Document:

exv10w3

 

Exhibit 10.3

EMPLOYMENT AGREEMENT

     This Employment Agreement (“Agreement”) is made as of the 12th day of December 2007 between
Alkermes, Inc., a Pennsylvania corporation (the “Company”), and ________________
(“Executive”).

     WHEREAS, the Company has previously entered into a letter agreement with Executive dated
__________ (the “Letter Agreement”), and a change in control employment agreement
dated _________ (the “Change in Control Agreement”);

     WHEREAS, the Company and Executive wish to replace the Letter Agreement and the Change in
Control Agreement with the provisions set forth herein;

     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. The term of this Agreement shall extend from December 12, 2007 (the
“Commencement Date”) until this Agreement is terminated by either the Executive or the Company
pursuant to Paragraph 4. The term of this Agreement may be referred to herein as the “Period of
Employment.”

     2. Position
and Duties. During the Period of Employment, Executive shall serve as the
_________ of the Company, and shall have supervision and control over and
responsibility for the day-to-day business and affairs of those functions and operations 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”), the Chief Executive Officer of the Company (the
“CEO”) or other authorized executive, provided that such duties are consistent with Executive’s
position or other positions that he may hold from time to time. Executive shall devote his full
working time and efforts to the business and affairs of the Company.

     3. Compensation and Related Matters.

          (a) Base Salary. Executive’s initial annual base salary shall be his annual base
salary on the Commencement Date. Executive’s base salary shall be redetermined annually by the
Compensation Committee of the Board (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
substantially equal bi-weekly installments.

          (b) Incentive Compensation. Executive shall be eligible to receive cash incentive
compensation as determined by the Compensation Committee from time to time, and shall also be
eligible to participate in such incentive compensation plans as the Compensation Committee shall
determine from time to time.

          (c) Expenses. Executive shall be entitled to receive prompt reimbursement for all
reasonable business expenses incurred by him in performing services hereunder during the

 

 

Period of Employment, in accordance with the policies and procedures then in effect and
established by the Company.

          (d) Other Benefits. During the Period of Employment, Executive shall be entitled to
continue to participate in or receive benefits under all of the Company’s Employee Benefit Plans in
effect on the date hereof, as these plans or arrangements may thereafter be amended from time to
time. As used herein, the term “Employee Benefit Plans” includes, without limitation, each pension
and retirement plan; supplemental pension, retirement and deferred compensation plan; savings and
profit-sharing plan; stock ownership plan; stock purchase plan; stock option plan; life insurance
plan; medical insurance plan; disability plan; and health and accident plan or arrangement
established and maintained by the Company on the date hereof for employees of the same status
within the hierarchy of the Company. Executive shall have the right in accordance with applicable
law and the Company’s long-term disability plan to elect to pay the premiums for his disability
coverage with after-tax dollars. During the Period of Employment, Executive shall be entitled to
participate in or receive benefits under any Employee Benefit Plan or arrangement which may, in the
future, be made available by the Company to its executives and key management employees, subject to
and on a basis consistent with the terms, conditions and overall administration of such plan or
arrangement. Any payments or benefits payable to Executive under a plan or arrangement referred to
in this Subparagraph 3(d) in respect of any calendar year during which Executive is employed by the
Company for less than the whole of such year shall, unless otherwise provided in the applicable
plan or arrangement, be prorated in accordance with the number of days in such calendar year during
which he is so employed. Should any such payments or benefits accrue on a fiscal year (rather than
calendar year) basis, then the proration in the preceding sentence shall be on the basis of a
fiscal year rather than calendar year.

          (e) Vacations. Executive shall be entitled to the number of paid vacation days in
each calendar year to which he is entitled on the Commencement Date, which vacation days shall be
accrued ratably during the calendar year and the number of which may be increased in accordance
with Company policies. Executive shall also be entitled to all paid holidays given by the Company
to its executives.

     4. Termination. Executive’s employment hereunder may be terminated without any breach
of this Agreement under the following circumstances:

          (a) Death. Executive’s employment hereunder shall terminate upon his death.

          (b) Disability. If Executive is prevented from performing his duties hereunder by
reason of any physical or mental incapacity that results in Executive’s satisfaction of all
requirements necessary to receive benefits under the Company’s long-term disability plan due to a
total disability, then, to the extent permitted by law, Company may terminate the employment of
Executive at or after such time. Nothing in this Subparagraph 4(b) shall be construed to waive
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.

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          (c) Termination by Company for Cause. At any time during the Period of Employment,
the Company may terminate Executive’s employment hereunder for Cause. For purposes of this
Agreement, “Cause” shall mean: (i) conduct by Executive constituting a material act of willful
misconduct in connection with the performance of his duties, including, without limitation,
misappropriation of funds or property of the Company or any of its affiliates other than the
occasional, customary and de minimis use of Company property for personal purposes; (ii) the
commission by Executive of a felony or any misdemeanor involving moral turpitude, deceit,
dishonesty or fraud, or conduct by Executive that would reasonably be expected to result in
material injury to the Company if he were retained in his position; (iii) continued, willful and
deliberate non-performance by Executive of his duties hereunder (other than by reason of
Executive’s physical or mental illness, incapacity or disability) which has continued for more than
thirty (30) days following written notice of such non-performance from the Company; (iv) a breach
by Executive of any of the provisions contained in Paragraph 7 of this Agreement; (v) a violation
by Executive of the Company’s employment policies which has continued following written notice of
such violation from the Company; or (vi) willful 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 willful inducement of others
to fail to cooperate or to produce documents or other materials.

