Document:

EX-4.4

  Exhibit 4.4

  FIRST SUPPLEMENTAL INDENTURE

   

  SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of December 1, 2021, among Herbalife Nutrition Ltd., a Cayman Islands exempted company incorporated with limited liability (formerly known as Herbalife Ltd.) (the “Issuer”), and U.S. Bank National Association, as successor to MUFG Union Bank, N.A., a national banking association, as trustee under the Indenture referred to below (the “Trustee”).

   

  W I T N E S S E T H

   

  WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture (as supplemented and in effect, the “Indenture”), dated as of March 23, 2018 providing for the issuance of 2.625% Convertible Senior Notes due 2024 (the “Notes”);

   

  WHEREAS, pursuant to Section 8.01(f) of the Indenture, the Company and the Trustee may supplement the Indenture without the consent of any Holder of the Notes to irrevocably elect or eliminate any Settlement Method or Specified Dollar Amount; provided, however, that no such election or elimination will affect any settlement method theretofore elected (or deemed to be elected) with respect to any Note pursuant to Section 4.03 of the Indenture;

   

  WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this Supplemental Indenture have been complied with; and

   

  WHEREAS, all things necessary to make this Supplemental Indenture a valid supplement to the Indenture pursuant to its terms and the terms of the Indenture have been done.

   

  NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree as follows:

   

  1.CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

   

  2.IRREVOCABLE ELECTIONS.

   

  (a)Irrevocable Election to Eliminate Physical Settlement. The Company hereby irrevocably eliminates the right of the Company to elect Physical Settlement as the Settlement Method on any conversion of Notes that occurs on or after the date of this Supplemental Indenture.

   

  (b)Irrevocable Election of Specified Dollar Amount. The Company hereby irrevocably elects that, with respect to any Combination Settlement for a conversion of Notes, the Specified Dollar Amount per $1,000 principal amount of the Notes shall be no lower than $1,000.

   

  3.RELATIONSHIP TO INDENTURE. This Supplemental Indenture is a supplemental indenture within the meaning of the Indenture. The Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects ratified, confirmed and approved and, as supplemented and amended by this Supplemental Indenture, shall be read, taken and construed as one and the same instrument.

   

  4.MODIFICATION OF THE INDENTURE. Except as expressly modified by this Supplemental Indenture, the provisions of the Indenture shall continue to apply to the Notes.

   

  

  5.GOVERNING LAW. This Supplemental Indenture, and any claim, controversy or dispute arising under or related to this Supplemental Indenture, will be governed by, and construed in accordance with, the laws of the State of New York.

   

  6.COUNTERPARTS. This Indenture may be executed by electronic signature and in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

   

  7.EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

   

  8.THE TRUSTEE. The recitals shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. All of the provisions contained in the Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like force and effect as though fully set forth in full herein.

   

  9.NOTICE TO HOLDERS. The Company hereby requests the Trustee provide the notice to Holders pursuant to Section 8.03 of the Indenture attached hereto as Exhibit A promptly following execution of this Supplemental Indenture.

   

   

  [Signature Page to Supplemental Indenture]

  

   

   

   

  IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

   

  HERBALIFE NUTRITION LTD.

   

   

  By   /s/Richard Caloca                             

       Name: Richard Caloca

       Title:   Treasurer 

   

  [Signature Page to Supplemental Indenture]

  

  U.S. BANK NATIONAL ASSOCIATION
  as Trustee

By: /s/ Bradley E. Scarbrough                         

  Name: Bradley E. Scarbrough

  Title: Authorized Signatory

   

   

  [Signature Page to Supplemental Indenture]

  

  NOTICE OF FIRST SUPPLEMENTAL INDENTURE HERBALIFE NUTRITION LTD.

