Document:

ex4-3.htm

    Exhibit
4.3

    AMENDED
AND RESTATED 2007 Non-Employee Director

    Equity
Compensation Plan of CONMED Corporation

     

 

    The
Amended and Restated 2007 Non-Employee Director Equity Compensation Plan of
CONMED Corporation (this “Plan”) is established
to attract and retain highly qualified individuals who are not current or former
employees of CONMED Corporation (the “Company”) as members
of the Board of Directors of the Company and to enable them to increase their
ownership in the common stock, par value $0.01 per share, of the Company (the
“Common
Stock”).  This Plan will be beneficial to the Company and its
stockholders because it will allow these directors to have a greater personal
financial stake in the Company through the ownership of the Common Stock, in
addition to underscoring their common interest with stockholders in increasing
the long-term value of the Common Stock.

     

    
      	
              Article
    1.

            	
              DEFINITIONS

            

    

     

    “Award” means an award
made pursuant to the Plan as described in Section 5.

     

    “Award Agreement”
means the written document by which each Award is evidenced.

     

    “Board” means the
Board of Directors of the Company.

     

    “Certificate” means a
stock certificate (or other appropriate document or evidence of ownership)
representing shares of Common Stock.

     

    “Code” means the
Internal Revenue Code of 1986, as amended from time to time, and the applicable
rulings and regulations thereunder.

     

    “Committee” means the
Compensation Committee of the Board of Directors, as described in Section
2.

     

    “Exchange Act” means
the Securities Exchange Act of 1934, as amended from time to time, and the
applicable rules and regulations thereunder.

     

    “Fair Market Value”
means, with respect to a share of Common Stock on any day, the closing price of
the Common Stock on the principal securities exchange on which the shares of
Common Stock are then traded, or, if not traded, the price set by the
Committee.

     

    “Non-Employee
Directors” has the meaning ascribed in Section 3.

     

    “Prior Plan” means the
2007 Non-Employee Director Equity Compensation Plan.

     

    
      	
              Article
    2.

            	
              PLAN
      ADMINISTRATION

            

    

     

    2.1           Committee.  The
Plan shall be administered by the Committee, which shall consist of at least two
members of the Board of Directors who shall be appointed by, and shall serve at
the pleasure of, the Board of Directors.  Except as otherwise
determined by the Board of Directors, the members of the Committee shall be
“non-employee directors” under Rule 16b-3 of the Securities Exchange Act of 1934
(the “Exchange
Act”); provided, however, that the failure of the Committee to be so
comprised shall not cause any Award to be invalid.  The Committee may
delegate any of its powers under the Plan to a subcommittee of the Committee
(which hereinafter shall also be referred to as the Committee).

     

    2.2           Authority.  The
Committee shall have complete control over the administration of the Plan and
shall have the authority in its sole discretion to (i) exercise all of the
powers granted to it under the Plan, (ii) construe, interpret and implement the
Plan and all Award Agreements, (iii) prescribe, amend and rescind rules and
regulations relating to the Plan, including rules governing its own
operations,

     

    
      
         

      

      
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    (iv) make
all determinations necessary or advisable in administering the Plan, (v) correct
any defect, supply any omission and reconcile any inconsistency in the Plan,
(vi) amend the Plan to reflect changes in applicable law, (vii) grant Awards and
determine who shall receive Awards, (viii) amend any outstanding Award Agreement
to accelerate the time or times at which the Award becomes vested, unrestricted
or may be exercised, or to waive or amend any goals, restrictions or conditions
set forth in such Award Agreement, or reflect a change in the grantee’s
circumstances, and (ix) determine whether, to what extent and under what
circumstances and method or methods (A) Awards may be (1) settled in cash,
shares of Common Stock, other securities, other Awards or other property, (2)
exercised or (3) canceled, forfeited or suspended (including, without
limitation, canceling underwater stock appreciation rights without any payment
to the grantee), (B) shares of Common Stock, other securities, other Awards
or other property and other amounts payable with respect to an Award may be
deferred either automatically or at the election of the grantee thereof or of
the Committee and (C) Awards may be settled by the Company, any of its
subsidiaries or affiliates or any of its or their designees.  Other
than as provided in Section 4(b), the Committee shall not be permitted to reduce
the reference price of a stock appreciation right after such Award has been
granted.

