Document:

HERO 3.31.2013 EX 10.2

Exhibit 10.2 

PHANTOM STOCK AGREEMENT
HERCULES OFFSHORE  
2004 LONG-TERM INCENTIVE PLAN

This Phantom Stock Agreement (“Agreement”) is made and entered into by and between Hercules Offshore, Inc., a Delaware corporation (the “Company”), and <PARTICIPANT NAME> (the “Participant”) as of <GRANT DATE> (the “Date of Grant”), pursuant to the Amended and Restated Hercules Offshore 2004 Long-Term Incentive Plan (the “Plan”), the terms of which are hereby incorporated by reference.  All capitalized terms in this Agreement shall have the meanings ascribed to them in the Plan unless otherwise defined in this Agreement or in the glossary to this Agreement.
W I T N E S S E T H
WHEREAS, the Company has adopted the Plan to strengthen the ability of the Company to attract, motivate and retain Employees, Outside Directors and Consultants who possess superior capabilities and to encourage such persons to have a proprietary interest in the Company; and
WHEREAS, the Committee believes that the grants of Phantom Stock to the Participant as described herein are consistent with the stated purposes for which the Plan was adopted; and
NOW, THEREFORE, in consideration of the mutual covenants and conditions hereafter set forth and for other good and valuable consideration, the Company and the Participant agree as follows:
1.Phantom Stock.  Subject to the conditions and restrictions set forth below and in the Plan, the Company hereby grants to the Participant as of the Date of Grant, this Award of shares of Phantom Stock (the “Phantom Shares”).  The number of Target Phantom Shares shall be <# OF SHARES>.  
2.    Vesting and Settlement of Phantom Shares
		
	(a)
	Vesting.  Subject to the provisions of Paragraph 3, the number of Phantom Shares that shall vest shall equal the sum of (i) the Target Phantom Shares multiplied by the Downtime Phantom Share Percentage multiplied by the Downtime Vesting Percentage and (ii) the Total Phantom Shares multiplied by the SPP Phantom Share Percentage multiplied by the SPP Vesting Percentage.  Subject to Paragraph 3, Phantom Shares that vest shall be settled in accordance with Paragraph 2(d).  

		
	(b)
	Fractional Vested Phantom Shares.  If the sum of the calculations in Paragraph 2(a) results in a fractional vested Phantom Share, the number of vested Phantom Shares shall be rounded down to the nearest whole vested Phantom Share.

		
	(c)
	Forfeiture of Phantom Shares That Do Not Vest.  All Phantom Shares that do not vest in accordance with Paragraph 2(a) or Paragraph 3 shall be forfeited.

1

		
	(d)
	Settlement of Vested Phantom Shares.  If any of the Phantom Shares vest, such vested Phantom Shares shall be settled within ten (10) days of the Performance Vesting Date by the Company delivering to the Participant: 

		
	(i)
	If the number of vested Phantom Shares is less than or equal to the Target Phantom Shares, a number of fully vested shares of Common Stock equal to the number of vested Phantom Shares; and

		
	(ii)
	If the number of vested Phantom Shares is greater than the Target Phantom Shares, (i) a number of fully vested shares of Common Stock equal to the Target Phantom Shares and (ii) an amount of cash equal to the Fair Market Value of one share of Common Stock, where such Fair Market Value is determined on the Performance Vesting Date, multiplied by the excess of the number of vested Phantom Shares over the Target Phantom Shares.  

3.    Effects of Termination and Change of Control.  
		
	(a)
	If the Participant incurs a Termination before the Performance Vesting Date, then (i) both the Downtime Vesting Percentage and the SPP Vesting Percentage shall be zero percent (0%) and (ii) all Phantom Shares shall be forfeited by the Participant to the Company.   

		
	(b)
	The occurrence of a Change of Control shall have the following effects:

		
	(i)
	If a Change of Control occurs on or after the last day of the Performance Period (determined without regard to Paragraph 3(b)(ii)) and before the Performance Certification Date, the Performance Vesting Date shall be the date of the Change of Control.

		
	(ii)
	If a Change of Control occurs before the last day of the Performance Period (determined without regard to this Paragraph 3(b)(ii)), 

		
	(A)
	The Performance Period shall be deemed to end on the date of the Change of Control,

		
	(B)
	The Performance Vesting Date shall be the date of the Change of Control,

		
	(C)
	The Target Phantom Shares shall vest, and

		
	(D)
	All Phantom Shares in excess of the Target Phantom Shares shall be forfeited.

