Document:

ex101Amendment6

Exhibit 10.1

EXECUTION VERSION

AMENDMENT NO. 6 TO CREDIT AGREEMENT

AMENDMENT NO. 6 TO CREDIT AGREEMENT, dated as of May 11, 2015 (this “Amendment”), is entered into by and among SENSATA TECHNOLOGIES B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (the “BV Borrower”), SENSATA TECHNOLOGIES FINANCE COMPANY, LLC, a Delaware limited liability company (the “US Borrower”, and together with the BV Borrower, the “Borrowers”), SENSATA TECHNOLOGIES INTERMEDIATE HOLDING B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (the “Parent”), MORGAN STANLEY SENIOR FUNDING, INC. and BARCLAYS BANK PLC as joint lead arrangers and bookrunners, MORGAN STANLEY SENIOR FUNDING, INC. as administrative agent on behalf of the lenders party to the Credit Agreement (as defined below) (in such capacity, the “Administrative Agent”) and the lenders party hereto. 
PRELIMINARY STATEMENTS:
WHEREAS, the Borrowers, the Parent, the Administrative Agent and certain lenders entered into that certain Credit Agreement, dated as of May 12, 2011 (as amended, amended and restated, supplemented, waived or otherwise modified prior to the date hereof, the “Credit Agreement” and as further amended pursuant to this Amendment, the “Amended Credit Agreement”; capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement);

WHEREAS, the Borrowers desire, pursuant to Section 2.17 of the Credit Agreement, to obtain Credit Agreement Refinancing Indebtedness in the form of Term Loans (the “Sixth Amendment Term Loans”), the Net Cash Proceeds of which shall be used to prepay in full all of the Term Loans (the “Existing Term Loans”) outstanding under the Credit Agreement as of the Effective Date (as defined below) (the “Refinancing”); 

WHEREAS, the Sixth Amendment Term Lenders (as defined below) party hereto have agreed to provide $990,121,249.97 in aggregate principal amount of Sixth Amendment Term Loans, in each case in the amount indicated on the signature page of such Sixth Amendment Term Lender, in accordance with the terms and conditions set forth herein and in the Credit Agreement;

WHEREAS, the Borrowers, the Parent, the Administrative Agent and the Term Lenders have agreed to amend the Credit Agreement as hereinafter set forth;

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto hereby agree as follows:

SECTION 1.Effective Date Transactions. With effect from and including the Effective Date (as defined below), each Person identified on the signature pages hereof as an Existing Lender, an Increasing Lender or a New Lender (each, a “Sixth Amendment Term Lender”) shall become party to the Amended Credit Agreement as a “Term Lender” and shall have a Term Commitment in the amount set forth in Column D or Column E (as applicable) on the signature page to this Amendment for such Sixth Amendment Term Lender (such Term Commitment, a “Sixth Amendment Term Commitment”) (subject to the terms of the cashless settlement letter of even date herewith) and shall have all of the rights and obligations of a “Lender” and a “Term Lender” under the Amended Credit Agreement and the other Loan Documents.  

Amendment No. 6 to 
Credit Agreement

(b)On the Effective Date after giving effect to the Refinancing, each Term Lender with an Existing Term Loan (such Term Lender, an “Existing Term Lender”) shall cease to be a Term Lender party to the Credit Agreement, and all accrued and unpaid fees and other amounts payable under the Credit Agreement for the account of each Existing Term Lender shall be due and payable on such date; provided that the provisions of Article 3 and Sections 10.04 and 10.05 of the Credit Agreement shall continue to inure to the benefit of each Existing Term Lender after the Effective Date.  
(c)On the Effective Date:
(i)    Each Sixth Amendment Term Lender, severally and not jointly, shall make a Sixth Amendment Term Loan (as defined below) to the BV Borrower in accordance with this Section 1(c) and Section 2.01 of the Credit Agreement by delivering to the Administrative Agent immediately available funds in an amount equal to its Sixth Amendment Term Commitment;
(ii)    The BV Borrower shall prepay in full the Existing Term Loans by:
		
	(A)
	delivering to the Administrative Agent funds in an amount equal to the excess of (1) the aggregate of the Existing Term Loan Prepayment Amounts (as defined below) for all of the Existing Term Lenders (except to the extent otherwise agreed by any Existing Term Lender) over (2) the New Lender Net Funding Amount (as defined below) (such excess, the “Borrowers’ Payment”); and

		
	(B)
	directing the Administrative Agent to apply the funds made available to the Administrative Agent pursuant to Section 1(c)(i) hereof, net of fees and expenses as agreed by the Borrowers and the Administrative Agent (the “New Lender Net Funding Amount”), along with the Borrowers’ Payment, to prepay in full the Existing Term Loans; and

(iii)    the Administrative Agent shall apply the New Lender Net Funding Amount and the Borrowers’ Payment to pay to each Existing Term Lender an amount equal to such Existing Term Lender’s Existing Term Loan Prepayment Amount (except as otherwise agreed by such Existing Term Lender).
“Existing Term Loan Prepayment Amount” shall mean, for each Existing Term Lender, the sum of (i) the aggregate principal amount of Existing Term Loans owing to such Existing Term Lender on the Effective Date plus (ii) all accrued and unpaid interest on such Existing Term Lender’s Existing Term Loans as of the Effective Date plus (iii) any other amounts payable to such Existing Term Lender under the Loan Documents in respect of its Existing Term Loans as of the Effective Date, including any amounts owing pursuant to Article 3 of the Credit Agreement.

(d)    The Sixth Amendment Term Loans made on the Effective Date pursuant to Section 1(c) shall constitute Eurodollar Loans having an initial Interest Period ending on August 11, 2015.  The Existing Term Lenders signatory hereto and the Sixth Amendment Term Lenders (which constitute the Required Lenders) hereby consent to such Interest Period, notwithstanding anything to the contrary in Section 2.02 of the Amended Credit Agreement.   