          (d) Termination Without Cause. At any time during the Period of Employment, the
Company may terminate Executive’s employment hereunder without Cause. Any termination by the
Company of Executive’s employment under this Agreement which does not constitute a termination for
Cause under Subparagraph 4(c) or result from the death or disability of Executive under
Subparagraph 4(a) or (b) shall be deemed a termination without Cause.

          (e) Termination by Executive. At any time during the Period of Employment, Executive
may terminate his employment hereunder for any reason, including but not limited to Good Reason.
For purposes of this Agreement, “Good Reason” shall mean that Executive has complied with the “Good
Reason Process” (hereinafter defined) following the occurrence of any of the following events: (i)
a substantial diminution or other substantive adverse change, not consented to by Executive, in the
nature or scope of Executive’s responsibilities, authorities, powers, functions or duties; (ii) an
involuntary material reduction in Executive’s Base Salary except for across-the-board reductions
similarly affecting all or substantially all management employees; (iii) a breach by the Company of
any of its other material obligations under this Agreement, or (iv) a material change in the
geographic location at which Executive must perform his services. “Good Reason Process” shall mean
that (A) Executive reasonably determines in good faith that a “Good Reason” event has occurred; (B)
Executive notifies the Company in writing of the occurrence of the Good Reason event within ninety
(90) days of the occurrence of such event; (C) Executive cooperates in good faith with the
Company’s efforts, for a period not less than thirty (30) days following such notice, to modify
Executive’s employment situation in a manner acceptable to Executive and Company; (D)
notwithstanding such efforts, one or more of the Good Reason events continues to exist and has not
been modified in a manner acceptable to Executive; and (E) Executive terminates his employment no
later than sixty (60) days after the end of the thirty-day cure period. If the Company cures the
Good Reason event in

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a manner acceptable to Executive during the thirty-day period, Good Reason shall be deemed not
to have occurred.

          (f) Notice of Termination. Except for termination as specified in Subparagraph 4(a),
any termination of Executive’s employment by the Company or any such termination by 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.

          (g) Date of Termination. “Date of Termination” shall mean: (i) if Executive’s
employment is terminated by his death, the date of his death; (ii) if Executive’s employment is
terminated on account of disability under Subparagraph 4(b) or by the Company for Cause under
Subparagraph 4(c), the date on which Notice of Termination is given; (iii) if Executive’s
employment is terminated by the Company under Subparagraph 4(d), thirty (30) days after the date on
which a Notice of Termination is given; and (iv) if Executive’s employment is terminated by
Executive under Subparagraph 4(e), thirty (30) days after the date on which a Notice of Termination
is given.

     5. Compensation Upon Termination.

          (a) Termination Generally. If Executive’s employment with the Company is terminated
for any reason during the Period of Employment, the Company shall pay or provide to Executive (or
to his authorized representative or estate) any earned but unpaid Base Salary, incentive
compensation earned but not yet paid, unpaid expense reimbursements, accrued but unused vacation
and any vested benefits Executive may have under any Employee Benefit Plan of the Company,
including without limitation any benefits that may accrue on Executive’s retirement from the
Company, to the extent applicable (the “Accrued Benefit”).

          (b) Termination by the Company Without Cause or by Executive with Good Reason. If
Executive’s employment is terminated by the Company without Cause as provided in Subparagraph 4(d),
or Executive terminates his employment for Good Reason as provided in Subparagraph 4(e), then the
Company shall, through the Date of Termination, pay Executive his Accrued Benefit. The Company
shall within seven (7) days of the Date of Termination provide to Executive a general release of
claims in a form and manner satisfactory to the Company (the “Release”). If Executive signs the
Release and delivers it to Company within twenty-one (21) days of Executive’s receipt of the
Release and does not revoke it within seven (7) days thereafter:

               (i) Company shall pay Executive an amount equal to one (1) times the sum of Executive’s
Base Salary and his Average Incentive Compensation (the “Severance Amount”). The Severance
Amount shall be paid out in substantially equal bi-weekly installments over twelve (12)
months, in arrears beginning on the first payroll date after the Date of Termination, or
expiration of the seven-day revocation period for the Release, if later. Solely for the
purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), each
bi-weekly payment is considered a separate payment. For purposes of this Agreement,
“Average Incentive Compensation” shall mean the average of the annual cash incentive
compensation under Subparagraph

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3(b) received by Executive for the two (2) immediately preceding fiscal years. In no
event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or
any other special bonus. Notwithstanding the foregoing, if Executive breaches any of the
provisions contained in Paragraph 7 of this Agreement, all payments of the Severance Amount
shall immediately cease.