    

    2.3           Actions.  Actions
of the Committee may be taken by the vote of a majority of its members present
at a meeting (which may be held telephonically).  Any action may be
taken by a written instrument signed by a majority of the Committee members, and
action so taken shall be fully as effective as if it had been taken by a vote at
a meeting.  The determination of the Committee on all matters relating
to the Plan or any Award Agreement shall be final, binding and
conclusive.  The Committee may allocate among its members and delegate
to any person who is not a member of the Committee any of its administrative
responsibilities.

     

    2.4           Board
Authority.  Notwithstanding anything to the contrary contained
herein, the Board may, in its sole discretion, at any time and from time to
time, grant Awards or administer the Plan.  The Board shall have all
of the authority and responsibility granted to the Committee
herein.

     

    2.5           No
Liability.  No member of the Board or the Committee or any
employee of the Company or its subsidiaries or affiliates (each such person, a
“Covered
Person”) shall have any liability to any person (including any grantee)
for any action taken or omitted to be taken or any determination made in good
faith with respect to the Plan or any Award.  Each Covered Person
shall be indemnified and held harmless by the Company against and from (i) any
loss, cost, liability or expense (including attorneys’ fees) that may be imposed
upon or incurred by such Covered Person in connection with or resulting from any
action, suit or proceeding to which such Covered Person may be a party or in
which such Covered Person may be involved by reason of any action taken or
omitted to be taken under the Plan or any Award Agreement and (ii) any and all
amounts paid by such Covered Person, with the Company’s approval, in settlement
thereof, or paid by such Covered Person in satisfaction of any judgment in any
such action, suit or proceeding against such Covered Person, provided that the
Company shall have the right, at its own expense, to assume and defend any such
action, suit or proceeding and, once the Company gives notice of its intent to
assume the defense, the Company shall have sole control over such defense with
counsel of the Company’s choice.  The foregoing right of
indemnification shall not be available to a Covered Person to the extent that a
court of competent jurisdiction in a final judgment or other final adjudication,
in either case not subject to further appeal, determines that the acts or
omissions of such Covered Person giving rise to the indemnification claim
resulted from such Covered Person’s bad faith, fraud or willful criminal act or
omission.  The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which Covered Persons may be
entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter
of law, or otherwise, or any other power that the Company may have to indemnify
such persons or hold them harmless.

     

    
      	
              Article
    3.

            	
              ELIGIBILITY

            

    

     

    All
members of the Board who are not current or former employees of the Company or
any of its subsidiaries (“Non-Employee
Directors”) are eligible to participate in this Plan.

     

    
      
         

      

      
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    Article
4.      
 SHARES AVAILABLE

     

    4.1           Number of Shares
Available.  Subject to adjustment pursuant to Section 4.2, the
total number of shares of Common Stock which may be delivered pursuant to Awards
granted under the Plan shall not exceed 125,000 shares plus the number of shares
of Common Stock that remain available for issuance under the Prior Plan as of
the effective date of this Plan.  No further grants may be made under
the Prior Plan after the effective date of this Plan.  If any Award
under this Plan (or any award granted under the Prior Plan) is forfeited or
otherwise terminates or is canceled without the delivery of shares of Common
Stock or shares of Common Stock are surrendered or withheld from any Award under
this Plan (or any award granted under the Prior Plan) to satisfy a grantee’s
income tax or other withholding obligations, then the shares covered by such
forfeited, terminated or canceled Award (or award under the Prior Plan) or which
are equal to the number of shares surrendered or withheld shall become available
to be delivered pursuant to Awards granted or to be granted under this
Plan.  Shares of Common Stock which may be delivered pursuant to
Awards may be authorized but unissued Common Stock or authorized and issued
Common Stock held in the Company’s treasury or otherwise acquired for the
purposes of the Plan.

