Document:

Exhibit

EXHIBIT 10.34

Form Cash-004

CASH INCENTIVE AWARD AGREEMENT under the FIRST SOLAR, INC. 2015 OMNIBUS INCENTIVE COMPENSATION PLAN, between First Solar, Inc. (the “Company”), a Delaware corporation, and the individual (the “Participant”) set forth on the Grant Notice which incorporates this Form Cash-004 by reference.
This Cash Incentive Award Agreement including any addendum hereto and the Grant Notice (collectively, this “Award Agreement”) set forth the terms and conditions of this Cash Incentive Award (this “Award”) that is being granted to the Participant set forth on the Grant Notice on the date set forth in the Grant Notice (such date, the “Grant Date”), under the terms of the First Solar, Inc. 2015 Omnibus Incentive Compensation Plan (the “Plan”) for the amount set forth in the Grant Notice.  The Award is subject to the all terms and conditions of this Award Agreement and the Plan, including without limitation, THE DISPUTE RESOLUTION PROVISIONS SET FORTH IN SECTION 12 OF THIS CASH INCENTIVE AWARD AGREEMENT. 
*   *   *
SECTION 1.      The Plan.  This Award is made pursuant to the Plan, all the terms of which are hereby incorporated in this Award Agreement.  In the event of any conflict between the terms of the Plan, on the one hand, and the terms of this Award Agreement, on the other hand, the terms of the Plan shall govern.  
SECTION 2.      Definitions.  The following terms are defined in this Award Agreement, and shall when capitalized have the meaning ascribed to them in this Award Agreement in the locations set forth below.  
	
					
	Defined Term
	Cross-Ref.
	 
	Defined Term
	Cross-Ref.

	“Addendum”
	Section 16
	 
	“Employer”
	Section 3(b)

	“Affiliate”
	Section 3(a)
	 
	“Grant Date”
	Paragraph 2

	“Award”
	Paragraph 2
	 
	“Participant”
	Paragraph 1

	“Award Agreement”
	Paragraph 2
	 
	“Plan”
	Paragraph 2

	“Business Day”
	Section 13
	 
	“Tax-Related Items”
	Section 6

	“Company”
	Paragraph 1
	 
	“Vesting Date”
	Section 3(a)

Capitalized terms that are not defined in this Award Agreement shall have the meanings used or defined in the Plan.  
SECTION 3.      Vesting and Payment. 

(a)      Vesting.  Except as otherwise determined by the Committee in its sole discretion, the Participant shall vest in accordance with the vesting date(s) set forth in the Grant Notice (each a “Vesting Date”); provided that the Participant is actively employed by the Company or an Affiliate on the relevant Vesting Date.  For purposes of this Agreement, an “Affiliate” of the Company is an individual or entity that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company.  
(b)      Payment.  The portion of the Award that vests on the relevant Vesting Date will be paid to the Participant in cash, less Tax-Related Items, as defined in Section 6, as soon as administratively practicable following the applicable Vesting Date, and in no event later than March 15th of the calendar year following the calendar year in which the Vesting Date occurs.  No interest will be paid on the Award and the amounts will not be adjusted for inflation.  The Award is denominated in U.S. dollars, but the Company shall pay, or shall cause Participant’s employer (the “Employer”) to pay, all amounts distributable under the Award in local currency through local payroll.  Any amount that may become payable hereunder will be converted from U.S. dollars into local currency on the applicable Vesting Date at the exchange rate reported on the applicable Vesting Date in the Wall Street Journal (or such other reliable source as may be selected from time to time by the Company in its discretion). 
SECTION 4.      Forfeiture.  Unless the Committee determines otherwise, if the Participant’s rights with respect to the Award pursuant to this Award Agreement do not vest prior to the date on which the Participant’s employment with the Company and/or its Affiliates terminates for any reason, the Participant’s rights with respect to such Award shall immediately terminate, and the Participant will not be entitled to receive any payments with respect thereto (as further described in Section 7(i) below).
SECTION 5.      Non-Transferability.  Unless otherwise provided by the Committee in its discretion, the Award may not be sold, assigned, alienated, transferred, pledged, attached or otherwise encumbered.  Any purported sale, assignment, alienation, transfer, pledge, attachment or other encumbrance of an Award in violation of the provisions of this Section 5 shall be void. 
SECTION 6.      Responsibility for Taxes.  
(a)      Regardless of any action the Company or the Employer, takes with respect to any or all federal, state or local income tax, social security contributions, payroll tax, payment on account or other tax-related items related to the Participant’s participation in the Plan that are legally applicable to the Participant (“Tax-Related Items”), the Participant acknowledges that the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and that such liability may exceed the amount actually withheld by the Company or the Employer.  The Participant further acknowledges that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, without limitation, the grant, vesting or payment of the Award; and (2) do not commit to and are under no obligation to structure the terms of the Award to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result.  Further, if the Participant becomes subject to tax and/or social security contributions in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.  
(b)      Prior to any relevant taxable, tax and/or social security contribution withholding event, the Participant shall pay or make adequate arrangements satisfactory to the Company and/

or the Employer to satisfy all Tax-Related Items.  In this regard, the Participant authorizes the Company and/or the Employer, at their discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by withholding from the amount of the cash payment made pursuant to the Award, the Participant’s wages or other compensation payable to Participant by the Company and/or the Employer.
SECTION 7.      Nature of Award.  As a condition to receipt of this Award, the Participant acknowledges, understands and agrees that:
(a)      the Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Award Agreement;
(b)      this Award is exceptional, voluntary and occasional and does not create any contractual or other right to receive future awards of cash, or benefits in lieu of cash awards, even if cash awards have been granted repeatedly in the past; 
(c)      all decisions with respect to future cash awards, if any, will be at the sole discretion of the Company; 
(d)      the Participant’s participation in the Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer to terminate the Participant’s employment relationship at any time; 
(e)      the Participant’s participation in the Plan is voluntary; 
(f)      the Award not intended to replace any pension rights or compensation;
(g)      this Award and the Participant’s participation in the Plan will not be interpreted to form or amend an employment agreement or relationship with the Company or any Affiliate; 
(h)      no claim or entitlement to compensation or damages shall arise from forfeiture of the Award resulting from termination of the Participant’s employment or other service relationship by the Company or the Employer (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any), and, in consideration of the Award, the Participant agrees not to institute any claim against the Company, the Employer or any other Subsidiary or Affiliate; 
(i)      except as otherwise provided by the Committee or the Grant Notice, in the event of termination of the Participant’s employment, the Participant’s right to vest in the Award under the Plan, if any, will terminate effective as of the date the Participant is no longer actively employed; the Committee shall have the exclusive discretion to determine when the Participant is no longer actively employed for purposes of the Award; 
(j)      unless otherwise agreed with the Company, the Award is not granted as consideration for, or in connection with, the service Participant may provide as a director of a Subsidiary or an Affiliate;
(k)      the Award and the benefits under the Plan, if any, will not automatically transfer to a successor company in the case of a Change of Control or a merger, takeover, or transfer of liability of the Employer; and 

