Document:

mgln_Ex4_6

		

			Exhibit 4.6

		

		

			 

		

		

			Execution Version

		

		

			 

		

		
			AMENDMENT NO. 2 TO CREDIT AGREEMENT
		

		
			This AMENDMENT NO. 2, dated as of February 27, 2019 (this “Agreement”; capitalized terms used herein without definition having the meanings provided in Article I), is entered into among MAGELLAN HEALTH, INC., (with its successors, the “Borrower”), each Lender a party hereto and MUFG BANK, LTD. (formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd.), as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders.
		

		
			PRELIMINARY STATEMENTS:
		

		
			The Borrower, the Lenders and the Administrative Agent are parties to the Credit Agreement.
		

		
			The Borrower has requested that the Lenders amend Section 9.09 of the Credit Agreement.
		

		
			The Lenders party to this Agreement (the “Consenting Lenders”) are, on the terms and conditions stated below, willing to grant such request and to amend the Credit Agreement as hereinafter set forth.
		

		
			NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party to this Agreement agrees, as follows:
		

		
			ARTICLE I
		

		
			DEFINITIONS
		

		
			1.01     Definitions.  The following terms (whether or not underscored) when used in this Agreement, including its preamble and recitals, shall have the following meanings (such definitions to be equally applicable to the singular and plural forms thereof):
		

		
			“Administrative Agent” is defined in the preamble.
		

		
			“Agreement” is defined in the preamble.
		

		
			“Amendment No. 2 Effective Date”  is defined in Section 3.01.
		

		
			“Borrower” is defined in the preamble.
		

		
			“Consenting Lenders” is defined in the recitals.
		

		
			“Credit Agreement” means the Credit Agreement dated as of September 22, 2017 (as amended by Amendment No. 1 to Credit Agreement dated as of August 13, 2018,  as amended, amended and restated, supplemented or modified from time to time), among the Borrower, the Lenders party thereto and the Administrative Agent.
		

		
			“Lenders” means each Lender from time to time party to the Credit Agreement.
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement – Magellan Health, Inc.

		

		

			1

		

 

		

		
			 
		

		
			1.02     Other Definitions.  Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble and recitals, have the meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined) provided in the Credit Agreement.
		

		
			ARTICLE II
		

		
			AMENDMENTS
		

		
			2.01     Amendments.  Effective as of the Amendment No. 2 Effective Date, and subject to the terms and conditions set forth herein and in reliance upon representations and warranties set forth herein, the Credit Agreement is hereby amended as follows:
		

		
			Section 9.09 of the Credit Agreement is hereby amended by deleting it in its entirety and substituting in lieu thereof the following:
		

		
			“9.09.   Total Leverage Ratio.  The Borrower will not permit the Total Leverage Ratio for any Test Period ending on the last day of any fiscal quarter of the Borrower set forth below to be greater than the ratio set forth opposite such fiscal quarter:
		

			
					
						Fiscal Quarter Ending

					
					
						Leverage Ratio

				
	
					
						December 31, 2018:

					
					
						3.25 to 1.0

				
	
					
						March 31, 2019:

					
					
						3.25 to 1.0

				
	
					
						June 30, 2019:

					
					
						3.25 to 1.0

				
	
					
						September 30, 2019:  

					
					
						3.25 to 1.0

				
	
					
						December 31, 2019:

					
					
						2.75 to 1.0

				
	
					
						Each fiscal quarter thereafter:

					
					
						2.50 to 1.0

				

		
			 
		

		
			provided that, commencing with the fiscal quarter ending on December 31, 2019,  at the request of the Borrower, following a Permitted Acquisition of at least $100,000,000 in aggregate consideration, the Total Leverage Ratio as of the last day of the four consecutive fiscal quarters following the consummation of such Permitted Acquisition shall not be greater than 3:00:1:00 (such period, a “Leverage Covenant Holiday”); provided,  further, that there shall be no more than two such Leverage Covenant Holidays permitted during the remaining term of this Agreement.”
		

		
			2.02     Other Credit Documents.  From and after the Amendment No. 2 Effective Date, each reference to the Credit Agreement in any Credit Document shall be a reference to the Credit Agreement, as amended by this Agreement, as the same may hereafter be further amended, amended and restated, supplemented or otherwise modified.
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement – Magellan Health, Inc.

