Document:

Exhibit 4.5

 

Form of 4.550% Senior Note due 2048

 

GLOBAL SECURITY

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS NOTE
IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY. TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO
TRANSFERS PERMITTED BY THE INDENTURE.

 

CELGENE CORPORATION

 

4.550% Senior Note due 2048

 

	No.	 	PRINCIPAL AMOUNT
	 	 	$
	 	 	 
	CUSIP:  151020 AZ7	 	 
	ISIN:  US151020AZ71	 	 

 

Celgene Corporation, a Delaware corporation
(herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred
to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum set forth in the attached
Schedule of Increases and Decreases in Global Note on February 20, 2048 (the “Maturity Date”) (except to the
extent redeemed or repaid prior to the Maturity Date) and to pay interest thereon from February 20, 2018 (the “Original
Issue Date”) or from the most recent Interest Payment Date to which interest has been paid or duly provided for semi-annually
at the rate of 4.550% per annum, on February 20 and August 20 (each such date, an “Interest Payment Date”),
commencing August 20, 2018, until the principal hereof is paid or made available for payment.

 

Payment of Interest. The interest so
payable, and punctually paid or made available for payment, on any Interest Payment Date, will, as provided in the Indenture, be
paid, in immediately available funds, to the Person in whose name this Note is registered at the close of business on the February
1 or August 1 (whether or not a Business Day, as defined in the Indenture) as the case may be, next preceding such Interest Payment
Date (the “Regular Record Date”). Any such interest not punctually paid or duly provided for (“Defaulted
Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest
may be paid to the Person in whose name this Note is registered at the close of business on a special record date (the “Special
Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Notes not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner
not inconsistent with requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

 

Place of Payment. Payment of principal,
premium, if any, and interest on this Note will be made at the Corporate Trust Office of the Trustee or such other office or agency
of the Company as may be designated for such purpose, in such currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however, that each installment of interest, premium,
if any, and principal on this Note may at the Company’s option be paid in immediately available funds by transfer to an account
maintained by the payee located in the United States of America.

 

Time of Payment. In any case where any
Interest Payment Date, the Maturity Date or any date fixed for redemption or repayment of the Notes shall not be a Business Day,
then (notwithstanding any other provision of the Indenture or this Note), payment of principal or interest, if any, need not be
made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest
Payment Date, the Maturity Date or the date so fixed for redemption or repayment, and no interest shall accrue in respect of the
delay.

 

     

     

    

 

General. This Note is one of a duly authorized
security of the Company, issued and to be issued under an indenture (the “Indenture”), dated as of February
20, 2018, between the Company and The Bank of New York Mellon Trust Company, N.A. (herein called the “Trustee,”
which term includes any successor Trustee under the Indenture with respect to a series of which this Note is a part). Reference
is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to be, authenticated
and delivered. This Note is one of a duly authorized series of Notes designated as “4.550% Senior Notes due 2048” (collectively,
the “Notes”), initially limited in aggregate principal amount to $1,500,000,000.

 

Further Issuance. The Company may from
time to time, without the consent of the Holders of the Notes, issue additional Securities (the “Additional Securities”)
of this series having the same ranking and the same interest rate, maturity and other terms as the Notes. Any Additional Securities
of this series and the Notes will constitute a single series under the Indenture and all references to the Notes shall include
the Additional Securities unless the context otherwise requires.

 

Events of Default. If an Event of Default
with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

Sinking Fund. The Notes are not subject
to any sinking fund.

 

Optional Redemption. The Notes will be redeemable at
any time, at the option of the Company, in whole or from time to time in part, upon not less than 15 nor more than 60 days’
prior notice, on any date prior to August 20, 2047 (the date that is six months prior to the Stated Maturity of the Notes) at a
Redemption Price, calculated pursuant to the Indenture, which includes accrued interest thereon, if any, to, but not including,
the Redemption Date. On or after August 20, 2047 (the date that is six months prior to the Stated Maturity of the Notes), the Notes
will be redeemable, in whole, at any time, or in part, from time to time, at the option of the Company upon not less than 15 nor
more than 60 days’ notice at a Redemption Price equal to 100% of the principal amount thereof plus accrued and unpaid interest
to the Redemption Date. In the case of any partial redemption, selection of the Notes for redemption will be made by lottery or
other method in accordance with the applicable procedures of DTC. If any Note is to be redeemed in part only, the notice of redemption
relating to such Note shall state the portion of the principal amount thereof to be redeemed; provided that the principal
amount of any Note remaining outstanding after a redemption in part shall be $2,000 or a higher integral multiple of $1,000 in
excess thereof. A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder
thereof upon cancellation of this Note. 

