Document:

spp_Ex101

		
			Exhibit 10.1
		

		
			 
		

		
			EIGHTH AMENDMENT
TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			 
		

		
			This EIGHTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of May 7, 2018, is among SANCHEZ MIDSTREAM PARTNERS LP, a Delaware limited partnership (the “Borrower”), the guarantors party hereto (the “Guarantors”), each of the Lenders party hereto, and ROYAL BANK OF CANADA, as administrative agent (in such capacity, the “Administrative Agent”), and as collateral agent (in such capacity, the “Collateral Agent”), and relates to that certain Third Amended and Restated Credit Agreement, dated as of March 31, 2015 (as amended, restated, modified or supplemented from time to time prior to the date hereof, the “Existing Credit Agreement”; and as amended hereby, the “Credit Agreement”), among the Borrower, the Lenders, the Administrative Agent, the Collateral Agent, and ROYAL BANK OF CANADA, as letter of credit issuer.
		

		
			WITNESSETH:
		

		
			WHEREAS, the parties hereto desire to make certain amendments to the Existing Credit Agreement to allow the Borrower to make quarterly distributions to its Equity Interest holders under Section 9.04(iii) of the Existing Credit Agreement for the fiscal quarter ended March 31, 2018 (the “Subject Distribution”), notwithstanding that the unused borrowing capacity at the time of such distributions may be less than 10% of the Loan Limit; and
		

		
			WHEREAS, Section 12.02 of the Existing Credit Agreement provides that the Borrower and the Lenders may amend the Existing Credit Agreement and the other Loan Documents for certain purposes; 
		

		
			NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
		

			
	
			
				 Section 1.
			Definitions.  Unless otherwise defined in this Amendment, each capitalized term used in this Amendment has the meaning assigned to such term in the Credit Agreement.

			
	
			
				 Section 2.
			Amendments to the Credit Agreement.  The Credit Agreement is hereby amended as follows:

		
			(a)    Section 7.23 of the Credit Agreement is hereby amended by amending and restating clause (b) therein to read as follows:
		

		
			“(b) for general business purposes, including Restricted Payments, provided that if the Borrower would have unused borrowing capacity that can be accessed under this Agreement in an amount less than 10% of the amount of the Loan Limit in effect at such time before or after giving effect to the requested Loan or Letter of Credit, then no proceeds of any Loan or any Letter of Credit may be used to fund Restricted Payments under Section 9.04,  provided however, that the foregoing shall not apply to any quarterly cash 

		 

 

distributions made by the Borrower for the fiscal quarter ending March 31, 2018 (to be paid on or before May 31, 2018),”
		

		
			(b)    Section 9.04 of the Credit Agreement is hereby amended by amending and restating clause (iii) therein to read as follows:  
		

		
			“(iii) so long as (A) no Borrowing Base Deficiency, Default or Event of Default has occurred and is continuing or would result therefrom (after giving effect to such dividend or distributions and any redetermination of the Borrowing Base as a result of such dividend) and (B) the Borrower would have unused borrowing capacity that can be accessed under this Agreement in an amount not less than 10% of the amount of the Loan Limit in effect at such time, the Borrower may declare and pay, or incur a liability to make, quarterly cash distributions in an amount equal to Available Cash (provided that subclause (B) shall not apply to any quarterly cash distributions made by the Borrower for the fiscal quarter ending March 31, 2018 (to be paid on or before May 31, 2018)),”
		

			
	
			
				 Section 3.
			Stipulation Regarding Availability for Borrowing.  The parties hereby agree that to the extent the unused borrowing capacity determined immediately after giving effect to the Subject Distribution, is, in fact, less than 10% of the Loan Limit in effect at such time, then for the period commencing on the date that the Borrower makes the Subject Distribution and until the date that the Borrower has provided evidence that is reasonably acceptable to the Administrative Agent that the sum of (i) the positive difference between (x) the Elected Commitment Amount minus (y) the Revolving Credit Exposure on such date, plus (ii) the Borrower’s unrestricted cash and Cash Equivalents, exceeds $20,000,000, the Borrower shall not request, and the Lenders shall have no obligation to fund, any new Borrowing if the Revolving Credit Exposure after giving effect to such Borrowing would exceed $190,000,000.  The terms of this Section 3 shall not be amended except with the consent of the Majority Lenders and the Borrower in accordance with Section 12.02(b) of the Credit Agreement. 

