Document:

exv10w66

Exhibit 10.66

AMENDMENT NO. 5 TO COLLABORATION

AND OPTION AGREEMENT

This Amendment No. 5 to the Agreement (this “Amendment No. 5”) is entered into as of November
1, 2010 (the “Amendment Effective Date”) by and between Cytokinetics, Incorporated (“CK”), a
Delaware corporation, having its principal place of business at 280 East Grand Ave., South San
Francisco, California 94080 and Amgen Inc., a Delaware corporation having its principal place of
business at One Amgen Center Drive, Thousand Oaks, California 91320 (“Amgen”).

     WHEREAS, CK and Amgen are parties to that certain Collaboration and Option Agreement dated
December 29, 2006, as amended (the “Agreement”);

     WHEREAS, in May, 2009, Amgen exercised its option to obtain an exclusive, worldwide license
(excluding Japan) to certain compounds that [****], including CK-452, as further described in the
Agreement;

     WHEREAS, the Agreement provides that the Parties will conduct a research program subsequent to
Amgen exercising its option;

     NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, and
for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, CK and Amgen, intending to be legally bound, agree to amend the Agreement as set
forth below.

	1.	 	Capitalized terms used herein and not otherwise defined have the meaning ascribed in
the Collaboration Agreement. The following definitions are added to the Agreement:

“1.68 “Amgen Field” means the Field other than the CK Field.

1.70 “Amgen Research Patent Rights” shall mean all Research Patent Rights other than the CK
Research Patent Rights.

1.71 “Cardiac Development Compound” shall mean any Research Program Compound that has been
selected to be advanced from the Research Program into the Development Program.

1.72 “CK Field” shall mean any research, development, or commercialization activities and
the related use of compounds that [****].

1.73 “CK Research Patent Rights” shall mean all patent applications and patents within the
Research Patent Rights containing one or more pending or issued claims directed to Research
Program Compounds whose primary utility is within the CK Field.

1.74 “Research Patent Right” means any Patent Right arising from (i) work conducted in
connection with the Research Program (a) by CK [****] of the

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Agreement and [****] or (b) by the Parties pursuant to the Research Plan following the
Amendment Effective Date; or (ii) any [****] of the Research Program, or a [****] of the
Research Program (including, but not limited to, [****]), in each case made pursuant to the
activities undertaken by or on behalf of a Party under this Agreement; in each case, that
includes within a pending or issued claim [****]. “[****]” means: (a) the [****], (b) the
[****], and (c) any other [****] agreed by the JRC at the [****] agreed by the JRC at the
time it approves the [****], as may later be adjusted by JRC. For the avoidance of doubt,
Research Patent Rights will not include any [****] (including in the case of CK, [****]) or
any portion thereof. Research Patent Rights will be deemed included in the Amgen Joint
Patent Rights and the CK Joint Patent Rights, respectively.

For ease of reference, the Research Plan in effect as of the Amendment Effective Date is
attached as Exhibit A to this Amendment.

1.75 “Research Program Compound” means any compound within the scope of a pending or issued
claim within the Research Patent Rights. Each Research Program Compound that meets the
requirements of Section 1.21 will be deemed to be a Compound for all purposes under the
Agreement.

1.76 “Research Program Eligible Compound” means a Research Program Compound that satisfies
the criteria of a Research Eligible Compound.

	2.	 	A new Section 3.6 entitled “[****] Research Patent Rights” is added immediately after
Section 3.5 (Extended Research Term):
	 
	 	 	“3.6 [****]Research Patent Rights. In [****] of the [****] the Parties in
conducting the Research Program, all Research Patent Rights [****]. Accordingly:

	 	(a)	 	To the extent that Amgen [****] Research Patent Rights, Amgen [****]
and to [****] and to [****], and
	 
	 	(b)	 	To the extent that CK [****] the Research Patent Rights, CK[***] and to
[****] and to [****].”

	3.	 	A new Section 3.7 entitled “Licenses to Research Program Compounds in the Territory”
is added immediately after Section 3.6 ([****] Research Patent Rights):
	 
	 	 	“3.7 Licenses to Research Program Compounds in the Territory. During the Term and
in the Territory:

	 	 	 	 	 

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	 	(a)	 	All Research Program Compounds that are also Compounds will be subject to
the licenses set forth in Sections 9.1.1, 9.1.2, 9.2.1 and 9.2.2.
	 