(l)      neither the Company nor the Employer or any Affiliate shall be liable for any foreign exchange rate fluctuation between the Participant’s local currency and the United States Dollar that may affect the value of the Award or of any amounts due to the Participant.
SECTION 8.      No Advice Regarding Grant.  Nothing in this Award Agreement should be viewed as the provision by the Company of any tax, legal, or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan.  The Participant understands and agrees that Participant should consult with the Participant’s own personal tax, legal and financial advisors regarding the Participant’s participation in the Plan before taking any action in relation thereto.
SECTION 9.      Electronic Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  Receipt of this Award is conditioned upon the Participant’s consent to such electronic delivery and the Participant’s agreement to participate in the Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company.
SECTION 10.      Successors and Assigns of the Company.  The terms and conditions of this Award Agreement shall be binding upon and shall inure to the benefit of the Company and its successors and assigns.
SECTION 11.      Committee Discretion.  The Committee shall have full and plenary discretion with respect to any actions to be taken or determinations to be made in connection with this Award Agreement, and its determinations shall be final, binding and conclusive.
SECTION 12.      Dispute Resolution.  
(a)      Jurisdiction and Venue.  Notwithstanding any provision in any employment agreement between the Participant and the Company or any Affiliate, the Participant and the Company hereby irrevocably submit to the exclusive jurisdiction of (i) the United States District Court for the District of Delaware and (ii) the courts of the State of Delaware for the purposes of any action, suit or other proceeding arising out of this Award Agreement or the Plan.  The Participant and the Company agree to commence any such action, suit or proceeding either in the United States District Court for the District of Delaware or, if such action, suit or other proceeding may not be brought in such court for jurisdictional reasons, in the courts of the State of Delaware.  The Participant and the Company further agree that service of any process, summons, notice or document by U.S. registered mail (or its equivalent in the Participant’s country of residence) to the applicable address set forth in Section 13 below shall be effective service of process for any action, suit or proceeding in Delaware with respect to any matters to which the Participant has submitted to jurisdiction in this Section 12(a).  The Participant and the Company irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding arising out of this Award Agreement or the Plan in (A) the United States District Court for the District of Delaware, or (B) the courts of the State of Delaware, and hereby and thereby further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.
(b)      Waiver of Jury Trial.  Notwithstanding any provision in the Participant’s employment agreement, if any, between the Participant and the Company, the Participant and the Company hereby waive, to the fullest extent permitted by applicable law, any right either may have to a trial by jury in respect to any litigation directly or indirectly arising out of, under or in connection with this Award Agreement or the Plan. 

(c)      Confidentiality.  The Participant hereby agrees to keep confidential the existence of, and any information concerning, a dispute described in this Section 12, except that the Participant may disclose information concerning such dispute to the court that is considering such dispute or to the Participant’s legal counsel (provided that such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute).
SECTION 13.      Notice.  All notices, requests, demands and other communications required or permitted to be given under the terms of this Award Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three Business Days after they have been mailed by U.S. registered mail (or its equivalent in the Participant’s country of residence), return receipt requested, postage prepaid, addressed to the other party as set forth below:
	
		
	If to the Company:
	First Solar, Inc. 
350 W Washington Street, Suite 600 
Tempe, AZ 85281 
Attention:  Stock Plan Administrator

	If to the Participant:
	To the address most recently supplied to the Company and set forth in the Company’s records

The parties may change the address to which notices under this Award Agreement shall be sent by providing written notice to the other in the manner specified above.  For this purpose, “Business Day” means a day that is not a Saturday, a Sunday or a day on which banking institutions are legally permitted to be closed in Phoenix, Arizona, U.S.
SECTION 14.      Governing Law.  This Award Agreement shall be deemed to be made in the State of Delaware, and the validity, construction and effect of this Award Agreement in all respects shall be determined in accordance with the laws of the State of Delaware, without giving effect to the conflict of law principles thereof.  
SECTION 15.      Headings.  Headings are given to the Sections and subsections of this Award Agreement solely as a convenience to facilitate reference.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Award Agreement or any provision thereof.
SECTION 16.      Country-Specific or Other Addenda.  
(a)      Notwithstanding any provisions in this Award Agreement or the Plan, this Award shall be subject to such special terms and conditions set forth in any Addendum attached hereto (“Addendum”) or as may later become applicable, as described herein. 
(b)      If the Participant becomes subject to the laws of a jurisdiction to which an Addendum applies, the special terms and conditions for such jurisdiction will apply to this Award to the extent the Committee determines that the application of such terms and conditions is necessary or advisable to comply with local laws or to facilitate the administration of the Plan; and provided the imposition of the term or condition will not result in any adverse accounting expense with respect to the Award.
(c)      Any Addenda attached hereto shall be considered a part of this Award Agreement.

SECTION 17.      Severability.  The provisions of this Award Agreement are severable, and, if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions nevertheless shall be binding and enforceable.
SECTION 18.      Amendment of this Award Agreement.  The Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate this Award Agreement prospectively or retroactively; provided, however, that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely impair the Participant’s rights under this Award Agreement shall not to that extent be effective without the Participant’s consent (it being understood, notwithstanding the foregoing proviso, that this Award Agreement and the Award shall be subject to the provisions of Section 7(c) of the Plan).
SECTION 19.      Imposition of Other Requirements.  The Company reserves the right to impose other requirements on the Participant’s participation in the Plan and on the Award, to the extent that the Company determines it is necessary or advisable to comply with local law or facilitate the administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
SECTION 20.      Acceptance of Terms and Conditions.  As a condition to receipt of this Award, the Participant confirms that he/she has read and understood the documents relating to this Award (i.e., the Plan, this Award Agreement, including any Addendum) and accepts the terms of those documents accordingly.
SECTION 21.      Counterparts.  Where signature of this Award Agreement is contemplated in the Grant Notice or any Addendum, this Award Agreement may be signed in counterparts, with the same effect as if the signatures thereto and hereto were upon the same instrument.
SECTION 22.      Code Section 409A.  This Award is intended to be exempt from the application of Section 409A of the Code, and any ambiguities herein will be interpreted to so comply.  Anything to the contrary in the Plan or this Award Agreement requiring the consent of the Participant notwithstanding, the Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify the Plan and/or this Award Agreement to ensure that the Award qualifies for exemption from or comply with Section 409A of the Code; provided, however, that the Company makes no representations that the Award will be exempt from or comply with Section 409A of the Code, and makes no undertaking to preclude Section 409A of the Code from applying to the Award, and the Company will have no liability to the Participant or any other party if a payment under this Award Agreement that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee with respect thereto.
SECTION 23.      Waiver.  The Participant acknowledges that a waiver by the Company of breach of any provision of the Award Agreement shall not operate or be considered as a waiver of any other provision of the Award Agreement, or of any subsequent breach by the Participant or any other participant.
SECTION 24.      Foreign Asset/Account, Exchange Control and Tax Reporting.  The Participant acknowledges that, depending on his or her country, the Participant may be subject to foreign asset/account, exchange control and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of cash derived from his or her participation in the Plan in, to 

and/or from a brokerage/bank account or legal entity located outside the Participant’s country.  The applicable laws of the Participant’s country may require that the Participant report such accounts, assets, the balances therein, the value thereof and/or the transactions related thereto to the applicable authorities in such country.  The Participant acknowledges that he or she is responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting requirements and is advised to consult his or her personal legal advisor on this matter.