  2.625% Convertible Senior Notes due 2024 Aggregate Principal Amount: $550,000,000 Maturity Date: March 15, 2024

  CUSIP: 42703M AD5; ISIN No. US42703MAD56*

   

  NOTICE IS HEREBY GIVEN, pursuant to Section 8.03 of the Indenture (the “Indenture”), dated as of March 23, 2018, between Herbalife Nutrition Ltd. (formerly known as Herbalife Ltd.) (the “Company”) and U.S. Bank National Association, as successor to MUFG Union Bank, N.A., a national banking association, as trustee (the “Trustee”), that on December 1, 2021, the Company and the Trustee entered into the First Supplemental Indenture (the “Supplemental Indenture”). Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the Indenture.

  Pursuant to the Supplemental Indenture, the Company irrevocably elected (i) to eliminate the Company’s right to elect Physical Settlement as the Settlement Method on any conversion of Notes that occurs on or after the date of the Supplemental Indenture and (ii) that, with respect to any Combination Settlement for a conversion of Notes, the Specified Dollar Amount per $1,000 principal amount of the Notes shall be no lower than $1,000.

   

   

  Date: December 1, 2021

   

   

  *The CUSIP and ISIN numbers are included solely for the convenience of the Holders of the Notes. Neither the Company nor the Trustee shall be held responsible for the selection or use of the CUSIP number in this Notice, and neither the Company nor the Trustee make any representation as to the correctness or accuracy of the CUSIP or ISIN number listed in this notice or printed on the Notes.Document

                                                                                                                                                                              Exhibit 10.62                              

Short Term Incentive Plan (STIP)
Non-Unionized Employees (Canada) and US Salaried Employees
Issuing Department: Human Resources

						
	Policy Statement	Canadian Pacific offers a Short Term Incentive Plan (the "Plan"), to recognize the contribution that each regular, non-unionized and US salaried employee makes to the Railway’s achievement of its business objectives.
		
	Accountability	The Management Resources and Compensation Committee of the Board of Directors of Canadian Pacific Railway (the "Committee") has complete authority to interpret and define individual and group eligibility and to establish rules and regulations required to properly administer the Plan. The Board may also suspend, amend or terminate this Plan at any time

On an annual basis, managers are responsible for guiding their employees in the objective setting process. Managers must conduct regular progress reviews throughout the year, evaluate performance against objectives at year end and report results to Human Resources.

Employees are responsible for setting and striving to achieve their annual performance objectives and for soliciting performance feedback from their managers.

Human Resources is responsible for interpreting this policy, guiding its administration and supporting employees and managers applying the policy.

	Process and Application
	Plan Year	The Plan Year runs from January 1 to December 31.
		
	Eligibility	Regular employees who participate in the Company’s non-unionized compensation program are eligible to participate in the Plan provided they join the Plan prior to October 1st in their first year of participation.

Employees must complete three (3) months (65 working days) of cumulative active service in the Plan year in order to be eligible for a STIP payout.

		
	Transfers and Joint Ventures	Employees transferred or seconded to employers participating in a joint venture with CP may be designated as participants in the Plan by the Company.
		
	Temporary Replacements	Unionized employees who temporarily assume a non- unionized position will be eligible for STIP, provided the temporary assignment commences prior to October 1st of the Plan year and has a minimum continuous duration of three (3) months (65 working days) in the Plan year.

		
	Plan Objectives	The objectives of the Plan are:

•to tie a part of the employee’s compensation directly to CP's results;
•to reward the achievement of individual and team objectives that support CP's achievement of its annual business plans and long-term strategy; and
•to maintain the competitiveness of CP's compensation program.

		
	Ending Participation	Participation in the Plan ends when the employee reverts to a unionized position at the Company’s request, retires or terminates their employment with CP.

Employees who revert to a unionized position at their own initiative prior to payout will not be eligible for a STIP award.
		
	Target Award Levels	For each Plan Year the Committee establishes the various classes of participants, the weighting of each performance measure assigned to each class and the Target Award Levels. Employee level determines their Target Award Levels. Target Award Levels are expressed as a percentage of annual salary and are the basis for calculating STIP awards.
		

						
	Weighting of Corporate Individual Components	Individual STIP awards are based on two components, individual and corporate. STIP award payouts are based on an employee’s group and weighting category at year-end.