               (ii) Subject to Executive’s copayment of premium amounts at the active employees’ rate,
continued participation in the Company’s group health, dental and vision program for twelve
(12) months; provided, however, that the continuation of health benefits under this
Subparagraph shall reduce and count against Executive’s rights under the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”).

               (iii) Anything in this Agreement to the contrary notwithstanding, if at the time of
Executive’s termination of employment, Executive is considered a “specified employee” within
the meaning of Section 409A(a)(2)(B)(i) of the Code, and if any payment or benefit that
Executive becomes entitled to under this Agreement is considered deferred compensation
subject to interest, penalties and 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, then no such
payment shall be payable or benefit shall be provided prior to the date that is the earlier
of (A) six months after Executive’s separation from service, or (B) Executive’s death, and
the initial payment shall include a catch-up amount covering amounts that would otherwise
have been paid during the first six-month period but for the application of this
Subparagraph 5(b)(iii). The parties intend that this Agreement will be administered in
accordance with Section 409A of the Code. 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.

     6. Change in Control Payment. The provisions of this Paragraph 6 set forth certain
terms of an agreement reached between Executive and the Company regarding 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 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 Subparagraph
5(b) regarding the amount of severance pay and benefits upon a termination of employment, if such
termination of employment occurs within twenty-four (24) months after the occurrence of the first
event constituting a Change in Control, provided that such first event occurs during the Period of
Employment. These provisions shall terminate and be of no further force or effect beginning
twenty-four (24) months after the occurrence of a Change in Control.

          (a) A “Change in Control” shall be deemed to have occurred upon the occurrence of any one of
the following events:

               (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,

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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 fifty percent (50%) 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) a majority of the members of the Board is replaced during any twelve-month period
by directors whose appointment or election is not endorsed by a majority of the Board before
the date of such appointment or election; or

               (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 fifty percent (50%) 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 that, by reducing the number of shares of Voting Securities
outstanding, increases the proportionate number of shares of Voting Securities beneficially
owned by any person to fifty percent (50%) or more of the combined voting power of all 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 fifty percent (50%) or more of the combined voting
power of all then outstanding Voting Securities, then a “Change in Control” shall be deemed
to have occurred for purposes of the foregoing clause (i).

          (b) Effect of a Change in Control.

               (i) If within twenty-four (24) months after a Change in Control occurs, the Executive’s
employment is terminated by the Company without Cause as provided in Subparagraph 4(d) or
the Executive terminates his employment for Good Reason as provided in Subparagraph 4(e),
then, the Company shall pay Executive a lump sum in cash equal to the sum of:

                    (A) to the extent not theretofore paid, an amount equal to the Executive’s
Base Salary through the Date of Termination;

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                    (B) an amount equal to the following formula: A x (B ÷ 365); where A equals
Executive’s Average Incentive Compensation and B equals the number of days in the
current calendar year through the Date of Termination; and

                    (C) an amount equal to one and one-half (11/2) times the sum of (I) Executive’s
Base Salary (or Executive’s Base Salary in effect immediately prior to the Change in
Control, if higher) plus (II) Executive’s Average Incentive Compensation; and

               (ii) Subject to Executive’s copayment of premium amounts at the active employees’ rate,
Executive shall continue to participate in the Company’s group health, dental and vision
program for eighteen (18) months; provided, however, that the continuation of health
benefits under this Section shall reduce and count against Executive’s rights under COBRA.

               (iii) Anything in this Agreement to the contrary notwithstanding, if at the time of
Executive’s separation from service within the meaning of Section 409A of the Code,
Executive is considered a “specified employee” within the meaning of Section
409A(a)(2)(B)(i) of the Code, and if any payment or benefit that Executive becomes entitled
to under this Agreement is considered deferred compensation subject to interest, penalties
and 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, then no such payment shall be payable
or benefit shall be provided prior to the date that is the earlier of (A) six (6) months and
one day after Executive’s separation from service, or (B) Executive’s death. The parties
intend that this Agreement will be administered in accordance with Section 409A of the Code.
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.

          (c) Gross-Up Payment.

               (i) Anything in this Agreement to the contrary notwithstanding, in the event it shall
be determined that any compensation, payment or distribution by the Company to or for the
benefit of Executive, whether paid or payable or distributed or distributable pursuant to
the terms of this Agreement or otherwise (the “Severance Payments”), would be subject to the
excise tax imposed by Section 4999 of the Code, or any interest or penalties are incurred by
Executive with respect to such excise tax (such excise tax, together with any such interest
and penalties, are hereinafter collectively referred to as the “Excise Tax”), then Executive
shall be entitled to receive an additional payment (a “Gross-Up Payment”) such that the net
amount retained by Executive, after deduction of any Excise Tax on the Severance Payments,
any Federal, state, and local income tax, employment tax and Excise Tax upon the payment
provided by this Section, and any interest and/or penalties assessed with respect to such
Excise Tax, shall be equal to the Severance Payments.

