Document:

Exhibit 10.1

 Exhibit 10.1 
 ASSOCIATED BANC-CORP 
 CHANGE OF CONTROL PLAN 

Restated Effective September 28, 2011 

 ASSOCIATED BANC-CORP 
 CHANGE OF CONTROL PLAN 
 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 Definitions
	  	 	1-1	  
			
	 1.01
	 	Act	  	 	1-1	  
			
	 1.02
	 	Board	  	 	1-1	  
			
	 1.03
	 	Cause	  	 	1-1	  
			
	 1.04
	 	Change of Control	  	 	1-2	  
			
	 1.05
	 	Company	  	 	1-3	  
			
	 1.06
	 	Date of Termination	  	 	1-3	  
			
	 1.07
	 	Eligible Employee	  	 	1-4	  
			
	 1.08
	 	Notice of Termination	  	 	1-4	  
			
	 1.09
	 	Participant	  	 	1-4	  
			
	 1.10
	 	Retirement	  	 	1-4	  
			
	 1.11
	 	Termination of Employment	  	 	1-4	  
			
	 1.12
	 	Termination for Good Reason	  	 	1-4	  
		
	 ARTICLE 2 Participation
	  	 	2-1	  
			
	 2.01
	 	Commencement of Participation	  	 	2-1	  
			
	 2.02
	 	Termination of Participation	  	 	2-1	  
		
	 ARTICLE 3 Eligibility for Benefits
	  	 	3-1	  
			
	 3.01
	 	Eligibility for Benefits	  	 	3-1	  
			
	 3.02
	 	Amount of Benefits	  	 	3-1	  
			
	 3.03
	 	Payment Method	  	 	3-2	  

  
 i 

							
			
	 3.04
	 	Benefits in the Event of a Participant’s Death	  	 	3-2	  
			
	 3.05
	 	Non-Disparagement, Non-Solicitation and Non-Competition	  	 	3-2	  
			
	 3.06
	 	Best Pay Provision	  	 	3-2	  
		
	 ARTICLE 4 General Provisions
	  	 	4-1	  
			
	 4.01
	 	Successors: Binding Plan	  	 	4-1	  
			
	 4.02
	 	Notice	  	 	4-1	  
			
	 4.03
	 	Company’s Right to Terminate	  	 	4-1	  
			
	 4.04
	 	Termination and Amendment of the Plan	  	 	4-1	  
			
	 4.05
	 	Applicable Law	  	 	4-2	  
			
	 4.06
	 	Severability	  	 	4-2	  
			
	 4.07
	 	Code Section 409A Compliance	  	 	4-2	  
		
	 APPENDIX A ELIGIBLE EMPLOYEES
	  	 	A-1	  
		
	 APPENDIX B BENEFITS
	  	 	B-1	  
		
	 APPENDIX C Form of NON-DISPARAGEMENT, NON-SOLICITATION AND NON-COMPETITION AGREEMENT
	  	 	C-1	  

  
 ii 

 ASSOCIATED BANC-CORP 
 CHANGE OF CONTROL PLAN 
 INTRODUCTION 

Effective December 16, 1993 (the “Effective Date”), Associated Banc-Corp (the “Company”) adopted the Associated
Banc-Corp Change of Control Plan (the “Plan”) to provide severance benefits to certain of its employees in the event of a change of control in the Company and the subsequent termination of employment of such employees. The Plan was
restated in its entirety as of January 1, 1996. The Plan was again restated effective January 1, 2008 to comply with section 409A of the Internal Revenue Code (the “Code”). Effective September 28, 2011, the Plan is restated
to align key definitions with the Company’s nonqualified benefit programs, update eligibility and comply with current best practices. 
 This introduction and the following Articles, as amended from time to time, comprise the Plan. 

 ARTICLE 1 
 Definitions 
 1.01 Act. The Securities Exchange Act of 1934 (and any
successor thereto), as amended from time to time. References to a particular section of the Act include references to rules, regulations and rulings promulgated and in effect thereunder, and any successors thereto. 

1.02 Board. The Board of Directors of the Company. 
 1.03 Cause. Cause shall mean the occurrence of any one of the following: 
 (a) Commission of an act of fraud, embezzlement or other act of dishonesty that would reflect adversely on the integrity, character or reputation of the Company, or that would cause harm to its customer
relations, operations or business prospects; 
 (b) Breach of a fiduciary duty owed to the Company; 

(c) Violation or the threat of violation of a restrictive covenant agreement, such as a non-compete, non-solicit, or
non-disclosure agreement, between an Eligible Employee and the Company; 
 (d) Unauthorized disclosure or use of
confidential information or trade secrets; 
 (e) Violation of any lawful policies or rules of the Company,
including any applicable code of conduct; 
 (f) Conviction of criminal activity; 

(g) Failure to reasonably cooperate in any investigation or proceeding concerning the Company; 

(h) Determination by a governmental authority or agency that bars or prohibits the Eligible Employee from being employed
in his or her current position with the Company; or 
 (i) Neglect or misconduct in the performance of the
Eligible Employee’s duties and responsibilities, provided that he or she did not cure such neglect or misconduct within ten days after the Company gave written notice of such neglect or misconduct to such Eligible Employee. 

  
 1 

 Notwithstanding the above, in the event an Eligible Employee is party to an employment agreement with the
Company that contains a different definition of Cause, the definition of Cause contained in such employment agreement shall be controlling. 
 1.04 Change of Control. A Change of Control shall be deemed to have occurred on the date of any one or more of the following: 

(a) A Change in the Ownership of the Company. A change in ownership of the Company shall occur on the date that any
one Person, or more than one Person acting as a “Group” (as defined below), acquires ownership of stock of the Company that, together with stock held by such Person or Group, constitutes more than 50% of the total fair market value or
total voting power of the stock of the Company; provided, however, that, if any one Person, or more than one Person acting as a Group, is considered to own more than 50% of the total fair market value or total voting power of the stock of the
Company, the acquisition of additional stock by the same Person or Persons is not considered to cause a change in the ownership of the Company. 
 (b) A Change in the Effective Control of the Company. A change in the effective control of the Company occurs on the date that any one Person, or more than one Person acting as a Group, acquires
(or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) ownership of stock of the Company possessing 35% or more of the total voting power of the stock of the Company; provided,
however, that, if one Person or more than one Person acting as a Group, is considered to effectively control the Company, the acquisition of additional control of the Company by the same Person or Persons is not considered a change in the effective
control of the Company. 
 (c) A Change in the Ownership of a Substantial Portion of the Company’s
Assets. A change in the ownership of a substantial portion of the Company’s assets occurs on the date that any one Person, or more than one Person acting as a Group, acquires (or has acquired during the 12-month period ending on the date of
the most recent acquisition by such Person or Persons) assets from the Company that have a total Gross Fair Market Value (as defined below) equal to 85% or more than the total Gross Fair Market Value of all of the assets of the Company immediately
prior to such acquisitions; provided, however, that, a transfer of assets by the Company is not treated as a change in the ownership of such assets if the assets are transferred to: 

(i) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

  
 2 

 (ii) an entity, 50% or more of the total Fair Market Value or voting power
of which is owned, directly or indirectly, by the Company; 
 (iii) a Person, or more than one Person acting as a
Group, that owns, directly or indirectly, 50% or more of the total Fair Market Value or voting power of all the outstanding stock of the Company; or 
 (iv) an entity, at least 50% of the total Fair Market Value or voting power of which is owned, directly or indirectly, by a Person described in subsection (iii) above. 