		

		

			2

		

 

		

		
			 
		

		
			ARTICLE III
		

		
			CONDITIONS PRECEDENT
		

		
			3.01     Conditions of Effectiveness.  This Agreement becomes effective on the date (the “Amendment No.2 Effective Date”) on which each of the following conditions have been satisfied:
		

		
			(a)        Amendment No. 2 to Credit Agreement.  This Agreement has been duly executed and delivered by the Borrower, the Administrative Agent and Required Lenders.
		

		
			(b)        No Material Adverse Effect.  Since September 30, 2018, no event, development or circumstance has occurred that has had or could reasonably be expected to have a Material Adverse Effect.
		

		
			(c)        No Default or Event of Default.  After giving effect to this Agreement, no event, act or condition has occurred and is continuing which would constitute a Default or Event of Default.
		

		
			(d)         Consent Fee. The Administrative Agent shall have received, for the ratable account of each Consenting Lender, a fee equal to (i) for each Lender that has executed and delivered a counterpart hereof to the Administrative Agent on or prior to 3:00 p.m. Eastern Time on February 19, 2019, 0.15% of such Lender’s undrawn Commitment and amount of outstanding Loans on the Amendment No. 2 Effective Date (such fee, the “Early Consent Fee”) and (ii) for each other Lender that has executed and delivered a counterpart hereof to the Administrative Agent after 3:00 p.m. Eastern Time on February 19, 2019 but on or prior to 3:00 p.m. Eastern Time on February 22, 2019 (the “Deadline”), 0.10% of such Lender’s undrawn Commitment and amount of outstanding Loans on the Amendment No. 2 Effective Date (such fee, the “Regular Consent Fee”, and together with the Early Consent Fee, the “Consent Fees”).  The Consent Fees shall be payable in U.S. dollars in immediately available funds as directed by the Administrative Agent. Once paid, no Consent Fees shall be refundable under any circumstances.  For the avoidance of doubt, no Consent Fee shall be payable to any Lender that does not consent to this Agreement prior to the Deadline.
		

		
			(e)        Costs and Expenses.  The Administrative Agent shall have received payment for the costs and expenses required to be reimbursed on or before the Amendment No. 2 Effective Date pursuant to Section 5.04.
		

		
			ARTICLE IV
		

		
			REPRESENTATIONS AND WARRANTIES
		

		
			In order to induce the Lenders to enter into this Agreement, the Borrower hereby represents and warrants that on and as of the Amendment No. 2 Effective Date after giving effect to this Agreement:
		

		
			4.01     Due Authorization; No Conflict.  The execution and delivery by the Borrower of this Agreement and the performance by the Borrower of this Agreement and the Credit Agreement, as amended and otherwise modified by this Agreement, have been duly authorized
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement – Magellan Health, Inc.

		

		

			3

		

 

		

		
			 
		

		
			by all necessary corporate or other organizational action of the Borrower, and do not and will not: (a) contravene the terms of the Borrower’s organizational documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any contractual obligation to which the Borrower is a party or affecting the Borrower, or any properties of the Borrower or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or any of their property is subject; or (c) violate any applicable Law to which the Borrower or any of their property is subject, except to the extent a violation thereof would not reasonably be expected to have a Material Adverse Effect.
		

		
			4.02     Enforceability.  Each of this Agreement and the Credit Agreement, as amended and otherwise modified by this Agreement, constitute a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability may be limited by applicable debtor relief laws and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).
		

		
			4.03     Representations and Warranties.  Each of the representations and warranties of the Borrower in Section 7 of the Credit Agreement shall be true and correct in all material respects (except that any representation and warranty that contains a materiality qualification is true and correct in all respects) on and as of the date hereof, with the same effect as if now made, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct (or true and correct in all material respects, as the case may be) as of such earlier date.
		

		
			4.04     No Default.  After giving effect to this Agreement, no Default or Event of Default has occurred and is continuing or resulted from the consummation of the transactions contemplated by this Agreement or any other Credit Document.
		

		
			ARTICLE V
		

		
			MISCELLANEOUS
		

		
			5.01     Credit Document.  This Agreement is a Credit Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof.
		

		
			5.02     Lender Consent.  For purposes of determining compliance with the conditions specified in Section 3.01, each Lender party hereto shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Amendment No. 2 Effective Date specifying its objection thereto.
		

