Document:

NS 2Q15 10-Q EX10.02

Exhibit 10.2

    
SEVENTH AMENDMENT
TO
LETTER OF CREDIT AGREEMENT
dated as of
April 30, 2015
among

NUSTAR LOGISTICS, L.P.,
NUSTAR ENERGY L.P.,
The Lenders Party Hereto
and
MIZUHO BANK, LTD.,
as Issuing Bank and Administrative Agent

    

SEVENTH AMENDMENT TO LETTER OF CREDIT AGREEMENT

THIS SEVENTH AMENDMENT TO LETTER OF CREDIT AGREEMENT (this “Seventh Amendment”) dated as of April 30, 2015, is among NUSTAR LOGISTICS, L.P., a Delaware limited partnership (the “Borrower”); NUSTAR ENERGY L.P., a Delaware limited partnership (the “MLP”); NUSTAR PIPELINE OPERATING PARTNERSHIP L.P., a Delaware limited partnership (the “Subsidiary Guarantor” and, together with the Borrower and the MLP, the “Obligors”); MIZUHO BANK, LTD. (formerly known as Mizuho Corporate Bank, Ltd.), as administrative agent (in such capacity, the “Administrative Agent”) and as Issuing Bank; and the undersigned Lender (collectively, the “Lenders”).
R E C I T A L S
A.    The Borrower, the MLP, the Administrative Agent and the Lenders are parties to that certain Letter of Credit Agreement dated as of June 5, 2012 (as amended, the “Reimbursement Agreement”), pursuant to which the Issuing Bank and the Lenders have made certain extensions of credit available to the Borrower.
B.    The Subsidiary Guarantor is a party to that certain Subsidiary Guaranty Agreement dated as of June 5, 2012 made by each of the Guarantors (as defined therein) in favor of the Administrative Agent (the “Subsidiary Guaranty”).
C.    The Borrower has requested and the Administrative Agent, the Issuing Bank, and the Lenders have agreed to amend certain provisions of the Reimbursement Agreement.
D.    NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Reimbursement Agreement.  Unless otherwise indicated, all references to Sections and Articles in this Seventh Amendment refer to Sections and Articles of the Reimbursement Agreement.
Section 2.    Amendments to Reimbursement Agreement.
2.1    Amendment to Section 1.01.  Section 1.01 of the Reimbursement Agreement is hereby amended to delete the definition of “Maturity Date” in its entirety and replace it with the following:   

“Maturity Date means June 5, 2016.”

2.2    Amendment to Section 2.03(a).  Section 2.03(a) of the Reimbursement Agreement is hereby amended to delete the percentage “1.25%” where it appears in clause (i), and to replace it with “1.15%”.
2.3    Amendment to Schedule 3.12.  Schedule 3.12 (Subsidiaries) is hereby deleted in its entirety and replaced with Schedule 3.12 attached hereto.

Section 3.    Conditions Precedent.  This Seventh Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02 of the Reimbursement Agreement) (the “Effective Date”):

3.1    The Administrative Agent, the Issuing Bank, and the Lenders shall have received all fees and other amounts due and payable, if any, in connection with this Seventh Amendment on or prior to the Effective Date.
3.2    The Administrative Agent shall have received from the Borrower, the MLP, the Subsidiary Guarantor, the Issuing Bank and the Lenders, counterparts (in such number as may be requested by the Administrative Agent) of this Seventh Amendment signed on behalf of such Persons.
3.3    The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative Agent may reasonably request.
3.4    No Default shall have occurred and be continuing, after giving effect to the terms of this Seventh Amendment. 
Section 4.    Miscellaneous.
4.1    Confirmation.  The provisions of the Reimbursement Agreement, as amended by this Seventh Amendment, shall remain in full force and effect following the effectiveness of this Seventh Amendment.
4.2    Ratification and Affirmation; Representations and Warranties.  Each Obligor hereby: (a) acknowledges the terms of this Seventh Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, after giving effect to the amendments contained herein; (c) agrees that from and after the Effective Date each reference to the Reimbursement Agreement in the Subsidiary Guaranty and the other Loan Documents shall be deemed to be a reference to the Reimbursement Agreement, as amended by this Seventh Amendment; and (d) represents and warrants to the Administrative Agent, the Issuing Bank, and the Lenders that as of the date hereof, after giving effect to the terms of this Seventh Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct, unless such representations and warranties are stated to relate to a specific earlier date, in which case, such representations and warranties shall continue to be true and correct as of such earlier date and (ii) no Default has occurred and is continuing.  
4.3    Loan Document.  This Seventh Amendment is a “Loan Document” as defined and described in the Reimbursement Agreement and all of the terms and provisions of the Reimbursement Agreement relating to Loan Documents shall apply hereto.
4.4    Counterparts.  This Seventh Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Seventh Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.
4.5    NO ORAL AGREEMENT.  THIS SEVENTH AMENDMENT, THE REIMBURSEMENT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