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                                                                                                                                                         Amendment No. 6 to
Credit Agreement

SECTION 2.Amendments to Credit Agreement. The Credit Agreement is, subject to the satisfaction (or waiver by the Administrative Agent) of the conditions precedent set forth in Section 4, hereby amended as follows:
(a)Section 1.01 of the Credit Agreement shall be amended by adding the following new definitions thereto in proper alphabetical order:
“Guarantor Affirmation” has the meaning given to such term in Section 12 of the Sixth Amendment.
“Sixth Amendment” means that certain Amendment No. 6 to Credit Agreement, dated as of May 11, 2015, among the BV Borrower, the US Borrower, the Parent, Morgan Stanley Senior Funding, Inc., as administrative agent, Morgan Stanley Senior Funding, Inc. and Barclays Bank PLC, as joint lead arrangers and joint bookrunners, and certain Lenders party thereto.
“Sixth Amendment Effective Date” means the date on which all of the conditions contained in Section 4 of the Sixth Amendment have been satisfied or waived by the Administrative Agent.

“Sixth Amendment Term Loans” has the meaning given to such term in the recitals of the Sixth Amendment.

(b)Section 1.01 of the Credit Agreement shall be further amended as follows: 

(i)    The definition of “Applicable Rate” is amended as follows:
		
	(C)
	clause (a) thereof is amended in its entirety to read as follows:

“(a)     with respect to Term Loans (i) for Eurodollar Rate Loans, 2.25% and (ii) for Base Rate Loans, 1.25%;”
		
	(D)
	clause (b) thereof is amended by adding the word “and” at the end thereof; and

		
	(E)
	clause (c) thereof is deleted; and 

		
	(F)
	clause (d) thereof is re-lettered accordingly.

(ii)    The definition of “Base Rate” is amended as follows:

		
	(A)
	clause (ii) thereof is amended by deleting “and” at the end thereof;

		
	(B)
	clause (iii) thereof is amended by replacing “.” at the end of the clause and adding “; and” at the end thereof; and

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                                                                                                                                                         Amendment No. 6 to
Credit Agreement

		
	(C)
	adding a clause (iv) thereto immediately after the existing clause (iii) as follows:

“(iv) in the case of Base Rate Loans that are Term Loans, if greater than the rate determined by the Administrative Agent pursuant to the foregoing clauses (i) – (iii), 1.75%.”

(iii)    The definition of “Base Rate Loan” is amended by deleting the proviso at the end thereof.

(iv)    The definition of “Eurodollar Rate” is amended as follows:

		
	(A)
	clause (b) thereof is amended by adding “or” at the end thereof;

		
	(B)
	clause (c) thereof is amended by replacing “, or” at the end of the clause and adding “.” at the end thereof; and

		
	(C)
	clause (d) thereof is deleted.

(v)    The definition of “Maturity Date” is amended in its entirety to read as follows:
“(a) with respect to the Revolving Credit Facility, March 26, 2020, and (b) with respect to the Term Loan Facility, October 14, 2021.”
(c)    The second sentence of Section 2.01(a) of the Credit Agreement shall be amended by deleting the period at the end thereof and adding the following proviso at the end thereof:
“; provided that from and after the Sixth Amendment Effective Date, all references to a “Term Loan” or to “Term Loans” shall be deemed to refer to Sixth Amendment Term Loans.”

(d)    Section 2.05(a) of the Credit Agreement shall be amended by adding a sub-clause (vii) thereto immediately after the existing Section 2.05(a)(vi) as follows:

“(vii) At the time of the effectiveness of any Repricing Event that is consummated prior to the 12-month anniversary of the Sixth Amendment Effective Date, the Borrowers agree to pay to the Administrative Agent, for the ratable account of each Lender with outstanding Term Loans which are repaid or prepaid pursuant to such Repricing Event, a fee in an amount equal to 1.00% of the aggregate principal amount of all Term Loans prepaid (or converted) in connection with such Repricing 

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                                                                                                                                                         Amendment No. 6 to
Credit Agreement

Event. Such fees shall be due and payable upon the date of the effectiveness of such Repricing Event.”

(e)    Section 2.07(a) of the Credit Agreement is amended in its entirety to read as follows:

“Term Loans. The Borrowers shall repay to the Administrative Agent for the ratable account of the Term Lenders the aggregate outstanding principal amount of the Term Loans in quarterly installments payable on the last Business Day of each March, June, September and December, commencing on June 30, 2015, in an amount equal to (x) on each such date occurring on or prior to the Maturity Date, 0.25% of the sum of the aggregate principal amount of the Term Loans outstanding and (y) the balance on the Maturity Date for the Term Loan Facility, which amount, in each case, shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05; provided, however, that the final principal installment shall be repaid on the Maturity Date for the Term Loans and in any event shall be in an amount equal to the aggregate principal amount of the Term Loans outstanding on such date.”

(f)    Section 6.11 of the Credit Agreement is hereby amended in its entirety to read as follows:

“Use of Proceeds.  Use the proceeds of the Credit Extensions (i) in the case of the Term Loans (other than, for the avoidance of doubt, Sixth Amendment Term Loans), to finance the Transactions, (ii) in the case of Sixth Amendment Term Loans, to prepay in full all Closing Date Term Loans, Second Amendment Term Loans and Third Amendment Term Loans outstanding hereunder as of the Sixth Amendment Effective Date (immediately prior to giving effect to the Sixth Amendment) and all other Obligations in respect thereof, (iii) to pay fees and expenses incurred in connection with the Transactions and (iv) to provide ongoing working capital and for other general corporate purposes of the Borrowers and their Subsidiaries (including Permitted Acquisitions).”

(g)    Article 6 of the Credit Agreement is hereby amended by adding a new Section 6.21 thereto, which reads as follows:

“SECTION 6.21.  Post-Sixth Amendment Effective Date Covenant.  Within the time periods as provided in the Guarantor Affirmation (or such later date as the Administrative Agent may agree in its reasonable discretion), deliver to the Administrative Agent each item specified therein, in each case in form and substance reasonably satisfactory to the Administrative Agent.”

