Document:

EX-4.1

 Exhibit 4.1 

APPLE INC.  
 Officer’s
Certificate 
 Pursuant to Sections 102 and 301 of the Indenture, dated as of April 29, 2013 (the
“Indenture”), by and between Apple Inc., a corporation duly organized and existing under the laws of the State of California (the “Issuer”), and The Bank of New York Mellon Trust Company, N.A., a national banking
association duly organized and existing under the laws of the United States, as trustee (the “Trustee”), the undersigned officer does hereby certify, in connection with the issuance of $1,377,000,000 aggregate principal amount of
4.15% notes due 2046 (the “Notes”), that the terms of the Notes are as follows: 
 Capitalized terms used but not
otherwise defined herein shall have the meanings specified in the Indenture. 
 4.15% Notes due 2046 

 

			
	 Title:
	  	 4.15% Notes due 2046

		
	 Issuer:
	  	 Apple Inc.

		
	 Trustee, Security Registrar and

Authenticating Agent:
	  	 The Bank of New York Mellon Trust Company, N.A.

		
	 Paying Agent:
	  	 The Bank of New York Mellon, London Branch

		
	 Aggregate Principal Amount.
	  	 $1,377,000,000

		
	 Original Issue Date:
	  	 June 22, 2016

		
	 Maturity Date:
	  	 June 22, 2046

		
	 Interest:
	  	 4.15% per annum

		
	 Date from which Interest will

Accrue:
	  	 June 22, 2016

		
	 Interest Payment Dates:
	  	 Semi-annually in arrears on June 22 and December 22 of each year, commencing December 22, 2016

		
	 Conversion:
	  	 None

		
	 Sinking Fund:
	  	 None

		
	 Optional Redemption:
	  	 The Notes are redeemable at the option of the Company, in whole but not in part, on each June 22 on or after June 22, 2018, at a
redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to the redemption date.

			
	 Redemption for tax purposes:
	  	 If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United
States (or any political subdivision or taxing authority of or in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or
amendment is announced or becomes effective on or after June 7, 2016 the Issuer becomes, or based upon a written opinion of independent counsel selected by the Issuer, will become obligated to pay additional amounts as described under
Section 7 of Exhibit A hereto, then the Issuer may at its option redeem, in whole, but not in part, the Notes on not less than 30 nor more than 60 days prior notice, at a redemption price equal to 100% of their principal amount, together with
interest accrued but unpaid on the Notes to the date fixed for redemption.

		
	 Denominations:
	  	 $100,000 and any integral multiple of $1,000 in excess thereof.

		
	 Miscellaneous:
	  	 The terms of the Notes shall include such other terms as are set forth in the form of Note attached hereto as
Exhibit A and in the Indenture. In addition, the global notes for the Notes shall include the following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture
shall govern.”
  
 “Depositary” means

“EUROCLEAR/CLEARSTREAM” (as defined in the Note)
  

Solely with respect to the Notes, Section 305(2) of the Indenture shall be amended and restated as follows: “Notwithstanding any other provision in
this Indenture, and subject to such applicable provisions, if any, as may be specified as contemplated by Section 301, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole
or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary has notified the Company that it is unwilling or unable to continue as Depositary for such
Global Security and the Company does not appoint a successor Depositary within 90 days, (B) the Depositary ceases to be eligible under the Indenture and the Company does not appoint a successor Depositary within 90 days (C) there shall have occurred
and be continuing an Event of Default with respect to such Global Security, (D) the Company so directs the Trustee by a Company Order or (E) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been
specified for this purpose as contemplated by Section 301.”