			
	
			
				 Section 4.
			Ratification.  Except as expressly amended, modified or waived herein, each of the Borrower and the Guarantors hereby ratifies and confirms all of the Obligations under the Credit Agreement and the other Loan Documents to which it is a party, and all references to the Credit Agreement, the Mortgages and the Notes in any of the Loan Documents shall be deemed to be references to the Credit Agreement, the Mortgages and the Notes as amended, modified or waived hereby.

			
	
			
				 Section 5.
			Effectiveness.  This Amendment shall become effective on the date (the “Amendment Effective Date”) on which each of the following conditions is satisfied:

		
			(a)    the Administrative Agent shall have received counterparts of this Amendment executed by the Administrative Agent, the Collateral Agent, the Borrower, the Guarantors and the Majority Lenders;
		

		
			(b)    the Borrower and each Guarantor shall have confirmed and acknowledged to the Administrative Agent and the Lenders, and by its execution and delivery of this Amendment the Borrower and each Guarantor do hereby confirm and acknowledge to the Administrative Agent and the Lenders, that (i) the execution, delivery and performance of this Amendment has been duly authorized by all requisite limited partnership or limited liability company action, as applicable, 

		 

		

			2

		

 

on the part of the Borrower or such Guarantor, as applicable, (ii) the Credit Agreement and each other Loan Document to which it is a party constitute valid and legally binding agreements enforceable against the Borrower or such Guarantor, as applicable, in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws relating to or affecting the enforcement of creditors’ rights generally and by general principles of equity, (iii) the representations and warranties of the Borrower or such Guarantor, if any, set forth in the Credit Agreement and in each other Loan Document to which it is a party, shall be true and correct on and as of the Amendment Effective Date, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case such representations and warranties shall have been true and correct as of such specified earlier date, (iv) no Default or Event of Default exists under the Credit Agreement or any of the other Loan Documents and (v) since December 31, 2014, there has been no event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect; and
		

			
	
			
				 Section 6.
			Amendment Fee.  Upon the effectiveness of this Amendment pursuant to Section 5, the Borrower shall pay to the Administrative Agent for the account of each Lender that has delivered an executed counterpart signature page to this Amendment to the Administrative Agent or its counsel on or before 5 p.m. central time on May 7, 2018, a fee equal to ten (10) basis points on the amount of each Lender’s allocated commitment amount of the Elected Commitment Amount.

			
	
			
				 Section 7.
			Governing Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

			
	
			
				 Section 8.
			Miscellaneous.

		
			(a)    On and after the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import, referring to the Credit Agreement, and each reference in each other Loan Document to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Existing Credit Agreement as amended or otherwise modified by this Amendment.  This Amendment shall constitute a Loan Document for purposes of the Credit Agreement. 
		

		
			(b)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any default of the Borrower  or any Guarantor or any right, power or remedy of the Administrative Agent or the Lenders under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.
		

		
			(c)    Each of the Borrower and each Guarantor represents and warrants that as of the date hereof (i) it has the limited partnership or limited liability company power and authority to execute, deliver and perform the terms and provisions of this Amendment, has taken all necessary limited partnership or limited liability company action to authorize the execution, delivery and performance of this Amendment, delivery and performance of this Amendment does not and will 

		 

		

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not contravene the terms of the Borrower’s or such Guarantor’s, as applicable, organizational documents; (ii) it has duly executed and delivered this Amendment and this Amendment constitutes the legal, valid and binding obligation of the Borrower or such Guarantor enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law); (iii) no Default or Event of Default has occurred and is continuing; and (iv) no action, suit, investigation or other proceeding is pending or threatened before any arbitrator or Governmental Authority seeking to restrain, enjoin or prohibit or declare illegal, or seeking damages from the Borrower in connection with this Amendment or which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.
		

			
	
			
				 Section 9.
			Severability.  Any provisions of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provisions so held to be invalid. 

			
	
			
				 Section 10.
			Successors and Assigns.  This Amendment is binding upon and shall inure to the benefit of the Administrative Agent, the Collateral Agent, the Lenders, the Issuer, the Borrower and each Guarantor and their respective successors and assigns.

			
	
			
				 Section 11.
			Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.  Delivery of an executed counterpart of a signature page to this Amendment by telecopier or electronically by .pdf shall be effective as delivery of a manually executed counterpart of this Amendment. 

			
	
			
				 Section 12.
			Headings.  The headings, captions and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment or any other Loan Document.

			
	
			
				 Section 13.
			Integration.  This Amendment represents the final agreement of the Borrower, each Guarantor, the Collateral Agent, the Administrative Agent, the Issuer, and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Borrower, any Guarantor, the Administrative Agent, the Collateral Agent, the Issuer, nor any Lender relative to subject matter hereof not expressly set forth or referred to herein.

