Document:

Exhibit 10.4(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MGM Resorts International

 

 

 

 

 

MGM Resorts Deferred Compensation Plan II

 

Master Plan Document

 

 

As Amended and Restated

Effective December 17, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MGM Resorts Deferred Compensation Plan II

Master Plan Document

 

TABLE OF CONTENTS

 

	
 
	
Page

	
 

PURPOSE
	
4

	
ARTICLE 1   Definitions
	
4

	
ARTICLE 2   Selection, Enrollment, Eligibility
	
8

	
2.1
	
Selection by Committee
	
8

	
2.2
	
Enrollment Requirements
	
8

	
2.3
	
Eligibility; Commencement of Participation
	
8

	
2.4
	
Termination of Participation and/or Deferrals
	
8

	
ARTICLE 3   Deferral Commitments/Company Contribution/Company Matching/Crediting/Taxes
	
8

	
3.1
	
Minimum Deferrals
	
8

	
3.2
	
Maximum Deferrals
	
8

	
3.3
	
Election to Defer; Effect of Election Form.
	
9

	
3.4
	
Withholding of Annual Deferral Amounts
	
9

	
3.5
	
Transfer Account
	
9

	
3.6
	
Annual Company Matching Amount
	
9

	
3.7
	
Vesting
	
10

	
3.8
	
Crediting/Debiting of Account Balances
	
10

	
3.9
	
FICA and Other Taxes
	
11

	
ARTICLE 4   Short-Term Payout; Unforeseeable Financial Emergencies; Withdrawal Election
	
11

	
4.1
	
Short-Term Payout
	
11

	
4.2
	
Other Benefits Take Precedence Over Short-Term
	
12

	
4.3
	
Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies
	
12

	
4.4
	
Small Sum Cashouts
	
12

	
ARTICLE 5   Retirement Benefit
	
12

	
5.1
	
Retirement Benefit
	
12

	
5.2
	
Payment of Retirement Benefit
	
12

	
5.3
	
Death Prior to Completion of Retirement Benefit
	
13

	
ARTICLE 6   Pre-Retirement Survivor Benefit
	
13

	
6.1
	
Pre-Retirement Survivor Benefit
	
13

	
6.2
	
Payment of Pre-Retirement Survivor Benefit
	
13

	
ARTICLE 7   Termination Benefit
	
13

	
7.1
	
Termination Benefit
	
13

	
7.2
	
Payment of Termination Benefit
	
13

	
7.3
	
Death Prior to Completion of Termination Benefit
	
13

	
ARTICLE 8   Disability Benefit
	
13

	
8.1
	
Disability Benefit
	
13

	
ARTICLE 9   Beneficiary Designation
	
14

	
9.1
	
Beneficiary
	
14

	
9.2
	
Beneficiary Designation; Change; Spousal Consent
	
14

	
9.3
	
Acknowledgment
	
14

	
9.4
	
No Beneficiary Designation
	
14

	
9.5
	
Doubt as to Beneficiary
	
14

	
9.6
	
Discharge of Obligations
	
14

	
ARTICLE 10  Leave of Absence
	
14

	
10.1
	
Leaves of Absence
	
14

	
ARTICLE 11  Termination, Amendment or Modification
	
14

	
11.1
	
Termination
	
14

	
11.2
	
Amendment
	
15

	
11.3
	
Plan Agreement
	
15

	
11.4
	
Effect of Payment; Non-Discretionary Cashout
	
15

	
11.5
	
Plan Agreement
	
15

 

MGM Resorts Deferred Compensation Plan II

Master Plan Document

 

	
ARTICLE 12  Administration
	
15

	
12.1
	
Committee Duties
	
15

	
12.2
	
Agents
	
15

	
12.3
	
Binding Effect of Decisions
	
15

	
12.4
	
Indemnity of Committee
	
15

	
12.5
	
Employer Information
	
16

	
ARTICLE 13  Other Benefits and Agreements
	
16

	
13.1
	
Coordination with Other Benefits
	
16

	
ARTICLE 14  Claims Procedures
	
16

	
14.1
	
Presentation of Claim
	
16

	
14.2
	
Notification of Decision
	
16

	
14.3
	
Review of a Denied Claim
	
16

	
14.4
	
Decision on Review
	
17

	
14.5
	
Legal Action
	
17

	
ARTICLE 15  Trust
	
17

	
15.1
	
Establishment of the Trust
	
17

	
15.2
	
Interrelationship of the Plan and the Trust
	
17

	
15.3
	
Distributions from the Trust
	
17

	
15.4
	
Investment of Trust Assets
	
17

	
15.5
	
No Claim on Trust Assets
	
17

	
ARTICLE 16  Miscellaneous
	
17

	
16.1
	
Status of Plan
	
17

	
16.2
	
Unsecured General Creditor
	
18

	
16.3
	
Employer’s Liability
	
18

	
16.4
	
Nonassignability
	
18

	
16.5
	
Not a Contract of Employment
	
18

	
16.6
	
Furnishing Information
	
18

	
16.7
	
Terms
	
18

	
16.8
	
Captions
	
18

	
16.9
	
Governing Law
	
18

	
16.10
	
Notice
	
18

	
16.11
	
Successors
	
18

	
16.12
	
Spouse’s Interest
	
19

	
16.13
	
Validity
	
19

	
16.14
	
Incompetent
	
19

	
16.15
	
Court Order
	
19

	
16.16
	
Distribution in the Event of Taxation
	
19

	
16.17
	
Legal Fees To Enforce Rights After Change in Control
	
19

	
16.18
	
Unvested Account Balances Under Prior Plan
	
19

 

 

 

 

MGM Resorts Deferred Compensation Plan II

Master Plan Document

 

MGM RESORTS DEFERRED COMPENSATION PLAN II

As Amended and Restated

Effective December 17, 2014

 

Purpose

 

The purpose of this Plan is to provide specified benefits to a select group of management and highly compensated Employees who contribute materially to the continued growth, development and future business success of MGM Resorts International, a Delaware corporation, and its subsidiaries that sponsor this Plan. This Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA.

 

ARTICLE 1

Definitions

 

For purposes of this Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following indicated meanings:

 

1.1    “Account Balance” shall mean, with respect to a Participant, a credit on the records of the Employer equal to the sum of (i) the Deferral Account balance, (ii) the Company Contribution Account balance, (iii) the Company Matching Account balance and (iv) the Transfer Account balance. The Account Balance, and each other specified account balance, shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant, or the Participant’s designated Beneficiary, pursuant to this Plan.

 

1.2     “Annual Company Contribution Amount” shall mean, for any one Plan Year, the amount determined in accordance with Section 3.9.

 

1.3     “Annual Company Matching Amount” shall mean, for any one Plan Year, the amount determined in accordance with Section 3.6.

 

1.4     “Annual Deferral Amount” shall mean that portion of a Participant’s Base Annual Salary and Bonus that a Participant elects to have, and is, deferred in accordance with Article 3, for any one Plan Year. In the event of a Participant’s Retirement, Disability, death or a Termination of Employment prior to the end of a Plan Year, such year’s Annual Deferral Amount shall be the actual amount withheld prior to such event.

 

1.5     “Base Annual Salary” shall mean the annual cash compensation relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards and other fees, automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the Employee’s gross income). Base Annual Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of any Employer and shall be calculated to include amounts not otherwise included in the Participant’s gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Employee.

 

1.6     “Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article 9, that are entitled to receive benefits under this Plan upon the death of a Participant or the death of a predecessor Beneficiary receiving benefits under the Plan.

 

1.7     “Beneficiary Designation Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to designate one or more Beneficiaries.

 

1.8     “Board” shall mean the board of directors of the Company.

 

1.9     “Bonus” shall mean any cash compensation, other than Base Salary, earned by a Participant for services rendered during a Plan Year, under any Employer’s bonus or cash incentive plans or policies (whether written or oral).

 

 

MGM Resorts Deferred Compensation Plan II

Master Plan Document

 

1.10     “Change in Control” shall mean the first to occur of any of the following events:

 

(a)    Any “person” or “group” of persons (as such terms are used in Section 13 and 14(d)(2) of the Securities Exchange Act of 1934, as amended (“Exchange Act”)) , other than Tracinda Corporation, Kirk Kerkorian, members of the immediate family of Kirk Kerkorian, the heirs and legatees of Kirk Kerkorian and trusts or other entities for the benefit of such persons or affiliates of such persons (as such term “affiliates” is defined in the rules promulgated by the Securities and Exchange Commission), becomes the beneficial owner (as that term is used in Section 13(d) of the Exchange Act), directly or indirectly, of fifty percent (50%) or more of the Company’s capital stock entitled to vote generally in the election of directors;

 

(b)    At any time, individuals who, at the date of the adoption of this Plan, constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (a), (c), (d) or (e) of this Section 1.10) whose election by the Board or nomination for election by the Company’s shareholders was approved by a majority vote of either (1) the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, or (2) the members of the Company’s Executive Committee then still in office who either were members at the beginning of the period or whose election or nomination for election to the Executive Committee was previously so approved by the directors or the Executive Committee, cease for any reason to constitute at least a majority of the Board;

 

(c)    Any consolidation or merger of the Company, other than a consolidation or merger of the Company in which the holders of the common stock of the Company immediately prior to the consolidation or merger hold more than fifty percent (50%) of the common stock of the surviving corporation immediately after the consolidation or merger;

 

(d)    Any liquidation or dissolution of the Company; or

 

(e)    The sale or transfer of all or substantially all of the assets of the Company to parties that are not within a “controlled group of corporations” (as defined in Code Section 1563) in which the Company is a member.

 

1.11    “Claimant” shall have the meaning set forth in Section 14.1.

 

1.12    “Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time.

 

1.13    “Committee” shall mean the committee described in Article 12.

 

1.14    “Company” shall mean MGM RESORTS INTERNATIONAL, a Delaware corporation, and any successor to all or substantially all of the Company’s assets or business.

 

1.15    “Company Contribution Account” shall mean the sum of (a) and (b) less the sum of (c) and (d):

 

(a)    All of the Participant’s Annual Company Contribution Amounts.

 

(b)    Amounts credited or debited in accordance with all applicable crediting provisions of this Plan that relate to the Participant’s Company Contribution Account.

 

(c)    Any forfeitures under Section 3.7.

