Document:

Exhibit
10.22.2

 

EXTENSION AMENDMENT TO
EMPLOYMENT AGREEMENT

 

Talecris
Biotherapeutics Holdings Corporation (the “Company”) and Lawrence D. Stern (the
“Executive”) (together, the “Parties”) are parties to an employment agreement
(the “Employment Agreement”) effective as of April 1, 2005 and amended and
restated as of April 1, 2007, and further amended and restated as of January 1,
2009.  This amendment shall be effective
as of March 30, 2009 (“Extension Date”).

 

The
Parties have determined to amend the Employment Agreement to extend the Initial
Renewal Term pending negotiations of other amended terms and conditions.

 

Agreement

 

Based
on good and valuable consideration, the sufficiency of which each Party
acknowledges, the Parties agree as follows:

 

The
first sentence of section 2 of the Employment Agreement is amended to read as
follows:

 

Subject to earlier termination pursuant to Section 5
of this Agreement, this Agreement and the employment relationship hereunder
shall continue until May 29, 2009 (“Initial Renewal Term”) and shall renew
for subsequent terms (each a “Subsequent Term”) upon written notification by
the Board of Directors, the first Subsequent Term ending on March 31,
2010, and future Subsequent Terms being for a period of one (1) year.

 

IN
WITNESS WHEREOF, the Parties hereto, intending to be legally bound hereby, have
executed this Agreement as of the Amendment Date.

 

	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Lawrence D. Stern

  
	
   

  	
  Name:
  Lawrence D. Stern

  
	
   

  	
  Title:
  Chairman and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  TALECRIS
  BIOTHERAPEUTICS HOLDINGS CORP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John F. Gaither, Jr.

  
	
   

  	
  Name:
  John F. Gaither, Jr.

  
	
   

  	
  By
  direction of the Board of DirectorsExhibit
10.22.3

 

SECOND EXTENSION AMENDMENT
TO EMPLOYMENT AGREEMENT

 

Talecris Biotherapeutics Holdings Corporation
(the “Company”) and Lawrence D. Stern (the “Executive”) (together, the
“Parties”) are parties to an employment agreement (the “Employment Agreement”)
effective as of April 1, 2005 and amended and restated as of April 1,
2007, and further amended and restated as of January 1, 2009, and further
amended as of March 30, 2009.  This
amendment shall be effective as of May 21, 2009 (“Extension Date”).

 

The Parties have determined to amend the
Employment Agreement to extend the Initial Renewal Term pending negotiations of
other amended terms and conditions.

 

Agreement

 

Based on good and valuable consideration, the
sufficiency of which each Party acknowledges, the Parties agree as follows:

 

The first sentence of section 2 of the Employment
Agreement is amended to read as follows:

 

Subject to earlier termination pursuant to Section 5 of this
Agreement, this Agreement and the employment relationship hereunder shall
continue until June 30, 2009 (“Initial Renewal Term”) and shall renew for
subsequent terms (each a “Subsequent Term”) upon written notification by the
Board of Directors, the first Subsequent Term ending on March 31, 2010,
and future Subsequent Terms being for a period of one (1) year.

 

IN WITNESS WHEREOF, the Parties hereto, intending to
be legally bound hereby, have executed this Agreement as of the Extension Date.

 

	
   

  	
  EXECUTIVE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Lawrence D.
  Stern

  	
   

  
	
   

  	
  Name: Lawrence D. Stern

  	
   

  
	
   

  	
  Title: Chairman and Chief
  Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TALECRIS BIOTHERAPEUTICS
  HOLDINGS CORP

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John F.
  Gaither, Jr.

  	
   

  
	
   

  	
  Name:  John F. Gaither, Jr.

  	
   

  
	
   

  	
  By direction of the Board
  of DirectorsExhibit 10.22.4

 

THIRD EXTENSION AMENDMENT TO EMPLOYMENT
AGREEMENT

 

Talecris
Biotherapeutics Holdings Corporation (the “Company”) and Lawrence D. Stern (the
“Executive”) (together, the “Parties”) are parties to an employment agreement
(the “Employment Agreement”) effective as of April 1, 2005 and amended and
restated as of April 1, 2007, and further amended and restated as of January 1,
2009, and further amended as of March 30, 2009, and May 21, 2009.
This amendment shall be effective as of June 26, 2009 (“Extension Date”).

 

The
Parties have determined to amend the Employment Agreement to extend the Initial
Renewal Term pending negotiations of other amended terms and conditions.

 

Agreement

 

Based
on good and valuable consideration, the sufficiency of which each Party
acknowledges, the Parties agree as follows:

 

The
first sentence of section 2 of the Employment Agreement is amended to read as follows:

 

Subject
to earlier termination pursuant to Section 5 of this Agreement, this
Agreement and the employment relationship hereunder shall continue until August 14,
2009 (“Initial Renewal Term”) and shall renew for subsequent terms (each a “Subsequent
Term”) upon written notification by the Board of Directors, the first
Subsequent Term ending on March 31, 2010, and future Subsequent Terms
being for a period of one (1) year.

 

IN
WITNESS WHEREOF, the Parties hereto, intending to be legally bound hereby, have
executed this Agreement as of the Extension Date.

 

	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Lawrence D. Stern

  
	
   

  	
  Name:
  Lawrence D. Stern

  
	
   

  	
  Title:   Chairman and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TALECRIS
  BIOTHERAPEUTICS HOLDINGS CORP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John F. Gaither

  
	
   

  	
  Name:

  	
  John
  F. Gaither, Jr.

  
	
   

  	
  By
  direction of the Board of DirectorsExhibit
10.23

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT
(Agreement”) dated as of September 14, 2005 and amended and restated as of
October 10, 2008 between Talecris Biotherapeutics Holdings Corp. (the “Company”)
and John M. Hanson (the “Executive”) (together, the “Parties”).

 

WHEREAS, the Parties have
previously entered into this agreement and they now wish to update its terms in
order to establish its compliance with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), with the understanding that this
Agreement supersedes all prior versions and hereinafter shall solely establish
the terms of Executive’s employment with the Company.

