Document:

EXHIBIT 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

THIS SECURITIES PURCHASE
AGREEMENT (this “Agreement”) is made and entered into this 6th day of September, 2016, by and between HUDSON GLOBAL,
INC., a Delaware corporation (“Buyer”), and SAGARD CAPITAL PARTNERS, L.P., a Delaware limited partnership (“Seller”).

 

RECITALS:

 

A.           Seller
directly beneficially owns the securities described in Appendix A attached hereto (collectively, the “Securities”);
and

 

B.           Buyer
desires to purchase and acquire the Securities from Seller, and Seller desires to sell, assign and transfer the Securities to Buyer,
on the terms and conditions contained herein.

 

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

 

1.          Sale
and Purchase of Securities. Buyer agrees to purchase the Securities from Seller, and Seller agrees to sell, transfer, assign
and deliver the Securities to Buyer, on the terms and conditions set forth herein, free and clear of all security interests, adverse
claims, liens, charges or encumbrances of any kind (other than those arising under applicable securities laws or the organizational
documents or rights plans or agreements of Buyer). The trade date for the Securities shall be September 6, 2016, and the settlement
date (the “Closing”) shall be September 9, 2016.

 

2.          Purchase
Price. In consideration for the Securities being purchased by it hereunder, Buyer shall pay to Seller the aggregate purchase
price set forth in Appendix A attached hereto (the “Purchase Price”). The Purchase Price shall be paid to Seller at
the Closing by wire transfer of immediately available funds into the account identified in writing by Seller concurrently with
the execution and delivery of this Agreement.

 

3.          Transfer
Mechanics. At the Closing, Seller will transfer ownership of the Securities to Buyer through the book-entry system of The Depository
Trust Company (or other mutually acceptable customary means of transfer) and will take whatever other action is deemed by Buyer
to be reasonably necessary or appropriate to transfer ownership of the Securities to Buyer in accordance with customary instructions
provided by Buyer. Buyer shall provide reasonable assistance and cooperation in all such actions; provided, however, that Buyer
shall not be obligated to pay any transfer taxes or other comparable fees in connection with this Agreement.

 

4.          Representations
and Warranties of Seller. As an inducement to Buyer to enter into this Agreement, Seller hereby represents and warrants to
Buyer (which representations and warranties shall survive the Closing) as follows:

 

     

     

    

 

a.           Authorization
and Enforceability. Seller is a validly existing Delaware limited partnership and has all requisite limited partnership power
and authority to enter into this Agreement. This Agreement has been duly and validly authorized, executed and delivered by Seller
and constitutes the valid and legally binding obligation of Seller, enforceable in accordance with its terms, except as the enforcement
hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of
creditors generally and subject to general equity principles. No other or further limited partnership act or proceeding on behalf
of Seller is necessary to authorize this Agreement or to effect the transactions contemplated hereby.

 

b.           Title
to Securities. Seller is the direct beneficial owner of the Securities and Seller will cause such Securities to be transferred
to Buyer at the Closing free and clear of all adverse claims, security interests, liens, charges and encumbrances of any kind (other
than those arising under applicable securities laws or the organizational documents or rights plans or agreements of Buyer) and
Buyer will, assuming payment of the Purchase Price as contemplated herein, acquire the Securities free and clear of all such adverse
claims, security interests, liens, charges and encumbrances (other than those arising under applicable securities laws or the organizational
documents or rights plans or agreements of Buyer).

 

c.           Required
Consents. Except for those which have previously been obtained, filed or given (as the case may be) and remain in full force
and effect, or will be filed or given by Seller in a timely manner when due following the date of this Agreement, no consent, approval
or authorization of or permit or license from or registration with or notice to any governmental or public body or authority or
any third party is required to be obtained, filed or given by Seller in connection with the transfer of the Securities or the making
or performance of this Agreement or any document or instrument related hereto, other than such filings as may be necessary under
securities laws, including filings pursuant to Sections 13(d) and 16(a) of the Securities Exchange Act of 1934, as amended.

 

d.           No
Violation. Neither the execution and delivery of this Agreement nor the consummation by Seller of the transactions contemplated
hereby (i) will violate any statute, law, ordinance, rule or regulation or any order, injunction, judgment, plan or decree of any
governmental or public body or authority or (ii) will violate or conflict with, or constitute a default (or an event which, with
notice or lapse of time, or both, would constitute a default) under, or will result in the termination of, or accelerate the performance
required by, or result in the creation of any adverse claim, security interest, lien, charge or encumbrance of any kind upon any
of the assets of Seller or the Securities under, any term or provision of the organizational documents of Seller or of any contract,
commitment, understanding, arrangement, agreement or restriction of any kind or character to which Seller is a party or by which
Seller or any of its assets or properties may be bound or affected.

