Document:

Exhibit 10.6

    

    

    LDH Growth Corp I

    600 Brickell Avenue, Suite 2650

    Miami, Florida 33138

    	
            LDH Sponsor LLC

            600 Brickell Avenue, Suite 2650

            Miami, Florida 33138

          	
            

            

          

    

    

    	
            RE:

          	
            Securities Subscription Agreement

          

    

    

    Ladies and Gentlemen:

    

    

    We are pleased to accept the offer LDH Sponsor LLC, a Delaware limited liability company (the “Subscriber” or “you”),
      has made to subscribe for 7,187,500 Class B ordinary shares (the “Shares”), $0.0001 par value per share (the “Class B Ordinary Shares” together with all other classes of
      Company (as defined below) ordinary shares, the “Ordinary Shares”), up to 937,500 Shares of which will be required to be surrendered by you and cancelled if the underwriters of the initial public offering (“IPO”)

      of LDH Growth Corp I, a Cayman Islands exempted company (the “Company”), do not fully exercise their over-allotment option (the “Over-allotment Option”). The terms (this
      “Agreement”) on which the Company is willing to sell the Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding such Shares, are as follows:

    

    

    	 	
            1.

          	
            Subscription and Purchase of Securities.

          

    

    

    
      	
              a.

            	
              Subscription for Shares. For the sum of $25,000, which the Company acknowledges receiving through a payment made by the Subscriber on behalf of the Company to cover certain expenses of the Company, the Company hereby issues the
                Shares to the Subscriber, and the Subscriber hereby subscribes for the Shares from the Company, subject to the surrender and cancellation provisions of Section 3 below, on the terms and subject to the conditions set forth in this
                Agreement.  All references in this Agreement to shares of the Company being surrendered and cancelled shall take effect as surrenders and cancellation for no consideration of such shares as a matter of Cayman Islands law.  On the issuance
                of the Shares, the Company and the Subscriber hereby agree to the repurchase by the Company of the one ordinary share, with par value of $0.0001, of the Company currently held by the Subscriber in consideration for repurchase proceeds equal
                to the subscription price previously paid for such share.

            

    

    

    

    	 	
            2.

          	
            Representations, Warranties and Agreements.

          

    

    

    	

          	a.	
            Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:

          

    

    

    	

          	i.	
            No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the offering of the Shares.

          

    

    

    	

          	ii.	
            No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and
              governing documents of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party, (iii) any law, statute, rule or regulation to which the Subscriber is subject, or (iv) any agreement, order, judgment or
              decree to which the Subscriber is subject.

          

    
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          	iii.	
            Formation and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws of the State of Delaware and possesses all requisite power and authority necessary to carry out
              the transactions contemplated by this Agreement. Upon execution and delivery by you, this Agreement will be a legal, valid and binding agreement of Subscriber, enforceable against Subscriber in accordance with its terms, except as such
              enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement
              is sought in a proceeding at law or in equity).

          

    

    

    	

          	iv.	
            Experience, Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its
              investment in the Shares for an indefinite period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore cannot be resold unless subsequently registered under the Securities Act or an
              exemption from such registration is available. Subscriber is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. Subscriber must bear the economic risk of this
              investment until the Shares are sold pursuant to: (x) an effective registration statement under the Securities Act or (y) an exemption from registration available with respect to such sale. Subscriber is able to bear the economic risks of an
              investment in the Shares and to afford a complete loss of Subscriber’s investment in the Shares.

          

    

    

    	

          	v.	
            Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment
              in the Company, as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information so obtained. In determining whether to make this
              investment, Subscriber has relied solely on Subscriber’s own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and the information furnished pursuant to this paragraph.
              Subscriber understands that no person has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations or information in
              making its investment decision, whether written or oral, relating to the Company, its operations or its prospects.

          

    

    

    	

          	vi.	
            Regulation D Offering.  The Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption applicable to “accredited investors” or similar exemptions under federal
              and state law.

          

    

    

    	

          	vii.	
            Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not for the account or benefit of any other person, and not with a view towards the distribution or
              dissemination thereof. The Subscriber did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 of Regulation D under the Securities Act.

          

    
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          	viii.	
            Restrictions on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering within the meaning of the Securities Act. Subscriber understands the Shares will be
              “restricted securities” as defined in Rule 144(a)(3) under the Securities Act, and Subscriber understands that the certificate representing the Shares (if any) will contain a legend in respect of such restrictions. If in the future the
              Subscriber decides to offer, resell, pledge, charge or otherwise transfer the Shares, such Shares may be offered, resold, pledged, charged or otherwise transferred only in accordance with the provisions of Section 5 hereof. Subscriber agrees
              that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Subject
              to a registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares until
              one year following consummation of the initial business combination of the Company, despite technical compliance with the certain requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

          

    

    

    	

          	ix.	
            No Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part of Subscriber in connection with the transactions contemplated by this
              Agreement.