		
	 Common Code/ISIN:
	  	 143126358 / XS1431263588

  
 2 

 To the extent permitted by applicable Republic of China laws and regulations and subject to
the receipt of all necessary regulatory and listing approvals from the relevant authorities, including but not limited to the Taipei Exchange and the Taiwan Securities Association and subject to the covenants described in the Indenture, as amended
or supplemented from time to time, the Issuer shall be entitled, subject to authorization by the Board of Directors of the Issuer and an Officer’s Certificate, to issue additional notes from time to time under the series of notes issued hereby.
Any such additional notes of a series shall have identical terms as the Notes issued on the issue date, other than with respect to the date of issuance, the issue price, the date interest begins to accrue and, in certain circumstances, the first
interest payment date (the “Additional Notes”); provided that the Additional Notes will have a separate ISIN number unless the Additional Notes are fungible with the Outstanding Notes for U.S. federal income tax
purposes. Any Additional Notes will be issued in accordance with Section 301 of the Indenture. 
 The Officer has read and
understands the provisions of the Indenture and the definitions relating thereto. The statements made in this Officer’s Certificate are based upon the examination of the provisions of the Indenture and upon the relevant books and records of the
Issuer. In such Officer’s opinion, they have made such examination or investigation as is necessary to enable such Officer to express an informed opinion as to whether or not the covenants and conditions precedent of such Indenture relating to
the issuance, authentication and delivery of the Notes have been complied with. In such Officer’s opinion, such covenants and conditions precedent have been complied with. 

[Signature Page Follows] 

  
 3 

 IN WITNESS WHEREOF, I have signed this certificate as of date first written above. 

 

			
	 Apple Inc.

		
	 By:
	 	 /s/ Gary Wipfler

		 	 Name: Gary Wipfler

		 	 Title: Vice President and Corporate Treasurer

 EXHIBIT A 

FORM OF NOTE DUE 2046 
 THIS NOTE IS
A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, SA/NV, AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”) AND CLEARSTREAM
BANKING, SOCIÉTÉ ANONYME, LUXEMBOURG (“CLEARSTREAM, LUXEMBOURG” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK
DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN. 

 APPLE INC. 

4.15% Note due 2046 
  

			
	 No.
	  	Common Code: 143126358
		  	ISIN No.: XS1431263588
		
		  	$[●]

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay
to The Bank of New York Depository (Nominees) Limited or registered assigns the principal sum listed on the Schedule of Exchanges of Notes on June 22, 2046. 

Interest Payment Dates: Semi-annually on June 22 and December 22, beginning on December 22, 2016 and on the maturity date (each, an
“Interest Payment Date”). 
 Interest Record Dates: June 8 and December 8 preceding the relevant Interest
Payment Date (each, an “Interest Record Date”). 
 All payment dates, whether at maturity, upon earlier redemption or
on any Interest Payment Date, shall be determined in accordance with the time zone applicable to The City of New York. 
 Reference is
made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile
by its duly authorized officer. 
  

			
	 APPLE INC.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: June 22, 2016 
  

			
	 The Bank of New York Mellon Trust Company, N.A., as Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 4.15% Note due 2046 

 

	 	 1.
	 Interest 

Apple Inc. (the “Issuer”) promises to pay interest on the principal amount of this Note at the rate per annum described
above. Cash interest on the Notes will accrue from the most recent Interest Payment Date to which payment has been paid or provided for; or, if no interest has been paid, from June 22, 2016. Interest on this Note will be paid to, but excluding, the
relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing December 22, 2016, to holders of the Notes (the “Holders”) of record on the immediately preceding
Interest Record Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and on overdue
installments of interest (without regard to any applicable grace periods) to the extent lawful. 
  

	 	 2.
	 Paying Agent and Security Registrar. 

Initially, The Bank of New York Mellon, London Branch, will act as Paying Agent. The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will initially act as Security Registrar for the Notes. The Issuer may change any Paying Agent or Security Registrar upon notice to the Trustee. 
  

	 	 3.
	 Indenture; Defined Terms. 

This Note is one of the 4.15% Notes due 2046 (the “Notes”) issued under an indenture, dated as of April 29, 2013 (the
“Base Indenture”), by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate, dated June 22, 2016, issued pursuant to Section 301 of the Indenture (together with the Base Indenture, the
“Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

“Business Day” means, solely with respect to the Notes, any day, other than a Saturday or Sunday, which is not a day on which
banking institutions in The City of New York or Taipei are authorized or required by law, regulation or executive order to close. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The
terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding
anything to the contrary herein, the Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of them.