 

Accordingly, the Parties
agree as follows:

 

1.     Employment and
Acceptance.  The Company
shall employ the Executive, and Executive shall accept employment, subject to
the terms of this Agreement, beginning on October 10, 2005 (the “Effective
Date”).

 

2.     Term.  Subject to earlier termination pursuant to Section 5
of this Agreement, this Agreement and the employment relationship hereunder
shall continue for three (3) years from the Effective Date (“Initial Term”)
and shall renew for one two (2) year interval commencing on October 10,
2008 (“First Renewal Term”) and thereafter for additional one (1) year
intervals upon written notification by the Board of Directors.  If the Board does not provide such written
notification thirty days prior to the expiration of the Term, then the
Agreement shall not be extended.  If the
Board provides such written notification then the Agreement shall be so
extended unless the Executive provides written notification to the Board that
Executive does not wish to extend the Term. 
Executive’s written notice of his desire not to extend the Term shall be
provided to the Board by sixty (60) days prior to the expiration of the Term
or, if the Board has not yet then provided such notification, then by seven (7) days
after written notification from the Board. 
As used in this Agreement, the “Term” shall refer to the period
beginning on the Effective Date and ending on the date the Executive’s
employment terminates in accordance with this Section 2 or Section 5.  In the event that the Executive’s employment
with the Company terminates for any reason, the Company’s obligation to
continue to pay all wages, base salary, as adjusted, bonus and other benefits
then accrued shall terminate except as may be provided for in Section 5 of
this Agreement.

 

3.     Duties and
Title.

 

3.1.   Title.  The Company shall employ the Executive to
render exclusive and full-time services to the Company and its
subsidiaries.  The Executive shall serve
in the capacity of Executive Vice President and Chief Financial Officer of
Talecris Biotherapeutics Holdings Corp., and shall report directly to the Chief
Executive Officer and to any committees of the Board of Directors (the “Board”)
as determined in the discretion of the Board.

 

3.2.   Duties.  The Executive will have such authority and
responsibilities and will perform such executive duties customarily performed
by a Chief Financial Officer of a company in similar lines of business as the
Company and its subsidiaries or as may be assigned to 

 

 

Executive
by the Chief Executive Officer.  The
Executive will devote all his full working-time and attention to the
performance of such duties and to the promotion of the business and interests
of the Company and its subsidiaries except for directorships and similar
positions approved by the CEO, which approval may be revoked at any time.

 

4.     Compensation
and Benefits by the Company. As compensation
for all services rendered pursuant to this Agreement, the Company shall provide
the Executive the following during the Term:

 

4.1.   Base Salary.  The Company will pay to the Executive an
annual base salary of three hundred and seventy-five thousand dollars
($375,000), payable in accordance with the customary payroll practices (which
shall be not less often than monthly) of the Company (“Base Salary”).  Executive’s Base Salary shall be reviewed
consistent with the normal merit and pay adjustment cycle for executives.  In evaluating adjustments to Executive’s Base
Salary, such factors as corporate performance, individual merit, inflation, and
other appropriate considerations shall be taken into account.

 

4.2.   Bonuses.  The Executive will be eligible to receive an
annual bonus (“Bonus”) under a plan established by the Company in the amount
determined by the Board based upon achievement of performance measures derived
from the annual business plan presented by management and approved by the
Board.  The Executive’s target bonus
shall be 75% of Base Salary (the “Target Bonus”), with the actual amount of
each Bonus being determined under the Bonus Plan in effect at that time as
approved by the Board.

 

4.3.   Participation in Employee
Benefit Plans.  The Executive
shall be entitled, if and to the extent eligible, to participate in all of the
applicable benefit plans of the Company, which may be available to other senior
executives of the Company, on the same terms as such other executives.  The Company may at any time or from time to
time amend, modify, suspend or terminate any employee benefit plan, program or
arrangement for any reason without Executive’s consent if such amendment,
modification, suspension or termination is consistent with the amendment, modification,
suspension or termination for other employees of the Company.  The Executive shall apply for all
reimbursements hereunder for a particular calendar year not later than
forty-five (45) days after it ends, and payment shall occur not later than two
and one-half months after the end of the calendar year to which the
reimbursable expenses relate.

 

4.4.   Personal Time Off.  The
Executive shall be entitled to 30 days (240 hours) of Personal Time Off
(PTO).  PTO time is to be used for vacation, sick leave, personal
business, observance of non-company holidays, and other time off.  The PTO
schedule assumes a maximum of 4 weeks (160 hours) of vacation, and 10 days (80
hours) for sick time, personal holidays, and other personal business.  The
carry-over and accrual of PTO hours shall be in accordance with Company policy
as in effect from time to time, except that 10 days of PTO will immediately
accrue.

 

4.5.   Expense Reimbursement.  The Executive shall be entitled to receive
reimbursement for all appropriate business expenses incurred by him in
connection with his duties under this Agreement in accordance with the policies
of the Company as in effect from time to time. 
In any event, the Executive shall apply for all reimbursements hereunder
for a particular calendar year not later than forty-five (45) days after it
ends, and payment 

 

2

 

shall
occur not later than two and one-half months after the end of the calendar year
to which the reimbursable expenses relate.

 

4.6.   Stock Options.  The Executive shall be eligible to
participate in the 2005 Stock Option and Incentive Plan established by the
Company (the “Equity Incentive Plan”) pursuant to the terms of the Equity
Incentive Plan and any applicable agreements thereunder as determined from time
to time by the Board.   For avoidance of
doubt, the time-based options shall vest as if the Executive’s employment
commenced on April 1, 2005.

