Document:

Exhibit 10.4

 

FOURTH AMENDMENT

 

SEAGATE DEFERRED COMPENSATION PLAN

 

The Seagate Deferred Compensation Plan, as amended and restated as of January 1, 2009 (the “Plan”), is hereby amended by this Fourth Amendment (the “Amendment”).

 

WHEREAS, for purposes of this Amendment, capitalized terms used herein that are not defined shall have the meanings given to them in the Plan;

 

WHEREAS, Seagate US LLC (the “Company”) maintains the Plan, which is a nonqualified deferred compensation plan, for the benefit of Directors and eligible employees of the Company and Participating Companies;

 

WHEREAS, Section 9.4 of the Plan document provides that the Committee has the authority to amend, modify, suspend or terminate the Plan;

 

WHEREAS, pursuant to authority granted to the Committee under Section 9.4, the Committee has determined that it is appropriate to freeze the Plan with respect to all deferrals after the 2014 Plan Year;

 

WHEREAS, after the Plan is frozen, (1) any Employees who were Participants in the Plan will not be able to defer any portion of their Compensation into the Plan for Plan Years after 2014 (except as provided pursuant to Plan section 3.1(f) and described specifically below), (2) any individuals who have Accounts in the Plan shall continue to be Participants in the Plan, and (3) the Plan terms shall continue to govern Participant Accounts until paid in full;

 

WHEREAS, the Company intends to establish the 2015 Seagate Deferred Compensation Plan to govern amounts generally deferred with respect to performance periods after December 31, 2014, except as otherwise provided in the 2015 Seagate Deferred Compensation Plan and described generally below;

 

WHEREAS, based on the foregoing and pursuant to Plan section 3.1(f), (1) Participants’ Base Salary and Commission compensation that is earned between December 30, 2013 and December 28, 2014 is subject to Participants’ 2014 deferral elections (if any) and shall be subject to the Plan terms and (2) Participants’ Bonuses that are earned in 2014 (if any) are subject to Participant’s 2014 deferral elections (if any) and shall be subject to the Plan terms;

 

WHEREAS, pursuant to Plan section 3.1(c), Bonuses that may be earned in 2014 (and that if paid, shall be subject to the Plan) include any Bonuses paid (a) in August 2014, with respect to the Key Contributor Performance Bonus Plan, (b) in August 2014, with respect to the Executive Performance Bonus Plan provided that the Participant was continuously employed with the Company from July 1, 2013 (or the date the Company set the performance goals for the 2013-2014 performance period, if later) through the date the Participant completed his or her enrollment in the Plan for the 2014 Plan Year, and (c) in February 2015, with respect to the Key Contributor Performance Bonus Plan;

 

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WHEREAS, the 2015 Seagate Deferred Compensation Plan shall govern deferrals of base salary and commission compensation that is earned after December 28, 2014 and any deferrals of bonuses earned after 2014, which shall include bonuses earned in 2015 pursuant to the Key Contributor Performance Bonus Plan or the Executive Performance Bonus Plan and which are typically paid in August 2015 or later;

 

WHEREAS, pursuant to authority granted to the Committee under Section 9.4, the Committee also desires to modify the Plan to clarify the original intent of certain provisions and how they have been administered since the effective date of the Plan; therefore, the Committee has determined that it is appropriate to amend the Plan effective January 1, 2009 to (1) clarify that salary replacements paid by the Company or any Participating Company such as short or long-term disability benefits are not included in Base Salary, (2) clarify the Distributable Amount and Specified Employee definitions, (3) remove the references to death from the Payment Commencement Date definition, (4) clarify the administration of Scheduled In-Service Withdrawals in the event of a Participant’s Disability or separation from service, (5) clarify the tax withholding provisions applicable to deferrals and distributions, and (6) clarify the responsibilities of the Company and the Participant related to compliance with Code Sections 409A and 457A; and

 

WHEREAS, pursuant to authority granted to the Committee under Section 9.4, the Committee has determined it is appropriate to amend the claims procedures to provide a convenient venue in the event of any legal action relating to the Plan and to require Participants to report distribution errors (if any) to the Committee.

 

NOW, THEREFORE, BE IT RESOLVED, that the Amendment, as set forth in the attached Exhibit A, is hereby approved and adopted effective as specified in Exhibit A.