	 	(b)	 	With respect to Research Program Compounds that are not Compounds (“[****]
Compounds”):

	 	(i)	 	CK hereby grants to Amgen an exclusive, [****] license, [****],
under CK’s interest in the Research Patent Rights, solely to make, have made,
use, sell, offer for sale and import [****] Compounds within the Amgen Field
during the Term in the Territory.
	 
	 	(ii)	 	Amgen hereby grants to CK an exclusive, [****] license, [****],
under Amgen’s interest in the Research Patent Rights, solely to make, have
made, use, sell, offer for sale and import [****] Compounds within the CK Field
during the Term in the Territory.”

	4.	 	This Amendment supersedes and replaces Section [****] of the Agreement, which is
deemed deleted in its entirety.

	5.	 	A new Section 8.5.1 entitled “Prosecution and Maintenance of the Research Patent
Rights” is added immediately after Section 8.5 (Prosecution and Maintenance — Post Option
Exercise):

	 	 	“8.5.1 Prosecution and Maintenance of the Research Patent Rights.

	 	(a)	 	During the Term, the filing, prosecution and maintenance of all Research
Patent Rights in the Territory will be subject to Section 8.5 of the Agreement.
	 
	 	(b)	 	Subject to Section 8.3 of the Agreement, [****] shall, through outside
counsel mutually acceptable to the Parties and directed by [****] control the
filing for, prosecution and maintenance (including defending or prosecuting office
actions, prosecutions or interferences) of the Research Patent Rights [****], at
[****] expense, in consultation with [****], as well as filing for any patent term
extensions or similar protections. [****] shall provide [****] copies of and an
opportunity to review and comment upon the text of the applications relating to
such Research Patent Rights [****] before filing. [****] shall provide [****] with
a copy of each application for a Research Patent Right as filed, together with
notice of its filing date and application number. [****] shall keep [****] advised
of the status of all material communications, actual and prospective filings or
submissions regarding the Research Patent Rights, and shall give [****] copies of
and an opportunity to review and comment on any such communications, filings and
submissions proposed to be sent to any patent office or judicial body. [****]
shall reasonably consider in good faith [****] comments on the communications,
filings and submission for the Research Patent Rights.
	 
	 	(c)	 	The Parties intend that all filings for the Research Patent Rights shall be

	 	 	 	 	 

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	 	 	 	[****] with the goals of the Collaboration to [****] Compounds. At the request
of either Party during or following the Term, the Parties will work together in good
faith to [****] the Research Patent Rights, to the extent practicable without [****]
Patent Right with respect to Compounds, in order to [****] to Research Program
Compounds [****] relating to Research Program Compounds [****].”

	6.	 	A new Section 3.8 entitled “Research Program Compounds [****]” is added immediately
after Section 3.7 (Licenses to Research Program Compounds in the Territory):

	 	 	“3.8 Research Program Compounds [****].

	 	(a)	 	[**** hereby grants to [****] an exclusive right and license [****], with
the [****], (i) under the [****] Patent Rights and [****] Joint Patent Rights
solely to [****] Research Program Eligible Compounds; and (ii) [****] interest in
the Research Patent Rights [****] Research Program Compounds, in each case within
[****] the Territory, and with respect to Research Program Eligible Compounds,
subject to the [****] provisions of Section [****], as modified by subsection
3.8(e) below. [****] under the [****] with respect to Research Program Eligible
Compounds [****] as expressly permitted pursuant to Section [****] of the
Agreement. Without limiting Article [****] of the Agreement, [****] shall not seek
to [****] provided to [****] in the course of the Collaboration to conduct the
activities expressly permitted pursuant to Section [****] of the Agreement or to
[****] Research Program Eligible Compounds [****].
	 
	 	(b)	 	[****] hereby grants to [****] an exclusive right and license [****], with
the [****] under [****] interest in the Research Patent Rights solely to [****]
Research Program Compounds [****].
	 