		
			5.03     Effect of Agreement.  (a) The Credit Agreement, as specifically amended or otherwise modified by this Agreement, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.  Nothing in this Agreement shall constitute a
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement – Magellan Health, Inc.

		

		

			4

		

 

		

		
			 
		

		
			novation of the Borrower's obligations under the Credit Agreement or any other Credit Document.
		

		
			(b)        The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement.
		

		
			5.04     Costs and Expenses.  The Borrower agrees to pay the costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Agreement and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Administrative Agent).
		

		
			5.05     Waiver. The Administrative Agent and the Consenting Lenders hereby waive any potential or existing Default or Event of Default solely related to the subject matter of this Agreement prior to the date hereof; provided, that this waiver shall not be deemed to extend or apply to any subsequent Default or Event of Default.
		

		
			5.06     Section Captions.  Section captions used in this Agreement are for convenience of reference only, and shall not affect the construction of this Agreement.
		

		
			5.07     Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.
		

		
			5.08     Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
		

		
			[Signature Page Follows]
		

		
			 
		

		
			 
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement – Magellan Health, Inc.

		

		

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			IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						MAGELLAN HEALTH, INC.,

				
	
					
						 

					
					
						as Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Jonathan N. Rubin

				
	
					
						 

					
					
						Name:

					
					
						 Jonathan N. Rubin

				
	
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						MUFG BANK, LTD.,

				
	
					
						 

					
					
						as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Edwin M. Cook, Jr.

				
	
					
						 

					
					
						Name:

					
					
						 Edwin M. Cook, Jr.

				
	
					
						 

					
					
						Title:

					
					
						Managing Director

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						MUFG BANK, LTD.,

				
	
					
						 

					
					
						as Lender, Issuing Lender and Swingline Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Teuta Ghilaga

				
	
					
						 

					
					
						Name:

					
					
						 Teuta Ghilaga

				
	
					
						 

					
					
						Title:

					
					
						Director

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						COMPASS BANK,

				
	
					
						 

					
					
						as Lender and Issuing Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Marlon Figueroa

				
	
					
						 

					
					
						Name:

					
					
						 Marlon Figueroa

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						JPMORGAN CHASE BANK, N.A.,

				
	
					
						 

					
					
						as Lender and Issuing Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Kenneth Wong

				
	
					
						 

					
					
						Name:

					
					
						 Kenneth Wong

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						 

					
					
						as Lender and Issuing Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Joseph M. Schnorr

				
	
					
						 

					
					
						Name:

					
					
						 Joseph M. Schnorr

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, NATIONAL

				
	
					
						 

					
					
						ASSOCIATION, as Lender and Issuing Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Darin Mullis

				
	
					
						 

					
					
						Name:

					
					
						 Darin Mullis

				
	
					
						 

					
					
						Title:

					
					
						Managing Director

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BANK OF CHINA, NEW YORK BRANCH,

				
	
					
						 

					
					
						as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Raymond Qiao

				
	
					
						 

					
					
						Name:

					
					
						 Raymond Qiao

				
	
					
						 

					
					
						Title:

					
					
						EVP

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CITIBANK, N.A., as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Blake Gronich

				
	
					
						 

					
					
						Name:

					
					
						 Blake Gronich

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FIFTH THIRD BANK, as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Vera B. McEvoy

				
	
					
						 

					
					
						Name:

					
					
						 Vera B. McEvoy

				
	
					
						 

					
					
						Title:

					
					
						Director II

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						KEYBANK NATIONAL ASSOCIATION,

				
	
					
						 

					
					
						as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Douglas Gardner

				
	
					
						 

					
					
						Name:

					
					
						 Douglas Gardner

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CITY NATIONAL BANK, as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Diane Morgan

				
	
					
						 

					
					
						Name:

					
					
						 Diane Morgan

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BANK OF TAIWAN, NEW YORK BRANCH,

				
	
					
						 

					
					
						as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Yue-Li Shih

				
	
					
						 

					
					
						Name:

					
					
						 Yue-Li Shih

				
	
					
						 

					
					
						Title:

					
					
						SVP & General Manager

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FIRST COMMERCIAL BANK, LTD., A

				
	
					
						 

					
					
						REPUBLIC OF CHINA BANK ACTING

				
	
					
						 

					
					