 

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Exhibit A

 

FOURTH AMENDMENT

 

SEAGATE DEFERRED COMPENSATION PLAN

 

The Seagate Deferred Compensation Plan, as amended and restated as of January 1, 2009 (the “Plan”), is hereby amended as follows:

 

1.                                      Effective January 1, 2009, Section 1.2 is hereby amended by deleting and replacing the first sentence in that Section with the following:

 

1.2.                            Base Salary. “Base Salary” means the Employee’s base salary for the Plan Year, and does not include any other form of compensation such as Annual Bonuses, Commissions, restricted stock, proceeds from stock options or stock appreciation rights, expatriate premiums, hypothetical tax payments for expatriates, severance payments, moving expenses, car or other special allowance, non-monetary awards, other special compensation, salary replacements paid by the Company or any Participating Company such as short or long-term disability benefits, and any other similar amounts paid by the Company or any Participating Company to an Eligible Employee whether or not includible in taxable income.

 

2.                                      Effective January 1, 2009, Section 1.16 is hereby amended in its entirety to read as follows:

 

1.16.                     Distributable Amount. “Distributable Amount” means the aggregate vested amount credited to a Participant’s Account less any amounts previously distributed to (or deemed distributed to or forfeited by) that Participant without regard to whether such amounts are credited to any separate subaccounts established for the purpose of administering the Plan except to the extent that the Plan provides otherwise.  Such amount shall be valued as of the date determined by the Committee or its delegate in its sole discretion.  The Distributable Amount shall not include any other amounts deferred or credited with respect to deferrals pursuant to any other nonqualified deferred compensation plan sponsored by the Company.

 

3.                                      Effective January 1, 2009, Section 1.25 is hereby amended by deleting the phrases “or death” and “dies or” in the first sentence of that Section.

 

4.                                      Effective immediately, Section 1.28 is hereby amended in its entirety to read as follows:

 

1.28.                     Specified Employee.  “Specified Employee” shall mean any Participant who, as of the date of such Participant’s “separation from service” (as such term is defined under Section 409A of the Code), is identified as a “specified employee” pursuant to the Company’s Specified Employee Procedure.

 

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5.                                      Effective for Plan Years after 2014, Section 2.1 is hereby amended in its entirety to read as follows:

 

2.1.                            Participation.  Effective for Plan Years after 2014, Employees are no longer eligible to defer any portion of their Compensation, and effective for Plan Years after 2010, Directors are no longer eligible to defer any portion of their Compensation.  Any Participants who have Accounts attributable to periods prior to 2015 shall continue to be Participants in the Plan and the Plan terms and Participant elections shall continue to govern Participant Accounts until paid in full.

 

6.                                      Effective immediately, Section 3.1 is hereby amended by adding the following paragraph (i) to the end thereof:

 

(i)                                     Obligation to Report Errors.  Participants are required to contact the Committee with respect to any distribution error during the calendar year.  If the Participant fails to notify the Committee with respect to any distribution errors, the Employer is deemed to have acted in good faith and will not be liable for any adverse tax consequences to Participant or Participant claims relating to failure to distribute the correct amounts.

 

7.                                      Effective January 1, 2009, Section 7.1 is hereby amended by adding the following sentence to the end thereof:

 

In the event that a Participant experiences a separation from service or Disability prior to the commencement or completion of a Scheduled In-Service Withdrawal, then the relevant provisions of Section 7.2 shall apply to the Distributable Amount remaining in the Participant’s Account (if any) as of the date of the Participant’s separation from service or Disability and supersede the Participant’s Scheduled In-Service Withdrawal election.

 

8.                                      Effective January 1, 2009, Section 7.3(e) is hereby amended by deleting and replacing the first sentence in that Section with the following:

 

(e)                                  If a Participant is receiving Scheduled In-Service distributions or has elected a Scheduled In-Service Withdrawal and distributions have not begun  and has a Disability or a separation from service from the Company and all Related Companies for any reason, the Participant shall receive a distribution equal to the Participant’s remaining Distributable Amount in accordance with the Participant’s election, if any, applicable to a separation from service, and the distributions shall commence on the Payment Commencement Date related to the separation from service or Disability, whichever is applicable.

 

9.                                      Effective January 1, 2009, Section 9.3 is hereby amended in its entirety to read as follows:

 

9.3.                            Withholding.  Participant is responsible for all applicable taxes with respect to deferrals and distributions pursuant to the Plan.  For each Plan

 

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Year during which a Participant has deferrals, the Participant’s employer(s) may, in a manner determined by the employer(s), withhold the Participant’s share of FICA and other required employment or state, local, and foreign taxes on deferrals from that portion of the Participant’s Base Salary, Commissions, or Bonus that is not deferred.  To the extent required by the law in effect at the time of any distribution, the Participant’s employer may withhold from each payment made under the Plan all federal, state, local or foreign taxes that are required to be withheld by the employer in respect of such payment.  To the extent taxes owed by the Participant with respect to deferrals or distributions under the Plan are not withheld for any reason, Participant shall continue to be responsible for such taxes and in no event shall the Company or any Participating Company have any responsibility or liability to any Participant for any failure to comply with any applicable tax withholding requirements.

