Document:

EX-10.16

 Exhibit 10.16 
 BAXTER INTERNATIONAL INC. 
 Non-Employee Director Compensation Plan

 (As amended and restated effective January 1, 2015) 

Terms and Conditions 
  

	1.	Purpose 

 This
Non-Employee Director Compensation Plan (the “Plan”) is adopted by the Board of Directors (the “Board”) of Baxter International Inc. (“Baxter”). This Plan is adopted pursuant to the Baxter
International Inc. 2011 Incentive Plan (the “2011 Incentive Plan”), for the purposes stated in the 2011 Incentive Plan. Capitalized terms defined in the 2011 Incentive Plan that are used without being defined in the Plan will have
the same meaning as in the 2011 Incentive Plan. 
  

	2.	Participants 

 Each
member of the Board who is not an employee of Baxter or any of its subsidiaries shall participate in the Plan (a “Participant”). 
  

	3.	Restricted Stock Units 

  

	 	3.1	On the date of Baxter’s annual meeting of stockholders (the “Annual Meeting”) in each year beginning with the Annual Meeting held on
May 5, 2015, and subject to availability of Shares under the 2011 Incentive Plan, each Participant upon completion of the Annual Meeting shall, automatically and without necessity of any action by the Board or any committee thereof, receive the
number of Full Value Awards in the form of restricted stock units (“Restricted Stock Units”) equal to the quotient of (A) $115,000 divided by (B) the Fair Market Value of a Share on the date of grant (rounded to the
nearest whole number which is a multiple of ten) (the “Annual Restricted Stock Unit Grant Amount”). 

  

	 	3.2	Each Participant elected or appointed on a date other than the date of an Annual Meeting shall, on the date of such election or appointment and automatically and
without necessity of any action by the Board or any committee thereof, receive the number of Restricted Stock Units equal to the product of (A) the Annual Restricted Stock Unit Grant Amount (as defined in Section 3.1, subject to adjustment
in accordance with the 2011 Incentive Plan) for the Restricted Stock Units awarded on the date of the immediately preceding Annual Meeting, multiplied by (B) the quotient of (i) the number of full calendar months before the next Annual
Meeting divided by (ii) 12 (rounded to the nearest whole number which is a multiple of ten). The number of Restricted Stock Units granted under this Section 3.2 shall not exceed the number available under the 2011 Incentive Plan on the
date of grant. 

  

	 	3.3	Restricted Stock Units may not be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered or disposed of, whether voluntarily, involuntarily
or by operation of law. 

  

	 	3.4	Except as expressly provided in Sections 3.6, 3.7 and 7, all Restricted Stock Units shall vest on the date of and immediately prior to the next Annual Meeting
following the date of grant. 

  

	 	3.5	Except as provided in Sections 3.6 and 3.7, if a Participant ceases service as a member of the Board before his or her Restricted Stock Units vest, the
Participant will forfeit his or her unvested Restricted Stock Units immediately upon ceasing service as a member of the Board. 

  

	 	3.6	If a Participant dies while serving as a member of the Board, his or her unvested Restricted Stock Units will not be forfeited and will be fully vested
immediately. 

  

	 	3.7	If a Participant becomes disabled and unable to continue service as a member of the Board, his or her Restricted Stock Units will not be forfeited and will, when
the Participant ceases to serve as member of the Board, be fully vested. 

  

	 	3.8	No Participant receiving Restricted Stock Units shall have the rights of a stockholder with respect to those Shares underlying the Restricted Stock Units.
Participants shall not be permitted to vote the Restricted Stock Units. Participants shall be permitted to receive cash payments equal to the dividends and distributions paid on Shares to the same extent as if each Restricted Stock Unit was a Share,
and those Shares were not subject to the restrictions imposed by this Plan; provided, however, that no dividends or distributions shall be payable to or for the benefit of the Participant with respect to the record dates for such dividends or
distributions occurring on or after the date, if any, on which the Participant has forfeited the Restricted Stock Units. Cash dividend and distribution equivalents paid on those Shares underlying the Restricted Stock Units pursuant hereto shall be
reinvested in additional Restricted Stock Units. 

	 	3.9	Participants shall be eligible to defer payment and taxation of those Shares underlying the Restricted Stock Units otherwise payable under this Section 3
pursuant to the terms and conditions of the Baxter Non-Employee Director Deferred Compensation Plan. 