						THROUGH ITS LOS ANGELES BRANCH,

				
	
					
						 

					
					
						as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Ching-Fang Liao

				
	
					
						 

					
					
						Name:

					
					
						Ching-Fang Lio

				
	
					
						 

					
					
						Title:

					
					
						SAVP & General Manager

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HUA NAN COMMERCIAL BANK LTD.,

				
	
					
						 

					
					
						NEW YORK AGENCY, as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Tewei Lin

				
	
					
						 

					
					
						Name:

					
					
						 TEWEI LIN

				
	
					
						 

					
					
						Title:

					
					
						Deputy General Manager

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LAND BANK OF TAIWAN, NEW YORK

				
	
					
						 

					
					
						BRANCH, as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Fred Liu

				
	
					
						 

					
					
						Name:

					
					
						 Fred Liu

				
	
					
						 

					
					
						Title:

					
					
						Deputy General Manager

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						TAIWAN BUSINESS BANK, LTD., NEW

				
	
					
						 

					
					
						YORK BRANCH, as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Sandy Chen

				
	
					
						 

					
					
						Name:

					
					
						Sandy Chen

				
	
					
						 

					
					
						Title:

					
					
						General Manger

				

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						TAIWAN COOPERATIVE BANK,

				
	
					
						 

					
					
						SEATTLE BRANCH, as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Christine Lin

				
	
					
						 

					
					
						Name:

					
					
						 CHRISTINE LIN

				
	
					
						 

					
					
						Title:

					
					
						VP AND MANAGER

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CTBC BANK CO., LTD., NEW YORK

				
	
					
						 

					
					
						BRANCH, as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Ralph Wu

				
	
					
						 

					
					
						Name:

					
					
						 Ralph Wu

				
	
					
						 

					
					
						Title:

					
					
						SVP & General Manager

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						E.SUN COMMERCIAL BANK, LTD.,

				
	
					
						 

					
					
						LOS ANGELES BRANCH, as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Edward Chen

				
	
					
						 

					
					
						Name:

					
					
						 Edward Chen

				
	
					
						 

					
					
						Title:

					
					
						SVP & General Manager

				

		
			 
		

		
			
		

		
			

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature Page

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						THE GUNMA BANK, LTD., as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Toru Sasaki

				
	
					
						 

					
					
						Name:

					
					
						 Toru Sasaki

				
	
					
						 

					
					
						Title:

					
					
						General Manager of International Department

				

		
			 
		

		 

		

			Amendment No. 2 to Credit Agreement

		

		

			Magellan Health, Inc.

		

		

			Signature PageExhibit

       Exhibit 10.1
        
RESTRICTED STOCK UNIT GRANT NOTICE
UNDER THE
ACUSHNET HOLDINGS CORP. 
2015 OMNIBUS INCENTIVE PLAN

Acushnet Holdings Corp. (the “Company”), pursuant to its 2015 Omnibus Incentive Plan (the “Plan”), hereby grants to the Participant set forth below the number of Restricted Stock Units (“RSUs”) set forth below.  The RSUs are subject to all of the terms and conditions as set forth herein, in the Restricted Stock Unit Agreement (attached hereto), and in the Plan, all of which are incorporated herein in their entirety.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.
	
		
	Participant:
	[Insert Participant Name]

	Date of Grant:
	[Insert Date of Grant]

	Number of RSUs:
	[Insert No. of Restricted Stock Units Granted]

	Vesting Commencement Date:
	[Insert Vesting Commencement Date]

	Vesting Schedule:
	Provided that the Participant has not undergone a Termination prior thereto, all RSUs granted hereunder shall vest on [Insert Vesting Date] (the “Vesting Date”, the period between the Vesting Commencement Date and the Vesting Date, the “Vesting Period”).