 

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e.           Disclosure
Matters. Seller reached a decision to sell the Securities to Buyer, knowing that Buyer is the issuer of the Securities. Seller
is an experienced and sophisticated investor in equity securities of public companies and has carefully reviewed Buyer’s
Annual Report on Form 10-K for the year ended December 31, 2015, all subsequent filings of Buyer with the Securities and Exchange
Commission, other publicly available information regarding Buyer and such other information that Seller and its advisors deemed
necessary to make its decision to sell the Securities to Buyer. Regardless of any materially favorable information about Buyer
that Buyer or its affiliates may possess but have not disclosed to Seller (which information may indicate a value of the Securities
that is substantially different than reflected in such sale to Buyer), Seller would not have changed its decision to sell the Securities
to Buyer, including the price at which the Securities are being sold. Seller has not requested from Buyer or any of its affiliates,
and Seller is not relying on Buyer or any of its affiliates for, any information in connection with its decision to sell the Securities,
nor is such information necessary to or desired by Seller. Seller acknowledges and understands that Buyer and its affiliates may
possess material nonpublic information regarding Buyer not known to Seller that may impact the value of the Securities and that
Buyer is unable to disclose such information to Seller. Seller understands, based on its experience, the disadvantage to which
Seller is subject due to the disparity of information between Buyer and Seller and, notwithstanding such disparity, Seller has
deemed it appropriate to sell the Securities to Buyer. If, despite the preceding representations and warranties in this Section
4(e), Seller and/or an affiliate of Seller are parties to a proceeding in which Seller and/or such affiliate seek relief from Buyer
or any of its affiliates based on the allegation that Seller was entitled to additional information from Buyer or any of its affiliates
in connection with the sale of the Securities, Seller and/or such affiliate will indemnify Buyer and all of its affiliates and
hold them harmless from any cost, expense and liability arising out of such proceeding. It is understood that the foregoing indemnity
by its term applies only to proceedings in which Seller and/or an affiliate of Seller seek relief. Hence, such indemnity does not
apply to any proceeding brought by any other person, including without limitation, the Securities and Exchange Commission. The
term “affiliates” shall include executive officers and directors of Buyer for purposes of this Agreement.

 

5.          Representations
and Warranties of Buyer. As an inducement to Seller to enter into this Agreement, Buyer hereby warrants and represents to Seller
(which representations and warranties shall survive the Closing) as follows:

 

a.           Authorization
and Enforceability. Buyer is a validly existing Delaware corporation and has all requisite power and authority to enter into
this Agreement. This Agreement has been duly and validly authorized, executed and delivered by Buyer and constitutes the valid
and legally binding obligation of Buyer, enforceable in accordance with its terms, except as the enforcement hereof may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and
subject to general equity principles. No other or further corporate act or proceeding on behalf of Buyer is necessary to authorize
this Agreement or to effect the transactions contemplated hereby. For the avoidance of doubt, Buyer’s execution of this Agreement
constitutes its consent under paragraph 3(b) of Article XIV of Buyer’s certificate of incorporation to the transfer of the
Securities as contemplated hereby, and such consent has been obtained by the Buyer in the manner set forth in such paragraph and
is not subject to any conditions other than the conditions to transfer expressly set forth in this Agreement.

 

b.           Required
Consents. Except for those which have previously been obtained, filed or given (as the case may be) and remain in full force
and effect, or will be filed or given in a timely manner when due following the date of this Agreement, no consent, approval or
authorization of or permit or license from or registration with or notice to any governmental or public body or authority or any
third party is required to be obtained, filed or given by Buyer in connection with its purchase of the Securities or the making
or performance of this Agreement or any document or instrument related hereto.

 

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c.           No
Violation. Neither the execution and delivery of this Agreement nor the consummation by Buyer of the transactions contemplated
hereby (i) will violate any statute, law, ordinance, rule or regulation or any order, injunction, judgment, plan or decree of any
governmental or public body or authority or (ii) will violate or conflict with, or constitute a default (or an event which, with
notice or lapse of time, or both, would constitute a default) under, or will result in the termination of, or accelerate the performance
required by, or result in the creation of any adverse claim, security interest, lien, charge or encumbrance of any kind upon any
of the assets of Buyer under, any term or provision of the charter or bylaws of Buyer or of any contract, commitment, understanding,
arrangement, agreement or restriction of any kind or character to which Buyer or any of its subsidiaries is a party or by which
Buyer or any of its subsidiaries or any of their respective assets or properties may be bound or affected.

 

d.           No
Other Representations. Buyer acknowledges that it has not relied upon any express or implied representations or warranties
of any nature made by or on behalf of Seller, whether or not any such representations, warranties or statements were made in writing
or orally, except as expressly set forth for the benefit of Buyer in this Agreement.

