Document:

Ex 10.4 PB Cash Contribution Bonus Agreement

Exhibit 10.4
Endo
1400 Atwater Drive
Malvern, PA 19355
484.216.0000
endo.com

August 1, 2019

Patrick Barry
1400 Atwater Drive
Malvern, Pennsylvania, 19355

Dear Pat,
As we continue to execute on our corporate strategy, your leadership and expertise is essential to the Company.  With the progress made to date, we are positioning ourselves for continued growth in Branded Pharmaceuticals and U.S. Branded Sterile Injectables, while continuing to stabilize our Retail Generics segment. Our capabilities in these core growth areas will be further enhanced by the expected emergence of the Company’s Aesthetics segment as we transition to the crucial next phase of our multi-year turnaround plan.
Based upon the impact of your leadership across the enterprise and the criticality of your ongoing contributions to the planning and execution of Endo’s (“Endo” or the “Company”) transformation and turnaround plan, I am pleased to offer you a special compensation arrangement that demonstrates your importance to our Company. Specifically, you are eligible for the contribution retention bonus arrangement described in this Letter Agreement (“Letter Agreement”).
Your total Contribution Retention Bonus amount is 1,250,000 USD (the “Contribution Bonus”), subject to applicable tax withholdings. This Contribution Bonus will be paid in installments within thirty (30) days following the end of the first, second, third and fourth Retention Period (each a “Retention Period” as defined below), provided you are employed on such dates by the Company or one of its affiliates.  The Retention Periods and the associated installment amounts are as follows: (1) 312,500 USD following September 30, 2019; (2) 312,500 USD following December 31, 2019; (3) 312,500 USD following June 30, 2020; and (4) 312,500 USD following December 31, 2020.  To qualify for the Contribution Bonus payments, you must maintain strong work performance and remain actively employed with Endo or one of its affiliates through the applicable Retention Periods.
Payment of the Contribution Bonus will be accelerated if your employment is terminated by Endo without cause (no misconduct or rule violation; i.e., restructuring, reorganization or RIF) before the end of any applicable Retention Period and will be paid within 30 days of your termination date.  Any unpaid Contribution Bonus amounts will be forfeited if you are terminated for cause (i.e., misconduct, violation of rule or policy, etc.) or if you resign before the end of a Retention Period.
The Contribution Bonus will not become part of your remuneration, salary, or compensation (other than for tax purposes) for purposes of the calculation of any severance, notice or redundancy pay, or any other amount that you may be or become entitled to in relation to your employment or the termination of your employment. Nor is the Contribution Bonus an acquired right, since it is part of a global employee retention program implemented by the Company. This Contribution Bonus is a one-time retention award and will not create any legal claim for you in respect to its cause or amount, either for the past or for the future.

1

This Letter Agreement does not change the at-will employment relationship between you and Endo or alter any other terms and conditions of your employment. You or Endo may terminate your employment at any time, for any reason, with or without Cause. To the extent permitted by applicable law, any controversy or claim arising out of or relating to this Letter Agreement, or a breach thereof,  including, but not limited to, any claims arising out of federal, state, or local laws, rules, or regulations, shall be exclusively settled by an arbitration proceeding conducted through Judicial Arbitration & Mediation Services (“JAMS”). This means that the Company and you are waiving your right to a have jury or judge adjudicate such claims or controversies, and that such claims or controversies will be exclusively decided by a single arbitrator. The arbitration will be conducted in accordance with the then-current JAMS Employment Arbitration Rules & Procedures (and no other JAMS rules).  The decision of the arbitrator shall be final and binding.  Judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction.  You and the Company shall each bear your and its own legal expenses, except where otherwise required by law. The arbitration shall take place in Chester County, Pennsylvania, and no dispute under this Letter Agreement shall be adjudicated in any other venue or forum. This Letter Agreement shall be governed by the laws of the State of Pennsylvania, and it may not be modified in the absence of a written document signed by the parties.
Thank you for your ongoing contributions and commitment to our Company as we execute our strategic vision and operating plans at the highest performance level in support of our customers and patients.  Please indicate your acceptance by signing and returning one copy of this Letter Agreement to Vito Romano by August 9, 2019.

Sincerely,

/S/ PAUL V. CAMPANELLI

Paul V. Campanelli
President & Chief Executive Officer

Signed and agreed by:

	
			
	/S/ PATRICK BARRY
	 
	August 1, 2019

	Patrick Barry
	 
	Date

2pbyi-ex103_72.htm

Exhibit 10.3

Puma Biotechnology, Inc.