ADDENDUM 
ADDITIONAL TERMS AND CONDITIONS APPLICABLE TO 
AWARD AGREEMENT (CASH-004)
TERMS AND CONDITIONS
This Addendum, which is part of the Award Agreement, includes additional terms and conditions that govern the Award and that will apply to the Participant if he or she is a citizen of or resides in one of the countries listed below.  Capitalized terms that are not defined in this Addendum shall have the meanings used or defined in the Award Agreement or the Plan. 
NOTIFICATIONS
This Addendum also includes information regarding securities, exchange control and certain other issues of which the Participant should be aware with respect to his or her participation in the Plan.  The information is based on the securities, exchange control and other laws in effect in the countries set forth below as of September 2016.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that the Participant not rely solely on this Addendum for information relating to the consequences of participating in the Plan because such information may be outdated when the Participant’s Award vests.
In addition, the information set forth in this Addendum is general in nature and may not apply to the Participant’s particular situation.  As a result, the Company is not in a position to assure the Participant of any particular result.  The Participant therefore is advised to seek appropriate professional advice as to the application of relevant laws in the Participant’s country to the Participant’s particular situation.
Finally, if the Participant is a citizen or resident of a country other than the one in which he or she currently is working, or transfers to a different country after the Grant Date, the information set forth in this Addendum may not apply to the Participant.
ALL COUNTRIES OUTSIDE THE U.S.
Data Privacy.  (a)  The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data set forth in this Award Agreement and any other Award grant materials by and among, as applicable, the Employer, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan.
(b)  The Participant understands that the Company and the Employer may hold certain personal information about him/her, including, without limitation, the Participant’s name, home address, email address and telephone number, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any directorships held in the Company, details of all Awards or any other entitlement in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. 
(c)  The Participant understands that Data will be transferred to a service provider selected by the Committee which is assisting the Company with the implementation, administration and management of the Plan.  Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Participant’s country.  The Participant 

understands that the Participant may request a list with the names and addresses of any potential recipients of the Data by contacting the Participant’s local human resources representative.  The Participant authorizes the Company, the service provider and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing the participation of Participant and other participants in the Plan.  The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan.  The Participant understands that he/she may, at any time, view Data, request information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Participant’s local human resources representative or the Company’s Stock Plan Administrator.  Further, the Participant understands that he or she is providing the consents herein on a purely voluntary basis.  If the Participant does not consent, or if the Participant later seeks to revoke his or her consent, his or her employment status or service with the Employer will not be adversely affected; the only consequence of refusing or withdrawing the Participant’s consent is that the Company would not be able to grant the Award or other equity awards to Participant or administer or maintain such awards.  Therefore, Participant understands that refusing or withdrawing the Participant’s consent will not adversely affect the Participant’s employment status or service with the Employer; the only consequences of refusing or withdrawing consent is it may affect the Participant’s ability to participate in the Plan.  For more information on the consequences of a refusal to consent or withdrawal of consent, the Participant may contact his/her local human resources representative or the Company’s Stock Plan Administrator. 
Language.  If the Participant receives the Award Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
AUSTRALIA
There are no country-specific provisions.
BELGIUM
NOTIFICATIONS
Tax Reporting Notification.  The Participant must report any taxable income attributable to the Award on the Participant’s annual tax return.
Foreign Asset/Account Reporting Notification.  The Participant must report any bank accounts opened and maintained outside Belgium on the Participant’s annual tax return.  In a separate report, the Participant is required to report to the National Bank of Belgium any bank accounts opened and maintained outside Belgium.  This report, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium, www.nbb.be, under the Kredietcentrales / Centrales des crédits caption.

BRAZIL
TERMS AND CONDITIONS
Compliance with Law.  By accepting the Award, the Participant agrees to comply with applicable Brazilian laws and pay any and all applicable taxes associated with the cash payment upon vesting of the Award.
CANADA
TERMS AND CONDITIONS
Termination of Employment.  The following provision replaces Section 7(i) of the Award Agreement:
Except as otherwise provided by the Committee or the Grant Notice, in the event of termination of the Participant’s employment (regardless of the reason for such termination and whether or not later found invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any), the Participant’s right to vest in the Award under the Plan, if any, will terminate effective as of the date that is the earlier of (i) the date on which the Participant’s employment is terminated by the Company or the Employer, (ii) the date on which the Participant receives a notice of termination of employment from the Company or the Employer, or (iii) the date on which the Participant is no longer providing active services to the Company or Employer, regardless of any notice period or period of pay in lieu of such notice required under local law; the Committee shall have the exclusive discretion to determine when the Participant is no longer employed for purposes of the Award (including whether the Participant may still be considered to be providing services while on a leave of absence).
The following terms and conditions apply if the Participant is in Quebec:
Authorization to Release and Transfer Necessary Personal Information.  The following provision supplements the “Data Privacy” provision set forth above in this Addendum:
The Participant hereby authorizes the Company and the Company’s representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan.  The Participant further authorizes the Company and/or any Affiliate to disclose and discuss the Plan with their advisors.  The Participant further authorizes the Company and any Affiliate to record and keep such information in the Participant’s employment file.
French Language Acknowledgment.  The following provision supplements the “Language” provision set forth above in this Addendum:
The parties acknowledge that it is their express wish that this Award Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or directly hereto, be drawn up in English.
Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à, la présente convention.

CHILE
There are no country-specific provisions.
CHINA
There are no country-specific provisions.
FRANCE
TERMS AND CONDITIONS
Language Consent.  By accepting the Award, the Participant confirms having read and understood the Plan and the Award Agreement, including all terms and conditions included therein, which were provided in the English language.  Participant accepts the terms of those documents accordingly.
En acceptant ces <<Award>>, le Participant confirme avoir lu et compris le Plan et le convention, incluant tous leurs termes et conditions, qui ont été transmis en langue anglaise.  Le Participant accepte les dispositions de ces documents en connaissance de cause.
GERMANY
There are no country-specific provisions.
HONDURAS
There are no country-specific provisions.
INDIA
There are no country-specific provisions.
INDONESIA
There are no country-specific provisions.
JAPAN
There are no country-specific provisions.
JORDAN
There are no country-specific provisions.
MALAYSIA
TERMS AND CONDITIONS
Data Privacy.  The following provision replaces the “Data Privacy” provision set forth above in this Addendum:

	
		