 

10.                               Effective January 1, 2009, Section 9.11 is hereby amended in its entirety to read as follows:

 

9.11.                     Code Sections 409A and 457A.

 

(a)                                 The Plan is intended to be a nonqualified deferred compensation plan within the meaning of Code Section 409A and shall be operated and interpreted to meet the requirements of Code Section 409A to the maximum extent possible.  For purposes of Code Section 409A, all payments to be made on account of termination of employment (including a separation from service) shall only be made upon a “separation from service” within the meaning of Code Section 409A.

 

(b)                                 If any provision of the Plan would, in the reasonable, good faith judgment of the Company, result or likely result in the imposition on a Participant or any other person of, (i) any additional tax, accelerated taxation, interest or penalties under Code Section 409A or (ii) accelerated taxation, interest or penalties under Code Section 457A, the Company may modify the terms of the Plan, or may take any other such action, without a Participant’s consent or the consent of any other person, in the manner that the Company may reasonably and in good faith determine to be necessary or advisable to avoid the imposition of such additional tax, accelerated taxation, interest, or penalties or otherwise comply with Code Sections 409A and 457A.  This Section does not create an obligation on the part of the Company to modify the Plan and does not guarantee that any amounts payable under the Plan will not be subject to additional taxes, accelerated taxation, interest or penalties under Code Sections 409A and 457A.

 

(c)                                  Each Participant shall be solely responsible for the payment of all taxes that become due as a result of participating in this Plan.  In no event shall the Company or any Participating Company have any responsibility or liability to any Participant for any failure to comply with Code Sections 409A or 457A.

 

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11.                               Effective immediately, Section 10.5 is hereby amended by adding the following sentence to the end thereof:

 

A claimant wishing to seek any further legal action with respect to a final adverse benefit determination must file such claim in a court of law within one year of the date on which the event that caused the claim to arise occurred or lose any right to bring such action.  Such legal action must be filed only in the United States District Court for the Northern District of California, San Jose, California courthouse.

 

12.                               Effective January 1, 2009, the Plan is hereby amended by replacing all references to “Subsection 4.1(c)” with references to “Subsection 4.1(d)”.

 

13.                               In all respects no amended, the Plan is hereby ratified and confirmed.

 

IN WITNESS WHEREOF, the Seagate Benefits Administrative Committee, by its duly authorized officer, has executed this Amendment to the Plan on November 13, 2014.

 

SEAGATE BENEFITS ADMINISTRATIVE COMMITTEE

 

	
By:
    	
 
    	
 
    
	
 
    	
John   Cleveland
    	
 
    
	
 
    	
 
    
	
Title:
    	
Vice   President, Global Compensation, Benefits,
    	
 
    
	
 
    	
Mobility &   Compliance
    	
 
    

 

6EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
  

 
 AUXILIUM PHARMACEUTICALS, INC.,

 ENDO INTERNATIONAL PLC 
 AND

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 
 Second Supplemental
Indenture 
 Dated as of January 29, 2015 

to Indenture 
 Dated as of
January 30, 2013 
 1.50% Convertible Senior Notes due 2018 
  

 

 SECOND SUPPLEMENTAL INDENTURE dated as of January 29, 2015 (this “Supplemental
Indenture”), among Auxilium Pharmaceuticals, Inc., a Delaware corporation (the “Company”), Endo International plc, a public limited company incorporated under the laws of Ireland (“Endo”), and Wells Fargo
Bank, National Association, a national banking association, as trustee (the “Trustee”), supplementing the Indenture, dated as of January 30, 2013 (the “Base Indenture”), as supplemented by the First
Supplemental Indenture, dated as of January 30, 2013 (the “First Supplemental Indenture,” and together with the Base Indenture, the “Indenture”), between the Company and the Trustee. 

