Document:

Exhibit 10.55

 

OMNIBUS AMENDMENT

 

This OMNIBUS AMENDMENT, dated as of December 29, 2014 (this “Amendment”) is:

 

(1)                                 EIGHTH AMENDMENT TO PURCHASE AND SALE AGREEMENT, among each of the parties listed on the signature pages hereto as an Originator (each, an “Originator” and collectively, the “Originators”) and ARCH COAL, INC. (“ACI”);

 

(2)                                 SECOND AMENDMENT TO SALE AND CONTRIBUTION AGREEMENT, between ACI, as the transferor, and ARCH RECEIVABLE COMPANY, LLC (the “Seller”), as the transferee; and

 

(3)                                 NINTH AMENDMENT TO AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT, among Seller, ARCH COAL SALES COMPANY, INC. (the “Servicer”), the various financial institutions party to the Receivables Purchase Agreement (as defined below) as Conduit Purchasers (the “Conduit Purchasers”), as Related Committed Purchasers (the “Related Committed Purchasers”), as LC Participants (the “LC Participants”), and as Purchaser Agents (the “Purchaser Agents”), and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Administrator (the “Administrator”) and as LC Bank (the “LC Bank”; together with the Conduit Purchasers, the Related Committed Purchasers and the LC Participants, the “Purchasers”).

 

RECITALS

 

1.                                      The Originators and the ACI are parties to that certain Purchase and Sale Agreement, dated as of February 3, 2006 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Purchase and Sale Agreement”).

 

2.                                      The Seller and ACI are parties to that certain Sale and Contribution Agreement, dated as of February 3, 2006 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Sale and Contribution Agreement”).

 

3.                                      The Seller, the Servicer, the Conduit Purchasers, the Related Committed Purchasers, the LC Participants, the Purchaser Agents, the LC Bank and the Administrator are parties to that certain Amended and Restated Receivables Purchase Agreement, dated as of February 24, 2010 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables Purchase Agreement”; together with the Sale and Contribution Agreement and the Purchase Sale Agreement, each, an “Agreement” and collectively the “Agreements”).

 

4.                                      Concurrently herewith, the Seller, the Servicer, ACI and Regions Bank (“Regions”) are entering into that certain Purchaser Group Fee Letter (the “Regions Fee Letter”), dated as of the date hereof.

 

5.                                      Concurrently herewith, the Administrator and ACI are entering into that certain Amended and Restated Performance Guaranty (the “Performance Guaranty”), dated as of the date hereof.

 

 

6.                                      The parties hereto desire to join Regions as a party to the Receivables Purchase Agreement and amend the Agreements as hereinafter set forth.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

SECTION 1.                            Certain Defined Terms.  Capitalized terms that are used but not defined herein shall have the meanings set forth in the Receivables Purchase Agreement.

 

SECTION 2.                            Amendments to the Agreements.  As of the date hereof, subject to the satisfaction of the conditions precedent set forth in Section 7 hereof:

 

(a)                                 the Purchase and Sale Agreement is hereby amended to incorporate the changes shown on the marked pages attached hereto in Exhibit A;

 

(b)                                 the Sale and Contribution Agreement is hereby amended to incorporate the changes shown on the marked pages attached hereto in Exhibit B; and

 

(c)                                  the Receivables Purchase Agreement is hereby amended to incorporate the changes shown on the marked pages attached hereto in Exhibit C.

 

SECTION 3.                            Joinder.

 

(a)                                 Regions as a Related Committed Purchaser. From and after the date hereof, Regions shall be a Related Committed Purchaser party to the Receivables Purchase Agreement for all purposes thereof and of the other Transaction Documents as if Regions were an original party to the Receivables Purchase Agreement in such capacity, and Regions assumes all related rights and agrees to be bound by all of the terms and provisions applicable to Related Committed Purchasers contained in the Receivables Purchase Agreement and the other Transaction Documents.