For purposes of this section 1.04: 
 “Fair Market Value” means, as of any applicable date, the closing sales price for one share of common stock of the Company on such date as reported on the NASDAQ Global Select Market or,
if the foregoing does not apply, on such other market system or stock exchange on which the Company’s common stock is then listed or admitted to trading, or on the last previous day on which a sale was reported if no sale of a share of common
stock of the Company was reported on such date; 
 “Gross Fair Market Value” means the value of the assets of
the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets; 
 “Group” shall have the meaning ascribed to such term in Treasury regulations section 1.409A-3(i)(5)(v)(B), (vi)(D) or (vii)(C), as applicable; 

Stock ownership shall be determined under Code section 409A; and 

Any interpretation or determination regarding the payment of benefits in connection with a Change of Control shall take into account any
applicable guidance and regulations under Code section 409A, and shall be made with the intent to comply with Code section 409A. 
 1.05 Company. Associated Banc-Corp, any subsidiary or affiliate and any successor which assumes the Plan in accordance with section 4.01 or otherwise becomes bound by all the terms and
provisions of this Plan by operation of law. In addition to the Board, officers of the Company authorized by the Board, from time to time, may act on behalf of the Company for purposes of the Plan. Effective January 1, 2008, the Board
authorized the Compensation and Benefits Committee of the Board to act on behalf of the Company for purposes of the Plan. 

1.06 Date of Termination. Date of Termination shall mean the date on which an Eligible Employee experiences a Termination of
Employment. 

  
 3 

 1.07 Eligible Employee. The Chief Executive Officer of the Company and members of the
executive committee of the Company who are designated by the Chief Executive Officer, in writing, from time to time, as Eligible Employees for purposes of the Plan. Notwithstanding the foregoing, an otherwise Eligible Employee may be excluded from
participation in the Plan by contract or other agreement between the Company and the Employee. 
 1.08 Notice of
Termination. A written communication from the Company to an Eligible Employee stating that the Eligible Employee has incurred, or will incur, a Termination of Employment. A Notice of Termination shall indicate the specific termination provision
in this Plan relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for Termination of Employment and the Date of Termination. 

1.09 Participant. An Eligible Employee who has satisfied the participation requirements of section 2.01 and whose
participation has not been terminated in accordance with section 2.02. 
 1.10 Retirement. A voluntary separation
from service with the Company, other than a Termination for Good Reason, on or after: 
 (a) Attaining
age 55 and completion of 15 years of service with the Company; or 
 (b) Attaining age 62 and
completion of five years of service with the Company. 
 1.11 Termination of Employment. An Eligible Employee will be
deemed to have incurred a Termination of Employment if the Eligible Employee has an involuntarily separation from service with the Company or has a Termination for Good Reason; provided, such separation from service is not as a result of:

 (a) The Eligible Employee’s Retirement, death or disability; or 

(b) Termination by the Company for Cause. 
 1.12 Termination for Good Reason. An Eligible Employee’s voluntary separation from service with the Company subsequent to a Change of Control will be treated as a Termination for Good Reason
if the separation is due to a material negative change in the Eligible Employee’s service relationship with the Company without the Eligible Employee’s consent, including but not limited to: 

(a) The assignment to the Eligible Employee of any duties materially inconsistent with the Eligible Employee’s
positions, duties, responsibilities and status with the Company immediately prior to the Change of 

  
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Control, or a material change in the Eligible Employee’s reporting responsibilities, titles or offices as in effect immediately prior to the Change of Control, or any removal of the Eligible
Employee from such positions; 
 (b) A material reduction by the Company in the Eligible Employee’s base
salary as in effect on the date immediately prior to the Change of Control; 
 (c) A failure by the Company to
continue any bonus plans in which the Eligible Employee was entitled to participate immediately prior to the Change of Control that materially affects the Eligible Employee’s total compensation from the Company; 

(d) The transfer of the Eligible Employee to a location anywhere other than within 50 miles of the Eligible
Employee’s present office location, except for required travel on Company business to an extent substantially consistent with the Eligible Employee’s business travel obligations prior to the Change of Control; 

(e) The failure by the Company to continue in effect any benefit or compensation plan, stock ownership plan, stock
purchase plan, stock option plan, life insurance plan, health-and-accident plan or disability plan in which the Eligible Employee participated in at the time of a Change of Control, the taking of any action by the Company which would have a material
adverse effect on the Eligible Employee’s participation in or materially reduce the benefits under any of such plans or deprive the Eligible Employee of any material fringe benefit enjoyed by the Eligible Employee at the time of the Change of
Control, or the failure by the Company to provide the Eligible Employee with the number of paid vacation days to which the Eligible Employee is then entitled in accordance with the Company; provided that such change materially affects the total
benefits the Eligible Employee receives from the Company and that the benefit reduction does not apply to the entire employee population; or 
 (f) The failure by the Company to obtain the assumption of the Plan and performance of this Plan by any successor as contemplated in section 4.01. 

Prior to a voluntary Termination for Good Reason the Eligible Employee must provide the Company with notice of the existence of the condition that would
result in treatment as a Termination for Good Reason and a 30-day opportunity to remedy the condition. Such notice must be provided within 90 days of the initial existence of the condition. In addition, the separation from service must occur no
later than two years following the initial existence of such condition. 

  
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 ARTICLE 2 
 Participation 
 2.01 Commencement of Participation. An Eligible Employee
shall become a Participant in the Plan on the date an employee is designated an Eligible Employee. 
 2.02 Termination of
Participation. An Eligible Employee’s status as a Participant in the Plan shall terminate upon the earliest of (a) the death of the Eligible Employee; (b) the date the Company terminates the Eligible Employee’s employment for
Cause; or (c) the date the Company terminates the Eligible Employee’s participation in the Plan by written notice pursuant to section 4.02. The Company shall not terminate an Eligible Employee’s participation in the Plan
following a Change of Control. 

  
 1 

 ARTICLE 3 
 Eligibility for Benefits 
 3.01 Eligibility for Benefits. An Eligible
Employee shall be eligible for benefits pursuant to this Plan if: 
 (a) A Change of Control occurs; and

 (b) The Eligible Employee’s Date of Termination occurs within two years following the Change of Control.

 3.02 Amount of Benefits. An Eligible Employee eligible for benefits pursuant to section 3.01 above shall receive
benefits as provided below: 
 (a) The Company shall pay the benefits outlined in Appendix B to the Plan to
Eligible Employees listed on Appendix A, as in accordance with Appendices A and B, as in effect at the time of a Change of Control. 
 (b) The Company shall also pay to Eligible Employees all legal fees and expenses incurred in obtaining or enforcing any right or benefit provided by this Plan. 

