Document:

EX-10.43.C

Exhibit 10.43(c)

(As amended and restated as of January 1, 2008)

INTEGRA LIFESCIENCES HOLDINGS CORPORATION

MANAGEMENT INCENTIVE COMPENSATION PLAN

 

 

(As amended and restated as of January 1, 2008)

INTEGRA LIFESCIENCES HOLDINGS CORPORATION

MANAGEMENT INCENTIVE COMPENSATION PLAN

	1.	 	Purpose

          The purpose of the Plan is to enhance the ability of Integra to offer incentive compensation
to Key Associates by rewarding the achievement of corporate goals and specifically measured
individual goals which are consistent with and support the overall corporate goals of Integra.
More specifically, through this Plan, Integra intends to (i) reinforce strategically important
operational objectives; (ii) establish goals relating to revenue and profitability; (iii) provide
rewards based on achieving significant Employer, departmental and individual goals and objectives;
(iv) provide incentives that result in behavior that is consistent with shareholders’ desires of
building a stronger company with a higher potential for increased profitability; and (v)
incorporate an incentive program in the Integra overall compensation program to help attract and
retain Key Associates.

	2.	 	Definitions

          (a) “Administrator” shall mean Integra’s head of its human resources department, whose duties
are set forth in Section 4.

          (b) “Award” shall mean the incentive award earned by a Key Associate under the Plan for any
Performance Period.

          (c) “Base Salary” shall mean the Key Associate’s annual base salary rate in effect at the end
of a Performance Period. Base Salary does not include Awards under this Plan or any other
short-term or long-term incentive plan; imputed income from such programs as group-term life
insurance; or non-recurring earnings, such as moving expenses, but is based on salary earnings
before reductions for such items as deferrals under Employer-sponsored deferred compensation plans,
contributions under Code section 401(k), contributions to medical savings accounts under Code
section 220 and contributions to flexible spending accounts under Code section 125.

          (d) “Board” shall mean Integra’s Board of Directors as constituted from time to time.

          (e) “CEO” shall mean the Chief Executive Officer of Integra.

          (f) “Code” shall mean the Internal Revenue Code of 1986, as amended or any successor statute
thereto.

          (g) “Committee” shall mean the Compensation Committee of the Board.

          (h) “Effective Date” shall mean August 11, 2006.

          (i) “Employee” shall mean an employee of the Employer (including an officer or director who is
also an employee) and any individual characterized as a “leased employee” within the meaning of
Code section 414(n) who works full-time for the Employer, but excluding

 

 

(As amended and restated as of January 1, 2008)

any individual (i) employed in a casual or temporary capacity (i.e., those hired for a
specific job of limited duration); (ii) whose terms of employment are governed by a collective
bargaining agreement that does not provide for participation in this Plan; (iii) characterized as a
“leased employee” within the meaning of Code section 414 who does not work full-time for the
Employer; or (iv) classified by the Employer as a “contractor” or “consultant,” no matter how
characterized by the Internal Revenue Service, other governmental agency or a court. Any change of
characterization of an individual by any court or government agency shall have no effect upon the
classification of an individual as an Employee for purposes of this Plan, unless the Committee
determines otherwise.

          (j) “Employer” shall mean Integra and any United States subsidiary of Integra.

          (k) “Integra” shall mean Integra LifeSciences Holdings Corporation.

          (l) “Key Associate” for any Performance Period, shall mean (i) a Senior Officer designated by
the Committee to participate in the Plan, and (ii) each other Employee designated by the
Administrator to participate in the Plan; and who meets the eligibility requirements described in
Section 3 below. Notwithstanding the foregoing, no Employee who, as part of his or her
compensation, receives sales commission or bonus payments under a sales compensation plan or
divisional bonus program, shall be a “Key Associate.”

          (m) “Performance Goals” for any Performance Period, shall mean the performance goals of
Integra and/or the Employer, as specified by the Administrator in consultation with Integra’s
Executive Committee, based on the achievement of corporate EBITDA targets relating to Integra
and/or the Employer’s operating plan and global sales. In addition, performance goals for a
Performance Period will relate to the individual Key Associate’s attainment of performance goals
that are specified for such Key Employee. The Performance Goals may be weighted as to corporate
and individual goals for each Key Associate, as determined at the beginning of the Performance
Period or, if later, at the time of the Key Associate’s participation in the Plan.

          (n) “Performance Period” shall mean the fiscal year of Integra or any other period designated
by the Committee with respect to which an Award may be earned. The first Performance Period for
the Plan shall be the period between July 1, 2006 and December 31, 2006.