W I T N E S S E T H: 

WHEREAS, the Company and the Trustee are parties to the Indenture, pursuant to which the Company issued its 1.50% Convertible Senior Notes due
2018 (each, a “Note” and, collectively, the “Notes”); 
 WHEREAS, the Company entered into the Amended and
Restated Agreement and Plan of Merger, dated as of November 17, 2014 (the “Merger Agreement”), by and among the Company, Endo, Endo U.S. Inc., a Delaware corporation and an indirect wholly owned subsidiary of Endo
(“HoldCo”), and Avalon Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of HoldCo (“Merger Sub”); 

WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions therein, Merger Sub will merge with and into the Company
(the “Merger”) and the Company will continue as a direct wholly owned subsidiary of HoldCo and an indirect wholly owned subsidiary of Endo; 

WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions therein, at the effective time of the Merger, each share of
common stock, par value $0.01 per share, of the Company (each a “Company Share” and, collectively, the “Company Shares”) issued and outstanding immediately prior to the effective time of the Merger (other than
Excluded Shares (as defined in the Merger Agreement)) will be converted into the right to receive: (1) for each Company Share for which a Standard Election (as defined in the Merger Agreement) has been made, $16.625 in cash and 0.2440 ordinary
shares of $0.0001 each of Endo (“Endo Shares”), (2) for each Company Share for which a Cash Election (as defined in the Merger Agreement) has been made, $33.25 in cash or (3) for each Company Share for which a Stock
Election (as defined in the Merger Agreement) has been made, 0.4880 Endo shares, subject to proration pursuant to Section 2.1(g) of the Merger Agreement; 

WHEREAS, as a result of the Merger, Section 9.07(a) of the First Supplemental Indenture provides that the Company shall execute a
supplemental indenture with the Trustee providing that, at and after the effective time of the Merger, a Holder’s right to convert a Note into cash and/or shares of Common Stock shall be changed into a right to convert such Note into cash
and/or units of Reference Property; 
 WHEREAS, as a result of the Merger, Section 9.07(a) of the First Supplemental Indenture provides
that the amount and kind of Reference Property into which the Notes will be convertible shall be the weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively make a Standard Election, Cash
Election or Stock Election (the “Weighted Average Merger Consideration”); 

  
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 WHEREAS, as a result of the elections affirmatively made by the holders of Common Stock in
connection with the Merger, the Weighted Average Merger Consideration attributable to one share of Common Stock consists of (i) $9.88 in cash and (ii) 0.3430 Endo Shares; and 

WHEREAS, all conditions for the execution and delivery of this Supplemental Indenture have been complied with or have been done or performed.

 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, it is mutually agreed, for the equal proportionate benefit of all Holders of the Notes, as follows: 
 ARTICLE 1 

DEFINITIONS 
 Section 1.01
General. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture. 
 ARTICLE 2 

AGREEMENTS OF PARTIES 

Section 2.01 Conversion of Notes. In accordance with Section 9.07(a) of the First Supplemental Indenture, from and after the
date of this Supplemental Indenture, the right to convert each $1,000 principal amount of Notes into cash and/or Common Stock is hereby changed, effective as of the date hereof, to a right to convert such $1,000 principal amount of Notes into cash
and/or units of Reference Property. As a result of the elections affirmatively made by the holders of Common Stock in connection with the Merger, a unit of Reference Property, calculated in accordance with Section 9.07 of the First Supplemental
Indenture, is (i) $9.88 in cash and (ii) 0.3430 Endo Shares; provided, however, that (A) the Company shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion
of Notes in accordance with Section 9.02 of the First Supplemental Indenture and (B) (I) any amount payable in cash upon conversion of the Notes in accordance with Section 9.02 of the First Supplemental Indenture shall continue
to be payable in cash, (II) any shares of Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 9.02 of the First Supplemental Indenture shall instead be deliverable in
units of Reference Property and (III) the Daily VWAP shall be calculated based on the value of a unit of Reference Property (including the Endo Shares included therein). The provisions of the Indenture, as modified herein, including without
limitation, (i) all references and provisions respecting the terms “Common Stock,” “Conversion Price” and “Conversion Rate,” and (ii) the provisions of Section 9.01(b) of the First Supplemental Indenture
respecting when a Holder of Notes may surrender its Notes for conversion, shall continue to apply, mutatis mutandis, to the Holders’ right to convert each Note into the Reference Property. 