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4.6    GOVERNING LAW.  THIS SEVENTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
[SIGNATURES BEGIN ON NEXT PAGE]

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IN WITNESS WHEREOF, the parties hereto have caused this Seventh Amendment to be duly executed as of the date first written above.

NUSTAR LOGISTICS, L.P.

By:    NuStar GP, Inc., its General Partner

By:    /s/ Tomas R. Shoaf            
Name:    Thomas R. Shoaf            
Title:     Executive Vice President and Chief Financial Officer                

NUSTAR ENERGY L.P.

		
	By:
	Riverwalk Logistics, L.P., its General Partner

By:    NuStar GP, LLC, its General Partner

By:    /s/ Tomas R. Shoaf            
Name:    Thomas R. Shoaf            
Title:     Executive Vice President and Chief Financial Officer                

NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.

		
	By:
	NuStar Pipeline Company, LLC, its General Partner

By:    /s/ Tomas R. Shoaf            
Name:    Thomas R. Shoaf            
Title:     Executive Vice President and Chief 
Financial Officer                

SIGNATURE PAGE TO SEVENTH AMENDMENT TO LETTER OF CREDIT AGREEMENT

MIZUHO BANK, LTD.
(formerly known as Mizuho Corporate Bank, Ltd.),
as Issuing Bank, as Administrative Agent, and as a Lender

By:           /s/ Leon Mo            
Name:   Leon Mo                 
Title:    Authorized Signatory            

SIGNATURE PAGE TO SEVENTH AMENDMENT TO LETTER OF CREDIT AGREEMENT

SCHEDULE 3.12
Subsidiaries
	
				
	Subsidiary
	Jurisdiction of 
Formation
	Restricted/
Unrestricted/Material
	Ownership 
Percentage

	Bicen Development Corporation N.V.
	Sint Eustatius
	Restricted
	100%

	Cooperatie NuStar Holdings U.A.
	Netherlands
	Restricted
	100%

	Diamond K Limited
	Bermuda
	Restricted
	100%

	NuStar Pipeline Company, LLC
	Delaware
	Restricted
	100%

	NuStar Pipeline Holding Company, LLC
	Delaware
	Restricted
	100%

	NuStar Pipeline Operating Partnership L.P.
	Delaware
	Restricted - Material
	100%

	NuStar Pipeline Partners L.P.
	Delaware
	Restricted
	100%

	LegacyStarServices, LLC
	Delaware
	Restricted
	100%

	NS Security Services, LLC
	Delaware
	Restricted
	100%

	NuStar Asphalt Chickasaw, LLC
	Texas
	Restricted
	100%

	NuStar Asphalt Holdings, Inc.
	Delaware
	Restricted
	100%

	NuStar Asphalt Holdings, LLC
	Delaware
	Restricted
	100%

	NuStar Refining, LLC
	Delaware
	Restricted
	100%

	NuStar Supply & Trading LLC
	Delaware
	Restricted
	100%

	NuStar Terminals B.V.
	Netherlands
	Restricted
	100%

	NuStar Eastham Limited
	England
	Restricted
	100%

	NuStar Terminals Limited
	England
	Restricted
	100%

	NuStar Energy Services, Inc.
	Delaware
	Restricted
	100%

	NuStar Burgos, LLC
	Delaware
	Restricted
	100%

	NuStar GP, Inc.
	Delaware
	Restricted
	100%

	NuStar Holdings B.V.
	Netherlands
	Restricted
	100%

	NuStar Internacioncal, S. deR.L. de C.V.
	Mexico
	Restricted
	100%

	NuStar Logistics, L.P.
	Delaware
	Restricted - Material
	100%

	Petroburgos, S. de R.L. de C.V.
	Mexico
	Restricted
	100%

	Point Tupper Marine Services Co.
	Nova Scotia
	Restricted
	100%

	NuStar Grangemouth Limited
	England
	Restricted
	100%

	Saba Company N.V.
	Sint Eustatius
	Restricted
	100%

	Seven Seas Steamship Company (Sint Eustatius) N.V.
	Sint Eustatius
	Restricted
	100%

