Document:

Exhibit

Exhibit 10.1

SEASPINE HOLDINGS CORPORATION

SENIOR LEADERSHIP RETENTION AND SEVERANCE PLAN
(Effective January 27, 2016)

This document sets forth all applicable terms of the Senior Leadership Retention and Severance Plan (this “Plan”) of SeaSpine Holdings Corporation, a Delaware corporation (the “Company”), for its benefit and the benefit of its affiliates (including any direct or indirect subsidiary company), effective as of the date set forth above and until further amended or terminated by the Company’s Board of Directors or a properly authorized committee thereof (collectively, the “Board”) in accordance with Section 11(a). Certain capitalized terms used in this Plan are defined in Section 10. As applicable under the circumstances, the term “Company” refers to the SeaSpine Holdings Corporation subsidiary that employs a Participant.  

1.Applicability. This Plan shall be applicable to each employee of the Company or any direct or indirect subsidiary of the Company who is designated as a Participant by the Board and is listed on Exhibit A hereto (each, a “Participant”), which may be amended by the Company from time to time in accordance with Section 11(a). 

2.At-Will Employment. Each Participant’s employment is and shall continue to be at-will, as defined under applicable law. If the Participant’s employment terminates for any reason, the Participant shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Plan or required by applicable law, or as may otherwise be established under the Company’s then existing employee benefit plans or policies at the time of termination. 

3.Severance Benefits. If a Participant experiences an Involuntary Termination, and the Participant timely delivers (and does not revoke) the Release (as defined in Section 8), then the Participant shall be entitled to the following cash severance benefits, which amount shall be payable by the Company in a lump-sum on the date determined pursuant to Section 8: 

a.If the Involuntary Termination does not occur during the Protection Period:

i.An amount equal to the Participant’s annual base salary immediately prior to the event(s) constituting the Involuntary Termination (for clarity, disregarding any reduction in base salary related to the Involuntary Termination); minus

ii.An amount equal to the Participant’s accrued but unused paid time-off as of such Involuntary Termination.

b.If the Involuntary Termination occurs during the Protection Period: 

i.    An amount equal to the product of (A) the Participant’s annual base salary immediately prior to the event(s) constituting the Involuntary Termination (for clarity, disregarding any reduction in base salary related to the Involuntary Termination), multiplied by (B) 2; plus

ii.    An amount equal to the Participant’s estimated cost of continuing the health care coverage (including, without limitation, medical, dental and vision coverage) for the Participant and the Participant's dependents who are covered immediately prior to the event(s) constituting the Involuntary Termination under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, for 24 months; minus

iii.    An amount equal to the Participant's accrued but unused paid time-off as of such Involuntary Termination.  

Notwithstanding the foregoing, the severance benefits are subject to reduction, if applicable, in accordance with the terms and provisions of Exhibit B, which are incorporated herein as if fully set forth herein. 

4.Equity Acceleration Benefits.  In addition to the severance benefits described in Section 3, if a Participant’s employment with the Company terminates as a result of an Involuntary Termination during the Protection Period, and the Participant timely delivers (and does not revoke) the Release (as defined in Section 8), then the then-unvested portion of any Company equity awards held by the Participant that are outstanding immediately prior to such termination and that vest solely based on the passage of time shall conditionally vest and become exercisable (as applicable) in full immediately prior to such termination; provided, that if the Participant fails to timely execute or revokes the Release, all such conditionally vested awards shall be forfeited upon such failure or revocation.  In addition, as applicable, each such award shall remain exercisable until the earlier of: (a) the date that is 12 months after the Involuntary Termination (which, for purposes of this Section 4(a), shall be deemed to have occurred on the vesting date that would have occurred immediately following the Termination Date, had such Involuntary Termination not occurred) and (b) the expiration date applicable to such award. 

Except to the extent (x) prohibited by law (including securities laws and the rules of self-regulatory organizations, including stock exchanges) or the 2015 Incentive Award Plan (or any other plan to the extent applicable to an equity award) or (y) determined by the Board to be necessary to avoid materially adverse financial consequences to the Company, the provisions of this Section 4, automatically and without the need for further action by the Company or any Participant, hereby amend each equity award granted by the Company to a Participant (and related documentation), whether such award was granted prior to or after the effectiveness of this Plan; provided, however, that nothing in the foregoing shall preclude the Company and/or a Participant from entering into one or more documents to amend any such equity award and related documentation.  

