Document:

EX-10(cc)

 

Exhibit 10(cc)

MINUTES OF THE MEETING OF FEBRUARY 23, 2004

OF THE BOARD OF DIRECTORS OF

SEA PINES ASSOCIATES, INC.

Authorization of Director Shares

Mr. Harberger said the original 50,000 share allotment for the Director Stock
Plan is almost used up. Mr. McGarty made a motion to authorize 50,000 shares
for annual grants for directors to be used over the next several years. Ms.
Speer seconded the motion, and it carried unanimously.EX-10(dd)

 

Exhibit 10(dd)

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED

RIGHTS AGREEMENT

     This First Amendment to Second Amended and Restated Rights Agreement,
dated as of July 27, 2004 (the “First Amendment”), is by and between Sea Pines
Associates, Inc., a South Carolina corporation (the “Company”), and Wachovia
Bank, N.A., a national banking association (the “Rights Agent”).

     WHEREAS, pursuant to Section 27 of that certain Second Amended and
Restated Rights Agreement dated as of August 23, 1993, amended and restated as
of July 20, 1999, amended as of December 13, 1999 and amended and restated as
of August 5, 2003, between the Company and the Rights Agent (the “Rights
Agreement”), the Company has determined to amend the Rights Agreement as
hereinafter provided and has directed the Rights Agent to join in the
amendment;

     NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Rights Agent agree as follows:

     1. The Rights Agreement is hereby amended by deleting therefrom in its
entirety the second sentence of Section 1(a) thereof and inserting in lieu
thereof the following:

	 	 	Notwithstanding the foregoing, no Person shall become an
“Acquiring Person” (i) as the result of an acquisition of Common
Shares by the Company that, by reducing the number of Common
Shares outstanding, increases the percentage of Common Shares
beneficially owned by such Person to 20% or more of the Common
Shares then outstanding, or (ii) as the result of an acquisition
of Common Shares by a Person from the Company upon the exchange of
shares of the Company’s Series A Cumulative Preferred Stock (the
“Series A Shares”) in the Company’s December 1999 offer to
exchange Common Shares for Series A Shares (the “Exchange Offer”),
or (iii) as a result of the execution and delivery of, or the
consummation of the merger contemplated by, the 2004 Agreement and
Plan of Merger (the “Merger Agreement”) by and between the
Company, The Riverstone Group, LLC, a Virginia limited liability
company (“Riverstone”), and a wholly owned subsidiary of
Riverstone; provided, however, that if and at such time as a
Person who would otherwise be an “Acquiring Person” but for the
provisions of this sentence shall, after (x) such share purchases
by the Company, (y) such acquisition of shares by such Person in
the Exchange Offer or (z) such execution and delivery of the
Merger Agreement, as the case may be, become the Beneficial Owner
of any additional Common Shares of the Company other than as a
result of the consummation of the merger contemplated by the
Merger Agreement, then such Person shall be an “Acquiring Person.”

1

 

     2. The Rights Agreement is hereby amended by adding the following
sentence at the end of Section 3(b) thereof:

	 	 	In the event that any Common Shares are converted into cash or
other property pursuant to the Merger Agreement after the Record
Date but prior to the earlier of (i) the Distribution Date or (ii)
the Final Expiration Date, any Rights associated with such Common
Shares shall be deemed cancelled and retired upon such conversion
so that the holders of such Common Shares prior to such conversion
shall not be entitled to exercise any Rights associated with the
Common Shares that are so converted.

     3. Except as amended hereby, the terms, conditions, covenants, agreements,
representations and warranties contained in the Rights Agreement shall remain
unaffected hereby and shall continue in full force and effect.

     4. This First Amendment may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute but one and the same instrument.

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

	 	 	 	 	 	 	 
	ATTEST:	 	SEA PINES ASSOCIATES, INC.
	 
	 	 	 	 	 	 
	By:

	 	     /s/ Michael E. Lawrence
	 	By:
	 	     /s/ Norman P. Harberger
	

	 	
 
	 	 	 	
 
	Its:

	 	     Chief Executive Officer
	 	Its:
	 	     Chairman
	 
	 	 	 	 	 	 
	ATTEST:	 	WACHOVIA BANK, N.A.
	 
