Document:

EX-4.1

 Exhibit 4.1 
  

 
 P.O. Box 2600 

Valley Forge, PA 19482-2600 
 January
3rd, 2020 
 SeaChange International, Inc. 

50 Nagog Park 
 Acton, MA 01720 

RE:    Tax Benefits Preservation Plan Determination Letter 

Dear Ladies and Gentlemen: 
 Reference is made
to the Tax Benefits Preservation Plan (as amended, the “Plan”), dated as of March 4, 2019, by and between SeaChange International, Inc. (the “Company”) and the Rights Agent named therein, and to certain
provisions regarding stock ownership contained in the Plan, which generally treat any Person that, together with all Affiliates and Associates of such Person, Beneficially Owns 4.9% or more of the Company’s then-outstanding Company Securities
as an Acquiring Person. Except as otherwise indicated, terms used herein have the meanings provided in the Plan. 
 The Vanguard Group,
Inc., together with its subsidiaries (collectively, “Vanguard”), acts, or may in the future act, as the investment advisor of various investment funds and accounts (collectively, the “Funds” and, together with
Vanguard, the “Vanguard Investors”). The Vanguard Investors may, from time to time, own stock or other securities convertible into or exercisable for stock of the Company. 

In connection with the determination by the Board of Directors of the Company (the “Board”) that, pursuant to clause
(v) of the definition of “Acquiring Person”, each Vanguard Investor should be treated for purposes of the Plan as a separate entity (an “Entity”) within the meaning of
Section 1.382-3(a)(1) of the Treasury Regulations, and accordingly, that (i) each Vanguard Investor separately constitutes a “Person” within the meaning of the Plan, (ii) no Vanguard
Investor should be treated as an “Affiliate” or 

  
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 P.O. Box 2600 

Valley Forge, PA 19482-2600 
  

 “Associate” of any other Vanguard Investor within the meaning of the Plan by reason of being a
member with any other Vanguard Investor in an Entity, and (iii) no Vanguard Investor should be treated as the Beneficial Owner of any Company Securities owned by any other Vanguard Investor by reason of being a member with any other Vanguard
Investor in an Entity (the “Determination”), Vanguard hereby represents and warrants as follows: 
  

	1.	 The Vanguard Group, Inc. is and will continue to be an investment advisor within the meaning of 17 CFR
§ 13d-1 (b)(1)(ii)(E) as it relates to the Company Securities identified on any Section 13 filings with the Securities and Exchange Commission and will not perform any activities with respect to the Company Securities held by the
Funds that would be outside the scope of an investment advisor. 

  

	2.	 Neither Vanguard nor any other Vanguard Investor has made or will make any filing of Schedules 13D or 13G with
the Securities and Exchange Commission on behalf of two or more Vanguard Investors with respect to the Company Securities affirming the existence of a “group” within the meaning of Section 13(d)(3) of the Securities Exchange Act of
1934. 

  

	3.	 No Fund holds, has ever held, or will hold, taking into account any applicable constructive ownership rules,
including those under Section 1.382-2T(h) of the Treasury Regulations, an economic interest of 4.9% or more of the then-outstanding Company Securities as of the date hereof or at any time in the future.

  

	4.	 Except for the economic ownership by Vanguard itself of no more than 1% of the then-outstanding Company
Securities, Vanguard holds and will hold Company Securities on behalf of the Funds but Vanguard does not have, has never had, and will not have, the right to the dividends or proceeds from the sale or other disposition of any such Company
Securities, including the Company Securities held by other Vanguard Investors. 

  

	5.	 None of the Vanguard Investors has acquired, or will acquire, Company Securities for the purpose of gaining
control of the Company. 

  

	6.	 Neither all of the Vanguard Investors collectively nor any subset thereof have, have ever had, or will have any
formal or informal understanding amongst themselves to make any coordinated acquisitions of Company Securities, and the decision of each Vanguard Investor to acquire Company Securities is not, never has been, and never will be based on the
investment decision of any other Vanguard Investor. 

  
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 P.O. Box 2600 

Valley Forge, PA 19482-2600 
  

	7.	 Neither all of the Vanguard Investors collectively nor any subset thereof is an Entity. 

 

	8.	 Vanguard understands that the Board retains the right to revoke or modify the Determination if the Board, in
its reasonable discretion, determines that Beneficial Ownership of Company Securities by the Vanguard Investors would jeopardize or endanger the availability to the Company of its Tax Benefits, but would notify Vanguard in writing thirty
(30) calendar days prior to any such revocation or modification. 

  

	9.	 Vanguard will promptly notify the Company if it or any other Vanguard Investor has a change in circumstances
that makes any of the representations or covenants in this letter materially untrue. Vanguard agrees to cooperate with the Company if the Company reasonably requests information form Vanguard regarding the number of Company Securities owned by each
Vanguard Investor. 