(c) To the extent an Eligible Employee and his or her dependents are enrolled in the Company’s medical, dental and/or
life plans at the time of Termination of Employment, the Company shall make available the opportunity to continue or convert such coverage as provided by applicable law and the applicable plans. The Company shall pay to such Eligible Employee an
amount equal to the full cost of providing such coverage for similarly situated active employees for the entire installment period outlined in Appendix B. Payments shall be made in accordance with Appendix B. 

(d) The Company shall provide an Eligible Employee with a benefit under this Plan equal to the maximum benefit (excluding
any potential earnings or interest credits for periods after the Eligible Employee’s Date of Termination) the Eligible Employee would have received under the Associated Banc-Corp Retirement Account Plan and the Associated Banc-Corp 401(k) and
Employee Stock Ownership Plan (the “Qualified Plans”), the Associated Banc-Corp Supplemental Executive Retirement Plan (the “SERP”) and, in the case of the Company’s Chief Executive Officer, the supplemental retirement
benefit set forth in his employment agreement (as it may be amended from time to time) (the “CEO Supplemental Retirement Benefit”) if the Eligible Employee remained employed with the Company for the scheduled installment period pursuant to
the 

  
 1 

 
attached Appendix B. For purposes of calculating this benefit, the Company shall assume: 
 (i) the Eligible Employee’s compensation shall equal his or her compensation for the year preceding the year in which the Termination of Employment occurs; 

(ii) the Eligible Employee makes the maximum elective deferral permissible under the Qualified Plans and the law; and

 (iii) the terms of the Qualified Plans, SERP and CEO Supplemental Retirement Benefit in effect immediately
prior to the Change of Control and the applicable Code limits in effect as of that date govern the calculation of the benefit. 
 Amounts determined under this section 3.02(d) shall be treated as additional severance benefits payable under this Plan and not as benefits provided under the Qualified Plans, SERP and CEO Supplemental
Retirement Benefit. 
 3.03 Payment Method. Subject to section 4.07, all benefits under the Plan shall be paid in
accordance with Appendix B. 
 3.04 Benefits in the Event of a Participant’s Death. If a Participant dies subsequent
to the occurrence of events which entitle the Participant to benefits, as set forth in section 3.01, and prior to receiving all benefits payable pursuant to the Plan, any remaining benefits shall be paid in accordance with the terms of the Plan
to the Participant’s devisee, legatee or other designee or, if there be no such designee, to the Participant’s estate. If a Participant dies prior to the occurrence of events which would entitle the Participant to benefits under the Plan
pursuant to section 3.01, no benefits shall be payable from the Plan. 
 3.05 Non-Disparagement, Non-Solicitation and
Non-Competition. The Company shall require an Eligible Employee to execute a non-disparagement, non-solicitation and non-competition agreement substantially in the form attached hereto as Appendix C within 60 days following his or her Date
of Termination as a condition to receiving benefits under the Plan. 
 3.06 Best Pay Provision. Notwithstanding the other
Plan provisions, in the event that the amount of payments payable to an Eligible Employee under the Plan, together with any payments or benefits payable under any other plan, program, arrangement or agreement maintained by (or on behalf of) the
Company, would constitute an “excess parachute payment” (within the meaning of Code section 280G), the payments under the Plan shall be reduced (by the minimum 

  
 2 

 
possible amounts) until no amount payable to the Eligible Employee under the Plan constitutes an “excess parachute payment” (within the meaning of Code section 280G); provided, however,
that no such reduction shall be made if the net after-tax payment (after taking into account Federal, state, local, or other income and excise taxes) to which the Eligible Employee would otherwise be entitled without such reduction would be greater
than the net after-tax payment (after taking into account Federal, state, local or other income and excise taxes) to the Eligible Employee resulting from the receipt of such payments with such reduction. Any reductions under this section 3.06 shall
be made on a last to be paid, first to be reduced basis. All determinations required to be made under this section 3.06, including whether a payment would result in an “excess parachute payment” and the assumptions to be utilized in
arriving at such determination, shall be made by an accounting or law firm selected by the Company. All determinations made by such accounting or law firm under this section 3.06 shall be final and binding upon the Company and the Eligible Employee.

  
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 ARTICLE 4 
 General Provisions 
 4.01 Successors: Binding Plan. The Company shall
require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the voting securities business and/or assets of the Company, by written agreement in form and substance satisfactory
to Eligible Employees, to expressly assume and agree to perform this Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such
agreement prior to the effective date of any such succession shall be a breach of this Plan and shall entitle the Eligible Employee to compensation from the Company in the same amount and on the same terms as the Eligible Employee would be entitled
hereunder if the Eligible Employee incurred a Termination for Good Reason, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Eligible Employee’s Date of
Termination. Eligible Employees who continue in the employ of the successor shall not be deemed to have incurred a Termination of Employment for purposes of this Plan merely as a result of the succession. 

4.02 Notice. For the purposes of this Plan, notices and all other communications provided for in the Plan shall be in writing and
shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the best known addresses of the parties, provided that all notices to the Company shall be
directed to the attention of the President of the Company with a copy to the Corporate Secretary of the Company, or to such other address as either party may have furnished to the other in writing, except that notice of a change of address shall be
effective only upon receipt. 
 4.03 Company’s Right to Terminate. The establishment of this Plan, its amendments
and the granting of a benefit pursuant to the Plan shall not give any Eligible Employee the right to continued employment with the Company, or limit the right of the Company to terminate an Eligible Employee’s employment at any time.

 4.04 Termination and Amendment of the Plan. This Plan may be amended at any time by the Company in writing, including
altering, reducing or eliminating benefits to be paid to a Participant who has not experienced a Date of Termination at any time prior to a Change of Control. This Plan may not be amended or terminated following a Change of Control. Effective
January 1, 2008, the Board authorized the Compensation and Benefits Committee of the Board to act on behalf of the Company for purposes of the Plan. 

  
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 4.05 Applicable Law. To the extent not inconsistent with applicable federal law, this
Plan shall be construed pursuant to, and shall be governed by, the laws of the State of Wisconsin. 
 4.06 Severability.
In the event any provision of this Plan shall be considered void, illegal or invalid for any reason, said provision shall be of no force and effect only to the extent that it is void or declared illegal or invalid. 

4.07 Code Section 409A Compliance. 
 (a) Notwithstanding anything in this Plan to the contrary, to the extent that any amount or benefit that would constitute “nonqualified deferred compensation” under Code section 409A would
otherwise be payable or distributable hereunder by reason of the Eligible Employee’s Termination of Employment, such amount or benefit will not be payable or distributable to the Eligible Employee by reason of such circumstance unless
(i) the circumstances giving rise to such Termination of Employment meet any description or definition of “separation from service” in Code section 409A and applicable regulations (without giving effect to any elective provisions that
may be available under such definition), or (ii) the payment or distribution of such amount or benefit would be exempt from the application of Code section 409A by reason of the short-term deferral exemption or otherwise. This provision does
not prohibit the vesting of any amount upon a Termination of Employment, however defined. If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the date, if any, on which an
event occurs that constitutes a Code section 409A-compliant “separation from service” or such later date as may be required by subsection (b) below. 