	The Participant hereby explicitly, voluntarily and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in the Award Agreement and any other Plan participation materials by and among, as applicable, the Company, the Employer and any other Affiliate or any third parties authorized by same in assisting in the implementation, administration and management of the Participant’s participation in the Plan.  
The Participant may have previously provided the Company and the Employer with, and the Company and the Employer may hold, certain personal information about the Participant, including, but not limited to, his or her name, home address, email address and telephone number, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any directorships held in the Company, details of all Awards or any other entitlement in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. 
The Participant also authorizes any transfer of Data, as may be required, to such service provider as may be selected by the Company from time to time, which is assisting the Company with the implementation, administration and management of the Plan.  The Participant acknowledges that these recipients may be located in the Participant’s country or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws and protections to the Participant’s country, which may not give the same level of protection to Data.  The Participant understands that he or she may request a list with the names and addresses of any potential recipients of Data by contacting his or her local human resources representative.  The Participant authorizes the Company, the stock plan service provider and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Participant’s participation in the Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Participant’s participation in the Plan.  The Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan.  The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case, without cost, by contacting in writing his or her local human resources representative, whose contact details are No 8, Jalan Hi-Tech 3/3
Zon Indusrtri Fasa 3, Kulim Hi Tech Park
09000, Kulim, Kedah Darul Aman Malaysia.  
Further, the Participant understands that he or she is providing the consents herein on a purely voluntary basis.  If the Participant does not consent, or if the Participant later seeks to revoke the consent, his or her status and career with the Company and the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing the consent is that the Company would not be able to grant future Awards to the Participant or administer or maintain such Awards.  Therefore, the Participant understands that refusing or withdrawing his or her consent may affect his or her ability to participate in the Plan.  For more information on the consequences of the refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her local human resources representative.
	Peserta dengan ini secara eksplicit, secara sukarela dan tanpa sebarang keraguan mengizinkan pengumpulan, penggunaan dan pemindahan, dalam bentuk elektronik atau lain-lain, data peribadinya  seperti yang dinyatakan dalam Perjanjian Penganugerahan  ini dan apa-apa bahan penyertaan Pelan oleh dan di antara, sebagaimana yang berkenaan, Syarikat, Penerima Perkhidmatan dan Syarikat Induk atau Anak Syarikat lain atau mana-mana pihak ketiga yang diberi kuasa oleh yang sama untuk membantu dalam pelaksanaan, pentadbiran dan pengurusan penyertaan Peserta dalam Pelan tersebut.
Sebelum ini, Peserta mungkin telah membekalkan Syarikat dan Penerima Perkhidmatan dengan, dan Syarikat dan Penerima Perkhidmatan mungkin memegang, maklumat peribadi tertentu tentang Peserta, termasuk, tetapi tidak terhad kepada, namanya, alamat rumah dan nombor telefon, alamat emel, tarikh lahir, insurans sosia, nombor pasport atau pengenalan lain, gaji, kewarganegaraan, jawatan, apa-apa jawatan pengarah yang dipegang dalam Syarikat,butir-butir semua Anugerah atau apa-apa hak bagi faedah Peserta  (“Data”), untuk tujuan yang eksklusif bagi melaksanakan, mentadbir dan menguruskan Pelan tersebut.
Peserta juga memberi kuasa untuk membuat apa-apa pemindahan Data, sebagaimana yang diperlukan, kepada pembekal perkhidmatan sebagaimana yang dipilih oleh Syarikat dari semasa ke semasa, yang membantu Syarikat dalam pelaksanaan, pentadbiran dan pengurusan Pelan  . Peserta mengakui bahawa penerima-penerima ini mungkin berada di negara Peserta atau di tempat lain, dan bahawa negara penerima (contohnya, Amerika Syarikat) mungkin mempunyai undang-undang privasi data dan perlindungan yang berbeza daripada negaraPeserta, yang mungkin tidak boleh memberi tahap perlindungan yang sama kepada Data. Peserta faham bahawa dia boleh meminta senarai nama dan alamat mana-mana penerima Data dengan menghubungi wakil sumber manusia tempatannya. Peserta memberi kuasa kepada Syarikat, pembekal perkhidmatan pelan saham dan mana-mana penerima lain yang mungkin membantu Syarikat (masa sekarang atau pada masa depan) untuk melaksanakan, mentadbir dan menguruskan penyertaan Peserta dalam Pelan tersebut untuk menerima, memiliki, menggunakan, mengekalkan dan memindahkan Data, dalam bentuk elektronik atau lain-lain, semata-mata dengan tujuan untuk melaksanakan, mentadbir dan menguruskan penyertaannya dalam Pelan tersebut. Peserta faham bahawa Data akan dipegang hanya untuk tempoh yang diperlukan untuk melaksanakan, mentadbir dan menguruskan penyertaannya dalam Pelan tersebut. Peserta faham bahawa dia boleh, pada bila-bila masa, melihat data, meminta maklumat tambahan mengenai penyimpanan dan pemprosesan Data, meminta bahawa pindaan-pindaan dilaksanakan ke atas Data atau menolak atau menarik balik persetujuan dalam ini, dalam mana-mana kes, tanpa kos, dengan menghubungi secara bertulis wakil sumber manusia tempatannya , di mana butir-butir hubungannya adalah No 8, Jalan Hi-Tech 3/3
Zon Indusrtri Fasa 3, Kulim Hi Tech Park
09000, Kulim, Kedah Darul Aman Malaysia.
 Selanjutnya, Pesertamemahami bahawa dia memberikan persetujuan di sini secara sukarela. Jika Peserta tidak bersetuju, atau jika Peserta kemudian membatalkan persetujuannya , statusnya  sebagai Pemberi Perkhidmatan dan kerjayanya dengan Penerima Perkhidmatan tidak akan terjejas; satunya akibat buruk jika dia tidak bersetuju atau menarik balik persetujuannya  adalah bahawa Syarikat tidak akan dapat memberikan  Anugerah kepada  Peserta atau mentadbir atau mengekalkan Anugerah tersebut. Oleh itu, Peserta faham bahawa keengganan atau penarikan balik persetujuannya  boleh menjejaskan keupayaannya  untuk mengambil bahagian dalam Pelan tersebut. Untuk maklumat lanjut mengenai akibat keengganannya  untuk memberikan keizinan atau penarikan balik keizinan,Peserta   fahami  bahawa dia boleh menghubungi wakil sumber manusia tempatannya .

MEXICO

TERMS AND CONDITIONS

Labor Law Acknowledgment.  By accepting the Award grant, the Participant acknowledges that he or she understands and agrees that: (a) the Award is not related to the salary and other contractual benefits provided to the Participant by the Employer; and (b) any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of the Participant’s employment.

Policy Statement.  The invitation the Company is making under the Plan is unilateral and discretionary and, therefore, the Company reserves the absolute right to amend it and discontinue it at any time without any liability to the Participant.

The Company, with registered offices at 350 West Washington Street 600 Tempe, Arizona 85281, United States of America is solely responsible for the administration of the Plan and participation in the Plan does not, in any way, establish an employment relationship between the Participant and the Company since the Participant is participating in the Plan on a wholly commercial basis and the sole employer is a Mexican legal entity that employs the Participant and to which he/she is subordinated, nor does it establish any rights between the Participant and the Employer.

Plan Document Acknowledgment.  By accepting the Award grant, the Participant acknowledges that he or she has received a copy of the Plan, has reviewed the Plan and the Award Agreement in their entirety and fully understands and accepts all provisions of the Plan and the Award Agreement. 

The Participant further acknowledges that having read and specifically and expressly approved the terms and conditions in the Section 7 of the Award Agreement, in which the following is clearly described and established: (a) participation in the Plan does not constitute an acquired right; (b) the Plan and participation in the Plan is offered by the Company on a wholly discretionary basis; and (c) participation in the Plan is voluntary.

Finally, the Participant does not reserve any action or right to bring any claim against the Company for any compensation or damages as a result of participation in the Plan and the Participant therefore grants a full and broad release to the Employer and the Company (including its Affiliates) with respect to any claim that may arise under the Plan.