Non-Employee Director Compensation Program

 

(Effective January 1, 2020)

 

Non-employee members of the board of directors (the “Board”) of Puma Biotechnology, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”).  The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any subsidiary of the Company (each, a “Non-Employee Director”) who may be eligible to receive such cash or equity compensation.  This Program shall become effective as of the date set forth above.  

 

Cash Compensation

 

		
	
Board Service
	
 

	
Annual Retainer:
	
$50,000

	
Committee Service
	
 

	
Audit Committee:
	
 

	
Chair Annual Retainer:
	
$20,000

	
Committee Member (Non-Chair) Retainer:
	
$10,000

	
Compensation Committee:
	
 

	
Chair Annual Retainer:
	
$15,000

	
Committee Member (Non-Chair) Retainer:
	
$7,500

	
Nominating and Corporate Governance Committee:
	
 

	
Chair Annual Retainer:
	
$10,000

	
Committee Member (Non-Chair) Retainer:
	
$5,000

	
Research and Development Committee; Commercial Committee:
	
 

	
Chair Annual Retainer:
	
$15,000

 

 

 

US-DOCS\113962380.1

 

		
	
Committee Member 

(Non-Chair) Retainer:
	
$7,500

	
Board Service and Committee Service Annual Retainers will be paid or granted (as applicable) quarterly at the beginning of the applicable calendar quarter.  In the event that a Non-Employee Director is initially elected or appointed to serve on the Board (the date of any such initial election or appointment, such Non-Employee Director’s “Start Date”) on any date other than the first day of a calendar quarter, such Non-Employee Director shall receive, within 30 days following such Non-Employee Director’s Start Date, a prorated portion of the Board Service Annual Retainer and a prorated portion of each applicable Committee Service Annual Retainer, payable to such Non-Employee Director with respect to such quarter.    

 

Equity Compensation

 

Non-Employee Directors shall be granted the equity awards described below.  The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2011 Incentive Award Plan, as may be amended from time to time (the “Plan”).  Capitalized terms not otherwise defined below shall have the meanings ascribed to them in the Plan.  

		
	
Initial Option Grant:
	
Each Non-Employee Director who is initially elected or appointed to serve on the Board is hereby granted an Option with a value of $700,000 (the “Initial Grant”).  

 

The number of Shares subject to the Initial Grant will be determined by dividing the value by the Black-Scholes valuation as of the grant date using a trailing 30-calendar day average closing price for the Company’s common stock through and including the applicable grant date.

The Initial Grant is hereby granted on the date on which such Non-Employee Director is initially elected or appointed to serve on the Board (the “Election Date”), and shall vest with respect to one-third (1/3rd) of the Shares subject thereto on the first anniversary of the applicable Election Date, and with respect to an additional 1/36th of the Shares subject thereto on each monthly anniversary thereafter, subject to continued service through the applicable vesting date.  Each Initial Grant shall have an exercise price per Share equal to the Fair Market Value of a Share on the applicable Election Date.

 

 

 

US-DOCS\113962380.1

 

		
	
Annual RSU Grant:
	
Each Non-Employee Director who is serving on the Board as of the date of any annual shareholder meeting on or after the effective date of this Program and will continue to serve as a Non-Employee Director immediately following such meeting, shall hereby be granted a Restricted Stock Unit award with a value of $300,000 (the “Annual Grant”).  

 

The number of Shares subject to the Annual Grant will be determined by dividing the value by the trailing 30-calendar day average closing price for the Company’s common stock through and including the applicable grant date.

 

Each Annual Grant will vest in full on the earlier of the one-year anniversary of the date of grant and the date of the annual shareholder meeting following the date of grant, subject to continued service.  

 

Miscellaneous

 

Each Initial Grant shall be an Option and shall have a maximum term of ten years from the applicable date of grant.  All applicable terms of the Plan apply to this Program as if fully set forth herein, and all grants of awards are hereby subject in all respect to the terms of the Plan.  The grant of any award under this Program shall be made solely by and subject to the terms set forth in a written Award Agreement in a form approved by the Board and duly executed by an executive officer of the Company.

 

Non-Employee Director Award Limit

 

Notwithstanding any provision to the contrary in this Program, the sum of any cash compensation and the grant date fair value (determined as of the date of the grant under Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor thereto) of all awards granted under this Program shall be subject to any limitations imposed under the Plan or any other applicable agreement, program, policy or plan.

 

Amendment, Modification and Termination

 

This Program may be amended, modified or terminated by the Board in the future at its sole discretion.  No Non-Employee Director shall have any rights hereunder, except with respect to any awards actually granted pursuant to the Program.  

 

 

 

 

 

 

US-DOCS\113962380.1

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