  

	 	3.10	If requested by Baxter, each Participant receiving Restricted Stock Units shall enter into an agreement with Baxter incorporating the terms and conditions of
this Plan. Subject to the terms of the 2011 Incentive Plan, after the Restricted Stock Units vest, Shares will be delivered to the Participant free and clear of all restrictions (or to the Participant’s legal representative, beneficiary or
heir). 

  

	4.	Options 

  

	 	4.1	On the date of Baxter’s Annual Meeting in each year beginning with the Annual Meeting on May 5, 2015, and subject to availability of Shares under the
2011 Incentive Plan, upon completion of the Annual Meeting each Participant shall be granted Options having a value equal to $60,000, to be determined by the Board or the Compensation Committee of the Board (the “Committee”) based
on a Black-Scholes or other option valuation model in the discretion of the Board or the Committee (rounded to the nearest whole number which is a multiple of ten) (the “Annual Option Grant Amount”). 

 

	 	4.2	Each Participant elected or appointed on a date other than the date of an Annual Meeting shall, on the date of such election or appointment and automatically and
without necessity of any action by the Board or any committee thereof, be granted an Option to purchase that number of Shares equal to the product of (A) the Annual Option Grant Amount (as defined in Section 4.1, subject to adjustment in
accordance with the 2011 Incentive Plan) for each Option granted on the date of the immediately preceding Annual Meeting, multiplied by (B) the quotient of (i) the number of full calendar months before the next Annual Meeting divided by
(ii) 12 (rounded to the nearest whole number which is a multiple of ten). The number of Shares subject to any Option granted under this Section 4.2 shall not exceed the number available under the 2011 Incentive Plan on the date of grant.

  

	 	4.3	The purchase price for each Share subject to an Option shall be the Fair Market Value of a Share on the date of grant. The terms of each Option will be as set
forth in this Plan and the 2011 Incentive Plan. To the extent that any provision of the Plan is inconsistent with the 2011 Incentive Plan, the 2011 Incentive Plan shall control. The Options are not intended to qualify as Incentive Stock Options
within the meaning of Section 422 of the United States Internal Revenue Code. 

  

	 	4.4	Except as expressly provided in Sections 4.8, 4.9, 4.10 and 7, Options shall first become exercisable on the date of and immediately prior to the next Annual
Meeting following the date of grant. 

  

	 	4.5	After an Option becomes exercisable and until it expires, it may be exercised in whole or in part, in the manner specified by Baxter. Under no circumstances may
an Option be exercised after it has expired. Shares may be used to pay the purchase price for Shares to be acquired upon exercise of an Option or fulfill any tax withholding obligation, subject to any requirements or restrictions specified by
Baxter. 

  

	 	4.6	Except as provided in Sections 4.8, 4.9 and 4.10, if a Participant ceases service as a member of the Board before his or her Option becomes exercisable, the
Option will expire when the Participant ceases service as a member of the Board. 

  

	 	4.7	If a Participant ceases service as a member of the Board after his or her Option becomes exercisable, the Option will not expire but will remain exercisable.
Subject to Sections 4.8, 4.9, 4.10 and 4.11, the Option will expire three months after the Participant ceases service as a member of the Board, unless the Participant dies or becomes disabled during such three month period in which case the Option
will expire on the first anniversary of the date the Participant ceased serving as a member of the Board. 

  

	 	4.8	If a Participant dies while serving as a member of the Board, his or her Option will not expire and will remain, or immediately become, fully exercisable, as the
case may be. Subject to Sections 4.10 and 4.11, the Option will expire on the fifth anniversary of the Participant’s death. 

  

	 	4.9	If a Participant becomes disabled and unable to continue service as a member of the Board, his or her Option will not expire and will remain, or when the
Participant ceases to serve as member of the Board become, fully exercisable, as the case may be. Subject to Sections 4.10 and 4.11, the Option will expire on the fifth anniversary of the date the Participant ceases service as a member of the Board.

  

	 	4.10	 If a Participant who has served as a member of the Board for a continuous period of at least ten years or who is at least 72 years of age ceases
to serve as a member of the Board (including without limitation by reason of death or disability), his 

	 	
or her Option will not expire and will remain, or when the Participant ceases to serve as member of the Board become, fully exercisable, as the case may be. Subject to Section 4.11, the
Option will expire on the fifth anniversary of the date the Participant ceases service as a member of the Board. 