	 	(c)	 	[****] shall have the right to [****] the Territory with respect to those
Cardiac Development Compounds for which [****] pursuant to Section [****] for
[****] the Territory for the purposes of [****] of such Cardiac Development
Compounds [****].

	 	 	 	 	 

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	 	(d)	 	From the Amendment Effective Date and continuing until the [****] of a
Compound, [****] shall have a [****] with respect to [****] with respect to the
[****] Compound or [****] Compound (the “[****] Compounds”) [****] (each, a
“[****]”), but not including [****] and the like. Should [****], upon
such [****] will give prompt written notice to [****] thereof (the “[****]
Notice”). Should [****] within receipt of the [****] Notice, notify [****] in
writing that [****] involving the [****], then CK and Amgen will discuss in good
faith such a [****] will not discuss a [****] with respect to such [****] Compounds
with any Third Party until at least [****] days after [****] provides the [****]
Notice to [****] (the “Exclusive Discussion Period”). No such [****] the
Parties will be [****] either Party unless and until [****] by both Parties.
Neither Party will have any obligation to [****] such terms and conditions [****]
such Party [****]. If [****] does not so notify [****] within [****] days of its
receipt of the [****] Notice, or if the Parties do not [****] within the [****]
day period from [****] receiving the [****] Notice from [****], then [****]
regarding such [****] Compounds and/or any other [****] Compound or [****] Compound
with a [****] obligation to [****]. [****] the Amendment Effective Date,
[****] with a [****] regarding the [****] Compounds in [****], and that nothing
in this paragraph is intended to [****]; provided, however, in the event [****] for
a [****] shall provide [****] with the [****] Notice and shall not [****]
regarding the [****] for a [****] with such [****] during the [****].
	 
	 	(e)	 	In the event [****] does not [****] pursuant to clause [****], or upon the
[****] this Agreement, whichever occurs first, [****] all applicable [****] set
forth in Section [****] with respect to any particular [****] Compound only if:

	 	(i)	 	Such [****] Compound is a [****] Compound and [****] is using
Reasonably Diligent Efforts to [****] Compound in the [****]; or
	 
	 	(ii)	 	Such [****] Compound is a [****] Compound, for which such
Compound a [****] has been

	 	 	 	 	 

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	 	 	 	[****] that would [****], and [****] Compound or [****] Compound [****]; or
	 
	 	(iii)	 	[****] in Section [****] above, the [****] of such [****]
Compound in [****] within the [****].

	 	(f)	 	Sections [****] shall apply to [****] Compounds to the same extent as to
[****] Compounds.
	 
	 	(g)	 	The last sentence of Section 3.8(a) above, the last sentence of Section
9.2.3 of the Agreement, and Section 3.8(e) above shall survive termination of the
Agreement.”

	7.	 	The following sections of Article 18, Term and Termination, are revised in their
entirety as follows.

	 	(a)	 	Section 18.3.6 of the Agreement is revised to provide in its entirety as
follows:

	 	“18.3.6 Technology Licenses.
	 
	 	(i)	 	Amgen hereby grants to CK, effective upon the notice of such
termination, an exclusive, worldwide, [****] license, with the right to grant
and authorize sublicenses, as and to the extent Amgen has the right to grant
such license as of such termination, (a) under the Amgen Patent Rights and
Amgen Joint Patent Rights solely to make, have made, use, sell, offer for sale
and import Research Eligible Compounds (other than Research Program Eligible
Compounds), including, without limitation, CK-452 and CK [****]; (b) under the
Amgen Patent Rights and Amgen Joint Patent Rights solely to make, have made,
use, sell, offer for sale and import Research Program Eligible Compounds for
use in the CK Field; and (c) under Amgen’s interest in the Research Patent
Rights solely to make, have made, use, sell, offer for sale and import Research
Program Compounds (other than Research Program Eligible Compounds) for use in
the CK Field; provided, however if any subject matter covered by such license
is subject to [****], Amgen shall promptly disclose such [****] to CK in
writing and CK shall not have the right to exercise the foregoing license with
respect to such subject matter, unless CK agrees in writing to [****] as a
result of CK’s exercise of such license. Amgen hereby grants to CK, effective
upon the notice of such termination, a non-exclusive, worldwide license with
respect to Amgen’s trade secrets to the extent that the same were [****] under
this Agreement or [****] in connection with the Research Eligible Compounds,

	 	 	 	 	 

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	 	(ii)	 	solely to make, have made, use, sell, offer for sale and import Research
Eligible Compounds.
	 