 

(b)                                 Regions as an LC Participant.  From and after the date hereof, Regions shall be a LC Participant party to the Receivables Purchase Agreement for all purposes thereof and of the other Transaction Documents as if Regions were an original party to the Receivables Purchase Agreement in such capacity, and Regions assumes all related rights and agrees to be bound by all of the terms and provisions applicable to LC Participants contained in the Receivables Purchase Agreement and the other Transaction Documents.

 

(c)                                  Appointment of Regions as Purchaser Agent of Regions’ Purchaser Group.  Regions hereby designates itself as, and Regions hereby agrees to perform the duties and obligations of, the Purchaser Agent for Regions’ Purchaser Group.  From and after the date hereof, Regions shall be a Purchaser Agent party to the Receivables Purchase Agreement, for all purposes of the Receivables Purchase Agreement and the other Transaction Documents as if Regions were an original party to the Receivables Purchase Agreement in such capacity, and Regions assumes all related rights and agrees to be bound by all of the terms and provisions applicable to Purchaser Agents contained in the Receivables Purchase Agreement and the other Transaction Documents.

 

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(d)                                 Commitment.  The Commitment of Regions under the Receivables Purchase Agreement as a Related Committed Purchaser and an LC Participant shall be $50,000,000.

 

(e)                                  Independent Credit Decision.  Regions confirms that it has, independently and without reliance upon the Administrator, the LC Bank, any Purchaser Agent or any Purchaser and based on such documents and information as it has deemed appropriate, made and will continue to make its own appraisal of any investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Seller, ACI, the Servicer or the Originators, and made its own evaluation and decision to enter into this Amendment and the Receivables Purchase Agreement.

 

(f)                                   Notice Address.  Regions’ address for notices under the Receivables Purchase Agreement in each of its capacities shall be the following:

 

	
Address:
    	
Regions Bank
    
	
 
    	
1180 West Peachtree Street NW
    
	
 
    	
Suite 1000
    
	
 
    	
Atlanta, GA 30309
    
	
 
    	
 
    
	
 
    	
Attention:
    	
Mark   Kassis or Linda Harris
    
	
 
    	
Telephone:
    	
404-221-4366 or 404-221-4354
    
	
 
    	
Facsimile:
    	
404-805-0841
    

 

(g)                                  Consent to Joinder. Each of the parties hereto consents to the foregoing joinder of Regions as a party to the Receivables Purchase Agreement in the capacities of a Related Committed Purchaser, an LC Participant and Purchaser Agent, and any otherwise applicable conditions precedent thereto under the Receivables Purchase Agreement and the other Transactions Documents (other than as set forth herein) are hereby waived.

 

SECTION 4.                            LC Participation Amount.  Each of the parties hereto hereby acknowledges and agrees that after giving effect to the amendments set forth in Sections 2 and 3 above:

 

(a)                                 the LC Participation Amount shall be $134,757,870 as of the date hereof;

 

(b)                                 Regions’ Pro Rata Share of the LC Participation Amount as of the date hereof shall be $33,689,467.50; and

 

(c)                                  PNC’s Pro Rata Share of the LC Participation Amount as of the date hereof shall be $101,068,402.50.

 

SECTION 5.                            Representations and Warranties.  Each of the Seller, the Servicer, ACI and each Originator  hereby represents and warrants to the Administrator, the Purchaser Agents and the Purchasers as follows:

 

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(a)                                 Representations and Warranties.  The representations and warranties made by such Person in the Agreements and each of the other Transaction Documents are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date).

 

(b)                                 Enforceability.  The execution and delivery by such Person of this Amendment, and the performance of each of its obligations under this Amendment, the Agreements, as amended hereby, and the other Transaction Documents to which it is a party are within each of its organizational powers and have been duly authorized by all necessary action on its part.  This Amendment, the Agreements, as amended hereby, and the other Transaction Documents are such Person’s valid and legally binding obligations, enforceable in accordance with their respective terms.