	 	 4.
	 Denominations; Transfer; Exchange. 

The Notes are in registered form, without coupons, in denominations of $100,000 and any integral multiple of $1,000 in excess
thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain
transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15)
days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

 

	 	 5.
	 Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Notes and the provisions of the Indenture relating to the Notes may be amended or supplemented and
any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders (as defined in the Indenture) of at least a majority in aggregate principal amount of each series of Outstanding
Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and
the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or make any other change that does
not adversely affect the rights of any Holder in any material respect. 
  

	 	 6.
	 Optional Redemption. 

The Issuer has the option to redeem the Notes, in whole but not in part, on each June 22 on or after June 22, 2018 at a redemption
price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest, if any, to but excluding the redemption date. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or
prior to a redemption date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the Interest Record Date according to the Notes and the Indenture. 

The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the
Notes at the redemption date. 
  

	 	 7.
	 Payment of Additional Amounts 

All payments of principal and interest in respect of the Notes will be made free and clear of, and without deduction or withholding for
or on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United
States, unless such withholding or deduction is required by law. 

 In the event any withholding or deduction on payments in respect of the Notes for or on
account of any present or future tax, assessment or other governmental charge is required to be deducted or withheld by the United States or any taxing authority thereof or therein, the Issuer will pay such additional amounts on the Notes as will
result in receipt by each beneficial owner of a Note that is not a U.S. Person (as defined below) of such amounts (after all such withholding or deduction, including on any additional amounts) as would have been received by such beneficial owner had
no such withholding or deduction been required. The Issuer will not be required, however, to make any payment of additional amounts for or on account of: 
  

	 	 A.
	 any tax, assessment or other governmental charge that would not have been imposed but for (1) the existence of any
present or former connection (other than a connection arising solely from the ownership of those Notes or the receipt of payments in respect of those Notes) between that Holder (or the beneficial owner for whose benefit such Holder holds such Note),
or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, that Holder or beneficial owner (if that Holder or beneficial owner is an estate, trust, partnership or corporation) and the United States,
including that Holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident or treated as a resident of the United States or being or having been engaged in trade
or business or present in the United States or having had a permanent establishment in the United States or (2) the presentation of a Note for payment on a date more than 30 days after the later of the date on which that payment becomes due and
payable and the date on which payment is duly provided for; 

  

	 	 B.
	 any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property, wealth or similar tax,
assessment or other governmental charge; 

  

	 	 C.
	 any tax, assessment or other governmental charge imposed on foreign personal holding company income or by reason of the
beneficial owner’s past or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or as a corporation that
accumulates earnings to avoid U.S. federal income tax; 

  

	 	 D.
	 any tax, assessment or other governmental charge which is payable otherwise than by withholding or deducting from
payment of principal or premium, if any, or interest on such Notes; 

  

	 	 E.
	 any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of
principal or premium, if any, or interest on any Note if that payment can be made without withholding by any other paying agent; 

  

	 	 F.
	 any tax, assessment or other governmental charge which would not have been imposed but for the failure of a beneficial
owner or any Holder to comply with the Issuer’s request or a request of the Issuer’s agent to satisfy certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections
with the United States of the beneficial owner or any Holder that such beneficial owner or Holder is legally able to deliver (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, W-8BEN-E, Forms W-8ECI, or
any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty); 

	 	 G.
	 any tax, assessment or other governmental charge imposed on interest received by (1) a 10% shareholder (as defined in
Section 871(h)(3)(B) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of the Issuer or (2) a controlled foreign corporation that is related to the Issuer
within the meaning of Section 864(d)(4) of the Code, or (3) a bank receiving interest described in Section 881(c)(3)(A) of the Code, to the extent such tax, assessment or other governmental charge would not have been imposed but for the beneficial
owner’s status as described in clauses (1) through (3) of this paragraph (G); 