 

6.          Certain
Agreements.

 

a.           Restrictions
on Transfers of Securities. As an inducement to Buyer to enter into this Agreement, (i) Seller hereby represents and warrants
to Buyer (which representations and warranties shall survive the Closing) that Seller is the direct beneficial owner of 4,291,584
shares of common stock of Buyer as of the date of this Agreement (such shares, the “Restricted Shares”) and (b) Seller
agrees that, from the date of this Agreement until November 6, 2016, Seller shall not, without the prior written consent of Buyer,
sell, pledge, encumber or otherwise dispose of or transfer, nor permit to be sold, pledged, encumbered or otherwise disposed of
or transferred in any manner, either voluntarily or by operation of law, any of the Restricted Shares or any of the economic or
other rights associated therewith or otherwise enter into any transaction or agreement with respect to the Restricted Shares that
would be reportable with the Securities and Exchange Commission under Section 13(d) or Section 16(a) of the Securities Exchange
Act of 1934, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder, provided
that the provisions of this Section 6(a) shall not apply (i) to the sale of the Securities to Buyer in accordance with this Agreement,
(ii) if Buyer fails to consummate the transactions contemplated hereby by paying the Purchase Price set forth herein on the settlement
date or (iii) to sales or transfers in response to a tender or exchange offer for the common stock of Buyer (other than a tender
or exchange offer by Seller or an affiliate) or as part of a merger, consolidation or other transaction in which all or substantially
all of the outstanding shares of common stock of Buyer are converted into or exchanged for other consideration and is approved
by the stockholders of Buyer.

 

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b.           Acknowledgement.
Each party acknowledges and agrees that the agreements, representations and warranties set forth above provided above are material
to the other party and its affiliates, that each party and its affiliates relied on such representations, warranties and covenants
when deciding to consummate the transactions contemplated hereby, and that neither party would have agreed to execute and deliver
this Agreement in the absence of such representations, warranties and covenants. Notwithstanding anything to the contrary contained
in this Agreement, each party agrees that irreparable damage would occur if any provision of this Agreement were not performed
in accordance with the terms hereof and that each party shall be entitled to an injunction or injunctions to prevent breaches or
threatened breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition
to any other remedy to which such party is entitled at law or in equity.

 

7.          Public
Announcements. Seller acknowledges that Buyer will be filing a Current Report on Form 8-K attaching a copy of this Agreement
and issuing a press release, each disclosing the transactions contemplated by this Agreement. Buyer acknowledges that Seller will
be filing an amendment to its Schedule 13D with respect to the Company, attaching a copy of this Agreement and disclosing the transactions
contemplated hereby. The parties agree that each such filing will be made before normal trading hours on the trade date of this
Agreement. Except for the foregoing, and except as required by law, rule, regulation, listing requirement or court or other order,
neither party shall make any public announcement with respect to this Agreement or the transactions contemplated hereby without
the express written consent of other party (not to be unreasonably withheld or delayed).

 

8.          Closing.
The Closing of the purchase and sale of the Securities contemplated by this Agreement shall occur on the above-referenced settlement
date.

 

9.          Counterparts.
This Agreement may be executed in one or more counterparts (including by facsimile, PDF or other electronic means), each of which
will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one
and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered
to the other parties.

 

10.         Amendments,
Waivers and Consents. No amendment or waiver of any provision of this Agreement shall in any event be effective unless the
same shall be in writing and signed by the parties hereto.

 

11.         Successors
and Assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or
in part, by either party without the prior written consent of the other party. This Agreement is for the sole benefit of the parties
and their successors and permitted assigns and nothing herein express or implied shall give or shall be construed to confer any
legal or equitable rights or remedies to any person other than the parties to this Agreement and such successors and permitted
assigns.

 

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12.         Applicable
Law; Jurisdiction; Jury Trial Waiver. This Agreement shall be governed by and construed under the internal laws of the State
of Delaware. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the federal or state courts located
in the Borough of Manhattan, City of New York, State of New York for the purpose of any suit, action or other proceeding arising
out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon
this Agreement except in the federal or state courts located in the Borough of Manhattan, City of New York, State of New York,
and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, 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 this Agreement or the subject matter hereof may not be enforced in or by such court. BUYER
AND SELLER EACH HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

13.         Further
Assurances. The parties shall fully cooperate with each other and shall execute and deliver, or cause to be executed and delivered,
all such other powers, instruments and documents, and will take all such other action, as the parties may reasonably request from
time to time in order to carry out the provisions and purposes hereof.

 

14.         Notices.
Any notice or other communication required or desired to be served, given or delivered hereunder shall be in writing and shall
be deemed to have been validly served, given or delivered upon actual receipt, upon two business days after deposit in the United
States mail, as registered or certified mail, with proper postage prepaid, or upon successful facsimile transmission (with a copy
to follow by mail) and addressed to the party to be notified as follows:

 

(a)          If
to Buyer, at:

 

Hudson Global, Inc.