 

(c)                                  No Default. Both before and immediately after giving effect to this Amendment and the transactions contemplated hereby, no Sale and Contribution Termination Event, Unmatured Sale and Contribution Termination Event, Purchase and Sale Termination Event, Unmatured Purchase and Sale Termination Event, Termination Event or Unmatured Termination Event exists or shall exist.

 

(d)                                 Further Assurances. Such Person agrees to provide (or to cause to be provided) to the Administrator a copy of all agreements, documents, certificates and instruments, if any, relating to the subject matter of this Amendment, as the Administrator may reasonably request.

 

SECTION 6.                            Effect of Amendment; Ratification.

 

(a)                                 Each of the Agreements, as expressly amended and modified by this Amendment, shall remain in full force and effect, and the Agreements and each of the other Transaction Documents are hereby ratified and confirmed in all respects by each of the parties hereto.

 

(b)                                 After this Amendment becomes effective, (i) this Amendment shall be a part of each of the Agreements amended hereby; (ii) each reference in the Receivables Purchase Agreement to “this Agreement”, “hereof”, “hereunder”, or words of like import referring to the Receivables Purchase Agreement, and each reference in any other Transaction Document to the “Receivables Purchase Agreement”, “thereunder”, “thereof”, or words of like import referring to the Receivables Purchase Agreement, shall mean and be a reference to the Receivables Purchase Agreement, as amended by this Amendment; (iii) each reference in the Purchase and Sale Agreement to “this Agreement”, “hereof”, “hereunder”, or words of like import referring to the Purchase and Sale Agreement, and each reference in any other Transaction Document to the “Purchase and Sale Agreement”, “thereunder”, “thereof”, or words of like import referring to the Purchase and Sale Agreement, shall mean and be a reference to the Purchase and Sale Agreement, as amended by this Amendment; and (iv) each reference in the Sale and Contribution Agreement to “this Agreement”, “hereof”, “hereunder”, or words of like import referring to the Sale and Contribution Agreement, and each reference in any other Transaction Document to the “Sale and Contribution Agreement”, “thereunder”, “thereof”, or words of like

 

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import referring to the Sale and Contribution Agreement, shall mean and be a reference to the Sale and Contribution Agreement, as amended by this Amendment.

 

(c)                                  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Administrator, the Purchaser Agents and the Purchasers under, nor constitute a waiver of any provision of, any of the Agreements or any other Transaction Document.

 

SECTION 7.                            Effectiveness.  This Amendment shall become effective as of the date hereof, upon receipt (i) by Regions of the Upfront Fee (under and as defined in the Regions Fee Letter) in accordance with the terms of the Regions Fee Letter and (ii) by the Administrator of the following, each in form and substance satisfactory to the Administrator and each Purchaser Agent:

 

(a)                                 duly executed counterparts of this Amendment by each of the parties hereto;

 

(b)                                 a duly executed counterpart of the Performance Guaranty by ACI;

 

(c)                                  duly executed counterparts of the Regions Fee Letter by each of the parties thereto;

 

(d)                                 favorable opinions, addressed to the Administrator, each Purchaser Agent and each Purchaser, in form and substance reasonably satisfactory to the Administrator, of Bryan Cave LLP, counsel for the Seller, the Originators, the Servicer and ACI, covering such matters as the Administrator may reasonably request, including, without limitation, certain organizational, no-conflict and enforceability matters; and

 

(e)                                  such other approvals, opinions or documents as the Administrator or any Purchaser may reasonably request.

 

SECTION 8.                            Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

SECTION 9.                            Governing Law.  This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York (including for such purposes Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York).

 

SECTION 10.                     Section Headings.  The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Agreement or any provision hereof or thereof.

 

SECTION 11.                     Successors and Assigns.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

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SECTION 12.                     Severability.  Each provision of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction.