  

	 	 H.
	 to any withholding or deduction that is required to be made pursuant to any law implementing or complying with, or
introduced in order to conform to, any European Union Directive on the taxation of savings; 

  

	 	 I.
	 any tax, assessment or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of
the Code (or any amended or successor version of such Sections) (“FATCA”), any regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in connection therewith; or any law,
regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or 

  

	 	 J.
	 any combination of items (A), (B), (C), (D), (E), (F), (G), (H) and (I); 

nor will the Issuer pay any additional amounts to any beneficial owner or Holder who is a fiduciary or partnership to the extent that a beneficiary or
settlor with respect to that fiduciary or a member of that partnership or a beneficial owner thereof would not have been entitled to the payment of those additional amounts had that beneficiary, settlor, member or beneficial owner been the
beneficial owner of those Notes. 
 As used in this Section 7, “U.S. Person” means any individual who is a citizen or
resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other than a
partnership that is not treated as a United States person under any applicable U.S. Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

 

	 	 8.
	 Redemption for Tax Reasons 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United
States (or any political subdivision or taxing authority of or in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or
amendment is announced or becomes effective on or after June 7, 2016, the Issuer becomes, or based upon a written opinion of independent counsel selected by the Issuer, will become obligated to pay additional amounts as described under Section 7
hereof with respect to the Notes, then the Issuer may at its option redeem, in whole, but not in part, the Notes on not less than 30 nor more than 60 days prior notice, at a redemption price equal to 100% of their principal amount, together with
interest accrued but unpaid on the Notes to the date fixed for redemption. 

	 	 9.
	 Defaults and Remedies. 

If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with
respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the Outstanding Notes, shall by written notice, require the Issuer to repay immediately the entire principal
amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then the entire principal amount of the Outstanding Notes
together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Indenture or the
Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture permits, subject to certain limitations therein
provided, Holders of a majority in aggregate principal amount of the Notes then Outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of certain continuing defaults or Events of
Default if it determines that withholding notice is not opposed to their interest. 
  

	 	 10.
	 Authentication. 

This Note shall not be valid until the Trustee manually signs the certificate of authentication on this Note. 

 

	 	 11.
	 Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants
by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  

	 	 12.
	 Common Code/ ISIN Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused Common
Code/ISIN numbers to be printed on the Notes as a convenience to the Holders. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed
hereon. 

	 	 13.
	 Governing Law. 

The Indenture and the Notes shall be governed by, and construed in accordance with, the law of the State of New York. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or
we assign and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
  
  

							
	 Date:
	 	 	  	         Your Signature:
	  	 

  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
		 		 	 Signature

Signature Guarantee: 
  

					
	 Signature must be guaranteed
	 		 	 Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security
Registrar in addition to, or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The initial principal amount of this Global Note is $ [●]. 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease in
principal amount of this
Global
Note
	 	 Amount of increase in
principal amount of this
Global
Note
	  	
Principal amount of this
Global Note following such
decrease (or increase)
	  	 Signature of authorized
officer of
Trusteeex10-1.htm

Exhibit 10.1

 

EMPLOYMENT SEPARATION AGREEMENT

 

This Employment Separation Agreement (the “Agreement”) is effective as of June 22, 2016, and is made by and between Interpace Diagnostics Group, Inc. (together with Interpace Diagnostics, LLC and Interpace Diagnostics Corporation referred to as the “Company”), having its principal place of business at 300 Interpace Parkway, Parsippany, New Jersey 07054, and Nat Krishnamurti, residing at [ ] (the “Executive”), collectively referred to as the “Parties,” pursuant to which the Parties agree:

 

1.     Employment.      In consideration of and conditioned upon Executive’s execution of a Confidential Information, Non-Disclosure, Non-Solicitation, Non-Compete, and Rights to Intellectual Property Agreement acceptable to the Company and substantially in the form attached hereto as Exhibit A, the Company will continue to employ Executive as Chief Financial Officer, Treasurer, and Secretary. The Parties acknowledge and agree that Executive’s employment with the Company is “at will” and that Executive’s employment may be terminated by Executive or the Company at any time, for any reason or for no reason.