Attention: Stephen A. Nolan

1325 Avenue of the Americas

New York, New York 10019

Fax:(212) 351-7402

 

(b)          If
to Seller, at:

 

Sagard Capital Partners, L.P.

Attention: President

325 Greenwich Avenue

Greenwich, CT 06830

Fax:203-629-6781

 

or to such other address as either party
may hereafter designate for itself by written notice to the other party in the manner herein prescribed.

 

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15.         Section
Headings. The section headings herein are for convenience of reference only, and shall not affect in any way the interpretation
of any of the provisions hereof.

 

16.         Severability.
The promises, representations, covenants, warranties and clauses contained in this Agreement shall be deemed severable and if any
portion hereof shall be held invalid, illegal or unenforceable for any reason, the remainder shall not thereby be invalidated but
shall remain in full force and effect.

 

17.         Entire
Agreement. This Agreement embodies the entire agreement between the parties hereto with respect to the specific transactions
contemplated herein, and supersedes all prior understandings and agreements, whether oral or written, between the parties hereto
with respect to the specific subject matter hereof.

 

18.         Expenses;
No Broker. Each of Buyer and Seller shall bear its own expenses in connection with the drafting, negotiation, execution and
delivery of this Agreement and the consummation of the transactions contemplated hereby. Except as previously disclosed to each
other party, no party has engaged any third party as broker or finder or incurred or become obligated to pay any broker’s
commission or finder’s fee in connection with the transactions contemplated by this Agreement.

 

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

 

	 	HUDSON GLOBAL, INC.
	 	 
	 	By:	/s/ Stephen A. Nolan
	 	 
	 	Title:  Chief Executive Officer
	 	 
	 	SAGARD CAPITAL PARTNERS, L.P.
	 	By: Sagard Capital Partners GP, Inc., its general partner
	 	 
	 	By:	/s/ Samuel Robinson
	 	 
	 	Title:  Authorized signatory

 

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APPENDIX A

 

SECURITIES AND PURCHASE PRICE

 

	Security	 	Cusip No.	 	 	No. of Shares	 	 	Price/Share	 	 	Aggregate
 Purchase Price	 
	Common Stock of Hudson Global, Inc.	 	 	443787106	 	 	 	1,100,000	 	 	$	1.80	 	 	$	1,980,000.00Exhibit 10.11

 

ACUSHNET COMPANY

AMENDED AND RESTATED TRUST AGREEMENT

 

This Agreement made this 31st day of August 2016 by and between ACUSHNET COMPANY, A Delaware Corporation (the “Company”) and THE NORTHERN TRUST COMPANY (Trustee), is an amendment and restatement of the Acushnet Company Trust Agreement dated June 1, 2001 (the “Original Agreement”);

 

(a)  WHEREAS, Company has adopted the non-qualified deferred compensation plan(s) (the “Plan(s)”) as listed in Appendix A, which may be revised by Company from time to time to add more Plans by delivering to Trustee a new Appendix A without requiring an amendment of the Trust Agreement.

 

(b)  WHEREAS, Company has incurred or expects to incur liability under the terms of such Plan(s) with respect to the individuals participating in such Plan(s);

 

(c)  WHEREAS, Company established the Original Agreement and irrevocably contributed assets to the Trust Fund, subject to the claims of Company’s creditors in the event of Company’s Insolvency, as herein defined, until paid to Plan participants and their beneficiaries in such manner and at such times as specified in the Plan(s);

 

(d)  WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the Plan(s) as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974;

 

(e)  WHEREAS, it is the intention of Company to make contributions to the Trust to provide itself with a source of funds to assist it in the meeting of its liabilities under the Plan(s);

 

NOW, THEREFORE, the parties do hereby establish the Trust and agree that the Trust shall be comprised, held and disposed of as follows:

 

SECTION 1.  ESTABLISHMENT OF TRUST

 

(a)  Company shall deliver funds to Trustee from time to time to be held hereunder and which shall become the principal of the Trust to be held, administered and disposed of by Trustee as provided in this Trust Agreement.  All assets subject to this Agreement shall constitute the “Trust Fund”.

 

(b)  The Trust hereby established shall be irrevocable.

 

(c)  The Trust is intended to be a grantor trust, of which Company is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.

 

 

(d)  The principal of the Trust, and any earnings thereon shall be held separate and apart from other funds of Company and shall be used exclusively for the uses and purposes of Plan participants and general creditors as herein set forth.  Plan participants and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust.  Any rights created under the Plan(s) and this Trust Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against Company.  Any assets held by the Trustee will be subject to the claims of Company’s general creditors under federal and state law in the event of Insolvency as defined in Section 3(a) herein.