  

	 	4.11	Options that have not previously expired will expire at the close of business on the tenth anniversary of the date of grant. If an Option would expire on a date
that is not a Business Day, it will expire at the close of business on the last Business Day preceding that date. A “Business Day” is any day on which the Shares are traded on the New York Stock Exchange. 

 

	 	4.12	An exercisable Option may only be exercised by the Participant, his or her legal representative, or a person to whom the Participant’s rights in the Option
are transferred by will or the laws of descent and distribution or in accordance with rules and procedures established by the Committee. 

  

	 	4.13	The Board or the Committee may, in its sole discretion and without receiving permission from any Participant, substitute SARs for any or all outstanding Options
granted on or after May 4, 2004. Upon the grant of substitute SARs, the related Options replaced by the substitute SARs shall be cancelled. The grant price of the substitute SAR shall be equal to the Exercise Price of the related Option, the
term of the substitute SAR shall not exceed the term of the related Option, and the terms and conditions applicable to the substitute SAR shall otherwise be substantially the same as those applicable to the related Option replaced by the substitute
SAR. 

  

	5.	Cash Compensation 

  

	 	5.1	Except as provided in the following sentence, Baxter shall pay each Participant a meeting fee of $2,000 for each meeting of the Board or any committee thereof
attended. Baxter shall pay each Participant a meeting fee of $3,000 for each meeting of the Science and Technology Committee attended. Except as provided in the following section, participants acting as the chairperson of any committee of the Board
shall receive an annual cash retainer of $15,000 for each committee chaired by him or her. A participant acting as the chairperson of the Audit Committee shall receive an annual cash retainer of $20,000. Amounts payable within this Section 5.1
shall be paid quarterly in arrears and are payable if the Participant attends in person, by conference telephone, or by any other means permitted by the Delaware General Corporation Law and Baxter’s Bylaws, as amended and restated. For the
purposes of determining the amount of such quarterly payment(s), a Participant must be a chairperson of a committee of the Board on or prior to the 15th day of a month in order to be entitled to receive such payment(s) with respect to that month.

  

	 	5.2	Baxter shall pay each Participant a total annual cash retainer of $65,000 per calendar year (“Annual Cash Retainer”). Baxter shall pay an
additional annual cash retainer of $30,000 per calendar year to the Lead Director (“Lead Director Retainer”). Both the Annual Cash Retainer and Lead Director Retainer shall be paid quarterly in arrears. For purposes of determining
the amount of such quarterly payment(s), a Participant and/or the Lead Director must be a member of the Board on or prior to the 15th day of a month in order to be entitled to receive such payment(s) with respect to that month.

  

	 	5.3	Participants shall be eligible to defer payment of cash compensation otherwise payable under this Section 5 pursuant to the terms and conditions of the
Baxter Non-Employee Director Deferred Compensation Plan. 

  

	6.	Availability of Shares If on any grant date, the number of Shares which would otherwise be granted in the form of Restricted Stock Units or subject to
Options granted under the Plan shall exceed the number of Shares then remaining available under the 2011 Incentive Plan, the available shares shall be allocated among the Options and Restricted Stock Units to be granted Participants in proportion to
the number of shares subject to Options and Restricted Stock Units that Participants would otherwise be entitled to receive, and allocated evenly between Restricted Stock Units and Options. 

 

	7.	 Change in Control Notwithstanding any other provision of the 2011 Incentive Plan or this Plan, if a Change in Control occurs then all
Awards shall become immediately vested and exercisable. For purposes of the Plan, a “Change in Control” means the first to occur of any of the following: (i) any Person is or becomes the beneficial owner (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of Baxter (not including in the securities beneficially owned by such Person any securities acquired directly from Baxter or its Affiliates) representing 30% or more of the
combined voting power of Baxter’s then outstanding securities, excluding any Person who becomes such a beneficial owner in connection with a merger or consolidation of Baxter or any direct or indirect subsidiary of Baxter with any other
corporation immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of (A) any parent of Baxter or the entity surviving such merger or consolidation
or (B) if there is no such parent, of Baxter or such surviving entity; (ii) the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the date of grant, constitute
the Board and any new director (other than a director whose initial 