4.    Limitation of Rights.  Nothing in this Agreement or the Plan shall be construed to:
		
	(a)
	give the Participant any right to be awarded any further Phantom Shares or any other Award in the future, even if Phantom Shares or other Awards are granted on a regular or repeated basis, as grants of Phantom Shares and other Awards are completely voluntary and made solely in the discretion of the Committee;

2

		
	(b)
	give the Participant or any other person any interest in any fund or in any specified asset or assets of the Company or any Subsidiary; 

		
	(c)
	confer upon the Participant the right to continue in the employment or service of the Company or any Subsidiary, or affect the right of the Company or any Subsidiary to terminate the employment or service of the Participant at any time or for any reason; or

		
	(d)
	allow the Participant to vest in a number of Phantom Shares exceeding the Maximum Phantom Shares.

5.    Voting Rights with Respect to the Phantom Shares.  The Phantom Shares shall have no voting rights.
6.    Nonassignability.  Other than as permitted under Paragraph 10, no right or benefit under this Agreement, including but not limited to the Phantom Shares, shall (i) be subject to transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or charge, whether voluntary, involuntary, by operation of law or otherwise, and any attempt to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void, or (ii) in any manner be liable for or subject to any debts, contracts, liabilities or torts of the person entitled to such benefits. If the Participant shall become bankrupt or attempt to transfer, anticipate, alienate, assign, sell, pledge, encumber or charge any right or benefit hereunder, or if any creditor shall attempt to subject the same to a writ of garnishment, attachment, execution, sequestration, or any other form of process or involuntary lien or seizure, then any and all rights and benefits under this Agreement shall cease and terminate. Payment of cash or transfer of Common Stock in settlement of a vested Phantom Share shall be made only to the Participant during his or her lifetime, to his or her estate if the Participant is deceased, or if the Participant is mentally incapacitated, to the Participant’s guardian or legal representative.  Any attempted assignment or transfer in violation of this provision or Section 13 of the Plan shall be null and void.  In the case of the Participant’s death, the personal representative or other person entitled to succeed to the rights of the Participant under the Participant’s will or under the applicable laws of descent and distribution shall succeed to such rights. 
7.    Prerequisites to Benefits.  Neither the Participant, nor any person claiming through the Participant, shall have any right or interest in the Phantom Shares awarded hereunder, unless and until all the terms, conditions and provisions of this Agreement and the Plan which affect the Participant or such other person, including but not limited to the vesting requirements, shall have been complied with as specified herein.
8.    Successors and Assigns.  This Agreement shall bind and inure to the benefit of and be enforceable by the Participant, the Company and their respective permitted successors and assigns (including personal representatives, heirs and legatees), except that the Participant may not assign any rights or obligations under this Agreement except to the extent and in the manner expressly permitted herein.
9.    Securities Act.  The Company will not be required to deliver any shares of Common Stock pursuant to this Agreement if, in the opinion of counsel for the Company, such issuance would violate the Securities Act of 1933, as amended (the “Securities Act”) or any other applicable federal or state securities laws or regulations.  The Committee may require that the Participant, prior to the issuance of any such shares of Common Stock, sign and deliver to the Company a written statement, which shall be in a form and contain content acceptable to the Committee, in its sole discretion (“Investment Letter”):
		
	(a)
	stating that the Participant is acquiring the shares of Common Stock for investment and not with a view to the sale or distribution thereof; 

3

		
	(b)
	stating that the Participant will not sell any shares of Common Stock that the Participant may then own or thereafter acquire except either: 

		
	(i)
	through a broker on a national securities exchange or 

		
	(ii)
	with the prior written approval of the Company; and 

		
	(c)
	containing such other terms and conditions as counsel for the Company may reasonably require to assure compliance with the Securities Act or other applicable federal or state securities laws and regulations.  

10.    Tax Withholding.
		
	(a)
	Any vested shares of Common Stock and cash or other property payable or deliverable to the Participant hereunder shall be subject to the payment of, or shall be reduced by, any amount or amounts which the Company is required to withhold under the then-applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), or its successors, or any other federal, state or local tax withholding requirement.  When the Company is required to withhold any amount or amounts under the applicable provisions of the Code, the Company shall withhold from the vested shares of Common Stock to be issued to the Participant a number of shares of Common Stock, or from any cash or other property payable or deliverable to hereunder, necessary to satisfy the Company’s withholding obligations.  The number of shares of Common Stock to be withheld shall be based upon the Fair Market Value of the shares of Common Stock on the date of withholding.  

