Document:

10.1 Guertin Services Agreement

        

NON-EMPLOYEE DIRECTOR SERVICES AGREEMENT
This NON-EMPLOYEE DIRECTOR SERVICES AGREEMENT (the “Agreement”) is dated as of April 8, 2013 (the “Effective Date”), by and among Chiron Holdings GP, Inc. (the “General Partner”), the general partner of Chiron Guernsey Holdings L.P. Inc. (the “Partnership”), of which Kinetic Concepts, Inc. and LifeCell Corporation are wholly-owned subsidiaries (the “Companies”), and Tim Guertin (the “TG”).
The General Partner desires that the TG serve as a non-employee member of the Board of Directors of the General Partner (“Non-Employee Director”) and to enter into an agreement embodying the terms of such service arrangement; and
TG desires to accept such appointment as Non-Employee Director and enter into such an agreement.
In consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows:
1.Term of Services.  The parties hereto agree that TG shall serve as a Non-Employee Director commencing as of October 16, 2012 (the “Commencement Date”) and continuing until December 31, 2013 (the “Service Term”); provided that the Service Term will be extended for an additional twelve months as of December 31, 2013 and as of each December 31 (each an “Extension Date”) thereafter unless either party gives the other written notice of non-extension at least 30 days prior to such Extension Date. While this Agreement is in effect, TG's service arrangement with the General Partner shall be at-will and, as such, may be terminated by TG or the General Partner at any time, for any reason and with or without advance notice, subject to the General Partner’s obligations set forth herein as provided in Section 6 and provided that TG shall give the Partnership 30 days advance written notice of any resignation.
2.    Position.
During the Service Term, TG shall serve as a Non-Employee Director reporting directly to Board of Directors of the General Partner (the “Board”).    In such position, TG shall have such duties and responsibilities as shall be reasonably determined from time to time by the Board.   Such duties and responsibilities are expected to include:
(a)  Attendance and contribution to 4 to 5 meetings of the Board annually, and, if requested by the Board, joining one or more committees of the Board.  The Board meetings are each typically 1 to 2 days in duration. As of the Effective Date, TG has agreed to join the Compensation Committee of the Board;
(b) To be available to attend ad hoc meetings, either telephonically or face-to-face from time to time; and
(c) To serve as a sounding board and mentor to the Companies’ CEOs.
3.    Annual Compensation.  As of the Commencement Date, during the Service Term, the Companies shall pay TG a service fee (“Service Fee”) at the annual rate of $100,000, payable in regular quarterly installments (in advance) in accordance with the Companies’ usual payment practices. The Service Fee shall be adjusted to $120,000 as of the Effective Date.    
4.    Status; Taxes.  
a.    Status.  TG shall be a member of the Board, but shall not be an employee of the Companies or the General Partner and shall not be entitled to participate in any employee benefit plans or other benefits or conditions of employment available to employees of the Companies or their affiliates (other than the grant of profits interests under the Partnership’s Equity Incentive Plan (the “Equity Incentive Plan”) as separately documented under the applicable award agreement thereunder.    
b.    Taxes.  It is intended that the compensation paid hereunder shall constitute revenues to TG.  To the extent consistent with applicable law, the Companies will not withhold any amounts there from as federal income tax withholding from wages or as employee contributions under the Federal Insurance Contributions Act or any other state or federal laws.  TG shall be solely responsible for the withholding and/or payment of any federal, state or local income or payroll taxes and shall hold the Companies, the General Partner and their respective officers, directors and employees harmless from any liability arising with respect to any taxes owing with respect to such compensation. 
5.    Business Expenses.   During the Service Term, reasonable business expenses incurred by TG in the performance of TG’s duties hereunder shall be reimbursed by the Companies in accordance with existing policies.  
6.    Termination. (a) The Service Term and TG’s services as Non-Employee Director hereunder may be terminated by either party at any time and for any reason.  Upon any such termination of Services TG shall be entitled to receive the following:
(A)    unpaid Service Fee accrued through the date of termination;
(B)    reimbursement for any unreimbursed business expenses properly incurred by TG in accordance with Company policy prior to the date of TG’s termination; and
(C)    such fully vested and non-forfeitable rights, if any, as to which TG may be entitled in connection with the grant of profits interests under the Equity Incentive Plan as separately documented under the applicable award agreement thereunder.  
b.    Notice of Termination.  Any purported termination of service by the Partnership or by TG (other than due to TG’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 9(g) hereof.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the circumstances of termination and, in the case of the Partnership, indicate whether such termination is with or without Cause.  