          

    

    

    	

          	b.	
            Company’s Representations, Warranties and Agreements. To induce the Subscriber to subscribe for the Shares, the Company hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows:

          

    

    

    	

          	i.	
            Incorporation and Corporate Power. The Company is a Cayman Islands exempted company and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse
              effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement.

          

    

    

    	

          	ii.	
            No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Memorandum and
              Articles of Association of the Company dated [  ], 2021, (ii) any agreement, indenture or instrument to which the Company is a party, (iii) any law, statute, rule or regulation to which the Company is subject, or (iv) any agreement, order,
              judgment or decree to which the Company is subject.

          

    

    

    	

          	iii.	
            Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, and registration of the issuance of the Shares in the Company’s register of members, the Shares will be duly and validly issued,
              fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, and registration of the issuance of the Shares in the Company’s register of members, the Subscriber will have or receive good title to
              the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the Subscriber in writing, (b)
              transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber.

          

    
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          	iv.	
            No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the
              transactions contemplated by this Agreement or (ii) question the validity or legality of any transactions or seek to recover damages or to obtain other relief in connection with any transactions.

          

    

    

    3. Surrender and Cancellation of Shares.

    

    

    	

          	a.	
            Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option is not exercised in full, the Subscriber acknowledges and agrees that it shall surrender for cancellation any and all rights to such number
              of Shares (up to an aggregate of 937,500 Shares and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such surrender and cancellation, the Subscriber (and all other initial shareholders
              prior to the IPO, if any) will own an aggregate number of Class B ordinary shares (not including Ordinary Shares issuable upon exercise of any warrants or any Ordinary Shares subscribed for or purchased by the Subscriber in the IPO or in the
              aftermarket) equal to 20% of the issued and outstanding Ordinary Shares immediately following the IPO.

          

    

    

    	

          	b.	
            Termination of Rights as Shareholder. If any of the Shares are surrendered and cancelled in accordance with this Section 3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder
              of such Shares, and the Company shall take such action as is appropriate to cancel such Shares.

          

    

    

    4. Waiver of Liquidation Distributions; Redemption Rights.  In connection with the Shares subscribed for pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any
      distributions by the Company from the trust account which will be established for the benefit of the Company’s public shareholders and into which substantially all of the proceeds of the IPO will be deposited (the “Trust

        Account”), in the event of a liquidation of the Company upon the Company’s failure to timely complete an initial business combination.  For purposes of clarity, in the event the Subscriber purchases and subscribes for Ordinary Shares in the
      IPO or in the aftermarket, any additional Ordinary Shares so purchased / subscribed shall be eligible to receive any liquidating distributions by the Company.  However, in no event will the Subscriber have the right to redeem any Shares for funds
      held in the Trust Account upon the successful completion of an initial business combination by the Company.

    

    

    5. Restrictions on Transfer.

    

    

    	

          	a.	
            Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider Letter”) to be dated as of the closing of the IPO
              by and between Subscriber and the Company, Subscriber agrees not to sell, transfer, pledge, charge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration statement on the appropriate form
              under the Securities Act and applicable state securities laws with respect to the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to the Company, that
              such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state securities laws.

          

    
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          	b.	
            Lock-up. Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the Insider Letter. Pursuant to the Insider Letter, and subject to the
              exceptions contained therein, Subscriber will agree not to sell, transfer, pledge, charge, hypothecate or otherwise dispose of all or any part of the Shares until the earlier to occur of: (A) one year after the completion of the Company’s
              initial business combination or (B) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction after its initial business combination that results in all of its shareholders having the right to
              exchange their shares of Ordinary Shares for cash, securities or other property. Notwithstanding the foregoing, if the last sale price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends,
              reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial business combination the Shares will be released from the Lock-up.

          

    

    

    	

          	c.	
            Restrictive Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

          

    

    

    “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
      TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

    

    

    “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP-PERIOD.”

    

    

    	

          	d.	
            Additional Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary dividend payable in a form other than Ordinary Shares, a spin-off, a share split, an adjustment in
              conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding Ordinary Shares without receipt of consideration, any new, substituted or additional securities or other property which are by reason of such
              transaction distributed with respect to any Shares subject to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to Section 3 and this Section 5. Appropriate adjustments to reflect the
              distribution of such securities or property shall be made to the number or class of Shares subject to Section 3 or this Section 5.