(b) Notwithstanding anything in this Plan to the contrary, if any amount or benefit that would constitute
“nonqualified deferred compensation” under Code section 409A would otherwise be payable or distributable under this Plan by reason of the Eligible Employee’s separation from service during a period in which he is a Specified Employee
(as defined below), then, subject to any permissible acceleration of payment by the Company under Treasury regulation sections 1.409A-3(j)(4)(ii), (iii) and (iv): 

(i) if the payment or distribution is payable in a lump sum, the Eligible Employee’s right to receive payment or
distribution of such nonqualified deferred compensation will be delayed until the earlier of the Eligible Employee’s death or the first day of the seventh month following the Eligible Employee’s separation from service; and 

(ii) if the payment or distribution is payable over time, the amount of such nonqualified deferred compensation that would
otherwise be 

  
 2 

 
payable during the six-month period immediately following the Eligible Employee’s separation from service will be accumulated and the Eligible Employee’s right to receive payment or
distribution of such accumulated amount will be delayed until the earlier of the Eligible Employee’s death or the first day of the seventh month following the Eligible Employee’s separation from service, whereupon the accumulated amount
will be paid or distributed to the Employee and the normal payment or distribution schedule for any remaining payments or distributions will resume. 
 For purposes of this Plan, the term “Specified Employee” has the meaning given such term in Code section 409A and the final regulations thereunder (“Final 409A Regulations”), provided,
however, that, as permitted in the Final 409A Regulations, the Company’s Specified Employees and its application of the six-month delay rule of Code Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the Board
or a committee thereof, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this Plan. 

(c) The Plan is intended to satisfy the requirements of Code section 409A and the Final 409A Regulations to the extent
applicable and shall be interpreted to the maximum extent possible to satisfy Code section 409A and the Final Regulations to the extent applicable. 

  
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 ASSOCIATED BANC-CORP CHANGE OF CONTROL PLAN 

APPENDIX A 

(Effective September 28, 2011) 
 ELIGIBLE EMPLOYEES 
 The following employees of the Company are considered
Eligible Employees under the Plan as of the dates specified below: 
  

							
	Name	  	Date Participation Begins	  	Date Participation Ends	  	 
	 B. Bodager
	  	April 25, 1994	  		  	
	 O. Buechse
	  	September 28, 2011	  		  	
	 P. Derpinghaus
	  	September 28, 2011	  		  	
	 J. Docter
	  	November 1, 2005	  		  	
	 P. Flynn
	  	September 28, 2011	  		  	
	 B. Hanson
	  	September 28, 2011	  		  	
	 A. Heise
	  	September 28, 2011	  		  	
	 S. Hickey
	  	October 22, 2008	  		  	
	 T. Lau
	  	September 28, 2011	  		  	
	 M. McMullen
	  	April 25, 1994	  		  	
	 C. Del Moral-Niles
	  	September 28, 2011	  		  	
	 M. Quinlan
	  	November 1, 2005	  		  	
	 J. Selner
	  	April 25, 1994	  		  	
	 D. Smith
	  	September 28, 2011	  		  	
	 D. Stein
	  	June 29, 2007	  		  	
	 J. Utz
	  	September 28, 2011	  		  	

  
 A-1

 ASSOCIATED BANC-CORP CHANGE OF CONTROL PLAN 

APPENDIX B 

(Effective September 28, 2011) 
 BENEFITS 
  

	1.	Basic Benefit 

  

	 	(a)	Amount. The Chief Executive Officer of the Company shall be paid three times the sum of base salary and target bonus in effect for the current calendar
year with an installment period of three years. All other Eligible Employees shall be paid two times the sum of base salary and target bonus in effect for the current calendar year with an installment period of two years. Base salary shall mean an
Eligible Employee’s base salary with the Company annualized to reflect a full year of compensation at that base salary level. 

  

	 	(b)	Timing. Payments shall be made in substantially equal amounts over the installment period in accordance with the Company’s normal payroll practices.
Benefit payments shall commence on the Company’s first payroll date following the Date of Termination and shall continue each payroll date thereafter during the installment period. 

 

	2.	Medical, Dental, and Life Insurance Coverage 

 See Plan section 3.02(c). Payments shall be made in the manner described in section 1(b) above. 
  

	3.	401(k) / ESOP Plan 

See Plan section 3.02(d). Payments shall be made in the manner described in section 1(b) above. 

 

	4.	Retirement Account Plan 

 See Plan section 3.02(d). Payments shall be made in the manner described in section 1(b) above. 
  

	5.	SERP and CEO Supplemental Retirement Benefit 

 See Plan section 3.02(d). Payments shall be made in accordance with the Eligible Employee’s election under the SERP or CEO Supplemental Retirement Benefit for the calendar year including the Date of
Termination. 
  

	6.	Disability 

 If an
Eligible Employee is currently on short-term or long-term disability, he or she will be treated as any other displaced employee at that time, in accordance with disability plan provisions as then in effect. 

  
 B-1

	7.	Other Company Programs 

  

	(a)	Incentive Bonus 

An incentive bonus for the partial year in which the Eligible Employee’s Date of Termination occurs shall be paid in a lump sum equal
to the current calendar year’s target bonus pro-rated for the portion of the calendar year prior to the Date of Termination. Payment shall be made on the first payroll date that is at least seven months following the Eligible Employee’s
Date of Termination. 
  

	(b)	Vacation Pay 

 Any
accrued unused vacation as of an Eligible Employee’s Date of Termination will be paid in a lump sum and will be included in the final installment payment under section 1 above, unless earlier payment is required under applicable law.

  

	(c)	Stock Option Plans 

If the Eligible Employee has received options under the Associated Banc-Corp 1987 Long-Term Incentive Stock Plan (f.k.a. Associated
Banc-Corp Amended and Restated Long-Term Incentive Stock Plan), the Associated Banc-Corp 2003 Long-Term Incentive Stock Plan (f.k.a. Associated Banc-Corp 2003 Long-Term Incentive Plan), or the Associated Banc-Corp 2010 Incentive Compensation Plan,
the Eligible Employee should carefully review the provisions of those plans and option agreements regarding termination of employment or retirement. Such Eligible Employee’s rights and the Company’s obligations shall be governed by the
provisions of those plans. 
  

	(d)	Restricted Stock Plans 

 If the Eligible Employee has received restricted stock grants under the Associated Banc-Corp 1987 Long-Term Incentive Stock Plan (f.k.a. Associated Banc-Corp Amended and Restated Long-Term Incentive Stock
Plan), the Associated Banc-Corp 2003 Long-Term Incentive Stock Plan (f.k.a. Associated Banc-Corp 2003 Long-Term Incentive Plan), or the Associated Banc-Corp 2010 Incentive Compensation Plan, the Eligible Employee should carefully review the
provisions of those plans and agreements regarding termination of employment or retirement. Such Eligible Employee’s rights and the Company’s obligations shall be governed by the provisions of those plans. 