(h)    With effect from the Effective Date, each Sixth Amendment Term Loan made on the Effective Date in accordance with Section 1(c) hereof shall constitute, for all purposes of the Amended Credit Agreement, a Sixth Amendment Term Loan made pursuant to the Amended Credit Agreement and this Amendment; provided that, pursuant to this Amendment, each such Sixth Amendment Term Loan shall constitute a “Term Loan” for all purposes of the Amended Credit Agreement, each such Sixth Amendment Term Commitment shall constitute a “Term Commitment” for all purposes of the Amended Credit Agreement, 

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                                                                                                                                                         Amendment No. 6 to
Credit Agreement

and all provisions of the Amended Credit Agreement applicable to Term Loans and Term Commitments shall be applicable to such Sixth Amendment Term Loans and Sixth Amendment Term Commitments, respectively.

(i)    The Sixth Amendment Term Commitments provided for hereunder shall terminate on the Effective Date immediately upon the borrowing of the Sixth Amendment Term Loans pursuant to Section 1(c).

(j)    It is understood and agreed that (x) immediately following the consummation of the transactions described in Section 1, the Sixth Amendment Term Lenders constitute the Required Lenders and (y) the Sixth Amendment Term Lenders and the Existing Term Lenders signatory hereto hereby consent to the changes to the Credit Agreement set forth in this Section 2, and the terms of the cashless settlement letter of even date herewith, all of which shall become effective immediately following the consummation of the transactions described in Section 1.

SECTION 3.  Reference to and Effect on the Loan Documents. 
(a)On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the “Credit Agreement”, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.  For the avoidance of doubt, this Amendment shall also constitute a Loan Document under the Credit Agreement, as amended by this Amendment.
(b)The Credit Agreement, as specifically amended by this Amendment, and the other Loan Documents are, and shall continue to be, in full force and effect, and are hereby in all respects ratified and confirmed. 
(c)Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under the Credit Agreement or any other Loan Document, nor shall it constitute a waiver of any provision of the Credit Agreement or any Loan Document.
SECTION 4.Conditions of Effectiveness for Amendment.  This Amendment shall become effective as of the date (the “Effective Date”) on which the following conditions shall have been satisfied (or waived by the Administrative Agent):
(a)The Administrative Agent shall have received counterparts of this Amendment executed by the BV Borrower, the US Borrower, the Parent and the Required Lenders on, or prior to, 12:00 p.m., New York City time on May 5, 2015 (the “Consent Deadline”);
(b)The Administrative Agent shall have received a certificate of the BV Borrower dated as of the Effective Date signed on behalf of the BV Borrower by a Responsible Officer of the BV Borrower, certifying on behalf of the Borrowers that:
(i)immediately before and after giving effect to this Amendment and the transactions contemplated hereby, the representations and warranties set forth in Article 5 of the Credit Agreement (as amended by this Amendment) and in the other Loan Documents are true and correct in all material respects as of the Effective Date, with the same effect as though made on and as of such date, except (A) to the extent that such representations and warranties specifically refer 

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                                                                                                                                                         Amendment No. 6 to
Credit Agreement

to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (B) that for purposes of this Section 4(b), the representations and warranties contained in Sections 5.05(a) and 5.05(b) of the Credit Agreement (as amended by this Amendment) shall be deemed to refer to the most recent financial statements furnished pursuant to Sections 6.01(a) and 6.01(b) of the Credit Agreement (as amended by this Amendment) and, in the case of the financial statements furnished pursuant to Section 6.01(b) of the Credit Agreement (as amended by this Amendment), the representations contained in Section 5.05(a) of the Credit Agreement (as amended by this Amendment), as modified by this clause (B), shall be qualified by the statement that such financial statements are subject to the absence of footnotes and year-end audit adjustments, (C) to the extent that such representations and warranties contain a materiality qualification, such representations and warranties shall be accurate in all respects and (D) to the extent a limited waiver of compliance with such representations and warranties was granted pursuant to Section 11 of the Fifth Amendment or Section 11 of this Amendment; and
(ii)each of the Specified Representations (as defined below) shall be true and correct in all material respects as of the Effective Date.  “Specified Representations” means the representations and warranties of the Loan Parties set forth in the Patriot Act Representation (as defined below), the Sanctions Representation (as defined below) and the Anti-Corruption Representation (as defined below).  For purposes of this clause (ii), the following terms shall have the meanings given to them below:

“Patriot Act Representation” means the representation and warranty to the Administrative Agent by each Loan Party that, to the extent applicable, each of the Parent and its Subsidiaries is in compliance in all material respects with the Patriot Act and any enabling legislation or executive order relating thereto;

“Sanctions Representation” means the representation and warranty to the Administrative Agent by the Parent that no part of the proceeds of any Credit Extension will be used, directly or indirectly, for any purpose which would violate applicable Sanctions.

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury;

“Sanction” means any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority; and 

“Anti-Corruption Representation” means the representation and warranty to the Administrative Agent by each Loan Party that no part of the proceeds of any Credit Extension will be used, directly or indirectly, for any purpose which would breach the US Foreign Corrupt Practices Act of 1977 (as amended).

(c)     Immediately prior to and after giving effect to the Effective Date, no Default or Event of Default has occurred and is continuing; 

(d)    The Administrative Agent shall have received such certificates or resolutions or incumbency certificates of the Borrowers and the Parent as the Administrative Agent may reasonably require 

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                                                                                                                                                         Amendment No. 6 to
Credit Agreement

evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment;

(e)    The Administrative Agent shall have received such documents and certifications as the Administrative Agent may reasonably require to evidence that each of the Borrowers and the Parent is validly existing and in good standing in its jurisdiction of organization (to the extent such concept exists in such jurisdiction);

(f)    To the extent invoiced at least three Business Days prior to the Effective Date, all reasonable and documented fees and out-of-pocket expenses payable to the Administrative Agent shall have been paid to the extent due and payable in accordance with Section 7 of this Amendment and Section 10.04 of the Credit Agreement; 

(g)    The Administrative Agent shall have received, for the ratable account each Term Lender that consents to this Amendment, a fee equal to 0.25% of the aggregate principal amount of the outstanding Term Loans as of the Effective Date; and

(h)     The Administrative Agent shall have received a customary legal opinion, addressed to the Administrative Agent and the Term Lenders, in form, scope and substance reasonably acceptable to the Administrative Agent from each of (i) Nixon Peabody LLP, counsel to the Loan Parties and (ii) Loyens & Loeff N.V., Netherlands counsel to the Loan Parties; and

SECTION 5.Representations and Warranties.  Each of the Parent and the Borrowers hereby represents and warrants to the Administrative Agent that:

(a)    on and as of the date hereof (i) it has all requisite corporate or other power and authority to enter into and perform its obligations under this Amendment, the Credit Agreement as amended hereby and the other Loan Documents to which it is a party, and (ii) this Amendment has been duly authorized, executed and delivered by it; and
(b)     this Amendment, and the Credit Agreement as amended hereby, constitute legal, valid and binding obligations of such party, enforceable against it in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in equity or at law). 