 

(e)  Company, in its sole discretion, may at any time, or from time to time, make additional deposits of cash or other property in trust with Trustee to augment the principal to be held, administered and disposed of by Trustee as provided in this Trust Agreement.  Neither Trustee nor any Plan participant or beneficiary shall have any right to compel such additional deposits.  Trustee shall have no duty to enforce any funding obligations of Company, and the duties of Trustee shall be governed solely by the terms of the Trust without reference to the terms of the Plan(s).  Notwithstanding the foregoing, the Company shall not make any contributions to the Trust: (a) in connection with a change in the financial health of the Company or an affiliate; or (b) during any restricted period with respect to a qualified defined benefit plan maintained by the Company or an affiliate.  To avoid adverse tax consequences to Plan participants, if the Company or an affiliate makes a contribution or deposit to the Trust during a period that is later determined to be a restricted period, the Trustee shall remit such contribution or deposit back to the Company as soon as practicable after notification by the Company of the prohibited contribution or deposit to the extent such remittal would ameliorate any adverse tax consequences.  For the avoidance of doubt, the Trustee shall have no duty to (i) monitor such contributions; or (ii) determine the potential tax consequences related to a contribution.

 

(f)  Upon a Change of Control occurring after the effective date and adoption of this amended and restated Trust Agreement, the Company shall, as soon as possible (but in no event longer than 90 (ninety) days following the Change of Control, as defined in Section 13(d) herein), irrevocably contribute to the Trust an amount that, when added to the existing Trust assets, is sufficient to pay the then current Plan participants or beneficiaries, which shall not be less than the present value of the benefits that would be due to such Plan participants and beneficiaries under the Plan as of the date of such Change of Control, less the value of amounts contributed to another trust with respect to any Participant in connection with the Plan.  Trustee shall have no duty to enforce any funding obligations of Company, and the duties of Trustee shall be governed solely by the terms of the Trust without reference to the terms of the Plan(s).

 

SECTION 2.  PAYMENTS TO PLAN PARTICIPANTS AND THEIR BENEFICIARIES.

 

(a)  Company shall deliver to Trustee a schedule (the “Payment Schedule”) that indicates the amounts payable in respect to each Plan participant (and his or her beneficiaries), that provides directions to Trustee regarding the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Plan(s)), and the time of commencement for payment of such amounts.  Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule (and such

 

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Payment Schedule may include instructions to the Trustee to distribute the assets of the Trust to Plan participants in accordance with a third party’s allocation of Trust assets among certain record keeping accounts held with such third party for a Plan participant).  Company shall have the sole responsibility for all tax withholding filings and reports.  Trustee shall withhold such amounts from distributions as Company directs and shall follow the instructions of Company with respect to remission of such withheld amounts to appropriate governmental authorities and related reporting and filings.

 

(b)  The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan(s) shall be determined by Company or such party as it shall designate under the Plan(s), and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan(s).

 

(c)  Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan(s).  Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries.  If Company pays or will pay benefits that are otherwise payable by the Trust, Company may direct the Trustee to distribute the amount of such benefit payments to Company.  Trustee shall be entitled to rely conclusively upon Company’s written certification that such benefit payments have been or will be made by Company.

 

(d)  In addition, if the principal of the Trust and any earnings thereon are not sufficient to make payments of benefits in accordance with the terms of the Plan(s), Company shall make the balance of each such payment as it falls due.  Trustee shall notify Company where principal and earnings are not sufficient to make a payment then due under the Payment Schedule.

 

SECTION 3.  TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN COMPANY IS INSOLVENT.

 

(a)  Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent, subject to the provisions of Section 3(b) below.  Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

 

(b)  At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of Company under federal and state law as set forth below.

 

(1)  The Board of Directors and the Chief Executive Officer of Company shall have the duty to inform Trustee in writing of Company’s Insolvency.  If a person claiming to be a creditor of Company alleges in writing to Trustee that Company has become Insolvent, Trustee shall determine whether Company is Insolvent and, pending such determination, Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries.

 

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(2)  Unless Trustee has actual knowledge of Company’s Insolvency, or has received notice from Company or a person claiming to be a creditor alleging that Company is Insolvent, Trustee shall have no duty to inquire whether Company is Insolvent.  Trustee may in all events rely on such evidence concerning Company’s solvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Company’s solvency.  In no event shall “actual knowledge” be deemed to include knowledge of Company’s credit status held by banking officers or banking employees of The Northern Trust Company which has not been communicated to the trust department of Trustee.  Trustee may appoint an independent accounting, consulting or law firm to make any determination of solvency required by Trustee under this Section 3.  In such event, Trustee may conclusively rely upon the determination by such firm and shall be responsible only for the prudent selection of such firm.