 

4.7.   Parachute Payments.  Anything in the Agreement to the contrary
notwithstanding, in the event it shall be determined that any payments or
distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of
the Code) to or for the benefit of the Executive, whether paid or payable
pursuant to this Agreement (including, without limitation, the accelerated
vesting of incentive or equity awards held by the Executive) or otherwise would
be subject to the excise tax imposed by Section 4999 of the Code, then the
amount of “parachute payments” (as defined in the Section 280G of the
Code) payable or required to be provided to the Executive shall be
automatically reduced to the minimum extent necessary to avoid imposition of
such excise tax (with the types of benefits or compensation that are reduced to
be determined by the Company at its discretion, which shall be exercised first
with respect to compensation and benefits that are not exempt from Code Section 409A);
provided that this reduction shall not apply if the Executive would be better
off, on a net after-tax basis, receiving the parachute payments that would
otherwise be reduced and paying such excise tax.  Notwithstanding the foregoing, the Company
and Executive shall use their reasonable efforts to have any payments or distributions
that would be reduced or eliminated as a result of the application of this Section 4.7
approved by the Company’s shareholders in the manner contemplated by Q&A 7
of Treasury Regulation Section 1.280G 1. 
All determinations required to be made under this Section 4.7 shall
be made by the Company’s accounting firm (the “Accounting Firm”); provided that
the Executive may select which, if any, parachute payments shall be
reduced.  The Accounting Firm shall
provide detailed supporting calculations both to the Company and the Executive.  All fees and expenses of the Accounting Firm
shall be borne solely by the Company. 
Absent manifest error, any determination by the Accounting Firm shall be
binding upon the Company and the Executive.

 

4.8.   Continuing Professional
Education.  The Company agrees to pay reasonable costs
associated with the continuing education requirements of maintaining the
Executive’s professional designation, including related professional
organization memberships, as well as seminars to advance the Executive’s
skills. Such costs include the reasonable costs of seminars, travel, lodging
and meals while attending such functions.

 

5.     Termination of
Employment.

 

5.1.   By the Company for Cause or
by the Executive Without Good Reason.  If: (i) the Company terminates the
Executive’s employment with the Company for Cause (as defined below); or (ii) Executive
terminates his employment without Good Reason (as defined below), the Executive
or the Executive’s legal representatives (as appropriate), shall be entitled to
receive, within 60 days of the Executive’s Separation from Service (subject to Section 9.10
below), the following:

 

3

 

5.1.1. the Executive’s
accrued but unpaid Base Salary, and benefits set forth in Section 4.3, if
any, to the date of Separation from Service;

 

5.1.2. the Executive’s
earned but unpaid bonus, if any, for the performance year prior to termination
and only if the Company and not the Executive terminates employment;

 

5.1.3. expenses
reimbursable under Section 4.5 incurred but not yet reimbursed to the
Executive to the date of Separation from Service; and

 

5.1.4. payment for
accrued unused PTO days, with payment to be made within 60 days after the
Executive’s Separation from Service.

 

For
the purposes of this Agreement, “Cause” means, as determined by the Board (or a
special committee of the Board which does not include employees of the
Company), with respect to conduct during the Executive’s employment with the
Company, whether or not committed during the Term, (i) commission of a
felony by Executive; (ii) acts of dishonesty by Executive resulting or
intending to result in personal gain or enrichment at the expense of the
Company or its subsidiaries; (iii) Executive’s material breach of his
obligations under this Agreement; (iv) conduct by Executive in connection
with his duties hereunder that is fraudulent, unlawful or grossly negligent,
including, but not limited to, acts of discrimination; (v) engaging in
personal conduct by Executive (including but not limited to employee harassment
or discrimination, the use or possession at work of any illegal controlled
substance) which discredits or damages the Company or its subsidiaries; (vi) contravention
of specific lawful direction from the Chief Executive Officer that would not
otherwise conflict with Executive’s responsibilities or duties or the material
failure to perform the duties to be performed by Executive under the terms of Section 3.2
of this Agreement or (vii) breach of the Executive’s covenants set forth
in Section 6 below before termination of employment; provided, that, the
Executive shall have fifteen (15) days after notice from the Company to cure
the deficiency leading to the Cause determination (except with respect to (i) and
(ii) above), if curable.  A termination
for “Cause” shall be effective immediately (or on such other date set forth by
the Company).

 

For
the purposes of this Agreement, “Good Reason” means, without the Executive’s
consent, (i) a material reduction in the nature or status of Executive’s
responsibilities, authority, or duties; (ii) the Executive’s removal from
the position of Chief Financial Officer other than for Cause; (iii) a
material adverse reduction in the amount of aggregate compensation provided for
herein or failure to pay such compensation; (iv) the Company’s material
breach of the Agreement; provided that a suspension of the Executive and the
requirement that the Executive not report to work shall not constitute “Good
Reason” if the Executive continues to receive the compensation and benefits
required by this Agreement or (v) relocation of the Executive’s office
more than 50 miles from its location on the Effective Date (vi) the
failure by the Company to continue in effect any incentive compensation plan in
which the Executive participates unless an equitable alternative compensation
arrangement has been provided, except to the extent that participation in such
plans has been reduced or eliminated for all other eligible executives; (vii) except
as required by law, the failure by the Company to continue to provide Executive
with benefits at least as favorable as those enjoyed by Executive under the
employee benefit and welfare plans of the Company including, without
limitation, profit sharing, life insurance, medical, dental, health and accident,
disability, deferred compensation and savings plans commensurate with those
generally available to all 

 

4

 

Executives.  Notwithstanding the foregoing, a reduction in
the amount of Executive’s aggregate compensation in an amount proportional to
such a reduction (but not to exceed 20 percent) in the aggregate compensation
of other senior executives shall not constitute Good Reason.   The Executive shall provide notice to the
Company of the existence of (i) through (vii) of this Section within
ninety (90) days of the initial existence of such condition, upon the notice of
which the Company shall have at least thirty (30) days within which to cure
such condition.  If the Company fails to
cure the condition within the cure period specified in the preceding sentence,
the Executive must terminate employment within thirty (30) days of the Company’s
failure to cure.

 

For
purposes of this Agreement, “Separation from Service” shall mean the
termination of services provided by Executive, whether voluntary or
involuntary, as determined by the Company in accordance with Treas. Reg.
§1.409A-1(h).  In determining whether the
Executive has experienced a Separation from Service, the following provisions
shall apply:

 

(a)  a Separation from Service shall occur when
the Executive experiences a termination of employment with the Company and any
affiliate in which the Company has more than a 50% ownership interest (together
with the Company, the “Employer”), which shall be considered to have occurred
when the facts and circumstances indicate that either (i) the Executive is
not reasonably expected to perform further services for the Employer after a
certain date, or (ii) that the level of bona fide services the Executive
will perform for the Employer after such date (whether as an Employee or as an
independent contractor) will permanently decrease to no more than 20% of the
average level of bona fide services performed by such Executive (whether as an
Employee or an independent contractor) over the immediately preceding 36-month
period (or full period of services to the Employer if the Executive has been
providing services to the Employer for less than 36 months).