SECTION 6.New Lenders and Increasing Lenders. If any Term Lender declines or fails to consent to this Amendment by returning an executed counterpart of this Amendment to the Administrative Agent prior to the Consent Deadline, then pursuant to and in compliance with the terms of Section 10.01 of the Credit Agreement, such Term Lender may be replaced and its commitments and/or obligations purchased and assumed by either a New Lender or an Existing Lender which is willing to increase its Term Loans as set forth on such Lender’s signature page hereto upon execution of this Amendment (which will also be deemed to be the execution of an Assignment and Assumption Agreement).

SECTION 7.Costs and Expenses. The Borrowers agree that all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, 

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                                                                                                                                                         Amendment No. 6 to
Credit Agreement

execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder or in connection herewith (including, without limitation, the Attorney Costs of one counsel for all Lenders and the Administrative Agent (which shall be Shearman & Sterling LLP)), are expenses that the Borrowers are required to pay or reimburse pursuant to Section 10.04 of the Credit Agreement. 

SECTION 8.Execution in Counterparts. This Amendment may be executed in one or more counterparts (and by different parties hereto in different counterparts), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this Amendment, including by email with a pdf copy hereof attached, shall be effective as delivery of an original executed counterpart of this Amendment. 

SECTION 9.Taxes. For purposes of determining U.S. federal withholding taxes imposed by FATCA, from and after the Effective Date, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Term Loans as not qualifying as a “grandfathered obligation” within the meaning of Section 1.1471-2(b)(2)(i) of the United States Treasury Regulations.

SECTION 10.Governing Law and Waiver of Right of Trial by Jury. This Amendment is subject to the provisions of Sections 10.17 and 10.18 of the Credit Agreement relating to governing law, waiver of right to submission to jurisdiction, venue and waiver of trial by jury, the provisions which are by this reference incorporated herein in full. 

SECTION 11.Limited Waiver and Consent.  The Administrative Agent and the Lenders parties hereto hereby agree to waive compliance with all covenants and/or representations and warranties in the Loan Documents relating to the perfection of any security interest under, or enforceability of, any Collateral Document on the Effective Date and for a period of 90 days after the Effective Date (as such time period may be extended in the reasonable discretion of the Administrative Agent), provided that the foregoing waiver shall only waive compliance with (i) perfection requirements in respect of any change to the Secured Obligations pursuant to this Amendment and (ii) enforceability requirements relating to enforceability in respect of such change to the Secured Obligations.  During this 90 day period (as such time period may be extended in the reasonable discretion of the Administrative Agent) the Borrowers and the Parent will procure that the Guarantors amend or enter into such Collateral Documents to reflect the amendments hereunder and will take all requisite actions as shall be set forth in the Guarantor Affirmation referenced below to ensure that it has granted in favor of the Administrative Agent for the benefit of the Secured Parties, a valid and, to the extent required under the Collateral Documents to which it is a party, perfected security interest in its Collateral, as defined in such Collateral Documents.  The Administrative Agent and the Lenders party hereto agree that nothing herein shall abrogate the agreements made by the Administrative Agent and the Lenders party to the Fifth Amendment in Section 11 thereof.
SECTION 12.Post-Effective Date Obligations. The Borrowers and the Parent shall procure that each Guarantor, within five Business Days after the Effective Date (or such later date as the Administrative Agent may agree in its reasonable discretion), enter into an affirmation agreement (the “Guarantor Affirmation”) (a) acknowledging and consenting to this Amendment; (b) ratifying and confirming 

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                                                                                                                                                         Amendment No. 6 to
Credit Agreement

all of its respective obligations and liabilities under the Loan Documents (as amended by this Amendment) to which it is a party and ratifying and confirming that such obligations and liabilities remain in full force and effect and extend to and continue in effect with respect to, and continue to guarantee and secure, as applicable, the obligations of the Borrowers under the Credit Agreement; (c) acknowledging and confirming that, subject to Section 11 above, the liens and security interests granted by it pursuant to the Collateral Documents to which it is a party are and continue to be valid and perfected (if and to the extent required to be perfected under the Collateral Documents to which it is a party) liens and security interests in the Collateral (subject only to Liens permitted under the Loan Documents) that secure all of the obligations of such Guarantor under the Loan Documents to which it is a party to the same extent that such liens and security interests in the Collateral were valid and perfected (if and to the extent required to be perfected under the Collateral Documents to which it is a party) immediately prior to giving effect to the execution and delivery of this Amendment; (d) acknowledging and agreeing that such Guarantor does not have any claim or cause of action against the Administrative Agent or any Lender (or any of its respective directors, officers, employees, or agents) on or prior to the date hereof; and (e) acknowledging, affirming, and agreeing that such Guarantor does not have any defense, claim, cause of action, counterclaim, offset or right of recoupment of any kind or nature against any of its obligations, indebtedness or liabilities to the Administrative Agent or any Lender on or prior to the date hereof.  The Borrowers and the Parent shall further procure that, in connection with the entry into the Guarantor Affirmation, each Loan Party that is party thereto shall deliver (A) such certificates or resolutions or incumbency certificates of such Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with the Guarantor Affirmation, (B) such documents and certifications as the Administrative Agent may reasonably require to evidence that each such Loan Party is validly existing and in good standing in its jurisdiction of organization (to the extent such concept exists in such jurisdiction), and (C) customary legal opinions, addressed to the Administrative Agent and the Term Lenders, in form, scope and substance reasonably acceptable to the Administrative Agent from each of (i) Nixon Peabody LLP, counsel to the Loan Parties and (ii) special foreign counsel referred to in the Guarantor Affirmation.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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                                                                                                                                                         Amendment No. 6 to
Credit Agreement

IN WITNESS WHEREOF, the parties have caused this Amendment No. 6 to Credit Agreement to be executed by their respective authorized officers as of the date first above written. 