 

(3)  If at any time the Board of Directors or the CEO of Company notifies Trustee or Trustee has determined that Company is Insolvent, Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of Company’s general creditors.  Nothing in this Trust Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors of Company with respect to benefits due under the Plan(s) or otherwise.

 

(4)  Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in accordance with Section 2 of this Trust Agreement only after Trustee has determined that Company is not Insolvent (or is no longer Insolvent) or pursuant to an order from the U.S. Bankruptcy Court or other court of competent jurisdiction.

 

(c)  Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance, to the extent not inconsistent with an order from the U.S. Bankruptcy Court or other court of competent jurisdiction, shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan(s) for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the payments provided for hereunder during any such period of discontinuance, all in accordance with the Payment Schedule, which shall be modified by Company as necessary to comply with the provisions of this paragraph (c).

 

SECTION 4.  PAYMENTS TO COMPANY

 

Except as provided in Sections 2(c) and 3, hereof, Company shall have no right or power to direct Trustee to return to Company or to divert to others any of the Trust assets before all payments of benefits have been made to Plan participants and their beneficiaries pursuant to the terms of the Plan(s). Trustee shall be entitled to rely conclusively upon Company’s written certification that all such payments have been made.

 

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SECTION 5.  INVESTMENT AUTHORITY.

 

(a)  Company may direct Trustee in writing to segregate all or any portion of the Trust Fund into one or more separate accounts to be managed by Company or an investment manager appointed by Company (each a “Separate Account”).  In addition, Company may direct Trustee in writing to open one or more separate accounts to be managed by Trustee, with Trustee’s written consent (each a “Trustee Investment Account”).  Each Trustee Investment Account and any Separate Account shall be established by Trustee at the direction of Company, and Company shall direct Trustee with respect to any transfer of assets between a Trustee Investment Account and a Separate Account or among the Separate Accounts, provided that no asset shall be allocated or transferred to a Trustee Investment Account without Trustee’s written consent.  Company or an investment manager shall have investment responsibility for any assets of the Trust Fund not otherwise allocated to a Separate Account or a Trustee Investment Account, and such assets shall be deemed a Separate Account for which the Company or an investment manager has investment responsibility pursuant to this Section 5.

 

(b)  With respect to each Separate Account, Company may appoint or remove an investment manager.  Company shall have investment responsibility for assets held in any Separate Account for which an investment manager has not been retained, has been removed, or is for any reason unwilling or unable to act.  Trustee shall have no investment responsibility for any assets allocated to a Separate Account, and shall act with respect thereto as directed by the investment manager or Company, as applicable.  Trustee shall not make any investment review of, or consider the propriety of holding or selling, or vote any assets held in a Separate Account; provided, however, that if Trustee shall not have received contrary instructions from Company or an applicable investment manager, Trustee shall invest for short term purposes any cash in a Separate Account in bonds, notes and other evidences of indebtedness having a maturity date not beyond five years from the date of purchase, United States Treasury bills, commercial paper, bankers’ acceptances and certificates of deposit, and undivided interests or participations therein, and participations in regulated investment companies for which Trustee or its affiliate is the adviser

 

(c)  Subject to such written investment guidelines as shall be issued to Trustee from time to time by Company (“Investment Guidelines”), and its general duties described in Section 8, Trustee shall have investment responsibility for any assets of the Trust Fund allocated to a Trustee Investment Account.  With respect to each Trustee Investment Account, Trustee may delegate all or any powers of management, control, and disposition for all or any portion of the assets held in such Trustee Investment Account.  Subject to the applicable Investment Guidelines, Trustee or its delegee (as applicable) may invest and reinvest Trust Investment Account assets in property of any kind; provided, however, that in no event may Trustee or its delegee (as applicable), in the exercise of any discretionary investment authority granted to it under this Section 5, invest in securities (including stock or rights to acquire stock) or obligations issued by Company, other than a de minimis amount held in common investment vehicles in which Trustee invests. All rights associated with assets of the Trust shall be exercised by Trustee or the person designated by Trustee, and shall in no event be exercisable by or rest with Plan participants.

 

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(d)  The Trustee is authorized, but shall not be obligated, to credit the applicable Separate Account provisionally on the payable date with interest, dividends, distributions, redemptions or other amounts due; otherwise, such amounts will be credited to the Separate Account on the date such amounts are actually received by the Trustee and reconciled to the Separate Account.  In cases where the Trustee has credited the applicable Separate Account with such amount prior to actual collection and reconciliation, the Trustee may reverse such credit as of the payable date if and to the extent that it does not receive such amounts in the ordinary course of business.  The Trustee is also authorized, but shall not be obligated, to advance its own funds to complete transactions in cases where adequate funds may not otherwise be available to the applicable Separate Account.  The Trustee shall be entitled to recover on demand such provisional credit or advancement of funds plus its fee, applicable from time to time, incurred in connection with such provisional credit or advancement.