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               (ii) Subject to the provisions of Subparagraph 6(c)(iii) below, all determinations
required to be made under this Subparagraph 6(c)(ii), including whether a Gross-Up Payment
is required and the amount of such Gross-Up Payment, 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
fifteen (15) business days of the Date of Termination, if applicable, or at such earlier
time as is reasonably requested by the Company or Executive. For purposes of determining
the amount of the Gross-Up Payment, 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 Gross-Up Payment is to be made, and state and local income taxes
at the highest marginal rates of individual taxation in the state and locality of
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. The
initial Gross-Up Payment, if any, as determined pursuant to this Subparagraph 6(c)(ii),
shall be paid to the taxing authorities as withholding taxes on behalf of Executive at such
time or times when the Excise Tax is due. Any determination by the Accounting Firm shall be
binding upon the Company and Executive. As a result of the uncertainty in the application
of Section 4999 of the Code at the time of the initial determination by the Accounting Firm
hereunder, it is possible that Gross-Up Payments which will not have been made by the
Company should have been made (an “Underpayment”). In the event that the Company exhausts
its remedies pursuant to Subparagraph 6(c)(iii) below and the Executive thereafter is
required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount
of the Underpayment that has occurred, consistent with the calculations required to be made
hereunder, and any such Underpayment, and any interest and penalties imposed on the
Underpayment and required to be paid by Executive in connection with the proceedings
described in Subparagraph 6(c)(iii) below, shall be promptly paid by the Company to the
taxing authorities for the benefit of Executive.

               (iii) Executive shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company of the
Gross-up Payment. Such notification shall be given as soon as practicable but no later than
ten (10) business days after Executive knows of such claim and shall apprise the Company of
the nature of such claim and the date on which such claim is requested to be paid.
Executive shall not pay such claim prior to the expiration of the thirty-day period
following the date on which he gives such notice to the Company (or such shorter period
ending on the date that any payment of taxes with respect to such claim is due). If the
Company notifies Executive in writing prior to the expiration of such period that it desires
to contest such claim, provided that the Company has set aside adequate reserves to cover
the Underpayment and any interest and penalties thereon that may accrue, Executive shall:

                    (A) give the Company any information reasonably requested by the Company
relating to such claim,

                    (B) take such action in connection with contesting such claim as the Company
shall reasonably request in writing from time to time, including,

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without limitation, accepting legal representation with respect to such claim
by an attorney selected by the Company,

                    (C) cooperate with the Company in good faith in order to effectively contest
such claim, and

                    (D) permit the Company to participate in any proceedings relating to such
claim; provided, however, that the Company shall bear and pay directly all
costs and expenses (including additional interest and penalties) incurred in
connection with such contest and shall indemnify and hold the Executive harmless, on
an after-tax basis, for any Excise Tax or income tax, including interest and
penalties with respect thereto, imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of
this Subparagraph 6(c)(iii), the Company shall control all proceedings taken in
connection with such contest and, at its sole option, may pursue or forego any and
all administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct
Executive to pay the tax claimed and sue for a refund or contest the claim in any
permissible manner, and Executive agrees to prosecute such contest to a
determination before any administrative tribunal, in a court of initial jurisdiction
and in one or more appellate courts, as the Company shall determine; provided,
however, that if the Company directs the Executive to pay such claim and sue for
a refund, the Company shall advance the amount of such payment to Executive on an
interest-free basis (to the extent not prohibited by applicable law) and shall
indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or
income tax, including interest or penalties with respect thereto, imposed with
respect to such advance or with respect to any imputed income with respect to such
advance; and further provided that any extension of the statute of limitations
relating to payment of taxes for the taxable year of Executive with respect to which
such contested amount is claimed to be due is limited solely to such contested
amount. Furthermore, the Company’s control of the contest shall be limited to
issues with respect to which a Gross-Up Payment would be payable hereunder and
Executive shall be entitled to settle or contest, as the case may be, any other
issues raised by the Internal Revenue Service or any other taxing authority.

               (iv) If, after the receipt by Executive of an amount advanced by the Company pursuant
to Subparagraph 6(c)(iii), Executive becomes entitled to receive any refund with respect to
such claim, Executive shall (subject to the Company’s complying with the requirements of
Subparagraph 6(c)(iii)) promptly pay to the Company the amount of such refund (together with
any interest paid or credited thereon after taxes applicable thereto). If, after the
receipt by Executive of an amount advanced by the Company pursuant to Subparagraph
6(c)(iii), a determination is made that Executive shall not be entitled to any refund with
respect to such claim and the Company does not notify Executive in writing of its intent to
contest such denial of refund prior to the expiration of thirty (30) days after such
determination, then such advance shall be forgiven and shall

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not be required to be repaid and the amount of such advance shall offset, to the extent
thereof, the amount of Gross-Up Payment required to be paid.

     7. Confidential Information, Nonsolicitation 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
Executive in the course of Executive’s employment by the Company, as well as other information to
which Executive may have access in connection with 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 Executive’s duties under Subparagraph
7(b).

          (b) Confidentiality. Executive understands and agrees that Executive’s employment
creates a relationship of confidence and trust between Executive and the Company with respect to
all Confidential Information. At all times, both during Executive’s employment with the Company
and after its termination, 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 Executive’s
duties to the Company.

          (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 Executive by the Company or are produced by Executive in connection with Executive’s employment
will be and remain the sole property of the Company. Executive will return to the Company all such
materials and property as and when requested by the Company. In any event, Executive will return
all such materials and property immediately upon termination of Executive’s employment for any
reason. Executive will not retain with Executive any such material or property or any copies
thereof after such termination.