7.    Restrictive Covenants.  TG hereby agrees to the following restrictive covenants (“Restrictive Covenants”):
a.    Confidentiality. TG acknowledges that he will have access to confidential matters of the Partnership and the Companies, including but not limited to, business plans, operational methods, financial information and projections, development, business plans, and policies, overhead and cost information, profit margins, and other sensitive information of the Companies or third parties, all of which are of vital importance to the Companies’ business (the “Confidential Matters”). The term "Confidential Matters" does not include information that is or becomes generally available to the public other than as a result of any disclosure by TG.  TG agrees that during TG’s service relationship with the Partnership, and at all times thereafter, TG will keep secret all Confidential Matters and will not disclose them to anyone outside of the Partnership or the Companies or to otherwise use the Confidential Matters or TG’s knowledge of them for any purpose, except as required by law or court order or with prior written consent of the General Counsel of Kinetic Concepts, Inc.; provided, however, that TG may use the Confidential Matters for the benefit of the Companies to the extent such use is reasonably necessary to fulfill TG’s responsibilities in the ordinary course of business.  TG agrees to deliver promptly to the Companies upon the termination of TG’s service for any reason, all property of the Companies, whether or not such property constitutes Confidential Matters, which TG may then possess or have under TG’s control, whether directly or indirectly.
b.    Nonsolicitation.     TG agrees that during the term of TG’s service engagement with the Partnership and for a period of two (2) years thereafter, TG will not directly or indirectly: (i) influence or attempt to influence customers or suppliers of the Companies or their subsidiaries or affiliates, either directly or indirectly, to divert their business to any individual, partnership, firm, corporation or other entity then in competition with the business of the Companies or any subsidiary or affiliate; or (ii) solicit or attempt to solicit any of the employees, agents, or consultants of the Companies out of their employment, contractual, or other relationship with the Companies to work for any business, individual, partnership, firm, corporation, or other entity then in competition or planning to be in competition with the business of the Companies or any subsidiaries or affiliates.
c.    Non-Competition.     During the term of TG’s service and for a period of two (2) years from the termination of such service relationship for any reason, TG will not (whether for compensation or otherwise), alone or as an officer, director, stockholder (except for investments in securities of publicly traded companies that are not in excess of one percent (1%) of such entity's securities), partner, employee, agent, principal, or in any other similar capacity, participate with or become associated with any person or other entity that is engaged in a business that competes directly with the businesses of the Companies (a “Competitive Business”).  In particular, TG understands that for a period of two (2) years from the date of termination of TG’s service, TG may not perform services for Smith & Nephew plc or any of its subsidiaries.  
d.    Remedies for Breach.     If TG breaches or threatens to breach any of the provisions of this Section 7, the Partnership shall have the right to an injunction restraining such breach or threatened breach and to have the provisions of this Section 7 specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Partnership and the Companies and that money damages will not provide an adequate remedy, and that no bond or other security shall be required in obtaining such equitable relief.
e.    Severability. If one or more of the provisions in this Section 7 shall be held to be invalid or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. Moreover, if any one or more of the provisions contained in this Section 7 shall be held to be invalid or unenforceable, they shall be construed by limiting or reducing them so as to be enforceable to the maximum extent allowed by applicable law
8.    Arbitration.  To ensure the rapid and economical resolution of disputes that may arise in connection with TG’s service, TG and the Partnership agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement, TG’s service with the Partnership, or the termination of TG’s service, shall be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration in San Antonio, Texas conducted by JAMS, Inc. (“JAMS”) or its successor, under JAMS’ then applicable rules and procedures for employment disputes.  By agreeing to this arbitration procedure, both TG and the Partnership waive the right to resolve any such dispute through a trial by jury or judge or by administrative proceeding.  TG will have the right to be represented by legal counsel at any arbitration proceeding.  The arbitrator shall: (1) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be available under applicable law in a court proceeding; and (2) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based.  The Partnership and TG shall share equally all JAMS arbitration fees.  Each party agrees to pay its own attorneys’ fees, unless statutory law provides for fee shifting; however, the prevailing party in any arbitration will be entitled to seek an award of attorneys fees and costs from the arbitrator.  Nothing in this Agreement shall prevent either TG or the Partnership from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.  Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction.
9.    Miscellaneous.
a.    Governing Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Texas, without regard to conflicts of laws principles thereof.  
b.    Entire Agreement/Amendments.  This Agreement, together with the the applicable award agreement under the Equity Incentive Plan, contains the entire understanding of the parties with respect to the service of TG by the Partnership and supersedes any prior agreements or understandings (including verbal agreements) between the parties relating to the subject matter of this agreement, including, without limitation, the offer letter dated October 12, 2012 and any prior employment agreements, service agreements or terms summaries.  There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein.  This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto.  
c.    No Waiver.  The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
d.    Assignment.  This Agreement, and all of TG’s rights and duties hereunder, shall not be assignable or delegable by TG.  Any purported assignment or delegation by TG in violation of the foregoing shall be null and void ab initio and of no force and effect.  This Agreement may be assigned by the Partnership to a person which is an affiliate or a successor in interest to substantially all of the business operations of the Partnership.  Upon such assignment, the rights and obligations of the Partnership hereunder shall become the rights and obligations of such affiliate or successor person.
e.    Compliance with IRC Section 409A.  
(i)    The parties intend that any amounts payable hereunder that could constitute “deferred compensation” within the meaning of Section 409A of the Internal Revenue Code (“Section 409A”) are intended to comply with Section 409A, and this Agreement shall be administered, interpreted and construed to the extent possible in a manner that does not result in the imposition of additional taxes, penalties or interest under Section 409A; provided that Partnership does not guarantee any particular tax effect, and TG shall be solely responsible and liable for the satisfaction of all taxes, penalties and interest that may be imposed on or for the account of TG in connection with the Agreement (including any taxes, penalties and interest under Section 409A).
(ii)    For purposes of Section 409A, each of the payments that may be made under this Agreement shall be deemed to be a separate payment for purposes of Section 409A.  Amounts payable under this Agreement shall be deemed not to be a “deferral of compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation §§ 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,” including the exceptions under subparagraph (iii) and subparagraph (v)(D)) and other applicable provisions of Treasury Regulation §§ 1.409A-1 through A-6.
(iii)    With respect to the time of payments of any amounts under the Agreement that are “deferred compensation” subject to Section 409A, references in the Agreement to “termination of employment”, “termination of services” (and substantially similar phrases) shall mean “separation from service” within the meaning of Section 409A.
(iv)    For the avoidance of doubt, it is intended that any expense reimbursement made hereunder shall be exempt from Section 409A.  Such requests for reimbursement shall be made by executive within 90 days following incurrence of the expense and reimbursement shall be made by the Company within 60 days following submission thereof.  
f.    Successors; Binding Agreement.  This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
g.    Notice.  For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after they have been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.
If to the Companies or the General Partner:
Kinetic Concepts, Inc.  
12930 I-H 10 West 
San Antonio, TX 78249
Attention: General Counsel
If to TG:
Timothy E. Guertin
23555 Mt. Eden Rd. 
Saratoga, CA 95070