 

 [SIGNATURES BEGIN ON NEXT  PAGE]

 

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

 

	
 
    	
ARCH RECEIVABLE COMPANY, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ James E. Florczak
    
	
 
    	
Name:
    	
James E. Florczak
    
	
 
    	
Title:
    	
Vice President & Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
ARCH   COAL SALES COMPANY, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James E. Florczak
    
	
 
    	
Name:
    	
James   E. Florczak
    
	
 
    	
Title:
    	
Vice   President & Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
ARCH   COAL, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James E. Florczak
    
	
 
    	
Name:
    	
James E. Florczak
    
	
 
    	
Title:
    	
Treasurer
    

 

 

	
 
    	
PNC   BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as   Administrator
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark Falcione
    
	
 
    	
Name:
    	
Mark Falcione
    
	
 
    	
Title:
    	
Executive Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PNC   BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as   a Purchaser Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark Falcione
    
	
 
    	
Name:
    	
Mark Falcione
    
	
 
    	
Title:
    	
Executive Vice President
    

 

 

	
 
    	
PNC   BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as   the LC Bank and as an LC Participant
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark Falcione
    
	
 
    	
Name:
    	
Mark Falcione
    
	
 
    	
Title:
    	
Executive Vice President
    

 

 

	
 
    	
PNC   BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as   a Related Committed Purchaser
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark Falcione
    
	
 
    	
Name:
    	
Mark Falcione
    
	
 
    	
Title:
    	
Executive Vice President
    

 

 

	
 
    	
REGIONS   BANK,
    
	
 
    	
as   a Purchaser Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark Kassis
    
	
 
    	
Name:
    	
Mark Kassis
    
	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
REGIONS   BANK,
    
	
 
    	
as   a Related Committed Purchaser
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark Kassis
    
	
 
    	
Name:
    	
Mark Kassis
    
	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
REGIONS   BANK,
    
	
 
    	
as   an LC Participant
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark Kassis
    
	
 
    	
Name:
    	
Mark Kassis
    
	
 
    	
Title:
    	
Senior Vice President
    

 

 

	
 
    	
ORIGINATORS:
    
	
 
    	
 
    
	
 
    	
ARCH   COAL SALES COMPANY, INC.
    
	
 
    	
ARCH   ENERGY RESOURCES, LLC
    
	
 
    	
ARCH   WESTERN RESOURCES, LLC
    
	
 
    	
COAL-MAC, INC.
    
	
 
    	
CUMBERLAND   RIVER COAL COMPANY
    
	
 
    	
LONE   MOUNTAIN PROCESSING, INC.
    
	
 
    	
MINGO   LOGAN COAL COMPANY
    
	
 
    	
MOUNTAIN   COAL COMPANY, L.L.C.
    
	
 
    	
THUNDER   BASIN COAL COMPANY, L.L.C.
    
	
 
    	
BRONCO   MINING COMPANY, INC.
    
	
 
    	
COALQUEST   DEVELOPMENT LLC
    
	
 
    	
HAWTHORNE   COAL COMPANY, INC.
    
	
 
    	
HUNTER   RIDGE COAL COMPANY
    
	
 
    	
HUNTER   RIDGE HOLDINGS, INC.
    
	
 
    	
HUNTER   RIDGE, INC.
    
	
 
    	
ICG   BECKLEY, LLC
    
	
 
    	
ICG   EAST KENTUCKY, LLC
    
	
 
    	
ICG   EASTERN, LLC
    
	
 
    	
ICG   EASTERN LAND, LLC
    
	
 
    	
ICG   ILLINOIS, LLC
    
	
 
    	
ICG, INC.
    
	
 
    	
ICG   KNOTT COUNTY, LLC
    
	
 
    	
ICG,   LLC
    
	
 
    	
ICG   NATURAL RESOURCES, LLC
    
	
 
    	
ICG   TYGART VALLEY, LLC
    
	
 
    	
INTERNATIONAL   COAL GROUP, INC.
    
	
 
    	
JULIANA   MINING COMPANY, INC.
    
	
 
    	
KING   KNOB COAL CO., INC.
    
	
 
    	
MARINE   COAL SALES COMPANY
    
	
 
    	
MELROSE   COAL COMPANY, INC.
    
	
 
    	
PATRIOT   MINING COMPANY, INC.
    