	 	 	 	 	 	 
	By:

	 	     /s/ Patrick J. Edwards
	 	By:	 	     /s/ Johnnie H. Coble
	

	 	
 
	 	 	 	
 
	

	 	     Patrick J. Edwards
	 	 	 	     Johnnie H. Coble
	Its:

	 	     Vice President
	 	Its:	 	     Corporate Trust Officer

2<PAGE>
                                                                   Exhibit 10.94

                      NON-QUALIFIED STOCK OPTION AGREEMENT
                                    under the
                          ACCREDO HEALTH, INCORPORATED
                          2002 LONG-TERM INCENTIVE PLAN

               Optionee:     J. Martin Carroll
                        -----------------------------------------------

               Number Shares Subject to Option:           3,037
                                               -------------------------

               Exercise Price per Share:           $32.93
                                        --------------------------------

               Date of Grant:               January 27, 2004
                             -------------------------------------------

        1. Grant of Option. Accredo Health, Incorporated (the "Company") hereby
grants to the Optionee named above (the "Optionee"), under the Accredo Health,
Incorporated 2002 Long-Term Incentive Plan (the "Plan"), a Non-Qualified Stock
Option to purchase, on the terms and conditions set forth in this agreement
(this "Option Agreement"), the number of shares indicated above of the Company's
$0.01 par value common stock (the "Stock"), at the exercise price per share set
forth above (the "Option"). Capitalized terms used herein and not otherwise
defined shall have the meanings assigned such terms in the Plan.

        2. Vesting of Option. Unless the exercisability of the Option is
accelerated in accordance with Article 9 of the Plan, the Option shall vest
(become exercisable) in accordance with the following schedule:

<Table>
<Caption>
                                                                     Cumulative No. of
                                         No. of Option Shares     Option Shares Vested on
            Vesting Date                Vested on Vesting Date          Vesting Date
            ------------                ----------------------   --------------------------
<S>                                            <C>                        <C>
   1st anniversary of grant date                  25%                       25%
   2nd anniversary of grant date                  25%                       50%
   3rd anniversary of grant date                  25%                       75%
   4th anniversary of grant date                  25%                       100%
</Table>

        3. Period of Option and Limitations on Right to Exercise. The Option
will, to the extent not previously exercised, lapse under the earliest of the
following circumstances; provided, however, that the Committee may, prior to the
lapse of the Option under the circumstances described in paragraph (b) below,
provide in writing that the Option will extend until a later date:

        (a) The Option shall lapse as of 5:00 p.m., Eastern Time, on the tenth
anniversary of the date of grant (the "Expiration Date").

<PAGE>

        (b) The Option shall lapse three months after the Optionee's termination
of service as a director for any reason.

        4. Exercise of Option. The Option shall be exercised by written notice
directed to the Secretary of the Company at the principal executive offices of
the Company, in substantially the form attached hereto as Exhibit A, or such
other form as the Committee may approve. Unless the exercise is a
broker-assisted "cashless exercise" as described below, such written notice
shall be accompanied by full payment in cash, shares of Stock previously
acquired by the Optionee, or any combination thereof, for the number of shares
specified in such written notice; provided, however, that if shares of Stock are
used to pay the exercise price, such shares must have been held by the Optionee
for at least six months. The Fair Market Value of the surrendered Stock as of
the last trading day immediately prior to the exercise date shall be used in
valuing Stock used in payment of the exercise price. To the extent permitted
under Regulation T of the Federal Reserve Board, and subject to applicable
securities laws, the Option may be exercised through a broker in a so-called
"cashless exercise" whereby the broker sells the Option shares and delivers cash
sales proceeds to the Company in payment of the exercise price. In such case,
the date of exercise shall be deemed to be the date on which notice of exercise
is received by the Company and the exercise price shall be delivered to the
Company on the settlement date.

        Subject to the terms of this Option Agreement, the Option may be
exercised at any time and without regard to any other option held by the
Optionee to purchase stock of the Company. Upon the Optionee's death, the Option
may be exercised by the Optionee's beneficiary.

        5. Beneficiary Designation. The Optionee, by written notice to the
Commmittee, may designate one or more persons (and from time to time change such
designation) including the Optionee's legal representative, who, by reason of
the Optionee's death, shall acquire the right to exercise all or a portion of
the Option. If no beneficiary has been designated or survives the Optionee, the
Option may be exercised by the personal representative of the Optionee's estate.
If the person with exercise rights desires to exercise any portion of the
Option, such person must do so in accordance with the terms and conditions of
this Agreement and the Plan.