	 	(iii)	 	CK hereby grants to Amgen, effective upon the notice of such
termination, an exclusive, worldwide, [****] license, with the right to grant
and authorize sublicenses, under CK’s interest in the Research Patent Rights,
solely to make, have made, use, sell, offer for sale and import Research
Program Compounds for use in the Amgen Field, as and to the extent CK has the
right to grant such license as of such termination, solely to make, have made,
use, sell, offer for sale and import Research Program Compounds for use in the
Amgen Field; provided, however if any subject matter covered by such license is
subject to [****], CK shall promptly disclose such [****] to Amgen in writing
and Amgen shall not have the right to exercise the foregoing license with
respect to such subject matter, unless Amgen agrees in writing to [****] as a
result of Amgen’s exercise of such license.
	 
	 	(iv)	 	Notwithstanding the license grants above: (A) CK retains the
non-exclusive right to evaluate (itself or through one or more Third Parties)
Research Program Compounds solely to determine whether such Research Program
Compounds may have utility within the CK Field, and (B) Amgen retains the
non-exclusive right to evaluate (itself or through one or more Third Parties)
Research Program Compounds solely to determine whether such Research Program
Compounds may have utility within the Amgen Field.”

	 	(b)	 	The following is added as Section 18.3.11 of the Agreement:

	 	 	 	“18.3.11 Prosecution, Maintenance, Enforcement and Defense of Research Patent
Rights Post-Termination.

	 	(i)	 	CK Research Patent Rights.

	 	(A)	 	Following any termination of this Agreement, CK
shall, through outside counsel mutually acceptable to the Parties and
directed by CK, control the filing for, prosecution and maintenance
(including defending or prosecuting office actions, prosecutions or
interferences) of the CK Research Patent Rights on a worldwide basis at
CK’s expense, in consultation with Amgen, as well as filing for any
patent term extensions or similar protections. CK shall provide Amgen
copies of and an opportunity to review and comment upon the text of the
applications relating to the CK Research Patent Rights at least [****]
before filing. CK shall provide Amgen with a copy of each application
for a CK Research Patent Right as filed, together with notice of its
filing date and application number. CK shall keep Amgen advised of the

	 	 	 	 	 

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	 	 	 	status of all material communications, actual and prospective
filings or submissions regarding the CK Research Patent Rights,
and shall give Amgen copies of and an opportunity to review and
comment on any such communications, filings and submissions
proposed to be sent to any patent office or judicial body. CK shall
reasonably consider in good faith Amgen’s comments on the
communications, filings and submission for the CK Research
Patent Rights.
	 
	 	(B)	 	Following any termination of this Agreement, CK
shall have the sole right, but not the obligation, to bring and control
the enforcement of the CK Research Patent Rights against any
infringement in the CK Field on a worldwide basis, at its own cost and
expense and using counsel of its choice, in consultation with Amgen.
In the event Amgen would like to bring enforcement of the CK Research
Patent Rights against any infringement in the Amgen Field, the Parties
will discuss such potential enforcement action in good faith so long as
such enforcement action would not adversely affect any CK Research
Patent Right with respect to any Research Program Compound in the CK
Field. Amgen shall reasonably cooperate, as requested by CK, with
respect to such enforcement actions, including by joinder as a party if
required by law, and CK shall reimburse Amgen any [****] costs incurred
in connection therewith. CK shall keep Amgen informed of the progress
of any such enforcement action. Without limiting the foregoing, CK
shall keep Amgen advised of all material communications, actual and
prospective filings or submissions regarding such action, and shall
provide Amgen copies of and an opportunity to review and comment on any
such communications, filings and submissions. CK shall not [****], in
any action or proceeding to enforce such CK Research Patent Rights
without Amgen’s prior written consent, not to be unreasonably withheld
or delayed. All cash amounts (plus the fair market value of all
non-cash consideration) received by CK from a Third Party in connection
with the final judgment, award or settlement of any infringement in the
CK Field with respect to any CK Research Patent Right as a result of
any such litigation (“CK Recoveries") shall first be applied to
reimbursement of the unreimbursed legal fees and expenses incurred by
the Parties. Any CK Recoveries left over after such reimbursement
shall be [****].
	 