 

(d)    All distributions made to the Participant or the Participant’s Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution Account.

 

1.16    “Company Matching Account” shall mean the sum of (a) and (b) less the sum of (c) and (d):

 

(a)    All of the Participant’s Annual Company Matching Amounts.

 

(b)    Amounts credited or debited in accordance with all applicable crediting provisions of this Plan that relate to the Participant’s Company Matching Account.

 

(c)    Any forfeitures under Section 3.7.

 

 

MGM Resorts Deferred Compensation Plan II

Master Plan Document

 

(d)    All distributions made to the Participant or the Participant’s Beneficiary pursuant to this Plan that relate to the Participant’s Company Matching Account.

 

1.17    “Deduction Limitation” shall mean the following described limitation on a benefit that may otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation shall be applied to all distributions that are “subject to the Deduction Limitation” under this Plan. If an Employer determines in good faith prior to a Change in Control that there is a reasonable likelihood that any compensation paid to a Participant for a taxable year of the Employer would not be deductible by the Employer solely by reason of the limitation under Code Section 162(m), then to the extent deemed necessary by the Employer to ensure that the entire amount of any distribution to the Participant pursuant to this Plan prior to the Change in Control is deductible, the Employer may defer all or any portion of a distribution under this Plan. Any amounts deferred pursuant to this limitation shall continue to be credited/debited with additional amounts in accordance with Section 3.8, even if such amount is being paid out in installments. The amounts so deferred and amounts credited thereon shall be distributed to the Participant or the Participant’s Beneficiary (in the event of the Participant’s death) at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation paid or payable to the Participant for the taxable year of the Employer during which the distribution is made will not be limited by Section 162(m). Notwithstanding the foregoing, the Committee shall interpret this Section in a manner that is consistent with Code Section 409A and the regulations thereunder, including without limitation guidance issued in connection with that Section.

 

1.18    “Deferral Account” shall mean the sum of (a) and (b) less (c):

 

(a)    The sum of all of a Participant’s Annual Deferral Amounts.

 

(b)    Amounts credited or debited in accordance with all applicable crediting provisions of this Plan that relate to the Participant’s Deferral Account.

 

(c)    All distributions made to the Participant or the Participant’s Beneficiary pursuant to this Plan that relate to the Participant’s Deferral Account. 

 

1.19    “Disability” shall mean that a Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, as certified by a licensed physician, or (ii) is receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Participant’s Employer by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, as certified by a licensed physician in each case.

 

1.20    “Disability Benefit” shall mean the benefit set forth in Article 8.

 

1.21    “Election Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan.

 

1.22    “Employee” shall mean a person who is an employee of any Employer.

 

1.23    “Employer(s)” shall mean the Company and/or any of its subsidiaries (now in existence or hereafter formed or acquired) that have been selected by the Board to participate in the Plan and have adopted the Plan as a sponsor.

 

1.24    “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

1.25    “401(k) Savings Plan” shall mean the MGM RESORTS INTERNATIONAL 401(k) Savings Plan, as amended from time to time.

 

1.26    “Participant” shall mean any Employee (i) who is selected to participate in the Plan, (ii) who elects to participate in the Plan, (iii) who signs a Plan Agreement, an Election Form and a Beneficiary Designation Form, (iv) whose signed Plan Agreement, Election Form and Beneficiary Designation Form are accepted by the Committee, (v) who commences participation in the Plan, and (vi) whose Plan Agreement has not terminated. A spouse or former spouse of a Participant, as such, shall not be treated as a Participant in the Plan or have an account balance under the Plan, even if the Participant has an interest in the Participant’s benefits under the Plan in accordance with Article 5 or 6 of the Plan, or as a result of applicable law or property settlements resulting from legal separation or divorce.

 

 

MGM Resorts Deferred Compensation Plan II

Master Plan Document

 

1.27    “Plan” shall mean the MGM Resorts International Deferred Compensation Plan II, which shall be evidenced by this instrument and by each Plan Agreement, as they may be amended from time to time.

 

1.28    “Plan Agreement” shall mean a written agreement, as may be amended from time to time, which is entered into by and between an Employer and a Participant. Each Plan Agreement executed by a Participant and the Participant’s Employer shall provide for the entire benefit to which such Participant is entitled under the Plan; should there be more than one Plan Agreement, the Plan Agreement bearing the latest date of acceptance by the Employer shall supersede all previous Plan Agreements in their entirety and shall govern such entitlement. The terms of any Plan Agreement may be different for any Participant, and any Plan Agreement may provide additional benefits not set forth in the Plan or limit the benefits otherwise provided under the Plan; provided, however, that any such additional benefits or benefit limitations must be agreed to by both the Employer and the Participant.

 

1.29    “Plan Year” shall mean January 1 of each calendar year, beginning on or after January 1, 2005, and continuing through December 31 of such calendar year.

 

1.30    “Pre-Retirement Survivor Benefit” shall mean the benefit set forth in Article 6.

 

1.31    “Quarterly Installment Method” shall mean quarterly installment payments over the number of quarters selected by the Participant in accordance with this Plan, calculated as follows: the vested Account Balance of the Participant shall be calculated as of the close of business on the last business day of the calendar quarter in which the Participant becomes entitled to a quarterly installment payment under this Plan. The quarterly installment shall be calculated by multiplying this balance by a fraction, the numerator of which is one, and the denominator of which is the remaining number of quarterly payments due the Participant. By way of example, if the Participant elects 40 quarters, the first payment shall be 1/40 of the vested Account Balance, calculated as described in this definition. For the following calendar quarter, the payment shall be 1/39 of the vested Account Balance, calculated as described in this definition.  Continuing Payments pursuant to the Quarterly Installment Method shall be made no later than 60 days following the last business day of the applicable calendar quarter for which the installment payment is made.

 

1.32    “Retirement”, “Retire(s)” or “Retired” shall mean separation from service (as defined in accordance with Section 409A and the regulations issued thereunder) from all Employers for any reason other than an authorized leave of absence, death or Disability on or after the earlier of the attainment of (a) age sixty-five (65) or (b) age fifty-five (55) with ten (10) Years of Service.

 

1.33    “Retirement Benefit” shall mean the benefit set forth in Article 5. 1.34 “Short-Term Payout” shall mean the payout set forth in Section 4.1. 1.35 “Termination Benefit” shall mean the benefit set forth in Article 7.

 

1.34    “Termination of Employment” shall mean separation from service (as defined in accordance with Section 409A and the regulations issued thereunder) from all Employers, voluntarily or involuntarily, for any reason other than Retirement, Disability or death.

 

1.35    “Transfer Account” shall mean the sum of (a) and (b) less (c):

 

(a)    The amount credited to this Plan pursuant to Section 3.5.

 

(b)    Amounts credited or debited in accordance with all applicable crediting provisions of this Plan that relate to the Participant’s Transfer Account.

 

(c)    All distributions made to the Participant or the Participant’s Beneficiary pursuant to this Plan that relate to the Participant’s Transfer Account.

 

1.36    “Trust” shall mean one or more trusts established in accordance with Section 15.1.

 

1.37    “Unforeseeable Financial Emergency” shall mean severe financial hardship to a Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in Section 152(a) of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, as determined in the sole discretion of the Committee consistent with Code Section 409A.

 

1.38    “Years of Service” shall mean the total number of full years of employment in which a Participant has been employed by one or more Employers. For purposes of this definition, a year of employment shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the Employee’s date of hiring and that, for any subsequent year, commences on an anniversary of that hiring date. Any partial year of employment shall not be counted.

 

MGM Resorts Deferred Compensation Plan II

Master Plan Document

 

 

1.39    “Year of Vesting Service” shall mean a full year of employment in which a Participant has been employed by one or more Employers. For purposes of this definition, a year of employment shall be a 365 day period (or 366 day period in the case of a leap year).

 

ARTICLE 2

Selection, Enrollment, Eligibility

 

2.1    Selection by Committee. Participation in the Plan shall be limited to a select group of management and highly compensated Employees, as determined by the Committee in its sole discretion. From that group, the Committee shall select, in its sole discretion, Employees to participate in the Plan, who upon selection become eligible to participate in the Plan. Notwithstanding the foregoing, an Employee cannot be selected to be a participant in the Plan until the Employee has been employed with an Employer for at least 90 days.

 

2.2    Enrollment Requirements. As a condition to participation, each selected Employee shall complete, execute and return to the Committee, in a manner determined by the Committee, a Plan Agreement, an Election Form and a Beneficiary Designation Form, all by October 1st of the Plan Year in which the Employee becomes eligible to participate in the Plan.  If an Employee is selected to participate in the Plan after October 1st of a given Plan Year, the Employee shall complete the required enrollment materials by October 1st of the Plan Year following the Plan Year in which the Employee becomes eligible to participate in the Plan. In addition, the Committee shall establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary.

 

2.3    Eligibility; Commencement of Participation. Subject to the next sentence, an Employee selected to participate in the Plan in accordance with Section 2.1 by October 1st of a given Plan Year shall commence participation in the Plan as of the first day of the Plan Year following the Plan Year in which the Committee selects that Employee to participate in the Plan. However, if the Employee fails to return the required enrollment materials by October 1st of the Plan Year in which the Employee was selected to participate in the Plan and thus fails to meet the requirements of Section 2.2, that Employee shall not be eligible to participate in the Plan until the subsequent Plan Year, subject to the delivery to and acceptance by the Committee of the required documents by October 1st of the Plan Year following the Plan Year in which the Employee was selected to participate in the Plan. An Employee selected to participate in the Plan in accordance with Section 2.1 after October 1st of a given Plan Year shall not be eligible to commence participation in the Plan as of the first day of the Plan Year following selection but instead will become eligible to participate in the Plan in the following Plan Year, subject to the Employee meeting the applicable requirements of Section 2.2.

 

2.4    Termination of Participation and/or Deferrals. If the Committee determines in good faith that a Participant no longer qualifies as a member of a select group of management or highly compensated employees, as membership in such group is determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, the Committee shall have the right, in its sole discretion, to prevent the Participant from making future deferral elections.

 

ARTICLE 3

Deferral Commitments/Company Contribution/Company Matching/Crediting/Taxes

 

3.1    Minimum Deferrals. For each Plan Year, a Participant may elect to defer, as the Participant’s Annual Deferral Amount in whole percentages, Base Annual Salary and/or Bonus in the following minimum percentages for each deferral elected:

 

	
Deferral
	
Minimum Amount

	
Base Annual Salary
	
3 %

	
Bonus
	
3 %

 

If an election is made for less than the stated minimum amounts, or if no election is made, the amount deferred shall be zero.