SENSATA TECHNOLOGIES B.V.,
as BV Borrower

		
	By:
	/s/ Geert Braaksma 
Name: Geert Braaksma
Title: Director

SENSATA TECHNOLOGIES FINANCE COMPANY, LLC,
as US Borrower

		
	By:
	/s/ Jeffrey Cote 
Name: Jeffrey Cote
Title: Chief Operating Officer

SENSATA TECHNOLOGIES INTERMEDIATE HOLDING B.V.,
as Parent

		
	By:
	/s/ Geert Braaksma 
Name: Geert Braaksma
Title: Director

Signature Page to
Amendment No. 6 to Credit Agreement

MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent
 

		
	By:
	/s/ Jonathan Rauen 
Name: Jonathan Rauen
Title: Authorized Signatory

Signature Page to
Amendment No. 6 to Credit Agreementex4_1.htm

Exhibit 4.1

ICON plc

2013 Employees Restricted Share Unit Plan

(as amended and restated effective as of 11th May, 2015)

 

1.   Purposes.

 

The ICON plc 2013 Restricted Share Unit Plan, as amended and restated (the “Plan”) was originally established pursuant to a resolution of Directors dated 23rd April, 2013, and was amended and restated pursuant to a resolution of Directors dated 24th April, 2015, as an employee share scheme as defined in Section 2 of the Companies (Amendment) Act 1983.  The purpose of the Plan is to promote the long-term success of the Company and the creation of shareholder value by (a) encouraging Employees to focus on critical long-range objectives, (b) encouraging the attraction and retention of Employees, and (c) linking Employees directly to shareholder interests through increased share ownership.  The Plan seeks to achieve this purpose by providing for Awards in the form of Restricted Share Units and Other Share-Based Awards.  The Plan shall be governed by, and construed in accordance with, the laws of Ireland.

 

2.   Definitions.

 

For purposes of the Plan, the following terms shall be defined as set forth below:

 

(a) “Award” means any Restricted Share Unit or Other Share-Based Award granted to an Employee under the Plan.

 

(b) “Award Agreement” means any written agreement, contract, or other instrument or document evidencing an Award which may be included electronically or in writing.

 

(c) “Beneficiary” means the person, persons, trust or trusts which have been designated by a Participant in his or her most recent written beneficiary designation filed with the Company to receive the benefits specified under this Plan upon the death of the Participant, or, if there is no designated Beneficiary or surviving designated Beneficiary or if no such designation can be made under applicable law, then the person, persons, trust or trusts entitled by will or the laws of descent and distribution to receive such benefits.

 

(d) “Board” means the Board of Directors of the Company, as constituted from time to time.

 

(e) “Change in Control” means:

 

  

  

  

(i) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganisation (however effected, including by general offer or court-sanctioned compromise, arrangement or scheme), if more than 50% of the combined voting power of the continuing or surviving entity’s issued shares or securities outstanding immediately after such merger, consolidation or other reorganisation is owned by persons who were not shareholders of the Company immediately prior to such merger, consolidation or other reorganization;

 

(ii) The sale, transfer or other disposition of all or substantially all of the Company’s assets;

 

(iii) A change in the composition of the Board, as a result of which fewer than 50% of the incumbent directors are directors who either (i) had been directors of the Company on the date 24 months prior to the date of the event that may constitute a Change in Control (the “original directors”) or (ii) were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the aggregate of the original directors who were still in office at the time of the election or nomination and the directors whose election or nomination was previously so approved; or

 

(iv) Any transaction as a result of which any person is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing at least 50% of the total voting power represented by the Company’s then outstanding voting securities (e.g., issued shares). For purposes of this Subsection (d), the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary and (ii) a company owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of the ordinary shares of the Company.

 

A transaction shall not constitute a Change in Control if its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s issued shares immediately before such transaction.

(f) “Code” means the Internal Revenue Code of 1986, as amended from time to time.  References to any provision of the Code shall be deemed to include successor provisions thereto and regulations thereunder.

 

(g) “Committee” means the Compensation Committee of the Board, or such other Board committee (which may include the entire Board) as may be designated by the Board to administer the Plan.

 

  

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(h) “Company” means ICON plc, an Irish corporation and its successor corporations.

 

(i) “Dividend Equivalent” means a right to receive cash, Shares, or other property equal in value to dividends paid with respect to a specified number of Shares.

 

(j)  “Effective Date” has the meaning set forth in Section 7(l) below.

 

(k)  “Employee” means (a) an employee of the Company or any Subsidiary and (b) a director holding a salaried employment or office with the Company or any Subsidiary.

 

(l) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.  References to any provision of the Exchange Act shall be deemed to include successor provisions thereto and regulations thereunder.

 

(m) “Fair Market Value” means the market price of Shares, determined by the Committee as follows: (i) if Shares are listed on a stock exchange on the date in question, then the Fair Market Value shall be equal to the higher of Par Value and the closing price reported for such date by the applicable composite-transactions report or, if the Shares were not traded on that day, the next preceding day that the Shares were traded; and (ii) if Shares are not traded on a stock exchange on the date in question, the Fair Market Value shall be determined by the Committee in good faith on such basis as it deems appropriate.  Whenever possible, the determination of Fair Market Value by the Committee shall be based on the prices reported in The Wall Street Journal, Eastern Edition, USA. Such determination shall be conclusive and binding on all persons.

 

(n) “Group” means the Company and its Subsidiaries.

 

(o) “Ordinary Share” means one ordinary share in the capital of the Company.

 

(p) “Other Share-Based Award” means a right, granted under Section 5(c), that relates to or is valued by reference to Shares.

 

(q) “Par Value” means €0.06.

 

(r) “Participant” means an Employee who has been granted an Award under the Plan.

 

(s) “Plan” means this ICON plc 2013 Employee Restricted Share Unit Plan as amended and restated as of the Effective Date.