 

Special Mandatory Redemption. Within
five Business Days following the earlier of (i) the date on which an Acqusition Termination Event occurs and (ii) November 20,
2018, if the Acquisition has not closed on or prior to such date, the Company shall be required to send a notice of mandatory redemption
to the Holders of the Notes fixing the Special Mandatory Redemption Date. On such Special Mandatory Redemption Date, the Company
shall be required to redeem the Notes, in whole but not in part, at the Special Mandatory Redemption Price.

 

Repurchase upon a Change of Control Triggering
Event. Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, the Company shall be required
to make an offer to repurchase the Notes on the terms set forth in the Indenture.

 

Restrictive Covenants. The Indenture
contains certain covenants that, among other things, limit the ability of the Company and its Subsidiaries to create liens or the
ability of the Company to consolidate, merge or sell, transfer or lease all or substantially all of its assets.

 

Defeasance and Covenant Defeasance. The
Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Note and (b) certain
restrictive covenants and the related defaults and Events of Default, upon compliance by the Company with certain conditions set
forth therein, which provisions apply to this Note.

 

Modification and Waivers; Obligations of
the Company Absolute. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Notes of any series. Such amendment may be effected
under the Indenture at any time by the Company, and the Trustee with the consent of the Notes of not less than a majority in aggregate
principal amount of the outstanding Notes of such series affected thereby. The Indenture also contains provisions permitting the
Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, on behalf of the Holders
of all outstanding Notes, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions
in the Indenture permit the Holders of not less than a majority in aggregate principal amount of the outstanding Notes of individual
series to waive on behalf of all of the Holders of Notes of such individual series certain past defaults under the Indenture and
their consequences. Any such consent or waiver shall be conclusive and binding upon the Holder of this Note and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note.

 

     

     

    

 

No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the time, place, and rate, and in the currency, herein prescribed.

 

No Recourse Against Others. No director,
officer, agent, employee, incorporator, stockholder, partner, member, or manager of the Company shall have any liability for any
obligations of the Company under any Notes, the Indenture or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes.

 

Limitation on Suits. As set forth in,
and subject to, the provisions of the Indenture, no Holder of any Note will have any right to institute any proceeding with respect
to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of
a continuing Event of Default with respect to this series, the Holders of a majority in principal amount of the outstanding Notes
shall have made written request to the Trustee, and offered indemnity satisfactory to the Trustee, to institute such proceedings
as Trustee, and the Trustee shall not have received from the Holders of a majority in principal amount of the outstanding Notes
a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided,
however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of
the principal of or interest on this Note on or after the respective due dates expressed herein.

 

Authorized Denominations. The Notes are
issuable only in registered form without coupons in minimum denominations of $2,000 or a higher integral multiple of $1,000 in
excess thereof.

 

Registration of Transfer or Exchange.
As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable
in the register of the Notes maintained by the Registrar upon surrender of this Note for registration of transfer, at the office
or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Registrar, duly executed by the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

As provided in the Indenture and subject to
certain limitations herein and therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of
different authorized denominations, as requested by the Holders surrendering the same.

 

No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the owner hereof for
all purposes (except with respect to certain payments of Defaulted Interest), whether or not this Note be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Defined Terms. All terms used in this
Note, which are defined in the Indenture and are not otherwise defined herein, shall have the meanings assigned to them in the
Indenture.

 

Governing Law. This Note shall be governed
by and construed in accordance with the laws of the State of New York.

 

Unless the certificate of authentication hereon
has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose.

 

[Remainder of page intentionally left blank]

 

     

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed and attested.

 

Dated: February 20, 2018

 

	 	CELGENE CORPORATION, as the Company
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 

 

	Attest:	 	 
	 	 	 
	By:	 	 	 
	Name:	 	 
	Title:	 	 

 

     

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes of the series designated
therein referred to in the within-mentioned Indenture.