 

3.2    Maximum Deferrals. For each Plan Year, a Participant may elect to defer, as the Participant’s Annual Deferral Amount in whole percentages, Base Annual Salary and/or Bonus up to the following maximum percentages for each deferral elected:

 

	
Deferral
	
Maximum Amount

	
Base Annual Salary
	
50 %

	
Bonus
	
75 %

 

 

MGM Resorts Deferred Compensation Plan II

Master Plan Document

 

Notwithstanding the foregoing, if a Participant first becomes a Participant after the first day of a Plan Year, the maximum Annual Deferral Amount, with respect to Base Annual Salary and Bonus, shall be limited to the amount of such compensation earned by the Participant after the Participant commences participation in the Plan in accordance with Section 2.3 above.

 

3.3    Election to Defer; Effect of Election Form.

 

(a)    First Plan Year. In connection with a Participant’s commencement of participation in the Plan, the Participant shall make an irrevocable deferral election for the Plan Year in which the Participant commences participation in the Plan, along with such other elections as the Committee deems necessary or desirable under the Plan. For these elections to be valid, the Election Form must be completed and signed by the Participant, timely delivered to the Committee (in accordance with Section 2.2) and accepted by the Committee.

 

(b)    Subsequent Plan Years. For each succeeding Plan Year, an irrevocable deferral election for that Plan Year, and such other elections as the Committee deems necessary or desirable under the Plan, shall be made by timely delivering to the Committee, in accordance with its rules and procedures, before the end of the Plan Year preceding the Plan Year for which the election is made (or such earlier time as the Committee may establish, in its sole discretion), a new Election Form. If no such Election Form is timely delivered for a Plan Year, the Annual Deferral Amount shall be zero for that Plan Year.

 

(c)    Performance-Based Compensation. Notwithstanding the foregoing, the Committee may, in its sole discretion, determine that an irrevocable deferral election pertaining to performance-based compensation may be made by timely delivering a new Election Form to the Committee, in accordance with its rules and procedures, no later than six (6) months before the end of the performance service period. “Performance-based compensation” shall be compensation based on services performed over a period of at least twelve (12) months, in accordance with Code Section 409A and related guidance.

 

3.4    Withholding of Annual Deferral Amounts. For each Plan Year, the Base Annual Salary portion of the Annual Deferral Amount shall be withheld from each regularly scheduled Base Annual Salary payroll in the percentage elected by the Participant. The Bonus portion of the Annual Deferral Amount shall be withheld at the time the Bonus is paid to the Participant.

 

3.5    Transfer Account. If at the time of a Participant’s commencement of Participation in this Plan, the Participant had an “Account” under that certain MGM Grand Hotel, Inc. Nonqualified Deferred Retirement Plan, restated effective January 1, 1999 (the “NDRP”), and that balance was not previously transferred to the MGM MIRAGE Deferred Compensation Plan, effective January 1, 2000 (“Prior DCP”), the Participant’s balance in that Account shall automatically be transferred to this Plan and shall be credited to the Participant’s Transfer Account as of the first day of the Participant’s participation in this Plan. Upon such transfer, this Plan, rather than the NDRP, shall govern the amount so transferred. Notwithstanding the foregoing, the Committee shall interpret this Section in a manner that is consistent with Code Section 409A and the regulations thereunder, including without limitation guidance issued in connection with that Section. 

 

3.6    Annual Company Matching Amount. To be eligible for an Annual Company Matching Amount for a Plan Year, a Participant must elect to defer for that Plan Year at least the minimum Base Annual Salary or Bonus set forth in Section 3.1 above. Subject to making such election, a Participant’s Annual Company Matching Amount for any Plan Year shall be equal to 100% of the sum of (i) the Participant’s Annual Deferral Amount for such Plan Year and (ii) the Participant’s deferrals under the 401(k) Savings Plan for such Plan Year, up to a combined amount that does not exceed 4% of the Participant’s annual base salary earned at the end of the Plan Year, as determined by the Committee in its sole discretion, reduced by the amount of any matching contributions made to the 401(k) Savings Plan on the Participant’s behalf for the plan year of the 401(k) Savings Plan that corresponds to the Plan Year. For purposes of this Section 3.6, with respect to such Employees as are determined by the Committee in its discretion, “Base Annual Salary” shall include cash amounts, or other amounts, paid to an Employee by a joint venture partner of the Employer, other business partner or other organization, in all cases as determined by the Committee in its discretion.  This amount shall be credited to the Participant’s Company Matching Account as soon as is administratively practical after the end of the Plan Year to which the Annual Company Matching Amount relates. If a Participant is not employed by an Employer as of the last day of a Plan Year other than by reason of the Participant’s Retirement, Disability or death, the Annual Company Matching Amount for such Plan Year shall be zero. In the event of Retirement, Disability or death, a Participant shall be credited with the Annual Company Matching Amount for the Plan Year in which the Participant Retires, suffers a Disability or dies as soon as is administratively practical after the time of the Participant’s Retirement, Disability or death.  Notwithstanding anything herein to the contrary, the Annual Company Matching Amount shall also continue to be credited, and the Participant shall continue to vest in his Annual Company Matching Amount, pursuant to Section 3.7 of the Plan, to the extent required under any Participant’s employment agreement with the Employer(s), provided such employment agreement is dated prior to October 1, 2007.  Notwithstanding anything herein to the contrary, no Annual Company Matching Amounts shall be credited to the account of any Participant with respect to any Plan Year commencing on or after January 1, 2009; provided, however, 

 

MGM Resorts Deferred Compensation Plan II

Master Plan Document

 

that a Participant shall continue to vest in Annual Company Matching Amounts credited prior to such date in accordance with Section 3.7 of the Plan.

 

3.7    Vesting.

 

(a)    A Participant shall at all times be 100% vested in the Participant’s Deferral Account and Transfer Account.

 

(b)    A Participant shall vest in 33 1/3% of each Annual Company Matching Amount, plus earnings thereon, at the end of each 3 consecutive Plan Years, starting with the Plan Year to which the match relates, provided that the Participant is continuously employed with an Employer at the end of each such Plan Year. If not so continuously employed, the Participant shall vest, if at all, to the extent that the Participant was so employed at the end of the applicable Plan Year.

 

(c)    Notwithstanding anything to the contrary contained in this Section 3.7, in the event of a Change in Control or a Participant’s death, Disability or Retirement, a Participant’s Company Contribution Account and Company Matching Account shall immediately become 100% vested (if it is not already vested in accordance with the above vesting schedules).

 

(d)    Notwithstanding subsection (c), the vesting schedule for a Participant’s Company Contribution Account and Company Matching Account shall not be accelerated to the extent that the Committee determines that such acceleration would cause the deduction limitations of Section 280G of the Code to become effective. In the event that all of a Participant’s Company Contribution Account and/or Company Matching Account are not vested pursuant to such a determination, the Participant may request independent verification of the Committee’s calculations with respect to the application of Section 280G. In such case, the Committee must provide to the Participant within 15 business days of such a request an opinion from a nationally recognized accounting firm selected by the Participant (the “Accounting Firm”). The opinion shall state the Accounting Firm’s opinion that any limitation on the vested percentage hereunder is necessary to avoid the limits of Section 280G and contain supporting calculations. The reasonable cost of such opinion shall be paid for by the Company.

 

(e)    Any amount not vested under this Section 3.7 when a Participant first becomes entitled to the payment of a benefit under this Plan shall be forfeited and debited against the applicable Account Balance.

 

3.8    Crediting/Debiting of Account Balances. In accordance with, and subject to, the rules and procedures that are established from time to time by the Committee, in its sole discretion, amounts shall be credited or debited to a Participant’s Account Balance in accordance with the following rules:

 

(a)    Election of Measurement Funds. A Participant, in connection with the Participant’s initial deferral election in accordance with Section 3.3(a), shall elect, on the Election Form, one or more Measurement Fund(s) (as described in Section 3.8(c)) to be used to determine the additional amounts to be credited or debited to the Participant’s Account Balance. A Participant may (but is not required to) elect to add or delete one or more available Measurement Fund(s) to be used to determine the additional amounts to be credited or debited to the Participant’s Account Balance, or to change the portion of the Participant’s Account Balance allocated to each previously or newly elected Measurement Fund. A Participant may elect to make such a change by submitting an Election Form, whether written or electronic (as determined by the Committee from time to time and in its sole discretion), to the Committee. Any election so made and accepted by the Committee shall apply no later than the third business day following the Committee’s acceptance of the election. Any such election shall continue to apply, unless subsequently changed in accordance with this Section 3.3(a).

 

(b)    Proportionate Allocation. In making any election described in Section 3.8(a), the Participant shall specify on the Election Form, in increments of one percentage point (1%), the percentage of the Participant’s Account Balance to be allocated to a Measurement Fund (as if the Participant were making an investment in that Measurement Fund with that portion of the Participant’s Account Balance).

 

(c)    Measurement Funds. A Participant may elect one or more measurement funds (the “Measurement Funds”) from among those selected by the Committee for the purpose of crediting or debiting additional amounts to the Participant’s Account Balance. As necessary, the Committee may, in its sole discretion, discontinue, substitute or add Measurement Funds. Each such action will take effect as of the first day of the calendar quarter that follows by thirty (30) days or more the day on which the Committee gives Participants advance written notice of such change. In selecting the Measurement Funds that are available from time to time, neither the Committee nor any Employer shall be liable to any Participant for such selection or adding, deleting or continuing any available Measurement Fund.

 

 

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(d)    Crediting or Debiting Method. The performance of each elected Measurement Fund (either positive or negative) will be reasonably determined by the Committee. A Participant’s Account Balance shall be credited or debited on a daily basis based on the performance of each Measurement Fund selected by the Participant.