          (d) Nonsolicitation. During the Period of Employment and for six (6) months
thereafter, Executive (i) will refrain from directly or indirectly 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 Executive’s
employment with the Company); and (ii) will refrain from soliciting or encouraging any customer or
supplier to terminate or otherwise modify adversely its business relationship with the Company.
However, nothing in this Subparagraph 7(d) will prohibit Executive from indirectly recruiting,
soliciting, inducing or influencing a person to leave employment with the Company through the use
of advertisements in trade journals and the like or from discussing

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employment opportunities with such employees to the extent such employees contact Executive
first. Executive understands that the restrictions set forth in this Subparagraph 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.

          (e) Litigation and Regulatory Cooperation. During and after Executive’s employment,
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 Executive was employed by the Company.
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 Executive’s
employment, 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 Executive was
employed by the Company. The Company shall reimburse Executive for any reasonable out-of-pocket
expenses incurred in connection with Executive’s performance of obligations pursuant to this
Subparagraph 7(e).

          (f) Injunction. Executive agrees that it would be difficult to measure any damages
caused to the Company which might result from any breach by Executive of the promises set forth in
this Paragraph 7, and that in any event money damages would be an inadequate remedy for any such
breach. Accordingly, subject to Paragraph 9 of this Agreement, Executive agrees that if 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 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 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. Judgment upon the award rendered by the arbitrator may be
entered in any court having jurisdiction thereof. This Paragraph 8 shall be specifically
enforceable. Notwithstanding the foregoing, this Paragraph 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 Paragraph 8.

11

 

     9. Consent to Jurisdiction. To the extent that any court action is permitted
consistent with or to enforce Paragraphs 7 or 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, Executive (i) submits to the personal jurisdiction of such courts; (ii) consents to service
of process; and (iii) 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
with respect to any related subject matter, including without limitation the Letter Agreement and
the Change in Control Agreement. Notwithstanding the foregoing, except to the extent in conflict
therewith, this Agreement does not supersede either the Employee Agreement with respect to
Inventions and Proprietary Information dated June 27, 1989 between Executive and the Company or the
Covenant Not to Compete dated June 27, 1989 between Executive and the Company.

     11. Assignment; Successors and Assigns. Neither the Company nor Executive may make
any assignment of this Agreement or any interest herein, by operation of law or otherwise, without
the prior written consent of the other party; provided that the Company may assign its rights under
this Agreement without the consent of Executive in the event that the Company shall effect a
reorganization, consolidate with or merge into any other corporation, partnership, organization or
other entity, or transfer all or substantially all of its properties or assets to any other
corporation, partnership, organization or other entity. This Agreement shall inure to the benefit
of and be binding upon the Company and Executive, their respective successors, executors,
administrators, heirs and permitted assigns.

     12. 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.

     13. 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.

     14. 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 Executive at the last address Executive has filed in writing with the Company
or, in the case of the Company, at its main offices, attention of the Chief Executive

12

 

Officer, and shall be effective on the date of delivery in person or by courier or three (3)
days after the date mailed.

     15. Amendment. This Agreement may be amended or modified only by a written instrument
referencing this Agreement signed by Executive and by a duly authorized representative of the
Company.

     16. Legal Expenses. The Company agrees to reimburse Executive, to the full extent
permitted by law, for all costs and expenses (including, without limitation, reasonable attorneys’
fees) which Executive may reasonably incur as a result of any contest of the validity or
enforceability of, or the Company’s liability under, any provision of this Agreement, plus in each
case interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code;
provided, however, that such payment shall be made only if the Executive prevails on at
least one material issue.

     17. 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.

     18. 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.

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

	 	 	 	 	 	 
	 	ALKERMES, INC.

 	 
	 	By:  	 	 
	 	 	Its: 	 	 
	 
	 	 	 	 	 
	 	[Name of Executive]	 
	 

13Exhibit 10.1

INVESTMENT MANAGEMENT TRUST AGREEMENT

This Agreement is made as of January 30, 2008 by and between Overture Acquisition Corp., an exempted limited liability company incorporated in the Cayman Islands (“Company”) and American Stock Transfer & Trust Company (“Trustee”).

WHEREAS, the Company’s registration statement on Form S-1, No. 333-146946 (“Registration Statement”), for its initial public offering of securities (“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and 

WHEREAS, J.P. Morgan Securities Inc. (“JPMorgan”) is acting as the representative of the underwriters in the IPO (the “Underwriters”) pursuant to an underwriting agreement dated on or about the date hereof between the Company and JPMorgan (the “Underwriting Agreement”); and

WHEREAS, as described in the Registration Statement, and in accordance with the Company’s amended and restated memorandum and articles of association, $150,530,000 of the gross proceeds of the IPO, including certain deferred underwriting discounts and commissions and proceeds from the sale of the Sponsors’ Warrants (or $172,580,000 if the underwriters’ over-allotment option is exercised in full or a pro rata portion thereof pursuant to the terms of the Underwriting Agreement if the Underwriters’ over-allotment option is exercised in part, but not in full, prior to the time of its expiration), will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the holders of the Company’s ordinary shares, par value $.0001 per share, issued in the IPO as hereinafter
provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”, the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders, JPMorgan and the Company will be referred to together as the “Beneficiaries”);

WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $7.5 million (approximately $8.63 million, if the underwriters’ over-allotment option is exercised in full or a pro rata portion thereof pursuant to the terms of the Underwriting Agreement if the Underwriters’ over-allotment option is exercised in part, but not in full, prior to the time of its expiration) is attributable to deferred underwriting commissions that will become payable to JPMorgan upon the consummation of an Initial Business Combination (as defined in the Registration Statement) (the “Deferred Discount”); and

WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property;

IT IS AGREED:

1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

 

(a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in segregated trust accounts (“Trust Account”) established by the Trustee at JP Morgan Chase Bank and at a brokerage institution selected by the Trustee; 

(b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

(c) In a timely manner, upon the instruction of the Company, to invest and reinvest the Property in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940 which invests solely in government securities.;

(d) Collect and receive, when due, all principal and income arising from the Property, which shall become part of the “Property,” as such term is used herein;

(e) Notify the Company of all communications received by it with respect to any Property requiring action by the Company;

(f) Supply any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of the tax returns for the Trust Account;

(g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company and/or JPMorgan to do so;

(h) Render to the Company, and to such other person as the Company may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; and

(i) Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B hereto, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, Secretary or Assistant Secretary or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the
event that a Termination Letter has not been received by the Trustee by the 24-month anniversary of the effective date of the Registration Statement (“Last Date”), such date to be set forth in a notice to be delivered to the Trustee not more than five (5) business days following the consummation of the IPO, the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto for distribution to the Public Shareholders of record on the Last Date pursuant to the instructions of the Company's liquidator. The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances.

 

 

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2. Limited Distributions of Income from Trust Account.

(a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute to the Company the amount requested by the Company to cover any income tax obligation owed by the Company as a result of interest or other income earned on the funds held in the Trust Account or any franchise tax obligation of the Company;

(b) Upon written request from the Company, which may be given from time to time but not more frequently than once each month, in a form substantially similar to that attached hereto as Exhibit D, the Trustee shall distribute to the Company the amount requested by the Company to cover expenses related to investigating and selecting a target business and other working capital requirements; provided, however, that the aggregate amount of all such distributions shall not exceed the lesser of (y) the aggregate amount of income actually received on amounts in the Trust Account less an amount equal to estimated taxes that are or will be due on such income and (z) $1,800,000; and

(c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Section 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) hereof.

3. Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

(a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer, Chief Financial Officer or other authorized officer. In addition, except with respect to its duties under paragraphs 1(i), 2(a) and 2(b) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

(b) Hold the Trustee harmless and indemnify the Trustee from and against, any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred to
as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company (such consent not to be unreasonably withheld) unless such settlement includes a full release of the Company with 

 

 

-3-

 

respect to such Indemnified Claim. The Company may participate in such action with its own counsel;

(c) Pay the Trustee an initial acceptance fee of $3,000 (separately and in addition to making payments to the Trustee of a monthly fee of $1,000 for transfer agent services, of a one-time fee of $2,500 for warrant agent services, a one-time fee of $3,000 for escrow services and a closing fee of $3,500 in accordance with the terms of a separate fee letter delivered to the Company on October 11, 2007, as subsequently amended from time to time). It is expressly understood that the Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Section 2. The Company shall pay the Trustee the initial acceptance fee at the consummation of the IPO. The Trustee shall refund to the Company the fees paid (on a pro rata basis) with respect to any period after the
liquidation of the Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 3(c) and as may be provided in Section 3(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee under such Sections); and

(d) In connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes (which firm may be the Trustee) verifying the vote of the Company’s shareholders regarding such Business Combination.

4. Limitations of Liability. The Trustee shall have no responsibility or liability to:

(a) Take any action with respect to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability to any party except for liability arising out of its own gross negligence or willful misconduct;

(b) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

(c) Change the investment of any Property, other than in compliance with paragraph 1(c);

(d) Refund any depreciation in principal of any Property;

(e) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

(f) The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely 

 

 

-4-

 

conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

(g) Verify the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company or any other action taken by it is as contemplated by the Registration Statement; and

(h) Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to income and activities relating to the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company (including but not limited to income tax obligations), it being expressly understood that as set forth in Section 2(a), if there is any income or other tax obligation relating to the Trust Account or the Property in the Trust Account, as determined from time to time by the Company and regardless of  whether such tax is payable by the Company or the Trust, at the written instruction of the Company, the Trustee shall make funds available in cash from the Property in the Trust Account an amount specified by the Company as owing to the applicable taxing authority, which amount shall be paid directly to the Company by electronic funds transfer,
account debit or other method of payment, and the Company shall forward such payment to the taxing authority.

5. Termination. This Agreement shall terminate as follows:

(a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United
States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or

(b) At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Paragraph 3(c).