5.Other Terminations. If the Participant experiences a termination of employment for any reason other than as a result of an Involuntary Termination, then the Participant shall not be entitled to the severance benefits under Sections 3 or 4 of this Plan. 

6.Accrued Wages and PTO; Expenses. In addition to the benefits under Sections 3 and 4 of this Plan, with regard to a Participant whose employment terminates as a result of an Involuntary Termination: (i) the Company shall pay the Participant any unpaid base salary due for periods prior to and including the Termination Date; (ii) the Company shall pay the Participant all of the Participant’s accrued and unused paid time-off through the Termination Date; and (iii) following submission of proper expense reports by the Participant, the Company shall reimburse the Participant for all expenses reasonably and necessarily incurred by the Participant in connection with the business of the Company prior to the Termination Date. These payments shall be made promptly upon termination and within the period of time mandated by law including, but not limited to, Section 409A of the Code. 

7.Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, license, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets (including, if warranted under the circumstances, a subsidiary or parent of such successor) shall assume the Company’s obligations under this Plan and agree expressly to perform the Company’s obligations under this Plan in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Plan, the term “Company” shall include any successor (or, if warranted, a subsidiary or parent of such successor) to the Company’s business and/or assets which is required to assume the Company’s obligations as described in this Section 7 or which becomes bound by the terms of this Plan by operation of law. 

8.Execution of Release. As a condition of receiving the benefits under Sections 3 and 4 of this Plan, the Participant shall execute and not revoke a general release of claims, which will also confirm any post-termination obligations and/or restrictions applicable to the Participant (the “Release”), such that the Release becomes effective no later than 60 days following the Termination Date (the “Release Deadline”). The severance benefits under Section 3 shall be paid on the date the Release is effective; provided, however, that, in the event the Participant’s Involuntary Termination occurs at a time during the calendar year where it would be possible for the Release to become effective in the calendar year following the calendar year in which the Involuntary Termination occurs, the severance benefits under Section 3 shall be paid on the first payroll date following the Release Deadline. 

		
	9.
	Notices. 

a.    General. Notices and all other communications contemplated by this Plan shall be in writing and shall be deemed to have been duly given when personally delivered or three (3) days after having been mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of the Participant, mailed notices shall be addressed to him or her at the home address that he or she most recently communicated to the Company (or an affiliate of the Company) in writing. In the case of the Company, mailed notices shall be addressed to its principal executive offices, and all notices shall be directed to the attention of its Secretary. 

b.    Notice of Termination. Any termination of employment by the Company with or without Cause or by the Participant for Good Reason shall be communicated by a notice of termination to the other party hereto given in accordance with this Section 9. Any such notice provided by the Company under circumstances constituting a for-Cause termination, or by the Participant under circumstances constituting Good Reason, shall indicate the specific termination provision in this Plan relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and shall specify the Termination Date. The failure by either party to include in the notice any fact or circumstance which contributes to a showing of a for-Cause termination or an Involuntary Termination shall not waive any right of such party hereunder or preclude such party from asserting such fact or circumstance in enforcing such party’s rights hereunder. 

10.Definition of Terms. The following terms referred to in this Plan shall have the following meanings: 

a.    2015 Incentive Award Plan.  “2015 Incentive Award Plan” shall mean the Company’s 2015 Incentive Award Plan, as such may be amended and/or restated from time to time.  

b.    Cause. “Cause” shall have the meaning ascribed to such term in the 2015 Incentive Award Plan. 

c.    Change in Control. “Change in Control” shall have the meaning ascribed to such term in the 2015 Incentive Award Plan.   

d.    Code.  “Code” shall mean the Internal Revenue Code of 1986, as amended.

e.    Good Reason. “Good Reason” shall mean the occurrence of either of the following without Participant’s prior written consent: (i) a reduction in Participant’s base salary and/or employee benefits that materially diminishes the aggregate value of Participant’s base salary and/or benefits, unless a reduction is made in connection with an across-the-board reduction of all Participant’s base salaries and/or benefits by a percentage less than 20% and at least equal to the percentage by which Participant’s base salary and/or benefits are reduced; and (ii) in the event of such an across-the-board reduction and a subsequent across-the-board restoration of all or any portion of reduced base salary and/or benefits, a failure to restore Participant’s base salary and/or benefits in at least a proportional manner. 