 

  

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(t) “Restricted Share Unit” means a right, granted under Section 5(b), to receive Shares or cash at the end of a specified deferral period.

 

(u) “Shares” means Ordinary Shares.

 

(v) “Subsidiary” means any company, if the Company and/or one or more other Subsidiaries own not less than 50% of the total combined voting power of all classes of outstanding stock (e.g., issued shares) of such company.  A company that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

 

(w) “Termination of Service” means, unless otherwise defined in an applicable Award Agreement, either (i) the termination of the Participant’s employment or directorship with the Company or its Subsidiaries, as the case may be (whether by reason of dismissal, resignation, operation of law or otherwise, and irrespective of the application or otherwise of the European Communities (Protection of Employees on Transfer of Undertakings) Regulations 2003); or (ii) where a Participant is employed by a Subsidiary of the Company, the Participant’s employer ceases to be such a Subsidiary; unless in either case the Participant immediately thereafter becomes an employee or director of the Company or another Subsidiary of the Company.  For the avoidance of doubt, temporary absences from employment which do not involve a termination of the Participant’s employment (including absences because of illness, vacation, statutory leave or leave of absence) shall not be considered a Termination of Service.

 

3.   Administration.

 

(a) Authority of the Committee.  The Plan shall be administered by the Committee, and the Committee shall have full and final authority to take the following actions, in each case subject to and consistent with the provisions of the Plan: (i) select Employees to whom Awards may be granted; (ii) determine the type, number, vesting requirements and other conditions of such Awards; (iii) interpret the Plan; (iv) to prescribe the form of each Award Agreement, which need not be identical for each Employee; (v) to accelerate the vesting of all or any portion of any Award and (vi) make all other decisions relating to the operation of the Plan.  The Committee may adopt such rules or guidelines as it deems appropriate from time to time to implement the Plan.  The Committee’s determinations under the Plan shall be final and binding on all persons.

 

(b) Manner of Exercise of Committee Authority.  The Committee shall have sole discretion in exercising its authority under the Plan.  Any action of the Committee with respect to the Plan shall be final, conclusive, and binding on all persons, including the Company, Subsidiaries, Employees, any person claiming any rights under the Plan from or through any Employee, and shareholders.  The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee.  The Committee may delegate to any of its members or to other members of the Board or officers or managers of the Company or any Subsidiary the authority, subject to such terms as the Committee shall determine, to perform administrative functions and to perform such other functions as the Committee may determine, to the extent permitted under applicable law.

 

  

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(c) Limitation of Liability.  Each member of the Committee shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants, or other professional retained by the Company to assist in the administration of the Plan.  No member of the Committee, and no officer or employee of the Company acting on behalf of the Committee, shall be personally liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Committee and any officer or employee of the Company acting on their behalf shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action, determination, or interpretation.

 

(d) Limitation on Committee’s Authority under 409A.  Anything in this Plan to the contrary notwithstanding, the Committee’s authority to modify outstanding Awards shall be limited to the extent necessary so that the existence of such authority does not (i) cause an Award that is not otherwise deferred compensation subject to Section 409A of the Code to become deferred compensation subject to Section 409A of the Code or (ii) cause an Award that is otherwise deferred compensation subject to Section 409A of the Code to fail to meet the requirements prescribed by Section 409A of the Code.

 

4.   Shares Subject to the Plan.

 

(a) Subject to adjustment as provided in Section 4(b) hereof, (i) the total number of Shares reserved for issuance in connection with Awards under the Plan shall be 4,100,000.  No Award may be granted if the number of Shares to which such Award relates, when added to the number of Shares previously issued under the Plan, exceeds the number of Shares reserved for issuance under the Plan in the preceding sentence.  If any Awards are forfeited, canceled, terminated, exchanged or surrendered or such Award is settled in cash or otherwise terminates without a distribution of Shares to the Participant, any Shares counted against the number of Shares reserved and available under the Plan with respect to such Award shall, to the extent of any such forfeiture, settlement, termination, cancellation, exchange or surrender, again be available for Awards under the Plan.

 

  

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(b) In the event of a subdivision of the Shares, a declaration of a dividend payable in Shares, a declaration of a dividend payable in a form other than Shares in an amount that has a material effect on the price of Shares, a combination or consolidation of the issued Shares (by reclassification or otherwise) into a lesser number of Shares, a recapitalization, a capitalisation of profits or reserves, a rights issue, a reduction of capital, a spin-off or other similar corporate transaction or event that affects the Shares such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan, the Committee shall make appropriate adjustments in one or more of (a) the number and kind of Shares available for future Awards under Section 4(a); (b) the definitions of Shares and/or Ordinary Share; (c) the number and kind of Shares covered by each outstanding Award; and (d) the purchase price, if any, relating to any Award.  Except as provided in this Section 4(b), a Participant shall have no rights by reason of any issue by the Company of shares of any class or securities convertible into shares of any class, any subdivision or consolidation of shares of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of any class.  In addition, the Committee is authorized to make adjustments in the terms and conditions of and the criteria and performance objectives, if any, included in Awards in recognition of unusual or non-recurring events (including, without limitation, events described in the preceding sentence) affecting the Company or any Subsidiary or the financial statements of the Company or any Subsidiary, or in response to changes in applicable laws, regulations, or accounting principles.

 

(c) In the event that the Company is a party to a merger, takeover, Change in Control or other reorganization, outstanding Awards shall be subject to the agreement of merger or reorganization, the terms of the relevant scheme of arrangement or other applicable transaction agreement.  Such agreement may provide, without limitation, for one or more of the following: (i) the continuation or assumption of outstanding Awards by the Company or the surviving company (the term “surviving company” for purposes of this Section 4(c) shall include reference to an acquiring company in a takeover situation) or its parent; (ii) substitution by the surviving corporation or its parent of awards with substantially the same terms for such outstanding Awards (and, if the Company is not a publicly traded entity, substitution of shares with equity of the surviving corporation or its parent with substantially the same terms as the outstanding Shares); (iii) cancellation of all or any portion of the outstanding Awards (and the expiration of the balance, as appropriate) in exchange for a cash payment of the excess, if any, of the Fair Market Value at the date of cancellation of the Shares subject to such outstanding Awards or portion thereof being canceled over the aggregate purchase price, if any, with respect to such Awards or portion thereof being canceled; or (iv) the acceleration of the vesting of all or a portion of such outstanding Awards (and the expiration of the balance, as appropriate) to take effect at such time before or after completion of the merger, takeover, Change in Control or other reorganization as the Committee shall in its absolute discretion determine, all in any case without the Participant’s consent.  In the event that the transaction agreement or document does not provide for any of the above, the Board has discretion to determine whether any one or more of (i) to (iv) will apply to all or any portion of such outstanding Awards.