	 	(C)	 	In the event that any Third Party brings any action for
declaratory relief with respect to the invalidity or
unenforceability of any CK Research Patent Right, the Parties
shall promptly confer to agree

	 	 	 	 	 

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	 	 	 	on a plan for defending any such action and the sharing of costs
and responsibilities with respect thereto. If the Parties are unable
to agree, CK may conduct such defense, at its own expense, and in
such event, CK shall keep Amgen advised of all material
communications, actual and prospective filings or submissions
regarding such action, and shall provide to Amgen copies of and an
opportunity to review and comment on any such communications, filings
and submissions. CK shall not [****], without Amgen’s prior written
consent, not to be unreasonably withheld or delayed.
	 
	 	(D)	 	CK will have the exclusive right to [****] and
[****], provided that Amgen may [****] and [****] with CK’s prior
written consent, not to be unreasonably withheld or delayed.
	 
	 	(E)	 	Promptly following the date of termination of
the Agreement, with respect to the CK Research Patent Rights, Amgen
shall (i) provide CK with copies of any relevant communications,
filings, drafts and documents not previously provided to CK as well as
written notice of any pending deadlines or communications applicable
thereto, and (ii) execute and deliver any legal papers reasonably
requested by CK to effectuate transfer of control of the filing,
prosecution and maintenance of such CK Research Patent Rights
(excluding papers that transfer any right, title or interest in or to
the CK Research Patent Rights other than such control).

	 	(ii)	 	Amgen Research Patent Rights.

	 	(A)	 	Section 8.5 of the Agreement will survive
termination of the Agreement solely with respect to Amgen Research
Patent Rights on a worldwide basis.
	 
	 	(B)	 	Following any termination of this Agreement, Amgen shall have
the sole right, but not the obligation, to bring and control
the enforcement of the Amgen Research Patent Rights against any
infringement in the Amgen Field on a worldwide basis, at its own
cost and expense and using counsel of its choice, in consultation
with CK. In the event CK would like to bring enforcement of the
Amgen Research Patent Rights against any infringement in the
CK Field, the Parties will discuss such potential enforcement action
in good faith so long as such enforcement action would not adversely

	 	 	 	 	 

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	 	 	 	affect any Amgen Research Patent Right with respect to any Research
Program Compound in the Amgen Field. CK shall reasonably cooperate,
as requested by Amgen, with respect to such enforcement actions,
including by joinder as a party if required by law, and Amgen shall
reimburse CK any [****] costs incurred in connection therewith.
Amgen shall keep CK informed of the progress of any such enforcement
action. Without limiting the foregoing, Amgen shall keep CK advised
of all material communications, actual and prospective filings or
submissions regarding such action, and shall provide CK copies of and
an opportunity to review and comment on any such communications,
filings and submissions. Amgen shall not [****], in any action or
proceeding to enforce such Amgen research Program Patent Rights
without CK’s prior written consent, not to be unreasonably withheld
or delayed. All cash amounts (plus the fair market value of all
non-cash consideration) received by Amgen from a Third Party in
connection with the final judgment, award or settlement of any
infringement in the Amgen Field with respect to any Research Patent
Right as a result of any such litigation (“Amgen Recoveries") shall
first be applied to reimbursement of the unreimbursed legal fees and
expenses incurred by the Parties. Any Amgen Recoveries left over
after such reimbursement shall be [****].
	 
	 	(C)	 	In the event that any Third Party brings any
action for declaratory relief with respect to the invalidity or
unenforceability of any Amgen Research Patent Right, the Parties shall
promptly confer to agree on a plan for defending any such action and
the sharing of costs and responsibilities with respect thereto. If the
Parties are unable to agree, Amgen may conduct such defense, at its own
expense, and in such event, Amgen shall keep CK advised of all material
communications, actual and prospective filings or submissions regarding
such action, and shall provide to CK copies of and an opportunity to
review and comment on any such communications, filings and submissions.
Amgen shall not [****] without CK’s prior written consent, not to be
unreasonably withheld or delayed.
	 
