer
				
		 		 		 	MERIDIAN LIFE SCIENCE, INC.
					
		 		 		 	By:	 	 /s/ Bryan Baldasare

		 		 		 	Name: Bryan Baldasare
		 		 		 	Title:   Chief Financial Officer
				
		 		 		 	MAGELLAN BIOSCIENCES, INC.
					
		 		 		 	By:	 	 /s/ Bryan Baldasare

		 		 		 	Name: Bryan Baldasare
		 		 		 	Title:   Chief Financial Officer
				
		 		 		 	MAGELLAN DIAGNOSTICS, INC.
					
		 		 		 	By:	 	 /s/ Bryan Baldasare

		 		 		 	Name: Bryan Baldasare
		 		 		 	Title:   Chief Financial Officer
			
	SOLELY FOR PURPOSES OF SECTION 14:	 		 	MERIDIAN BIOSCIENCE INTERNATIONAL LTD.
					
		 		 		 	By:	 	 /s/ Bryan Baldasare

		 		 		 	Name: Bryan Baldasare
		 		 		 	Title:   Director
				
		 		 		 	BIOLINE (AUST) PTY LTD
					
		 		 		 	By:	 	 /s/ Jack Kenny

		 		 		 	Name: Jack Kenny
		 		 		 	Title:   Director

 
			
	MERIDIAN BIOSCIENCE BEIJING, LLC
		
	By:	 	 /s/ Bryan Baldasare

	Name:	 	Bryan Baldasare
	Title:	 	Executive Director
	
	BIOLINE GMBH
		
	By:	 	 /s/ Harold Ottenhof

	Name:	 	Harold Ottenhof
	Title:	 	Managing Director
	
	BIOLINE REAGENTS LIMITED
		
	By:	 	 /s/ Bryan Baldasare

	Name:	 	Bryan Baldasare
	Title:	 	Director
	
	MERIDIAN BIOSCIENCE EUROPE B.V.
		
	By:	 	 /s/ Bryan Baldasare

	Name:	 	Bryan Baldasare
	Title:	 	Director
	
	MERIDIAN BIOSCIENCE EUROPE S.A.
		
	By:	 	 /s/ Bryan Baldasare

	Name:	 	Bryan Baldasare
	Title:	 	Director
	
	MERIDIAN BIOSCIENCE UK LIMITED
		
	By:	 	 /s/ Bryan Baldasare

	Name:	 	Bryan Baldasare
	Title:	 	Director
	
	MERIDIAN BIOSCIENCE EUROPE – S.R.L.
		
	By:	 	 /s/ Bryan Baldasare

	Name:	 	Bryan Baldasare
	Title:	 	Directoroled-ex1036_123.htm

Exhibit 10.36

UNIVERSAL DISPLAY CORPORATION

EQUITY COMPENSATION PLAN

 

BRIDGE GRANT AGREEMENT

 

 

This BRIDGE GRANT AGREEMENT (this “Agreement”), effective as of December 12, 2019 (the “Date of Grant”), is delivered by Universal Display Corporation (the “Company”), to Steven V. Abramson (the “Grantee”).

RECITALS

The Universal Display Corporation Equity Compensation Plan, amended and restated effective as of June 19, 2014 (the “Plan”), provides for the Company’s ability to grant stock awards in accordance with the terms and conditions of the Plan.

The Compensation Committee of the Board of Directors of the Company, along with the Board of Directors of the Company (collectively, the “Directors”) have approved the issuance of annual long term incentive grants to executives to modify the previous multi-year retention share awards system implemented for executives, and have determined that it is in the best interests of the shareholders to make a one-time Bridge Grant (defined below) stock award to each such executive as part of the implementation of the annual long term incentive program, subject to the restrictions set forth in this Agreement, as an inducement for each such executive to continue to:

	
 
	
•
	
Devote substantial time and attention to promotion and development of the Company at a time that is important for the future success of the Company;

	
 
	
•
	
Maintain a significant long-term ownership interest in the Company;

	
 
	
•
	
Continue in employment in order to ensure continuity of leadership and vision for the Company; and thereby

	
 
	
•
	
Increase shareholder value.

The Directors have determined that the Bridge Grant is reasonable and appropriate compensation for the services to be provided by the Grantee, as an executive, to the Company.  References in this Agreement to capitalized terms not defined herein shall have the meanings given to those terms in the Plan.

NOW, THEREFORE, the parties to this Agreement, intending to be legally bound, hereby agree as follows:

1.Bridge Grant.  As approved by the Directors, the Company hereby grants to the Grantee 25,600 shares of common stock of the Company, subject to the terms, conditions and restrictions set forth below and in the Plan (the “Bridge Grant”).

1

 

2.Vesting and Restriction on Disposition of the Bridge Grant.

(a)The Bridge Grant shall become vested according to the following schedule, if the Grantee continues to be employed by the Company from the Date of Grant until the applicable vesting date.

		
	
Vesting Date

 
	
Vested Shares

	
March 6, 2021
	
12,800

	
March 6, 2022
	
12,800

 

The vesting of the Bridge Grant shall be cumulative, but shall not exceed 100% of the Bridge Grant.

(b)Notwithstanding the foregoing, the Bridge Grant shall vest in accordance with the terms of the Grantee’s Amended and Restated Change in Control Agreement, dated November 4, 2008, between the Company and the Grantee (the “Change in Control Agreement”) in the event of a Change in Control, as defined in the Change in Control Agreement (a “Change in Control”). 