 

(e)  Any decision to effect a provisional credit or an advancement of the Trustee’s own funds to a Separate Account pursuant to this agreement will be an accommodation granted entirely at the Trustee’s option and in light of the particular circumstances, which circumstances may involve conditions in different countries, markets and classes of assets at different times. All amounts thus due to the Trustee under this agreement with respect to a provisional credit or advancement of the Trustee’s own funds to the Separate Account shall be paid by the Trustee from the Trust Fund unless otherwise paid by the Company on a timely basis.

 

SECTION 6.  DISPOSITION OF INCOME.

 

During the term of this Trust, all income received by the Trust, net of expenses and taxes (to the extent not paid directly by the Company), shall be accumulated and reinvested.

 

SECTION 7.  ACCOUNTING BY TRUSTEE.

 

Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Company and Trustee.  Within one hundred twenty (120) days following the close of each calendar year and within ninety (90) days after the removal or resignation of Trustee, Trustee shall deliver to Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be.  In the absence of the filing in writing with Trustee by Company of exceptions or objections to any such account within 90 days following the receipt of such accounting, Company shall be deemed to have approved such account; in such case, or upon the written approval by Company of any such account, Trustee shall be released, relieved and discharged with respect to all matters and things set forth in such account as though such account had been settled by the decree of a court of competent jurisdiction.  Trustee may conclusively rely on determinations of Company of valuations for assets of the Trust for which Trustee deems

 

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there to be no readily determinable fair market value and on determinations of the issuing insurance company of valuations for insurance contracts/policies.

 

SECTION 8.  RESPONSIBILITY OF TRUSTEE.

 

(a)  Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by Company or an investment manager as contemplated herein.  In the event of a dispute between Company and a party, Trustee may apply to a court of competent jurisdiction to resolve the dispute.

 

(b)  Trustee may hire agents, accountants, actuaries, investment advisors, financial consultants or other professionals to assist it in performing any of its duties or obligations hereunder.

 

(c)  Trustee shall have, without exclusion, all powers conferred on Trustees by applicable law, unless expressly provided otherwise herein, provided, however, that if an insurance policy is held as an asset of the Trust, Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against such policy and shall act with respect to any such policy only as directed by Company.

 

(d)  Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or to applicable law, Trustee shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Internal Revenue Code.

 

(e)  Company (which has the authority to do so under the laws of its state of incorporation) shall indemnify The Northern Trust Company, and defend it and hold it harmless from and against any and all liabilities, losses, claims, suits or expenses (including attorneys’ fees) of whatsoever kind and nature which may be imposed upon, asserted against or incurred by The Northern Trust Company at any time (1) by reason of its carrying out its responsibilities or providing services under this Trust Agreement, or its status as Trustee, or by reason of any act or failure to act under this Trust Agreement, except to the extent that any such liability, loss, claim, suit or expense arises directly from Trustee’s negligence or willful misconduct in the performance of responsibilities specifically allocated to it under the Trust Agreement, or (2) by reason of the Trust’s failure to qualify as a grantor trust under the IRS grantor trust rules or the Plan’s failure to qualify as an excess benefit or top-hat plan exempt from all or Parts 2, 3, and 4 of Title 1 of the Employee Retirement Income Security Act.  This paragraph shall survive the termination of this Trust Agreement.

 

(f)  Trustee shall not be liable for any delay in performance, or non-performance, of any obligation hereunder to the extent that the same is due to forces beyond Trustee’s reasonable

 

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control, including but not limited to any industrial, juridical, governmental, civil or military action; acts of terrorism, insurrection or revolution; nuclear fusion, fission or radiation; failure or fluctuation in electrical power, heat, light, air conditioning or telecommunications equipment; or acts of God; provided that Trustee shall maintain business continuity procedures and plans in accordance with the standard of care applicable to a prudent, professional custodian for hire acting in the jurisdiction where the services are provided.

 

SECTION 9.  COMPENSATION AND EXPENSES OF TRUSTEE.

 

Company shall pay all administrative and Trustee’s fees and expenses.  If not so paid, the fees and expenses shall be paid from the Trust.

 

SECTION 10.  RESIGNATION AND REMOVAL OF TRUSTEE.

 

(a)  Trustee may resign at any time by written notice to Company, which shall be effective 60 (sixty) days after receipt of such notice unless Company and Trustee agree otherwise.

 

(b)  Trustee may be removed by Company at any time by written notice to Trustee, which shall be effective 60 (sixty) days after receipt of such notice or upon shorter notice accepted by Trustee.