The following table outlines the weighting for corporate and individual performance for the various management levels in the organization:

LEVEL                     CORPORATE                   INDIVIDUAL 
Level A to F                        75%                               25%
Level 1                               60%                               40%
Level 2 to 6                        50%                               50%

		
	Assessing PMP Objectives	The individual component of STIP awards is tied directly to the individual’s PMP objectives established under the Performance Management Program (PMP). A PMP rating (from Unsatisfactory to Outstanding) will be assigned to each of the individual’s PMP objectives.

The performance ratings are determined on the basis of three dimensions:

1.achievement of objectives against the standards and measures established for each objective;
2.context of performance throughout the year; and
3.peer clustering of employees into a distribution profile established by the Company.

The context of performance dimension considers the “how” of the achievement and adds a necessary judgmental component to the assessment process. The demonstration of company values must be considered.

Taking the three dimensions into account, through the calibration process, an overall PMP rating and an overall STIP attainment level, based on the scales below, are determined for the employee’s individual performance component.

Overall PMP Rating    Overall STIP Attainment Level
Outstanding                              170% - 200%
Exceeds                                         125% - 165%
Achieved                               90% - 120%
Partially Achieved                                 0% - 85%
Unsatisfactory                                       0%

	Potential Corporate Payout Levels	Annually, the Committee establishes the performance criteria, the weighting assigned to each performance criterion and corporate performance target levels for the STIP Program.

Each corporate performance criterion will have three levels of performance and payout.

a.Exceptional Level - 200% of Target Award Level assigned to the corporate component where the actual CP performance meets or exceeds the exceptional level established by the Committee;

b.Target Level - 100% of Target Award Level assigned to the corporate component where the actual CP performance meets the target level established by the Committee;

c.Threshold Level - 50% of Target Award Level assigned to the corporate component when the actual CP performance level for the Plan Year is at the threshold level established by the Committee; and

Where the actual CP performance falls between the threshold and exceptional levels, the payout level will be prorated.

Where the actual CP performance falls below the threshold level, no awards will be paid under the corporate component.

		
	Corporate Hurdle	For each Plan Year, the Committee establishes a minimum level of corporate performance, below the threshold level, called the corporate hurdle. If the Company’s performance falls below this hurdle, no awards will be paid under the individual or corporate components.
		
	Individual Hurdle	If individual performance levels are unsatisfactory, no award will be paid to the individual under the corporate or individual components.
		
	CP Net Loss	The Committee has the discretion to adjust the amount of awards so that payment of awards under the Plan does not result in a net loss for CP. No awards will be paid if CP has a net loss for the Plan Year.

						
	Calculation of Awards	Awards are calculated by performing the following
calculation:

Target Award Level multiplied by the weighting for the individual component, multiplied by the annual salary in effect at the end of the Plan Year, multiplied by the STIP attainment level
added to
the Target Award Level, multiplied by the weighting for the corporate component, multiplied by the annual salary in effect at the end of the Plan Year, multiplied by the weighting of the performance measure, multiplied by the payout level. This calculation is repeated for each of the Company’s performance measures.
For sample STIP calculations, see Appendix 1.

	Payment of Awards	Awards to be paid out in any Plan Year, will be paid as soon as possible after CP financial results are determined, the Committee has approved a payout, and the participants’ performance has been assessed under PMP.
		
	Joining Plan Before October 1st	New entrants prior to October 1 of the plan year will have their award for that year prorated based on the length of time they have been a member of the Plan.
		
	Leaving the Plan Before April 1st	Employees who cease participation in the Plan prior to April 1 of the Plan Year will not be eligible for any STIP Award for the Plan Year.
		
	Leaves of Absence	Leaves of absence (LOA) are those periods when an employee is not actively at work i.e. short or long term disability, personal, maternity, parental, educational leaves. Participants who take a leave of absence greater than 30 consecutive days (22 working days) during the year will have their award prorated based on the length of time in active service during the year.

Potential STIP Awards will be held for participants who take a personal (non-medical or educational) leave of absence. Eligibility for STIP will be determined at the end of the LOA. If the participant decides not to return it will be considered a voluntary resignation and the participant will not be eligible for a STIP Award. The payment of any STIP Award will only occur when the participant returns from the LOA.
		