        6. Withholding. The Company has the authority and the right to deduct or
withhold, or require the Optionee to remit to the Company, an amount sufficient
to satisfy federal, state, and local taxes (including the Optionee's FICA
obligation) required by law to be withheld with respect to any taxable event
arising as a result of the exercise of the Option. Such withholding requirement
may be satisfied, in whole or in part, at the election of the Company, by
withholding from the Option shares of Stock having a Fair Market Value on the
date of withholding equal to the minimum amount (and not any greater amount)
required to be withheld for tax purposes, all in accordance with such procedures
as the Committee establishes.

                                      -2-
<PAGE>

        7. Limitation of Rights. The Option does not confer to the Optionee or
the Optionee's personal representative any rights of a shareholder of the
Company unless and until shares of Stock are in fact issued to such person in
connection with the exercise of the Option. Nothing in this Option Agreement
shall confer upon the Optionee any right to continue as a director of the
Company or any Parent or Subsidiary.

        8. Stock Reserve. The Company shall at all times during the term of this
Option Agreement reserve and keep available such number of shares of Stock as
will be sufficient to satisfy the requirements of this Option Agreement.

        9. Restrictions on Transfer and Pledge. The Option may not be pledged,
encumbered, or hypothecated to or in favor of any party other than the Company
or a Parent or Subsidiary, or be subject to any lien, obligation, or liability
of the Optionee to any other party other than the Company or a Parent or
Subsidiary. The Option is not assignable or transferable by the Optionee other
than by will or the laws of descent and distribution or pursuant to a domestic
relations order that would satisfy Section 414(p)(1)(A) of the Code; provided,
however, that the Committee may (but need not) permit other transfers where the
Committee concludes that such transferability (i) does not result in accelerated
taxation and (ii) is otherwise appropriate and desirable, taking into account
any factors deemed relevant, including without limitation, state or federal tax
or securities laws applicable to transferable options. The Option may be
exercised during the lifetime of the Optionee only by the Optionee or any
permitted transferee.

        10. Restrictions on Issuance of Shares. If at any time the Board shall
determine in its discretion, that listing, registration or qualification of the
shares of Stock covered by the Option upon any securities exchange or under any
state or federal law, or the consent or approval of any governmental regulatory
body, is necessary or desirable as a condition to the exercise of the Option,
the Option may not be exercised in whole or in part unless and until such
listing, registration, qualification, consent or approval shall have been
effected or obtained free of any conditions not acceptable to the Board.

        11. Plan Controls. The terms contained in the Plan are incorporated into
and made a part of this Option Agreement and this Option Agreement shall be
governed by and construed in accordance with the Plan. In the event of any
actual or alleged conflict between the provisions of the Plan and the provisions
of this Option Agreement, the provisions of the Plan shall be controlling and
determinative.

        12. Successors. This Option Agreement shall be binding upon any
successor of the Company, in accordance with the terms of this Option Agreement
and the Plan.

        13. Severability. If any one or more of the provisions contained in this
Option Agreement are invalid, illegal or unenforceable, the other provisions of
this Option Agreement will be construed and enforced as if the invalid, illegal
or unenforceable provision had never been included.

                                      -3-
<PAGE>

        14. Notice. Notices and communications under this Option Agreement must
be in writing and either personally delivered or sent by registered or certified
United States mail, return receipt requested, postage prepaid. Notices to the
Company must be addressed to:

               Accredo Health, Incorporated
               1640 Century Center Parkway
               Suite 101
               Memphis, Tennessee  38134
               Attn:  Secretary
or any other address designated by the Company in a written notice to the
Optionee. Notices to the Optionee will be directed to the address of the
Optionee then currently on file with the Company, or at any other address given
by the Optionee in a written notice to the Company.

        15. Binding Effect. The grant of the Options referenced herein is
subject to Optionee being bound by all of the terms set out in this Agreement.
The acceptance of the Options and the exercise of any right hereunder, including
but not being limited to the giving of written notice to exercise any Option,
shall constitute conclusive evidence of acceptance by the Optionee of all of the
terms, and conditions set out herein, and Optionee by such actions shall be
bound by, and shall be deemed to have agreed to these terms and conditions, the
same as if Optionee had affixed his or her signature to this Stock Option
Agreement.

        IN WITNESS WHEREOF, Accredo Health, Incorporated, acting by and through
its duly authorized officers, has caused this Option Agreement to be executed,
all as of the day and year first above written.