          (o) “Plan” shall mean this Integra LifeSciences Holdings Corporation Management Incentive
Compensation Plan, as from time to time amended and in effect.

          (p) “Senior Officer” shall mean an executive officer of Integra as determined under applicable
securities laws.

“Target Award Percentage” shall mean with respect to any Performance Period, the percentage of the
Key Associate’s Base Salary that the Key Associate would earn as an Award for that Performance
Period if the targeted level of performance was achieved for each of the Performance Goals for that
Key Associate for the Performance Period. Unless otherwise specified prior to the Performance
Period (or, if later, at the time of the Key Associate’s participation in the Plan), Target Award
Percentages will be determined by the Committee or the Administrator, as applicable, and in no
event will exceed 50% of base salary for any Key

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(As amended and restated as of January 1, 2008)

Associate.

          (q) “Target Award” for any Key Associate with respect to any Performance Period, shall mean
the dollar amount based on the Key Associate’s Target Award Percentage that the Key Associate would
be eligible to earn as an Award for that Performance Period.

	3.	 	Eligibility

          Subject to the approval by the Administrator or the Committee, all exempt Employees employed
by an Employer in a Grade Level 9 or above position, as of January 1 of each Performance Period,
shall be eligible to be selected to participate in the Plan. In addition, exempt Employees who are
newly hired to a Grade Level 9 or above position after January 1 of a Performance Period, but prior
to October 1 of such Performance Period, will, subject to the approval of the Administrator or the
Committee, be eligible to participate in the Plan. Any exempt Employee who is either (i) promoted
to a Grade Level 9 or above position, or (ii) a participant in the Plan but is promoted to a higher
Grade Level position, in either case after January 1 of a Performance Period, but prior to October
1 of such Performance Period, will, subject to the approval of the Administrator or the Committee,
be eligible to participate in the Plan for the remaining portion of the Performance Period after
the promotion.

          An exempt Employee who is hired into a Grade Level 9 or above position on or after October 1
of a Performance Period shall not be eligible to participate in the Plan for such Performance
Period. An exempt Employee who is not participating in the Plan for a Performance Period and is
subsequently promoted to a Grade Level 9 or above position on or after October 1 of a Performance
Period shall also not be eligible to participate in the Plan. An exempt Employee who is
participating in the Plan for a Performance Period and is subsequently promoted to a higher
position on or after October 1 of a Performance Period shall continue at the participation level
for the Performance Period prior to the promotion.

          Except as otherwise provided in this Plan, any individual participating in the Plan during a
Performance Period who ceases to be an Employee during such Performance Period shall cease to be
eligible to participate in the Plan.

	4.	 	Administration

          The administration of the Plan shall be consistent with the purpose and the terms of the Plan.
The Plan shall be administered by the Administrator, subject to oversight by the Committee. The
Administrator shall have full authority to establish the rules and regulations relating to the
Plan, to interpret the Plan and those rules and regulations, to select Key Associates to
participate in the Plan, to determine each Key Associate’s Target Award Percentage, to approve all
of the Awards, to decide the facts in any case arising under the Plan and to make all other
determinations, including factual determinations, and to take all other actions necessary or
appropriate for the proper administration of the Plan, including the delegation of such authority
or power, where appropriate; provided, however, that with respect to Senior Officers, the Committee
shall have final decision-making authority. All powers of the Administrator and of the Committee
shall be executed in their sole discretion, in the best interest of Integra, not as a fiduciary,
and in keeping with the objectives of the Plan and need not be uniform as to similarly

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(As amended and restated as of January 1, 2008)

situated individuals. The CEO, other than with respect to himself and other Senior Officers,
also has the powers of the Administrator and of the Committee with respect to selecting Key
Associates in the Plan and determining each Key Associate’s Target Award Percentage.

          All Awards shall be made conditional upon the Key Associate’s acknowledgement, in writing or
by acceptance of the Award, that all decisions and determination of the Administrator shall be
final and binding on the Key Associate, his or her beneficiaries and any other person having or
claiming an interest under such Award. Awards need not be uniform as among Key Associates. The
Administrator’s administration of the Plan, including all such rules and regulations,
interpretations, selections, determinations, approvals, decisions, delegations, amendments,
terminations and other actions, shall be final and binding on Integra, the Employer and all
Employees of the Employer, including, the Key Associates and their respective beneficiaries.