 

(b)  If the Executive is on military leave,
sick leave, or other bona fide leave of absence, the employment relationship
between the Executive and the Employer shall be treated as continuing intact,
provided that the period of such leave does not exceed six months, or longer,
so long as the Executive retains a right to reemployment with the Employer
under an applicable statute or by contract. 
If the period of leave exceeds six months and the Executive does not
retain a right to reemployment under an applicable statute or by contract, the
Executive will incur a Separation from Service as of the first day immediately
following the end of such six-month period. 
However, where the Executive’s leave of absence is due to his or her
Disability, a 29-month period of absence will be substituted for such six-month
period.  In applying the provisions of
this paragraph, a leave of absence shall be considered a bona fide leave of
absence only if there is a reasonable expectation that the Executive will
return to perform services for the Employer.

 

(c)  Notwithstanding the foregoing, if the
Executive provides services to the Employer as both an employee and a member of
the Board, then to the extent permitted by Treasury Regulation Section 1.409A-1(h)(5),
the services provided by such Executive as a Board member shall not be taken
into account in determining whether the Executive experiences a Separation from
Service as an employee.

 

5.2.    Due to Death or Disability.  If: (i) the Executive’s employment
terminates due to his death; or (ii) the Company terminates the Executive’s
employment with the Company due to 

 

5

 

the
Executive’s Disability (as defined below) and (i) the Executive honors all
applicable provisions of this Agreement following such termination due to
Disability, (ii) Executive agrees to make a good faith effort to the
extent reasonably able to do so to provide consulting services to the Company
as requested by the Company during the severance period at no additional
payment or remuneration other than the severance amount stated herein, (iii) Executive
or Executive’s legal representative executes, without revoking, a valid release
agreement in a form reasonably acceptable to the Company (but which does not
require Executive or Executive’s legal representative to release any rights
under this section of the Agreement or indemnification rights under Section 8
of the Agreement or under the articles of incorporation or by-laws of the
Company or any of its subsidiaries), the Executive or the Executive’s legal
representatives (as appropriate), shall be entitled to receive the incremental
severance payments set forth in this Section 5.2 (in addition to the
payments upon termination set forth in Section 5.1):

 

5.2.1. the unpaid
portion of the Bonus, if any, relating to the calendar years prior to the
calendar year of the Executive’s termination, payable within 60 days after the
Executive’s Separation from Service;

 

5.2.2. if the Company
achieves the performance objectives for the year in which Executive’s
employment is terminated, a pro-rata share of the Bonus in such performance
year (based upon the number of days he was employed by the Company in the year
in question) at 100% of Target Bonus, payable in the same manner and at the
same time as other executives remaining at the Company are paid, but in no
event later than two and one-half months after the end of the calendar year in
which the Executive’s right to payment vests hereunder; and

 

5.2.3. the exercising
of vested stock options as set forth in Section 4.2 of Executive’s Stock
Option Award Agreement.

 

For the purposes of this Agreement, “Disability”
means a reasonable determination by a physician reasonably acceptable to the
Company and in accordance with applicable law that as a result of a physical or
mental injury or illness, the Executive is unable to perform the essential
functions of his job with or without reasonable accommodation for a period of (i) 60
consecutive days; or (ii) 90 days in any one (1) year period.

 

5.3.   By the Company Without Cause
or By the Executive for Good Reason.  If during the Term the Company terminates
Executive’s employment without Cause (which may be done at any time without
prior notice) or Executive terminates his employment for Good Reason upon at
least fifteen (15) days prior written notice, the Executive shall receive the
incremental severance payments set forth in this Section 5.3, as described
below (in addition to the payments upon termination specified in Section 5.2)
upon execution without revocation of a valid release agreement in a form reasonably
acceptable to the Company (but which does not require Executive to release any
rights under this Section of the Agreement or indemnification rights under
Section 8 of the Agreement or under the articles of incorporation or
by-laws of the Company or any of its subsidiaries) and provided that the
Executive honors all applicable provisions of this Agreement following
termination and that Executive agrees to provide consulting services to the
Company, upon request, of up to ten (10) hours of Executive’s time per
month during this eighteen 

 

6

 

(18)
month time period, at no additional payment or remuneration other than the
severance amount stated herein:

 

5.3.1. continued Base
Salary for the greater of eighteen (18) months after the date of termination or
the remainder of the number of months remaining in the then current contract
term payable in a lump sum on the last business day of the month following
Separation of Service;

 

5.3.2. Bonus payments
in an aggregate amount equal to the lesser of the Bonus amount earned by the
Executive for the years prior to the calendar year of the Executive’s
termination (without regard to any pro ration) or the Target Bonus, payable in
lump sum on the last business day of the month following the Separation from
Service, or if such prior year bonus has not been determined at such time, on
the last business day of the month following such determination in a lump sum;

 

5.3.3. to the extent
Executive elects to continue his group health coverage pursuant to COBRA, the
Company shall pay its usual share of his group health insurance premium for the
period in which Base Salary is paid under Section 5.3.1, payable in a lump
sum on the last business day of the month following the Separation from
Service, after which Executive may exercise his rights (at his sole expense) to
continuation coverage of group health coverage pursuant to COBRA.  Notwithstanding the foregoing, the benefits
provided under this Section 5.3.3, shall cease when Executive is covered
under another group health plan; and

 

5.3.4. the vesting of
stock options as set forth in Section 4.1 of Executive’s Stock Option
Award Agreement.

 

5.4.   Termination due to
completion of term without renewal.  If the contract lapses due to non-renewal by
the Company upon expiration of the Initial Term or upon expiration of the First
Renewal Term, the Executive or the Executive’s legal representatives (as
appropriate) shall be entitled to receive the severance benefits set forth in Section 5.3,
but specifically excluding the benefits set forth in Section 5.3.2.