		
	(b)
	Notwithstanding Paragraph 10(a), above, if the Participant elects, and the Committee agrees, the Company’s withholding obligations may instead be satisfied as follows:

		
	(i)
	the Participant may deliver to the Company a sufficient number of shares of Common Stock then owned by the Participant to satisfy the Company’s withholding obligations, based on the Fair Market Value of the shares of Common Stock as of the date of withholding; or

		
	(ii)
	the Participant may deliver sufficient cash to the Company to satisfy its withholding obligations.

		
	(c)
	Authorization of the Participant to the Company to withhold taxes pursuant to one of the alternatives described in Paragraph 10(b), above, must be in a form and content acceptable to the Committee.  The payment or authorization to withhold taxes by the Participant shall be completed prior to the delivery of any shares of Common Stock or cash pursuant to this Agreement.  An authorization to withhold taxes pursuant to this provision will be irrevocable unless and until the tax liability of the Participant has been fully paid.

11.    Authority of Committee.  Notwithstanding provisions of the Plan to the contrary:
		
	(a)
	For purposes of this Agreement, all references to the “Committee” shall mean only those members of the Compensation Committee of the Board of Directors of the Company who are Outside Directors or a properly constituted and authorized sub-committee of the Compensation Committee of the Board of Directors of the Company comprised solely of two (2) or more Outside Directors.  

4

		
	(b)
	All acts and determinations relating to this Agreement shall be performed by the Committee and may not be delegated to the Chief Executive Officer of the Company, any other officer of the Company or any other person or group of persons other than in accordance with Paragraph 11(a), above.  

		
	(c)
	Without limiting the foregoing and unless the Phantom Shares have been forfeited earlier, the Committee shall certify in writing as promptly as practicable after the close of the Performance Period, whether, and the extent to which, the requirements of Paragraph 2(a) have been met and the number of vested Phantom Shares, if any, resulting therefrom.

		
	(d)
	Except for adjustments to change the number of Phantom Shares and to reflect such changes as permitted under the Plan in connection with a Common Stock distribution or split, recapitalization, extraordinary distribution, merger, consolidation, combination or exchange of shares of Common Stock or similar change or upon the occurrence of any other event that the Committee, in its sole discretion, deems appropriate, this Agreement may not be amended to change the performance thresholds below which no Phantom Shares will vest, the performance levels at which specified numbers of Phantom Shares will vest or the number of Phantom Shares that vest at each such level, the manner in which vesting is determined or the manner in which performance is measured for the purposes of determining vesting.

12.    No Guarantee of Tax Consequences.  The Participant shall be solely responsible for and liable for any and all tax consequences (including but not limited to any interest or penalties) as a result of participation in the Plan.  Neither the Board, nor the Company nor the Committee makes any commitment or guarantee that any federal, state, local or foreign tax treatment will apply or be available to any person participating or eligible to participate hereunder and assumes no liability whatsoever for the tax consequences to the Participants.
13.    Clawback Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any compensation paid to the Participant pursuant to this Agreement that is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company or a Subsidiary pursuant to any such law, government regulation or stock exchange listing requirement). 
14.    Governing Law.  This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Delaware. 
15.    Definitions and Headings.  All capitalized terms in this Agreement shall have the meanings ascribed to them in the Plan unless otherwise defined in this Agreement or in the glossary to this Agreement. The headings, titles and labels assigned to paragraphs and other subdivisions of this Agreement are for the convenience of the reader and shall not alter the meaning, scope or effect of any provision of this Agreement.

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IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officers thereunto duly authorized, and the Participant has hereunto set his hand as of the day and year first above written.  By executing this Agreement, the Participant acknowledges receipt of a copy of the Plan and understands and agrees to be bound by all the terms and conditions of the Plan and this Agreement.
  
HERCULES OFFSHORE, INC.