 

	(e)	Share Salary Plans 

If the Eligible Employee has received share salary grants under the Associated Banc-Corp 2003 Long-Term Incentive Stock Plan (f.k.a.
Associated Banc-Corp 2003 Long-Term Incentive Plan), or the Associated Banc-Corp 2010 Incentive Compensation Plan the Eligible Employee should carefully review the provisions of those plans and agreements regarding termination of

  
 B-2

 
employment or retirement. Such Eligible Employee’s rights and the Company’s obligations shall be governed by the provisions of those plans. 

 

	(f)	Outplacement Benefit 

 Outplacement services at a senior management/executive level and commensurate with the Eligible Employee’s duties shall be provided with a mutually agreed upon outplacement agency. 

  
 B-3

 ASSOCIATED BANC-CORP CHANGE OF CONTROL PLAN 

APPENDIX C 

(Effective September 28, 2011) 
 Form of 
 NON-DISPARAGEMENT, NON-SOLICITATION 

AND NON-COMPETITION AGREEMENT 
 This Non-disparagement, Non-solicitation and Non-competition Agreement (this “Agreement”) is between
                    (the “Executive”) and Associated Banc-Corp, or its successor, (the “Company”). 

RECITALS 
 A.
The Executive is an “Eligible Employee” as described in section 1.07 of the Associated Banc-Corp Change of Control Plan (the “Plan”). 
 B. The Company is the “successor” of Associated Banc-Corp as described in section 4.01 of the Plan. 
 C. The Executive has experienced a Termination of Employment as defined in section 1.11 of the Plan and is eligible for benefits pursuant to Plan section 3.01. 

D. The Executive agrees to the promises in this Agreement as a condition and requirement for receiving benefits under the Plan, as
described in Plan section 3.05, which provides sufficient consideration for the Executive’s promises. 
 AGREEMENT

 In consideration of the recitals and agreements set forth herein, and the representations below, which are material to this
Agreement, the Executive and the Company agree as follows: 
 1. Non-Disparagement. The Executive agrees to refrain from
making any negative, disparaging, denigrating or derogatory remarks, comments or statements, either orally or in writing (including, without limitation, by means of print, social or other media), and whether true or not, about the Company, its
predecessors and successors, and their directors, officers, shareholders, employees or agents, to anyone, including, but not limited to, the Company’s current and former customers, employees, suppliers, vendors, and referral sources. The
Executive represents and promises in this regard that he or she shall not communicate, either directly or indirectly, with any media any negative, disparaging, denigrating or derogatory remarks regarding any aspect of the Company’s

  
 C-1

 
business or regarding any nonpublic information about the Company or its directors, officers, shareholders, employees or agents. Negative, disparaging, denigrating or derogatory remarks as used
in this section shall include, but not be limited to, any statements that may reasonably be considered to be detrimental to the Company, to its business operations or reputation, or to the business, professional or personal reputations of the
Company’s directors, officers, shareholders, employees or agents. 
 2. Non-Interference with Customers, Employees.
For a period of six months following the Executive’s termination of employment with the Company for any reason, the Executive will not, directly or indirectly, on behalf of himself or herself or any other person, entity or enterprise, do any of
the following: 
 (a) Solicit or accept business from any person or entity who is an Active Customer (as defined
below) of the Company, a subsidiary, or any of their affiliates, with whom the Executive has had business contact during the twelve-month period prior to the Executive’s termination of employment with the Company (the “Reference
Period”) for the purpose of providing competitive products or services similar to those provided by the Executive during the Reference Period; 
 (b) Request or advise any of the Active Customers, suppliers or other business contacts of the Company who have business relationships with the Company and with whom the Executive had business contact
during his or her employment with the Company to withdraw, curtail or cancel any of their business relations with the Company; 
 (c) Induce or attempt to induce any employee or other personnel of the Company to terminate his or her relationship or breach his or her employment relationship or other contractual relationship, whether
oral or written, with the Company; provided, however, that nothing shall prevent a future employer of the Executive from hiring such employee or other personnel if the Executive does not otherwise violate this provision. 

“Active Customer” shall mean any customer or prospective customer of the Company which, within the Reference
Period, either received any products or services supplied by or on behalf of the Company or was the recipient of at least two business contacts by any personnel of the Company (including the Executive). 

3. Liquidated Damages and Injunction. The Executive acknowledges that damages for violations of paragraph 1 or 2 above are
difficult to calculate with certainty. Accordingly, if the Executive violates paragraph 1 or 2 above, the Executive shall pay to the Company as liquidated damages an amount equal to all payments the Executive received pursuant to the Plan. In
addition, the Company shall be entitled to injunctive and other equitable relief (without the necessity of showing actual monetary damages or 

  
 C-2

 
of posting any bond or other security): (a) restraining and enjoining any act which would constitute a breach, or (b) compelling the performance of any obligation which, if not
performed, would constitute a breach, as well as any other remedies available to the Company, including monetary damages. Upon the Company’s request, the Executive shall provide reasonable assurances and evidence of compliance with the
restrictive covenants set forth in paragraph 2. If any court of competent jurisdiction shall deem any provision in this Agreement too restrictive, the other provisions shall stand, and the court shall modify the unduly restrictive provision to the
point of greatest restriction permissible by law. 
 IN WITNESS THEREOF, the parties have executed this Agreement on the dates
indicated below. 
  

									
			
	 Date: _____________________________________
	 		 	 
		 		 	[Executive]
			
	 Date: _____________________________________
	 		 	 
		 		 	[Company]
				
		 		 	BY	 	 
		 		 		 	Its:	 	 

  
 C-3Joinder and Amendment No. 6 to Credit Agreement

 Exhibit 10.1 
 JOINDER AND AMENDMENT NO. 6 REGARDING 
 CREDIT AGREEMENT 

dated as of September 26, 2011 
 among 
 SAGENT PHARMACEUTICALS and 

SAGENT PHARMACEUTICALS, INC. 
 each as Borrower and collectively as Borrowers 
 and 

MIDCAP FUNDING IV, LLC, 
 as Agent and as a Lender 
 and 

THE ADDITIONAL LENDERS 
 FROM TIME TO TIME PARTY THERETO 
 Originally dated as of June 16,
2009 

 JOINDER AND AMENDMENT NO. 6 REGARDING CREDIT AGREEMENT 

This JOINDER AND AMENDMENT NO. 6 REGARDING CREDIT AGREEMENT (this “Agreement”) dated as of September 26, 2011
is by and among SAGENT PHARMACEUTICALS, a Wyoming corporation (“Existing Borrower”), SAGENT PHARMACEUTICALS, INC., a Delaware corporation (“New Borrower”; and together with Existing Borrower, sometimes referred to
individually, each a “Borrower” and collectively as the “Borrowers”), MIDCAP FUNDING IV, LLC, a Delaware limited liability company (“MCF”) as Agent (in such capacity, “Agent”) and
as a Lender, and SILICON VALLEY BANK, a California corporation (“SVB”), as a Lender (collectively, with MCF, in its capacity as a Lender, “Lenders”). 