 

(e)    No Actual Investment. Notwithstanding any other provision of this Plan that may be interpreted to the contrary, the Measurement Funds are to be used for measurement purposes only, and a Participant’s election of any such Measurement Fund, the allocation to the Participant’s Account Balance thereof, the calculation of additional amounts and the crediting or debiting of such amounts to a Participant’s Account Balance  shall not  be considered or construed in any manner as an actual investment of the Participant’s Account Balance in any such Measurement Fund. In the event that the Company or the Trustee (as that term is defined in the Trust), in its sole discretion, decides to invest funds in any or all of the Measurement Funds, no Participant shall have any rights in or to such investments themselves. Without limiting the foregoing, a Participant’s Account Balance shall at all times be a bookkeeping entry only and shall not represent any investment made on the Participant’s behalf by the Company or the Trust; and the Participant shall at all times remain an unsecured creditor of the Company.

 

(f)    Employer Discretion. Notwithstanding the foregoing provisions of this Section 3.8, the Committee shall retain the overriding discretion regarding the Participant’s designation of Measurement Funds under this Section 3.8. If a Participant fails to designate any Measurement Fund under this Section 3.8, the Participant shall be deemed to have elected the money market fund, or such other fund as determined from time to time by the Committee in its sole discretion.

 

(g)    Selection Results. The Participant shall bear full responsibility for all results associated with the Participant’s selection of Measurement Funds under this Section 3.8, and the Employers shall have no responsibility or liability with respect to the Participant’s selection of such Measurement Funds.

 

3.9    FICA and Other Taxes.

 

(a)    Annual Deferral Amounts. For each Plan Year in which an Annual Deferral Amount is being withheld from a Participant, the Participant’s Employer(s) shall withhold from that portion of the Participant’s Base Annual Salary and Bonus that is not being deferred, in a manner determined by the Employer(s), the Participant’s share of FICA and other employment taxes on such Annual Deferral Amount. If necessary, the Committee may reduce the Annual Deferral Amount in order to comply with this Section 3.9.

 

(b)    Company Contribution Amounts and Company Matching Amounts. When a Participant becomes vested in any Annual Company Contribution Amount and/or Annual Company Matching Amount, plus earnings thereon, the Participant’s Employer(s) shall withhold from the Participant’s Base Annual Salary and/or Bonus that is not deferred, in a manner determined by the Employer(s), the Participant’s share of FICA and other employment taxes. If necessary, the Committee may reduce the vested portion of the Participant’s Company Contribution Account and/or Company Matching Account in order to comply with this Section 3.9.

 

(c)    Distributions. The Participant’s Employer(s), or the Trustee of the Trust, shall withhold from any payments made to a Participant under this Plan all federal, state and local income, employment and other taxes required to be withheld by the Employer(s), or the Trustee of the Trust, in connection with such payments, in amounts and in a manner to be determined in good faith in the sole discretion of the Employer(s) and the Trustee of the Trust.

 

ARTICLE 4

Short-Term Payout; Unforeseeable Financial Emergencies;

Withdrawal Elections; Small Sum Cashouts

 

4.1    Short-Term Payout. In connection with each election to defer an Annual Deferral Amount, a Participant may irrevocably elect to receive a future “Short-Term Payout” from the Plan with respect to such Annual Deferral Amount. Subject to the Deduction Limitation, the Short-Term Payout shall be a lump sum payment in an amount that is equal to the Annual Deferral Amount plus amounts credited or debited in the manner provided in Section 3.8 above on that amount, determined at the time that the Short-Term Payout becomes payable. Subject to the Deduction Limitation and the other terms and conditions of this Plan, each Short-Term Payout elected shall be paid out during a 60 day period commencing immediately after the last day of any Plan Year designated by the Participant that is at least five Plan Years after the Plan Year in which the Annual Deferral Amount is actually deferred. By way of example, if a five-year Short-Term Payout is elected for Annual Deferral Amounts that are deferred in the Plan Year commencing January 1, 2005, the five-year Short-Term Payout would become payable during a 60 day period commencing January 1, 2011.

 

 

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A Participant may make a one time election to postpone a Short-Term Payout described above, and have such amount paid out during a sixty (60) day period commencing immediately after an allowable alternative distribution date designated by the Participant in accordance with the following rules. To make this one time election, the Participant must submit a new Election Form to the Committee in accordance with the following criteria: (i) the Election Form is submitted at least 1 year prior to the schedule distribution date of the Short-Term Payout, (ii) the election cannot take effect until at least 12 months after the date on which the election is made, (iii), the first payment with respect to which such election is made must be deferred for a period of 5 years from the date such payment would otherwise have been made, (iv) the election cannot accelerate the payment of such benefit and (v) the election is accepted by the Committee in its sole discretion.

 

4.2    Other Benefits Take Precedence Over Short-Term. Should an event occur that triggers a benefit under Article 5, 6, 7 or 8, any Annual Deferral Amount, plus amounts credited or debited thereon, that is subject to a Short-Term Payout election under Section 4.1 shall not be paid in accordance with Section 4.1 but shall be paid in accordance with the other applicable Article. Notwithstanding the foregoing, the Committee shall interpret this Section in a manner that is consistent with Code Section 409A and the regulations thereunder, including without limitation guidance issued in connection with that Section.

 

4.3    Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies. If the Participant experiences an Unforeseeable Financial Emergency, the Participant may petition the Committee to (i) suspend any deferrals required to be made by a Participant during the remaining portion of the Plan Year and/or (ii) receive a partial or full payout from the Plan. The payout shall not exceed the lesser of the Participant’s vested Account Balance, calculated as if such Participant were receiving a Termination Benefit, or the amount necessary to satisfy the Unforeseeable Financial Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). . If, in the sole discretion of the Committee, the petition for a suspension and/or payout is approved, suspension shall take effect upon the date of approval and any payout shall be made within 60 days of the date of approval. The payment of any amount under this Section 4.3 shall be subject to the Deduction Limitation.

 

4.4    Small Sum Cashouts. Notwithstanding any provision in the Plan to the contrary, if (i) the total of the Participant's Account Balance under the Plan (together with the Participant's account balance under any other arrangements that, with this Plan, would be treated as a single nonqualified deferred compensation plan within the meaning of Treasury Regulation Section 1.409A-1(c)(2) with the elective deferral component or employer contribution component of the Plan) does not exceed $16,500 on June 1, 2012, and (ii) no deferral election for the Participant under the Plan has been made for the current Plan Year, such Participant's Account Balance shall be distributed in a lump sum as soon as practicable and in no event later than June 30, 2012; provided, however, that if the Participant participates in any other arrangements that, together with this Plan, would be treated as a single nonqualified deferred compensation plan, the lump sum payment provided hereunder shall be made only if the Participant's interests in the other aggregated arrangements are also being paid out simultaneously.  For Plan Years beginning after June 1, 2012, the Company may elect in writing to effect a cashout pursuant to Treasury Regulation Section 1.409A-3(j)(4)(v), where the Account Balance under the Plan (together with account balances of any other aggregated arrangements) do not exceed the applicable dollar amount under Code Section 402(g)(1)(B) (or a lower threshold set by the Company in such election).  An Employee whose entire Account Balance has been distributed in a lump sum pursuant to this Section 4.4 and who recommences making deferral elections shall be treated for the Plan Year of such recommencement as a new Participant under the Plan and shall for such Plan Year be eligible to make a new payout election with respect to such new participation. 

 

ARTICLE 5

Retirement Benefit

 

5.1    Retirement Benefit. Subject to the Deduction Limitation, a Participant who Retires shall receive, as a Retirement Benefit, the Participant’s vested Account Balance.

 

5.2    Payment of Retirement Benefit. In connection with the Participant’s commencement of participation in the Plan, a Participant will elect on an Election Form to receive the Retirement Benefit within sixty (60) days following the six month anniversary of the Participant’s Retirement, in a lump sum or in installments of up to 60 quarters pursuant to the Quarterly Installment Method. The Participant may change the Participant’s election once to an allowable alternative payout period by submitting a new Election Form to the Committee, provided that (i) the election cannot take effect until at least 12 months after the date on which the election is made, (ii) the payment with respect to which such election is made must be deferred for a period of 5 years from the date such payment would otherwise have been made under the previous election, (iii) the election cannot accelerate the payment of such benefit and (iv) the election is accepted by the Committee in its sole discretion. Subject to the prior sentence, the Election Form most recently accepted by the Committee shall govern the payout of the Retirement Benefit. If a Participant does not make any election with respect to the payment of the Retirement Benefit, then such benefit shall be payable in a lump sum. The lump sum payment shall be made, or 

 

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installment payments shall commence, no earlier than six months after the Participant’s Retirement and no later than 60 days after that six month anniversary. . Any payment made shall be subject to the Deduction Limitation.

 

5.3    Death Prior to Completion of Retirement Benefit. If a Participant dies after Retirement but before the Retirement Benefit is paid in full, the Participant’s unpaid Retirement Benefit payments shall continue and shall be paid to the Participant’s Beneficiary(ies) (a) over the remaining number of quarters and in the same amounts as the Retirement Benefit would have been paid had the participant survived.

 

ARTICLE 6

Pre-Retirement Survivor Benefit

 

6.1    Pre-Retirement Survivor Benefit. Subject to the Deduction Limitation, the Participant’s Beneficiary shall receive a Pre-Retirement Survivor Benefit equal to the Participant’s vested Account Balance if the Participant dies before the Participant Retires, experiences a Termination of Employment or suffers a Disability.

 

6.2    Payment of Pre-Retirement Survivor Benefit. A Participant, in connection with the Participant’s commencement of participation in the Plan, will elect on an Election Form whether the Pre-Retirement Survivor Benefit shall be received by the Participant’s Beneficiary in a lump sum or in installments of up to 60 quarters pursuant to the Quarterly Installment Method, payable or commencing within sixty (60) days after the last business day of the calendar quarter in which the Committee receives proof of the Participant’s death that it deems satisfactory. The Participant may change this election once to an allowable alternative payout period by submitting a new Election Form to the Committee, provided that (i) the election cannot take effect until at least 12 months after the date on which the election is made, (ii) the election cannot accelerate the payment of such benefit and (iii) the election is accepted by the Committee in its sole discretion. Subject to the prior sentence, the Election Form most recently accepted by the Committee prior to the Participant’s death shall govern the payout of the Participant’s Pre-Retirement Survivor Benefit. If a Participant does not make any election with respect to the payment of the Pre-Retirement Survivor Benefit, then such benefit shall be paid in a lump sum payment made no later than 60 days after the last business day of the calendar quarter in which the Committee is provided with proof of the Participant’s death that it deems satisfactory. Any payment made shall be subject to the Deduction Limitation.