 

	
2.
	
Compensation and Benefits Payable Upon Change in Control or Involuntary Termination without Cause 

 

	 	
a.
	
Triggering Event. In further consideration for Executive’s employment, subject to Section 2(b), Executive will receive the compensation and benefits set forth in Section 2(c) if the following requirements (hereinafter referred to as “Triggering Events”) are met:

 

i.     Executive’s employment is terminated involuntarily by the Company at any time for reasons other than death, Total Disability, or Cause, as defined in this Agreement; or

 

ii.     Executive resigns his employment with the Company for Good Reason upon written notice on account of a Change in Control as defined by this Agreement.

 

	 	
b.
	
Severance Conditioned Upon Release. Notwithstanding any provision herein to the contrary, severance and benefits provided for in this Agreement are subject to and contingent upon Executive’s execution of a Severance Agreement and General Release acceptable to the Company which becomes effective within 60 days following the Termination Date (the “Release”). Such Release shall include a release of all claims against the Company, all affiliated and related entities and/or persons deemed necessary by the Company. The Release may also include Confidentiality, Non-Disparagement, No-Reapply, Tax Indemnification, and/or other appropriate terms. Notwithstanding the foregoing, if the 60 day period following Executive’s termination ends in a calendar year after the year in which Executive’s employment terminates, the severance shall commence no earlier than the first day of such later calendar year. 

 

 

 

 

 

 

	 	
c.
	
Compensation and Benefits. Following the occurrence of a Triggering Event and subject to Section 2(b), the Company will provide the following compensation and benefits to Executive:

 

i.     The Company will pay Executive severance equal to the product of the number of years of Executive’s employment with the Company times the Executive’s Base Monthly Salary (as defined below). The maximum severance payable to Executive under this subsection shall be equal to six (6) times Executive’s Base Monthly Salary. In no event shall the payment payable to Executive under this subsection be less than three (3) times Executive’s Base Monthly Salary. Subject to Section 2(e) below, such payments shall be made in monthly installments equal to the Executive’s Base Monthly Salary on the first regular payroll date of each month until fully paid and shall commence on the date the Release becomes effective. Notwithstanding the foregoing, if the 60-day period referred to in Section 2(b) ends in a calendar year after the year in which the Executive’s Employment terminates, the Severance Payment shall be made no earlier than the first day of such later calendar year.      

 

	 	
ii.
	
To the extent permissible under applicable law at the time of Executive’s separation from the Company, the Company agrees to pay the COBRA premiums for health and/or dental coverage under its group plans to provide continued coverage of health and/or dental benefits for a period of time equal to one (1) month per each year of employment with the Company beginning on Executive’s termination date. The maximum amount of time for which the Company agrees to pay Executive’s COBRA premiums shall be six (6) months. In no event shall the payments provided under this subsection be made for a period of less than three (3) months. If, during the period of time during which the Company is making payments pursuant to this subsection, Executive becomes eligible for other group health coverage, the Executive has the obligation to notify the Company of such and the Company may discontinue paying Executive’s COBRA premiums. 

 

	 	
iii.
	
To the extent permissible under applicable law, at the time of Executive’s separation from the Company, all unvested restricted stock units then held by the Executive shall, subject to Section 2(b), become fully vested and shall be delivered to the Executive. 

 

 

 

2

 

 

	 	
d.
	