 

	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 	 
	 	By: 	 
	 	 	Authorized Signatory
	 	 
	 	Dated: February 20, 2018

 

     

     

    

 

ASSIGNMENT FORM

 

I or we assign and transfer this Note to

 

_____________________________________________________________________________________________

 

_____________________________________________________________________________________________

 

(Print or type name, address and zip code of assignee or transferee)

 

_____________________________________________________________________________________________

 

(Insert Social Security or other identifying number of assignee
or transferee)

 

and irrevocably appoint _________________________________________________
agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

	Dated: 	 	 	Signed: 	 
	 	 	(Sign exactly as name appears on the other side of this Note)
	 	 	 
	Signature Guarantee:	 	 
	 	 	 
	 	 	Participant in a recognized Signature Guarantee Medallion
	 	 	Program (or other signature guarantor program reasonably
	 	 	acceptable to the Trustee)

 

     

     

    

 

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL
NOTE

 

Celgene Corporation

 

4.550% Senior Note due 2048

 

The initial principal amount of this Global
Note is $___________. The following increases or decreases in this Global Note have been made:

 

	Date	 	Amount of

decrease in

Principal Amount

of this Global 

Note	 	Amount of

increase in

Principal Amount

of this Global

Note	 	Principal Amount

of this Global

Note following

such decrease or

increase	 	Signature of

authorized

signatory of

Trustee or Note

CustodianExhibit

Exhibit 10.1

MANPOWERGROUP INC.

Annual Incentive Plan

Exhibit 10.1

MANPOWERGROUP INC.
ANNUAL INCENTIVE PLAN

Table of Contents

PAGE
ARTICLE I General Provisions    1
Section 1.    Overview of the Plan    1
Section 2.    Definitions    1
Section 3.    Plan Administration    3
Section 4.    Eligibility and Participation Guidelines    3
ARTICLE II Financial Goals    3
Section 1.    Performance Measures    3
Section 2.    Performance Goals    5
Section 3.    Award Opportunities    5
Section 4.    Calculation of Awards    6
Section 5.    Distribution of Awards    6
ARTICLE III Operating Objectives    7
Section 1.    Objectives and Award Opportunities    7
Section 2.    Determination of Awards    7
Section 3.    Distribution of Awards    7
ARTICLE IV Miscellaneous Provisions    7
Section 1.    Maximum Bonus Amount    7
Section 2.    Termination of Employment    7
Section 3.    Forfeiture of Amounts Paid under the Plan    8
Section 4.    No Guarantee of Employment    8
Section 5.    Withholding Taxes    8
Section 6.    Amendment and Discontinuance of the Plan    8
Section 7.    Effective Date    8

Exhibit 10.1

MANPOWERGROUP INC. 
ANNUAL INCENTIVE PLAN
Article I 
General Provisions
Section 1.    Overview of the Plan
One of the elements of the compensation program for the Company’s executives is an annual incentive award paid in cash.  The purpose of this Plan is to facilitate implementation of this element for certain of these executives, as designated by the Committee or by the CEO (referred to below as “Participants”).
Under the Plan, annual incentives are based on attainment of certain financial or other operating goals established for each Participant.  The financial goals (referred to below as “Performance Measures”), which vary among Participants, include earnings per share, return on invested capital, adjusted operating unit profit, gross profit, expenses as a percent of gross profit and/or any other financial goals as determined by the Committee or the CEO.  At the beginning of each Plan Year, the financial goals for the year are established for Participants by the Committee or by the CEO.  Bonus amounts may be earned by Participants for the year based on the Company’s attainment of these goals.  
The Plan also includes an operating performance component under which annual bonus amounts may be earned based on a Participant’s achievement, as determined by the Committee or the CEO, of certain operating objectives established at the beginning of the year.  The operating performance component allows the Company to recognize performance by Participants that may not be reflected in financial metrics.
The Plan provides for cash awards to be determined shortly after the end of each Plan Year based on achievement of the goals established at the beginning of the year.  In connection with the establishment of the goals, each Participant is assigned threshold, target and outstanding bonus opportunity levels.
Section 2.    Definitions
As used herein, the following terms shall have the following meanings:
		
	(a)
	Adjusted Operating Unit Profit — as defined in Section 1 of Article II.

		
	(b)
	Administrator – shall mean the Committee with respect to Awards under the Plan to executive officers of the Company and the CEO with respect to Awards to Participants who are not executive officers of the Company. 