          

    

    

    	

          	e.	
            Registration Rights. Subscriber acknowledges that the Shares are being subscribed for pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after certain conditions
              are met or they are registered pursuant to a Registration and Shareholder Rights Agreement to be entered into with the Company prior to the closing of the IPO.

          

    

    

    6. Other Agreements.

    

    

    	

          	a.	
            Further Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

          

    
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          	b.	
            Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be: in writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier
              service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party and
              (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be
              deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight
              courier service or five (5) days after mailing if sent by mail.

          

    

    

    	

          	c.	
            Entire Agreement. This Agreement, together with that certain Insider Letter to be entered into between Subscriber and the Company, substantially in the form to be filed as an exhibit to the Registration Statement on Form S-1
              associated with the Company’s IPO, embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings
              relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and
              provisions of this Agreement.

          

    

    

    	

          	d.	
            Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties hereto.

          

    

    

    	

          	e.	
            Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by a written document executed by the party entitled to the benefits of such terms or provisions.
              No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the
              specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

          

    

    

    	

          	f.	
            Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the other party.

          

    

    

    	

          	g.	
            Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party
              hereto. Nothing in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement.

          

    

    

    	

          	h.	
            Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the State of New York applicable to contracts wholly performed within the
              borders of such state, without giving effect to the conflict of law principles thereof.

          

    

    

    	

          	i.	
            Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision
              shall be deemed limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such provision, or portion thereof, wholly
              unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force and effect.

          

    
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          	j.	
            No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any
              such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall
              preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue
              other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or
              constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

          

    

    

    	

          	k.	
            Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the
              execution and delivery hereof and any investigations made by or on behalf of the parties.

          

    

    

    	

          	l.	
            No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated
              hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and hold the other harmless from any claim or demand for commission or other compensation by any broker, finder, financial consultant
              or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

          

    

    

    	

          	m.	
            Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions
              hereof.

          

    

    

    	

          	n.	
            Counterparts; Electronic Signatures. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been
              signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. Any signature delivered by electronic or facsimile transmission shall create a valid and binding obligation of
              the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature were a manual signature thereof.

          

    

    

    	

          	o.	
            Construction. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice
              versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that
              each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another
              representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in
              breach of the first representation, warranty, or covenant.

          

    
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          	p.	
            Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for
              or against any party hereto.

          

    

    

    7. Voting and Redemption of Shares. Subscriber agrees to vote the Shares in favor of an initial business combination that the Company negotiates and submits for approval to the Company’s shareholders and shall not seek redemption with
      respect to such Shares. Additionally, the Subscriber agrees not to redeem any Shares in connection with a redemption or tender offer presented to the Company’s shareholders in connection with an initial business combination negotiated by the Company.

    

    

    [Signature Page Follows]

    
      8

      
        

    

    If the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

     

    

    	 	
            Very truly yours,

          
	 	 	 
	 	
            LDH Growth Corp I

          
	 	 	 	 
	 	 	
            By:

          	
            /s/ Michel Combes

          
	 	 	 	
            Name:

          	
            Michel Combes

          
	 	 	 	
            Title:  

          	
            Director

          

    

    

    Accepted and agreed as of the date first written above.

     

    

    	
            LDH Sponsor LLC

          	 
	 	 	 
	
            By:

          	
            /s/ Christopher Cooper

          	 
	 	
            Name: 

          	
            Chris Cooper

          	 
	 	
            Title:   

          	
            Manager

          	 

    

    

    

    

  

  9Document

Exhibit 10.1

SEASPINE HOLDINGS CORPORATION
AMENDED AND RESTATED
2015 INCENTIVE AWARD PLAN

ANNUAL INCENTIVE PROGRAM
(beginning January 1, 2019)
This Annual Incentive Program (beginning January 1, 2019) (hereinafter referred to as the “Program”) is hereby adopted under Section 9.1(b) the SeaSpine Holdings Corporation (the “Company”) Amended and Restated 2015 Incentive Award Plan (as amended and restated as of March 22, 2018), as amended and/or restated from time to time (the “Plan”), and is intended to recognize and reward Participants (as defined below) who achieve goals that support, and are aligned with, the Company’s strategic goals through the granting of annual incentive awards (each an “Award”) payable to Participants.  Awards granted under the Program are intended to constitute Performance Awards as defined in the Plan.     