Limitation of Payments. If any payment or benefit due under this Agreement, together with all other payments and benefits Executive receives or is entitled to receive from the Company or any of its Affiliates, would (if paid or provided) constitute an excess parachute payment (within the meaning of Section 280G(b)(1) of the Code), the amounts otherwise payable and benefits otherwise due under this Agreement will be limited to be minimum extent necessary to ensure that no portion thereof will fail to be tax-deductible to the Company by reason of Section 280G of the Code. The determination of whether any payment or benefit would (if paid or provided) constitute an excess parachute payment will be made by the Board, in its sole discretion. Any such reduction in the preceding sentence shall be made in the following order: (i) first, any future cash payments (if any) shall be reduced (if necessary, to zero); (ii) second, any current cash payments shall be reduced (if necessary, to zero); (ii) third, all non-cash payments (other than equity or equity derivative related payments) shall be reduced (if necessary, to zero); and (iv) fourth, all equity or equity derivative payments shall be reduced. 

 

 

 

	 	
e.
	
Section 409A Compliance. The following rules shall apply, to the extent necessary, with respect to distribution of the payments and benefits, if any, to be provided to the Executive under this Agreement. This Agreement is intended to comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and the parties hereto agree to interpret, apply and administer this Agreement in the least restrictive manner necessary to comply therewith and without resulting in any increase in the amounts owed hereunder by the Company.  Subject to the provisions in this Section, the severance payments pursuant to this Agreement shall begin only upon the date of the Executive’s “separation from service” which occurs on or after the date of the Executive’s termination of employment.   It is intended that each installment of the severance payments and benefits provided under this Agreement shall be treated as a separate “payment” for purposes of Section 409A.  

 

If, as of the date of Executive’s “separation from service” from the Company, Executive is a “specified employee” (within the meaning of Section 409A), then each installment of the severance payments (including any lump sum payments) and benefits due under this Agreement, that would not otherwise be exempt from Section 409A (either pursuant to a short-term deferral exception, the exception for separation pay upon an involuntary separation from service or otherwise), above and that would, absent this subsection, be paid within the six-month period following Executive’s “separation from service” from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, Executive’s death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following Executive’s separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein.

 

 

 

3

 

 

All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the requirements that (i) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (ii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (iii) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit.  Notwithstanding anything herein to the contrary, the Company shall have no liability to the Executive or to any other person if the payments and benefits provided in this Agreement that are intended to be exempt from or compliant with Section 409A are not so exempt or compliant.  

 

      3.      Other Compensation.     

 

	 	
a.
	
Except as may be provided under this Agreement, any benefits to which Executive may be entitled pursuant to the plans, policies and arrangements of the Company shall be determined and paid in accordance with the terms of such plans, policies, and arrangements, and Executive shall have no right to receive any other compensation or benefits, or to participate in any other plan or arrangement, following the termination of Executive’s employment by either party for any reason.

 

	 	
b.
	
Notwithstanding any provision contained herein to the contrary, in the event of any termination of employment, the Company shall pay Executive his or her earned, but unpaid, base salary within ten (10) days of Executive’s termination date and shall reimburse Executive for any accrued, but unpaid, reasonable business expenses and unused paid time off in accordance with Company policy, in each case, earned or accrued as of the date of termination. Executive shall submit documentation of any business expenses and documentation for time off taken during the year within ninety (90) days of his or her termination date and any reimbursements of such expenses that are taxable to the Executive shall be made as soon as administratively feasible but in no event later than the last day of the year following the year in which the expense was incurred, the amount of the expense eligible for reimbursement during one year shall not affect the amount of reimbursement in any other year, and the right to reimbursement shall not be subject to liquidation or exchange for another benefit.

 

 

 

4

 

 

4.     Withholding.     All amounts payable under this Agreement shall be subject to customary withholding and other employment taxes, and shall be subject to such other withholding as may be required in accordance with the terms of this Agreement or applicable law.

 

	
5.
	
Confidential Information, Non-Disclosure, Non-Solicitation, Non-Compete, and Rights to Intellectual Property Agreement. In the event Executive’s employment with the Company is terminated by either party for any reason, Executive shall continue to be bound by the Confidential Information, Non-Disclosure, Non-Solicitation, Non-Compete, and Rights to Intellectual Property Agreement signed at or about the time this Agreement is executed and/or the Confidential Information, Non-Disclosure, Non-Solicitation, Non-Compete, and Rights to Intellectual Property Agreement most recently signed by Executive prior to the termination date for the period set forth therein.