		
	(c)
	Award — any bonus opportunity awarded under the Plan.

1

		
	(d)
	Affiliate – any subsidiary or other entity that is controlled (directly or indirectly) by the Company.

		
	(e)
	CEO – will mean the Company’s Chief Executive Officer.

		
	(f)
	Committee — the Executive Compensation and Human Resources Committee of the Board of Directors of the Company.

		
	(g)
	Code — the Internal Revenue Code of 1986, as it may be amended from time to time, and any proposed, temporary or final Treasury Regulations promulgated thereunder.

		
	(h)
	Company — ManpowerGroup Inc., a Wisconsin corporation.

		
	(i)
	Consolidated ManpowerGroup — the Company and its direct and indirect subsidiaries.

		
	(j)
	Disability – permanent and total disability, as defined in the Company’s long-term disability plan, or if no such plan is in effect, as defined in Code Section 22(e)(3).

		
	(k)
	EPS — as defined in Section 1 of Article II.

		
	(l)
	Expenses as a Percent of Gross Profit — as defined in Section 1 of Article II.

		
	(m)
	Gross Profit – as defined in Section 1 of Article II.

		
	(n)
	Participant – any Company or Affiliate employee who is designated by the Committee or the CEO to participate in the Plan.

		
	(o)
	Performance Measures – the financial measures described in Section 1 of Article II.

		
	(p)
	Plan — the ManpowerGroup Inc. Annual Incentive Plan.

		
	(q)
	Plan Year — each yearly period commencing on January 1st of each year during the term of the Plan.

		
	(r)
	Retirement – a termination of employment on or after a Participant has attained age 55 and has completed 10 years of Service.

		
	(s)
	Return on Invested Capital – as defined in Section 1 of Article II.

		
	(t)
	Service – as to each Participant, the period beginning on the date he or she first becomes an employee of the Company or Affiliate and ending on the date he or she ceases to be an employee of the Company or Affiliate.

2

Section 3.    Plan Administration
The Administrator shall administer the Plan.  The Administrator is authorized to interpret the Plan, to adopt such rules and regulations, as it may from time to time deem necessary for the effective operation of the Plan, and to act upon all matters relating to the granting of Awards under the Plan.  Any determination, interpretation, construction or other action made or taken pursuant to the provisions of the Plan by or on behalf of the Administrator shall be final, binding and conclusive for all purposes and upon all persons including, without limitation, the Participants and their respective successors in interest. 
Section 4.    Eligibility and Participation Guidelines
		
	(a)
	Criteria for participation in the Plan:

In selecting Participants, the Committee or the CEO, as the case may be, shall take into account the degree to which the proposed Participant can have an impact on the short-term and long-term operating performance and growth of the Company and such other criteria as it deems relevant.
		
	(b)
	Renewal of participation:

The Committee or the CEO, as the case may be, reserves the right to remove any Participant from the Plan at any time.  Plan participation in one year does not guarantee participation in subsequent Plan Years.
ARTICLE II     
Financial Goals
Section 1.    Performance Measures 
The following financial goals may be used as Performance Measures under this Plan and, except as otherwise provided by the Administrator, shall be measured according to the terms set forth below in this Section 1 of Article II.  The Administrator may apply the Performance Measures on an absolute or relative basis, may value the Performance Measures below on a growth or fixed basis, and/or may apply the Performance Measures on a Company-wide or business segment basis.  The Administrator may also provide for reasonable adjustments in calculating the Performance Measures and may include or exclude items, including but not limited to:  extraordinary items; gains or losses on the sale of assets, changes in accounting principles or the application thereof, regulatory changes, currency fluctuations, acquisitions, divestitures, necessary financing activities, recapitalizations, including stock splits and dividends, expenses for restructuring activities, and other non-operating items. 

		
	(a)
	EPS is net earnings per share — diluted, including net earnings from continuing and discontinued operations, but excluding the impact of currency, any 

3

cumulative effects of changes in accounting principles, extraordinary items, goodwill impairment, and the benefit of current year share repurchases in excess of dilution.
		
	(b)
	Return on Invested Capital is net operating profit after taxes divided by average capital.

		
	(1)
	Net operating profit after taxes is defined as earnings before income taxes plus net interest expense and goodwill impairment (including the results of continuing and discontinued operations) minus taxes, excluding the impact of currency. 