6. Miscellaneous.

 

 

-5-

 

(a) The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. Upon receipt of written instructions, the Trustee will confirm such instructions with an Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit E. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon account numbers or other identifying numbers of a beneficiary,
beneficiary’s bank or intermediary bank, rather than names. The Trustee shall not be liable for any loss, liability or expense resulting from any error in an account number or other identifying number, provided it has accurately transmitted the numbers provided.

(b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. It may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

(c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Section 1(i) (which may not be amended under any circumstances), this Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior written consent of the Public Shareholders, it being the specific intention of the parties hereto that each Public Shareholder is and shall be a third-party beneficiary of this paragraph 6(c) with the same right and power to enforce this paragraph 6(c) as either of the parties hereto, and provided, further, that this Agreement may not be changed, waived, amended or modified
in such a manner as to adversely affect the right of the Underwriters to receive the Deferred Discount as contemplated herein without the written consent of JPMorgan. For purposes of this paragraph 6(c), the “consent of the Public Shareholders” shall mean receipt by the Trustee of a certificate from an entity certifying that (i) such entity regularly engages in the business of serving as inspector of elections for companies whose securities are publicly traded, and (ii) either (a) 70% of the Public Shareholders of record as of a record date established in accordance with the Company’s amended and restated memorandum and articles of association, have voted in favor of such amendment or modification or (b) 70% of the Public Shareholders of record as of a record date established in accordance with the Company’s amended and restated memorandum and articles of association have delivered to such entity a signed writing approving such amendment or modification. As to any
claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury.

(d) The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving any disputes hereunder.

(e) Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or 

 

 

-6-

 

similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission:

 

  	 
	if to the Trustee, to:
	American Stock Transfer & Trust Company

          59 Maiden Lane

          Plaza Level

          New York, NY 10038

          Attn: Susan Silber

	 
	 
	 

	 
	if to the Company, to:
	Overture Acquisition Corp.

          c/o Maples Corporate Services Limited

          PO Box 309 

          Ugland House

          Grand Cayman, KY1-1104

          Attn:   Chief Executive Officer

	 
	 
	 

	 
	in either case,

          with a copy to:
	

          J.P. Morgan Securities Inc.

          277 Park Avenue

          New York, New York 10172

	 
	 
	 

	 
	and
	Akin Gump Strauss Hauer & Feld LLP

          590 Madison Avenue

          New York, New York  10022

          Attn:   Bruce S. Mendelsohn, Esq.

          Fax No.:  (212) 872-1002

(f) This Agreement may not be assigned by the Trustee without the prior consent of the Company and JPMorgan.

(g) Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.

(h) Each of the Company and the Trustee hereby acknowledge that JPMorgan is a third party beneficiary of this Agreement.

[SIGNATURE PAGE FOLLOWS]

 

 

-7-

 

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

 

  	 
	 
	AMERICAN STOCK TRANSFER

          & TRUST COMPANY, as Trustee

	 
	 
	

By: 
	/s/ Herbert J. Lemmer

	 
	 
	Name: Herbert J. Lemmer

	 
	 
	Title:    Vice President 

 

 

  	 
	 
	OVERTURE ACQUISITION CORP.

	 
	 
	

By: 
	/s/ Marc J. Blazer

	 
	 
	Name: Marc J. Blazer

	 
	 
	Title:     President and Treasurer

Signature Page to Trust Agreement

 

 

SCHEDULE A

 

  	Fee Item
	 
	Time and method of payment 
	 
	Amount

	Initial acceptance fee
	 
	Initial closing of IPO by wire transfer
	 
	$3,500

	Warrant agent fee
	 
	Initial closing of IPO by wire transfer
	 
	$2,500

	Trustee services
	 
	Initial closing of IPO by wire transfer
	 
	$3,000

	Escrow services
	 
	Initial closing of IPO by wire transfer
	 
	$3,000

	Monthly transfer agent and registrar fee
	 
	Every month after the effective date of the IPO by wire transfer or check
	 
	$1,000

Schedule A

 

 

 

Exhibit 10.1

EXHIBIT A

[Letterhead of Company]

[Insert date]

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, NY 10038

Attn: Susan Silber

  	 
	Re:
	Trust Account No. ________ Termination Letter

Gentlemen:

Pursuant to paragraph 1(i) of the Investment Management Trust Agreement between Overture Acquisition Corp. (“Company”) and American Stock Transfer & Trust Company (“Trustee”), dated as of January 30, 2008 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement (“Business Agreement”) with __________________ (“Target Business”) to consummate a business combination with
Target Business (“Business Combination”) on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used and not defined herein shall have their respective meanings set forth in the Trust Agreement.

In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the Consummation Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date.

On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated (“Counsel’s Letter”), (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of __________________, which verifies the vote of the Company’s shareholders in connection with the Business Combination and (iii) the Company and JPMorgan shall deliver to you joint written instructions with respect to the transfer of the funds, including the Deferred Discount, held in the Trust Account (“Instruction Letter”). You are hereby directed and authorized
to transfer the funds held in the Trust Account immediately upon your receipt of the Counsel’s Letter and the Instruction Letter, to (a) Public Shareholders who exercised their shareholder redemption rights in connection with the Business Combination, in an amount equal to their pro rata share of the amounts in the Trust Account as of two business days prior to the Consummation Date (including the Deferred Discount and any income actually received on the Trust Account balance and held in the Trust Account, but less an amount equal to estimated taxes that are or will be due on such income) as provided for in the Instruction Letter; (b) to JPMorgan in an amount equal to the Deferred 

 

 

Exhibit A

 

Discount as so directed by them, and (c) the remainder, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated and the Trust Account closed.