	Transfers	Participants transferring on or after April 1st of the Plan Year to a position to which this plan does not apply will have their award prorated based on the length of time in the eligible position.
		
	Termination without Cause	Participants whose employment is terminated by the Company without cause on or after April 1st of the Plan Year will continue to participate in the Plan until their last day actively at work. If all program conditions are met, (i.e. Company performance and individual performance warrants a payout), they will receive a prorated award based on the length of time they participated in the plan during the year.
		
	Retirements	Employees that retire on or after April 1 of the plan year without a severance payment are eligible for a prorated STIP award provided:

•he/she provided Retirement Notice in accordance with Retirement Policy 8101; and
•retirees are between 55 and less than 60 years of age with a minimum of 5 years of company service from the last date of hire or if retiring at age 60 or greater, must have a minimum of 2 years of company service from their last date of hire.

		
	Termination for Cause	Employees who are terminated for cause during the year will not receive an award for the year in which their employment ended. They will also not be eligible to receive any award not yet paid at the time of their termination for cause.
		
	Resignation	Employees who resign prior to the STIP payout date will not be eligible for an award for the previous or current plan year.
		
	Death	Employees who are deceased after April 1st of the Plan Year, if all program conditions are met, a prorated award based on the length of their membership in the Plan during the year will be paid to the employee's estate.
	Administration

						
	Setting PMP Objectives	The STIP cycle begins with the establishment of PMP Objectives. In discussion with their manager and/or team leader, participants are responsible for the development of their PMP objectives and assigning weightings.
		
	Assigning Weights	PMP objectives are weighted according to their relative importance. The total value of all PMP objectives must equal 100%.
		
	Reporting Results	By the end of January, annually, managers should have STIP attainment levels reported to Human Resources for the previous Plan Year.
		
	Additional Information	For additional information, please contact your HR Business Partner or Employee Services by e-mail at Employee_Services@cpr.ca, by phone in Calgary at (403) 319-3900 or toll free at 1 (866) 319-3900.
		
	Cross Reference	Policy 5611 - Performance Management Program
Policy 8503 - Compensation & Benefits for Unionized Employees who Temporarily Assume Non-Unionized Positions
Policy 8101 - Retirement Policy
		(U.S. only disclaimer: This policy statement represents the current policy and practice of CP regarding the Short Term Incentive Plan for non-unionized employees and may be changed from time to time by CP without notice. Nothing in this policy is intended to create any contract, agreement or other obligation by CP with any of its employees.

APPENDIX 1 - Sample STIP Calculations
															
	Level 5 with annual salary of $65,000, PMP rating of Achieves at 100%
	Target Award Level	Individual Component	Annual Salary	PMP Rating %	Individual Component Award
	10%	50%	$65,000	100%	$3250
	Added to
	Target Award Level	Corporate Component	Annual Salary	Corporate Component %	Corporate Component Award
	10%	50%	$65,000	100%
(at target)	$3,250
	STIP Award total                                                                                                                                          $6,500

															
	Level 4 with annual salary of $85,000, PMP rating of Exceeds at 125%
	Target Award Level	Individual Component	Annual Salary	PMP Rating %	Individual Component Award
	15%	50%	$85,000	125%	$7,969
	Added to
	Target Award Level	Corporate Component	Annual Salary	Corporate Component %	Corporate Component Award
	15%	50%	$85,000	50%
(Threshold)	$3,188
	STIP Award total                                                                                                                                          $11,157

															
	Level 3 with annual salary of $105,000, PMP rating of Achieves at 110%
	Target Award Level	Individual Component	Annual Salary	PMP Rating %	Individual Component Award
	17.5%	50%	$105,000	110%	$10,106
	Added to
	Target Award Level	Corporate Component	Annual Salary	Corporate Component %	Corporate Component Award

															
	17.5%	50%	$105,000	0%
(Below Threshold)	$0
	STIP Award total                                                                                                                                       $10,106

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