Spanish Translation    

Reconocimiento de la Ley Laboral.  Al aceptar el Beneficio, el Participante reconoce y acepta que: (a) las Unidades no se encuentran relacionadas con su salario ni con otras prestaciones contractuales concedidas por parte del patrón; y (b) cualquier modificación del Plan o su terminación no constituye un cambio o impedimento de los términos y condiciones del empleo del Participante.

Declaración de la Política.  La invitación que hace la Compañía bajo el Plan es unilateral y discrecional, por lo que la Compañía se reserva el derecho absoluto de modificar e interrumpir el mismo en cualquier tiempo, sin ninguna responsabilidad para el Participante.

La Compañía, con oficinas ubicadas en 350 West Washington Street 600 Tempe, Arizona 85281, Estados Unidos de America, es la única responsable de la administración y participación en el Plan, así como de la adquisición de acciones, por lo que de ninguna manera podrá establecerse una relación 

de trabajo entre el Participante y la Compañía, ya que el Participante participa únicamente en de forma comercial y su único patrón lo es Patrón es  una empresa Mexicana a quien se encuentra subordinado; la participación en el Plan tampoco genera ningún derecho entre el Participante y el Patrón.

Reconocimiento del Plan de Documentos.  Al aceptar el Beneficio, el Participante reconoce que ha recibido una copia del Plan, que lo ha revisado junto con el Convenio, y  que ha entendido y aceptado completamente las disposiciones contenidas en el Plan y en el Convenio.

Adicionalmente, al firmar el presente documento, reconoce que ha leído y aprobado de manera expresa y específica los términos y condiciones contenidos en el apartado 7 del Convenio, el cual claramente establece y describe: (a) que la participación en el Plan no constituye un derecho adquirido; (b) que el Plan y la participación en el mismo es ofrecida por la Compañía en forma totalmente discrecional; (c) la participación en el Plan es voluntaria; y (d) que la Compañía, así como sus afiliadas no son responsables por cualquier detrimento en el valor de las acciones que integran el Beneficio.

Finalmente, el Participante acepta no reservarse ninguna acción o derecho para interponer una demanda en contra de la Compañía por compensación, daño o perjuicio alguno como resultado de su participación en el Plan y en consecuencia, otorga a su patrón el más amplio y completo  finiquito que en derecho proceda, así como a la Compañía, a sus afiliadas, respecto a cualquier demanda que pudiera originarse derivada del Plan.

MOROCCO

There are no country-specific provisions.

NETHERLANDS

TERMS AND CONDITIONS

Labor Law Acknowledgment.  By accepting the Award, the Participant acknowledges that:  (i) the Award is intended as an incentive to remain employed with the Employer and is not intended as remuneration for labor performed; and (ii) the Award is not intended to replace any pension rights or compensation.

PHILIPPINES

There are no country-specific provisions.

SAUDI ARABIA

There are no country-specific provisions.

SINGAPORE
There are no country-specific provisions.
THAILAND

There are no country-specific provisions.
TURKEY
There are no country-specific provisions.
UNITED ARAB EMIRATES
There are no country-specific provisions.
VIETNAM
There are no country-specific provisions.Exhibit

Exhibit 10.23

Chemtura Corporation 
2016 Management Incentive Program

		
	1.
	Establishment and Purpose.  The Compensation & Governance Committee of the Board of Directors (the “Committee”) hereby establishes the Chemtura Corporation 2016 Management Incentive Program (the “2016 MIP”).  The 2016 MIP provides each 2016 MIP Participant (as defined in paragraph 2 below) with an opportunity to earn a performance-based compensation award for calendar year 2016 (the “2016 Performance Period”), based on the attainment of pre-established performance goals, as set forth below (a “MIP Award”).  Notwithstanding anything in the 2016 MIP to the contrary, payment under the 2016 MIP is subject to the limitations set forth in the Senior Executive Bonus Plan and the Clawback Policy.

		
	2.
	Eligibility.  The Committee shall designate the “2016 MIP Participants” from among the employees of the senior executives of the Company and such other employees of the Company and its subsidiaries recommended by management who have the ability to contribute to the performance of the Company and its subsidiaries.  Each 2016 MIP Participant must be employed as of first day of the calendar year, and payment is subject to such 2016 MIP Participant being actively employed as of the date MIP Awards, if any, are paid.  Exceptions may be granted as determined by the Committee in its sole discretion.  Any individual who becomes employed as a result of hire or promotion after the first day of the calendar year may become eligible to receive a MIP Award, pro-rated based on the number of whole months that the employee is employed during calendar year 2016.  Similarly, where an employee, for whatever reason, moves to another role during calendar year 2016 for which different performance measures apply, his or her MIP Award, if any, may be calculated by taking into account the performance measures for each role and the actual time that the employee spent in each role during calendar year 2016.

		
	3.
	How the 2016 MIP Works Generally.  As set forth in the attached summary (the “Summary”):

		
	a.
	Each 2016 MIP Participant has been assigned to a specific business unit or to a corporate group for the purposes of the 2016 MIP.

		
	b.
	The Committee further determined the measures of performance during the 2016 Performance Period (each, a “Performance Factor”) that shall apply to the 2016 MIP Participant for purposes of their MIP Award.  The Committee has established percentage weightings for each such Performance Factor that collectively sum to 100%.

		
	c.
	Performance Levels:

		
	i.
	Threshold Performance Level.  The Committee has established an objective threshold value (the “Threshold”) for each Performance Factor below which no MIP Award or component of a MIP Award will be paid out with respect to that Performance Factor.

		
	ii.
	Target Performance Level.  Each 2016 MIP Participant has been assigned a percentage of his or her base salary that will be used in calculating the amount of his or her MIP Award, if any (the “Target Percentage”).  The Committee has established the value for each Performance Factor where the 2016 MIP Participant shall earn the Target Percentage.

		
	iii.
	Maximum Performance Level.  The Committee established the value for each Performance Factor where the 2016 MIP Participant shall earn the maximum percentage of the Target Percentage (the “Maximum”, and collectively with the Threshold and Target, together with any other value of Performance Factor between these values that the Committee defines or are mathematically interpolated, the “Performance Factor Targets”).

		
	d.
	The amount of a 2016 MIP Participant’s MIP Award will be determined by multiplying the 2016 MIP Participant’s base salary by the applicable Target Percentage and each applicable Performance Factor.

		
	e.
	The 2016 MIP Participant’s MIP Award will be subject to adjustment by multiplying the MIP Award by the applicable Safety Multiplier.

		
	1.
	Financials.  To the extent applicable, the Committee, in determining any MIP Award, will review and approve the computation of actual performance against each Performance Factor in accordance with the definitions from the Company's 2016 audited financial statements.

		
	2.
	Corporate Transactions.  The Committee shall make such equitable adjustments to the Performance Factor Targets for any acquisition or divestiture that is completed during 2016 in accordance with the provisions of Performance Factor Target Adjustments as provided in the Definitions section of this 2016 MIP such that the computation of the Performance Factor Targets is consistent with the measurement of actual performance of those Performance Factors.