f.    Involuntary Termination. “Involuntary Termination” shall mean the termination of the employment of a Participant either by the Company without Cause (other than due to the Participant’s death or disability) or by the Participant for Good Reason. 

g.    Protection Period. “Protection Period” shall mean the period beginning upon a Change in Control and ending on the one-year anniversary of a Change in Control. 

h.    Successor Entity.  “Successor Entity” means any entity that acquires or otherwise succeeds to all or substantially all of the business or assets of the Company upon and following a Change in Control.

i.    Termination Date. “Termination Date” shall mean the effective date of the Participant’s Involuntary Termination. 

		
	11.
	Miscellaneous Provisions. 

a.    Amendment or Termination. Neither the Company nor any Successor Entity may amend this Plan if any such amendment would have an adverse impact on the interests of a Participant under this Plan, in either case, without the express written consent of the Participant(s) so affected.  Following a Participant’s Involuntary Termination, no Plan termination or amendment shall adversely affect the rights of such Participant under this Plan without such Participant’s written consent.  

b.    Effect of Statutory Benefits. To the extent that any benefits are required to be paid to the Participant upon termination of employment with the Company as a result of any requirement of law or any governmental entity in any applicable jurisdiction, the aggregate amount of severance benefits payable pursuant to Sections 3 and 4 shall be reduced by such amount. 

c.    No Duty to Mitigate. A Participant shall not be required to mitigate the amount of any payment contemplated by this Plan, nor shall any such payment be reduced by any earnings that the Participant may receive from any other source. 

d.    Waiver. No provision of this Plan may be waived or discharged unless the waiver or discharge is agreed to in writing and signed by the affected Participant and by an authorized officer of the Company (other than the Participant). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Plan by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

e.    Integration. This Plan supersedes all prior or contemporaneous agreements, whether written or oral, with respect to the benefits contemplated by this Plan (including without limitation any severance benefits or payments included in a Participant’s offer letter, employment agreement or other severance arrangement); provided, however, that, for clarification purposes, this Plan shall not affect any agreement(s) between the Company and a Participant regarding intellectual property matters, non-solicitation restrictions or confidential information of the Company. 

f.    Choice of Law. The validity, interpretation, construction and performance of this Plan shall be governed by the internal substantive laws, but not the conflicts of law rules, of the State of California. 

g.    Severability. The invalidity or unenforceability of any provision or provisions of this Plan shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 

h.    Withholding and Employment Taxes. The Company shall have the authority and the right to deduct and withhold an amount sufficient to satisfy federal, state, local and foreign taxes required by law to be withheld with respect to any severance benefits or payments payable under this Plan. 

i.    Section 409A of the Code. 

i.    This Plan is intended to comply with, or otherwise be exempt from, Section 409A of the Code and any regulations and Treasury guidance promulgated thereunder. The Company shall undertake to administer, interpret, and construe this Plan in a manner that does not result in the imposition on a Participant of any additional tax, penalty, or interest under Section 409A of the Code. Notwithstanding any provision of this Plan to the contrary, to the extent that the Board determines that any payments or benefits under this Plan may not be either compliant with or exempt from Section 409A of the Code and related Department of Treasury guidance, the Board may in its sole discretion adopt such amendments to this Plan or take such other actions that the Board determines are necessary or appropriate to (a) exempt the compensation and benefits payable under this Plan from Section 409A of the Code and/or preserve the intended tax treatment of such compensation and benefits, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance; provided, however, that this Section 11(i) shall not create any obligation on the part of the Board to adopt any such amendment or take any other action, nor shall the Company have any liability for failing to do so. 

ii.    Notwithstanding anything in this Plan to the contrary, to the extent that any payment or benefit hereunder constitutes non-exempt nonqualified deferred compensation for purposes of Section 409A of the Code, and such payment or benefit would otherwise be payable hereunder by reason of a Participant’s termination of employment, then, to the extent required by Section 409A of the Code, all references to the Participant’s termination of employment shall be construed to mean a “separation from service” from the Company (within the meaning of Section 409A(a)(2)(A)(i) of the Code, and Treasury Regulation Section 1.409A-1(h) (a “Separation from Service”), and such amounts shall only be paid upon or by reference to the Participant’s  Separation from Service. 