Notwithstanding the above:
(a)    In the event of a Termination as a result of a Full Career Retirement on or after the first anniversary of the Vesting Commencement Date (solely to the extent the Participant satisfies the criteria set forth in Section 2(aa)(i) of the Plan), the RSUs shall remain eligible to vest but with the actual number of RSUs vesting pro-rated to reflect the period of Participant’s service with the Company during the Vesting Period.
(b)    In the event of a Termination by the Service Recipient without Cause during the 12 month period following a Change in Control, the RSUs, to the extent not then vested, shall fully vest on the date of such Termination.
(c)    In the event of a Termination as a result of the death or Disability of the Participant during the Vesting Period, the RSUs, to the extent not then vested, shall fully vest on the date of such Termination.
*    *    *

THE UNDERSIGNED PARTICIPANT ACKNOWLEDGES RECEIPT OF THIS RESTRICTED STOCK UNIT GRANT NOTICE, THE RESTRICTED STOCK UNIT AGREEMENT AND THE PLAN, AND, AS AN EXPRESS CONDITION TO THE GRANT OF RESTRICTED STOCK UNITS HEREUNDER, AGREES TO BE BOUND BY THE TERMS OF THIS RESTRICTED STOCK UNIT GRANT NOTICE, THE RESTRICTED STOCK UNIT AGREEMENT AND THE PLAN.

	
			
	ACUSHNET HOLDINGS CORP.
	 
	PARTICIPANT

	 
	 
	 

	By:                       
Title:  
	 
	Name: 

        

RESTRICTED STOCK UNIT AGREEMENT
UNDER THE
ACUSHNET HOLDINGS CORP. 
2015 OMNIBUS INCENTIVE PLAN

Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) delivered to the Participant (as defined in the Grant Notice), and subject to the terms of this Restricted Stock Unit Agreement (this “Restricted Stock Unit Agreement”) and the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (the “Plan”), Acushnet Holdings Corp. (the “Company”) and the Participant agree as follows.  The Grant Notice is incorporated into and deemed a part of this Restricted Stock Unit Agreement.  Capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Plan.
1.Grant of Restricted Stock Units.  Subject to the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant the number of Restricted Stock Units (“RSUs”) provided in the Grant Notice (with each RSU representing an unfunded, unsecured right to receive one share of Common Stock upon vesting).
2.Vesting.  Subject to the conditions contained herein and in the Plan, the RSUs shall vest as provided in the Grant Notice.
3.Settlement of Restricted Stock Units.  The provisions of Section 9(d)(ii) of the Plan are incorporated herein by reference and made a part hereof.  Except as otherwise elected pursuant to any election form submitted under the Acushnet Holdings Corp. Employee Deferral Plan (the “Deferral Plan”), payment in settlement of any vested RSU shall be made in Common Stock as soon as practicable following the applicable vesting date but in no event later than 60 days following such date.  
4.Treatment of Restricted Stock Units Upon Termination.  Except as provided in the Grant Notice, the provisions of Section 9(c)(ii) of the Plan are incorporated herein by reference and made a part hereof.
5.Company; Participant.
(a)The term “Company” as used in this Agreement with reference to employment shall include the Company and its subsidiaries.
(b)Whenever the word “Participant” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the RSUs may be transferred by will or by the laws of descent and distribution, the word “Participant” shall be deemed to include such person or persons.
6.Non-Transferability.  The RSUs are not transferable by the Participant except to Permitted Transferees in accordance with Section 14(b) of the Plan.  Except as otherwise provided herein, no assignment or transfer of the RSUs, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the RSU shall terminate and become of no further effect.
7.Rights as Stockholder.  The Participant or a permitted transferee of the RSUs shall have no rights as a stockholder with respect to any share of Common Stock underlying an RSU unless and until the Participant shall have become the holder of record or the beneficial owner of such Common Stock and, subject to Section 9, no adjustment shall be made for dividends or distributions or other rights in respect of such share of Common Stock for which the record date is prior to the date upon which the Participant shall become the holder of record or the beneficial owner thereof.  To the extent that the Participant is not already a party to the Stockholders’ Agreement, the Committee may require the 