	
 
    	
POWELL   MOUNTAIN ENERGY, LLC
    
	
 
    	
SIMBA   GROUP, INC.
    
	
 
    	
UPSHUR   PROPERTY, INC.
    
	
 
    	
VINDEX   ENERGY CORPORATION
    
	
 
    	
WHITE   WOLF ENERGY, INC.
    
	
 
    	
WOLF   RUN MINING COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James E. Florczak
    
	
 
    	
Name:
    	
James E. Florczak
    
	
 
    	
Title:
    	
Vice President & TreasurerEX-10.1

 Exhibit 10.1 

Bellicum Pharmaceuticals, Inc. 

DESCRIPTION OF INCENTIVE AWARD PROGRAM 

1. Purpose. The purpose of the Bellicum Pharmaceuticals, Inc. (“Bellicum”) incentive award program (the
“Program”) is to provide employees of Bellicum and its affiliates from time to time (collectively, the “Company”) with the opportunity to earn incentive bonuses, in the form of an annual cash payment (a
“bonus”), based upon the achievement of performance objectives to stimulate their efforts to achieve such objectives and improve the efficiency, accelerate the growth and build the value of the Company. 

2. Administration. The Program is administered by a management committee (the “MC”) designated from
time to time by the Company’s Chief Executive Officer unless and until the Company’s board of directors (the “Board”) or compensation committee of the Board (the “Committee”) assumes administration of the
Program in whole or in part. Except for those matters which are required by law, regulation or securities exchange listing requirement to be determined by the Board or the Committee and except for those matters described in this Program as being
determined by the Board or the Committee, the MC has full authority in its discretion to take, or to authorize any of its members to take, any action with respect to the Program, including, without limitation, the authority: (a) to determine
all matters relating to bonuses, including the selection of individuals to be granted or not to be granted bonuses and all terms, conditions, restrictions and limitations of each bonus; and (b) to construe and interpret the Program and to make
all other determinations deemed necessary or advisable for administering the Program. All determinations of the Board, Committee or MC with respect to the Program are final and binding on all participants in the Program. No member of the Board,
Committee or MC shall be liable for any action or determination made in good faith with respect to the Program. 
 3.
Program Year. The Program runs on a fiscal year-by-fiscal year basis, beginning in fiscal year 2015. Currently, the Company’s fiscal year (a “program year”) begins on January 1 and ends on December 31. 

4. Eligibility. 
  

	 	•	 	Each employee (exempt and non-exempt) of the Company is eligible to participate in the Program (each, a “participant”), except that no employee whose first date of employment is in December is eligible
to participate until the next program year. Contractors and other workers who are not paid through the Company’s payroll system (e.g., employees of temporary agencies) are not eligible to participate in the Program. 

 

	 	•	 	Participants who are not employed by the Company as of the last day of a program year are not eligible for a bonus under the Program for such program year, unless the MC or, in the case of the Company’s executive
officers, as defined in Section 16 of the Securities Exchange Act of 1934, as amended from time to time and Rule 16a-1 thereunder (“executive officers”), the Committee (or the Board)
otherwise determines, or unless there is an employment agreement in place that stipulates otherwise. 

  

	 	•	 	Neither the existence of the Program nor the award of any bonus under the Program (a) confers upon any participant the right to continue to be employed by the Company or receive unearned compensation or
(b) imposes upon the Company any obligation to continue to employ any participant. 