  
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 Section 2.02 Adjustments to Conversion Rate. As and to the extent required by
Section 9.07(a) of the First Supplemental Indenture, the Conversion Rate shall be adjusted as a result of events occurring subsequent to the date hereof with respect to the Reference Property as nearly equivalent as possible to the adjustments
provided for in Article 9 of the First Supplemental Indenture with respect to the Common Stock. 
 Section 2.03 Assumption; Joint
and Several Liability. Endo, as co-obligor, hereby expressly assumes, jointly and severally with the Company, liability for (a) the due and punctual payment of the principal of (and premium, if any, on) and interest, if any (including
Additional Interest, if any), on all of the Notes issued under the Indenture, (b) the due and punctual delivery of Endo Shares and/or cash upon conversion of the Notes upon the exercise by a Holder of the conversion privilege pursuant to
Article 9 of the First Supplemental Indenture and (c) the due and punctual performance and observance of all of the covenants and conditions of the Indenture to be performed by the Company, including without limitation with respect to the right
of Holders to require the Company to purchase their Notes upon a Fundamental Change pursuant to Section 10.01 of the First Supplemental Indenture. 

Section 2.04 Obligations of the Company. Notwithstanding the agreement of Endo to become liable for the due and punctual payment
of the principal of (and premium, if any, on) and interest, if any (including Additional Interest, if any), on all the Notes issued under and subject to the Indenture and for the delivery of Endo Shares and/or cash upon conversion of the Notes
pursuant to Article 9 of the First Supplemental Indenture, the Company remains the issuer of the Notes and fully liable for all of its obligations under the Indenture and has not been released from any liabilities or obligations thereunder except
for the issuance of the Common Stock of the Company upon conversion of the Notes pursuant to Article 9 of the First Supplemental Indenture. 

ARTICLE 3 
 MISCELLANEOUS
PROVISIONS 
 Section 3.01 Effectiveness; Construction. This Supplemental Indenture shall become effective upon its execution
and delivery by the Company, Endo and the Trustee and as of the date hereof. Upon such effectiveness, the Indenture shall be modified in accordance herewith. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every
Holder of Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby. The Indenture and this Supplemental Indenture shall henceforth be read and construed together. 

Section 3.02 Indenture Remains in Full Force and Effect. Except as supplemented hereby, all provisions in the Indenture
shall remain in full force and effect. 
 Section 3.03 Trustee Matters. The Trustee accepts the Indenture, as supplemented
hereby, and agrees to perform the same upon the terms and conditions set forth therein, as 

  
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supplemented hereby. The Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee,
whether or not elsewhere herein so provided. The recitals contained in this Supplemental Indenture shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation
as to the validity or sufficiency of this Supplemental Indenture. 
 Section 3.04 Foreign Accounting Tax Compliance Act
Matters. The Company hereby confirms to the Trustee that this Supplemental Indenture has not resulted in a material modification of the Notes for Foreign Accounting Tax Compliance Act (“FATCA”) purposes. The Company shall give the
Trustee prompt written notice of any material modification of the Notes deemed to occur for FATCA purposes. The Trustee shall assume that no material modification for FATCA purposes has occurred regarding the Notes, unless the Trustee receives
written notice of such modification from the Company. 
 Section 3.05 Effect of Headings. The Article and Section
headings herein have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 3.06 Successors and Assigns. All the covenants, stipulations, promises and agreements of the Company and Endo in
this Supplemental Indenture shall bind their respective successors and assigns whether so expressed or not. 

Section 3.07 Severability Clause. If any provision in this Supplemental Indenture is deemed invalid, illegal or
unenforceable, it shall not affect the validity, legality or enforceability of any other provision set forth herein or of the Indenture as a whole. 

Section 3.08 Benefits of the Indenture. Nothing in this Supplemental Indenture, express or implied, shall give to any
Person, other than the Holders, the parties hereto and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under the Indenture, as supplemented hereby. 

Section 3.09 Governing Law; Jurisdiction. This Supplemental Indenture shall be governed by, and construed in accordance
with, the internal laws of the State of New York, without regard to conflict of law principles that would result in the application of any law other than the laws of the State of New York. 

Section 3.10 Supplemental Indenture May Be Executed in Counterparts. This Supplemental Indenture may be executed in any
number of counterparts, each of which shall be an original, but such counterparts shall together constitute one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission
shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
PDF shall be deemed to be their original signatures for all purposes. 

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

					
	AUXILIUM PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Adrian Adams

		 	Name:	 	Adrian Adams
		 	Title:	 	CEO and President
	
	ENDO INTERNATIONAL PLC
		
	By:	 	 /s/ Orla Dunlea

		 	Name:	 	Orla Dunlea
		 	Title:	 	Company Secretary
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Martin Reed

		 	Name:	 	Martin Reed
		 	Title:	 	Vice President

 [Signature page to Second Supplemental Indenture]

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