 

ARTICLE 7

Termination Benefit

 

7.1    Termination Benefit. Subject to the Deduction Limitation, the Participant shall receive a Termination Benefit, which shall be equal to the Participant’s vested Account Balance if a Participant experiences a Termination of Employment prior to the Participant’s Retirement, death or Disability.

 

7.2    Payment of Termination Benefit. In connection with the commencement of participation in the Plan, a Participant will elect on an Election Form to receive the Termination Benefit in a lump sum or in installments of up to 20 quarters, pursuant to the Quarterly Installment Method, commencing or paid no later than sixty (60) days following the six month anniversary of the Participant’s Termination of Employment. The Participant may change the Participant’s election once to an allowable alternative payout period by submitting a new Election Form to the Committee, provided that (i) the election cannot take effect for at least 12 months after the date on which the election is made, (ii), the payment with respect to which such election is made must be deferred for a period of 5 years from the date such payment would otherwise have been made, (iii) the election cannot accelerate the payment of such benefit and (iv) the election is accepted by the Committee in its sole discretion. Subject to the prior sentence, the Election Form most recently accepted by the Committee shall govern the payout of the Termination Benefit. If a Participant does not make any election with respect to the payment of the Termination Benefit, then such benefit shall be payable in a lump sum, payable no later than 60 days after the six month anniversary of the Participant’s Termination of Employment.  Any payment made shall be subject to the Deduction Limitation.

 

7.3    Death Prior to Completion of Termination Benefit. If a Participant dies after Termination of Employment but before the Termination Benefit is paid in full, the Participant’s unpaid Termination Benefit payments shall continue and shall be paid to the Participant’s Beneficiary over the remaining number of quarters and in the same amounts as that benefit would have been paid to the Participant had the Participant survived.

 

ARTICLE 8

Disability Benefit

 

8.1    Disability Benefit. A Participant who is determined by the Committee to be suffering from a Disability shall receive a Disability Benefit equal to the Participant’s vested Account Balance.  In connection with commencement of participation in the Plan, the 

 

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Participant will elect on an Election Form receive the Disability Benefit in a lump sum or in installments of up to 60 quarters, pursuant to the Quarterly Installment Method, payable or commencing within sixty days of the last business day of the calendar quarter in which the Committee determines that the Participant has suffered a Disability.  In the event a Participant does not make any election, the Disability Benefit shall be paid in a lump sum payment commencing within sixty days after the last business day of the calendar quarter in which the Committee determines that the Participant has suffered a Disability.  Any such payment shall be subject to the Deduction Limitation.

 

ARTICLE 9

Beneficiary Designation

 

9.1    Beneficiary. Each Participant shall have the right, at any time, to designate the Participant’s Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable under the Plan to a beneficiary upon the death of a Participant or the death of a predecessor Beneficiary receiving benefits under the Plan. The Beneficiary designated under this Plan may be the same as or different from the Beneficiary designation under any other plan of an Employer in which the Participant participates.

 

9.2    Beneficiary Designation; Change; Spousal Consent. A Participant shall designate the Participant’s Beneficiary by completing and signing the Beneficiary Designation Form, and returning it to the Committee or its designated agent. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Committee’s rules and procedures, as in effect from time to time. If a married Participant names someone other than the Participant’s spouse as a primary Beneficiary, a spousal consent, in the form designated by the Committee, must be signed by that Participant’s spouse and returned to the Committee. Upon the acceptance by the Committee of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled. The Committee shall be entitled to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Committee prior to the Participant’s death.

 

9.3    Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received and acknowledged in writing by the Committee or its designated agent.

 

9.4    No Beneficiary Designation. If a Participant fails to designate a Beneficiary as provided in Sections 9.1, 9.2 and 9.3 or, if all designated Beneficiaries predecease the Participant or die prior to complete distribution of the Participant’s benefits, then the Participant’s designated Beneficiary shall be deemed to be the Participant’s surviving spouse. If the Participant has no surviving spouse, the benefits remaining under the Plan to be paid to a Beneficiary shall be payable to the executor or personal representative of the Participant’s estate.

 

9.5    Doubt as to Beneficiary. If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the Committee shall have the right, exercisable in its discretion, to cause the Participant’s Employer to withhold such payments until this matter is resolved to the Committee’s satisfaction.

 

9.6    Discharge of Obligations. The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge all Employers and the Committee from all further obligations under this Plan with respect to the Participant, and that Participant’s Plan Agreement shall terminate upon such full payment of benefits.

 

ARTICLE 10

Leave of Absence

 

10.1    Leaves of Absence. A Participant on a leave of absence will be treated as employed by the Employer if the period of leave does not exceed six months (extended to 29 months in the case of disability leave) or, if longer, the period during which the Participant retains a right to reemployment under applicable law or contract.  A participant on an unpaid leave of absence shall not be required to make deferrals until the Participant returns to a paid employment status.  Upon such return, the Participant may make a deferral election in accordance with the terms of the Plan, to take effect in the following Plan Year.  If a Participant is authorized by the Participant’s Employer for any reason to take a paid leave of absence from the employment of the Employer, the Participant shall continue to be considered employed by the Employer and the Annual Deferral Amount shall continue to be withheld during such paid leave of absence in accordance with Section 3.3.

 

ARTICLE 11

Termination, Amendment or Modification

 

11.1    Termination. Although each Employer anticipates that it will continue the Plan for an indefinite period of time, there is no guarantee that any Employer will continue the Plan or will not terminate the Plan at any time in the future. Accordingly, each 

 

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Employer reserves the right, in its sole discretion, to discontinue its sponsorship of the Plan and/or to terminate the Plan at any time with respect to any or all of its participating Employees by action of either the Committee or its board of directors, consistent with the requirements of Section 409A of the Code and the regulations thereunder.  Termination of the Plan shall not result in a reduction in any Participant’s vested Account Balance under the Plan.

 

11.2    Amendment. The Committee may, at any time in its sole discretion, amend or modify the Plan in whole or in part with respect to any Employer; provided, however, that: (i) no amendment or modification shall be effective to decrease or restrict the value of a Participant’s vested Account Balance in existence at the time the amendment or modification is made, calculated as if the Participant had experienced a Termination of Employment as of the effective date of the amendment or modification or, if the amendment or modification occurs after the date upon which the Participant was eligible to Retire, the Participant had Retired as of the effective date of the amendment or modification, and (ii) no amendment or modification of this Section 11.2 shall be effective. The amendment or modification of the Plan shall not affect any Participant or Beneficiary who has become entitled to the payment of benefits under the Plan as of the date of the amendment or modification, except to the extent permitted or required under Section 409A of the Code or the regulations issued thereunder.

 

11.3    Plan Agreement. Despite the provisions of Section 11.1 and 11.2, if a Participant’s Plan Agreement contains benefits or limitations that are not in this Plan document, the Employer may only amend or terminate such provisions with the consent of the Participant.

 

11.4    Effect of Payment; Non-Discretionary Cashout. The full payment of the applicable benefit under Article 4, 5, 6, 7 or 8 of the Plan shall completely discharge all obligations to a Participant and the Participant’s designated Beneficiary under this Plan and the Participant’s Plan Agreement shall terminate.  Notwithstanding anything in this Plan to the contrary, in the event a Participant’s vested Account Balance under the Plan, determined as of the last business day of the calendar quarter following the date the Participant first becomes entitled to a benefit pursuant to Articles 4, 5, 6,7 or 8, is less than $25,000, the Participant’s vested Account Balance shall be paid in a lump sum within sixty (60) days after the last business day of the applicable calendar quarter in which the Account Balance determination is made by the Employer.

 

11.5    Election Changes. Notwithstanding anything herein to the contrary, the Committee, in its sole discretion and to the extent it deems appropriate, may permit Participants to make changes to existing payment elections prior to December 31, 2008 or such earlier date as the Committee may specify.  Any election changes made pursuant to this Section 11.5 may not defer into later years amounts that would have been payable in 2008 or cause payment of amounts payable in later years to be accelerated into 2008.  Elections under this Section 11.5 shall comply in all respects with the provisions of Internal Revenue Service Notice 2007-86 and other applicable Internal Revenue Service and Treasury guidance.

 

ARTICLE 12

Administration

 

12.1    Committee Duties. Except as otherwise provided in this Article 12, this Plan shall be administered by a Committee which shall consist of the Board, or such committee as the Board shall appoint from time to time. Members of the Committee may be Participants under this Plan and need not be members of the Board. The Committee shall also have the discretion and authority to (i) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and the governance of the Committee and (ii) decide or resolve any and all questions, including interpretations of this Plan, as may arise in connection with the Plan. Any individual serving on the Committee who is a Participant shall not vote or act on any matter relating solely to himself or herself. When making a determination or calculation, the Committee shall be entitled to rely on information furnished by a Participant or the Company.

 

12.2    Agents. In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to any Employer. The Company shall pay all expenses of such agents. 

 

12.3    Binding Effect of Decisions. The decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation or application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 

 

12.4    Indemnity of Committee. All Employers shall indemnify, defend and hold harmless each member of the Committee, and any Employee to whom the duties of the Committee may be delegated, against any and all claims, losses, damages, expenses or liabilities, including reasonable attorneys’ fees and court costs, arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by such member of the Committee or such Employee.

 

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12.5    Employer Information. To enable the Committee to perform its functions, the Company and each Employer shall supply full and timely information to the Committee on all matters relating to the compensation of its Participants, the date and circumstances of the Retirement, Disability, death or Termination of Employment of its Participants, and such other pertinent information as the Committee may reasonably require.

 

ARTICLE 13

Other Benefits and Agreements

 

13.1    Coordination with Other Benefits. The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Participant’s Employer. The Plan shall supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided.

 

ARTICLE 14

Claims Procedures

 

14.1    Presentation of Claim. Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant. All other claims must be made within 180 days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant.

 

14.2    Notification of Decision. The Committee shall consider a Claimant’s claim within a reasonable time, and shall notify the Claimant in writing:

 

(a)    that the Claimant’s requested determination has been made, and that the claim has been allowed in full; or

 

(b)    that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested determination, and such notice must set forth in a manner calculated to be understood by the Claimant:

 

(i)    the specific reason(s) for the denial of the claim, or any part of it;

 

(ii)    specific reference(s) to pertinent provisions of the Plan upon which such denial was based;

 

(iii)    a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and

 

(iv)    an explanation of the claim review procedure set forth in Section 14.3.