iii.    Notwithstanding anything to the contrary in this Plan, no amounts shall be paid to any Participant under this Plan during the six-month period following such Participant’s “separation from service” (within the meaning of Section 409A(a)(2)(A)(i) of the Code and Treasury Regulation Section 1.409A-1(h)) to the extent that the Board reasonably determines that paying such amounts at the time or times indicated in this Plan would result in a prohibited distribution under Section 409A(a)(2)(b)(i) of the Code.  If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result of the Participant’s death), the Participant shall receive payment of a lump-sum amount equal to the cumulative amount that would have otherwise been payable to the Participant during such six (6)-month period without interest thereon. 

Exhibit A

PARTICIPANTS

[As of the effective date, the Participants consist of the Company’s named executive officers (other than the Company’s President and Chief Executive Officer, who is not an eligible participant) and the other members of the Company’s senior leadership team (which, as of the effective date, consists of those employees who report to the Company’s President and Chief Executive Officer).]  

Exhibit B

LIMITATION ON PAYMENTS

(a)Notwithstanding any other provision of this Plan, in the event that any payment or benefit received or to be received by a Participant (including any payment or benefit received in connection with a termination of a Participant’s employment, whether pursuant to the terms of this Plan or any other plan, arrangement or agreement) (all such payments and benefits being hereinafter referred to as the “Total Payments”) would be subject (in whole or part) to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, arrangement or agreement, the Total Payments shall be reduced to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax, but such reduction shall be made only if (i) the net amount of such Total Payments as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Participant would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).  
(b)In the event that a reduction of Total Payments is being made in accordance with this Exhibit B, the reduction will occur, with respect to the Total Payments considered parachute payments within the meaning of Section 280G of the Code, in the order provided by the below clauses (A) through (B) and with the objective of maximizing the after-tax value of the Total Payments that are retained by the Participant.  The “Value” (measured as of the Change in Control) (or portion thereof) that is (i) a cash payment is its after-tax present value and (ii) an equity award is the after-tax present value of the difference between the aggregate fair market value of the shares (or other equity interests) underlying such equity award minus the equity award's aggregate exercise or purchase price (if any).  The “280G Value” of a cash payment or of an equity award is its parachute payment present value as determined under Section 280G of the Code.  With respect to any cash payment or equity award, the difference between its Value minus its 280G Value is the “Difference”.
(A) reduction of cash payments and equity awards in order based on the relative magnitude of their Differences (that is, cash payments and equity awards with a higher negative Differences shall be reduced first, followed by those cash payments and equity awards with lower positive Differences such that those cash payments and equity awards with the highest positive Differences shall be reduced (if at all) last); and
(B) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the excise tax will be the first benefit to be reduced). 

If two or more separate Total Payments amounts have the exact same Difference, then (x) equity awards shall be reduced before cash payments with the same Difference and (y) Total Payments of the same type that have a later in time award date shall be reduced first before other Total Payments with the same Difference.  The foregoing reduction process shall be effected in a manner that does not violate Section 409A of the Code.
(c)For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Participant shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the written opinion of independent auditors of nationally recognized standing (“Independent Advisors”) selected by the Company, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of the Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the Base Amount (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.Exhibit