Defined terms used herein without definition shall have the meanings given to such terms in the Plan.

1.Effective Date.  The effective date of the Program is January 1, 2019.  The Program will continue in effect until the termination or expiration of the Plan or, if earlier, termination of the Program by the Committee (as defined below).

2.Administration.   The Program shall be administered by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company.  The Committee shall have the discretion and authority to administer and interpret the Program, including the authority to establish one or more incentive programs under the Program from time to time containing such terms and conditions as the Committee may determine or deem appropriate in its discretion.  All decisions made by the Committee in connection with the Program will be made in the Committee’s sole and absolute discretion and will be final and conclusive. 

3.Participants and Eligibility.  The Chief Executive Officer and the other key employees of the Company (together, the “SLT”) shall be eligible to participate in the Program, as determined by the Committee.  No SLT member is automatically entitled to participate in the Program and participation in the Program for any Performance Period does not guarantee participation in the Program in respect of any other Performance Period. Any SLT member designated by the Committee as a participant in the Program with respect to any Performance Period, and who meets the eligibility requirements set forth in this Section 3, shall be referred to herein as a “Participant.” Unless otherwise determined by the Committee, to receive payment with respect to an Award under the Program with respect to any Performance Period, a Participant must:

(a)         Be an “Active” employee as of the date of payment of his or her Award. For purposes of this Plan, “Active” shall mean an employee who is actively employed by the Company, including an employee on an approved leave of absence, such as medical, personal or military leave, but not an employee who has been moved to “inactive” (or comparable status) pursuant to the Company’s policies and/or procedures.

(b)        Be a regular full-time employee at the end of the relevant Performance Period. Temporary or seasonal employees, interns, independent contractors and consultants are ineligible to participate in the Program.

(c)        Have been an eligible employee for at least three consecutive months prior to the end of the relevant Performance Period.

(d)        Not engage in serious misconduct (e.g., theft, dishonesty, workplace violence) or a violation of Company policy, or be subject to a performance improvement plan (or comparable remedial action) during the Performance Period or prior to the payment of his or her Award, as determined by the Committee.

4.Target Award Percentages; Target Awards.  Each Participant will be assigned a “Target Award Percentage” by the Committee based on his or her job classification and responsibilities for each Performance Period. Unless otherwise determined by the Committee, a Participant’s Target Award Percentage for any given Performance Period will be based on his or her job classification as of the last day of such Performance Period. The Target Award Percentages will be reviewed annually by the Committee and adjusted as necessary or appropriate.  Unless otherwise determined by the Committee, the “Target Award” for each Participant for each Performance Period will be determined by multiplying his or her “Target Award Percentage” by his or her base salary actually earned during such Performance Period. 

5.Weightings.  Each Participant’s Award will be based on corporate Performance Goal achievement and/or individual performance, with the relative weight between corporate and individual components determined by the Committee for each Performance Period.

6.Performance Periods.  The Committee will also establish one or more Performance Periods over which the attainment of one or more Performance Goals (or the attainment of corporate or individual performance goals that may not be based on one or more of the Performance Criteria) will be measured for the purpose of determining a Participant’s entitlement to an Award under the Program. Unless otherwise determined by the Committee, the Performance Period for purposes of the Program shall be the calendar year.
7.Terms of Awards.
(a)Performance Goals. With respect to each Performance Period, the Committee will establish the applicable Performance Goals for such Performance Period based on some or all of the Performance Criteria (or will establish corporate or individual performance goals that may not be based on one or more of the Performance Criteria), and the weighting of the various Performance Goals or other goals.  A Performance Goal or other goal may be a single goal or a range with a minimum goal up to a maximum goal.  The Performance Goals (or corporate or individual performance goals that may not be based on one or more of the Performance Criteria) established in respect of a Performance Period may differ from those established in respect of other Performance Periods and may differ for each Participant.  Unless otherwise determined by the Committee, and subject to Section 3.3. of the Plan, the maximum Award that may be paid to any Participant for a Performance Period shall be 200% of his or her Target Award for such Performance Period. 
(b)Adjustments to Performance Goals.  The Committee may provide that one or more adjustments shall be made to one or more of the Performance Goals, as provided in the Plan.  