  

	10.	 Vanguard understands that the Company will rely on the truth and accuracy of the statements contained in this
letter in issuing the Determination. 

  

	11.	 Vanguard understands that the Determination will be revoked, at the Company’s discretion, to the extent
that any of the representations, warranties, conditions or provisions contained this letter are breached or cease to be true, correct and complete in any material respect. 

  
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 P.O. Box 2600 

Valley Forge, PA 19482-2600 
  

 Upon confirmation of each of the above conditions, the Plan will not apply to the Vanguard
Investors as though (i) they are collectively a single Person under the Plan, (ii) they are Affiliates or Associates under the Plan by reason of being a member with any other Vanguard Investor in an Entity, or (iii) any Vanguard
Investor is the Beneficial Owner of any Company Securities owned by any other Vanguard Investor by reason of being a member with any other Vanguard Investor in an Entity. 

 

					
	Sincerely,
	
	The Vanguard Group, Inc.
		
	By:	 	 /s/ Laura Merianos

		 	Name:	 	Laura Merianos
		 	Title:	 	Principal

  

			
	Accepted and Agreed
	SeaChange International, Inc.
		
	By: 	 	 /s/ Michael D. Prinn

	Name:	 	Michael D. Prinn
	Title:	 	CFO

  
 4Exhibit 10.1

 

 

Global Blood Therapeutics, Inc. 

Amended and Restated Severance and Change in Control Policy

 

Adopted on July 23, 2015

 

(amended and restated on January 6, 2016, July 5, 2017, July 26,
2017, 

December 13, 2017, March 13, 2018, July 23, 2019, October 16,
2019 and January 7, 2020)

 

Benefits in Connection with a Sale Event.

 

In connection with a Sale Event (as defined in the Global Blood
Therapeutics, Inc. 2015 Stock Option and Incentive Plan (as may be amended or restated, the “2015 Plan”)), employees
of Global Blood Therapeutics, Inc. and its subsidiaries and affiliates (collectively, the “Company”) will be
entitled to receive the following benefits in the event of a termination of their employment or other service relationship with
the Company (or its successor or acquirer) without Cause (as defined below) or for Good Reason (as defined below) within one (1)
year after the closing of the Sale Event (the “Change in Control Period”), subject to each such employee’s
execution and non-revocation of a severance agreement within sixty (60) days following the date of such termination, including
a general release of claims acceptable to the Company or its successor or acquirer:

 

		·	Full acceleration of vesting of all outstanding equity-based awards, including stock options and restricted stock units, under
the 2015 Plan, the Company’s 2017 Inducement Equity Plan, and such additional equity incentive plans, arrangements and agreements
(as each may be further amended or restated) covering employees of the Company as the Board may adopt and approve from time to
time (collectively, “Awards”), and for the sake of clarity, for any Awards accelerated in such manner that contain
conditions and restrictions relating to the attainment of performance goals, such performance goals will be deemed achieved at
one hundred percent (100%) of target levels; and

 

		·	Payment of (a) severance in a lump sum in the amounts set forth below, (b) target incentive bonus payouts in the
amounts set forth below, equal to (i) a percentage, as set forth below, of the employee’s incentive bonus target for
the year in which the closing of the Sale Event occurred plus (ii) a prorated incentive bonus payout for the portion of the
year in which the closing of the Sale Event occurred, prorated based on employee’s incentive bonus target and the date of
termination of their employment or other service relationship with the Company and (c) if the employee was participating in
the Company’s group health plan immediately prior to the date of termination of his or her employment and elects COBRA health
continuation, payment of a monthly cash payment for the period set forth below or the employee’s COBRA health continuation
period, whichever ends earlier, in an amount equal to the monthly employer contribution that the Company would have made to provide
health insurance to the employee if the employee had remained employed by the Company, including, if applicable, the monthly employer
contribution to a health savings account:

 

     

     

    

	Position	Severance (Amount of Base Salary)	Incentive Bonus	Benefits Continuation
	Chief Executive Officer	18 months	150% bonus target and prorated payout	18 months
	Senior Management Team (“SMT”) members and Principal Accounting Officer (“PAO”)	12 months	100% bonus target and prorated payout	12 months
	Senior Vice Presidents and Vice Presidents (other than SMT members and PAO)	9 months	100% bonus target and prorated payout	9 months
	
        All Other Employees

         
	6 months	100% bonus target and prorated payout	6 months

 

Benefits Not in Connection with a Sale Event.