In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice.

  

  	 
	 
	Very truly yours,

	 
	 
	 

	 
	 
	OVERTURE ACQUISITION CORP.

	 
	 
	

By: 
	  

	 
	 
	Name: 
	 

	 
	 
	Title:
	 

cc: J.P. Morgan Securities Inc.

 

 

Exhibit A

 

Exhibit 10.1

EXHIBIT B

[Letterhead of Company]

[Insert date]

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, NY 10038

Attn: Susan Silber

  	 
	Re:
	Trust Account No. ________ Termination Letter

Gentlemen:

Pursuant to paragraph 1(i) of the Investment Management Trust Agreement between Overture Acquisition Corp. (“Company”) and American Stock Transfer & Trust Company (“Trustee”), dated as of January 30,  2008 (“Trust Agreement”), this is to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s Amended and Restated Memorandum and Articles of Association, as described in the Company’s prospectus relating to its IPO.

In accordance with the terms of the Trust Agreement, we hereby authorize you, to commence liquidation of the Trust Account as promptly as practicable to the Public Shareholders (as defined in the Trust Agreement) of record as of the Last Date (as defined in the Trust Agreement). Not more than five (5) business days following the Last Date, the Company will deliver to you a list of Public Shareholders of record as of the Last Date. You will notify the Company in writing as to when all of the funds in the Trust Account will be available for immediate transfer (“Transfer Date”). Please distribute such funds in accordance with the terms of the Trust Agreement and in accordance with the liquidator's instructions which will follow. Upon the distribution of all the funds in the Trust Account,
your obligations under the Trust Agreement shall be terminated and the Trust Account closed.

  

cc: J.P. Morgan Securities Inc.

	 
	 
	Very truly yours,

	 
	 
	 

	 
	 
	OVERTURE ACQUISITION CORP.

	 
	 
	

By: 
	  

	 
	 
	Name: 
	 

	 
	 
	Title:
	[Authorized Signatory] [Director] [Liquidator]

 

 

Exhibit B

 

Exhibit 10.1

EXHIBIT C

[Letterhead of Company]

[Insert date]

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, NY 10038

Attn: Susan Silber

  	 
	Re:
	Trust Account No. ________

Gentlemen:

Pursuant to paragraph 2(a) of the Investment Management Trust Agreement between Overture Acquisition Corp. (“Company”) and American Stock Transfer & Trust Company (“Trustee”), dated as of January 30, 2008 (“Trust Agreement”), this is to advise you that the Company hereby requests that you deliver to the Company $_______ of the income earned and collected on the Property as of the date hereof. The Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and
authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

[WIRE INSTRUCTION INFORMATION]

 

  	 
	 
	Very truly yours,

	 
	 
	 

	 
	 
	OVERTURE ACQUISITION CORP.

	 
	 
	

By: 
	  

	 
	 
	Name: 
	 

	 
	 
	Title:
	 

 

 

Exhibit C

 

Exhibit 10.1

EXHIBIT D

[Letterhead of Company]

[Insert date]

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, NY 10038

Attn: Susan Silber

  	 
	Re:
	Trust Account No. ________

Gentlemen:

Pursuant to paragraph 2(b) of the Investment Management Trust Agreement between Overture Acquisition Corp. (“Company”) and American Stock Transfer & Trust Company (“Trustee”), dated as of January 30, 2008 (“Trust Agreement”), this is to advise you that the Company hereby requests that you deliver to the Company $_______ of the income earned and collected on the Property as of the date hereof, which does not exceed, in the aggregate with all such prior disbursements pursuant to paragraph 2(b), if any, the maximum amount set forth in paragraph 2(b). The Company needs such funds to cover its
expenses relating to investigating and selecting a target business and other working capital requirements. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

[WIRE INSTRUCTION INFORMATION]

 

  	 
	 
	Very truly yours,

	 
	 
	 

	 
	 
	OVERTURE ACQUISITION CORP.

	 
	 
	

By: 
	  

	 
	 
	Name: 
	 

	 
	 
	Title:
	 

cc: J.P. Morgan Securities Inc.

 

 

Exhibit D

 

Exhibit 10.1

EXHIBIT E

 

  	AUTHORIZED INDIVIDUAL(S) FOR TELEPHONE CALL BACK
	 
	AUTHORIZED TELEPHONE NUMBER(S)

	Company:

        Overture Acquisition Corp. 

c/o Maples Corporate Services Limited

PO Box 309 

Ugland House

Grand Cayman, KY1-1104 

Attn: Chief Executive Officer

         
	 
	 

	Trustee:

        American Stock Transfer & Trust Company

          59 Maiden Lane

          Plaza Level

          New York, NY 10038

          Attn:  Susan Silber
	 
	 

 

 

Exhibit E

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