     

    4.2           Recapitalization
Adjustment.  In the event that any dividend or other
distribution (whether in the form of cash, shares of Common Stock, other
securities, or other property), recapitalization, forward or reverse stock
split, reorganization, merger, consolidation, spin-off, combination, repurchase,
share exchange, liquidation, dissolution or other similar corporate transaction
or event affects the Common Stock such that the failure to make an adjustment to
an Award would not fairly protect the rights represented by the Award in
accordance with the essential intent and principles thereof, then the Committee
shall, in such manner as it may determine to be equitable in its sole
discretion, adjust any or all of the terms of an outstanding Award (including,
without limitation, the number of shares of Common Stock covered by such
outstanding Award, the type of property to which the Award is subject and the
reference price of such Award).

     

    
      	
              Article
    5.

            	
              TYPES
      OF AWARDS

            

    

     

    5.1           Stock Appreciation
Rights.

     

    (a)           Grant.  The
Committee may grant stock appreciation rights in reference to shares of Common
Stock, in such amounts and subject to such terms and conditions as the Committee
may determine.  The form, terms and conditions of each stock
appreciation right shall be determined by the Committee and shall be set forth
in an Award Agreement.  Such terms and conditions may include, without
limitation, provisions relating to the vesting and exercisability of such stock
appreciation rights as well as the conditions or circumstances upon which such
stock appreciation rights may be accelerated, extended, forfeited or otherwise
modified.

     

    (b)           Price.  The
price referenced by each stock appreciation right shall be fixed by the
Committee at the time such Award is granted, but in no event shall it be less
than the Fair Market Value of a share of Common Stock on the date on which the
Award is granted.  Such exercise price shall thereafter be subject to
adjustment pursuant to Section 4.2 hereof.

     

    (c)           Exercise.  After
receiving notice from the grantee of the exercise of a stock appreciation right
for which payment will be made by the Company partly or entirely in shares of
Common Stock, the Company shall, subject to the provisions of the Plan or any
Award Agreement, deliver the shares of Common Stock.

     

    (d)           Duration.  The
duration of any stock appreciation right granted under this Plan shall be for a
period fixed by the Committee but shall in no event be more than ten (10)
years.

     

    
      
         

      

      
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    5.2           Restricted Stock
Units.  The Committee may grant Awards of restricted stock
units in such amounts and subject to such terms and conditions as the Committee
shall determine.  A grantee of a restricted stock unit will have only
the rights of a general unsecured creditor of the Company until delivery of
shares of Common Stock, cash or other securities or property is made as
specified in the applicable Award Agreement.  On the delivery date,
the grantee of each restricted stock unit not previously forfeited shall receive
one share of Common Stock, or cash, securities or other property equal in value
to a share of Common Stock or a combination thereof, as specified by the
Committee.

    

    5.3           Award
Agreements.  Each Award granted under the Plan shall be
evidenced by an Award Agreement which shall contain such provisions and
conditions as the Committee deems appropriate.  By accepting an Award
pursuant to the Plan, a grantee thereby agrees that the Award shall be subject
to all of the terms and provisions of the Plan and the applicable Award
Agreement.

     

    
      	
              Article
    6.

            	
              AWARD
      GRANTS

            

    

     

    6.1           Automatic Annual
Grants.  Each year on the first business day following the
Company’s Annual Meeting of Stockholders (the “Annual Meeting”),
each individual elected, reelected or continuing as a Non-Employee Director
shall automatically receive stock appreciation rights covering 2,500 shares of
Common Stock and 1,000 restricted stock units; provided, however, that the grant
after the 2010 Annual Meeting shall be stock appreciation rights covering 1,000
shares of Common Stock and 2,000 restricted stock units and the grant after the
2011 Annual Meeting and subsequent Annual Meetings shall be stock appreciation
rights covering 1,000 shares of Common Stock and 3,000 restricted stock
units.  In each case, such Awards shall vest no earlier than 
the first anniversary of such date (provided that such Awards may be subject to
additional restrictions as  contained in an Award Agreement). 1  Such stock appreciation rights
shall have a reference price equal to the Fair Market Value of a share of Common
Stock on the date of grant.

     

    6.2           Grants to Newly Appointed
Non-Employee Directors.  The Board may make
other grants of Awards to Non-Employee Directors who are appointed to the Board
outside of the context of an election at the Company’s Annual Meeting of
Stockholders (grants under this Section 6.2 shall only be in connection with
such appointment).