 

14.3    Review of a Denied Claim. Within 60 days after receiving a notice from the Committee that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized representative) may file with the Committee a written request for a review of the denial of the claim. Thereafter, but not later than 30 days after the review procedure began, the Claimant (or the Claimant’s duly authorized representative):

 

(a)    may review pertinent documents;

 

(b)    may submit written comments or other documents; and/or

 

(c)    may request a hearing, which the Committee, in its sole discretion, may grant.

 

 

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14.4    Decision on Review. The Committee shall render its decision on review promptly, and not later than 60 days after the filing of a written request for review of the denial, unless a hearing is held or other special circumstances require additional time, in which case the Committee’s decision must be rendered within 120 days after such date. Such decision must be written in a manner calculated to be understood by the Claimant, and it must contain:

 

(a)    specific reasons for the decision;

 

(b)    specific reference(s) to the pertinent Plan provisions upon which the decision was based; and

 

(c)    such other matters as the Committee deems relevant.

 

14.5    Legal Action. A Claimant’s compliance with the foregoing provisions of this Article 14 is a mandatory prerequisite to a Claimant’s right to commence any legal action with respect to any claim for benefits under this Plan.

 

ARTICLE 15

Trust

 

15.1    Establishment of the Trust. The Company shall establish the Trust, with sub-trusts for each Employer. Each Employer shall at least annually transfer over to the Trust such assets as the Employer determines, in its sole discretion, are necessary to provide, on a present value basis, for its respective future liabilities created with respect to the Annual Deferral Amounts, Annual Company Contribution Amounts and Annual Company Matching Amounts for such Employer’s Participants for all periods prior to the transfer, as well as any debits and credits to the Participants’ Account Balances for all periods prior to the transfer, taking into consideration the value of the assets in the trust at the time of the transfer. Such assets shall be allocated to the respective sub-trust of each contributing Employer.

 

15.2    Interrelationship of the Plan and the Trust. The provisions of the Plan and the Plan Agreement shall govern the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Employers, Participants and the creditors of the Employers to the assets transferred to the Trust. Each Employer shall at all times remain liable to carry out its obligations under the Plan with respect to its Participants. In this regard, if a Participant has been employed by only one Employer, such Employer shall be responsible for the total amounts credited to such Participant’s Account Balance under this Plan. If a Participant has been employed by more than one Employer, each Employer shall be responsible only for the amounts credited to the Participant’s Account Balance by such Employer.

 

15.3    Distributions from the Trust. Each Employer’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Employer’s obligations under this Plan.

 

15.4    Investment of Trust Assets. The Trustee of the Trust shall be authorized, upon written instructions received from the Committee or investment manager appointed by the Committee, to invest and reinvest the assets of the Trust in accordance with the applicable Trust Agreement.

 

15.5    No Claim on Trust Assets. A Participant shall have no preferred claim on, or any beneficial interest in, any assets of the Trust. Any assets held by the Trust shall be subject to the claims of general creditors of each Employer that is the grantor of the Trust under federal and state law in the event of the Employer’s “insolvency” (i.e., the Employer is unable to pay its debts as they become due or is subject to a pending proceeding as a debtor under the United States Bankruptcy Code), but only with respect to the assets of the Trust held for the benefit of Participants employed or formerly employed by such Employer.

 

ARTICLE 16

Miscellaneous

 

16.1    Status of Plan. The Plan is intended to be a plan that is not qualified within the meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1). In addition, the Plan is intended to comply with Code Sections 409A(a)(1) to (4) and (b)(1) to (2). The Plan shall be administered and interpreted in a manner consistent with those foregoing intents. Should any provision of this Plan not comply the provisions of Code Section 409A listed above, that provision shall have no effect on the remaining parts of this Plan and this Plan shall be construed and enforced as if such provision had never been inserted herein.

 

 

MGM Resorts Deferred Compensation Plan II

Master Plan Document

 

16.2    Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of an Employer. For purposes of the payment of benefits under this Plan, any and all of an Employer’s assets shall be, and remain, the general, unpledged unrestricted assets of the Employer. An Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.

 

16.3    Employer’s Liability. An Employer’s liability for the payment of benefits shall be defined only by the Plan and the Plan Agreement, as entered into between the Employer and a Participant. An Employer shall have no obligation to a Participant under the Plan except as expressly provided in the Plan and the Participant’s Plan Agreement.

 

16.4    Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise.

 

16.5    Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between any Employer and the Participant. Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, unless otherwise expressly provided in a written employment agreement. Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of any Employer or to interfere with the right of any Employer to discipline or discharge the Participant at any time.

 

16.6    Furnishing Information. A Participant or Participant’s Beneficiary will cooperate with the Committee by furnishing any and all information requested by the Committee and take such other actions as may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited to taking such physical examinations as the Committee may deem necessary.

 

16.7    Terms. Whenever any words are used herein in the masculine, they shall be construed as though they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply.

 

16.8    Captions. The captions of the articles, sections and paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

 

16.9    Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and interpreted according to the internal laws of the State of Nevada, without regard to its conflicts of laws principles.

 

16.10    Notice. Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below:

 

Secretary of the MGM Resorts International Deferred

Compensation Plan Committee

3600 Las Vegas Blvd So.

Las Vegas, NV 89109

 

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

 

Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant.

 

16.11    Successors. The provisions of this Plan shall bind and inure to the benefit of the Participant’s Employer and its successors and assigns and the Participant and the Participant’s designated Beneficiaries. No other person shall be a third-party beneficiary or acquire any rights under this Plan. 

 

 

MGM Resorts Deferred Compensation Plan II

Master Plan Document

 

16.12    Spouse’s Interest. The interest in the benefits hereunder of a spouse of a Participant who has predeceased the Participant shall automatically pass to the Participant and shall not be transferable by such spouse in any manner, including but not limited to such spouse’s will, nor shall such interest pass under the laws of intestate succession.

 

16.13    Validity. In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein.

 

16.14    Incompetent. If the Committee determines in its discretion that a benefit under this Plan is to be paid to a minor, a person declared incompetent or a person incapable of handling the disposition of that person’s property, the Committee may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person. The Committee may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Participant and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount.

 

16.15    Court Order. The Committee is authorized to make any payments directed by court order in any action in which the Plan or the Committee has been named as a party. In addition, if a court determines that a spouse or former spouse of a Participant has an interest in the Participant’s benefits under the Plan in connection with a property settlement or otherwise, the Committee, in its sole discretion, shall have the right, notwithstanding any election made by a Participant, to immediately distribute the spouse’s or former spouse’s interest in the Participant’s benefits under the Plan to that spouse or former spouse. Notwithstanding the foregoing, the Committee shall interpret this provision in a manner that is consistent with Code Section 409A and other applicable tax law, including but not limited to guidance issued after the effective date of this Plan.

 

16.16    Distribution in the Event of Taxation.

 

(a)    In General. If, for any reason, all or any portion of a Participant’s benefits under this Plan becomes taxable to the Participant prior to receipt, a Participant may petition the Committee before a Change in Control, or the Trustee of the Trust after a Change in Control, for a distribution of that portion of the Participant’s benefit that has become taxable. Upon the grant of such a petition, which grant shall not be unreasonably withheld (and, after a Change in Control, shall be granted), a Participant’s Employer shall distribute to the Participant immediately available funds in an amount equal to the taxable portion of the Participant’s benefit (which amount shall not exceed a Participant’s unpaid vested Account Balance under the Plan). If the petition is granted, the tax liability distribution shall be made within 90 days of the date when the Participant’s petition is granted. Such a distribution shall affect and reduce the benefits to be paid under this Plan. Notwithstanding the foregoing, the Committee shall interpret this provision in a manner that is consistent with Code Section 409A and other applicable tax law, including but not limited to guidance issued after the effective date of this Plan.

 

(b)    Trust. If the Trust terminates in accordance with its terms and benefits are distributed from the Trust to a Participant in accordance therewith, the Participant’s benefits under this Plan shall be reduced to the extent of such distributions.

 

16.17    Legal Fees To Enforce Rights After Change in Control. The Company and each Employer is aware that upon the occurrence of a Change in Control, the Board or the board of directors of a Participant’s Employer (which might then be composed of new members) or a shareholder of the Company or the Participant’s Employer, or of any successor corporation, might cause or attempt to cause, the Company, the Participant’s Employer or such successor to refuse to comply with its obligations under the Plan and might cause or attempt to cause the Company or the Participant’s Employer to institute, or may institute, litigation seeking to deny Participants the benefits intended under the Plan. In these circumstances, the purpose of the Plan could be frustrated. Accordingly, if, following a Change in Control, it should appear to any Participant that the Company, the Participant’s Employer or any successor corporation has failed to comply with any of its obligations under the Plan or any agreement thereunder or, if the Company, such Employer or any other person takes any action to declare the Plan void or unenforceable or institutes any litigation or other legal action designed to deny, diminish or to recover from any Participant the benefits intended to be provided (collectively, the “Dispute”), then the Company and the Participant’s Employer shall pay, if the Participant prevails in the Dispute, the Participant’s reasonable legal fees and court costs actually incurred by the Participant in the initiation or defense of the Dispute, whether by or against the Company or the Participant’s Employer or any director, officer, shareholder or other person affiliated with the Company, the Participant’s Employer or any successor thereto.