 

5.5.   Termination by Executive
following Change in Control. If Executive terminates
his employment during the 90-day period commencing six (6) months after a
Change in Control not involving an Initial Public Offering, the Executive shall
be entitled to  receive the incremental severance payments
set forth in Section 5.3.

 

For purposes of this Agreement, a “Change in Control”
means the occurrence of any one of the following:

 

(i)             any Person, other than a Permitted Investor, is or
becomes a “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company
representing (A) more than 30% of the total voting power of the Company’s
then outstanding securities generally eligible to vote for the election of
directors (the “Company Voting Securities”) and (B) a greater
percentage of the then outstanding Company Voting Securities that are than held
by all the Permitted Investors in the aggregate; provided, however,
that any of the following acquisitions shall not be deemed to be a Change in
Control: (l) by the Company or any subsidiary or affiliate, (2) 

 

7

 

by
any employee benefit plan (or related trust) sponsored or maintained by the
Company or any subsidiary or affiliate, (3) by any underwriter temporarily
holding securities pursuant to an offering of such securities, or (4) pursuant
to a Non-Qualifying Transaction (as defined in paragraph (ii));

 

(ii)           the consummation of a
merger, consolidation, statutory share exchange or similar form of corporate
transaction involving the Company or any of its subsidiaries or affiliates (a “Business
Combination”), unless immediately following such Business Combination:

 

(A)          more than 50% of the total
voting power of (x) the corporation resulting from such Business
Combination (the “Surviving Corporation”), or (y) if applicable,
the ultimate parent corporation that directly or indirectly has beneficial
ownership of a majority of the voting securities eligible to elect directors of
the Surviving Corporation (the “Parent Corporation”), is represented by
Company Voting Securities that were outstanding immediately prior to such
Business Combination (or, if applicable, is represented by shares into which
such Company Voting Securities were converted pursuant to such Business
Combination), and such voting power among the holders thereof is in
substantially the same proportion as the voting power of such Company Voting Securities
among the holders thereof immediately prior to the Business Combination,

 

(B)           no Person, other than a
Permitted Investor or any employee benefit plan (or related trust) sponsored or
maintained by the Surviving Corporation or the Parent Corporation, is or
becomes the beneficial owner, directly or indirectly, of securities of the
Parent Corporation (or, if there is no Parent Corporation, the Surviving
Corporation) representing (A) 30% of the total voting power of the
securities then outstanding generally eligible to vote for the election of
directors of the Parent Corporation (or the Surviving Corporation) (the “Parent
Voting Securities”), and (B) a greater percentage of the then
outstanding Parent Voting Securities that are then held by all the Permitted
Investors in the aggregate, and

 

(C)           at least a majority of the
members of the board of directors of the Parent Corporation (or, if there is no
Parent Corporation, the Surviving Corporation) following the consummation of
the Business Combination were Incumbent Directors at the time of the Board’s
approval of the execution of the initial agreement providing for such Business
Combination; (any Business Combination which satisfies all of the criteria
specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying
Transaction”) ;

 

(iii)          the
shareholders of the Company approve a plan of complete liquidation or
dissolution of the Company; or

 

8

 

(iv)      the consummation of a sale
of all or substantially all of the Company’s assets to an entity that is not an
affiliate of the Company (other than pursuant to a Non-Qualifying Transaction).

 

Notwithstanding the
foregoing, a Change in Control of the Company shall not be deemed to occur
solely because any person acquires beneficial ownership of more than 30% of
Company Voting Securities as a result of the acquisition of Company Voting
Securities by the Company which reduces the number of Company Voting Securities
outstanding; provided, that if after such acquisition by the
Company such person becomes the beneficial owner of additional Company Voting
Securities that increases the percentage of outstanding Company Voting
Securities beneficially owned by such person, a Change in Control of the
Company may then occur.

 

5.6.  Limitation on
Termination Payments.  The
Company’s obligation to provide the payments and benefits set forth above in
Sections 5.2, 5.3, 5.4 and 5.5 will immediately cease in the event the Executive
engages in conduct constituting a breach of the provision of Sections 5.9 or 6
of this Agreement.

 

5.7.  Compliance with
409A.  This Agreement is
intended to comply with (or be exempt from) Code Section 409A, and the
Company shall have complete discretion to interpret and construe this
Agreement and any associated documents in any manner that establishes an
exemption from (or otherwise conforms them to) the requirements of Code Section 409A.  If, for any reason including imprecision in
drafting, the Agreement does not accurately reflect its intended establishment
of an exemption from (or compliance with) Code Section 409A, as
demonstrated by consistent interpretations or other evidence of intent, the
provision shall be considered ambiguous and shall be interpreted by
the Company in a fashion consistent herewith, as determined in the
sole and absolute discretion of the Company.  The Company reserves
the right to unilaterally amend this Agreement without the consent
of any Executive in order to accurately reflect its correct interpretation
and operation, as well as to maintain an exemption from or compliance with Code
Section 409A.  Nevertheless, and
notwithstanding any other provision of this Agreement, neither the Company nor
any of its employees, directors, or their agents shall have any
obligation to mitigate, nor to hold the Executive  harmless from, any
or all taxes (including any imposed under Code Section 409A) arising under
this Agreement.

 

5.8.  Removal from
any Boards and Position.  If
the Executive’s employment is terminated for any reason under this Agreement,
he shall be deemed to resign (i) if a member, from the Board or board of
directors of any subsidiary of the Company or any other board to which he has
been appointed or nominated by or on behalf of the Company and (ii) from
any position with the Company or any subsidiary of the Company, including, but
not limited to, as an officer of the Company and any of its subsidiaries.

 

5.9.  Non-disparagement.  The Company and Executive agree that neither
party will at any time (whether during or after the Term) publish or
communicate to any person or entity except in the case of the Executive to his
spouse, or in the case of the Company and Executive to legal counsel, any
Disparaging (as defined below) remarks, comments or statements concerning the
Executive or  the Company, Cerberus
Capital Management, L.P., Ampersand Ventures, their parents, subsidiaries and
affiliates, and their respective 

 

9

 

present and former members,
partners, directors, officers, shareholders, employees, agents, attorneys,
successors and assigns, except as required by law or an order of a court or
governmental agency with jurisdiction.  “Disparaging”
remarks, comments or statements are those that impugn the character, honesty,
integrity or morality or business acumen or abilities in connection with any
aspect of the operation of business of the individual or entity being
disparaged.