		
	3.
	Other Adjustments.  In determining a 2016 MIP Participant’s MIP Award, the Committee reserves the absolute discretion to increase or decrease the amount of such award based on such factors it deems appropriate.  Without limiting the generality of the forgoing, the Committee may: (i) change the Performance Factor Targets of any 2016 MIP Participant 

and (ii) assign a different Target Percentage to any 2016 MIP Participant, in either case, based on the Committee’s assessment of any personal, function or other performance factor the Committee determines should be taken into account,  to reflect any change in the 2016 MIP Participant's responsibility level or position during the course of the 2016 Performance Period, or otherwise as determined by the Committee.  The CEO may recommend to the Committee any such adjustments for each 2016 MIP Participant who reports directly to the CEO, and the CEO and the applicable Business or function leader may recommend to the Committee any adjustment for each other 2016 MIP Participant.  The maximum payable to any 2016 MIP Participant, regardless of any adjustment referred to in this Section 5, is 200% of Target Percentage.
		
	4.
	Administration.  The Committee shall be responsible for the general administration and interpretation of the 2016 MIP and for carrying out its provisions.  The Committee shall have full power and authority to discharge its duties hereunder, including, without limitation, to (i) make all legal and factual determinations under the 2016 MIP; (ii) construe and interpret the terms of the 2016 MIP; (iii) correct any defects, supply any omission or reconcile any inconsistencies; and (iv) prescribe, amend and rescind any rules and regulations and to take such further actions as it deems necessary or advisable for the administration of the 2016 MIP.  The Committee’s determination shall be final, binding and conclusive on all interested parties. 

		
	5.
	Tax Withholding.  The Company shall have the right to deduct applicable taxes from any MIP Award and withhold, at the time of delivery under the 2016 MIP, an appropriate amount for payment of taxes required by applicable law or to take such other action as may be necessary or advisable in the opinion of the Company to satisfy all tax withholding obligations.

		
	6.
	Section 409A.  The 2016 MIP is intended to satisfy the short-term deferral exception to the application of Code Section 409A.  For the avoidance of doubt, payment under the 2016 MIP shall be made no later than March 15, 2017.  To the extent any provision of the 2016 MIP becomes subject to Code Section 409A and the applicable regulations and guidance issued thereunder, it shall be construed, and payments made hereunder, as the Committee deems necessary to comply with Code Section 409A.  

		
	7.
	Other Conditions.  Eligibility for or actual participation in the 2016 MIP shall not and in no way is intended to create an agreement of employment for a definite term.  Nothing herein shall or is intended to, (i) obligate the Company to offer, or offer any employee participation in, a Management Incentive Program or similar arrangement in the future, and/or (ii) act as a modification of any employee’s existing terms and conditions of employment.

Definitions:

Acquisition
“Acquisition” means any transaction where Chemtura Corporation or any of its subsidiaries acquires, whether through the purchase of stock or other equity securities, the purchase of assets, or by merger, consolidation or other similar business combination, the business or assets of a third party, in each case where the consideration paid is equal to or exceeds $50 million.  The consideration paid can consist of cash or common stock or other equity securities of Chemtura Corporation (or any combination thereof).

Budget
“Budget” means the annual budget or plan for the calendar year that has been reviewed with the Company’s Board of Directors and used by the Committee in establishing the Performance Factor Targets for the calendar year.

Business
“Business” means a reporting segment of the Company, including Industrial Performance Products, Industrial Engineered Products and Agrochemical Manufacturing or a reporting segment resulting from an Acquisition during the calendar year, and a component business of a reporting segment including Petroleum Additives, Urethanes, Great Lakes Solutions, Organometallics or a component business of a reporting segment resulting from an Acquisition during the calendar year.  Should the Company realign its reporting segments or component businesses of its reporting segments during the calendar year, it shall retain records to permit the computation of actual performance against Performance Factor Targets based on the structure of reporting segments and their component business as existed at the time the Performance Factor Targets were established.

Business Abbreviated Free Cash Flow
“Business Abbreviated Free Cash Flow” means, for calendar year 2016, the sum of Business Direct Adjusted EBITDA (or Business Adjusted EBITDA if applicable), less increases in Business Net Working Capital or plus reductions in Business Net Working Capital, less Business Investments.

Business Adjusted EBITDA

“Business Adjusted EBITDA” means, for calendar year 2016, Business Operating Income plus, to the extent included in the calculation of operating income for such period in accordance with U.S. GAAP, depreciation and amortization expense (adjusted to exclude asset impairments and accelerated depreciation arising from a facility closure) and expense recognized from the grant of stock compensation awards to the extent directly incurred by the Business.

Business Direct Adjusted EBITDA
“Business Direct Adjusted EBITDA” means, for calendar year 2016, Business Adjusted EBITDA less the sum of any allocation of corporate functional and other expenses to the Business for the calendar year.

Business Investments
“Business Investments” means, for calendar year 2016, for each Business or an Acquisition or Divestiture, the sum of the value of capital expenditures (excluding any capital expenditures related to the Business made under the corporate capital expenditure reserve for the calendar year) and investments in intangible assets (excluding any intangible assets directly resulting from an Acquisition made during the calendar year), as reflected in the Statement of Cash Flows of the Company.

Business Operating Income
“Business Operating Income” means, for calendar year 2016, operating income (or operating loss) (1) plus, to the extent included in the calculation of operating income for such period in accordance with U.S. GAAP, the sum of (a) impairment charges, (b) charges related to the accelerated recognition of asset retirement obligations, (c) any losses from sales of assets or a Business other than in the ordinary course of business, (d) expenses related to natural disasters such as hurricanes or earthquakes that significantly disrupt operations, (e) any non-recurring expenses associated with an Acquisition or Divestiture during the year that is integrated into the Business including the mark-up of inventory held by the acquired business at the date of acquisition and transaction related expenses, (f) any intangible asset amortization expense arising as a result of an Acquisition made during the calendar year (such expense in subsequent years shall not be excluded from the computation of this measure) and (g) professional fees and expenses related to any transaction that has been announced but has not closed as of the end of the calendar year and is still deemed to be probable such transaction will close (2)  minus  any gains from sales of assets or a sub-segment of the Business other than in the ordinary course of business.

Business Net Working Capital
“Business Net Working Capital” means, for calendar year 2016, for each Business or an Acquisition or Divestiture, the sum of accounts receivable and inventory less accounts payable of the Business as of last day of the calendar year less the sum of accounts receivable and inventory less accounts payable as of last day of the prior calendar year.  Accounts receivable, inventory and accounts payable shall be measured in a manner consistent with the method used to compute their values in the preparation of the Statement of Cash Flows in accordance with U.S. GAAP.  

Commitment Case
“Commitment Case” means the Company’s financial projections relating to an Acquisition provided to the Company’s Board of Directors (including all supporting schedules used in the computation of those projections) at the time of the final approval of an Acquisition.

Consolidated Abbreviated Free Cash Flow
“Consolidated Abbreviated Free Cash Flow” means, for calendar year 2016, the sum of Consolidated Adjusted EBITDA, less increases in Consolidated Net Working Capital or plus reductions in Consolidated Net Working Capital, less Investments.

Consolidated Adjusted EBITDA
“Consolidated Adjusted EBITDA” means, for calendar year 2016, Consolidated Operating Income plus, to the extent included in the calculation of operating income for such period in accordance with U.S. GAAP, depreciation and amortization expense (adjusted to exclude asset impairments and accelerated depreciation arising from a facility closure), expense related to provisions for bad debt and expense recognized from the grant of stock compensation awards.