h.    Cooperation.  TG shall provide TG’s reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during TG’s services to the General Partner, the Company or their affiliates.  The Company shall reimburse TG for reasonable expenses he incurs as a result of such cooperation.  This provision shall survive any termination of this Agreement.
i.    Withholding Taxes.  Subject to Section 4(b), the Company may deduct and withhold from any amounts payable under this Agreement such Federal, state, local, non-U.S. or other taxes as are required or permitted to be withheld pursuant to any applicable law or regulation.  
j.    Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
k.    Representations of TG.  TG hereby represents to the Partnership that the execution and delivery of this Agreement by the parties hereto and the performance by TG of TG’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement, service agreement or other agreement or policy to which TG is a party or otherwise bound.
l.    Confidentiality. Except as required by applicable law, neither party shall (for any reason), directly or indirectly, for himself or itself, as the case may be, or on behalf of any other person or entity, disclose to any person or entity (except to employees or representatives of that party or spouse, legal or financial advisors, as applicable, who need to know such information and who agree to keep such information confidential), the terms of this Agreement.
m.    Survival. The covenants and agreements of the parties set forth in Sections 6, 7, 8, and 9 are of a continuing nature and shall survive the expiration, termination or cancellation of this Agreement, regardless of the reason therefore and in a manner consistent with the applicable section or subsection.