     

    
      	
              Article
    7.

            	
              TERMINATION
      OF SERVICE

            

    

     

    Upon
termination of service as a Non-Employee Director, such grantee’s Awards of
stock appreciation rights which are vested shall be exercisable at any time
prior to the expiration date of the stock appreciation rights or within one year
after the date of such termination, whichever is the shorter
period.  Upon termination of service as a Non-Employee Director, the
shares of Common Stock underlying such grantee’s Awards of restricted stock
units which are then vested shall be delivered to the grantee.  Unless
otherwise specified in an Award Agreement, any unvested stock appreciation
rights or restricted stock units shall terminate upon the termination of a
grantee’s service as a Non-Employee Director.

     

    
      	
              Article
    8.

            	
              NO
      RIGHTS AS A SHAREHOLDER

            

    

     

    No
grantee of an Award (or other person having rights pursuant to an Award) shall
have any of the rights of a shareholder of the Company with respect to shares of
Common Stock subject to an Award until the delivery of such
shares.  Except as otherwise provided in Section 4.2, no adjustments
shall be made for dividends or distributions (whether ordinary or extraordinary,
and whether in cash, Common Stock, other securities or other property) on, or
other events relating to, shares of Common Stock subject to an Award for which
the record date is prior to the date such shares are delivered.

     

    

      

    

      
      
        	
                1
      Note:

              	
                The
      one-year cliff vesting would be set forth in the Award
      Agreement.

              

      

       

    

    
      
         

      

      
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                Article
    9.

              	
                AMENDMENT
      OF THIS PLAN

              

      

    

     

    The Board
may from time to time suspend, discontinue, revise or amend the Plan in any
respect whatsoever, provided, however, that, no amendment shall materially
adversely affect a grantee without such person’s prior written
consent.

     

    
      	
              Article
    10.

            	
              TAX
      WITHHOLDING

            

    

     

    If the
Company shall be required to withhold any amounts by reason of a federal, state
or local tax laws, rules or regulations in respect of any Award, the Company
shall be entitled to deduct or withhold such amounts from any payments
(including, without limitation shares of Common Stock which would otherwise be
issued to the grantee pursuant to the Award; provided that, to the extent
desired for GAAP purposes, such withholding shall not exceed the statutory
minimum amount required to be withheld) to be made to the grantee.

     

    
      	
              Article
    11.

            	
              REQUIRED
      CONSENTS AND LEGENDS

            

    

     

    If the
Committee shall at any time determine that any consent (as hereinafter defined)
is necessary or desirable as a condition of, or in connection with, the granting
of any Award, the delivery of shares of Common Stock or the delivery of any
cash, securities or other property under the Plan, or the taking of any other
action thereunder (each such action being hereinafter referred to as a “plan action”), then
such plan action shall not be taken, in whole or in part, unless and until such
consent shall have been effected or obtained to the full satisfaction of the
Committee.  The Committee may direct that any Certificate evidencing
shares delivered pursuant to the Plan shall bear a legend setting forth such
restrictions on transferability as the Committee may determine to be necessary
or desirable, and may advise the transfer agent to place a stop order against
any legended shares.  The term “consent” as used
herein with respect to any plan action includes (a) any and all listings,
registrations or qualifications in respect thereof upon any securities exchange
or under any federal, state, or local law, or law, rule or regulation of a
jurisdiction outside the United States, (b) any and all written agreements and
representations by the grantee with respect to the disposition of shares, or
with respect to any other matter, which the Committee may deem necessary or
desirable to comply with the terms of any such listing, registration or
qualification or to obtain an exemption from the requirement that any such
listing, qualification or registration be made, (c) any and all other consents,
clearances and approvals in respect of a plan action by any governmental or
other regulatory body or any stock exchange or self-regulatory agency, (d) any
and all consents by the grantee to (i) the Company’s supplying to any third
party recordkeeper of the Plan such personal information as the Committee deems
advisable to administer the Plan, (ii) the Company, or its applicable subsidiary
or affiliate, deducting amounts from the grantee’s wages, or another arrangement
satisfactory to the Committee, to reimburse the Company, or its applicable
subsidiary or affiliate, for advances made on the grantee’s behalf to satisfy
certain withholding and other tax obligations in connection with an Award and
(iii) the Company imposing lockup conditions, sales and transfer procedures and
restrictions and hedging restrictions on shares of Common Stock delivered under
the Plan and (e) any and all consents or authorizations required to comply with,
or required to be obtained under, applicable local law or otherwise required by
the Committee.  Nothing herein shall require the Company to list,
register or qualify the shares of Common Stock on any securities
exchange.