	
					
	 
	 
	 
	By:
	  ___________________________________

Name:    Beau M. Thompson
Title:    General Counsel and Secretary 
	
					
	 
	 
	 
	Date:
	  ___________________________________

PARTICIPANT

	
					
	 
	 
	 
	Name:
	  ___________________________________

Name:    [PARTICIPANT NAME]
	
					
	 
	 
	 
	Date:
	  ___________________________________

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GLOSSARY
Certain Definitions.  The following terms shall have the meanings set forth below:
		
	(a)
	“Company SPP Rank” means the ordinal ranking of the Company’s SPP on the Peer Group SPP Chart.

		
	(b)
	“Downtime Performance Percentage” means the average of the annual downtimes of the Company’s rigs and liftboats expressed as a percentage and determined in accordance with the Company’s prescribed practices and policies as interpreted or applied by the Committee, for all calendar years during the Performance Period.

		
	(c)
	“Downtime Phantom Share Percentage” means 50 percent (50%).

		
	(d)
	“Downtime Vesting Percentage” means:

		
	(i)
	If the Downtime Performance Percentage is greater than the Threshold Downtime Performance Percentage, zero percent (0%).

		
	(ii)
	If the Downtime Performance Percentage is less than or equal to the Threshold Downtime Performance Percentage, the sum of (A) 50% and (B) the lesser of (1) 100% and (2) the percentage derived by dividing the excess of the Threshold Downtime Performance Percentage over the Downtime Performance Percentage, if any, by 0.30%.  In no event may the Downtime Vesting Percentage be more than 150 percent (150%).  

		
	(e)
	“Ending Share Price” means the average closing price of one share of common stock of the relevant Peer Group member over the 90-day period ending on the last day of the Performance Period.  

		
	(f)
	“Maximum Downtime Performance Percentage” means 1.15%.

		
	(g)
	“Maximum Phantom Shares” means a number of Phantom Shares equal to 150% of the Target Phantom Shares.

		
	(h)
	“Peer Group” means the Company, Atwood Oceanics Inc., Basic Energy Services Inc., Dresser-Rand Group Inc., ENSCO Plc., Gulfmark Offshore Inc., Helmerich & Payne Inc., Hornbeck Offshore Services Inc., Parker Drilling Company, Patterson-UTI Energy Inc., PDC Energy Inc., Rowan Companies, Seacor Holdings Inc., TETRA Technologies  Inc., Tidewater Inc., Unit Corporation and Vantage Corporation, to the extent such entities or their successors are in existence and have publicly traded common stock as of the last day of the Performance Period, as may be adjusted by the Committee to account for extraordinary events, such as mergers, acquisitions, divestitures or bankruptcies, affecting the Company or such other entities.  

		
	(i)
	“Peer Group SPP Chart” means a chart containing (i) the ordinal rankings of the SPPs of the members of the Peer Group, with the highest SPP being ranked first and (ii) the percentage of Phantom Shares subject to subclause (ii) of Paragraph 2(a) that become vested Phantom Shares at each SPP Performance Rank.  

7

		
	(j)
	“Performance Certification Date” means, with respect to Phantom Shares subject to subclause (i) of Paragraph 2(a), the date as of which the Committee makes its written certifications of the Downtime Performance Percentage, and with respect to Phantom Shares subject to subclause (ii) of Paragraph 2(a), the date as of which the Committee makes its written certification of the Company SPP Rank, and its determination of whether and the extent to which the applicable Performance Requirements have been met in accordance with Paragraph 11(c) of the Agreement.

		
	(k)
	“Performance Period” means the period beginning on January 1, 2013 and ending on December 31, 2015.

		
	(l)
	“Performance Requirement” means, as applicable:

		
	(i)
	the condition that must necessarily be attained for vesting of Phantom Shares subject to subclause (i) of Paragraph 2(a); and

		
	(ii)
	the condition that must necessarily be attained for vesting of Phantom Shares subject to subclause (ii) of Paragraph 2(a).

		
	(m)
	“Performance Vesting Date” means the later of the last day of the Performance Period and the Performance Certification Date.

		
	(n)
	“SPP Performance Rank” means each ordinal ranking on the Peer Group SPP Chart.

		
	(o)
	“SPP Phantom Share Percentage” means 100 percent (100%) minus the Downtime Phantom Share Percentage.

		
	(p)
	“SPP Vesting Percentage” means:

		
	(i)
	If the Company SPP Rank is less than the Threshold SPP Rank, zero percent (0%).