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed by its officer(s) thereunto duly authorized as of the date first above written.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						SANCHEZ MIDSTREAM PARTNERS LP,
as Borrower

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						SANCHEZ MIDSTREAM PARTNERS

				
	
					
						 

					
					
						 

					
					
						 

					
					
						GP LLC, its general partner

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Charles C Ward

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Charles C. Ward

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			S - 5

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						SEP HOLDINGS IV, LLC,    as a Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Charles C. Ward

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Charles C. Ward

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CATARINA MIDSTREAM, LLC,    as a Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Charles C. Ward

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Charles C. Ward

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						SECO PIPELINE, LLC,    as a Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Charles C. Ward

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Charles C. Ward

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				

		
			 
		

		
			

		 

		

			S - 6

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						ROYAL BANK OF CANADA, as Administrative Agent and Collateral Agent

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Yvonne Brazier

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Yvonne Brazier

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Manager, Agency Services

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						ROYAL BANK OF CANADA, as a Lender and the Issuer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Don J. Mckinnerney

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Don J. Mckinnerney

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			

		 

		

			S - 7

		

 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CAPITAL ONE, NATIONAL ASSOCIATION as a Lender 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Michael Higgins

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Michael Higgins

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Director

				

		
			 

		 

		

			S - 8

		

 

		

			 

		

 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CIT Bank, N.A. as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ John Feeley

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						John Feeley

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Director

				

		
			 

		 

		

			S - 9

		

 

		

			 

		

 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Citibank, N.A. as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Jeff Ard

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Jeff Ard

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 

		 

		

			S - 10

		

 

		

			 

		

 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						COMERICA BANK as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Britney Geidel

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Britney Geidel

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Portfolio Manager

				

		
			 

		 

		

			S - 11

		

 

		

			 

		

 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						COMPASS BANK as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			 

		 

		

			S - 12

		

 

		

			 

		

 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CREDIT SUISSE AG, as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			 

		 

		

			S - 13

		

 

		

			 

		

 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						ING CAPITAL LLC as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Josh Strong

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Josh Strong

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Director

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Michael Price

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Michael Price

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Managing Director

				

		
			 

		 

		

			S - 14

		

 

		

			 

		

 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						SunTrust Bank, as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Benjamin L. Brown

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Benjamin L. Brown

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Director

				

		
			 
		

		 

		

			S - 15EX-10.6

 Exhibit 10.6 

pSivida Short Term Incentive Plan 

Purpose 
 pSivida’s Short Term Incentive (STI) Plan
(the “Plan”) is designed to drive the achievement of Corporate Performance by providing employees the opportunity to receive discretionary Short Term Incentive Awards at the Compensation Committee’s discretion, including a variety of
compensation vehicles such as Cash Bonuses based on Corporate Performance and Individual Performance each budget/performance year. The Plan replaces the “pSivida Compensation Guidelines for Key Employees.” The Plan runs concurrent with the
2016 pSivida Long Term Incentive Plan. 
 Effective Date 

The Plan is effective July 1, 2017, unless otherwise terminated or amended as set forth below. 

Eligibility 
 Active Regular, Full Time pSivida US, Inc
employees are eligible to participate in the Plan. Regular, Full Time employees are defined as continuously scheduled for thirty (30) or more hours per week. New Hires with six (6) months or more of continuous service through the end of
each budget/performance year are eligible to participate. Employees must be in good standing and maintain satisfactory performance. 
 Corporate Goal
Setting 
 pSivida’s CEO proposes annual Corporate Goals, subject to review and approval by the Board’s Compensation Committee for the upcoming
budget/performance year. 
 The Corporate Goals focus on both short term and long term strategic growth and development priorities to best yield results for
pSivida and its various stakeholder groups, in accordance with pSivida’s Values. 
 Each Corporate Goal is assigned a weighted factor, reflective of
the perceived relative importance of each Corporate Goal to the Company, with the total to equal 100%. 
 Corporate Performance Score 

At the end of the budget/performance year, the CEO will recommend to the Compensation Committee a Corporate Performance Score for each Corporate Goal, using
the following scale 1 – 5 (low – high) to describe Achievement of the Corporate Goal: 
 Corporate Performance Score 

 

							
	 Achievement

Level            
	  	Minimum
Achievement	  	Target
Achievement	  	Exceeds
Achievement
	Achievement Score	  	1	  	3	  	5

 The Compensation Committee reviews the proposed Individual Performance and Overall Corporate Performance Scores. The
Compensation Committee has the authority to exercise discretion and take into account mitigating circumstances and may adjust the Scores. The Committee will finalize the Corporate Performance Score for each Corporate Goal. The Overall Corporate
Performance Score is the sum of weighted Achievement Scores for each Corporate Goal. 
 The Overall Corporate Performance Score is one of the factors used
to calculate corporate Merit Increases and the pool for STI Awards for the annual compensation cycle. 