 

  

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(d) Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or treasury Shares including Shares acquired by purchase in the open market or in private transactions.

 

5.   Specific Terms of Awards.

 

(a) General.  Awards may be granted on the terms and conditions set forth in this Section 5.  In addition, the Committee may impose on any Award in the Award Agreement, at the date of grant or thereafter (subject to Section 7(d)), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms regarding forfeiture of Awards in the event of Termination of Service by the Participant.  Each Award shall be evidenced by an Award Agreement to be executed or accepted electronically by the Participant within such time as the Committee may specify.

 

(b) Restricted Share Units.  The Committee is authorized to grant Restricted Share Units to Employees, subject to the following terms and conditions:

 

(i) Award and Restrictions.  Delivery of Shares or cash, as the case may be, will occur upon expiration of the deferral period specified for Restricted Share Units by the Committee (or, if permitted by the Committee, as elected by the Participant).  In addition, Restricted Share Units shall be subject to such restrictions as the Committee may impose, if any (including, without limitation, the achievement of performance criteria if deemed appropriate by the Committee), at the date of grant or thereafter, which restrictions may lapse at the expiration of the deferral period or at earlier or later specified times, separately or in combination, in installments or otherwise, as the Committee may determine.  The Committee may determine that settlement of any Award (and distribution of Shares in connection therewith) is subject to and conditioned on payment by the Participant of any sum specified in the Award Agreement.

 

(ii) Forfeiture.  Except as otherwise determined by the Committee at the date of grant or thereafter, upon Termination of Service during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement evidencing the Restricted Share Units), or upon failure to satisfy any other conditions precedent to the delivery of Shares or cash to which such Restricted Share Units relate, all Restricted Share Units that are at that time subject to deferral or restriction shall be forfeited; provided, however, that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Share Units will be waived in whole or in part in the event of Termination of Service resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Share Units.

 

  

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(iii) Dividend Equivalents.  The applicable Award Agreement may provide, as of each date on which a cash dividend is paid on Shares, that Dividend Equivalents on the specified number of Shares covered by the Award will be paid with respect to such Restricted Share Units at the dividend payment date either (A) in cash or in restricted or unrestricted Shares having a Fair Market Value equal to the amount of such dividends, or (B) by increasing the number of Restricted Share Units subject to a Restricted Share Unit Award by that number of Restricted Share Units (including fractional units) determined by (i) multiplying the amount of such dividend (per Share) by the number of Restricted Share Units subject to the Award immediately before the payment of the dividend, and (ii) dividing the total so determined by the Fair Market Value of a Share on the date of payment of such cash dividend; and any such additional Restricted Share Units so credited shall have the same deferral and forfeiture provisions as the Restricted Share Units with respect to which they are credited.

 

(c) Other Share-Based Awards.  The Committee is authorized, subject to limitations under applicable law, to grant to Employees such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including, without limitation, unrestricted shares awarded purely as a “bonus” and not subject to any restrictions or conditions, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment contingent upon performance of the Company or any other factors designated by the Committee, and Awards valued by reference to the performance of specified Subsidiaries.  The Committee shall determine the terms and conditions of such Awards at date of grant.  Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 5(c) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, cash, Shares, notes or other property, as the Committee shall determine.  Cash awards, as an element of or supplement to any other Award under the Plan, shall also be authorized pursuant to this Section 5(c).

 

6.   Certain Provisions Applicable to Awards.

 

(a) Stand-Alone, Additional, Tandem and Substitute Awards.  Awards granted under the Plan may, in the discretion of the Committee, be granted to Employees either alone or in addition to, in tandem with, or in exchange or substitution for, any other Award granted under the Plan or any award granted under any other plan or agreement of the Company, any Subsidiary, or any business entity to be acquired by the Company or a Subsidiary, or any other right of an Employee to receive payment from the Company or any Subsidiary.  Awards may be granted in addition to or in tandem with such other Awards or awards, and may be granted either as of the same time as, or a different time from, the grant of such other Awards or awards.

 

  

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(b) Term of Awards.  The term of each Award granted to a Participant shall be for such period as may be determined by the Committee.

 

(c) Form of Payment Under Awards.  Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company or a Subsidiary upon the grant or vesting of an Award may be made in such forms as the Committee shall determine at the date of grant or allow (in accordance with applicable law) at the time of payment, including, without limitation, cash, Shares, notes or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis.  The Committee may make rules relating to installment or deferred payments with respect to Awards, including the rate of interest to be credited with respect to such payments, and the Committee may require deferral of payment under an Award if, in the sole judgment of the Committee, it may be necessary in order to avoid nondeductibility of the payment under Section 162(m) of the Code.

 

(d) Nontransferability.  Unless otherwise set forth by the Committee in an Award Agreement, Awards shall not be transferable by a Participant except by will or the laws of descent and distribution (except pursuant to a Beneficiary designation where permitted under applicable law) and shall be exercisable during the lifetime of a Participant only by such Participant or his guardian or legal representative.  A Participant’s rights under the Plan may not be pledged, mortgaged, hypothecated, or otherwise encumbered, and shall not be subject to claims of the Participant’s creditors.  The transferee of an Award shall be bound by the provisions of this Plan and the Award Agreement entered into by the Participant and the Company and (unless otherwise determined by the Committee in its absolute discretion) such transferee shall agree in writing on a form prescribed by the Committee to be so bound.