	Shore Terminals LLC
	Delaware
	Restricted
	100%

	NuStar Texas Holdings, Inc.
	Delaware
	Restricted
	100%

	NuStar Terminals Texas, Inc.
	Delaware
	Restricted
	100%

	NuStar Terminals Partners TX L.P.
	Delaware
	Restricted
	100%

	NuStar Terminals Antilles N.V.
	Curacao
	Restricted
	100%

	NuStar Terminals Canada Co.
	Nova Scotia
	Restricted
	100%

	NuStar Terminals Canada Holdings Co
	Nova Scotia
	Restricted
	100%

	NuStar Terminals Canada Partnership
	Nova Scotia
	Restricted
	100%

Schedule 3.12

	
				
	Subsidiary
	Jurisdiction of 
Formation
	Restricted/
Unrestricted/Material
	Ownership 
Percentage

	NuStar Terminals Corporation N.V.
	Curacao/
Netherlands
	Restricted
	100%

	NuStar Terminals Delaware, Inc.
	Delaware
	Restricted
	100%

	NuStar Caribe Terminals, Inc.
	Delaware
	Restricted
	100%

	NuStar Terminals International N.V.
	Curacao
	Restricted
	100%

	NuStar Terminals Marine Services N.V.
	Sint Eustatius
	Restricted
	100%

	NuStar Terminals New Jersey, Inc.
	Delaware
	Restricted
	100%

	NuStar Terminals N.V.
	Sint Eustatius
	Restricted
	100%

	NuStar Terminals Operations Partnership L.P.
	Delaware
	Restricted
	100%

	NuStar Terminals Services, Inc.
	Delaware
	Restricted
	100%

	ST Linden Terminal, LLC
	Delaware
	Restricted
	100%

	NuStar Finance LLC
	Delaware
	Restricted
	100%

Schedule 3.1210.12 Nonqualified Stock Option Award Agreement

ENDOCHOICE HOLDINGS, INC.
2015 OMNIBUS EQUITY INCENTIVE PLAN
Nonqualified Stock Option Agreement
This Nonqualified Stock Option Agreement (this “Agreement”) is made and entered into as of [DATE] by and between EndoChoice Holdings, Inc., a Delaware corporation (the “Company”) and [NAME] (the “Participant”).
Grant Date:     ____________________________________
Exercise Price per Share:     ____________________________________
Total Shares of Stock Subject to Option:     ____________________________________
Expiration Date:     ____________________________________
1.Grant of Option.
1.1    Grant; Type of Option. The Company hereby grants to the Participant an option (the “Option”) to purchase the total number of shares of Common Stock of the Company, at the Exercise Price set forth above. The Option is being granted pursuant to the terms of the EndoChoice Holdings, Inc. 2015 Omnibus Equity Incentive Plan (the “Plan”). The Option is intended to be a Nonqualified Stock Option and not an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code.
1.2    Consideration; Subject to Plan. The grant of the Option is made in consideration of the services to be rendered by the Participant to the Company or its Affiliates and is subject to the terms and conditions of the Plan. Capitalized terms used but not defined herein will have the meaning ascribed to them in the Plan.
2.    Exercise Period; Vesting.
2.1    Vesting Schedule. The Option will become vested and exercisable with respect to [NUMBER] of shares on [VESTING SCHEDULE] until the Option is 100% vested. Except as provided in this Agreement, the unvested portion of the Option will not be exercisable on or after the Participant's Termination.
2.2    Expiration. The Option will expire on the Expiration Date set forth above, or earlier as provided in this Agreement or the Plan.
3.    Termination of Employment or Service.  The Participant’s Option shall be forfeited upon his or her Termination of employment or service, except as set forth below:
3.1    Termination for Reasons Other Than Cause, Death, Disability or Retirement. Upon a Participant’s Termination for any reason other than death, Disability, Retirement or for Cause, any Option held by such Participant that was vested and exercisable immediately before such Termination may be exercised at any time until the earlier of (a) the ninetieth (90th) day following such Termination and (b) the Expiration Date.
3.2    Termination for Cause. Upon a Participant’s Termination for Cause, the Option (whether vested or unvested) shall immediately terminate and cease to be exercisable.
3.3    Termination Due to Disability. Upon a Participant’s Termination by reason of Disability, any Option held by such Participant that was vested and exercisable immediately before such Termination may be exercised at any time until the earlier of (a) the first anniversary of such Termination and (b) the Expiration Date.
3.4    Termination Due to Death. Upon the Participant’s Termination by reason of death, any Option held by such Participant that was vested and exercisable immediately before such Termination may be exercised at any time until the earlier of (a) the first anniversary of the date of such death and (b) the Expiration Date.
3.5    Termination Due to Retirement. Upon a Participant’s Termination by reason of Retirement, any Option held by such Participant that was vested and exercisable immediately before such Termination may be exercised at any time until the earlier of (a) the fifth (5th) anniversary of such Termination and (b) the Expiration Date.
3.6    Death after Termination.  Notwithstanding the above provisions of this Section 3, if a Participant dies after such Participant’s Termination, but while his or her Option remains exercisable as set forth above, such Option may be exercised at any time until the earlier of (a) the first anniversary of the date of such death and (b) the Expiration Date.