		
	(ii)
	If the Company SPP Rank is equal to or greater than the Threshold SPP Rank, the percentage corresponding to the Company SPP Rank on the Peer Group SPP Chart below:

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	Company SPP Rank
	SPP Vesting Percentage

	1st
	150%

	2nd
	143.75%

	3rd
	137.50%

	4th
	131.25%

	5th
	125.00%

	6th
	118.75%

	7th
	112.50%

	8th
	106.25%

	9th
	100.00%

	10th
	87.50%

	11th
	75.00%

	12th
	62.50%

	13th
	50.00%

If the number of members of the Peer Group decreases, the Company SPP Rank shall be determined as follows: (i) the Company’s SPP shall be ranked among the SPPs of the remaining members of the Peer Group on of the last day of the Performance Period, with the highest SPP being ranked first; (ii) the rank of the Company’s SPP among the remaining members of the Peer Group on the last day of the Performance Period shall then be multiplied by a fraction, the numerator of which is seventeen (17) and the denominator of which is the number of members of the Peer Group on the last day of the Performance Period, (iii) the number obtained in subclause (ii) shall be the Company SPP Rank on the Peer Group SPP Chart and (iv) if such Company SPP Rank is not a whole number, it will be rounded to the nearest whole number, with fractional values of 0.5 and greater rounded to the next highest whole number and fractional values below 0.5 rounded to the next lowest whole number.
		
	(q)
	“Starting Share Price” means the average closing price of one share of common stock of the relevant Peer Group member over the 90-day period ending on the last day before the beginning of the Performance Period.

		
	(r)
	“Stock Price Performance” or “SPP” means, for each member of the Peer Group, the increase (or decrease) in value of one share of common stock of such member over the Performance Period, measured by dividing (i) the difference between the entity’s Ending Share Price and Starting Share Price, by (ii) the entity’s Starting Share Price.

		
	(s)
	“Target Phantom Shares” means the number of Phantom Shares specified in Paragraph 1.

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	(t)
	“Termination” means any act, event or condition by or upon which a Participant ceases to be an Employee, or, if the Participant was not an Employee as of the Date of Grant, to perform services for the Company and/or its Subsidiaries.

		
	(u)
	“Threshold Downtime Performance Percentage” means 1.45%.

		
	(v)
	“Threshold SPP Rank” means an ordinal rank of thirteenth (13th) on the Peer Group SPP Chart.

10pts_ex101.htm

EXHIBIT 10.1

 

 

 

April 19, 2013

Brian T. Dorsey

1210 Green Orchard Place

Encinitas, California  92024

Dear Mr. Dorsey:

Position Offered; Duties.  We are pleased to extend an offer of employment to you with Pernix Therapeutics Holdings, Inc.  You are being offered a full-time position as Senior Vice President, Research & Development. You will be expected to work on a full time basis, which is generally construed to mean forty (40) hours per week, and you will be compensated on a semi-monthly basis, on the 15th and last day of each month.  You will be expected to provide services typically provided by a Senior Vice President of Research & Development of a publicly traded company doing the business conducted by Pernix Therapeutics Holdings, Inc. and all of its subsidiaries (collectively, “Pernix”), and such other duties and responsibilities as may from time to time be assigned by the Chief Executive Officer of Pernix Therapeutics Holdings, Inc. (the “CEO”).   You will report directly to the CEO.  You will be considered an executive officer for purposes of Section 16 of the Securities Exchange Act of 1934.

Compensation.  Your compensation package is as follows:

	
●  

	
Base salary will be set at $285,000 annually and will not be subject to reduction.

	
●  

	
Grant of a restricted stock award of 50,000 shares of Pernix’ common stock on the first day of your employment pursuant to Pernix’ equity incentive plan.  These restricted shares vest in three equal installments starting with the first anniversary of the execution of this letter.

	
●  

	
Grant of a restricted stock award of 50,000 shares of Pernix’ common stock upon the final requisite regulatory approval of the marketing and sale of Pernix’ Silenor product as an over-the-counter pharmaceutical product in the United States; provided, however, that Pernix shall not be obligated to issue an amount of Pernix shares under this subsection with a value greater than $1 million, with such value being determined by the closing sales price of a share of Pernix stock as reported on the Nasdaq Stock Market (or such other national exchange on which Pernix shares are trading at such time) the day immediately preceding the date of issuance of such shares.