Participant to execute and become a party to the Stockholders’ Agreement as a condition to the issuance of Common Stock in settlement of the RSUs, by executing and delivering to the Company a joinder to the Stockholders’ Agreement.
8.Tax Withholding.  The provisions of Section 14(d)(i) of the Plan are incorporated herein by reference and made a part hereof.  Except in the event the Participant consents in writing to satisfaction of any required withholding in a different manner (which may include the delivery of shares of Common Stock (which are not subject to any pledge or other security interest) that have been held by the Participant for at least six (6) months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying GAAP) having a Fair Market Value equal to such withholding liability), any required withholding will be satisfied by having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the settlement of the Award a number of shares with a Fair Market Value equal to such withholding liability, provided that the number of such shares may not have a Fair Market Value greater than the minimum required statutory withholding liability unless determined by the Committee not to result in adverse accounting consequences.
9.Dividend Equivalents.  As of any date that the Company pays an ordinary cash dividend on its Common Stock, the Company shall credit the Participant with an amount equal to (a) the per share cash dividend paid by the Company on its Common Stock on such date, multiplied by (b) the total number of RSUs subject to the Award that are outstanding immediately prior to the record date for that dividend (a “Dividend Equivalent Right”).  Any Dividend Equivalent Rights credited pursuant to the foregoing provisions of this Section 9 shall be subject to the same vesting, payment and other terms, conditions and restrictions as the original RSUs to which they relate, including with respect to RSUs for which a deferral election has been made under the Deferral Plan; provided, however, that (i) with respect to RSUs for which a deferral election has not been made under the Deferral Plan, the Company will decide on the form of payment and may pay dividend equivalents in shares of Common Stock, in cash or in a combination thereof, in each case, without interest and (ii) with respect to RSUs for which a deferral election has been made under the Deferral Plan, the Share Account (as defined in the Deferral Plan) shall be credited with a number of shares of Common Stock determined by dividing the amount of the Dividend Equivalent Right relating to such RSUs by the Fair Market Value of a share of Common Stock on the dividend payment date, with the value of any fractional shares paid to the Participant in cash.  No crediting of Dividend Equivalent Rights shall be made pursuant to this Section 9 with respect to any RSUs which, immediately prior to the record date for that dividend, have either been settled, cancelled or forfeited.
10.Clawback/Repayment.  All RSUs shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (a) any clawback, forfeiture or other similar policy adopted by the Board or the Committee and as in effect from time to time, and (b) applicable law.  The Committee may also provide that if the Participant receives any amount in excess of the amount that the Participant should have otherwise received under the terms of the RSUs for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations or other administrative error), the Participant shall be required to repay any such excess amount to the Company.
11.Detrimental Activity.  Notwithstanding anything to the contrary contained in the Plan, the Grant Notice or this Restricted Stock Unit Agreement, if a Participant has engaged or engages in any Detrimental Activity, the Committee may, in its sole discretion, (a) cancel any or all of the RSUs, and (b) the Participant will forfeit any after-tax gain realized on the vesting of such RSUs, and must repay the gain to the Company.
12.Notice.  Every notice or other communication relating to this Agreement between the Company and the Participant shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided that, unless and until some other address be so 

designated, all notices or communications by the Participant to the Company shall be mailed or delivered to the Company at its principal executive office, to the attention of the Company Secretary, and all notices or communications by the Company to the Participant may be given to the Participant personally or may be mailed to the Participant at the Participant’s last known address, as reflected in the Company’s records.  Notwithstanding the above, all notices and communications between the Participant and any third-party plan administrator shall be mailed, delivered, transmitted or sent in accordance with the procedures established by such third-party plan administrator and communicated to the Participant from time to time.
13.No Right to Continued Service.  This Agreement does not confer upon the Participant any right to continue as an employee or service provider to the Company.
14.Binding Effect.  This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto.
15.Waiver and Amendments.  Except as otherwise set forth in Section 13 of the Plan, any waiver, alteration, amendment or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by the parties hereto; provided, however, that any such waiver, alteration, amendment or modification is consented to on the Company’s behalf by the Committee.  No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver.
16.Governing Law.  This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of law thereof.  Notwithstanding anything contained in this Restricted Stock Unit Agreement, the Grant Notice or the Plan to the contrary, if any suit or claim is instituted by the Participant or the Company relating to this Restricted Stock Unit Agreement, the Grant Notice or the Plan, the Participant hereby submits to the exclusive jurisdiction of and venue in the courts of Delaware.
17.Plan.  The terms and provisions of the Plan are incorporated herein by reference.  In the event of a conflict or inconsistency between the terms and provisions of the Plan and the provisions of this Agreement, the Plan shall govern and control.
18.Section 409A.  The RSUs granted hereunder are intended and shall be construed to comply with Section 409A of the Code (including the requirements applicable to, or the conditions for exemption from treatment as, a “deferral of compensation” or “deferred compensation” as those terms are defined in the regulations under Section 409A, whether by reason of short-term deferral treatment or other exceptions or provisions).

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