     

    
      	
              Article
    12.

            	
              RIGHT
      OF OFFSET

            

    

     

    The
Company and its subsidiaries and affiliates shall have the right to offset
against its obligation to deliver shares of Common Stock (or other property or
cash) under the Plan or any Award Agreement any outstanding amounts the grantee
then owes to the Company or its subsidiaries or affiliates.

     

    
      	
              Article
    13.

            	
              NONASSIGNABILITY

            

    

     

    Except to
the extent otherwise expressly provided in the applicable Award Agreement, no
Award (or any rights and obligations thereunder) granted to any person under the
Plan may be sold, exchanged, transferred, assigned, pledged, hypothecated,
fractionalized, hedged or otherwise disposed of (including through the use of
any cash-settled instrument), whether voluntarily or involuntarily, other than
by will or by the laws of descent and distribution, and all such Awards (and any
rights thereunder) shall be exercisable during the life of the grantee
only

     

    
      
         

      

      
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    by the
grantee or the grantee’s legal representative.  Notwithstanding the
preceding sentence, the Committee may permit, under such terms and conditions
that it deems appropriate in its sole discretion, a grantee to transfer any
Award to any person or entity that the Committee so determines.  Any
sale, transfer, assignment, pledge, hypothecation, fractionalization, hedge or
other disposition in violation of the provisions of this Section 13 shall be
void.  All of the terms and conditions of this Plan and the Award
Agreements shall be binding upon any such permitted successors and
assigns.

     

    
      	
              Article
    14.

            	
              COMPLIANCE
      WITH SEC REGULATIONS

            

    

     

    It is the
Company’s intent that the Plan comply in all respects with Rule 16b-3 under the
Exchange Act.  If any provision of the Plan is later found not to be
in compliance with such Rule, the provision shall be deemed null and
void.  All actions with respect to Awards under the Plan shall be
executed in accordance with the requirements of Section 16 of the Act, as
amended, and any regulations promulgated thereunder.  To the extent
that any of the provisions contained herein do not conform with Rule 16b-3 of
the Exchange Act or any amendments thereto or any successor regulation, then the
Committee may make such modifications so as to conform the Plan and any Awards
granted thereunder to the Rule’s requirements.

     

    
      	
              Article
    15.

            	
              CHANGE
      IN CONTROL

            

    

     

    15.1           In
the event of a Change in Control, as hereinafter defined, (i) each stock
appreciation right shall be deemed fully vested and exercisable, (ii) the
restrictions applicable to all restricted stock units shall lapse and such
restricted stock units shall be deemed fully vested, (iii) all performance
conditions shall be deemed satisfied in full, and (iv) all restricted stock
units shall be paid in cash if so specified by the Committee.  The
amount of any cash payment in respect of a restricted stock unit shall be equal
to:  (A) in the event the Change in Control is the result of a tender
offer or exchange offer for Common Stock, the final offer price per share paid
for the Common Stock or (B) in the event the Change in Control is the result of
any other occurrence, the aggregate per share value of Common Stock as
determined by the Committee at such time.  The Committee may, in its
discretion, include such further provisions and limitations in any agreement
documenting such Awards as it may deem equitable and in the best interests of
the Company.