  
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 5. Target Bonus Percentage. Each participant is assigned a percentage of
his or her base salary as his or her target bonus for a particular program year (each, a “target bonus percentage”). A participant’s target bonus percentage may be changed at any time or from time to time, but only with the
consent of the member of the MC who leads the participant’s function and the head of Human Resources (or, in the case of an executive officer of the Company, with the consent of the Committee (or the Board)). “Base salary” shall be
the base salary earned by the participant for the program year. For the avoidance of any confusion, payments received by any participant pursuant to short-term or long-term disability insurance or as worker’s compensation are not included in
base salary and are not taken into account for purposes of the Program. 
 6. Corporate Performance Objectives. As
soon as reasonably practicable following the beginning of each program year, the Committee (or the Board) will establish corporate performance objectives for the Company for such year (“Corporate Performance Objectives”). By way of
example but without limitation, the Corporate Performance Objectives may be in one or more of the following areas: the discovery, progression or advancement of the Company’s product candidates, clinical or nonclinical development, preclinical
research, regulatory operations, business development, alliance management, cash management, capital efficiency or other operational or financial metrics. It is contemplated that the Corporate Performance Objectives may differ from program year to
program year. The Committee (or the Board) will ascribe a percentage to each Corporate Performance Objective for a particular program year, and the aggregate percentages for all Corporate Performance Objectives for a particular program year may
equal or exceed 100%. The Committee (or the Board) has the right to modify the Corporate Performance Objectives applicable to any program year at any time during the program year. 

7. Achievement Level Percentage. Following the end of each program year, the Committee or the Board will assess the
Company’s achievement of the Corporate Performance Objectives for that program year and determine the overall percentage achievement of the Corporate Performance Objectives to be used in calculating the bonuses to be awarded under the Program
for that program year (the “achievement level percentage”). In determining the achievement level percentage for a particular program year, the Committee (or the Board) will principally consider the Company’s achievement of the
Corporate Performance Objectives for that program year, but may also consider such other Company accomplishments during such year as it deems appropriate. In the event that the Committee or the Board determines that the achievement level percentage
for the Corporate Performance Objectives for a program year is less than 50%, then no bonuses will be awarded under this Program for that program year. 

8. Individual Performance Evaluation. For each program year, each participant will be evaluated by his or her manager,
or in the case of the Company’s executive officers, by the Committee (or Board) based on the participant’s (a) individual performance during that program year, (b) achievement of individual objectives set forth in his or her
development plan for that program year, and (c) based on the Company’s achievement of the Corporate Performance Objectives. Among other things, the evaluation may consider the following: 

 

	 	•	 	Contribution to internal or alliance committees, project teams and business development or other corporate initiatives; 

  
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	 	•	 	Recommendations or actions that led to improved processes resulting in enhanced productivity or significant cost or risk reduction; 

  

	 	•	 	Contribution to the achievement of Corporate Performance Objectives or other strategic or operational initiatives of the Company; and 

 

	 	•	 	Demonstration of commitment to Company values. 

 Notwithstanding the foregoing: 

 

	 	•	 	The MC (or the Committee or the Board in the case of an executive officer) may adjust the bonus payable to any participant as appropriate for exemplary performance or other extraordinary circumstances.

  

	 	•	 	Wages received with respect to a particular quarter by a participant who during such quarter (A) receives a written performance warning for any reason or (B) is physically injured or causes physical injury to
another because of his or her own negligence or misconduct on Company premises or in performance of his or her job duties will be excluded from the calculation of the bonus payable to the participant for such program year. 

 

	 	•	 	Any participant who receives an unsatisfactory performance evaluation for a program year will not receive a bonus for such program year. 

 

	 	•	 	All bonus awards are subject to a Committee (or Board) determination that the achievement level percentage for the Corporate Performance Objectives for a program year is at least 50%; if it is below 50%, as determined
by the Committee (or Board), then no bonuses will be awarded under this Program for that program year. 

  

	9.	Timing of Bonuses. Unless the MC determines otherwise, bonuses payable under the Program will be paid as soon as practicable following determination of the achievement level percentage by the Committee (or the
Board). Bonuses will be paid by check or direct deposit, separate from payment of base salary. 

  

	10.	Amendment; Termination. The Program may be amended or terminated at any time, during or after a program year, by the Board, the Committee or, with respect to participants other than executive officers, the MC.

  

	11.	Recoupment. Amounts paid to any participant under the Program are subject to recoupment by and repayment to the Company if and to the extent required by applicable law, regulation, securities exchange listing
requirement or applicable Company policy. 

  
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