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signature page follows.]
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.

CHIRON HOLDINGS GP, INC.

/s/ William J. Gumina_____________________
By:  William J. Gumina
Title: President and CEO

Tim Guertin

Tim Guertin_____________________________10.2 Profits Award T Guertin

CHIRON GUERNSEY HOLDINGS L.P. INC.
EXECUTIVE EQUITY INCENTIVE PLAN 
PROFITS INTEREST UNIT AWARD AGREEMENT
This Profits Interest Unit Award Agreement (this “Agreement”), is made as of April 8, 2013, between Chiron Guernsey Holdings L.P. Inc., a Guernsey limited partnership (the “Partnership”), and Timothy E. Guertin (the “Participant”):
R E C I T A L S:
WHEREAS, the Partnership has adopted the Chiron Guernsey Holdings L.P. Inc. Executive Equity Incentive Plan, as amended from time to time (the “Plan”), which Plan is incorporated herein by reference and made a part of this Agreement (capitalized terms used and not otherwise defined in this Agreement shall have the meanings set forth in the Plan or in the LP Agreement, as applicable); 
WHEREAS, the Participant provides services to the Partnership or an Affiliate thereof;
WHEREAS, the Participant has agreed to pay the Partnership $0.01 in the aggregate pursuant to Guernsey Law in consideration for the award of Profits Interest Units set forth herein, the receipt of which is hereby acknowledged;
WHEREAS, the General Partner has determined that it would be in the best interests of the Partnership to make the award of Profits Interest Units provided for herein to the Participant pursuant to the Plan and the terms set forth herein; and
WHEREAS, the award set forth herein is designed to compensate the Participant for his time and commitment in the performance of services to the Partnership or an Affiliate thereof by providing the Participant with a share of the appreciation and profits of the Partnership with respect to periods beginning after the date hereof.
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1.Award of Profits Interest Units.
(a)    Profits Interest Units.  Subject to the terms and conditions of this Agreement and the Plan, the Partnership hereby grants to the Participant an award of 69,252 Profits Interest Units, with a Distribution Threshold of $7.28, in each case subject to adjustment as set forth in the Plan and this Agreement.  The Profits Interest Units shall vest in accordance with Section 2 of this Agreement. 

(b)    Distributions.  Distributions in respect of Profits Interest Units shall be made to the Participant in accordance with the provisions of the LP Agreement.
2.    Vesting.  Except as provided in Section 4, the Profits Interest Units granted to the Participant shall vest as follows: 
(a)    Time Vesting Units: With respect to 50% of the Profits Interest Units subject to this Agreement (the “Time Vesting Units”), subject to a Participant’s continued service as a non-employee director (“Service”) under the Services Agreement between the Participant and Chiron Holdings GP, Inc. through the applicable vesting date, 25% of the Time Vesting Units will cliff vest on the first anniversary of October 16, 2012 (the “Vesting Commencement Date”) and the remaining 75% of the Time Vesting Units will then vest ratably on a quarterly basis (e.g., every 3 months thereafter) over the following 12 quarters (36 months) thereafter (therefore, in normal course, the Time Vesting Units will fully vest over the four years from the Vesting Commencement Date).  All Time Vesting Units, not previously forfeited, (subject to Section 4(a)), will vest upon the consummation of a Change of Control.
(b)    Performance Vesting Units: With respect to the remaining 50% of the Profits Interest Units subject to this Agreement (the “Performance Vesting Units”), the Performance Vesting Units will vest as follows, subject to a Participant’s continued Service through the applicable vesting date (except as otherwise provided in Section 3 or 4 below):
		