AMENDMENT NO. 7 TO CREDIT AGREEMENT AND AMENDMENT TO GUARANTEE AND COLLATERAL AGREEMENT
AMENDMENT NO. 7 TO CREDIT AGREEMENT AND AMENDMENT TO GUARANTEE AND COLLATERAL AGREEMENT, dated as of December 18, 2015 (the “Amendment”), to (i) the Amended and Restated Credit Agreement, dated as of October 13, 2011, and as amended and supplemented prior to the date hereof (the “Existing Credit Agreement”), among MICROSEMI CORPORATION, a Delaware corporation (the “Borrower”), the LENDERS party thereto (the “Lenders”), BANK OF AMERICA, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), BANK OF AMERICA, N.A., as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties, and (ii) the Guarantee and Collateral Agreement, dated as of November 2, 2010, and as amended and supplemented prior to the date hereof (the “Existing Guarantee and Collateral Agreement”), among the Borrower, the other grantors from time to time party thereto (the “Subsidiary Guarantors”), and the Collateral Agent.
A.    The Borrower has requested that the Existing Credit Agreement be amended to, among other things, permit the Borrower, at its election, to issue and sell certain senior unsecured notes due 2024 providing for gross proceeds of up to $500.0 million (the “Senior Notes”) pursuant to a 144A and/or Regulation S offering, or other private placement.  The proceeds of which, if such Senior Notes are issued, will be used to fund a portion of the Borrower’s announced acquisition (the “Acquisition”) of PMC-Sierra, Inc., a Delaware corporation, or a special mandatory redemption of the Senior Notes in the event the Acquisition is not consummated.
B.    The Borrower and the Subsidiary Guarantors have requested that the Existing Guarantee and Collateral Agreement be amended to exclude from the definition of Collateral a segregated deposit account (the “Senior Notes Proceeds Account”) into which the proceeds of the Senior Notes, if issued, shall be required to be deposited prior to the consummation of the Acquisition.
C.    Each Lender (such term and each other capitalized term used but not defined herein having the meaning given it in the Amended Credit Agreement (as defined below)) that executes and delivers a consent to this Amendment in the form of the “Lender Consent” attached hereto (a “Lender Consent”) will be deemed to have agreed to the terms of this Amendment (each such Lender, a “Consenting Lender”).
D.    The Borrower and the Requisite Lenders (as defined below) desire to amend the Existing Credit Agreement as set forth in this Amendment, and the Borrower, the Subsidiary Guarantors and the Requisite Lenders desire to amend the Existing Guarantee and Collateral Agreement, in each case, subject to the satisfaction of the conditions precedent to effectiveness referred to in Section 4 hereof.
Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1.    Amendment of Existing Credit Agreement. The Borrower and the Requisite Lenders agree that the Existing Credit Agreement shall be amended (as so amended, the “Amended Credit Agreement”) on the Amendment Effective Date as set forth below:
(i)    Section 1.1 of the Existing Credit Agreement shall be amended by amending the definition of “Consolidated Funded Debt” in its entirety to read as follows:
““Consolidated Funded Debt”:  at any date, the aggregate principal amount of all Indebtedness of the Borrower and its Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP excluding (a) Indebtedness of the type described in clause (f) of the definition of such term, except to the extent of any unreimbursed drawings thereunder, (b) Indebtedness of the type described in clause (g) of the definition of such term and (c) at any time prior to April 4, 2016, the 

Indebtedness of any Loan Party pursuant to the Senior Notes and Senior Notes Indenture.”
(ii)    Section 1.1 of the Existing Credit Agreement shall be amended to add the following terms in the appropriate alphabetical order:
““Merger Agreement” means that certain Agreement and Plan of Merger, dated as of November 24, 2015, by and among PMC-Sierra, Inc., the Borrower and Lois Acquisition Corp., as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.”
““PMC-Sierra Acquisition”: the acquisition by the Borrower of PMC-Sierra, Inc., a Delaware corporation, pursuant to the Merger Agreement.”
““Senior Notes”:  those certain senior unsecured notes providing for gross proceeds of up to $500.0 million, which may be issued and sold by the Borrower pursuant to the Senior Notes Indenture.”
““Senior Notes Indenture”:  any indenture governing any Senior Notes.”
““Senior Notes Proceeds Account”: that certain deposit account which shall be established by Borrower or a Subsidiary Guarantor to hold exclusively the proceeds of the Senior Notes, plus (to the extent deposited on the issue date of such Senior Notes) accrued and unpaid interest that would be due and owing by the Borrower (calculated as of the issue date of such Senior Notes in accordance with the Senior Notes Indenture) to the date of the outside special mandatory redemption for the Senior Notes as set forth in the Senior Notes Indenture plus interest accrued on amounts deposited in the account  (and no other amounts).”
(iii)    Section 8.2(a) of the Existing Credit Agreement shall be amended in its entirety to read as follows:
“(i) Indebtedness of any Loan Party pursuant to any Loan Document or (ii) Indebtedness of any Loan Party of up to $500.0 million of Senior Notes incurred pursuant to the Senior Notes Indenture, in the case of this clause (ii), to finance the PMC-Sierra Acquisition and solely to the extent that the proceeds of such Senior Notes are held in the Senior Notes Proceeds Account prior to consummation of the PMC-Sierra Acquisition.”
(iv)    Section 8.3 of the Existing Credit Agreement shall be amended by deleting the word “and” at the end of clause (t) thereof, replacing “.” at the end of clause (u) thereof with “; and”, and immediately after clause (u) adding a new clause (v) which shall read as follows:
“(v)    Liens of the trustee under the Senior Notes Indenture on amounts in the Senior Notes Proceeds Account which are permitted to be held in the Senior Notes Proceeds Account in accordance with the definition thereof and the proceeds thereof.”
(v)    Section 8.13 of the Existing Credit Agreement shall be amended by revising clause (a) thereof in its entirety to read as follows:

“(a) this Agreement, the other Loan Documents, the Senior Notes Indenture and other agreements governing the Senior Notes,”.
(vi)    Clause (c)(i) of Section 8.14 of the Existing Credit Agreement shall be amended in its entirety to read as follows:
“(i) any restrictions existing under the Loan Documents or set forth in the Senior Notes Indenture or other agreements governing the Senior Notes.”
SECTION 2.    Amendment of Existing Guarantee and Collateral Agreement.  The Borrower, the Subsidiary Guarantors and the Requisite Lenders agree that the Existing Guarantee and Collateral Agreement shall be amended (as so amended, the “Amended Guarantee and Collateral Agreement”) on the Amendment Effective Date as set forth below:
(i)    Section 1.1 of the Existing Guarantee and Collateral Agreement shall be amended such that the following defined terms shall be revised as follows:
““Excluded Deposit Account”:  collectively, (a) Deposit Accounts established solely for the purpose of funding payroll, payroll taxes, withholding taxes, workman’s compensation and other compensation and benefits to employees, (b) Zero Balance Accounts, (c) the Senior Notes Proceeds Account, (d) Deposit Accounts with amounts on deposit that, when aggregated with the amounts on deposit in all other Deposit Accounts for which control agreements have not been obtained (other than those specified in clauses (a), (b) and (c)), do not exceed $250,000 individually and $1,000,000 in the aggregate at any time.”
(ii)    Section 3 of the Existing Guarantee and Collateral Agreement shall be amended by replacing the “and” immediately preceding clause (ii) with “,”, deleting the period appearing at the end of thereof and replacing such period with the following:
“and (iii) nothing in this Agreement or the other Loan Documents shall require or constitute a grant of a security interest in the Senior Notes Proceeds Accounts and the proceeds thereof and the Collateral shall not include the Senior Notes Proceeds Account or proceeds thereof.” 
SECTION 3.    Representations and Warranties. To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to each of the Lenders, the Administrative Agent, the Issuing Lender and the Collateral Agent, as of the date hereof, as follows:
(i)    the representations and warranties set forth in Section 5 of the Amended Credit Agreement and Section 4 of the Amended Guarantee and Collateral Agreement are true and correct (to the extent qualified as to materiality) and in all material respects (to the extent not so qualified), except to the extent made as of a specific date, in which case such representations and warranties shall be true and correct or true and correct in all material respects, as applicable, on and as of such specific date);
(ii)    no Default or Event of Default has occurred and is continuing on the date hereof or after giving effect to the amendments requested to be made on the date hereof;
(iii)    this Amendment has been duly authorized, executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable against it in accordance with its terms, except to the extent the enforceability hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of 

creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law); and
(iv)    the execution, delivery and performance by the Borrower of this Amendment will not (a) violate its Organizational Document, (b) violate any Requirement of Law, Governmental Authorization or any Contractual Obligation of any Group Member or (c) result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to its Organizational Documents, any Requirement of Law or any such Contractual Obligation (other than the Liens created by the Security Documents and the Permitted Liens), except for any violation set forth in clause (b) or (c) which could not reasonably be expected to have a Material Adverse Effect.
SECTION 4.    Amendment Agreement Effectiveness. This Amendment, the Amended Credit Agreement and the Amended Guarantee and Collateral Agreement shall become effective as of the date set forth above on the date (the “Amendment Effective Date”) on which each of the conditions is satisfied:
(i)    Executed Documents. The Administrative Agent shall have received (a) counterparts of this Amendment (including counterparts received pursuant to the Lender Consent) executed and delivered by the Borrower and the Required Lenders and the Majority 2015 Incremental Facility Lenders (the Required Lenders and the Majority 2015 Incremental Facility Lenders referred to collectively as, the “Requisite Lenders”) and (b) counterparts to the Consent and Confirmation attached hereto executed and delivered by the Borrower and each Subsidiary Guarantor.
(ii)    Amendment Effective Date Certificate. The Administrative Agent shall have received a certificate, dated as of the Amendment Effective Date and duly executed and delivered by a Responsible Officer of the Borrower, certifying that all of the conditions to effectiveness set forth in this Section 4 have been satisfied.
(iii)    Representations and Warranties. Each of the representations and warranties made by the Borrower in Section 3 shall be true and correct.
(iv)    Expenses. The Administrative Agent shall have received from the Borrower payment of all expenses due and payable pursuant to the Amended Credit Agreement.
SECTION 5.    Effect of Amendment; No Novation. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Issuing Lender, the Collateral Agent or the Administrative Agent under any Loan Documents, and, except as set forth in the Amended Credit Agreement, the Amended Guarantee and Collateral Agreement and the other Loan Documents, shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in any Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Loan Party to consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement, the Amended Credit Agreement, the Existing Guarantee and Collateral Agreement, the Amended Guarantee and Collateral Agreement or any other Loan Document in similar or different circumstances. This Amendment shall constitute a “Loan Document” for all purposes of the Existing Credit Agreement, the Existing Guarantee and Collateral Agreement and the other Loan Documents.
SECTION 6.    Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission or by email with a pdf copy thereof attached shall be as effective as delivery of an original executed counterpart thereof.

SECTION 7.    Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
SECTION 8.    Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally submits for itself and its property in any legal action or proceeding relating to this Amendment, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan, the courts of the United States for the Southern District of New York, and appellate courts from any thereof.
SECTION 9.    Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.
[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the date and year first above written.
MICROSEMI CORPORATION
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Executive Vice President, Chief Financial Officer, Treasurer and Secretary
MICROSEMI SOC CORP., as Subsidiary Guarantor
By:     /s/ Esam Elashmawi    
Name: Esam Elashmawi
Title: President, Chief Financial Officer and Secretary
MICROSEMI CORP. – MASSACHUSETTS, as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Chief Financial Officer, Treasurer and Secretary
MICROSEMI CORP. – POWER PRODUCTS GROUP, as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Chief Financial Officer and Secretary
MICROSEMI CORP. – ANALOG MIXED SIGNAL GROUP, as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Vice President, Chief Financial Officer, Secretary and Treasurer

MICROSEMI CORP. – RF INTEGRATED SOLUTIONS, as Subsidiary Guarantor
By:     /s/ Charles C. Leader    
Name: Charles C. Leader
Title: President, Chief Executive Officer, Chief Financial Officer and Secretary
MICROSEMI CORP. – RF POWER PRODUCTS, as Subsidiary Guarantor
By:     /s/ Charles C. Leader    
Name: Charles C. Leader
Title: President, Chief Executive Officer, Chief Financial Officer and Secretary
MICROSEMI CORP. – POWER MANAGEMENT GROUP, as Subsidiary Guarantor
By:     ./s/ John W. Hohener    
Name: John W. Hohener
Title: Vice President, Chief Financial Officer, Secretary and Treasurer
MICROSEMI CORP. – MEMORY AND STORAGE SOLUTIONS, as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Vice President, Secretary and Treasurer
MICROSEMI SEMICONDUCTOR (U.S.) INC., as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Chief Financial Officer and Corporate Secretary

MICROSEMI FREQUENCY AND TIME CORPORATION, as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Secretary
MICROSEMI COMMUNICATIONS, INC., as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Chief Financial Officer and Secretary

BANK OF AMERICA, N.A., as Administrative Agent, Collateral Agent and Syndication Agent
By:    /s/ Bridgett J. Manduk Mowry    
Name: Bridgett J. Manduk Mowry
Title: Vice President
BANK OF AMERICA, N.A., as Issuing Lender and Swingline Lender
By:    /s/ Marissa P Roarty    
Name: Marissa P Roarty
Title: SVP

LENDER CONSENT TO AMENDMENT NO. 7
LENDER CONSENT (this “Lender Consent”) to Amendment No. 7 dated as of December 18, 2015 (“Amendment”) to Credit Agreement and Amendment to Guarantee and Collateral Agreement, dated as of October 13, 2011 and November 2, 2010, respectively, each as amended by the Amendment and as the same may be further amended, supplemented, amended and restated or otherwise modified from time to time (the “Credit Agreement” and “Guarantee and Collateral Agreement”, respectively), among Microsemi Corporation, a Delaware corporation (the “Borrower”), the lenders party thereto, Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and, Bank of America, N.A. as collateral agent (in such capacity, the “Collateral Agent”). Capitalized terms used by not defined herein have the meanings assigned to them in the Amendment, the Credit Agreement or Guarantee and Collateral Agreement, as applicable.
The undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment.