 

(e) Noncompetition.  The Committee may, by way of the Award Agreements or otherwise, establish such other terms, conditions, restrictions and/or limitations, if any, of any Award, provided they are not inconsistent with the Plan, including, without limitation, the requirement that the Participant not engage in competition with, solicit customers or employees of, or disclose or use confidential information of the Company or its Subsidiaries.

 

(f) Change in Control.  The Committee may determine, at the time of granting an Award or thereafter, that such Award shall become fully vested as to all or part of the Shares subject to such Award in the event that a Change in Control occurs with respect to the Company.

 

  

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7.   General Provisions.

 

(a) Compliance with Legal and Trading Requirements.  The Plan, the granting and exercising of Awards thereunder, and the other obligations of the Company under the Plan and any Award Agreement, shall be subject to all applicable federal, state and foreign laws, rules and regulations, and to such approvals by any stock exchange, regulatory or governmental agency as may be required.  The Company, in its discretion, may postpone the issuance or delivery of Shares under any Award until completion of such stock exchange or market system listing or registration or qualification of such Shares or any required action under any state, federal or foreign law, rule or regulation as the Company may consider appropriate, and may require any Participant to make such representations and furnish such information as it may consider appropriate in connection with the issuance or delivery of Shares in compliance with applicable laws, rules and regulations.  No provisions of the Plan shall be interpreted or construed to obligate the Company to register any Shares under federal, state or foreign law.  The Shares issued under the Plan may be subject to such other restrictions on transfer as determined by the Committee.

 

(b) No Right to Continued Employment or Service.  Neither the Plan nor any action taken thereunder shall be construed as giving any Participant the right to be retained in the employ or service of the Company or any of its Subsidiaries, nor shall it interfere in any way with any right of the Company or any of its Subsidiaries to terminate any Participant’s employment or service at any time in accordance with applicable law.  Under no circumstances will any Participant ceasing to be an Employee be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under the Plan which he might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way of compensation for loss of office or otherwise howsoever.

 

(c) Taxes.  The Company or any Subsidiary is authorized to withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Shares, or any payroll or other payment to an Employee, amounts of withholding social insurance, levies and other taxes due in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company and Employee to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award.  This authority shall include authority to withhold or receive Shares or other property and to make cash payments in respect thereof in satisfaction of an Employee’s tax obligations; provided, however, that the amount of tax withholding to be satisfied by withholding Shares shall be limited to the minimum amount of taxes and any amount of social insurance and/or levies, including employment taxes, required to be withheld under applicable Federal, state and local law.

 

  

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(d) Changes to the Plan and Awards.  The Board may amend, alter, suspend, discontinue, or terminate the Plan or the Committee’s authority to grant Awards under the Plan without the consent of shareholders of the Company or Participants, except that any such amendment or alteration shall be subject to the approval of the Company’s shareholders to the extent such shareholder approval is required under the rules of any stock exchange or automated quotation system on which the Shares may then be listed or quoted or any applicable law, regulation or rule; provided, however, that, without the consent of an affected Participant, no amendment, alteration, suspension, discontinuation, or termination of the Plan may materially and adversely affect the rights of such Participant under any Award theretofore granted to him or her.  The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award theretofore granted, prospectively or retrospectively; provided, however, that, without the consent of a Participant, no amendment, alteration, suspension, discontinuation or termination of any Award may materially and adversely affect the rights of such Participant under any Award theretofore granted to him or her.

 

(e) No Rights to Awards; No Shareholder Rights.  No Employee shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Employees.  No Award shall confer on any Participant any of the rights of a shareholder (including, but not limited to, shareholder voting rights or rights to dividends) of the Company unless and until Shares are duly issued or transferred to the Participant in accordance with the terms of the Award.

 

(f) Unfunded Status of Awards.  The Plan is intended to constitute an “unfunded” plan for incentive compensation.  With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general creditor of the Company; provided, however, that the Committee may authorize the creation of trusts or make other arrangements to meet the Company’s obligations under the Plan to deliver cash, Shares, other Awards, or other property pursuant to any Award, which trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise determines with the consent of each affected Participant.

 

(g) Provision of Financial Assistance.  The Company (or any Subsidiary) may from time to time at the absolute discretion of the Board (or in the case of a Subsidiary of its board) provide monies to, make loans to, guarantee loans for, or provide any form of financial assistance permitted by applicable law to or for such one or more Participants as it deems fit in order to assist such Participant(s) to acquire Shares on foot of Awards.  Any loan or guarantee shall be on such terms as to repayment, interest or otherwise as the Board (or in the case of a Subsidiary as its board) may determine.

 

(h) Nonexclusivity of the Plan.  Neither the adoption of the Plan by the Board nor its submission to the shareholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of options and other awards otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases.

 

  

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(i) Not Compensation for Benefit Plans.  No Award payable under this Plan shall be deemed salary or compensation for the purpose of computing benefits under any benefit plan or other arrangement of the Company for the benefit of its employees, consultants or directors unless the Company shall determine otherwise.

 

(j) No Fractional Shares.  No fractional Shares shall be issued or delivered pursuant to the Plan or any Award.  The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional Shares or whether such fractional Shares or any rights thereto shall be forfeited or otherwise eliminated.

 

(k) Governing Law.  The validity, construction, and effect of the Plan, any rules and regulations relating to the Plan, and any Award Agreement shall be determined in accordance with the laws of Ireland, without giving effect to principles of conflict of laws thereof.

 

(l) Effective Date; Plan Termination.  This Plan shall become effective as of 11th May, 2015 (the “Effective Date”), subject to approval by the Directors of the Company.  The Plan shall terminate as to future awards on the date which is ten (10) years after the Effective Date.

 

(m) Section 409A.   It is intended that the Plan and Awards issued thereunder will comply with Section 409A of the Code (and any regulations and guidelines issued thereunder) to the extent the Awards are subject thereto, and the Plan and such Awards shall be interpreted on a basis consistent with such intent.  The Plan and any Award Agreements issued thereunder may be amended in any respect deemed by the Board or the Committee to be necessary in order to preserve compliance with Section 409A of the Code.

 

(n) Titles and Headings.  The titles and headings of the sections in the Plan are for convenience of reference only.  In the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

 

 

 

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