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	1/3 of the Performance Vesting Units will vest upon the later of (x) the Sponsors receiving aggregate cash amounts representing a multiple of cumulative Sponsor invested capital (excluding, for the avoidance of doubt, any Participant investments in Class A-2 Interests of the Partnership) (“MOIC”) equal to 1.5x and (y) the occurrence of a Change of Control, an Initial Public Offering or a Qualifying Leveraged Recapitalization (as defined below);

		
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	1/3 of the Performance Vesting Units will vest upon the later of (x) the Sponsors receiving aggregate cash amounts representing a MOIC equal to 2.0x and (y) (if not having previously occurred) the occurrence of a Change of Control, an Initial Public Offering or a Qualifying Leveraged Recapitalization; and

		
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	1/3 of the Performance Vesting Units will vest upon the later of (x) the Sponsors receiving aggregate cash amounts representing a MOIC equal to 2.5x and (y) (if not having previously occurred) the occurrence of a Change of Control, an Initial Public Offering or a Qualifying Leveraged Recapitalization.

The General Partner shall determine what MOIC, if any, is attained in respect of the aggregate cash amounts received by the Sponsors.

If not previously forfeited, unvested Performance Vesting Units shall be forfeited upon the final disposition by the Sponsors of all their Class A-1 Interests of the Partnership. 

For purposes of calculating MOIC, Marketable Securities shall be treated as cash.

“Qualifying Leveraged Recapitalization” shall mean one or more leveraged recapitalizations of the Partnership resulting in aggregate distributions to the Partners in an amount equivalent to a MOIC of 1.5x.

3.    General Termination of Service Provisions: 
(a)    All vesting of Profits Interest Units will cease immediately upon a Participant no longer providing Service to the Employer for any reason other than due to termination by the Employer without Cause or resignation by the Participant for Good Reason, and in such case all unvested Profits Interest Units will be automatically canceled without consideration and forfeited on such date. 
(b)    Termination without Cause or by the Participant for Good Reason:  Subject to the provisions of Section 4, all vesting of Profits Interest Units will cease immediately upon a Participant’s termination of Service by the Employer without Cause or by the Participant for Good Reason and all unvested Profits Interest Units will be automatically cancelled without consideration and forfeited on such date except that (i) with respect to Time Vesting Interests, the Participant will vest with respect what would have vested on the next scheduled vesting date (e.g., 25% in the event of termination prior to the first anniversary or what would have vested on the next quarterly vesting date in the case of a termination after the first anniversary) and (ii) with respect to Performance Vesting Interests (except for certain Transition Terminations in connection with a Divestiture (as described in Section 4)), in the event that a transaction or transactions occur within the 6 month period following such a termination of Service which would have resulted in vesting of any portion of the Performance Vesting Interests, the Participant shall be deemed vested in those interests.  

4.    Special Vesting Provisions
(a)    Change of Control:  All Time Vesting Interests, not previously forfeited, will vest upon the consummation of a Change of Control.  In the event a Change of Control occurs within 105 days following a Participant’s termination of Service by the Employer without Cause or by the Participant for Good Reason, the Participant shall be deemed to vest in all of his or her Time Vesting Interests (i.e., disregarding the prior termination of Service for such purposes)