 

6.   Restrictions
and Obligations of the Executive

 

6.1.  Confidentiality.  (a) During the course of the Executive’s
employment by the Company (prior to and during the Term), the Executive has had
and will have access to certain trade secrets and confidential information
relating to the Company and its subsidiaries (the “Protected Parties”) which is
not readily available from sources outside the Company.  The confidential and Proprietary information
and, in any material respect, trade secrets of the Protected Parties are among
their most valuable assets, including but not limited to, their customer,
supplier and vendor lists, databases, competitive strategies, computer
programs, frameworks, or models, their marketing programs, their sales,
financial, marketing, training and technical information, their product
development (and proprietary product data) and any other information, whether
communicated orally, electronically, in writing or in other tangible forms
concerning how the Protected Parties create, develop, acquire or maintain their
products and marketing plans, target their potential customers and operate
their retail and other businesses.  The
Protected Parties invested, and continue to invest, considerable amounts of
time and money in their process, technology, know-how, obtaining and developing
the goodwill of their customers, their other external relationships, their data
systems and data bases, and all the information described above (hereinafter
collectively referred to as “Confidential Information”), and any
misappropriation or unauthorized disclosure of Confidential Information in any
form would irreparably harm the Protected Parties.  The Executive acknowledges that such
Confidential Information constitutes valuable, highly confidential, special and
unique property of the Protected Parties. 
The Executive shall hold in a fiduciary capacity for the benefit of the
Protected Parties all Confidential Information relating to the Protected
Parties and their businesses, which shall have been obtained by the Executive
during the Executive’s employment by the Company or its subsidiaries and which
shall not be or become public knowledge (other than by acts by the Executive or
representatives of the Executive in violation of this Agreement).  Except as required by law or an order of a
court or governmental agency with jurisdiction, the Executive shall not, during
the period the Executive is employed by the Company or its subsidiaries or at
any time for five (5) years thereafter, disclose any Confidential
Information, directly or indirectly, to any person or entity for any reason or
purpose whatsoever, nor shall the Executive use it in any way, except in the
course of the Executive’s employment with, and for the benefit of, the
Protected Parties or to enforce any rights or defend any claims hereunder or
under any other agreement to which the Executive is a party, provided that such
disclosure is relevant to the enforcement of such rights or defense of such
claims and is only disclosed in the formal proceedings related thereto.  The Executive shall take all reasonable steps
to safeguard the Confidential Information and to protect it against disclosure,
misuse, espionage, loss and theft.  The
Executive understands and agrees that the Executive shall acquire no rights to
any such Confidential Information.  (b) All
files, records, documents, drawings, 

 

10

 

specifications, data,
computer programs, evaluation mechanisms and analytics and similar items,
except for those evaluation mechanisms and analytics and similar items which
are of prior art or common practice within the Executive’s professional
capacity,  relating thereto or to the
Business (for the purposes of this Agreement, “Business” shall be as defined in
Section 6.3 hereof), as well as all customer lists, specific customer
information, compilations of product research and marketing techniques of the
Company and its subsidiaries, whether prepared by the Executive or otherwise
coming into the Executive’s possession, shall remain the exclusive property of
the Company and its subsidiaries, and the Executive shall not remove any such
items from the premises of the Company and its subsidiaries, except in
furtherance of the Executive’s duties under any employment agreement.  (c) It is understood that while employed
by the Company or its subsidiaries, the Executive will promptly disclose to it,
and assign to it the Executive’s interest in any invention, improvement or
discovery made or conceived by the Executive, either alone or jointly with
others, which: (i) relate in any manner to the existing or contemplated
business, research or activities of the Company; (ii) are suggested by or
result from Executive’s work with the Company, or (iii) result from the
Executive’s use of the Company’s time, materials, information, employees or
facilities even if made or conceived during other than working hours.  At the Company’s request and expense, the
Executive will assist the Company and its subsidiaries during the period of the
Executive’s employment by the Company or its subsidiaries and thereafter in
connection with any controversy or legal proceeding relating to such invention,
improvement or discovery and in obtaining domestic and foreign patent or other
protection covering the same.  (d) As
requested by the Company and at the Company’s expense, from time to time and
upon the termination of the Executive’s employment with the Company for any
reason, the Executive will promptly deliver to the Company and its subsidiaries
all copies and embodiments, in whatever form, of all Confidential Information
in the Executive’s possession or within his control (including, but not limited
to, memoranda, records, notes, plans, photographs, manuals, notebooks,
documentation, program listings, flow charts, magnetic media, disks, diskettes,
tapes and all other materials containing any Confidential Information)
irrespective of the location or form of such material.  If requested by the Company, the Executive
will provide the Company with written confirmation that all such materials have
been delivered to the Company as provided herein.

 

6.2.  Non-Solicitation
or Hire.  During the Term and for a
period of twenty-four (24) months following the termination of the Executive’s
employment for any reason, the Executive shall not solicit or attempt to
solicit or induce, directly or indirectly: (a) any person or entity who is
a customer of the Company or its subsidiaries, or who was a customer of the
Company or its subsidiaries at any time during the twelve (12) month period
immediately prior to the date the Executive’s employment terminates for any
reason, to market, sell or provide to any such person or entity any services or
products offered by or available from the Company or its subsidiaries (provided
that if the Executive intends to solicit any such person or entity for any
other purpose, he shall notify the Company of such intention and receive prior
written approval from the Company); (b) any supplier to the Company or any
subsidiary to terminate, reduce or alter negatively its relationship with the
Company or any subsidiary or in any manner interfere with any agreement or
contract between the Company or any subsidiary and such supplier; or (c) any
employee of the Company or any of its subsidiaries or any person who was an
employee of the 

 

11

 

Company or any of its
subsidiaries during the twelve (12) month period immediately prior to the date
the Executive’s employment terminates for any reason, to terminate such
employee’s employment relationship with the Protected Parties in order, in
either case, to enter into a similar relationship with the Executive or any
other person or any entity in competition with the Business of the Company or
any of its subsidiaries.