4.    Manner of Exercise.
4.1    Election to Exercise. To exercise the Option, the Participant (or in the case of exercise after the Participant's death or incapacity, the Participant's executor, administrator, heir or legatee, as the case may be) must deliver to the Company a written notice of intent to exercise in the form specified or accepted by the Committee (or by complying with any alternative exercise procedures that may be authorized by the Committee), setting forth the number of Shares with respect to which the Option is to be exercised. If someone other than the Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the Option. 
4.2    Payment of Exercise Price. The entire Exercise Price of the Option shall be payable to the Company in full (which payment shall include applicable taxes, if any, in accordance with Article XVII of the Plan) at the time of exercise, by certified or bank check or such other instrument as the Committee may accept. If approved by the Committee, and subject to any such terms, conditions and limitations as the Committee may prescribe and to the extent permitted by applicable law, payment of the Option Price, in full or in part, may also be made in one or more of the manners permitted by Section 6.6 of the Plan. 
4.3    Withholding. The Company or any Subsidiary or Affiliate is authorized to withhold from any Award granted or payment due under the Plan the amount of all federal, state, local and non-United States taxes due in respect of such Award or payment and take any such other action as may be necessary or appropriate, as determined by the Committee, to satisfy all obligations for the payment of such taxes. No later than the date as of which an amount first becomes includible in the gross income or wages of a Participant for federal, state, local, or non-U.S. tax purposes with respect to any Award, such Participant shall pay to the Company, or make arrangements satisfactory to the Committee regarding the payment of, any federal, state, local or non-U.S. taxes or social security (or similar) contributions of any kind required by law to be withheld with respect to such amount, in accordance with Article XVII of the Plan.
4.4    Issuance of Shares. Subject to any governing rules or regulations, as soon as practicable after receipt of a written notification of exercise and full payment in accordance with the preceding provisions of this Section 4 and Section 6.6 of the Plan and satisfaction of tax obligations in accordance with Article XVII of the Plan, the Company shall deliver to the Participant exercising an Option, in the Participant’s name, evidence of book entry Shares, in an appropriate amount based upon the number of Shares purchased under the Option, subject to Section 20.9 of the Plan.
5.    No Right to Continued Service; No Rights as Shareholder. Neither the Plan nor this Agreement shall confer upon the Participant any right to be retained in any position, as an Employee, Independent Contractor, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Participant's employment or service at any time, with or without Cause. No Participant or other person shall become the beneficial owner of any Shares subject to an Option, nor have any rights to dividends or other rights of a stockholder with respect to any such Shares, until a book entry has been created for the Participant with respect to such Shares following exercise of his or her Option in accordance with the provisions of the Plan and this Agreement; provided, that notwithstanding the foregoing, a Participant receiving an Option shall not have any rights to dividends with respect to any Shares earned upon satisfaction or achievement of the terms and conditions of such Option with respect to any period prior to the date upon which such a book entry is created for the Participant.
6.    Transferability. Except as otherwise provided in Sections 8.5 or 13.3 of the Plan or as otherwise determined at any time by the Committee, the Option may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than (i) by will or by the laws of descent and distribution or (ii) by gift or other transfer to any trust or estate in which the Participant or the Participant’s spouse or other immediate relative has a substantial beneficial interest, or to a spouse or other immediate relative, provided that any such transfer is permitted subject to Rule 16b-3 issued pursuant to the Exchange Act as in effect when such transfer occurs and the Board does not rescind this provision prior to such transfer; provided that the Committee may permit further transferability, on a general or a specific basis, and may impose conditions and limitations on any permitted transferability, subject to Section 13.1 of the Plan; provided further, however, that the Option may not be transferred for value or other consideration without first obtaining approval thereof by the stockholders of the Company and the Option shall not be transferable pursuant to a domestic relations order or similar order. Further, except as otherwise determined at any time by the Committee, or unless the Committee decides to permit further transferability, subject to Section 13.1 of the Plan, the Option shall be exercisable during the Participant’s lifetime only by the Participant.
