Document:

Exhibit

Exhibit 10.4
AMENDMENT NO. 4
TO
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
AMENDMENT (“Amendment”) made effective on March 1, 2016 (the “Effective Date”) to the amended and restated employment agreement dated as of May 1, 2006, as amended (the “Employment Agreement”), between Celgene Corporation, a Delaware corporation (the “Company”), and Robert J. Hugin (the “Executive”).  
WHEREAS, the Company and the Executive have previously entered into the Employment Agreement; and
WHEREAS, the Company and the Executive desire to amend the Employment Agreement to appoint the Executive as the Executive Chairman of the Board of Directors of the Company on March 1, 2016.
NOW, THEREFORE, effective on the Effective Date, the Employment Agreement is hereby amended as follows:
1.The first sentence of Section 2 is hereby amended in its entirety to read as follows:

“Effective on March 1, 2016, Employee hereby resigns as Chief Executive Officer of the Company, and during the Employment Period, shall be employed in the business of the Company as the Executive Chairman of the Board, with the duties as set forth in Exhibit A attached hereto.”
2.Section 2 is hereby further amended to add the following to the end thereof:

“Notwithstanding anything to the contrary herein, nothing provided for herein shall constitute, or give rise to a Good Reason event under this Agreement, and upon Employee’s resignation as Chief Executive Officer, Employee shall not be entitled to any severance payments or benefits pursuant to Section 10. It is intended that Employee’s change in status from Chief Executive Officer to Executive Chairman of the Board shall not be a “separation from service” within the meaning of Section 409A of the Code (as defined in Section 10(f) of this Agreement).”
3.Sections 10(b)(i), (ii) and (iii) are hereby amended in their entirety to read as follows:

“(i)    failure to elect or appoint, or reelect or reappoint, Employee to, or removal of Employee from, his position with the Company as Executive Chairman of the Board, except in connection with the termination of Employee’s employment pursuant to Section 10(a);
(ii)    a significant change in the nature or scope of the authorities, powers, functions, duties or responsibilities normally attached to Employee’s position as Executive Chairman of the Board, except in each case in connection with the termination of Employee’s employment for Cause or as a result of Employee’s death, or temporarily as a result of Employee’s illness or other absence;
(iii)    a determination by Employee made in good faith that, as a result of a Change in Control, he is unable effectively to carry out the authorities, powers, functions, duties or responsibilities attached to his position as Executive Chairman of the Board, and the situation is not remedied within 30 calendar days after receipt by the Company of written notice from Employee of such determination;”
4.Except as amended hereby and expressly provided herein, the Employment Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed this 29th day of February, 2016.
EXECUTIVE
	
	
	/s/Robert J. Hugin

	Robert J. Hugin

CELGENE CORPORATION
By:    
	
	
	/s/Ernest W. Meyer

	Ernest W. Meyer

	Executive Vice President - Global Human Resources

EXHIBIT A
EXECUTIVE CHAIRMAN DUTIES
During the Employment Period, as Executive Chairman of the Board, Employee shall have responsibility and authority, subject only to the supervisory authority of the Board, in the areas of strategic planning and initiatives, advocacy and public policy matters, business development, personnel development and such other duties as may be assigned to him from time to time by the Board and, in the interim period between meetings of the Board, the Executive Committee of the Board.Exhibit

Exhibit 10.1

AMENDMENT TO AMENDED AND RESTATED
EXECUTIVE SEVERANCE AGREEMENT

This Amendment to the Amended and Restated Executive Severance Agreement is dated the 31st day of March, 2016 (this “Amendment”) between Town Sports International Holdings, Inc. (“Holdings” and collectively with its subsidiaries and affiliates being referred to as the “Company”) and Carolyn Spatafora (the “Executive”).

WHEREAS, the Company and Executive entered into that certain Amended and Restated Executive Agreement dated February 25, 2015 which Agreement amended and restated a prior Executive Severance Agreement between Executive and Town Sports International, LLC (“TSI LLC”), a subsidiary of Holdings dated May 12, 2014 (The May 12, 2014 Agreement and the Amended and Restated Executive Severance Agreement are collectively referred to as the “Severance Agreement”); and 

WHEREAS, Holdings and TSI LLC desire to further amend the Severance Agreement in order to induce the Executive to remain in the employ of the Company; and 

WHEREAS, Holdings and TSI LLC desire to amend the Severance Agreement to provide severance to Executive in the event she is Constructively Terminated or terminated without cause as defined herein.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties agree as follows: 

1.    Terms defined herein, unless stated otherwise, shall have the same meaning set forth as in the Severance Agreement.