 

Certain designated employees of the Company who execute a participation
letter in substantially the form attached hereto as Exhibit A will be entitled to receive the following benefits in the
event of a termination of their employment or other service relationship with the Company (or its successor or acquirer) without
Cause or for Good Reason outside of the Change in Control Period, subject to each such employee’s execution and non-revocation
of a severance agreement within sixty (60) days following the date of such termination, including a general release of claims acceptable
to the Company or its successor or acquirer:

 

		·	Payment of (a) severance in a lump sum in the amounts set forth below, (b) target incentive bonus payouts in the
amounts set forth below, equal to (i) a percentage, as set forth below, of the employee’s incentive bonus target for
the year in which such termination of employment or other service relationship occurred plus (ii) a prorated incentive bonus
payout for the portion of the year in which such termination of employment or other service relationship occurred, prorated based
on employee’s incentive bonus target and the date of termination of their employment or other service relationship with the
Company and (c) if the employee was participating in the Company’s group health plan immediately prior to the date of
termination of his or her employment and elects COBRA health continuation, payment of a monthly cash payment for the period set
forth below or the employee’s COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly
employer contribution that the Company would have made to provide health insurance to the employee if the employee had remained
employed by the Company, including, if applicable, the monthly employer contribution to a health savings account:

 

 

 

 

 

 

 

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	Position	Severance (Amount of Base Salary)	Incentive Bonus	Benefits Continuation
	
        Chief Executive Officer

         
	12 months	100% bonus target and prorated payout	12 months
	SMT members and PAO 	12 months	N/A	12 months

 

General Provisions.

 

For purposes of this Amended and Restated Severance and Change in Control Policy (this
“Policy”), SMT members currently include Ted Love, Brian Cathers, Jung Choi, Jeffrey Farrow, Eric Fink, David
Johnson, Joshua Lehrer, Peter Radovich, Jonathan Sorof and Tricia Suvari, who shall each continue to be considered SMT members
for purposes of general severance and change in control severance benefits so long as they are employed with the Company as SMT
members; provided that if any such individual is employed by the Company in any other capacity (other than serving as a SMT member),
such individual will be eligible for benefits under this Policy in accordance with their then-applicable level of service as provided
above; provided further that Dr. Love shall be eligible for the general severance and change in control severance benefits applicable
to the Chief Executive Officer only so long as he is employed with the Company as the Chief Executive Officer (and if Dr. Love
is employed by the Company in any other capacity, e.g., serving as a non-CEO SMT member, he will be eligible for benefits under
this Policy in accordance with his then-applicable level of service as provided above). In addition, for purposes of this Policy,
Lesley Calhoun in her capacity as PAO has the same level of general severance and change in control severance benefits as SMT members,
so long as she is employed with the Company in this capacity.

 

The amounts payable pursuant to this Policy shall be paid or commence to be paid within
60 days following the date of termination of employment, provided that if the 60-day period begins in one calendar year and ends
in a second calendar year, such payments shall be paid or commence to be paid in the second calendar year by the last day of such
60-day period.

 

Upon the consummation of a Sale Event, to the extent Section 280G of the Internal Revenue
Code is applicable to an employee, such employee shall be entitled to receive either: (a) payment of the full amounts set
forth above to which the employee is entitled or (b) payment of such lesser amount that does not trigger excise taxes under
Section 280G, whichever results in the employee receiving a higher amount after taking into account all federal, state, and local
income, excise and employment taxes.

 

For purposes of this Policy, “Cause” shall mean (i) the
employee’s dishonest statements or acts with respect to the Company, or any current or prospective customers, suppliers,
vendors or other third parties with which such entity does business, including without limitation, the employee engaging in misappropriation
of funds or financial accounting improprieties; (ii) the employee’s commission of (A) a felony or (B) any misdemeanor involving
moral turpitude, deceit, dishonesty or fraud; (iii) the employee’s continued non-performance of his or her duties to the
Company which has continued for thirty (30) or more days following written notice of such non-performance by the Company; (iv)
the employee’s material violation of the Company’s Code of Business Conduct and Ethics or of any of the Company’s
other written employment, compliance or other policies as in effect from time to time; (v) the employee’s material violation
of any provision of any agreement(s) between the employee and the Company relating to noncompetition, nonsolicitation, confidentiality,
nondisclosure and/or assignment of inventions; or (vi) the employee’s failure to cooperate with a bona fide internal investigation
or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful
destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of
others to fail to cooperate or to produce documents or other materials in connection with such investigation.