Consolidated Investments
“Consolidated Investments” means, for calendar year 2016, for the Company, the sum of the value of capital expenditures and investments in intangible assets (excluding any intangible assets directly arising from an Acquisition made in the calendar year), as reflected in the Statement of Cash Flows of the Company.

In the event that the Company enters into an agreement to divest a Business during the calendar year and accounts for that Business as a discontinued operation in its financial statements as of December 31, 2016, but the transaction has not closed as of that date, the actual Business Investments of that Business for the calendar year shall be added to the computation of Consolidated Investments.

Consolidated Operating Income
“Consolidated Operating Income” means, for  calendar year  2016, earnings or loss from continuing operations (1) plus, to the extent included in the calculation of net income for such period in accordance with U.S. GAAP, the sum of (a) interest expense, (b) income tax expense, (c) reorganization expense, net, (d) other expense, (e) charges related to facility closures, severance and related costs, (f) asset impairment charges, (g) charges related to the accelerated recognition of asset retirement obligations, (h)  any losses from sales of assets or a Business other than in the ordinary course of business, (i) charges for the accelerated amortization of capitalized financing costs or debt discounts, (j) expenses including professional fees associated with the issuance of indebtedness or the amendment, waiver or restructuring of the principal and terms of existing indebtedness including such charges related to accounts receivable financing facilities, (k) charges and expenses associated with the curtailment or settlement of pension and post-retirement medical plans as the result of dispositions, mergers, transfers of benefit obligations or significant plan amendments, (l) expenses related to natural disasters such as hurricanes or earthquakes that significantly disrupt operations, (m) release of cumulative translation losses related to the liquidation of a consolidated entity, (n) expense accruals related to environmental remediation liabilities of manufacturing sites no longer operated by the Company and third party waste disposal sites, (o) a legal settlement, together with any related legal fees incurred. for any matter that is considered unusual or non-recurring in nature, (p) any non-recurring expenses associated with an Acquisition or a Divestiture completed by the Company during the calendar year including the mark-up of inventory held by the acquired business at the date of acquisition and professional fees and expenses related to the transaction, (q) any intangible asset amortization expense arising as a result of an Acquisition made during the calendar year (such expense in subsequent years shall not be excluded from the computation of this measure) and (r) any professional fees and expenses related to any Acquisition or Divestiture that has closed in the calendar year but were not capitalized or charged to a gain/(loss) on sale or if such transaction has been announced but has not closed as of the end of the calendar year and is still deemed to be probable such transaction will close and (s) (2)  minus  (a) other income, (b) any gains from sales of assets or a Business other than in the ordinary course of business, (c) income associated with the accelerated amortization of premiums on debt and (d) gains associated with the curtailment or settlement of pension and post-retirement medical plans as the result of dispositions, mergers, transfers of benefit obligations or significant plan amendments, (e) the income arising from amortization  and accretion of a “below-market” obligation in a contract related to the Divestiture of a Business or product line, (f) release of cumulative translation gains related to the liquidation of a consolidated entity and (g) a favorable legal settlement, net of any legal fees incurred, that is considered unusual or non-recurring in nature. 

In the event that the Company enters into an agreement to divest a Business during the calendar year and accounts for that Business as a discontinued operation in its financial statements as of December 31, 2016, but the transaction has not closed as of that date, the actual operating income of that Business for the calendar year shall be added to the computation of Consolidated Operating Income, being computed from reported earnings or loss from discontinued operations, net of tax, applying the same methodology as used above to compute Consolidated Operating Income from reported earnings or loss from continuing operations. 

For the calendar year 2016, any third-party expenses incurred in the exploration of any significant transaction, where such exploration has been approved by the Board of Directors, whether or not the transaction is consummated, shall be excluded in the computation of Consolidated Operating Income.

Consolidated Net Earnings
“Consolidated Net Earnings” means, for  calendar year  2016, Consolidated Operating Income less (i) Other Expense, (ii) Interest Expense and (iii) Income Tax Expense/(Benefit) plus Other Income.  The computation of Consolidated Net Earnings shall not include any losses on early extinguishment of debt.

Consolidated Net Working Capital
“Consolidated Net Working Capital” means, for calendar year 2016, for the Company the sum of accounts receivable and inventory less accounts payable for the Company as of last day of the calendar year less the sum of accounts receivable and inventory less accounts payable as of the last day of the prior calendar year.  Accounts receivable, inventory and accounts payable shall be measured in a manner consistent with the method used to compute their values in the preparation of the Statement of Cash Flows in accordance with U.S. GAAP.  

In the event that the Company enters into an agreement to divest a Business during the calendar year and accounts for that Business as a discontinued operation in its financial statements as of December 31, 2016, but the transaction has not closed as of that date, the actual Business Net Working Capital of that Business for the calendar year shall be added to the computation of Consolidated Net Working Capital.

Divestiture
“Divestiture” means the sale of the assets and/or stock related to a Business or product line of the Company not in the ordinary course of business where the consideration paid is equal to or exceeds $50 million or the “spin-off” or other form of distribution 

of a Business or a component of a Business to the Company’s shareholders where the net book value of the net assets in the “spin-off” or distribution equal to or exceeds $50 million. 

Earnings per Share 
“Earnings per Share” or “Basic EPS” means, for calendar year 2016, Consolidated Net Earnings divided by the basic weighted average shares of Chemtura common stock outstanding for the calendar year 2016 as reported in the Company’s audited financial statements for the calendar year 2016.  

Income Tax Expense/ (Benefit)
“Income Tax Expense/(Benefit)” means, for  calendar year 2016, tax expense or benefit of the Company reduced or increased by (i) to the tax expense or benefit of (a) the pre-tax adjustments made in the computation of Consolidated Operating Income, Other Expense, Other Income and Interest Expense and (b) the application of a Performance Factor Adjustment and (ii) excluding the impact of (a) changes in tax rates that require an adjustment to deferred taxes; (b) findings in tax audits by tax authorities relating to prior calendar years for matters for which no reserve has been previously established; (c) adjustments to FIN 48 reserves to account for changes in facts and circumstances; (d) the accrual of income and withholding taxes related to the repatriation of previously undistributed foreign earnings; and (e) the creation or release of a valuation allowance.

Interest Expense
“Interest Expense” means, for calendar year 2016, interest expense of the Company adjusted to exclude any excess or penalty interest expense that is paid in connection with the repayment, refinancing or incurrence of indebtedness.

Other Expense or Other Income
“Other Expense” or “Other Income” means, for calendar year 2016, adjusted to exclude income or expense arising from the release of cumulative translation adjustment (“CTA”) due to the liquidation of a subsidiary.