RECITALS 

A. Existing Borrower, Agent and the Lenders are party to that certain Credit and Security Agreement dated as of June 16, 2009
(as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”), pursuant to which Lenders agreed to make available to Existing Borrower a revolving loan facility in the maximum principal amount
of $25,000,000. Capitalized terms used but not defined in this Agreement shall have the meanings that are set forth in the Credit Agreement. 
 B. New Borrower is the parent company of Existing Borrower, and is required pursuant to Section 4.11(e) of the Credit Agreement to join into the Credit Agreement and the other Financing
Documents as if an original signatory thereto. 
 C. The parties now agree to amend the Credit Agreement to make these
changes all in accordance with the terms and conditions set forth below. 
 NOW, THEREFORE, in consideration of the
foregoing, the terms and conditions set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agent, Lenders and Borrowers hereby agree as follows: 

1. Joinder of New Borrower. Subject to the satisfaction of the conditions precedent set forth in Section 7 hereof:

 (a) New Borrower hereby joins in, assumes, adopts and becomes a Borrower under the Credit Agreement and all
other Financing Documents. All references to Borrower or Borrowers contained in the Financing Documents are hereby deemed for all purposes to also refer to and include New Borrower as a Borrower. Accordingly, New Borrower hereby agrees to be bound
by all of the conditions, covenants, representations, warranties, and other agreements set forth in the Credit Agreement and the other Financing Documents, and hereby agrees to promptly execute all further documentation required by Agent or Lenders
to be executed by New Borrower, consistent with the terms of the Credit Agreement and the other Financing Documents. 
 (b) Without limiting the generality of the provisions of subparagraph (a) above, New Borrower is thereby jointly and severally liable, along with all other Borrowers for all existing and future Loans
and other Obligations incurred at any time by any one or more Borrowers under the Financing Documents. 

 2. Specific Grant of Security Interest. As security for the payment and performance
of the Obligations and without limiting any other grant of a Lien and security interest in any Security Document, New Borrower hereby assigns and grants to Agent, for the benefit of itself and Lenders, a continuing first priority Lien on and
security interest in, upon, and to, the personal property set forth on Exhibit A attached hereto and made a part hereof. Existing Borrower hereby reconfirms the prior security interest in and Lien on the personal property set forth on
Schedule 9.1 attached to and made a part of the Credit Agreement. 
 3. Specific Amendments to Credit Agreement.

 (a) Definitions. 

(i) The definition of “Change of Control” in Section 1.1 of the Credit Agreement is hereby deleted in its
entirety and amended and restated to read as follows: 
 “Change in Control” means any of the following: (a) any
person or group (within the meaning of Sections 13(d) and 14(d) under the Exchange Act) shall become the ultimate “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of capital
stock representing more than 35% of the capital stock of Holdings on a fully diluted basis; (b) the majority of the seats (other than vacant seats) on the board of directors (or similar governing body) of Holdings cease to be occupied by
Persons who either (i) were members of the board of directors of Holdings on September 26, 2011 or (ii) were nominated for election by the board of directors of Holdings, a majority of whom were directors on the Amendment No. 6
Effective Date or whose election or nomination for election was previously approved by a majority of such directors; (c) Holdings shall cease to own, directly or indirectly, 100% of the outstanding capital stock of Sagent or (d) any
“Change of Control”, “Change in Control” or terms of similar import under any Subordinated Debt Document or under any Affiliated Financing Document.” 

(ii) The definition of “Holdings” in Section 1.1 of the Credit Agreement is hereby deleted in its entirety
and amended and restated to read as follows: 
 “Holdings” means Sagent Pharmaceuticals, Inc., a Delaware corporation,
the holder of 100% of the Equity Interests of Sagent. 
 (iii) The definition of “Permitted Contingent
Obligations” in Section 1.1 of the Credit Agreement is hereby amended by replacing the reference in subsection b(v) to “$200,000” with “$300,000”. 

(iv) The definition of “Permitted Contingent Obligations” in Section 1.1 of the Credit Agreement is hereby
amended by deleting subsection b(x) of the definition in its entirety and restating it to read as follows: 
 “(x)
Contingent Obligations by a Borrower in favor of obligations of any other Borrower; and” 

  
 2 

 (v) The definition of “Permitted Contingent Obligations” in
Section 1.1 of the Credit Agreement is hereby amended to add a new subsection b(xi) in alphabetical and numerical order to read as follows: 
 “(xi) other Contingent Obligations not permitted by clauses (b)(i) through (x) above, not to exceed $300,000 in the aggregate at any time outstanding.” 

(vi) The definition of “Permitted Indebtedness” in Section 1.1 of the Credit Agreement is hereby amended by
replacing the reference in subsection (c) to “$150,000” with “$300,000”. 
 (vii) The
definition of “Permitted Indebtedness” in Section 1.1 of the Credit Agreement is hereby amended by deleting subsection (l) of the definition in its entirety and restating it to read as follows: 

“(l) Indebtedness of any Borrower owing to any other Borrower; and” 

(viii) The definition of “Permitted Indebtedness” in Section 1.1 of the Credit Agreement is hereby amended
to add a new subsection (m) in alphabetical and numerical order to read as follows: 
 “(m) unsecured Debt not
permitted by subsections (a) through (l) above in an aggregate principal amount not to exceed $300,000 at any one time outstanding.” 
 (ix) The definition of “Permitted Investments” in Section 1.1 of the Credit Agreement is hereby amended by replacing the reference in subsection (iv)(B) to “$250,000” with
“$300,000”. 
 (x) The definition of “Permitted Investments” in Section 1.1 of the
Credit Agreement is hereby amended by deleting subsection (ix) in its entirety and restating it to read as follows: 

“(ix) Investments by (A) any Borrower in any other Borrower and (B) any Borrower in any other Subsidiary made in compliance
with Section 4.11(c);” 
 (b) Revolving Loans and Borrowings (Section 2.1(b)(i)). The second to
last sentence of Section 2.1(b)(i) of the Credit Agreement is hereby deleted in its entirety and replaced as follows: 

“Borrower agrees and acknowledges that Agent shall adjust the Borrowing Base as necessary to ensure that the portion thereof
attributable to Eligible Inventory does not exceed 40% of the Borrowing Base at any time.” 