 

6.3.  Non-Competition.  During the Term and following
the Executive’s Separation from Service with the Company for any reason,
Executive, for the greater of eighteen (18) months or the period in which the
Company is making payments to the Executive in accordance with Sections 5.2,
5.3 and 5.5 above, shall not, whether individually, as a Director, Manager,
member, stockholder, partner, owner, employee, consultant or agent of any
business, or in any other capacity, other than on behalf of the Company or its
subsidiaries, directly or indirectly organize, establish, own, operate, manage,
control, engage in, participate in, invest in, permit his name to be used by,
act as a consultant or advisor to, render services which are materially similar
to his services provided to the Company under this Agreement for, alone or in
association with any person, firm, corporation or business organization,
including but not limited to Baxter (if it then engages in or owns, invests in,
operates, manages or controls any venture or enterprise which engages or
proposes to engage in any business conducted by the Company or any of its
subsidiaries), CSL, Octapharma, Grifols, Biotest, Kedrion, Kamada and Sanguine
or otherwise assist any person or entity that engages in or owns, invests in,
operates, manages or controls any venture or enterprise which engages or
proposes to engage in any business conducted by the Company or any of its
subsidiaries on the date of the Executive’s termination of employment or within
eighteen (18) months of the Executive’s termination of employment in the geographical
areas of: (i) Johnston and Wake Counties, North Carolina; (ii) the
State of North Carolina; (iii) the states of Pennsylvania, California, New
York and Florida; (iv) the United States of America; and (v) any
geographic locations where the Company and its subsidiaries engage, in such
business (the “Business”). 
Notwithstanding the foregoing, nothing in this Agreement shall prevent
the Executive from owning for passive investment purposes not intended to
circumvent this Agreement, less than five percent (5%) of the publicly traded
common equity securities of any company engaged in the Business (so long as the
Executive has no power to manage, operate, advise, consult with or control the
competing enterprise and no power, alone or in conjunction with other
affiliated parties, to select a director, manager, general partner, or similar
governing official of the competing enterprise other than in connection with
the normal and customary voting powers afforded the Executive in connection
with any permissible equity ownership).

 

6.4.  Property.  The Executive acknowledges that all originals
and copies of materials, records and documents generated by his or coming into
his possession during his employment by the Company or its subsidiaries and
which relate to the business of the Company or its subsidiaries (excluding this
Agreement and other documents relating to Executive’s employment relationship
with the Company) are the sole property of the Company and its subsidiaries (“Company
Property”).  During the Term, and at all
times thereafter, the Executive shall not remove, or cause to be removed, from
the premises of the Company or its subsidiaries, copies of any record, file,
memorandum, document, computer related information or equipment, or any other
item relating to the business of the Company or its subsidiaries, except in
furtherance of his duties under the Agreement. 
When the 

 

12

 

Executive’s employment with
the Company terminates for any reason, or upon request of the Company at any
time, the Executive shall promptly deliver to the Company all copies of Company
Property in his possession or control.

 

Sections 6.1, 6.2, 6.3, and
6.4 of this Agreement, including each provision within those Sections, are
independent and severable.  In the event
that a court of competent jurisdiction finds any provision of Sections 6.1,
6.2, 6.3 and 6.4 of this Agreement to be overbroad or unenforceable for any
reason, Executive and Company hereby specifically agree and request that the
court modify each such provision in a manner that will make each such provision
enforceable to the maximum extent allowed by law.

 

7.   Remedies; Specific
Performance.  The Parties
acknowledge and agree that the Executive’s breach or threatened breach of any
of the restrictions set forth in Section 6 will result in irreparable and
continuing damage to the Protected Parties for which there may be no adequate
remedy at law and that the Protected Parties shall be entitled to equitable
relief, including specific performance and injunctive relief as remedies for
any such breach or threatened or attempted breach.  The Executive also agrees that such remedies
shall be in addition to any and all remedies, including damages, available to
the Protected Parties against his for such breaches or threatened or attempted
breaches.  In addition, without limiting
the Protected Parties’ remedies for any breach of any restriction on the
Executive set forth in Section 6, except as required by law, the Executive
shall not be entitled to any payments set forth in Section 5.2, 5.3 or 5.5
hereof if the Executive has breached the covenants applicable to the Executive
contained in Section 5.8 or 6, the Executive will
immediately return to the Protected Parties any such payments previously
received under Sections 5.2, 5.3 and 5.5 upon such a breach, and, in the event
of such breach, the Protected Parties will have no obligation to pay any of the
amounts that remain payable by the Company under Sections 5.2, 5.3 and 5.5

 

8.   Indemnification.  The Company agrees, to the extent permitted
by applicable law and its organizational documents, to indemnify, defend and
hold harmless the Executive from and against any and all losses, suits,
actions, causes of action, judgments, damages, liabilities, penalties, fines,
costs or claims of any kind or nature (“Indemnified Claim”), including
reasonable legal fees and related costs incurred by Executive in connection
with the preparation for or defense of any Indemnified Claim, whether or not
resulting in any liability, to which Executive may become subject or liable or
which may be incurred by or assessed against Executive, relating to or arising
out of his employment by the Company or the services to be performed pursuant
to this Agreement, provided that: (i) the Company shall only defend but
not indemnify or hold Executive harmless from and against an Indemnified Claim
in the event there is a final, non-appealable determination that Executive’s
liability with respect to such Indemnified Claim resulted from Executive’s
gross misconduct or gross negligence; and (ii) in the event that the
Executive’s actions, inactions, decisions or directions which gave rise to the
Indemnified Claim were outside the scope of his authority or were plainly
contrary to instructions provided his by the Board then the Company shall not
be obligated to either defend or indemnify Executive for the Indemnified Claim
and its responsibilities under this Section of the Agreement are null and
void.