	
●  

	
Pernix also agrees that, upon the effectiveness of this letter, it will pay to you the severance compensation accrued for your benefit as a result of your employment relationship with Somaxon Pharmaceuticals, Inc. prior to its acquisition by Pernix; provided, that, you agree that Pernix may pay half of your compensation in equity of Pernix in the form of a restricted stock award under Pernix’ equity incentive plan, which restricted stock award will vest in full on January 1, 2014, and half in cash.  The number of shares contained in such restricted stock award will be determined by dividing half of such severance compensation by the closing price of Pernix’ common stock on the trading day immediately prior to the execution of this letter.

 

 

  

  

  

 

At-Will; Severance.  You will be hired as an at-will employee.  If you are terminated without Cause (as defined below), or you resign for Good Reason, (i) you will receive severance equal to your then-current annual base salary payable in equal installments over a one year period beginning with the first regular payroll date following such termination and continuing thereafter at such intervals as other salaried employees are paid for one year, (ii) you will be eligible for health insurance coverage for you and your eligible family members for such one year period, and (iii) all restrictions on exercise relating to any equity awards will lapse, and all of your equity awards will otherwise vest.  “Cause” shall consist of: (i) fraud, libel, slander, dishonesty, or any other willful and deliberate act by you that is detrimental to Pernix or its good will or damaging to its relationships with its members, customers, suppliers, or employees, including, without limitation, (ii) use of alcohol or illegal drugs such as to interfere with the performance of your obligations hereunder, (iii) conviction of, or entry of a plea of guilty or no contest to, a felony or any crime involving moral turpitude, dishonesty, or theft; (iv) your failure to comply with applicable laws or governmental regulations with respect to Pernix’s operations or the performance of your duties; or (v) your gross failure to perform the reasonable duties and responsibilities typically associated with your position as Senior Vice President, Research & Development or as may be assigned or delegated, from time to time, to you by Pernix.  “Good Reason” shall consist of (i) a material diminution in your base compensation; (ii) a material diminution in your authority, duties or responsibilities; (iii) a material diminution in the authority, duties or responsibilities of the supervisor to whom you are required to report; (iv) a material change in the geographic location at which you must perform your duties; or (v) any other action or inaction that constitutes a material breach by Pernix under this letter agreement.

Inventions; Confidentiality.  You agree to deliver an executed copy of the Invention and Confidential Information Agreement in the form attached hereto as Exhibit A.

Additional Benefits.  You will be eligible for health insurance, dental insurance, life, short term and long term disability insurance on the first day of the month following one month of consecutive employment.  Medical and dental insurance is available for your dependents as well.   Currently, Pernix will pay your family insurance premium for these benefits with no contribution required from you.  However, this benefit level could change in the future requiring an employee contribution, provided that you will not receive benefits less than others at comparable levels of responsibility. You are eligible for our 401k plan upon completion of the requirements listed in the Employee Handbook.  Please read, sign and return the acknowledgement located on the last page of the handbook. (Provided separately).

Immigration.  Under the Immigration Reform and Control Act (IRCA), our company is required to verify the identity and work authorization of all newly hired employees.  Therefore, you may be required to complete the I-9 form upon hire.  Within three business days of beginning employment, you will need to supply acceptable documentation (as noted on the enclosed I-9 form) of your identity and work authorization.

 

 

  

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EMPLOYMENT AT-WILL.  OUR COMPANY ADHERES TO A POLICY OF EMPLOYMENT-AT-WILL WHICH ALLOWS EITHER PARTY TO TERMINATE THE EMPLOYMENT RELATIONSHIP AT ANY TIME, FOR ANY REASON, WITH OR WITHOUT CAUSE OR NOTICE.

Drug Screening.  As with all potential employees, you will undergo a background check and you will be required to take a drug screening test which will be conducted in accordance with applicable federal, state and local laws.  Your employment is contingent on successful completion of your drug screening and background checks.

Your employment under the terms of this letter begins upon our receipt of your signature to this letter and to Exhibit A attached hereto. If you have any questions concerning the above details, please contact me immediately at (800) 793-2145, x-3004.

Sincerely,

PERNIX THERAPEUTICS HOLDINGS, INC.

/s/ Cooper C. Collins                                                                                     

Cooper C. Collins, President & Chief Executive Officer

I have read and accept the terms of this employment offer from Pernix Therapeutics Holdings, Inc.

AGREED TO AND ACKNOWLEDGED

THIS 19th DAY OF APRIL, 2013:

/s/ Brian T. Dorsey___________________________             

Brian T. Dorsey

 

 

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