     

    15.2           A “Change in
Control” shall mean the
occurrence of any one of the following events:  (i) any “person” (as
such term is defined in Section 3(A)(9) of the Exchange Act and as used in
Sections 13(d)(3) and 14(d)(2) of the Exchange Act) 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 25% or more of the
combined voting power of the Company’s then outstanding securities eligible to
vote for the election of the Board (the “Company
Voting Securities”);
provided, however, that the event described in this clause (i) shall not be
deemed to be a Change in Control by virtue of any of the following
acquisitions:  (A) by the Company or any of its subsidiaries, (B) by
any employee benefit plan sponsored or maintained by the Company or any of its
subsidiaries, (C) by any underwriter temporarily holding securities pursuant to
an offering of such securities, or (D) pursuant to a Non-Control Transaction (as
defined in clause (iii) below); (ii) during any period of not more than two
years, individuals who constitute the Board as of the beginning of the period
(the “Incumbent
Directors”) cease for any
reason to constitute at least a majority of the Board, provided that any person
becoming a director subsequent to the beginning of the period, whose election or
nomination for election was approved by a vote (either by specific vote or by
approval of the proxy statement of the Company in which such person is named as
a nominee for director, without objection to such nomination) of at least
three-quarters of the Incumbent Directors who remain on the Board, including
those directors whose election or nomination for election was previously so
approved, shall also be deemed to be an Incumbent Director; provided, however,
that no individual initially elected or nominated as a director of the Company
as a result of an actual or threatened election contest with respect to
directors or any other actual or threatened solicitation of proxies or consents
by or on behalf of any person other than the Board shall be deemed to be an
Incumbent Director; (iii) the consummation of a merger, consolidation, share
exchange or similar form of corporate reorganization of the Company (or any such
type of transaction involving the Company or any of its subsidiaries that
requires the approval of the Company’s shareholders, whether for the
transaction or the issuance of securities in the transaction or

     

    
      
         

      

      
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    otherwise)
(a “Business
Combination”), unless immediately following such Business
Combination:  (A) more than 60% of the total voting power of the
corporation resulting from such Business Combination (including, without
limitation, any corporation which directly or indirectly has beneficial
ownership of 100% of the Company Voting Securities) eligible to elect directors
of such corporation is represented by shares that were Company Voting Securities
immediately prior to such Business Combination (either by remaining outstanding
or being converted), and such voting power is in substantially the same
proportion as the voting powers of such Company Voting Securities immediately
prior to the Business Combination, (B) no person (other than any holding company
resulting from such Business Combination, any employee benefit plan sponsored or
maintained by the Company (or the corporation resulting from such business
Combination)) immediately following the consummation of the Business Combination
becomes the beneficial owner, directly or indirectly, of 25% or more of the
total voting power of the outstanding voting securities eligible to elect
directors of the corporation resulting from such Business Combination, and (C)
at least a majority of the members of the board of directors of the corporation
resulting from such Business Combination were Incumbent Directors at the time of
the approval of the execution of the initial agreement providing for such
Business Combination (any Business Combination which satisfies the conditions in
clauses (A), (B) and (C) is referred to hereunder as a “Non-Control
Transaction”); or (iv) the shareholders of the Company approve a plan of
complete liquidation or dissolution of the Company or the sale of all or
substantially all of its assets.  Notwithstanding the foregoing, a
Change in Control shall not be deemed to occur solely because any person
acquires beneficial ownership of more than 25% of the 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 shall then occur.

    

    
      	
              Article
    16.

            	
              INTERNAL
      REVENUE CODE SECTION 409A

            

    

     