		
	(2)
	Taxes are calculated as net operating profit multiplied by the effective tax rate.

		
	(3)
	Average capital is the average monthly ending balance of capital employed (total shareholders’ equity plus total debt less cash) plus or minus capital adjustments.

		
	(4)
	Capital adjustments are: 

		
	●
	to increase capital for accumulated intangible amortization

		
	•
	those adjustments required to exclude the effect of foreign exchange rate fluctuations on the above capital employed items, as reflected in the adjusted capital employed report,

		
	●
	those adjustments required to exclude the effect of goodwill impairment,

		
	●
	those adjustments required to exclude the effect of any other items recorded in other comprehensive income, and

		
	●
	for any acquisitions  having a total purchase price of more than $3 million, an adjustment to defer and ratably phase in the impact of the purchase price increasing capital employed over the 36-month period following the date of closing.

		
	(c)
	Adjusted Operating Unit Profit (AOUP) is operating unit profit less a cost of net capital.

		
	(1)
	Operating unit profit (OUP) is equal to revenues less direct costs and branch and national headquarters operating costs translated into US Dollars in constant currency.  It includes the results of continuing and discontinued operations but excludes the impact of currency.

4

		
	(2)
	Cost of net capital is defined as average net capital multiplied by 12%.  Average net capital equals trade accounts receivable less allowance for doubtful accounts, certain managed service provider payables and deferred revenue, calculated based on the average of the monthly ending balances, with each country translated into US Dollars using the same exchange rates as used for OUP.

		
	(d)
	Expenses as a Percent of Gross Profit is equal to selling, general and administrative expenses (or personnel costs) divided by gross profit, with each country translated into US Dollars in constant currency.  It includes the results of continuing and discontinued operations.

		
	(e)
	Gross Profit is the gross profit for the period translated into US Dollars in constant currency.  It includes the gross profit from continuing and discontinued operations.

		
	(f)
	Other - The Administrator may use any other financial goals as Performance Measures under this Plan, as determined in its discretion, measured in the manner determined by the Administrator at the time it sets the goals for the Plan Year under this Article II.

Section 2.    Performance Goals
No later than 90 days after the beginning of any Plan Year, the Administrator shall set such financial goals for the year as it deems appropriate based on the Performance Measures it chooses to use for a Participant from Section 1 of this Article II.   Generally, the Administrator shall not change such financial goals more than 90 days after the beginning of the Plan Year, except as determined to be necessary by the Administrator to reflect extraordinary events or circumstances that impact such financial goals.
		
	(a)
	Threshold goal — The minimum level of performance for which a bonus amount will be earned will be established as the threshold goal.  Achieving the threshold goal will yield the threshold opportunity level.

		
	(b)
	Target goal — The expected level of performance will be established as the target goal.  Achieving the target goal will yield the target opportunity level.

		
	(c)
	Outstanding goal — An outstanding level of performance will be established as the outstanding goal.  Achieving the outstanding goal will yield the outstanding opportunity level.

Section 3.    Award Opportunities
At the time the performance goals are established, the Administrator shall set the bonus opportunities corresponding to each of the Performance Measure goals it has set for each Participant for the Plan Year.

5

		
	(a)
	Target opportunity will equal a dollar amount determined by the Administrator.

		
	(b)
	Threshold opportunity will equal a dollar amount, which will be less than the target opportunity, determined by the Administrator.

		
	(c)
	Outstanding opportunity will equal a dollar amount, which will be greater than the target opportunity, determined by the Administrator.

Section 4.    Calculation of Awards
The bonus amounts under this Article II for each Plan Year will be determined based on actual performance relative to the pre-established financial goals.  Except as otherwise provided above or as otherwise provided by the Administrator, the results of any Performance Measures for the year shall be calculated based on the financial records supporting the audited consolidated financial statements of the Company and its subsidiaries.
Actual performance at the target goal will result in 100% of the target opportunity.
Except as otherwise determined by the Administrator at the beginning of the Plan Year, performance between the target goal and outstanding goal will result in a payout that is linearly interpolated between the target and outstanding opportunities.  The amount of the bonus amounts under this Article II shall be capped, and therefore performance in excess of the outstanding goal will result in the outstanding opportunity.
Except as otherwise determined by the Administrator at the beginning of the Plan Year, performance between the threshold goal and target goal will result in a payout that is linearly interpolated between the threshold and target opportunities.  Performance that is below the threshold goal will result in no bonus amount.
Notwithstanding the foregoing, the Administrator may in its discretion adjust the amount of any bonus otherwise determined under the foregoing criteria to reflect any extraordinary items, or such other items or factors as it may deem relevant. 
Section 5.    Distribution of Awards
The annual bonus amounts earned for the Plan Year under this Article II shall be distributed in cash as soon as possible after the amounts have been determined, between January 1 and March 15 of the Company’s fiscal year following the Plan Year during which the amounts were earned.
Participants may elect to defer a portion of any annual bonus amounts under this Article II in accordance with the terms of the Company’s Nonqualified Savings Plan.