  
 3 

 (c) Financial Statements and Other Reports (Section 4.1). Each
reference in Section 4.1 of the Credit Agreement to “Borrowers’ and its Consolidated Subsidiaries’” and “Holdings’ and its Consolidated Subsidiaries’” is hereby deleted in its entirety and replaced with
“Holdings’ and its Consolidated Subsidiaries’”. 
 (d) Consolidations, Mergers and Sales
of Assets; Change of Control. Section 5.6(b) of the Credit Agreement is hereby amended by deleting Section 5 in its entirety and restating it to as follows: 
 “Section 5.6 “Consolidations, Mergers and Sales of Assets; Change in Control. No Borrower will, or will permit any Subsidiary to, directly or indirectly (a) consolidate or merge or
amalgamate with or into any other Person, other than (i) mergers to consummate an acquisition permitted by subclauses (a), (b)(viii) and (b)(xii) of the definition of Permitted Investments and (ii) with not less than twenty
(20) Business Days’ prior written notice to Agent (or such lesser amount of notice as Agent, in its sole discretion, may from time to time permit) mergers of any Subsidiary of a Borrower that is wholly-owned with and into a Borrower (with
such Borrower as the surviving entity of such merger) or with and into any other Subsidiary of a Borrower that is wholly-owned or (b) consummate any asset dispositions other than (i) dispositions of Inventory in the Ordinary Course of
Business and not pursuant to any bulk sale, (ii) dispositions of personal property assets (other than Accounts) for cash and fair value that the applicable Borrower determines in good faith is no longer used or useful in the business of such
Borrower and its Subsidiaries, (iii) the granting of Liens that are Permitted Liens, (iv) licensing Intellectual Property in the Ordinary Course of Business, and (v) dispositions of personal property assets among Borrowers. No
Borrower will suffer or permit to occur any Change in Control with respect to itself, any Subsidiary or any Guarantor other than Permitted Transfers with respect to such Persons.” 

(e) Minimum Net Invoiced Revenues (Section 6.2). Section 6.2 of the Credit Agreement is hereby amended by
adding a new sentence at the end of such Section to read as follows: 
 “Notwithstanding the foregoing, this
Section 6.2 shall be in effect (and shall only be in effect) when the aggregate amount of cash and cash equivalents that is reflected on the balance sheet of Holdings and its Consolidated Subsidiaries as of the last day of any calendar quarter
is less than $60,000,000, as demonstrated on the most-recent financial statements delivered to Agent in accordance with Section 4.1 of this Agreement.” 
 4. Enforceability. This Agreement constitutes the legal, valid and binding obligation of Borrowers, and is enforceable against Borrowers in accordance with its terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles. Each of the agreements, documents and instruments executed in connection
herewith to which a Borrower is a party constitutes the legal, valid and binding obligation of such Borrower, and is enforceable 

  
 4 

 
against such Borrower in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of
creditors’ rights generally and by general equitable principles. 
 5. Confirmation of Representations and
Warranties. New Borrower hereby (a) confirms that all of the representations and warranties set forth in Articles 3 and 9 of the Credit Agreement are true and correct with respect to New Borrower in all material respects (or if any
representation is qualified with respect to materiality, in all respects) as of the date hereof, (b) covenants to perform its obligations under the Credit Agreement and other Financing Documents to which Borrowers are party, and
(c) represents and warrants to Agent and the Lenders that it has good title to, or valid license or leasehold interests in, all of its respective Collateral, free and clear of any lien or security interest in favor of any other person or
entity, other than Permitted Liens. Existing Borrower hereby (x) represents and warrants to Agent and Lenders that no Default or Event of Default has occurred and is continuing as of the date hereof, and (y) confirms that all of the
representations and warranties set forth in Articles 3 and 9 of the Credit Agreement are true and correct in all material respects (or if any representation is qualified with respect to materiality, in all respects) with respect to Existing Borrower
as of the date hereof (except insofar as such representations and warranties relate expressly to an earlier date), (y) covenants to perform its obligations under the Credit Agreement and other Financing Documents, and (z) specifically
represents and warrants to Agent and the Lenders that it has good title to, or valid license or leasehold interests in, all of its respective Collateral, free and clear of any lien or security interest in favor of any other person or entity, other
than Permitted Liens. 
 6. Organizational Authority. (i) The execution, delivery and performance by each Borrower
of this Agreement are within its corporate powers and have been duly authorized by all necessary corporate action and (ii) neither the execution, delivery or performance by Borrowers of this Agreement (1) violates any Law applicable to any
Borrower, (2) conflicts with or results in the breach or termination of, constitutes a default under or accelerates any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which Borrower is a
party or by which Borrower or any of its property is bound, except for such conflicts, breaches, terminations, defaults or accelerations that would not reasonably be expected to have a Material Adverse Effect, (3) results in the creation or
imposition of any Lien (other than Permitted Liens) upon any of the Collateral, (4) violates or conflicts with the by-laws or other organizational documents of any Borrower, or (5) requires the consent, approval or authorization of, or
declaration or filing with, any other Person, except for those already duly obtained. 
 7. Conditions to Effectiveness.
The obligation of Agent and Lenders to enter into this Agreement shall be subject to the satisfaction of the following conditions precedent that Agent shall have received the following documents, each duly executed by all of the parties thereto and
each in form and substance reasonably satisfactory to Agent: 
 (a) this Agreement; 

(b) the Third Amended and Restated Revolving Loan Note; 

  
 5 

 (c) updated schedules to the Credit Agreement that include such information
relating to New Borrower as is necessary to make each of the representations and warranties set forth in the Credit Agreement true, correct and complete in all material respects (or if any representation or warranty is qualified with respect to
materiality, in all respects) with respect to New Borrower on and as of the date hereof; and 
 (d) each other
agreement, document and instrument set forth on the closing checklist attached hereto as Exhibit B as prepared by Agent or its counsel; and 
 (e) such other documentation which Agent or its counsel shall have reasonably requested pursuant to this Agreement. 
 8. Schedules. Borrowers hereby represent and warrant that the schedules attached hereto as Exhibit C include such information relating to New Borrower as is necessary to make each of the
representations and warranties set forth in the Credit Agreement true, correct and complete in all material respects (or if any representation or warranty is qualified with respect to materiality, in all respects) with respect to New Borrower on and
as of the date hereof. The attached schedules are hereby incorporated into the Credit Agreement as if originally set forth therein. 
 9. Costs, Fees and Expenses. In consideration of Agent’s agreement to enter into this Agreement, the Borrowers shall be responsible for the payment of all reasonable and out-of-pocket costs,
fees and expenses of Agent’s counsel incurred in connection with the preparation of this Agreement and any related documents and required to be paid under Section 12.17 of the Credit Agreement. 

10. Post-Closing. On or before the thirtieth (30th) calendar day following the date of this Agreement (or such later date as
Agent, in its sole discretion, shall permit in writing), Borrowers shall deliver to Agent (a)(i) evidence of general liability insurance for New Borrower, (ii) evidence of property insurance for New Borrower, (iii) an endorsement to the
general liability insurance policy of New Borrower naming Agent as an “additional insured” thereunder and (iv) an endorsement to the property insurance policy of New Borrower naming Agent as a “lender’s loss payee”
thereunder and (b) a fully executed securities account control agreement in form and substance reasonably acceptable to Agent, entered into with Bank of America for each Securities Account of New Borrower in accordance with Section 5.14 of
the Credit Agreement. 
 11. Reference to the Effect on the Credit Agreement. Upon the effectiveness of this Agreement,
(a) each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import and (b) each reference in any other Financing Agreement to “the Credit
Agreement”, shall mean and be a reference to the Credit Agreement as amended by this Agreement. 
 12. Affirmation.
Except as specifically amended pursuant to the terms hereof, the Credit Agreement and all other Financing Documents (and all covenants, terms, conditions and agreements therein) shall remain in full force and effect, and are hereby ratified and
confirmed in all respects by Borrowers. 