	 	
assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of Baxter) whose
appointment or election by the Board or nomination for election by Baxter’s shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the date of
grant or whose appointment, election or nomination for election was previously so approved or recommended; (iii) there is consummated a merger or consolidation of Baxter or any direct or indirect subsidiary of Baxter with any other corporation
or other entity, other than a merger or consolidation immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of (A) any parent of Baxter or the
entity surviving such merger or consolidation or (B) if there is no such parent, of Baxter or such surviving entity; or (iv) the shareholders of Baxter approve a plan of complete liquidation or dissolution of Baxter or there is consummated
an agreement for the sale or disposition by Baxter of all or substantially all of Baxter’s assets, other than a sale or disposition by Baxter of all or substantially all of Baxter’s assets immediately following which the individuals who
comprise the Board immediately prior thereto constitute at least a majority of the board of directors of (A) any parent of Baxter or of the entity to which such assets are sold or disposed or (B) if there is no such parent, of Baxter or
such entity. 

  

	8.	General Provisions 

  

	 	8.1	Subject to the limitations contained in Section 9 of the 2011 Incentive Plan, the Board or the Committee may, at any time and in any manner, amend, suspend,
or terminate the Plan or any Award outstanding under the Plan. 

  

	 	8.2	Participation in the Plan does not give any Participant any right to continue as a member of the Board for any period of time or any right or claim to any
benefit unless such right or claim has specifically accrued hereunder.Exhibit 10.4 Second Amendment to Credit Agreement

SECOND AMENDMENT TO CREDIT AGREEMENT
THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of June 23, 2014, is entered into by and among CINCINNATI BELL INC., an Ohio corporation (the “Borrower”), the Guarantors signatories hereto, the Lenders signatories hereto and BANK OF AMERICA, N.A., as Administrative Agent and an L/C Issuer, and PNC BANK, NATIONAL ASSOCIATION, as Swingline Lender and an L/C Issuer.
RECITALS
A.    The Borrower, the Guarantors, the Lenders, the Swingline Lender, the L/C Issuers and the Administrative Agent are party to that certain Credit Agreement dated as of November 20, 2012 (as amended by that certain First Amendment to Credit Agreement dated as of September 10, 2013 and as further amended, modified, restated or supplemented from time to time prior to the Second Amendment Effective Date, the “Existing Credit Agreement”).
B.    The Borrower has requested that the Lenders amend the Existing Credit Agreement as set forth herein.
C.    The parties have agreed to amend the Existing Credit Agreement as set forth herein.
AGREEMENT
NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		
	I.
	CERTAIN DEFINITIONS

1.    Certain Definitions.  The following terms used in this Amendment, including its preamble and recitals, have the following meanings:
“Amended Credit Agreement” means the Existing Credit Agreement as amended hereby.
“Second Amendment Effective Date” shall have the meaning assigned to such term in the introductory paragraph of Article III hereof.
2.    Other Definitions.  Unless otherwise defined herein or the context otherwise requires, terms used in this Amendment, including its preamble and recitals, have the meanings provided in the Amended Credit Agreement.
		
	II.
	AMENDMENTS TO EXISTING CREDIT AGREEMENT

Subject to the satisfaction of the condition precedent set forth in Article III hereof, as of the date hereof the Existing Credit Agreement is hereby amended as follows:

1.    The definition of “Applicable Prepayment Date” in Section 1.01 of the Existing Credit Agreement is hereby amended by replacing each of the references to “Bank of America” therein with “a Lender or an Affiliate of BlackRock, Inc.”.

2.    Clauses (A), (B), (C) and (D) of Section 2.05(b)(ii) of the Credit Agreement are hereby amended by replacing each of the references to “Bank of America” therein with “a Lender or an Affiliate of BlackRock, Inc.”.
		
	III.
	CONDITIONS PRECEDENT TO EFFECTIVENESS

This Amendment shall become effective as of the date hereof (the “Second Amendment Effective Date”) when the Administrative Agent shall have received counterparts of this Amendment which collectively shall have been executed on behalf of each of the Borrower, each of the Guarantors, the Required Lenders and the Administrative Agent.
		
	IV.
	MISCELLANEOUS

1.    Effect of Amendment.  Except as expressly modified and amended in this Amendment, all of the terms, provisions and conditions of the Loan Documents shall remain unchanged and in full force and effect.  On and after the Second Amendment Effective Date, any reference in the Loan Documents or any and all other documents thereafter executed and delivered pursuant to the terms of the Loan Documents to the “Credit Agreement” shall be deemed to refer to the Amended Credit Agreement.