  

			
	Rev. June 22, 2017	 	1
	Approved June 27, 2017	 	

 pSivida Short Term Incentive Plan 

 

 Individual Performance Score 

In FY 2017, pSivida implemented a Performance Management Process for Individual Goal Setting and Performance Scores. At the beginning of each
budget/performance year, the CEO communicates pSivida’s weighted Corporate Goals to all employees. Employees work with their management to set their Individual Goals. Once the Goals are approved, they are used to track Individual Performance
and guide periodic one on one meetings between manager and employee. 
 At the end of the budget /performance year, each employee receives an Individual
Performance Results Summary Score of 1 – 5 (low to high). This Individual Performance Score is a factor used to calculate a Salary Merit Increase and an STI Award. 

Short Term Incentive Award Weighting and Governance 

Short Term Incentive Awards are “at-risk” variable compensation for each budget/performance year and are
reflective of Corporate Performance and Individual Performance. They are earned each year, and are not a permanent component of any employee’s direct compensation. The weighting of Corporate and Individual Performance, and the governance
decisions for STI Awards, are as follows: 
  

							
	 Organization Level/Title
	  	% Corporate
Performance Score
Weighting	  	% Individual
Performance Score
Weighting	  	 Determined by:

	 President and CEO
	  	100	  	0	  	Compensation Committee
				
	Direct report of CEO (independent of title, but excluding administrative assistant) [defined as ‘executives’ in the context of this document]	  	75	  	25	  	Compensation Committee & CEO
				
	 VP
	  	60	  	40	  	Senior Staff & CEO
				
	 Exec./Sr./Director
	  	50	  	50	  	Senior Staff & CEO
				
	 Assoc. Director/Sr./Manager
	  	40	  	60	  	Senior Staff & CEO
				
	 Associate Manager/Supervisor
	  	35	  	65	  	Manager
				
	 All Others
	  	25	  	75	  	Manager

 Target Short Term Incentive Percentage 

The Short Term Incentive Target is based on factors outlined above, as well as each employee’s role and its relative impact based on job responsibilities
and accountabilities. 
 Overview of pSivida’s Short Term Incentive Plan Factors 

To best illustrate how the STI Plan works, below is a snapshot of how STI Awards are calculated: 

  

									
	 Corporate

Goals     
	  	% Weighting	 	 Corporate

Performance
 Score
	  	 Overall

Individual
 Performance

Score
	  	 Payout Level

(Percent of
 Target

Amount)

		  	100%	 	 1 – 5

(Low to High)
  

Weighting per Level/Title
	  	 1 – 5
 (Low
to High)
 Sum Weighted Total Average of Each Individual Goal Achievement Score

 
 Weighting per Level/Title
	  	 0 = 0%
  

1 = 0%
  

2 = 50%
  

3 = 100%
  

4 = 110%
  

5 = 120%

  

			
	Rev. June 22, 2017	 	2
	Approved June 27, 2017	 	

 pSivida Short Term Incentive Plan 

 

 STI Award Payouts 

Short Term Incentive Awards are calculated using the factors described above. The STI Award value is paid as a Cash Lump Sum Bonus subject to discretion by the
Compensation Committee. 
 The Cash Lump Sum Bonus is generally paid (less applicable withholding and payroll taxes) within the last payroll cycle of the
quarter following the close of the budget/performance year, provided all eligibility requirements are met. 
 Changes in Employment 

Employees who change roles within the budget /performance year, will receive a pro-rated portion of STI Target
Percentage reflective to the time in the role. 
 Eligible employees on paid Leave of Absence are eligible for STI Awards on a pro-rated basis to include active status of Individual and Corporate Performance for the budget/performance year, and it will be paid in the same payroll processing schedule as the Active eligible employees 

Employees on paid Leave of Absence are eligible to participate in the STI Plan, upon Return to Work status. STI Awards will be
pro-rated to reflect Corporate and Individual Performance achieved during active status. 
 Administration

 The Compensation Committee, the retained Compensation Consultant and assigned Management Liaison to the Compensation Committee are collectively
responsible for the administration and compliance of the Plan. 

  

			
	Rev. June 22, 2017	 	3
	Approved June 27, 2017

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