(b)    Required Sale.  In addition, in the event of a Required Sale (as defined in the LP Agreement) which is made applicable to the Performance Vesting Units pursuant to Section 4.5 of the LP Agreement, the Performance Vesting Units shall, to the extent not previously vested, vest based upon the MOIC implied by the Change of Control to which such Required Sale relates (assuming for such purpose only that the Partners received a distribution with respect to the sale of all of their then remaining Class A Interests at the price per Class A Interest received in connection with such Change of Control).
5.    Rights as Holder of Profits Interest Units.  The Participant shall be the record owner of the Profits Interest Units granted hereunder unless and until such Profits Interest Units are forfeited pursuant to Section 3 or 4, repurchased pursuant to Section VI(F) of the Plan or Section 10 hereof or transferred in accordance with Section 7, and as record owner shall be entitled to all rights of a holder of Profits Interest Units; provided, that the Profits Interest Units shall be subject to the limitations on transfer and encumbrance set forth in this Agreement, the Plan and the LP Agreement.
6.    Investment Intent; Other Representations of Participant.
(a)    Investment Intent.  The Participant hereby represents and warrants that the Profits Interest Units must be held for investment purposes and are not being received with a view to distribution thereof, and covenants and agrees to make such other reasonable and customary representations as requested by the Partnership regarding matters relevant to compliance with applicable securities laws as are deemed necessary by counsel to the Partnership; and
(b)    No Reliance on the Partnership.  In making his or her investment decision with respect to the receipt of the Profits Interest Units, the Participant has not relied upon the Partnership or any of its Affiliates, or any representative thereof for any advice of any sort, including, but not limited to tax or securities law advice.
7.    Transferability.  The Participant may Transfer, directly or indirectly, any Profits Interest Unit or any interest in any Profits Interest Unit only with the prior written consent of the General Partner, which consent shall be withheld or granted in the sole discretion of the General Partner, or as otherwise expressly permitted or required under the LP Agreement.  Any purported assignment, transfer or grant by the Participant, directly or indirectly, of any Profits Interest Unit or any interest in any Profits Interest Unit which is made without such prior written consent or pursuant to the terms of the LP Agreement shall be entirely null and void, ab initio.
8.    Section 83(b) Election and Certain Related Income Tax Considerations.  As a condition subsequent to the issuance of the Profits Interest Units pursuant to this Agreement, the Participant shall execute and deliver to the Partnership, the entity to whom the Participant provides services and the Internal Revenue Service (the “IRS”) a timely, valid election under Section 83(b) of the Code (the “83(b) Election”).  The Participant hereby acknowledges that (x) the Partnership has not provided, and is not 

hereby providing, the Participant with tax advice regarding the 83(b) Election and has urged the Participant to consult the Participant’s own tax advisor with respect to the income taxation consequences thereof, and (y) the Partnership has not advised the Participant to rely on any determination by it or its representatives as to the fair market value specified in the 83(b) Election and will have no liability to the Participant if the actual fair market value of the Profits Interest Units on the date hereof exceeds the amount specified in the 83(b) Election.
9.    Becoming a Partner of The Partnership; No Access to Information Regarding The Partnership.  As a further condition to the issuance of the Profits Interest Units pursuant to this Agreement, the Participant shall execute and deliver to the Partnership a copy of the LP Agreement, together with such other documents as the General Partner may require, evidencing such Participant’s status as a “Partner” (as defined in the LP Agreement) of the Partnership.  Notwithstanding the Participant’s status as a Partner of the Partnership, the Participant shall have no right, solely by virtue of holding a Profits Interest Unit, to (a) examine the books and records of or any other information of the Partnership or (b) obtain any information about the identities of the other Partners of the Partnership (or of the size or nature of such other Partners’ interests in the Partnership).
10.    General Partner Right to Repurchase Profits Interest Units on Termination of Service/Limited Put Rights.  

(a)    The Profits Interest Units are subject to the Partnership’s right of repurchase pursuant to Section VI (F) of the Plan.  In addition, the Participant (or the Participant’s legal representative in the event of the Participant’s death) shall have the right, but not the obligation, to require the Issuer to purchase their Profits Interest Units at Fair Market Value in the event of the Participant’s death or termination of Service due to Disability, determined as of the date of exercise of such right (which shall constitute a Put Right) provided that (i) such Put Right may only be exercised within 90 days following such death or termination due to Disability, (ii) the maximum dollar value of Profits Interest that the Issuer will be required to purchase from the Participant or their estate shall be $5,000,000 in any single calendar year and (iii) in no event shall the Issuer be obligated to purchase more than $20,000,000 worth of Profits Interest Units from all Participants as a group due to exercise of a Put Right on death or termination due to Disability in any single calendar year; provided that, to the extent limited as provided above, any portion of the Profits Interest not purchased as a result of such limitation shall be subject to a subsequent Put Right to the extent permitted under clauses (ii) and (iii) and, to the extent not permitted, when such limitations would no longer prohibit exercise of such Put Rights.  Any Profits Interest Units not repurchased pursuant to such Put Right shall remain subject to the General Partner’s right of repurchase under Section VI(F) of the Plan and to the extent not so repurchased shall thereafter remain outstanding to the Participant (or legal representative), subject to the LP Agreement.