	5.	 	Determination of Awards

          (a) Setting Target Awards. Except as noted below for 2006, prior to the beginning of the
Performance Period (or after the beginning of the Performance Period for any Employee who becomes
newly eligible or has a promotion), the Administrator (or, as appropriate, the Committee) shall
determine the Employees who shall be Key Associates during that Performance Period and determine
each Key Associate’s Target Award Percentage, each of which shall be documented by the
Administrator. The Administrator’s written records shall set forth (i) the Key Associates during
that Performance Period (which may be amended during the Performance Period for new Key
Associates), (ii) each Key Associate’s Target Award Percentage for that Performance Period, and
(iii) the Performance Goal or Goals (and how they are weighted, if applicable) for that Performance
Period. The Employer shall notify each Key Associate of the Key Associate’s Target Award
Percentage and the applicable Performance Goals for the Performance Period as soon as
administratively practicable after the time the Target Award Percentage and Performance Goals are
established for such Performance Period. The Performance Goals that are established may be (but
need not be) different each Performance Period and different Performance Goals may be applicable to
different Key Associates.

          (b) Earning An Award. Generally, a Key Associate earns an Award for a Performance Period
based on the level of achievement of the Performance Goals established for that period. The amount
of the Award may be increased as much as 50% above the Target Award based on the extent to which
the level of achievement of the Performance Goals exceeds the target level for that Performance
Period (to a maximum of 120% of the Target Performance Goals), as specified at the time the
Performance Goals are set for that Performance Period. An Award may also be reduced below the
Target Award to the extent the level of achievement of the Performance Goals is below target, but
at or above the minimum level for that Performance Period, at the time the Performance Goals are
established. An Award also may be increased by up to 100% or decreased by up to 100% based on the
assessment of the individual Key Associate’s performance for the applicable Performance Period. A
Key Associate will receive no Award if (i) the level of achievement of all Performance Goals is
below the minimum required to earn an Award for the applicable Performance Period (i.e., 90% of the
Target Performance Goals), as specified at the time the Performance Goals are established or (ii)
if the Key Associate is not employed by the Employer on the date of payment of the Award, except as

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(As amended and restated as of January 1, 2008)

otherwise provided in Sections 8(a) and 8(b). If a Key Associate is not employed by the
Employer on the date of payment of the Award, the amount of the Award that would have been paid to
such Key Associate shall be reallocated to the remaining Key Associate participants.

	6.	 	Changes to the Target

          The Administrator (or, with respect to Senior Officers, the Committee) may in its sole
discretion at any time prior to the final determination of Awards change the Target Award
Percentage of any Key Associate or assign a different Target Award Percentage to a Key Associate to
reflect partial year participation, any change in the Key Associate’s responsibility level or
position during the course of the Performance Period, or other factors deemed relevant.

          In addition, the Committee may at any time prior to the final determination of Awards, change
the performance measures or Performance Goals to reflect a change in corporate capitalization, such
as a stock split or stock dividend, or a corporate transaction, such as a merger, consolidation,
separation, reorganization or partial or complete liquidation, or to equitably reflect the
occurrence of any extraordinary event, any change in applicable accounting rules or principles, any
change in Integra’s or the Employer’s method of accounting, any change in applicable law, any
change due to any merger, consolidation, acquisition, reorganization, stock split, stock dividend,
combination of shares or other changes in Integra’s or the Employer’s corporate structure or
shares, or any other change of a similar nature.

	7.	 	Payment of Awards

          After the end of the Performance Period, all financial information for the Performance Period
will be accumulated and the Audit Committee of the Board will certify Integra’s and/or the
Employer’s financial results for the relevant Performance Period. After such certification, the
Administrator will determine and approve the Awards, if any, that will be paid based on the
financial results for the Performance Period, along with each Key Associate’s attainment of his or
her individual Performance Goals for the Performance Period, and based on the Key Associate’s
individual performance as permitted by Section 5(b). The Administrator will announce the Awards
that will be paid under the Plan for the Performance Period to each Key Associate as soon as
administratively practicable following such approval by the Administrator. Subject to the
provisions of Section 8, payment of the Awards shall be made, in a single lump sum cash payment, as
soon as administratively practicable following the close of such Performance Period, but in no
event earlier than January 1 and no later than March 15 of the calendar year following the
Performance Period; provided, however, that such payment may be delayed past March 15 of such
calendar year (but in no event later than March 15 of the second calendar year following the
Performance Period) if the Committee determines that, as a result of unforeseen circumstances
beyond Integra’s control, it is administratively impracticable to make the payment by such date or
that making the payment by such date would jeopardize the solvency of Integra.