 

16.18    Unvested Account Balances Under Prior Plan. If a Participant participated in the Prior DCP, and all or a part of the Participant’s account balance under that plan was unvested as of December 31, 2004, that unvested balance will be transferred to this Plan in accordance with Code Section 409A and the regulations thereunder, and such balance shall be administered in accordance with the provisions of this Plan, provided, however, that the vesting of that balance shall be based on the applicable vesting schedule(s) under the Prior DCP, which are incorporated herein by reference.Exhibit 10.1

 Exhibit 10.1 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This Amended and Restated Employment Agreement (the “Agreement”) is made this 26th day of February, 2015 between Repligen
Corporation, a Delaware corporation (the “Company”), and Anthony Hunt (the “Executive”) and shall become effective on the date of the Company’s 2015 annual stockholder meeting (the “Effective Date”) except for
Section 2(c)(i) which shall be effective as of the date hereof. 
 WHEREAS, the Company and the Executive are parties to an offer
letter employment agreement dated April 7, 2014 (the “Prior Agreement”). 
 WHEREAS, the Company and the Executive desire to
replace the terms of the Prior Agreement by entering into this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1. Employment. 
 (a)
Position and Duties. On the Effective Date, the Executive shall serve as the President and Chief Executive Officer of the Company and shall have supervision and control over and responsibility for the day-to-day business and affairs of the Company and shall have such other powers and duties as may from time to time be prescribed by the Board of Directors of the Company (the “Board”), provided
that such duties are consistent with the Executive’s position or other positions that he may hold from time to time. The Executive shall devote his full working time and efforts to the business and affairs of the Company. Notwithstanding the
foregoing, the Executive may serve on other boards of directors, with the approval of the Board, or engage in religious, charitable or other community activities as long as such services and activities are disclosed to the Board and do not
materially interfere with the Executive’s performance of his duties to the Company as provided in this Agreement. 
 2. Compensation
and Related Matters. 
 (a) Base Salary. The Executive’s annual base salary shall be increased to $450,000 on the Effective
Date. The Executive’s base salary shall be redetermined annually by the Compensation Committee. The base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in a manner that is
consistent with the Company’s usual payroll practices for senior executives. 
 (b) Annual Bonus. The Executive shall be
eligible to receive an annual performance bonus under the Company’s Executive Incentive Compensation Plan (or such other applicable plan or program adopted by the Company) (the “Bonus Plan”). The Company shall target the bonus at up
to 60% of the Base Salary. The actual bonus percentage is discretionary and will be subject to the Board’s assessment of the Executive’s performance, as well as business conditions at the Company. The bonus also will be subject to
approval by and adjustment at the discretion of the Board or Compensation Committee and the terms of the Bonus Plan. The annual performance bonus, if any, shall be paid between January 1 and March 15 of the calendar year following the
applicable bonus year. The Board expects to review the Executive’s job performance on an annual basis and will discuss with the Executive the criteria which the Board will use to assess the Executive’s performance for bonus purposes. The
Board or Compensation Committee also may make adjustments in the targeted amount of the Executive’s annual performance bonus. 

 (c) Incentive Equity Grants. 

(i) On or about the date of this Agreement, the Compensation Committee shall grant the Executive a stock option to purchase
shares of the Company’s Common Stock having an aggregate value of $506,500, determined by the Company using a Black Scholes methodology and its customary assumptions therefor (the “Option Grant”), and a restricted stock unit award for
shares of the Company’s Common Stock having an aggregate value of $506,500 (the “RSU Grant” and collectively with the Option Grant, the “Equity Awards”)) under the Company’s 2012 Stock Option and Incentive Plan (the
“Plan”). The Option Grant shall be issued at an exercise price equal to the fair market value of the Common Stock as determined by the Compensation Committee on the date of grant (the “Grant Date”). One-third of the Equity Awards
shall vest and become exercisable on each of the first, second and third anniversaries of the Grant Date, respectively, and the Equity Awards shall be further subject to the terms and conditions set forth in the Plan and the Company’s
associated Incentive Stock Option Agreement and Restricted Stock Unit Award Agreements. For clarity, this Section 2(c)(ii) shall supersede any obligation for the Company to make any additional equity award to the Executive under Section 5
of the Prior Agreement. 
 (ii) The Executive shall be eligible to receive incentive equity awards under the Company’s
executive incentive plans or programs (such plan or program, an “LTI Plan”). The Company shall target the value of any such awards in 2016 at an aggregate value of 150% of the Executive’s Base Salary. Any actual awards under an LTI
Plan (“LTI Awards”) are discretionary and will be subject to the Board’s assessment of the Executive’s performance, as well as business conditions at the Company. Any LTI Awards will be subject to approval by and adjustment at
the discretion of the Board or Compensation Committee and the terms of any applicable LTI Plan. As with the annual bonus, the Board expects to review the Executive’s job performance on an annual basis and will discuss with the Executive the
criteria which the Company will use to assess the Executive’s performance for LTI Plan purposes. The Board or Compensation Committee also may make adjustments in the targeted amount of any LTI Awards. 

(d) Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him during the
Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers. 

(e) Other Benefits. The Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit
plans in effect from time to time, subject to the terms of such plans, which benefits include, but are not limited to, medical, dental and vision care coverage, short- and long-term disability and life insurance, and participation in the
Company’s 401(k) plan. 

  
 2 

 (f) Vacations. The Executive shall be entitled to accrue up to 20 days’ paid time off
(vacation/personal days) each year, which shall be accrued on a pro-rated basis, in accordance with the Company’s vacation policy as in effect from time to time. 

3. Termination. The Executive’s employment hereunder may be terminated without any breach of this Agreement under the following
circumstances: 
 (a) Death. The Executive’s employment hereunder shall terminate upon his death. 

(b) Disability. The Company may terminate the Executive’s employment if he is disabled and unable to perform the essential
functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period. If any question shall arise as to
whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of
the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how
long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such
certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive
the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. 

(c) Termination by Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause. For purposes of
this Agreement, “Cause” means: (i) conduct constituting a material act of misconduct in connection with the performance of the Executive’s duties, including, without limitation, misappropriation of funds or property of the
Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) the commission of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty
or fraud; (iii) non-performance of the Executive’s duties hereunder (other than by reason of the Executive’s physical or mental illness, incapacity or disability) or repeated violations of the Executive’s material
responsibilities and material duties as determined in good faith by the Company and which has continued for more than 30 days following written notice which notice shall specify in reasonable detail the performance problems and the actions required
to cure such performance problems; (iv) a breach by the Executive of any of the material provisions contained in any other written agreement by and between the Executive and the Company that, if curable, is not cured with 30 days after the
Company notifies the Executive in writing that it believes the Executive has materially breached his obligations under this Agreement, which notice shall specify in reasonable detail such breach and the actions required to cure such breach;
(v) a material violation of any of the Company’s written employment policies as applied to other employees in the Company which has continued for more than 30 days following written notice which notice shall specify in reasonable detail
such violation and the actions required to cure such violation; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to
cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such
investigation. 

  
 3 

 (d) Termination Without Cause. The Company may terminate the Executive’s employment
hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of
the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. 
 (e) Termination by the Executive.
The Executive may terminate his employment hereunder at any time for any reason, including but not limited to Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied with the “Good Reason
Process” (hereinafter defined) following the occurrence of any of the following events: (i) a diminution in the Executive’s base salary, except for across-the-board salary reductions based on the Company’s financial performance
similarly affecting all or substantially all senior management employees of the Company, (ii) a material diminution in the Executive’s authority, duties, or responsibilities, including Executive’s reporting directly to the Board,
(iii) a material change in the geographic location where the Executive is required to perform services for the Company, from the Company’s offices at which he was principally employed except for required travel on the Company’s
business to an extent substantially consistent with his or her present business travel obligations, and (iv) any other action or inaction that constitutes a material breach by the Company of this Agreement. “Good Reason Process” shall
mean that (A) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (B) the Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 90 days of
the first occurrence of such condition; (C) the Executive cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; and
(D) notwithstanding such efforts, the Good Reason condition continues to exist. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred. If the Company does not cure the Good
Reason condition during the Cure Period, then termination for Good Reason shall deemed to have occurred on the 31st day after the Company received notice from the Executive pursuant to clause (B).

 (f) Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s
employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall
indicate the specific termination provision in this Agreement relied upon. 

  
 4 

 (g) Date of Termination. “Date of Termination” shall mean: (i) if the
Executive’s employment is terminated by his death, the date of his death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date
on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company under Section 3(d), the date on which a Notice of Termination is given; (iv) if the Executive’s employment is
terminated by the Executive under Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v) if the Executive’s employment is terminated by the Executive under Section 3(e) with
Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate
the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. 
 4.
Compensation Upon Termination. 
 (a) Termination Generally. If the Executive’s employment with the Company is terminated
for any reason, the Company shall pay or provide to the Executive (or to his authorized representative or estate) (i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with,
Section 2(d) of this Agreement) and unused vacation that accrued through the Date of Termination on or before the time required by law but in no event more than 30 days after the Executive’s Date of Termination; and (ii) any vested
benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the
“Accrued Benefit”). 
 (b) Termination by the Company Without Cause or by the Executive with Good Reason. If the
Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his
Accrued Benefit. In addition, subject to the Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and
non-disparagement, in a form and manner satisfactory to the Company (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination: 

(i) the Company shall pay the Executive an amount equal to the Executive’s annual Base Salary for one year.
Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Section 7 of this Agreement, all payments of the Severance Amount shall immediately cease; and 

(ii) upon the Date of Termination, 50% of all unvested stock options and other unvested stock-based awards held by the
Executive shall vest and become exercisable or nonforfeitable as of the Date of Termination; provided however, to the extent any performance-based equity award is to become exercisable or any performance-based payment is to be made under an
incentive plan that is also applicable to other members of senior management, the portion that becomes exercisable or gets paid shall be set forth in the terms of such plan; and 

  
 5 

 (iii) if the Executive was participating in the Company’s group health plan
immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 12 months or the Executive’s COBRA health continuation period, whichever ends earlier, in
an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and 

(iv) the amounts payable under this Section 4(b) shall be paid out in substantially equal installments in accordance with
the Company’s payroll practice over 12 months commencing within 60 days after the Date of Termination; provided, however, that (A) if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount
shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of
Termination and (B) in the event a court of competent jurisdiction finds the Executive to be in breach of his obligations under Section 7(d) of this Agreement, then the amount payable under this Section 4(b) shall cease immediately.
Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 

5. Change in Control Payment. The provisions of this Section 5 set forth certain terms of an agreement reached between the
Executive and the Company regarding the Executive’s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage in advance the Executive’s continued attention and
dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding severance pay and
benefits upon a termination of employment, if such termination of employment occurs within 12 months after the occurrence of the first event constituting a Change in Control. These provisions shall terminate and be of no further force or effect
beginning 12 months after the occurrence of a Change in Control. 
 (a) Change in Control. During the Term, if within 12 months after
a Change in Control, the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates his employment for Good Reason as provided in Section 3(e), then, subject to the
signing of the Separation Agreement and Release by the Executive and the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination, 

(i) the Company shall pay the Executive a lump sum in cash in an amount equal to 2 times the Executive’s current Base
Salary (or the Executive’s Base Salary in effect immediately prior to the Change in Control, if higher); and 

  
 6 

 (ii) notwithstanding anything to the contrary in any applicable option agreement
or stock-based award agreement, all stock options and other stock-based awards with time-based vesting held by the Executive, and long-term incentive based compensation with respect to the Executive, in each case, shall immediately accelerate and
become fully exercisable or nonforfeitable as of the Date of Termination; provided however, to the extent any performance-based equity award is to become exercisable or any performance-based payment is to be made under an incentive plan that is also
applicable to other members of senior management, the portion that becomes exercisable or gets paid shall be set forth in the terms of such plan; and 

(iii) if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination
and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 18 months or the Executive’s COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer
contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and 

(iv) The amounts payable under this Section 5(a) shall be paid or commence to be paid within 60 days after the Date of
Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period. 