	 	(D)	 	Amgen will have the exclusive right to [****]
and [****], provided that CK may [****] and [****] with Amgen’s prior
written consent, not to be unreasonably withheld or delayed.

	 	 	 	 	 

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	 	(iii)	 	Section 8.3 (with the exception of [****]) of the Agreement
will survive termination of the Agreement.”

Except as expressly set forth herein, all of the terms and conditions of the Agreement will remain
in full force and effect.

IN WITNESS WHEREOF, the Parties have executed this Amendment No. 5 as of the Amendment
Effective Date.

	 	 	 	 	 	 	 	 	 	 	 

	Cytokinetics, Inc.	 	 	 	Amgen Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By: 

Name:

	 	/s/ Robert I. Blum
 

Robert I. Blum
	 	 	 	By:

Name:
	 	/s/ Roger M. Perlmutter
 

Roger M. Perlmutter, M.D., Ph.D.
	 	 
	Title:

	 	President and CEO
	 	 	 	Title:
	 	Executive Vice President,	 	 
	 

	 	 	 	 	 	 	 	Research and Development	 	 

	 	 	 	 	 

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EXHIBIT A

Research Plan

(adopted November 1, 2010)

[attached]

	 	 	 	 	 

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Cytokinetics/Amgen Collaborative 2011 Research Plan

Approved by the JRC: November 1, 2010

[****]

	 	 	 

	AMGEN/CYTOKINETICS CONFIDENTIAL

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Cytokinetics/Amgen Collaborative 2011 Research Plan

[****]

	 	 	 

	AMGEN/CYTOKINETICS CONFIDENTIAL

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Cytokinetics/Amgen Collaborative 2011 Research Plan

[****]

	 	 	 

	AMGEN/CYTOKINETICS CONFIDENTIAL

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Cytokinetics/Amgen Collaborative 2011 Research Plan

[****]

	 	 	 

	AMGEN/CYTOKINETICS CONFIDENTIAL

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Cytokinetics/Amgen Collaborative 2011 Research Plan

[****]

	 	 	 

	AMGEN/CYTOKINETICS CONFIDENTIAL

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Page 1

[****]

CYTOKINETICS CONFIDENTIAL

 

			
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Exhibit 10.1

PERFORMANCE UNIT AWARD AGREEMENT

(2013 Award)

          THIS PERFORMANCE UNIT AWARD AGREEMENT (this “Agreement”), made and entered into as of
the 15th day of December, 2010, by and between Piedmont Natural Gas Company, Inc. (the
“Company”) and ____________ (the “Participant”).

WITNESSETH:

          WHEREAS, on March 3, 2006, the Company’s shareholders approved the Piedmont Natural Gas
Company, Inc. Incentive Compensation Plan; and

          WHEREAS, on September 7, 2007, the Compensation Committee (“Committee”) of the
Company’s Board of Directors adopted Interpretive Guidelines for the Incentive Compensation Plan
(the Interpretive Guidelines and the Incentive Compensation Plan, together, and as may be amended
from time to time, the “Plan”); and

          WHEREAS, on October 18, 2010, the Committee established a three-year performance period under
the Plan beginning November 1, 2010 (the “2013 Award Performance Period”), and the
Committee approved the Performance Unit awards for the 2013 Award Performance Period; and

          WHEREAS, the Participant has been awarded ___________________(X,XXX) Performance Units for the
2013 Award Performance Period beginning November 1, 2010 and ending October 31, 2013.

          NOW, THEREFORE, in consideration of these premises and the mutual promises contained herein,
the parties hereto hereby agree as follows:

     1. The Participant acknowledges that the grant and distribution of the award hereunder is
governed by the terms of the Plan, and the terms of the Plan are incorporated into this Agreement
in their entirety and made a part hereof by reference. Unless otherwise defined herein,
capitalized terms used herein shall have the meaning set forth in the Plan. In the event of any
conflict between the terms of the Plan and this Agreement, the terms of the Plan shall control.

     2. The percentage of the Performance Units awarded to the Participant that shall be
distributed to the Participant shall depend on the levels of performance achieved during the 2013
Award Performance Period as set forth on Exhibit A attached hereto. No distributions of
Performance Units shall be made with respect to a particular measure of performance if the minimum
percentage of the applicable measure of performance is not achieved for the 2013 Award Performance
Period as set forth on Exhibit A.