	8.	 	Limitations on Rights to Payment of Awards

          (a) Employment. No Key Associate shall have any right to receive payment of an Award under
the Plan for a Performance Period unless the Key Associate remains in the employ

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(As amended and restated as of January 1, 2008)

of the Employer through the date of payment of such Award; provided, however, that if a Key
Associate’s employment with the Employer terminates prior to the end of the Performance Period, the
Administrator may provide that the Key Associate shall remain eligible to receive a prorated
portion of any earned Award, based on the number of days that the Key Associate was actively
employed and performed services during such Performance Period in such circumstances as are deemed
appropriate and provided, further, however, that no Key Associate shall have the right to receive
payment of an Award under the Plan if (a) that Key Associate’s employment has been terminated prior
to the end of the Performance Period, (b) that Key Associate has an employment agreement with
Employer and (c) the employment agreement provides for a payment to the Key Associate upon his/her
termination.

          (b) Leaves of Absence/Partial Year of Participation. If a Key Associate is on an authorized
leave of absence during the Performance Period, or first becomes eligible to participate in the
Plan after the first day of the Performance Period, such Key Associate shall be eligible to receive
a prorated portion of any Award that would have been earned, based on the number of days that the
Key Associate was actively employed and performed services during such Performance Period. If
payments are to be made under the Plan after a Key Associate’s death, such payments shall be made
to the personal representative of the Key Associate’s estate.

          (c) Accelerated Payment. Unless the Administrator determines otherwise, in no event will
payment be made to any Key Associate with respect to an Award prior to the end of the Performance
Period to which it relates.

	9.	 	Amendments

          The Board or the Committee may at any time amend (in whole or in part) this Plan. No such
amendment which adversely affects any Key Associate’s rights to or interest in an Award earned
prior to the date of the amendment shall be effective unless the Key Associate shall have agreed
thereto.

	10.	 	Termination

          The Board or the Committee may terminate this Plan (in whole or in part) at any time.

	11.	 	Miscellaneous Provisions

          (a) No Employment Right. This Plan is not a contract between Integra or the Employer and the
Employees or the Key Associates. Neither the establishment of this Plan, nor any action taken
hereunder, shall be construed as giving any Employee or any Key Associate any right to be retained
in the employ of Integra or the Employer. Integra is under no obligation to continue the Plan.
Nothing contained in the Plan shall limit or affect in any manner or degree the normal and usual
powers of management, exercised by the officers and the Board or committees thereof, to change the
duties or the character of employment of any Employee of the Employer or to remove the individual
from the employment of the Employer at any time, all of which rights and powers are expressly
reserved.

          (b) No Assignment. A Key Associate’s right and interest under the Plan may not be assigned or
transferred, except as provided in Section 8 of the Plan in the event of death, and any

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(As amended and restated as of January 1, 2008)

attempted assignment or transfer shall be null and void and shall extinguish, in Integra’s
sole discretion, Integra’s obligation under the Plan to pay Awards with respect to the Key
Associate.

          (c) Unfunded Plan. The Plan shall be unfunded. Neither Integra nor any Employer shall be
required to establish any special or separate fund, or to make any other segregation of assets, to
assure payment of Awards.

          (d) Withholding Taxes. The Employer shall have the right to deduct from Awards paid any taxes
or other amounts required by law to be withheld.

          (e) Type of Plan. This Plan is intended solely to be an annual bonus plan and is not intended
to be a plan subject to the requirements of the Employee Retirement Income Security Act of 1974, as
amended.

          (f) Governing Law. The validity, construction, interpretation and effect of the Plan shall
exclusively be governed by and determined in accordance with the law of the State of New Jersey.

7EX-4.1

[SPECIMEN
UNIT CERTIFICATE]

			
	NUMBER 

U-                    
	 	                    UNITS

SEE REVERSE FOR

CERTAIN DEFINITIONS

LIBERTY LANE ACQUISITION CORP.

CUSIP:                     

UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND

ONE-HALF OF ONE WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK

     THIS CERTIFIES THAT                                                             
 is the owner of                     Units.