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ARTICLE III     
Operating Objectives
Section 1.    Objectives and Award Opportunities
No later than 90 days after the beginning of any Plan Year, the Administrator may establish operating objectives for the year for a Participant and bonus opportunities for the Participant for achievement of such objectives, provided however, that the Administrator shall be permitted to delegate the setting of such objectives to the Company employee to whom the Participant reports (directly or indirectly).  In establishing the bonus opportunities, the Administrator will set threshold, target and outstanding opportunities expressed as a percent of base salary.  Generally, the Administrator shall not change such operating objectives later than 90 days after the beginning of the Plan Year, except as determined to be necessary by the Administrator to reflect extraordinary events or circumstances that impact such operating objectives.
Section 2.    Determination of Awards
Following the close of the Plan Year, the Administrator (or its delegate, where applicable) shall determine whether a bonus amount has been earned under this Article III, and if so the level of such bonus amount, based on its assessment of the Participant’s performance in achieving the pre-established operating objectives.  Such bonus amounts may range from zero to the pre-established outstanding opportunity.
Section 3.    Distribution of Awards
The annual bonus amounts earned for the Plan Year under this Article III shall be distributed in cash as soon as possible after the amounts have been determined, between January 1 and March 15 of the Company’s fiscal year following the Plan Year during which the amounts were earned.
Participants may elect to defer a portion of any annual bonus amounts under this Article III in accordance with the terms of the Company’s Nonqualified Savings Plan.
ARTICLE IV     
Miscellaneous Provisions
Section 1.    Maximum Bonus Amount
Notwithstanding any other provision of this Plan to the contrary, the maximum bonus amount any Participant will be entitled to receive for any Plan Year under this Plan is $5,000,000.

7

Section 2.    Termination of Employment
		
	(a)
	Except as the relevant parties may otherwise agree or except as provided in paragraph (b) below, if a Participant’s employment terminates, the Participant will forfeit all rights to any bonus amounts under this Plan for the year in which the termination occurs.

		
	(b)
	Except as the relevant parties may otherwise agree, if a Participant’s employment terminates by reason of the Participant’s Disability or death or Retirement, the Participant will be entitled to receive, for the year in which termination occurs, the bonus amounts otherwise determined under Articles II and III of the Plan, but prorated for the actual number of days the Participant was employed by the Consolidated ManpowerGroup during the year.

Section 3.    Forfeiture of Amounts Paid under the Plan
The Company shall have the right to require any Participant to forfeit and return to the Company any amounts paid to the Participant pursuant to this Plan consistent with any recoupment policy maintained by the Company under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of any Securities and Exchange Commission Rule, as such policy is amended from time to time.

Section 4.    No Guarantee of Employment
Participation in the Plan shall not give any Participant any right to be retained in the employment of the Consolidated ManpowerGroup.  This Plan shall not affect any right of the Company to terminate, with or without cause, any Participant’s employment at any time.
Section 5.    Withholding Taxes
The Company shall have the right to withhold from any compensation payable to a Participant, or to cause the Participant (or the executor or administrator of his or her estate or his or her distributee) to make payment of, any federal, state, local, or foreign taxes required to be withheld with respect to the distribution of any Awards.
Section 6.    Amendment and Discontinuance of the Plan
The Committee may amend, alter, suspend or discontinue the Plan, as it shall from time to time consider desirable.  No such action shall adversely affect the rights of any Participant under the Plan as of the time of such action without the consent of the Participant.
Section 7.    Effective Date
The Plan will be effective for Awards beginning with the 2018 Plan Year.

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