 

	
6.
	
Successors and Assigns. This Agreement is personal to Executive and may not be assigned by Executive without the written consent of the Company; provided, however, that if Executive is entitled to the payments of this Agreement and Executive dies before Executive has received all such payments, the unpaid payments will be paid to Executive’s estate on the same terms and conditions as described in this Agreement. This Agreement will be binding upon and inure to the benefit of the Company and its successors and assigns. This Agreement will remain in full force and effect notwithstanding any Change of Control and in the case of any merger or consolidation, if not terminated on or as of the effective date of any such merger, will be the obligation of the surviving entity. 

 

7.     Definitions.

 

	 	
a.
	
Cause shall mean (1) material or willful failure to perform duties reasonably expected and/or requested of Executive if such material or willful failure continues for more than thirty (30) days after notice of such material or willful failure to perform; (2) conviction of (including the entry of a nolo contendere plea, guilty plea to, or confession of guilt of) a felony; (3) commission of a fraudulent, illegal, or dishonest act in commission of his duties or otherwise with respect to the Company; (4) willful misconduct or gross negligence; (5) material violation of the Company’s policies or procedures; and/or (6) material violation of any Confidential Information, Non-Disclosure, Non-Competition, Non-Solicitation, and Rights to Intellectual Property Agreement between Executive and the Company; (7) a material breach of any of the terms or conditions of this Agreement not cured within thirty (30) days written notice from the Company to Executive specifying such breach; (8) the failure to adhere to moral and ethical business principles consistent with the Company's Code of Business Conduct and Guidelines on Corporate Governance as in effect from time to time; or (9) engaging in an act or series of acts constituting misconduct resulting in a misstatement of the Company's financial statements due to material non-compliance with any financial reporting requirement within the meaning of Section 304 of the Sarbanes-Oxley Act of 2002. 

 

 

 

5

 

 

	
 
	
b.
	
Base Monthly Salary shall mean an amount equal to one-twelfth of Executive’s then current annual base salary. Base Monthly Salary shall not include incentives, bonus(es), health and welfare benefits, car allowances, long term disability insurance or any other compensation or benefit provided to executive employees of the Company.

 

	
 
	
c.
	
Change of Control shall mean: (i) any merger by the Company into another corporation or corporations which results in the stockholders of the Company immediately prior to such transaction owning less than 51% of the surviving corporation; (ii) any acquisition (by purchase, lease or otherwise) of all or substantially all of the assets of the Company by any person, corporation or other entity or group thereof acting jointly; (iii) the acquisition of beneficial ownership of voting securities of the Company (defined as common stock of the Company or any securities having voting rights that the Company may issue in the future) or rights to acquire voting securities of the Company (defined as including, without limitation, securities that are convertible into voting securities of the Company (as defined above) and rights, options, warrants and other agreements or arrangements to acquire such voting securities) by any other person, corporation or other entity or group thereof acting jointly, in such amount or amounts as would permit such person, corporation or other entity or group thereof acting jointly to elect a majority of the members of the Board, as then constituted; or (iv) the acquisition of beneficial ownership, directly or indirectly, of voting securities and rights to acquire voting securities having voting power equal to 51% or more of the combined voting power of the Company’s then outstanding voting securities by any person, corporation or other entity or group thereof acting jointly. Notwithstanding the preceding sentence, any transaction that involves a mere change in identity, form or place of organization with the meaning of Section 368(a)(1)(F) of the Code, or a transaction of similar effect, shall not constitute a Change of Control.

 

 

 

6

 

 

	
 
	
d.
	