2.    Paragraph 2, Eligibility, subparagraph (a) is amended to reflect that notwithstanding anything contained in the Severance Agreement to the contrary, Executive shall be entitled to Severance stated herein if she is terminated without cause or there is a Constructive Termination independent of whether such terminations are in connection with a Change in Control.
3.    Paragraph 2, Eligibility, is amended to reflect the insertion of the following subparagraph (a)(v):

(v)    Termination without Cause or a Constructive Termination.  If Executive’s employment with Company is terminated by the Company without Cause or by Executive for Constructive Termination, Executive except as set forth below shall have the right to receive Severance Payments as described in Section 3 of the Severance Agreement.  Notwithstanding the language of Sub-clause (ii) to the contrary with respect to Bonus for the fiscal year in which the Termination Date occurs same will be paid provided the Company is on Budget at the Termination Date to meet the EBIDTA targets set forth in the Company’s Bonus Plan.  The provisions of this subparagraph (v) shall apply independent of and notwithstanding whether there is a Change in Control as defined herein.  

3.    Except as amended, the balance of the terms of the Severance Agreement remain in full force and effect which the parties hereto ratify as of the date hereof.

    

IN WITNESS WHEREOF, the parties have executed this agreement, effective as of the date and year first written above.

	
			
	TOWN SPORTS INTERNATIONAL HOLDINGS, INC.
	 

	 
	 
	 

	By: /s/ Patrick Walsh
	 
	 

	Name: Patrick Walsh
	 
	 

	Title: Executive Chairman
	 
	 

	
			
	TOWN SPORTS INTERNATIONAL, LLC
	 

	 
	 
	 

	By: /s/ Patrick Walsh
	 
	 

	Name: Patrick Walsh
	 
	 

	Title: Executive Chairman
	 
	 

	 
	 
	 

	By: /s/ Carolyn Spatafora
	 
	 

	Carolyn SpataforaExhibit

EXHIBIT 10.1

AMENDMENT NUMBER FOUR
TO THE ASSURANT EXECUTIVE PENSION PLAN

THIS AMENDMENT to the Assurant Executive Pension Plan, as amended and restated effective as of January 1, 2009 (the “Plan”), is adopted by the Assurant, Inc. Benefit Plans Committee (the “Committee”) effective as of February 29, 2016.

W I T N E S S E T H:

WHEREAS, Assurant, Inc. (the “Company”) currently maintains the Plan;

WHEREAS, pursuant to Article 8 of the Plan, the Assurant, Inc. Benefit Plans Committee (the “Committee”) has the authority to amend the Plan, unless the amendments would significantly increase the Company’s liabilities for the Plan; and

WHEREAS, the Committee wishes to amend the Plan to freeze the further accrual of benefits under the Plan and the Committee has determined that such amendments will not significantly increase the Company’s liabilities for the Plan;

NOW THEREFORE, the Committee amends the Plan as follows:

1.

Effective as of February 29, 2016, a new Section 3.03 is hereby added to the Plan to read as follows:

“3.03    Plan Freeze    Notwithstanding anything herein to the contrary, all Pension Benefits accrued under this Plan shall be permanently frozen, effective February 29, 2016.”
2.
Effective as of February 29, 2016, the definition of “Annual Compensation” found in Article 11 of the Plan is hereby amended to read as follows:
“Annual Compensation means “Annual Compensation” as defined in the Pension Plan. Notwithstanding anything herein to the contrary, in no event shall amounts paid after February 29, 2016 be taken into account as Annual Compensation hereunder. ”
3.
Effective as of February 29, 2016, the definition of “Executive Compensation” in Article 11 of the Plan is amended by adding the following new sentence at the end thereof:
“In addition, in no event shall amounts paid after February 29, 2016 be taken into account as Executive Compensation hereunder.”
4.

A new Section 4.04 is hereby added to the Plan to read as follows:

“4.04    Continuation of Vesting after February 29, 2016.  For the avoidance of doubt, notwithstanding the freezing of all Pension Benefits effective February 29, 2016, a Participant shall continue to accrue additional vesting service under this Article 4 after February 29, 2016.”

*  *  *  *  *

Except as amended herein, the Plan shall continue in full force and effect.
 

 
IN WITNESS WHEREOF, the undersigned has adopted this Amendment Number Four to the Assurant Executive Pension Plan on the date shown below, to be effective as of the dates set forth herein.

	
				
	 
	 
	 
	ASSURANT, INC.

	 
	 
	 
	BENEFIT PLANS COMMITTEE

	 
	 
	 
	 

	Date:
	1/25/2016
	By
	/s/ Robyn Price Stonehill

	 
	 
	 
	Robyn Price Stonehill
Chairperson, Assurant, Inc. Benefits Plan Committee
Executive Vice President and Chief Human Resources Officer

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