    It is the
Company’s intent that the Plan and Awards granted hereunder comply with or be
exempt from the requirements of Internal Revenue Code Section 409A (“Section 409A”) and
that this Plan and Awards Agreements be administered and interpreted
accordingly.  If and to the extent that any payment or benefit under
this Plan is determined by the Company to constitute “non-qualified deferred
compensation” subject to Section 409A and is payable to a Non-Employee Director
by reason of the Non-Employee Director’s termination of service, then (a) such
payment or benefit shall be made or provided to the Non-Employee Director only
upon a “separation from service” as defined for purposes of Section 409A under
applicable regulations and (b) if the Non-Employee Director is deemed to be a
“specified employee” (within the meaning of Section 409A and as determined by
the Company), such payment or benefit shall be made or provided on the date that
is six months and one day after the date of the Non-Employee Director’s
separation from service (or earlier death).  Any amount not paid in
respect of the six-month period specified in the preceding sentence will be paid
to the Non-Employee Director in a lump sum on the date that is six months and
one day after the Non-Employee Director’s separation from service (or earlier
death).  Each payment made under the Plan shall be deemed to be a
separate payment for purposes of Section 409A.  If and to the extent
that any Award is determined by the Company to constitute “non-qualified
deferred compensation” subject to Section 409A and such Award is payable to a
Non-Employee Director upon a Change in Control, then no payment shall be made
pursuant to such Award unless such Change in Control constitutes a “change in
the ownership of the corporation”, “a change in effective control of the
corporation”, or “a change in the ownership of a substantial portion of the
assets of the corporation” within the meaning of Section 409A; provided that if such
Change in Control does not constitute a “change in the ownership of the
corporation”, “a change in effective control of the corporation”, or “a change
in the ownership of a substantial portion of the assets of the corporation”
within the meaning of Section 409A, then the Award shall still fully vest upon
such Change in Control, but shall be payable upon the original schedule
contained in the Award.  Neither the Company nor its affiliates shall
have any liability to any Non-Employee Director, Non-Employee Director’s spouse
or other beneficiary of any Non-Employee Director’s spouse or other beneficiary
of any Non-Employee Director or otherwise if the Plan or any amounts paid or
payable hereunder are subject to the additional tax and penalties under Section
409A.

    
      
         

      

      
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              Article
    17.

            	
              NO
      THIRD PARTY BENEFICIARIES

            

    

     

    Except as
expressly provided in an Award Agreement, neither the Plan nor any Award
Agreement shall confer on any person other than the Company and the grantee of
the Award any rights or remedies thereunder; provided that
the exculpation and indemnification provisions of Section 2.5 shall inure
to the benefit of a Covered Person’s estate, beneficiaries and
legatees.

     

    
      	
              Article
    18.

            	
              SUCCESSORS
      AND ASSIGNS

            

    

     

    The terms
of this Plan shall be binding upon and inure to the benefit of the Company and
its successors and assigns.

     

    
      	
              Article
    19.

            	
              GOVERNING
      LAW

            

    

     

    This Plan
and all rights and obligations under this Plan shall be construed in accordance
with and governed by the laws of the State of New York.

     

    
      	
              Article
    20.

            	
              EFFECTIVE
      DATE

            

    

     

    The Prior
Plan was effective as of May 17, 2007 and this Plan becomes effective upon
shareholder approval of the Plan.

     

    
      	
              Article
    21.

            	
              TERM

            

    

     

    Unless
sooner terminated by the Board, this Plan shall terminate on the day before the
tenth anniversary of the date the Plan was approved by shareholders; provided that
any Award granted prior to the date of such Plan termination shall continue
pursuant to its terms and the terms of this Plan.

     

    
 

    E-8exhibit4_10.htm

  

  

  

Exhibit 4.10

AMENDMENT NO. 5 TO AMENDED AND RESTATED

RECEIVABLES PURCHASE AGREEMENT

THIS AMENDMENT (this “Amendment”), effective as of July 7, 2010, is entered into by and among:

 

(a)           Eastman Chemical Financial Corporation, a Delaware corporation, as Seller and as initial Servicer (“ECFC”),

 

(b)           SunTrust Robinson Humphrey, Inc., a Tennessee corporation, as TPF Agent and as co-administrative agent (in either such agency capacity “STRH”),

 

(c)           Three Pillars Funding LLC, a Delaware limited liability company (“TPF”)

 

(d)           SunTrust Bank, a Georgia banking corporation (“SunTrust”), as TPF Liquidity Bank, and

 

(e)           The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, formerly known as The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, individually as a Victory Liquidity Bank (“BTMU”), as Victory Agent (the “Victory Agent”) and as administrative agent (the “Administrative Agent”),

 

with respect to the Amended and Restated Receivables Purchase Agreement dated as of July 9, 2008 by and among the parties hereto, TPF, Victory Receivables Corporation, SunTrust Bank, as TPF Liquidity Bank and BTMU, individually as a Victory Liquidity Bank, as Victory Agent and as Administrative Agent (as heretofore amended, the “Existing Agreement” which, as amended hereby, is hereinafter referred to as the “Agreement”).