Good Reason.     Executive’s termination of employment with the Company shall be for Good Reason if (i) Executive notifies the Company in writing that one of the Good Reason Events (as defined in subparagraph d. i. below) has occurred, which notice shall be provided within ninety (90) days after Executive first becomes aware of the occurrence of such Good Reason Event; (ii) the Company fails to cure such Good Reason Event within thirty (30) days after receipt of the written notice from Executive (the “Cure Period”); and (iii) Executive resigns employment within thirty (30) days following expiration of the Cure Period. For purposes of this Agreement, a “Good Reason Event” shall mean any of the following which occur without Executive’s consent:

 

	
 
	
i.
	
During the one (1) year period following any Change of Control,

 

A.     The failure by the Company to pay Executive any material amount of Executive’s current base salary, or any material amount of Executive’s compensation deferred under any plan, agreement or arrangement of or with the Company that is currently due and payable;

 

B.     A material reduction in Executive’s annual base salary;

 

C.     The relocation of Executive’s principal place of employment to a location more than fifty (50) miles from Executive’s current principal place of employment; or

 

D.     A material adverse alteration of Executive’s authority, duties or responsibilities from those in effect immediately prior to the Change of Control.

 

	
 
	
e.
	
Code shall mean the Internal Revenue Code of 1986, as amended.

 

	
 
	
f.
	
Total Disability shall mean incapacity due to a medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continued period of not less than twelve (12) months and prevents Executive from performing the essential functions of his position, with or without reasonable accommodation, for a period in excess of twelve (12) months.

 

	
8.
	
Integration: Amendment.     This Agreement (including any Exhibits) shall constitute the entire agreement between the parties hereto with respect to the matters set forth herein and supersede and render of no force and effect all prior understandings and agreements between the parties with respect thereto. No amendments or additions to this Agreement shall be binding unless in writing and signed by both parties, provided, however, that this Agreement may be unilaterally amended by the Company where necessary to ensure any benefits payable hereunder are either excepted from Code Section 409A or otherwise comply with Code Section 409A or other applicable law. 

 

 

 

7

 

 

	
9.
	
Governing Law; Headings.     This Agreement will be construed and governed by the laws of the State of New Jersey, without regard to principles of conflicts of law and the parties to this Agreement hereby submit to the jurisdiction of the Courts of the State of New Jersey with regard to enforcement of this Agreement. Headings and titles herein are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement.

 

	
10.
	
Notices. All notices and other communications required or permitted to be given or made hereunder by either party shall be in writing and shall be deemed to be duly given if delivered personally or transmitted by first class certified mail, postage and fees prepaid, return receipt requested, or sent by prepaid overnight delivery service to the parties at the following addresses (or at such other addresses as shall be specified by the parties by like notice):

 

If to the Company:

 

Chief Executive Officer

Interpace Diagnostics Group, Inc.     

Morris Corporate Center 1

Building A

300 Interpace Parkway

Parsippany, NJ 07054

 

If to the Executive:

 

Nat Krishnamurti

[ ]

[ ]

 

	
11.
	
Severability.     Whenever possible, each provision and term of this Agreement will be interpreted in a manner to be effective and valid but if any provision or term of this Agreement is held to be prohibited by applicable law or invalid, then such provision or term will be ineffective only to the extent of such prohibition or invalidity, without invalidating or affecting in any manner whatsoever the remainder of such term or provision or the remaining provisions or terms of this Agreement. If the voided term is material, the parties shall immediately commence negotiations for a replacement provision of substantively similar value. 

 

 

 

8

 

 

	
12.
	
Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

 

	
13.
	
Assignment.     The Company may assign all of its rights and obligations hereunder to an affiliate or subsidiary of the Company.

 

	
14.
	
Representation. The Parties acknowledge that they have read and fully understand the contents of this Agreement and execute it knowingly and voluntarily after having had an opportunity to consult with legal counsel as they deem appropriate.

 

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

 

EXECUTIVE

 

By:     /s/ Nat Krishnamurti

Nat Krishnamurti

 

 

Interpace Diagnostics Group, Inc.     

 

By:     /s/ Jack E. Stover

Jack E. Stover

Chief Executive Officer

 

 

 

9

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