(b) Additional Limitation. 

(i) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or
distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the
Internal Revenue Code of 1986, as amended (the “Code”) and the applicable regulations thereunder (the “Severance Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, the following provisions
shall apply: 
 (A) If the Severance Payments, reduced by the sum of (1) the Excise Tax and (2) the total of the
Federal, state, and local income and employment taxes payable by the Executive on the amount of the Severance Payments which are in excess of the Threshold Amount, are greater than or equal to the Threshold Amount, the Executive shall be entitled to
the full benefits payable under this Agreement. 
 (B) If the Threshold Amount is less than (x) the Severance Payments,
but greater than (y) the Severance Payments reduced by the sum of (1) the Excise Tax and (2) the total of the Federal, state, and local income and employment taxes on the amount of the Severance Payments which are in excess of the
Threshold Amount, then the Severance Payments shall be reduced (but not below zero) to the extent necessary so that the sum of all Severance Payments shall not exceed the Threshold Amount. In such event, the Severance Payments shall be reduced in
the following order: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits. To
the extent any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological order. 

  
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 (ii) For the purposes of this Section 5(b), “Threshold Amount”
shall mean three times the Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00); and “Excise Tax” shall mean the excise tax
imposed by Section 4999 of the Code, and any interest or penalties incurred by the Executive with respect to such excise tax. 

(iii) The determination as to which of the alternative provisions of Section 5(b)(i) shall apply to the Executive shall be
made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of Termination,
if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. For purposes of determining which of the alternative provisions of Section 5(b)(i) shall apply, the Executive shall be deemed to pay federal
income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in
the state and locality of the Executive’s residence on the Date of Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. Any determination by the Accounting Firm
shall be binding upon the Company and the Executive. 
 (c) Definitions. For purposes of this Section 5, the following terms
shall have the following meanings: 
 “Change in Control” shall mean any of the following: 

(i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all
“affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of
securities of the Company representing 50 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote in an election of the Board (“Voting Securities”) (in such case other than as
a result of an acquisition of securities directly from the Company); or 
 (ii) the date a majority of the members of the
Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or 

  
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 (iii) the consummation of (A) any consolidation or merger of the Company
where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares
representing in the aggregate more than 50 percent of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. 

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause
(i) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to 50
percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting
Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50 percent or more of the combined voting
power of all of the then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes of the foregoing clause (i). 

6. Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the
meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as
a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s
separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid
during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. 

(b) All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by
the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable
year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other
taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

  
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 (c) To the extent that any payment or benefit described in this Agreement constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only
upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). 
 (d) The parties intend that this Agreement will be administered in accordance
with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with
Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree that this
Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder
without additional cost to either party. 
 (e) The Company makes no representation or warranty and shall have no liability to the Executive
or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

7. Confidential Information, Noncompetition and Cooperation. 

(a) Confidential Information. As used in this Agreement, “Confidential Information” means information belonging to the
Company which is of value to the Company in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Company. Confidential Information includes, without limitation, financial
information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer
lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Company. Confidential Information includes
information developed by the Executive in the course of the Executive’s employment by the Company, as well as other information to which the Executive may have access in connection with the Executive’s employment. Confidential Information
also includes the confidential information of others with which the Company has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain, unless due to breach of the
Executive’s duties under Section 7(b). 
 (b) Confidentiality. The Executive understands and agrees that the
Executive’s employment creates a relationship of confidence and trust between the Executive and the Company with respect to all Confidential Information. At all times, both during the Executive’s employment with the Company and after its
termination, the Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Company, except as may be necessary in the ordinary
course of performing the Executive’s duties to the Company. 

  
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 (c) Documents, Records, etc. All documents, records, data, apparatus, equipment and other
physical property, whether or not pertaining to Confidential Information, which are furnished to the Executive by the Company or are produced by the Executive in connection with the Executive’s employment will be and remain the sole property of
the Company. The Executive will return to the Company all such materials and property as and when requested by the Company. In any event, the Executive will return all such materials and property immediately upon termination of the Executive’s
employment for any reason. The Executive will not retain with the Executive any such material or property or any copies thereof after such termination. 

(d) Noncompetition and Nonsolicitation. During the Executive’s employment with the Company and for 12 months thereafter,
regardless of the reason for the termination, the Executive (i) will not, directly or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any
Competing Business (as hereinafter defined); (ii) will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise soliciting, inducing or influencing any person to leave employment with the Company (other than
terminations of employment of subordinate employees undertaken in the course of the Executive’s employment with the Company); and (iii) will refrain from soliciting or encouraging any customer or supplier to terminate or otherwise modify
adversely its business relationship with the Company. The Executive understands that the restrictions set forth in this Section 7(d) are intended to protect the Company’s interest in its Confidential Information and established employee,
customer and supplier relationships and goodwill, and agrees that such restrictions are reasonable and appropriate for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean a business conducted anywhere in
the United States or Sweden that develops, manufactures or markets: 
 (i) Protein A affinity ligands and Protein A media;

 (ii) carriers for affinity ligands; 

(iii) growth factors for bioprocessing; 

(iv) pre-packed chromatographic columns for purification of biologic drugs; 

(v) cell retention devices, filtration systems, filters or other analytical devices or products that are primarily used in the
production of biologic drugs; 
 (vi) test kits for Protein A; or 

(vii) any other products or technologies, including bioprocess products or technologies, developed or acquired, or those that
are in the formative stage of being developed or acquired, by Company during the time period it employed the Executive. 

  
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 Notwithstanding the foregoing, the Executive may own up to two percent (2%) of the outstanding stock of a
publicly held corporation which constitutes or is affiliated with a Competing Business. 
 (e) Third-Party Agreements and Rights. The
Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information or the Executive’s engagement in
any business. The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not
violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights
of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other
party. 
 (f) Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall cooperate
fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was
employed by the Company. The Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf
of the Company at mutually convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory
authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 7(f). 

(g) Injunction. The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from
any breach by the Executive of the promises set forth in this Section 7, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, subject to Section 8 of this Agreement, the Executive agrees that
if the Executive breaches, or proposes to breach, any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach
without showing or proving any actual damage to the Company. 
 8. Arbitration of Disputes. Any controversy or claim arising out of
or relating to this Agreement or the breach thereof or otherwise arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on
age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association
(“AAA”) in Boston, Massachusetts in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or
entity other than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement. All AAA-imposed costs of
said arbitration, including the arbitrator’s fees, if any, shall be borne by the Company. All legal fees incurred by the parties in connection with such arbitration shall be borne by the party who incurs them, unless applicable statutory
authority provides for the award of attorneys’ fees to the prevailing party and the arbitrator’s decision and award provides for the award of such fees. Judgment upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. This Section 8 shall be specifically enforceable. Notwithstanding the foregoing, this Section 8 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining
order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 8. 

  
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 9. Consent to Jurisdiction. To the extent that any court action is permitted consistent
with or to enforce Section 8 of this Agreement, the parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts. Accordingly, with
respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or
otherwise) with respect to personal jurisdiction or service of process. 
 10. Integration. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, including without limitation the Prior Agreement but excluding the Confidentiality,
Non-Solicitation, and Patent Agreement, dated as of May 5, 2014, by and between the Company and the Executive except for Section 3 of such Confidentiality, Non-Solicitation, and Patent Agreement which is superseded by this Agreement. 

11. Withholding. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts
required to be withheld by the Company under applicable law. 
 12. Indemnification. To the fullest extent permitted by law, the
Company will indemnify the Executive against any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, arising by reason of the Executive’s status as a current or former director, officer,
employee and/or agent of the Company, any subsidiary or affiliate of the Company or any other entity to which the Company appoints the Executive to serve as a director or officer, except for actions outside the scope of his employment. The
Company agree to use reasonable best efforts to secure and maintain director and officer liability insurance that shall include coverage of the Executive. The Executive shall be entitled to benefit from any officer indemnification arrangements
adopted by the Company, if any, to the same extent as other directors or senior executive officers of the Company (including the right to such coverage or benefit following the Executive’s employment to the extent liability continues to
exist). However, the Executive agrees to repay any expenses paid or reimbursed by the Company for the Executive’s indemnification expenses if it is ultimately determined by a final non-appealable court decision that the Executive is not
legally entitled to be indemnified by the Company. 

  
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 13. Successor to the Executive. This Agreement shall inure to the benefit of and be
enforceable by the Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death after his termination of employment but prior to the completion by the
Company of all payments due him under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails to make such
designation). 
 14. Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or
provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other
than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

15. Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the
Executive’s employment to the extent necessary to effectuate the terms contained herein. 
 16. Waiver. No waiver of any
provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement,
shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 17.
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or
certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

18. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized
representative of the Company. 
 19. Governing Law. This is a Massachusetts contract and shall be construed under and be governed in
all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth. With respect to any disputes concerning federal law, such disputes shall be determined in accordance with
the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit. 
 20. Counterparts. This
Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 

21. Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of
the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement. 

  
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 22. Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be
considered as including the feminine gender unless the context clearly indicates otherwise. 
 [Remainder of Page Intentionally
Left Blank] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above
written. 
  

			
	REPLIGEN CORPORATION
	
	 /s/ Walter C. Herlihy

	By:		Walter C. Herlihy
	Its:		President and Chief Executive Officer
	
	EXECUTIVE
	
	 /s/ Anthony Hunt

	Anthony Hunt

 Signature page to Amended and Restated Employment Agreement

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