Document:

Exhibit 10.48

 

UNITED
THERAPEUTICS CORPORATION

SHARE
TRACKING AWARDS PLAN TERMS & CONDITIONS

(applicable
to Awards granted to employees on or after January 1, 2010)

 

1                  Non-Transferability.  This
Award may not be transferred in any manner other than by will or the laws of
descent and distribution, and once vested may be exercised prior to expiration
only by the Participant.  If the Participant dies prior to exercising a
vested Award, the Award may be exercised by the person or persons entitled to
do so under Section 9.1 of the Plan.  The terms of this Award shall
be binding upon the executors, administrators, heirs, successors, and assigns
of the Participant.

 

2.               Vesting.  For
employees, this Award shall vest in accordance with the vesting schedule set
forth in Section 5.4 of the Plan so long as Participant remains employed
with the Company or its subsidiaries.  For members of the Board of
Directors of United Therapeutics, this Award shall vest in accordance with the
vesting schedule set forth in Section 5.4 of the Plan so long as the
Participant serves as a member of the Board of Directors of the Company and
meets the requirements for the period specified.

 

3                  Form of Payment.  The
Appreciation (as that term is defined in Section 2.2 of the Plan) shall
generally be paid to the Participant by Company check in the next payroll cycle
for employees and next accounts payable cycle for the Board of Directors
following the Exercise Date.

 

4.               Withholding.  As a
condition to this Award, the Company will withhold in accordance with
applicable law from any cash compensation payable to Participant any taxes
required to be withheld by the Company under federal, state or local law as a
result of Participant’s exercise of this Award.

 

5.               Special Exercise Rights. 
Notwithstanding any other provision in the Plan or this Agreement to the
contrary, upon (a) a Change of Control of the Company (as defined in Section 2.6
of the Plan) if the Award is not assumed by, or a substitute award granted, in
connection with such Change of Control, (b) a Qualifying Termination of
the employment of an employee within twelve months following a Change of
Control of the Company (as defined in Section 2.6 of the Plan) if the
Award is assumed, or a new award substituted, in connection with a Change in Control,,
or (c) the Participant’s death or Total Disability (as defined in Section 2.19
of the Plan), or (d) as required by an employee’s employment agreement,
this Award shall become fully exercisable. 
If so determined by the Compensation Committee of the Board of
Directors, all or a portion of the Award shall be automatically exercised upon
the occurrence of a Change of Control to the extent the Award vests in
connection with the Change of Control.

 

 

6.               Method of Exercise

 

a.               Once vested, this Award may
only be exercisable by a Participant who is an employee of the Company or its
subsidiaries either (i) at any time that Participant remains fully
employed with United Therapeutics or its subsidiaries, or (ii) for a
period of ninety (90) days following the date of termination of Participant’s
employment with the Company or its subsidiaries.  For members of the Board
of Directors of United Therapeutics, this Award, once vested, shall be
exercisable at any time prior to its expiration.

 

b.              This Award shall be
exercisable upon delivery to the Company of an executed Award Exercise Form (a
copy of which is attached hereto).  This Award shall lapse and shall be
without further force and effect if it remains unexercised by the Participant
who is an employee of the Company or its subsidiaries ninety (90) days
following the date of termination of Participant’s employment with the Company
and its subsidiaries.

 

7.               Qualifying Termination
Definitions.

 

a.               For purposes of Section 5
above, a “Qualifying Termination” means termination of the employee’s
employment by the Company without “Cause” or resignation by the employee for “Good
Reason”.

 

b.              “Cause” has the meaning
specified in an employee’s employment agreement with the Company or, if there
is no such agreement or definition, termination of the employee’s employment by
the Company due to (i) employment- or profession-related misconduct or
other employment- or profession-related similar action on the part of the
employee; (ii) conviction of the employee of a crime involving a felony,
fraud, embezzlement or the like; or (iii) misappropriation of Company
funds or misuse of Company assets by the employee.

 

c.               “Good Reason” means the
employee’s resignation from employment with the Company within 30 days
following (i) a reduction in the employee’s base compensation by 10% or
more, or (ii) a required relocation of the employee’s principal place of
employment by more than 50 miles.

 

8.               Miscellaneous.  The
Participant acknowledges receipt of a copy of the Plan which is attached hereto,
and Participant represents that he or she is familiar with the terms and
provisions thereof.  The Participant hereby accepts this Award subject to
all the terms and provisions of the Plan.  The Participant hereby agrees
to accept as binding, conclusive, and final all decisions and interpretations
of the Board of Directors and, where applicable, the Compensation Committee of
the Board of Directors, upon any 

 

 

questions arising under the
Plan.  In the event of any conflict between the provisions of the Plan and
these Terms & Conditions, the provisions of the Plan shall govern.Exhibit 10.4.3

 

ONEBEACON’S 2009 MANAGEMENT INCENTIVE PLAN

 

Purpose

 

The Management Incentive
Plan (MIP) is an integral part of the total compensation program for managers
and certain senior key individual contributors. Its primary purpose is to focus
attention on 2009 profitability goals and to reward eligible participants for
the achievement of those goals.