Performance Factor Target Adjustments
“Performance Factor Target Adjustment” means, for calendar year 2016, adjustments made to the Performance Factor Targets to reflect the completion of an Acquisition or Divestiture.  In each of the following circumstances, the target value of each applicable Performance Factor (the “Target”) will be adjusted as described below (the “Adjusted Target”).  The Threshold, Maximum and other stated values for the Performance Factor shall be adjusted such that they are the same percentage of the Adjusted Target as were the original values of the Target:

		
	(i)
	Should the Company or a Business complete a Divestiture that was not reflected in a Target for a Performance Factor for that calendar year, the Consolidated Adjusted EBITDA Target, Business Adjusted EBITDA Target, Business Direct Adjusted EBITDA Target, Consolidated Operating Income Target, Business Operating Income Target and Earnings per Share Target, as applicable, shall each be reduced (or increased) by the applicable amount that was to be contributed by (or reduced by) the Divestiture in the Budget for the calendar year before the deduction of allocated functional and corporate expenses.  The Consolidated Net Working Capital Target and applicable Business Net Working Capital Target shall be recalculated excluding Business Net Working Capital of the Divestiture in the Budget from the Target for the calendar year.  The Consolidated Investments and applicable Business Investments Target shall be reduced by the amount of Business Investments in the Budget attributable to the Divestiture for the calendar year in the Target;

		
	(ii)
	Should the Company or a Business not complete a Divestiture that was reflected in a Target for a Performance Factor for that calendar year, the Consolidated Adjusted EBITDA Target, Business Adjusted EBITDA Target, Business Direct Adjusted EBITDA Target, Consolidated Operating Income Target, Business Operating Income Target and Earnings per Share Target, as applicable, shall each be increased (or decreased) by the applicable amount in the Budget that was to be contributed by (or reduced by) the Divestiture for the calendar year to the extent they were included in the Target.  The Consolidated Net Working Capital and applicable Business Net Working Capital Target shall be recalculated to include Business Net Working Capital of the Divestiture to the extent it was not included in the Target.  The Consolidated Investments and applicable Business Investments Target shall be increased by the amount of Business Investments attributable to the Divestiture in the Budget for the calendar year to the extent they were not included in the Target;

		
	(iii)
	Should the Company or a Business complete an Acquisition that was not reflected in a Target for a Performance Factor for that calendar year, the Consolidated Adjusted EBITDA Target, Business Adjusted EBITDA Target, Business Direct Adjusted EBITDA Target, Consolidated Operating Income Target, Business Operating Income Target and Earnings per Share Target, as applicable, shall each be increased (or reduced), by the amount that was projected in the Commitment Case (including any projected improvement in the calendar year arising from synergies (net of any related implementation costs not added back under the definition of the Performance Factor Target)  for the period from the closing of the transaction to the end of the calendar year.  The basic weighted average shares outstanding used in the computation of an Earnings per Share Target shall be adjusted to reflect any shares of Chemtura common stock issued as consideration for the Acquisition, exchanged 

in a merger, issued under an offering of equity securities where the proceeds are used to fund the Acquisition, and/or issued in connection with an employee retention or incentive plan associated with the Acquisition.  The Consolidated Net Working Capital and applicable Business Net Working Capital Target shall be recalculated to include the Business Net Working Capital of the Acquisition from the closing date of the transaction shown in the Commitment Case for the applicable periods.  For the purposes of this computation, any step up in the value of inventory due to purchase accounting shall be excluded.  The Consolidated Investments and the applicable Business Investments Target shall be increased by the amount of Business Investments in the Commitment Case  for the Acquisition (excluding any intangible assets directly resulting from an Acquisition in the calendar year) for the period from closing of the transaction to the end of the calendar year;

		
	(iv)
	Should the Company or a Business not complete an Acquisition during the calendar year that was reflected in a Target for a Performance Factor for that calendar year, Consolidated Adjusted EBITDA Target, Business Adjusted EBITDA Target, Business Direct Adjusted EBITDA Target, Consolidated Operating Income Target, Business Operating Income Target and Earnings per Share Target, as applicable, shall each be reduced (or increased), by the amount that was to be contributed by (or reduced by) that Acquisition in the Budget including any projected improvement in the calendar year arising from synergies (net of any related implementation costs not added back  under the definition of the Performance Factor Target). The basic weighted average shares outstanding used in the computation of an Earnings per Share Target shall be reduced to eliminate any shares of Chemtura common stock that were assumed to be issued as consideration for the Acquisition, exchanged in a merger, issued under an offering of equity securities where the proceeds were to be used to fund the Acquisition and/or issued in connection with an employee retention or incentive plan associated with the Acquisition. The Consolidated Net Working Capital Target and applicable Business Net Working Capital Target shall be recalculated excluding the Business Net Working Capital of the Acquisition in the Budget from the Target for the calendar year.  The Consolidated Investments and applicable Business Investments Target shall be reduced by the amount of Business Investments in the Budget for the calendar year attributable to the Acquisition in the Target;

		
	(v)
	For Divestitures reflected in a Performance Factor Target for the calendar year, if the closing occurs three or more months later than was assumed in the Target, the Consolidated Adjusted EBITDA Target, Business Adjusted EBITDA Target, Business Direct Adjusted EBITDA Target, Consolidated Operating Income Target, Business Operating Income Target and Earnings per Share Target, as applicable, shall each be reduced by the amount of stranded allocated functional and corporate expenses incurred for the period by which the closing was delayed. The Consolidated Net Working Capital Target, Consolidated Investments Target, applicable Business Net Working Capital Target and applicable Business Investments Target shall be increased by the amount of Business Net Working Capital and Business Investments attributable to the Divestiture in the Budget for the period from the assumed closing date to the actual closing date; and

		
	(vi)
	For Acquisitions reflected in a Performance Factor Target for the calendar year, if the closing occurs three or more months later than was assumed in the Target, Consolidated Adjusted EBITDA Target, Business Adjusted EBITDA Target, Business Direct Adjusted EBITDA Target, Consolidated Operating Income Target, the Business Operating Income Target and Earnings per Share Target, as applicable, shall each be reduced by the amount that was to be contributed by (or reduced by) the Acquisition in the Budget, including any projected improvement for the calendar year in the Budget arising from synergies (net of any related implementation costs not added back under the definition of the Performance Factor Target), included in the Target for the period from the assumed closing date to the actual closing date. The basic weighted average shares outstanding used in the computation of an Earnings per Share Target shall be adjusted to reflect the change in the date that any shares of Chemtura common stock were assumed to be issued as consideration for the Acquisition, exchanged in a merger, issued under an offering of equity securities where the proceeds are used to fund the Acquisition and/or issued in connection with an employee retention or incentive plan associated with the Acquisition.  The Consolidated Net Working Capital Target, Consolidated Investments Target, applicable Business Net Working Capital Target and applicable Business Investments Target shall be reduced by the amount of Business Net Working Capital and Business Investments attributable to the Acquisition in the Budget included in the Target for the period from the assumed closing date to the actual closing date.

Safety Multiplier
“Safety Multiplier”, for calendar year 2016, is based on the achievement of specified safety program results and measured by a weighted measure of the actual (i) Total Recordable Case Rate (“TRCR”) for employees and contractors, and  (ii) significant process safety incidents (“SPSI”) for the specific business unit or the corporate group to which the 2016 MIP Participant is allocated. 

Strategic Measures

The Company shall establish for the corporate functions specific strategic measures linked to, among other things, cost reductions, continuous improvement or other critical targets or goals for the year.  These strategic measures will be determined and approved by the CEO and the Committee annually.  The CEO will not have a strategic measure in his or her 2016 MIP Plan.

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