7.    Change in Control. The terms of the Plan will govern the Option in the event of a Change in Control.
8.    Adjustments. The shares of Common Stock subject to the Option may be adjusted or terminated in any manner as contemplated by Section 4.4 of the Plan.
9.    Tax Liability and Withholding. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or the subsequent sale of any shares acquired on exercise; and (b) does not commit to structure the Option to reduce or eliminate the Participant's liability for Tax-Related Items.
10.    Non-competition and Non-solicitation.
10.1    Non-competition and Non-solicitation Restrictions.  In consideration of the Option, the Participant agrees and covenants not to: 
(a)    contribute his or her knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant, agent, partner, director, shareholder, volunteer, intern or in any other similar capacity to an entity engaged in the same or similar business as the Company and its Affiliates, including those engaged in the business of [DESCRIPTION OF BUSINESS] for a period of [TERM OF MONTHS OR YEARS] following the Participant's Termination; 
(b)    directly or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company or its Affiliates for [TERM OF MONTHS OR YEARS] following the Participant's Termination; or
(c)    directly or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, and instant message), attempt to contact or meet with the current[, former or prospective] customers of the Company or any of its Affiliates for purposes of offering or accepting goods or services similar to or competitive with those offered by the Company or any of its Affiliates for a period of [TERM OF MONTHS OR YEARS] following the Participant's Termination.
10.2    Enforcement of Non-competition and Non-solicitation Restrictions.  In the event of a breach or threatened breach by the Participant of any of the covenants contained in Section 10.1:
(a)    any unvested portion of the Option shall be forfeited effective as of the date of such breach, unless sooner terminated by operation of another term or condition of this Agreement or the Plan; and
(b)    the Participant hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief.
11.    Compliance with Law. The exercise of the Option and the issuance and transfer of shares of Common Stock shall be subject to compliance by the Company and the Participant with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company's shares of Common Stock may be listed. No shares of Common Stock shall be issued pursuant to this Option unless and until any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant understands that the Company is under no obligation to register the shares with the Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance.
12.    Notices. Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Committee, care of the Company, at the Company's principal corporate offices. Any notice required to be delivered to the Participant under this Agreement shall be in writing and addressed to the Participant at the Participant's address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Committee) from time to time.
13.    Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Delaware without regard to conflict of law principles.
14.    Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company.
15.    Options Subject to Plan. This Agreement is subject to the Plan as approved by the Company's shareholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.
16.    Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant's beneficiaries, executors, administrators and the person(s) to whom this Agreement may be transferred by will or the laws of descent or distribution.
17.    Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.
18.    Discretionary Nature of Plan. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Option in this Agreement does not create any contractual right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Participant's employment with the Company.
19.    Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel the Option, prospectively or retroactively; provided, that, no such amendment shall materially impair the previously accrued rights of the Participant under this Agreement without the Participant’s consent, subject to the provisions of Sections 16.1 and 16.2 of the Plan. 
20.    No Impact on Other Benefits. The value of the Participant's Option is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.
21.    Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.
22.    Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions thereof, and accepts the Option subject to all of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the underlying shares and that the Participant should consult a tax advisor prior to such exercise or disposition.

[SIGNATURE PAGE FOLLOWS]

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

ENDOCHOICE HOLDINGS, INC.

	 
	 
	 

	 
	

By: _____________________

Name:
Title:
	 
	 
	 

	
					
	 
	

[EMPLOYEE NAME]

	 
	 
	 

	 
	

By: _____________________

Name:

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