          The performance levels achieved for the 2013 Award Performance Period and the percentage of
Performance Units to be distributed shall be conclusively determined by the Compensation Committee
of the Board of Directors. Such Committee reserves the right to decrease the percentage of
Performance Units to be distributed to the Participant to the extent necessary to cause the
Participant’s total direct compensation earned for the fiscal year ending

 

 

October 31, 2013 to be equal to the 75th percentile of market compensation for the
Participant’s position with the Company.

          Notwithstanding the foregoing, in the event a Change in Control occurs before the end of the
Performance Period, one hundred percent (100%) of the 2013 Award Performance Units awarded to the
Participant hereunder shall be distributed to the Participant without any adjustment for the levels
of performance actually achieved during the 2013 Award Performance Period prior to or after the
Change in Control.

     3. The percentage of Performance Units awarded to the Participant which the Participant shall
become entitled to receive shall be distributed in the form of shares of the Company’s common stock
(“Shares”), with one earned Performance Unit equal to one Share.

     4. The Company shall deduct from any Shares otherwise distributable to the Participant that
number of Shares having a value equal to the amount of any taxes required by law to be withheld
from awards made under the Plan. The Participant may elect to have the Company withhold a greater
number of Shares (up to a maximum of fifty percent (50%) of the Shares distributable to the
Participant) for tax withholding.

     5. The extent to which the Performance Units are forfeited or remain outstanding in the event
the Participant terminates employment with the Company prior to the end of the 2013 Award
Performance Period for any reason, including due to the Participant’s death, Disability or
Retirement, shall be governed by the terms of the Plan. Except as otherwise provided in the Plan,
in the event of the Participant’s death during the 2013 Award Performance Period, the Participant’s
award shall be distributed during the two and one-half month period beginning with the expiration
of the 2013 Award Performance Period and ending January 15, 2014 or, if earlier, the two and
one-half month period following a Change in Control.

     6. No award of undistributed Performance Units hereunder to the Participant shall entitle the
Participant to any right as a stockholder of the Company.

     7. The Participant’s award under the Plan may not be assigned or alienated. Subject to any
limitations under the Plan on transferability, this Agreement will be binding upon and inure to the
benefit of the heirs, legatees, legal representatives, successors and assigns of the parties
hereto.

     8. Neither the Plan, nor this Agreement, nor any action taken under the Plan or this Agreement
shall be construed as giving to the Participant the right to be retained in the employ of the
Company.

     9. Any distribution of Shares may be delayed until the requirements of any applicable laws or
regulations or any stock exchange requirements are satisfied. The Shares distributed to the
Participant shall be subject to such restrictions and conditions on disposition as counsel for the
Company shall determine to be desirable or necessary under applicable law.

     10. The Participant may designate a beneficiary or beneficiaries to receive all or part of the
Performance Units to be distributed to him/her under the Plan in case of death of the Participant.
Any such Performance Units awarded under this Plan shall be distributed to the beneficiary (ies)
designated in Exhibit B that is incorporated herein for all purposes. If no

2

 

beneficiary (ies) is designated, such Performance Units shall be paid to the estate of the
Participant.

     11. The Compensation Committee of the Board of Directors shall have authority to administer
and interpret the Plan and to establish rules for its administration.

     12. This Agreement constitutes the entire understanding of the parties on the subjects
covered. The Participant expressly warrants that he/she is not accepting this Agreement in reliance
on any promises, representations, or inducements other than those contained herein. Except with
respect to modifications of the Plan as provided therein, this Agreement can be amended only in
writing executed by the Participant and a duly authorized officer of the Company.

     13. This Agreement shall be governed by the laws of the State of North Carolina to the extent
not preempted by applicable federal law.

     IN WITNESS WHEREOF, the parties hereto have executed or caused this Agreement to be executed
in duplicate as of the date first above written.

	 	 	 	 	 
	 	PIEDMONT NATURAL GAS COMPANY, INC.