 

13

 

9.   Other Provisions.

 

9.1.  Notices.  Any notice or other communication required or
which may be given hereunder shall be in writing and shall be delivered
personally, telegraphed, telexed, sent by facsimile transmission or sent by
certified, registered or express mail, postage prepaid or overnight mail and
shall be deemed given when so delivered personally, telegraphed, telexed, or
sent by facsimile transmission or, if mailed, four (4) days after the date
of mailing or one (1) day after overnight mail, as follows:

 

If
the Company, to:

 

Attn.:
General Counsel

P.O. 
Box 1388779

TW Alexander Drive

4101 Research Commons

Research Triangle Park

Raleigh,
NC  27709

Fax:
(919) 316-6669

 

If the Executive,

 

to the Executive’s home
address reflected in the Company’s records.

 

9.2.  Entire
Agreement.  This
Agreement contains the entire agreement between the Parties with respect to the
subject matter hereof and supersedes all prior agreements, written or oral,
with respect thereto.

 

9.3.  Representations
and Warranties by Executive.  The Executive represents and warrants that he
is not a party to or subject to any restrictive covenants, legal restrictions
or other agreements in favor of any entity or person which would in any way
preclude, inhibit, impair or limit the Executive’s ability to perform his
obligations under this Agreement, including, but not limited to,
non-competition agreements, non-solicitation agreements or confidentiality
agreements.

 

9.4.  Waiver and
Amendments.  This
Agreement may be amended, modified, superseded, canceled, renewed or extended,
and the terms and conditions hereof may be waived, only by a written instrument
signed by the Parties or, in the case of a waiver, by the party waiving
compliance.  No delay on the part of any
party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof, nor shall any waiver on the part of any right, power or
privilege hereunder, nor any single or partial exercise of any right, power or
privilege hereunder, preclude any other or further exercise thereof or the
exercise of any other right, power or privilege hereunder.

 

9.5.  Governing Law,
Dispute Resolution and Venue (a) This Agreement
shall be governed and construed in accordance with the laws of the State of
North Carolina.  (b)  The parties
agree irrevocably to submit to the exclusive jurisdiction of the United States
Federal District Court of North Carolina, Eastern Division, or if no federal
jurisdiction exists, to the state courts located in the city of Raleigh, North
Carolina for the purposes of any suit, action or other proceeding brought by
any party arising out of any breach of any of the provisions of this Agreement
and hereby waive, and agree not to assert by 

 

14

 

way of motion, as a defense
or otherwise, in any such suit, action, or proceeding, any claim that it is not
personally subject to the jurisdiction of the above-named courts, that the
suit, action or proceeding is brought in an inconvenient forum, that the venue
of the suit, action or proceeding is improper, or that the provisions of this
Agreement may not be enforced in or by such courts.  In addition, the parties agree to the waiver
of a jury trial.

 

9.6.  Assignability
by the Company and the Executive.  This Agreement, and the rights and obligations
hereunder, may not be assigned by the Company or the Executive without written
consent signed by the other party; provided that the Company may assign the
Agreement to any successor that continues the business of the Company.

 

9.7.  Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same instrument.

 

9.8.  Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning of terms contained herein.

 

9.9.  Severability.  If any term, provision, covenant or
restriction of this Agreement, or any part thereof, is held by a court of
competent jurisdiction of any foreign, federal, state, county or local
government or any other governmental, regulatory or administrative agency or
authority to be invalid, void, unenforceable or against public policy for any
reason, the remainder of the terms, provisions, covenants and restrictions of
this Agreement shall remain in full force and effect and shall in no way be
affected or impaired or invalidated.  The
Executive acknowledges that the restrictive covenants contained in Section 6
are a condition of this Agreement and are reasonable and valid in temporal
scope and in all other respects.

 

9.10. Tax Withholding.  The Company or other payor is authorized to
withhold from any benefit provided or payment due hereunder, the amount of
withholding taxes due any federal, state or local authority in respect of such
benefit or payment and to take such other action as may be necessary in the
opinion of the Board to satisfy all obligations for the payment of such
withholding taxes.  The Executive
is solely responsible for the payment of any tax liability (including any taxes
and penalties arising under Code Section 409A) that Executive incurs as a
result of any payments or benefits that the Executive receives pursuant to this
Agreement.  The Company shall not have
any obligation to pay the Executive for any such tax liabilities If, at the
time of  Executive’s Separation from Service, the Executive is a “specified
employee” (within the meaning of Code Section 409A and Treas. Reg.
§1.409A-3(i)(2)), the Company will not pay or provide any “Specified
Benefits” (as defined herein) during the six-month period (the “409A Suspension
Period”) beginning immediately after the Executive’s Separation from
Service. For purposes of this Agreement, “Specified Benefits”
are any amounts or benefits that would be subject to Section 409A
penalties if the Company were to pay them, pursuant to this Agreement, on
account of the Executive ‘s Separation from Service.

 

Within 14 calendar days after the end of the 409A Suspension
Period, the Company will make a lump-sum payment to the Executive, in cash, in
an amount equal to any payments and benefits that the Company does not make on
account of the 409A Suspension Period.  

 

15

 

At the close of the 409A Suspension Period, the
Executive will receive any remaining payments and benefits due pursuant to Section 4
in accordance with the terms of that Section (as if there had not been any
suspension beforehand).  Notwithstanding
the foregoing, in the event that this Agreement or any payment or benefit paid
to the Executive hereunder is deemed to be subject to Section 409A of the
Code, Executive and the Company agree to negotiate in good faith to adopt such
amendments that are necessary to comply with Section 409A of the Code or
to exempt such payments or benefits from Section 409A of the Code.

 

IN WITNESS WHEREOF, the Parties hereto, intending to be legally bound
hereby, have executed this Agreement on November 24, 2008, as of October 10,
2008.

 

	
   

  	
  EXECUTIVE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ John M. Hanson

  	
   

  
	
   

  	
  Name: John M. Hanson

  	
   

  
	
   

  	
  Title: Executive Vice
  President and Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Talecris Biotherapeutics
  Holdings Corp.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lawrence D. Stern

  	
   

  
	
   

  	
  Name: Lawrence D. Stern

  	
   

  
	
   

  	
  Title: Chairman and Chief
  Executive Officer

  	
   

  
				

 

16

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