(b)    Notwithstanding the foregoing, if the Participant exercises a Put Right, the Participant shall have the right to rescind the exercise of such Put Right within five (5) days following the General Partner’s notice to the Partnership of its determination of the Fair Market Value of the Profits Interest Units subject to the Put Right or, in the event the Participant has exercised its right to a Third Party Valuation within five (5) days following its receipt of the General Partner’s notice of the determination of Fair Market Value, within five (5) days following the receipt of the Third Party Valuation.
11.    LP Agreement.  Neither the adoption of the Plan nor the grant of any Profits Interest Units pursuant to this Agreement shall restrict in any way the adoption of any amendment to the LP Agreement in accordance with the terms of such agreement.
12.    Notices.  Any notice necessary under this Agreement shall be addressed to the Partnership at the principal executive office of the Partnership and to the Participant at the address appearing in the personnel records of the Partnership (or one of the Partnership’s Affiliates) for the Participant or to either party at such other address as either party hereto may hereafter designate in writing to the other.  Any such notice shall be deemed effective upon receipt thereof by the addressee.
13.    Choice of Law; Forum.  ALL ISSUES AND QUESTIONS CONCERNING THE APPLICATION, CONSTRUCTION, VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE  OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE.  EACH OF THE PARTIES HERETO HEREBY (I) IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY COURT LOCATED IN THE STATE OF DELAWARE FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT; (II) AGREES THAT THE SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PERSON’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING IN THE STATE OF DELAWARE WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION AS SET FORTH HEREIN IN THE IMMEDIATELY PRECEDING CLAUSE (I); AND (III) IRREVOCABLY AND UNCONDITIONALLY WAIVES (AND AGREES NOT TO PLEAD OR CLAIM) ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT IN ANY STATE OR FEDERAL COURT LOCATED IN THE STATE OF DELAWARE, OR THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

14.    WAIVER OF JURY TRIAL.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, AND SHALL CAUSE ITS AFFILIATES TO WAIVE, ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER AGREEMENTS AND INSTRUMENTS DELIVERED HEREUNDER OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
15.    Profits Interest Units Subject to Plan and LP Agreement.  By entering into this Agreement the Participant agrees and acknowledges that (i) the Participant has received and read a copy of the Plan and the LP Agreement and (ii) the Profits Interest Units are subject to the Plan and the LP Agreement, the terms and provisions of such Plan and LP Agreement are hereby incorporated herein by reference.  In the event of a conflict between any term or provision contained herein or therein, the LP Agreement shall govern and prevail, and then in decreasing order of seniority, the Plan and lastly, this Agreement.
16.    Rules of Construction.  The parties hereto agree that they have been represented by counsel during the negotiation and execution of this Agreement and have participated jointly in the drafting of this Agreement and, therefore, waive the application of any Law, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document.
17.    Definitional Provisions.  Defined terms used in this Agreement in the singular shall import the plural and vice versa.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  All references herein to Sections shall be deemed to be references to Sections of this Agreement unless the context shall otherwise require.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  Any statute or laws defined or referred to herein shall include any rules, regulations or forms promulgated thereunder from time to time and as from time to time amended, modified or supplemented, including by succession of successor rules, regulations or forms.  Unless otherwise expressly provided herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein.  Any reference to the number of Profits Interest Units means such Profits Interest Units as appropriately adjusted to give effect to any share combinations, restructuring or other capitalizations of the Partnership or its capital structure.  Any reference herein to the holder of a particular class or series of Profits Interest Units shall be a reference to such 

Person solely in its capacity as a holder of that particular class or series of such Profits Interest Units.
18.    Signature in Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above. 

CHIRON GUERNSEY HOLDINGS L.P. INC.  
 
By:  Chiron Holdings GP, Inc., its General Partner
		
	By:
	/s/ William J. Gumina     

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above. 

TIMOTHY E. GUERTIN 

/s/ Timothy Guertin

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