     Each Unit (“Unit”) consists of one (1) share of common stock, par value $0.001 per share (the
“Common Stock”), of Liberty Lane Acquisition Corp., a Delaware corporation (the “Corporation”), and
one-half (1/2) of one warrant (the “Warrant”). Each whole Warrant entitles the holder to purchase
one (1) share of Common Stock for $7.50 per share (subject to adjustment pursuant to the Warrant
Agreement, as described below). The Warrant will become exercisable (only in increments of one
whole Warrant) on the later of (i) the completion of a Business Combination (as such term is
defined in the Amended and Restated Certificate of Incorporation of the Corporation), and (ii)          , 2009 [one year after the effective date of the registration statement relating to
the initial public offering of the Units] , and will expire unless exercised before 5:00 p.m., New
York City time, on           , 2013 [five years after the effective date of the
registration statement relating to the initial public offering of the Units] , or earlier upon
redemption (the “Expiration Date”). The Common Stock and one-half of one Warrant comprising the
Units represented by this certificate are not transferable separately prior to           , 2008 [the thirty-fifth day after the effective date of the registration statement relating to the
initial public offering of the Units], unless Goldman, Sachs & Co. determines that an earlier date
is acceptable, provided that in no event may the Common Stock and Warrants be traded separately
until the Corporation has filed with the Securities and Exchange Commission a Current Report on
Form 8-K which includes an audited balance sheet reflecting its receipt of the gross proceeds of
the initial public offering of the Units and has issued a press release announcing when such
separate trading will begin. Warrants may be exercised only in increments of one whole warrant, and
when the warrants begin separate trading they may be separated and traded only in increments of one
whole warrant. The terms of the Warrants are governed by a Warrant Agreement, dated as of           , 2008, between the Corporation and American Stock Transfer & Trust Company (the “Warrant
Agent”) as may be amended, restated or supplemented from time to time and are subject to the terms
and provisions contained therein, all of which terms and provisions the holder of this certificate
consents to by acceptance hereof. The terms of the Common Stock are governed by the Amended and
Restated Certificate of Incorporation of the Corporation. This Unit Certificate shall be governed
in accordance with the laws of the State of Delaware. Copies of the Warrant Agreement are on file
at the office of the Warrant Agent at 59 Maiden Lane, New York, New York 10038 and the Amended and
Restated Certificate of Incorporation are on file at the office of the Corporation at One Liberty
Lane, Hampton, New Hampshire 03842, copies of each are available to any holder on written request
and without cost.

     This certificate is not valid unless countersigned by the Transfer Agent, Registrar and
Warrant Agent of the Corporation.

     Witness the facsimile seal of the Corporation and the facsimile signature of its duly
authorized officers.

LIBERTY LANE ACQUISITION CORP.

CORPORATE

DELAWARE

SEAL

2008

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	President
	 	Secretary

	 	 	 	 	 
	Countersigned By:

	 	 
	 

	 	 	 	 
	 

	 	Transfer Agent, Registrar and
Warrant Agent	 	 

1

 

LIBERTY LANE ACQUISITION CORP.

The Corporation will furnish without charge to each unit holder who so requests, a statement of the
powers, designations, preferences and relative, participating, optional or other special rights of
each class of stock or series thereof of the Corporation and the qualifications, limitations, or
restrictions of such preferences and/or rights.

The following abbreviations, when used in the inscription on the face of this certificate, shall be
construed as though they were written out in full according to applicable laws or regulations:

	 	 	 	 	 	 	 
	TEN COM —

	 	as tenants in common
	 	UNIF GIFT MIN ACT —
	                    Custodian
	 
	 	 	 	 	 	 
	TEN ENT—

	 	as tenants by the entireties
	 	 	 	     (Cust)          (Minor)
	 
	 	 	 	 	 	 
	JT TEN —

	 	as joint tenants with right of survivorship
and not as tenants in common
	 	 	 	under Uniform Gifts to
Minors Act

                    (State)

     Additional abbreviations may also be used though not in the above list.

     FOR VALUE RECEIVED,                                                              HEREBY
SELLS, ASSIGNS AND TRANSFERS UNTO

(PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE)

 

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

                                                                      
 
                                      
UNITS REPRESENTED BY THE WITHIN CERTIFICATE, AND DOES HEREBY IRREVOCABLY CONSTITUTE AND
APPOINT                                                              ATTORNEY TO TRANSFER THE
SAID UNITS ON THE BOOKS OF THE WITHIN NAMED CORPORATION WITH FULL POWER OF SUBSTITUTION IN THE
PREMISES.

	 	 	 	 	 
	DATED:

	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	NOTICE: The signature to this assignment must correspond with
the name as written upon the face of the certificate in every
particular, without alteration or enlargement or any change
whatever.
	 
	 	 	 	 
	Signature(s) Guaranteed:	 	 
	 
	 	 	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN
ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM, PURSUANT TO
SECURITIES AND EXCHANGE COMMISSION
RULE 17Ad-15).

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