IN WITNESS WHEREOF, the undersigned has caused this Lender Consent to be executed and delivered by a duly authorized signatory.
________________________________
[NAME OF INSTITUTION]
By:_____________________________
Name:
Title:
If a second signature is necessary:
By: ____________________________
Name:
Title:

CONSENT AND CONFIRMATION
Dated as of December 18, 2015
Each of the undersigned hereby consents to the foregoing Amendment and hereby (a) confirms and agrees that notwithstanding the effectiveness of such Amendment, each Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that, on and after effectiveness of such Amendment, each reference in the Loan Documents to the “Credit Agreement”, or “thereunder”, “thereof” or words of like import shall mean and be a reference to the Amended Credit Agreement and each reference in the Loan Documents to the “Guarantee and Collateral Agreement”, or “thereunder”, “thereof” or words of like import shall mean and be a reference to the Amended Guarantee and Collateral Agreement, (b) confirms and agrees that the pledge and security interest in the Collateral granted by it pursuant to the Security Documents to which it is a party shall continue in full force and effect, and (c) acknowledges and agrees that such pledge and security interest in the Collateral granted by it pursuant to such Security Documents shall continue to secure the Obligations, purported to be secured thereby, as amended or otherwise affected hereby.
THIS CONSENT AND CONFIRMATION AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. This Consent and Confirmation may be executed by one or more of the parties to this Consent and Confirmation on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Consent and Confirmation may be delivered by facsimile transmission or electronic mail of the relevant signature pages hereof.
[SIGNATURE PAGES TO FOLLOW]

IN WITNESS WHEREOF, each of the undersigned has caused this Consent and Confirmation to be duly executed and delivered as of the date first above written.
MICROSEMI CORPORATION, as Borrower
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Executive Vice President, Chief Financial Officer, Treasurer and Secretary
MICROSEMI SOC CORP., as Subsidiary Guarantor
By:     /s/ Esam Elashmawi    
Name: Esam Elashmawi
Title: President, Chief Financial Officer and Secretary
MICROSEMI CORP. – MASSACHUSETTS, as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Chief Financial Officer, Treasurer and Secretary
MICROSEMI CORP. – POWER PRODUCTS GROUP, as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Chief Financial Officer and Secretary
MICROSEMI CORP. – ANALOG MIXED SIGNAL GROUP, as Subsidiary Guarantor
By: /s/ John W. Hohener    
Name: John W. Hohener
Title: Vice President, Chief Financial Officer, Secretary and Treasurer

MICROSEMI CORP. – RF INTEGRATED SOLUTIONS, as Subsidiary Guarantor
By:     /s/ Charles C. Leader    
Name: Charles C. Leader
Title: President, Chief Executive Officer, Chief Financial Officer and Secretary
MICROSEMI CORP. – RF POWER PRODUCTS, as Subsidiary Guarantor
By:     /s/ Charles C. Leader    
Name: Charles C. Leader
Title: President, Chief Executive Officer, Chief Financial Officer and Secretary
MICROSEMI CORP. – POWER MANAGEMENT GROUP, as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Vice President, Chief Financial Officer, Secretary and Treasurer
MICROSEMI CORP. – MEMORY AND STORAGE SOLUTIONS, as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Vice President, Secretary and Treasurer
MICROSEMI SEMICONDUCTOR (U.S.) INC., as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Chief Financial Officer and Corporate Secretary

MICROSEMI FREQUENCY AND TIME CORPORATION, as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Secretary
MICROSEMI COMMUNICATIONS, INC., as Subsidiary Guarantor
By:     /s/ John W. Hohener    
Name: John W. Hohener
Title: Chief Financial Officer and Secretary

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