(c)Subject to subsection (b) above and to the Directors’ discretion under Section 8 of the Plan, if the Grantee ceases to be employed by the Company for any reason before the Bridge Grant is fully vested, the shares of the Bridge Grant that are not then vested shall be forfeited and must be immediately returned to the Company.  The Bridge Grant (whether or not vested) may also be forfeited under the circumstances described in Section 4 below.

(d)In no event may any unvested shares of the Bridge Grant be assigned, transferred, pledged or otherwise disposed of or encumbered by the Grantee before the shares vest.  With respect to each share subject to the Bridge Grant, the “Restriction Period” is the period beginning on the Date of Grant and ending on the date of vesting of such share. Any attempt to assign, transfer, pledge or otherwise dispose of or encumber the shares contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon such shares, shall be null, void and without effect. 

3.Issuance of Certificates.

(a)Stock certificates representing the Bridge Grant, with appropriate legends reflecting the restrictions under this Agreement, may be issued by the Company to the Grantee or may be held in escrow by the Company, as determined by the Directors.  When the Grantee obtains a vested right to shares of the Bridge Grant, the Grantee shall have the right to receive a certificate representing the vested shares (net of any applicable tax withholding).  During the Restriction Period, the Grantee shall receive any cash dividends with respect to the shares of the Bridge Grant, may vote the shares of the Bridge Grant and may participate in any distribution pursuant to a plan of dissolution or complete liquidation of the Company.  In the event of a dividend or distribution payable in stock or other property or a reclassification, split up or similar event during the Restriction Period, the shares or other property issued or declared with respect to the Bridge Grant shall be subject to the same terms and conditions relating to vesting and transfer as the shares to which they relate.

2

 

(b)The Company’s obligation to deliver shares pursuant to the Bridge Grant shall be subject to all applicable laws, rules and regulations and also to such approvals by governmental agencies as may be deemed appropriate to comply with relevant securities laws and regulations.

4.Clawback.  Notwithstanding any provisions of this Agreement to the contrary, with respect to each share subject to the Bridge Grant  (whether or not vested), the share shall be forfeited, and must be immediately returned to the Company, upon request by the Directors, in the event that, during the Restriction Period for such share, (i) the Grantee materially breaches a written non-competition, non-solicitation or confidentiality agreement between the Grantee and the Company and the Grantee fails to cure the breach (if such breach is curable) within 30 days after receiving written notice from the Company of the breach; (ii) the Grantee commits an act of dishonesty, fraud, embezzlement or theft in connection with his duties or in the course of the Grantee’s employment with the Company; (iii) the Grantee is convicted of a felony or a crime of moral turpitude; or (iv) the Grantee engages in actions that result in a material restatement of the financial statements of the Company, except that any “restatement” as defined herein shall not include a restatement due to retrospective adoption of new accounting standards or changes or transactions where GAAP requires retrospective adoption.  

5.Grant Subject to Plan Provisions.  The Bridge Grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan.  The Bridge Grant is subject to interpretations, regulations and determinations concerning the Plan established from time to time by the Directors in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) the registration, qualification or listing of the shares, (ii) changes in capitalization of the Company, and (iii) other requirements of applicable law.  The Directors shall have the authority to interpret and construe the Bridge Grant pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.

6.Tax Withholding.  Withholding for any federal, state, local or other taxes required with respect to the vesting of the Bridge Grant shall be governed by the Plan, except that the Grantee may elect to satisfy any tax withholding obligation of the Company with respect to the Bridge Grant by having shares withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA), state, local and other tax liabilities.  The Company shall establish procedures for such an election by the Grantee.

7.No Employment or Other Rights.  The Bridge Grant shall not confer upon the Grantee any right to be retained by or in the employ of the Company and shall not interfere in any way with the right of the Company to terminate the Grantee’s employment at any time. The right of the Company to terminate at will the Grantee’s employment at any time for any reason is specifically reserved.

8.Assignment by Company.  The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates.  This Agreement may be assigned by the Company without the Grantee’s consent.

3

 

9.Applicable Law.  The validity, construction, interpretation and effect of this instrument shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to the conflicts of laws provisions thereof.

10.Notice.  Any notice to the Company provided for in this instrument shall be addressed to the Company care of the Vice President Legal at 375 Phillips Boulevard, Ewing, New Jersey 08618, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the payroll of the Company, or to such other address as the Grantee may designate to the Company in writing.  Any notice shall be delivered by hand or by a recognized courier service such as FedEx or UPS, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service.

IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this instrument, and the Grantee has placed his signature hereon.

UNIVERSAL DISPLAY CORPORATION

By: /s/ Sidney D. Rosenblatt 

 

Name: Sidney D. Rosenblatt

 

Title: Executive Vice President and CFO

 

Date: December 12, 2019

 

 

I, Steven V. Abramson, President & CEO of the Company, hereby accept the grant of the Bridge Grant described in this Agreement, and I agree to be bound by the terms of the Plan and this Agreement.  I hereby further agree that all of the decisions and determinations of the Directors with respect to the Bridge Grant and this Agreement shall be final and binding.

 

 

              /s/ Steven V. Abramson        

_____________________________________

Steven V. Abramson, Grantee

 

     December 12, 2019

Date

 

 

4

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