 

Unless defined elsewhere herein, capitalized terms used in this Amendment shall have the meanings assigned to such terms in the Existing Agreement.

 

W I T N E S S E T H :

 

WHEREAS, effective on the date hereof, STRH, SunTrust and TPF withdraw from the Existing Agreement, and BTMU extends and increases its Commitment thereunder; and

 

WHEREAS, the parties are willing to agree to such modifications on the terms and subject to the conditions set forth in this Amendment;

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto hereby agree as follows:

 

1. Amendments to Existing Agreement.

 

(a)           SunTrust’s Commitment is hereby reduced to $0, and each of SunTrust, STRH and TPF hereby withdraws from the Existing Agreement.  From and after the date hereof, none of SunTrust, STRH or TPF shall be required to be a party to any amendment, restatement or waiver of the Existing Agreement, any references in the Agreement to SunTrust, TPF, the TPF Agent, the TPF Group, any TPF Liquidity Bank or the Co-Administrative Agent shall be disregarded, and any references in the Agreement to the “Agents” or the “Co-Agents” shall be deemed to be references to the Administrative Agent or the Victory Agent, respectively, only.

 

(b)           BTMU’s Commitment is hereby increased to $200,000,000, and, accordingly, its Pro Rata Share is hereby increased to 100%.

 

(c)           The definition of “Co-Agents’ Fee Letter” in Exhibit I to the Existing Agreement is hereby amended and restated in its entirety to read as follows:

 

64  

  

  

Exhibit 4.10

 

“Co-Agents’ Fee Letter” means that certain letter agreement dated as of July 7, 2010 between the Seller and BTMU, as amended, restated and/or otherwise modified from time to time.

 

(d)           The definition of “Liquidity Termination Date” in Exhibit I to the Existing Agreement is hereby amended to delete “July 7, 2010” where it appears and to substitute in lieu thereof “July 6, 2011”.

 

2. Representations and Warranties.

 

  In order to induce the other parties to agree to this Amendment, ECFC hereby represents and warrants that  (a) after giving effect to the amendments set forth in Section 1 above, the representations and warranties set forth in Section 5.1 of the Existing Agreement are true and correct in all material respects on and as of the date hereof,  and (b) no event has occurred and is continuing that constitutes a Servicer Default or Potential Servicer Default.

 

3. Conditions Precedent.

 

  This Amendment will become effective as of the date first above written upon receipt by the Administrative Agent of (a) counterparts of this Amendment, duly executed by each of the parties hereto, and (b) counterparts of the replacement Co-Agents’ Fee Letter, duly executed by ECFC and BTMU, and payment of the renewal fee referenced therein.

 

4. CHOICE OF LAW.

 

  THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) WITHOUT REGARD TO ANY CONFLICT OF LAW PRINCIPLES.

 

5. WAIVER OF JURY TRIAL.

 

  EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT OR THE AGREEMENT.

 

6. Binding Effect.

 

  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy).  A facsimile or .pdf copy of a signed counterpart hereof shall have the same force and effect as an original.

 

7. Counterparts.

 

  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.

 

<Signature pages follow>

 

65  

  

  

Exhibit 4.10

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers or signatories as of the date hereof.

 

EASTMAN CHEMICAL FINANCIAL CORPORATION, as Seller and Initial Servicer

By:                                                                

Name:

Title:

66  

  

  

Exhibit 4.10

SUNTRUST ROBINSON HUMPHREY, INC., as TPF Agent and Co-Administrative Agent

By:                                                                

Name:

Title:

67  

  

  

Exhibit 4.10

SUNTRUST BANK, as a TPF Liquidity Bank

By:                                                                

Name:

Title:

68  

  

  

Exhibit 4.10

THREE PILLARS FUNDING LLC

By:                                                                

Name:

Title:

69  

  

  

Exhibit 4.10

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Victory Liquidity Bank

By:                                                                

Name:

Title:

Commitment:  $200,000,000.00

 

 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Victory Agent and Administrative Agent

By:                                                                

Name:

Title:

 

70

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