                                     ACCREDO HEALTH, INCORPORATED

                                     By:
                                        ----------------------------------
                                     Name:  Thomas W. Bell, Jr.
                                     Title:   Sr. Vice President and Secretary

                                      -4-
<PAGE>

                                    EXHIBIT A

                    NOTICE OF EXERCISE OF OPTION TO PURCHASE
                                 COMMON STOCK OF
                          ACCREDO HEALTH, INCORPORATED

Name
     -------------------------------------
Address:
         ---------------------------------

         ---------------------------------
Date
     -------------------------------------

Accredo Health, Incorporated
1640 Century Center Parkway
Suite 101
Memphis, Tennessee  38134
Attn: Secretary

Re:     Exercise of Non-Qualified Stock Option

        I elect to purchase ______________ shares of Common Stock of Accredo
Health, Incorporated (the "Company") pursuant to the Accredo Health,
Incorporated Non-Qualified Stock Option Agreement dated ______________ and the
Accredo Health, Incorporated and its Subsidiaries Stock Option and Restricted
Stock Purchase Plan. The purchase will take place on the Exercise Date, which
will be (i) as soon as practicable following the date this notice and all other
necessary forms and payments are received by the Company, or (ii) in the case of
a Broker-assisted cashless exercise (as indicated below), the date of this
notice.

        On or before the Exercise Date (or, in the case of a Broker-assisted
cashless exercise, on the settlement date following the Exercise Date), I will
pay the full exercise price in the form specified below (check one):

[ ]     Cash Only: by delivering a check to the Company for $___________.

[ ]     Cash and Shares: by delivering a check to the Company for $_________
        for the part of the exercise price. I will pay the balance of the
        exercise price by delivering to the Company a stock certificate with my
        endorsement for shares of Company Stock that I have owned for at least
        six months. If the number of shares of Company Stock represented by such
        stock certificate exceeds the number needed to pay the exercise price,
        the Company will issue me a new stock certificate for the excess.

<PAGE>

[ ]     Shares Only: by delivering to the Company a stock certificate with
        my endorsement for shares of Company Stock that I have owned for at
        least six months. If the number of shares of Company Stock represented
        by such stock certificate exceeds the number needed to pay the exercise
        price, the Company will issue me a new stock certificate for the excess.

[ ]     Cash From Broker: by delivering the purchase price from
        _______________________, a broker, dealer or other "creditor" as defined
        by Regulation T issued by the Board of Governors of the Federal Reserve
        System (the "Broker"). I authorize the Company to issue a stock
        certificate in the number of shares indicated above in the name of the
        Broker in accordance with instructions received by the Company from the
        Broker and to deliver such stock certificate directly to the Broker (or
        to any other party specified in the instructions from the Broker) upon
        receiving the exercise price from the Broker.

        On or before the Exercise Date, I will satisfy any applicable tax
withholding obligations in the form specified below (check one):

[ ]     Cash Only: by delivering a check to the Company for the full tax
        withholding amount.

[ ]     Cash and Shares: by delivering a check to the Company for $_________
        for part of the tax withholding amount. I will pay the balance of the
        tax withholding amount by delivering to the Company a stock certificate
        with my endorsement for shares of Company Stock that I have owned for at
        least six months. If the number of shares of Company Stock represented
        by such stock certificate exceeds the number needed to pay the tax
        withholding amount, the Company will issue me a new stock certificate
        for the excess.

[ ]     Shares Only: by delivering to the Company a stock certificate with my
        endorsement for shares of Company Stock that I have owned for at least
        six months. If the number of shares of Company Stock represented by such
        stock certificate exceeds the number needed to pay the tax withholding
        amount, the Company will issue me a new stock certificate for the
        excess.

[ ]     Withholding of Shares to Cover Minimum Obligation: by having the
        Company withhold shares of Stock from the Option having a Fair Market
        Value on the date of withholding equal to the minimum amount (and not
        any greater amount) required to be withheld for tax purposes. Only whole
        shares may be withheld.

                                      -2-
<PAGE>

        Please deliver the stock certificate to me (unless I have chosen to pay
the purchase price through a Broker).

                                Very truly yours,

                                ---------------------------------------

AGREED TO AND ACCEPTED:

ACCREDO HEALTH, INCORPORATED

By:
    -------------------------------------

Title:
       ----------------------------------
Number of Option Shares
Exercised:
           ------------------------------
Number of Option Shares
Remaining:
           ------------------------------
Date:
      -----------------------------------

                                      -3-

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