 

Eligibility

 

The Plan is
limited to home office and field office senior staff who have a significant
impact on OneBeacon’s operating results.

 

Target Awards

 

Target awards for
all participants are expressed as a percent of salary.

 

Performance Measures

 

The Corporate
MIP pool will be established based upon achievement of a 95% GAAP combined
ratio for total OneBeacon operations. At a corporate combined ratio of 95%, the plan will
fund an amount equal the sum of each of the plan’s participant’s potential
award at their target bonus percentage. The OneBeacon Insurance Group, Ltd. Compensation
Committee (the “Compensation Committee”) may adjust the size of the pool based
on under or over achievement of the company’s target combined ratio and other objectives
at its sole discretion.

 

Individual
Awards

 

Each
business unit will be judged against a number of metrics including, where
appropriate, a combined ratio target, agreed to in advance with the
President of OneBeacon.  Generally these
targets will relate to the aggregate financial plan rolled up by branch and
line of business, but the targets will not always match the plan (in many
cases, the targets are more aggressive). If the combined ratio target is
achieved, in conjunction with other business metrics, the business may be
awarded 100% of its indicated share of the corporate pool. Businesses failing
to reach target may or may not, at the discretion of the President, receive a
reduced, partial allocation of the pool. Businesses exceeding objectives may
receive greater than 100% of indicated allocation.  In no event will the sum of the performance
adjusted business unit pools be greater than the performance adjusted company
pool as authorized by the Compensation Committee.

 

Within
each business, it will be the prerogative of the business leader, with guidance
from and after consultation with the company President, to further allocate the
business’ pool amount to the constituent branches, lines of business and
individuals, based upon performance against targets established within the business.
It will be the responsibility of the business leader, with guidance from the President,
to establish appropriate targets for the constituent branches, lines of
business, departments, or individuals at the outset of the MIP year.

 

For
corporate or administrative functions that support all or multiple regions or businesses,
MIP individuals will receive allocations from the corporate pool based upon
attainment of their department and individual MIP goals for 2009.

 

1

 

The salary used to
determine the amount of the individual awards will be that in effect at the end
of the plan year (12/31/09).

 

Plan Participation for New Hires

 

Employees hired
during the plan year are eligible to participate in the MIP.  Awards will be pro-rated specifically based
on date of hire.

 

Payment of Awards

 

Unless payment is deferred in accordance with an election made by the
participant in accordance with procedures adopted by OneBeacon Insurance
Company, payment of any MIP award shall be made by the Company no later than 2
1/2 months after the end of the Company’s fiscal year in which such MIP award
is earned, but in any event not prior to the Compensation Committee’s review
and evaluation of performance results following the end of the plan year.  In all cases, no payment
will be made until the Compensation Committee approves the overall corporate
performance factor and performance adjusted MIP pool and no payment will be
made to the CEO or any of the other executive officers without specific
approval from the Committee.

 

Special
Circumstances

 

The Compensation
Committee may, in its sole discretion, also recognize extraordinary conditions
or circumstances in determining payment levels.

 

In the event of
termination prior to the payment of awards, no incentive payments will be
made.  However, in the event of retirement
or reduction in force at or after the end of the plan year, but before payment
is made, incentive payments may be made if approved by the senior business
leader. Payment shall be contingent upon the participant signing a OneBeacon
Agreement and Release as consideration for all incentive payments. No
participant who was terminated prior to the payment of awards due to a
reduction in force may be considered for an incentive payment unless the
participant also signed the Agreement and Release provided to the participant
at the time of termination within the time period specified in the Agreement
and Release. For purposes of the plan, “retirement” shall mean termination of
service with the company, other than for cause, at any time after attaining age
sixty (60) or termination of service under circumstances which the Committee
deems equivalent to retirement. These exceptions will be made on a case by case
basis. In the event of death or disability, the plan participant or beneficiary
may be considered for a partial award payment if approved by the senior
business leader.

 

In no way does
eligibility in this plan imply an obligation of payment on the part of
OneBeacon nor should it be construed as a promise of continued employment.

 

Effect on Benefit Plans

 

Amounts paid under the terms of
this plan will not be counted for purposes of determining compensation under
any employee benefit plan sponsored by OneBeacon.

 

Plan
Continuation

 

Notwithstanding any of the aforementioned, the plan may be amended or
terminated, in whole or in part, at any time, by the Compensation Committee.

 

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