2.    Construction.  This Amendment is a Loan Document executed pursuant to the Existing Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions of the Amended Credit Agreement.
3.    Reaffirmation of Loan Party Obligations.  Each Loan Party hereby ratifies the Amended Credit Agreement and acknowledges and reaffirms that (i) it is bound by all terms of the Amended Credit Agreement and (ii) it is responsible for the observance and full performance of the Obligations.  Without limiting the generality of the proceeding sentence, (i) each of the Guarantors confirms that it jointly and severally guarantees the prompt payment when due of all Obligations, in accordance with, and pursuant to the terms of, Article IV of the Amended Credit Agreement and (ii) each of the Loan Parties agrees that all references in the Collateral Documents to the term “Secured Obligations” shall be deemed to include all of the obligations of the Loan Parties to the Lenders and the Administrative Agent, whenever arising, under the Amended Credit Agreement, the Collateral Documents or any of the other Loan Documents (including, but not limited to, any interest, expenses and cost and charges that accrue after the commencement by or against any Loan Party or any Affiliate thereof or any proceedings under any Debtor Relief Laws naming such Person as the debtor in such proceeding).
4.    Counterparts.  This Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.
5.    GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
6.    Binding Effect.  This Amendment, the Amended Credit Agreement and the other Loan Documents embody the entire agreement between the parties and supersede all prior agreements and understandings, if any, relating to the subject matter hereof. These Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. Except as expressly modified and amended in this Amendment, all the terms, provisions and conditions of the Loan Documents shall remain unchanged and shall continue in full force and effect.
7.    Severability.  If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

[Remainder of Page Intentionally Left Blank]

2

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.
	
			
	BORROWER:
	 
	CINCINNATI BELL INC.,

	 
	 
	an Ohio corporation

	By:
	 
	/s/ Christopher C. Elma

	Name:
	 
	Christopher C. Elma

	Title:
	 
	Vice President, Treasury & Tax

	
			
	GUARANTORS:
	 
	CINCINNATI BELL TELECOMMUNICATION

	 
	 
	SERVICES LLC, an Ohio limited liability company

	 
	 
	 

	 
	 
	CINCINNATI BELL ENTERTAINMENT INC.,

	 
	 
	an Ohio corporation

	 
	 
	 

	 
	 
	CINCINNATI BELL WIRELESS, LLC,

	 
	 
	an Ohio limited liability company

	 
	 
	 

	 
	 
	CINCINNATI BELL TECHNOLOGY SOLUTIONS INC.,

	 
	 
	a Delaware corporation

	 
	 
	 

	 
	 
	CINCINNATI BELL ANY DISTANCE INC.,

	 
	 
	a Delaware corporation

	 
	 
	 

	 
	 
	CBTS SOFTWARE LLC,

	 
	 
	a Delaware limited liability company

	 
	 
	 

	 
	 
	EVOLVE BUSINESS SOLUTIONS LLC

	 
	 
	an Ohio limited liability company

	 
	 
	 

	 
	 
	CINCINNATI BELL ANY DISTANCE OF VIRGINIA LLC,

	 
	 
	a Virginia limited liability company

	 
	 
	 

	 
	 
	DATA CENTER INVESTMENT INC.,

	 
	 
	a Delaware corporation

	 
	 
	 

	 
	 
	DATA CENTERS SOUTH INC.,

	 
	 
	a Delaware corporation

	 
	 
	 

	 
	 
	DATA CENTER INVESTMENTS HOLDCO LLC,

	 
	 
	a Delaware limited liability company

	 
	 
	 

	 
	 
	DATA CENTERS SOUTH HOLDING LLC,

	 
	 
	a Delaware limited liability company

	 
	 
	 

	By:
	 
	/s/ Christopher C. Elma

	Name:
	 
	Christopher C. Elma

	Title:
	 
	Vice President, Treasury & Tax

	
			
	ADMINISTRATIVE AGENT:
	 
	BANK OF AMERICA, N.A.,

	 
	 
	as Administrative Agent

	 
	 
	 

	By:
	 
	/s/ Don B. Pinzon

	Name:
	 
	Don B. Pinzon

	Title:
	 
	Vice President

	
			
	LENDER:
	 
	[Lender signature pages on file with the Administrative Agent]

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