  
 6 

 13. No Waiver or Novation. The execution, delivery and effectiveness of this
Agreement shall not, except as expressly provided in this Agreement, operate as a waiver of any right, power or remedy of Agent or Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Financing Documents or any other
documents, instruments and agreements executed or delivered in connection with any of the foregoing. Nothing herein is intended or shall be construed as a waiver of any existing defaults or Events of Default under the Credit Agreement or other
Financing Documents or any of Agent’s or Lenders’ rights and remedies in respect of such defaults or Events of Default. This Agreement (together with any other document executed in connection herewith) is not intended to be, nor shall it
be construed as, a novation of the Credit Agreement. 
 14. Indemnities. Borrower hereby agrees that its obligation to
indemnify and hold the Indemnitees harmless as set forth in the Credit Agreement shall include an obligation to indemnify and hold the Indemnitees harmless with respect to any and all liabilities, obligations, losses, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by the Indemnitees, or any of them, whether direct, indirect or consequential, as a result of or arising from or relating to any proceeding by, or on behalf of, any
Person, including, without limitation, officers, directors, agents, trustees, creditors, partners or shareholders of Borrower, whether threatened or initiated, asserting any claim for legal or equitable remedy under any statute, regulation or common
law principle arising from or in connection with the negotiation, preparation, execution, delivery, performance, administration and enforcement of this Agreement or any other document executed in connection herewith, other than arising out of such
Indemnitees’ gross negligence or willful misconduct. The foregoing indemnity shall survive the payment in full of the Obligations and the termination of this Agreement, the Credit Agreement and the other Financing Documents. 

15. Incorporation of Credit Agreement Provisions. The provisions contained in Section 12.10 (Governing Law) and 12.11 (Jury
Waiver) of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety. 
 16. Headings. Section headings in this Agreement are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

17. Counterparts. This Agreement may be executed in any number of separate original counterparts (or telecopied counterparts with
original execution copy to follow) and by the different parties on separate counterparts, each of which shall be deemed to be an original, but all of such counterparts shall together constitute one agreement. Delivery of an executed counterpart of a
signature page to this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
 18. Successors and Assigns. This Agreement shall be binding on and shall inure to the benefit of Borrower, Agent and Lenders and their respective successors and permitted assigns. 

19. Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof and supersedes all other understandings, oral or written, with respect to the subject matter hereof. 

  
 7 

 20. Severability. Wherever possible, each provision of this Agreement shall be
interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 (SIGNATURES
APPEAR ON FOLLOWING PAGES) 

  
 8 

 (Signature Page to Joinder and Amendment No. 6 Regarding Credit Agreement)

 IN WITNESS WHEREOF, intending to be legally bound, and intending that this Agreement constitute an agreement executed
under seal, each of the parties have caused this Agreement to be executed under seal the day and year first above mentioned. 
  

									
	EXISTING BORROWER:	 		 	SAGENT PHARMACEUTICALS, a Wyoming corporation
					
		 		 	By:	 	 /s/ Jonathon Singer
	 	(SEAL)
		 		 		 	Jonathon Singer	 	
		 		 		 	Chief Financial Officer	 	

 (Signature Page to Joinder and Amendment No. 6 Regarding Credit Agreement)

  

									
	NEW BORROWER:	 		 	SAGENT PHARMACEUTICALS, INC., a Delaware corporation
					
		 		 	By:	 	 /s/ Jonathon Singer
	 	(SEAL)
		 		 		 	Jonathon Singer	 	
		 		 		 	Chief Financial Officer	 	

 (Signature Page to Joinder and Amendment No. 6 Regarding Credit Agreement)

  

									
	AGENT:	 		 	MIDCAP FUNDING IV, LLC, a Delaware limited liability company
					
		 		 	By:	 	 /s/ Brett Robinson
	 	(SEAL)
		 		 		 	Brett Robinson	 	
		 		 		 	Managing Director	 	

 (Signature Page to Joinder and Amendment No. 6 Regarding Credit Agreement)

  

									
	LENDER:	 		 	MIDCAP FUNDING IV, LLC, a Delaware limited liability company
					
		 		 	By:	 	 /s/ Brett Robinson
	 	(SEAL)
		 		 		 	Brett Robinson	 	
		 		 		 	Managing Director	 	

 (Signature Page to Joinder and Amendment No. 6 Regarding Credit Agreement)

  

									
	LENDER:	 		 	SILICON VALLEY BANK, a California corporation
					
		 		 	By:	 	 /s/ Mike Meier
	 	(SEAL)
		 		 		 	Mike Meier	 	
		 		 		 	Relationship Manager	 	

 EXHIBIT A 
 Collateral 
 The Collateral consists of all of New Borrower’s right,
title and interest in and to the following, whether now owned or hereafter created, acquired or arising, and all proceeds and products of the following: 
 All goods, Accounts (including health-care insurance receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license agreements, franchise agreements, General
Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, securities accounts, fixtures, letter of credit rights
(whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and 

All of New Borrower’s books relating to the foregoing, and any and all claims, rights and interests in any of the above and all
substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, (i) the Collateral will not include: (A) New Borrower’s equity interests in Kanghong Sagent
(Chengdu) Pharmaceutical Co., Ltd.; and (B) any rights or interest in any contract, lease, permit, license, charter or license agreement covering any asset of New Borrower if under the terms of such contract, lease, permit, license, charter or
license agreement, or applicable law with respect thereto, the grant of a security interest or Lien therein is prohibited as a matter of law or under the terms of such contract, lease, permit, license, charter or license agreement and such
prohibition has not been waived or the consent of the other party to such contract, lease, permit, license, charter or license agreement has not been obtained (provided, that, the foregoing exclusions of this clause (B) shall in no way be
construed (1) to apply to the extent that any described prohibition is unenforceable under Section 9-406, 9-407, 9-408, or 9-409 of the UCC or other applicable law, (2) to limit, impair, or otherwise affect Agent’s continuing
security interests in and liens upon any rights or interests of New Borrower in or to (x) monies due or to become due under any described contract, lease, permit, license, charter or license agreement (including any Accounts), or
(y) any proceeds from the sale, license, lease, or other dispositions of any such contract, lease, permit, license, charter or license agreement, or (3) to apply to the extent that any consent or waiver has been obtained that would
permit the security interest or Lien notwithstanding the prohibition) and (C) assets owned by New Borrower on the date hereof or hereafter acquired that are subject to a Lien described in subclauses (h) or (i) of the definition of
Permitted Lien if the contract or other agreement in which such Lien is granted validly prohibits the creation of any other Lien on such assets and (ii) the security interest created hereby in equity interests constituting voting stock of any
Foreign Subsidiary shall be limited to that portion of such voting stock that does not exceed 65% of the aggregate issued and outstanding voting stock of such Foreign Subsidiary.

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