 	 
	 	By:  	 	 
	 	 	Chairman, President and Chief Executive Officer 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Participant 	 
	 	 	 	 

3

 

	 	 	 	 	 

EXHIBIT A

Performance Measures for the Three-Year Performance

Period beginning November 1, 2010 (2013 Award)

A financial performance target of 4% compounded annual increase in basic earnings per share
(“EPS Growth”) will govern 50% of the Performance Units awarded;

Total shareholder return (“TSR”) in comparison to the designated industry peer group as
approved by the Compensation Committee of the Board of Directors (increase in stock price plus
dividends paid over the Performance Period) will govern the remaining 50% of the Performance Units
awarded.

	 	 	 	 	 	 	 
	EPS Growth (50% Weight)	 	TSR Comparison (50% Weight)
	Actual EPS Growth	 	% of	 	 	 	% of
	as % of the 4.0%	 	Performance	 	Company’s TSR as a	 	Performance
	Annual EPS Growth	 	Units	 	Percentile Ranking	 	Units
	Target	 	Earned	 	Of Peer Group TSR	 	Earned
	Less than 80%
	 	0%
	 	Less than 25%
	 	0%
	80%
	 	80%
	 	25% — 39%
	 	80%
	100%
	 	100%
	 	40% — 49%
	 	90%
	120% or greater
	 	120%
	 	50% — 74%
	 	100%
	 
	 	 	 	75% — 89%
	 	110%
	 
	 	 	 	90% or greater
	 	120%

	Note: 	 	 EPS Growth levels between threshold (80%) and stretch (120%) will be subject to mathematical
interpolation.

 

 

EXHIBIT B

Piedmont Natural Gas Company, Inc.

Long Term Incentive Plan

2013 Award (Performance Period 11/01/10 to 10/31/13)

Beneficiary Designation Form

Upon my death, I hereby designate the following beneficiary(ies) to receive any undistributed
Performance Units (which the Participant is entitled to receive under the Plan) awarded under this
Agreement to the following:

Primary Beneficiary 1

	 	 	 	 	 	 	 

	Name:

	 	Date of Birth:
	 	Relationship:
	 	Percentage:
	Street Address:

	 	 
	 	 
	 	 
	City, State, Zip Code:
	 	 	 	 	 	 

Primary Beneficiary 2

	 	 	 	 	 	 	 

	Name:

	 	Date of Birth:
	 	Relationship:
	 	Percentage:
	Street Address:

	 	 
	 	 
	 	 
	City, State, Zip Code:
	 	 	 	 	 	 

Primary Beneficiary 3

	 	 	 	 	 	 	 

	Name:

	 	Date of Birth:
	 	Relationship:
	 	Percentage:
	Street Address:

	 	 
	 	 
	 	 
	City, State, Zip Code:
	 	 	 	 	 	 

If any Primary Beneficiary predeceases me, then each such Primary Beneficiary’s share will be
distributed to the remaining Primary Beneficiary(ies) in proportion to the percentage shares
designated for the surviving beneficiaries. If all Primary Beneficiaries are deceased at the time
of my death, I designate as Contingent Beneficiary(ies):

Contingent Beneficiary 1

	 	 	 	 	 	 	 

	Name:

	 	Date of Birth:
	 	Relationship:
	 	Percentage:
	Street Address:

	 	 
	 	 
	 	 
	City, State, Zip Code:
	 	 	 	 	 	 

Contingent Beneficiary 2

	 	 	 	 	 	 	 

	Name:

	 	Date of Birth:
	 	Relationship:
	 	Percentage:
	Street Address:

	 	 
	 	 
	 	 
	City, State, Zip Code:
	 	 	 	 	 	 

Contingent Beneficiary 3

	 	 	 	 	 	 	 

	Name:

	 	Date of Birth:
	 	Relationship:
	 	Percentage:
	Street Address:

	 	 
	 	 
	 	 
	City, State, Zip Code:
	 	 	 	 	 	 

If any Contingent Beneficiary predeceases me, then each such Contingent Beneficiary’s share will be
distributed to the remaining Contingent Beneficiary(ies) in proportion to the percentage shares
designated for the surviving beneficiaries.

          Participant’s Name (Print or Type): _____________________________

          Participant’s Signature: _______________________________________

          Date: _______________________________________________________

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