 

(c)  Upon resignation or removal of Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee.  The resigning or removed Trustee is authorized, however, to reserve such amount as may be necessary for the payment of its fees and expenses incurred prior to resignation or removal; provided that, where practicable, advance notice of such reservation is provided to Company.  The transfer shall be completed as soon as reasonably practicable after receipt of notice of resignation, removal or transfer, unless Company and Trustee agree otherwise.

 

(d)  If Trustee resigns or is removed, a successor shall be appointed, in accordance with Section 11 hereof, by the effective date of resignation or removal under paragraph(s) (a) or (b) of this section.  If no such appointment has been made, Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions.  All expenses of Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust.

 

SECTION 11.  APPOINTMENT OF SUCCESSOR.

 

(a)  If Trustee resigns or is removed in accordance with Section 10(a) or (b) hereof, Company may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law, as a successor to replace Trustee upon resignation or removal.  The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets.  The former Trustee shall execute any instrument necessary or reasonably requested by Company or the successor Trustee to evidence the transfer.

 

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(b)  The successor Trustee need not examine the records and acts of any prior Trustee and may retain or dispose of existing Trust assets, subject to Sections 7 and 8 hereof.  The successor Trustee shall not be responsible for and Company shall indemnify and defend the successor Trustee from any claim or liability resulting from any action or inaction of any prior Trustee or from any other past event, or any condition existing at the time it becomes successor Trustee.

 

SECTION 12.  AMENDMENT OR TERMINATION.

 

(a)  This Trust Agreement may be amended by a written instrument executed by Trustee and Company.  Notwithstanding the foregoing, no such amendment shall conflict with the terms of the Plan(s), as certified to in writing by Company (upon which certification Trustee may conclusively rely), or shall make the Trust revocable.

 

(b)  The Trust shall not terminate until the date on which there are no longer any assets held in the Trust or Plan participants and their beneficiaries are no longer entitled to benefits pursuant to the terms of the Plan(s), as certified to in writing by Company (upon which certification Trustee may conclusively rely).  Upon termination of the trust any assets remaining in the Trust shall be returned to Company.

 

SECTION 13.  MISCELLANEOUS.

 

(a)  Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof.

 

(b)  Benefits payable to Plan participants and their beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process.

 

(c)  This Trust Agreement shall be governed by and construed in accordance with the laws of Illinois.

 

(d)  For purposes of this Trust, Change of Control shall mean a Change in Control as defined in the Alexandria Holdings Corp. 2015 Omnibus Incentive Plan (as amended from time to time).  Company shall immediately notify Trustee in writing of any Change of Control.  Trustee may conclusively rely upon such notice and shall have no duty to determine whether a Change of Control has occurred.

 

(e)  Any action required to be taken by Company shall be by resolution of its board of directors or by written direction of one or more of its president, any vice president or treasurer or by such other person or persons as shall be authorized by one or more of such officers or by resolution of its board of directors, which resolution shall be filed with the Trustee.  The Trustee may take or omit to take any action in accordance with a written direction or instruction that the Trustee believes in good faith is from such an officer of the Company or Subsidiary or other

 

9

 

authorized person, or in reliance upon a certified copy of a resolution of the board of directors which the Trustee believes to be genuine.

 

(f)  In making payments to service providers pursuant to authorized directions, the Company acknowledges that the Trustee is acting as paying agent, and not as the payor, for tax information reporting and withholding purposes.

 

(g)  This Agreement shall inure to the benefit of, and be binding upon, each of the parties and their respective successors and assigns.

 

SECTION 14.  EFFECTIVE DATE.

 

The effective date of this Trust Agreement shall be August 31, 2016.

 

IN WITNESS WHEREOF, the Company and the Trustee have executed this Trust Agreement effective as of the date set forth above.

 

	
 
    	
ACUSHNET   COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
/S/ Dennis D. Doherty
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Dennis D. Doherty
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
EVP-CHRO
    
	
 
    	
 
    
	
Attest:
    	
 
    
	
/S/   Lynne A. Kaeterle
    	
 
    	
 
    
				

 

(CORPORATE SEAL)

 

The undersigned, Roland A. Giroux, does hereby certify that he/she is the duly elected, qualified and acting Assistant Secretary of Acushnet Company (the “Company”) and further certifies that the person whose signature appears above is a duly elected, qualified and acting officer of the Company with full power and authority to execute this Trust Agreement on behalf of the Company and to take such other actions and execute such other documents as may be necessary to effectuate this Agreement.

 

	
/s/   Roland A. Giroux
    	
 
    
	
Assistant   Secretary
    	
 
    
	
Acushnet   Company
    	
 
    

 

10

 

	
 
    	
THE   NORTHERN TRUST COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bernard C. Walsh
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Bernard C. Walsh
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
Attest:
    	
 
    
	
/S/   Robert F. Draths Jr.
    	
 
    	
 
    
				

 

11

 

APPENDIX A

 

Acushnet Company Supplemental Retirement Plan

 

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