(c)Determination of Awards.  After the end of the applicable Performance Period, the Committee will determine the extent to which the previously established Performance Goals (or such other corporate or individual performance goals) were achieved and will determine the amount of the Award, if any, that is payable to each Participant for such Performance Period.  The maximum payout for Awards under the Program to any Participant in any calendar year is set forth in Section 3.3 of the Plan. 
(d)Proration of Awards.  A Participant who has been an eligible employee for less than the full Performance Period, but who is otherwise eligible to receive an Award for such Performance Period may receive a prorated Award based on the portion of the Performance Period he or she was an eligible employee, in the discretion of the Committee. 
(e)Negative Discretion.  The Committee may, in its discretion, increase, reduce or eliminate an Award otherwise payable to any Participant on the basis of the level of achievement of the applicable Performance Goals (or such other corporate or individual performance goals) with respect to the Performance Period. Any such increase, reduction or elimination may be made based on such objective or subjective determinations as the Committee determines appropriate.
8.Payment.  Payments, if any, under the Program will be paid as soon as administratively feasible after the Committee determines (or certifies in writing, if applicable) the extent to which the Performance Goals (or such other corporate or individual performance goals that may not be based on one or more of the Performance Criteria) were achieved for the applicable Performance Period and determines the amount of the Award, if any, payable to each Participant, but in no event later than March 15 of the calendar year following the end of the applicable Performance Period.  Settlement of Awards shall be in cash or, subject to the terms of the Plan, in shares of Common Stock or any combination thereof, in the discretion of the Committee.  A Participant must be a regular employee of the Company on the date of payment of his or her Award in order to earn such Award; provided that the Committee may make exceptions to this requirement, in its sole discretion, in the case of a Participant’s death, disability or other termination of employment. 
9.Amendment, Suspension and Termination.  The Committee may amend, modify suspend or terminate the Program, in whole or in part, at any time and in any respect, including the adoption of amendments deemed necessary in order to (i) comply with applicable law or (ii) be exempt from Section 409A of the Code. 
10.Coordination with Plan.  The Program is subject to all the provisions of the Plan and its provisions are hereby made a part of the Program, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the provisions of the Program and those of the Plan, the provisions of the Plan shall control.  
11.Compensation Subject to Recovery.  The Awards under the Program and all compensation payable with respect to them shall be subject to Section 10.5 (“Forfeiture and Claw-Back Provisions”) of the Plan.
12.Miscellaneous
(a)        The Company shall deduct all federal, state, and local taxes required by law or Company policy from any Award paid hereunder.

(b)        The Program does not, and Company policies and practices in administering the Program do not, constitute an express or implied contract or other agreement concerning the payment of any Award or the duration of any Participant’s employment with the Company. The employment relationship of each Participant is “at will” and may be terminated at any time by the Company or by the Participant, with or without cause, unless otherwise set forth in a written agreement between the Company and the Participant.  Notwithstanding anything to the contrary contained in the Program, nothing in the Program shall adversely affect any rights that a Participant may otherwise have under an employment or severance agreement or plan with or maintained by the Company to which such Participant is a party or under which such Participant is a beneficiary.

(c)        The Program shall be unfunded.  Amounts payable under the Program are not and will not be transferred into a trust or otherwise set aside. The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any Award under the Program. 

(d)No rights of any Participant to payments of any amounts under the Program may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated. All rights with respect to an Award granted to a Participant under the Program shall be available during his or her lifetime only to the Participant.

(e)Notwithstanding anything in the Program to the contrary, any and all amounts payable to any Participant under the Program from time to time may, in the Committee’s sole discretion, be reduced or offset by any amounts then due or owing by such Participant to the Company or any of its affiliates pursuant to or in accordance with any benefit or compensation plan, program, policy or arrangement maintained by the Company or such affiliates.  The Program is not the exclusive means for the Committee to award incentive compensation to Participants and does not limit the Committee from making additional discretionary incentive awards. 

(f)Any provision of the Program that is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of the Plan.

(g)    Awards are not intended to constitute a deferral of compensation subject to Section 409A of the Code and are intended to satisfy the “short-term deferral” exemption under Section 409A of the Code and the Treasury Regulations issued thereunder.  Accordingly, to the extent necessary to cause Award payments hereunder to satisfy the “short-term deferral” exemption under Section 409A of the Code and the Treasury Regulations issued thereunder, an Award payment shall be made not later than the later of: (i) the fifteenth day of the third month following the Participant’s first taxable year in which the Award is no longer subject to a substantial risk of forfeiture, or (ii) the fifteenth day of the third month following the Company’s first taxable year in which the Award is no longer subject to a substantial risk of forfeiture; provided, however, that if due to administrative reasons Awards are not paid within the foregoing time periods, then such Awards will be paid as soon as administratively feasible but no later than the last day of the calendar year following the end of the Performance Period to which such Awards relate.

* * * * *

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