 

    3

     

    

For purposes of this Policy, “Good Reason” shall mean that
the employee followed the “Good Reason Process” following the occurrence of (a) a material diminution in the employee’s
job responsibilities (provided that a change in the employee’s job title or reporting relationship shall not be deemed a
material diminution in the employee’s job responsibilities), (b) a material diminution in the employee’s base
salary or (c) the relocation of the employee’s principal place of business to a location that is more than twenty-five
(25) miles from the employee’s then-current location of employment. “Good Reason Process” shall mean that (i)
the employee reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the employee notifies
the Company (or its successor) in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence
of such condition; (iii) the employee cooperates in good faith with the Company’s (or its successor’s) efforts, for
a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding
such efforts, the Good Reason condition continues to exist; and (v) the employee terminates his employment within 60 days after
the end of the Cure Period. If the Company or its successor cures the Good Reason condition during the Cure Period, Good Reason
shall be deemed not to have occurred.

 

This Policy shall be administered by the Company, and the Company shall
have the power and authority to interpret the terms and provisions of this Policy, to make all determinations it deems advisable
for the administration of this Policy, to decide all disputes arising in connection with this Policy and to otherwise supervise
administration of this Policy. The Company retains the right to amend, revise, change or end this Policy at any point in the future;
provided that this Policy may not be amended or terminated during the period commencing on the date that it enters into a definitive
agreement that if consummated, would result in a Sale Event and ending on the earlier of (i) one (1) year after a Sale Event and
(ii) the termination of the definitive agreement without the consummation of a Sale Event. This Policy does not change the “at-will”
employment status of any employee.

 

In the event an employee of the Company is party to an agreement or other arrangement
with the Company that provides greater benefits than set forth in this Policy, such employee shall be entitled to receive the payments
or benefits under such other agreement or arrangement and shall not be eligible to receive any payments or benefits under this
Policy, provided that the definition of Cause set forth herein shall continue to apply to the eligibility to receive such other
benefits.

 

    4

     

    

The payments under this Policy are intended either to be exempt from Section 409A of
the Internal Revenue Code of 1986, as amended (“Section 409A”) under the short-term deferral, separation pay, or other
applicable exception, or to otherwise comply with Section 409A. This Policy shall be administered in a manner consistent with such
intent. For purposes of Section 409A, all payments under this Policy shall be considered separate payments. To the extent that
any payment or benefit described in this Policy constitutes “non-qualified deferred compensation” under Section 409A,
and to the extent that such payment or benefit is payable upon an employee’s termination of employment, then such payments
or benefits shall be payable only upon such employee’s “separation from service” (determined in accordance with
the presumptions set forth in Treasury Regulation Section 1.409A 1(h)). Notwithstanding any provision to the contrary, to the extent
an employee is considered a specified employee under Section 409A and would be entitled during the six-month period beginning on
such employee’s separation from service to a payment that is not otherwise excluded under Section 409A, such payment will
not be made until the earlier of (i) the date six months and one day after the employee’s separation from service or (ii) the
employee’s death. This Policy may be amended as may be necessary to fully comply with Section 409A and all related rules
and regulations in order to preserve the payments and benefits provided hereunder. The Company makes no representation or warranty
and shall have no liability to any employee or any other person if any provisions of this Policy are determined to constitute deferred
compensation subject to Section 409A but do not satisfy an exemption from, or the conditions of, such Section.

 

 

 

 

 

 

 

 

 

 

 

    5

     

    

EXHIBIT A 

 

PARTICIPATION LETTER

 

[DATE]

 

[PARTICIPANT NAME]

[ADDRESS]

 

Dear [PARTICIPANT]:

 

The Board of Directors of Global Blood Therapeutics, Inc. (the “Company”)
has designated you as eligible for benefits not in connection with a Sale Event (the “Non-Sale Benefits”) as
set forth in the Company’s Amended and Restated Severance and Change in Control Policy as may be amended from time to time
(the “Policy”). As set forth in the Policy, there are certain eligibility requirements for such Non-Sale Benefits
including, but not limited to, your execution of a participation letter as set forth herein.

 

You agree that to the extent any benefits to which you may be eligible
under the Policy are contingent on the termination of your employment or other service relationship by the Company (or a successor
or acquirer) without “cause,” such term shall mean Cause as defined in the Policy. For the avoidance of doubt, the
Cause definition in the Policy supersedes any other definition of such term which may apply to you.

 

This letter and the Policy constitute the entire agreement between
you and the Company with respect to the subject matter hereof and supersede in all respects any and all prior agreements (oral
or written) between you and the Company concerning such subject matter. In the event of a conflict between the terms of this letter
and the terms of the Policy, the terms of the Policy shall apply.

 

Congratulations on being selected to be eligible for Non-Sale Benefits
under the Policy.

 

 

GLOBAL BLOOD THERAPEUTICS, INC.

 

By:_________________________________

    Name:

    Title:

 

AGREED TO AND ACCEPTED

 

 __________________________________

[Participant Name]

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