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EXHIBIT 10.11  

 
 

CONFIRMATION OF ADDITIONAL SYNDICATION    
  

    This
Confirmation of Additional Syndication ("Confirmation") dated as of September 23, 2001 is by and among SCHULER HOMES, INC. ("Borrower"), FIRST HAWAIIAN BANK, as agent
("Agent"), and the financial institutions ("Banks") who are parties to that certain Revolving Credit Agreement dated as of June 28, 2001, as amended ("Credit Agreement") 

RECITALS  

    A.  Banc
of America Securities LLC and Fleet Securities, Inc. are the Joint Lead Arrangers under the Credit Agreement. 

    B.  As
contemplated by Section 3.10 of the Credit Agreement, the Borrower, the Agent, and the Banks desire to increase the Total Aggregate Commitment from
$350,000,000 to $360,000,000. 

    C.  Fleet
National Bank, N.A. has agreed to increase its Commitment from $50,000,000 to $60,000,000. 

    NOW,
THEREFORE, the Borrower, the Banks and the Agent agree as follows: 

    1.  Unless
otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Credit Agreement. 

    2.  The
Total Aggregate Commitment as of the Effective Date shall equal $360,000,000. 

    3.  The
Commitment of each Bank, as of the Effective Date, shall be as set forth on Schedule A, which shall be as
of the Effective Date the new Schedule 1.1(a) to the Credit Agreement. 

    4.  The
Agent is authorized by the Banks to allocate Loans and Letters of Credit outstanding as of the Effective Date to the Banks based on their Pro Rata Shares as set
forth on Schedule A. 

    5.  Borrower
agrees to execute a Note payable to the order of Fleet National Bank, N.A. in the principal amount of $60,000,000 ("Fleet Note"). 

    6.  Any
interest, fees and other payments accrued prior to the Effective Date with respect to the Commitment and the Loans shall be for the account of the Banks based
on their Pro Rata Shares as in effect prior to the Effective Date. Any interest, fees and other payments accrued on and after the Effective Date with respect to the Commitment and the Loans shall be
for the account of the Banks based on their Pro Rata Shares as set forth on Schedule A. The Banks, unless a party thereto, shall have no interest in any amounts payable by the Borrower pursuant
to the Fee Letter Agreement and other fee letter agreements relating to the syndication of the Commitment. 

    7.  This
Confirmation shall be effective as of September 24, 2001 ("Effective Date") subject to the Agent's and the Joint Lead Arrangers' satisfaction, in their
sole discretion, with the following: 

    (a) Receipt
by the Agent of this Confirmation signed by each Bank, the Agent, the Borrower and each Guarantor; 

    (b) Receipt
by Fleet of the Fleet Note executed by the Borrower reflecting the Commitment of Fleet as of the Effective Date; and 

    (c) Receipt
by Fleet from the Borrower of the fees payable by the Borrower as set forth in the letter agreement dated September 19, 2001. 

–1–

 

    8.  Fleet
agrees to return to Borrower the Note dated as of August 23, 2001 in the principal amount of $50,000,000 issued to Fleet upon receipt of the Fleet Note
and agrees to hold harmless Borrower from any failure by Fleet to return such Note to Borrower. 

    9.  The
Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 

    10. The
Borrower hereby consents to this Confirmation and confirms that no Event of Default under the Credit Agreement has occurred. 

    11. The
execution, delivery and effectiveness of this Confirmation shall not operate as a waiver of any right, power or remedy of the Banks under the Credit Agreement
or the other Loan Documents 

    12. This
Confirmation may be executed in counterparts each of which when so executed and delivered shall be deemed to be an original and all of which taken together
shall constitute but one and the same instrument. This Confirmation and the other Loan Documents may be transmitted and/or signed by facsimile and the effectiveness of any such documents and
signatures shall have the same force and effect as manually signed originals and shall be binding on all parties. 

–2–

 

    IN WITNESS WHEREOF, the parties hereto have caused this Confirmation to be duly executed by their respective officers thereunto duly authorized. 

	

 	
 	

SCHULER HOMES, INC.,

as Borrower
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

    The Guarantors listed on Schedule 1 hereby agree and consent to the foregoing and ratify and confirm
their obligation under the Guaranty dated as of June 28, 2001. 

	

 	
 	

"GUARANTOR"
	

 	
 	

EACH OF THE CORPORATE GUARANTORS LISTED ON SCHEDULE I ATTACHED HERETO
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

	

 	
 	

EACH OF THE OTHER GUARANTORS LISTED ON SCHEDULE I ATTACHED HERETO
	

 	
 	

By:	
 	

Its respective Managing Member or Sole Manager, as the case may be
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–3–

 

	

 	
 	

FIRST HAWAIIAN BANK,

as Agent
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

	

Commitment Amount:

$35,000,000	
 	

FIRST HAWAIIAN BANK,

as Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–4–

 

	

Commitment Amount:

$25,000,000	
 	

CALIFORNIA BANK & TRUST,

As Bank
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–5–

 

	

Commitment Amount:

$50,000,000	
 	

BANK OF AMERICA, N.A.,

as Bank
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–6–

 

	

Commitment Amount:

$50,000,000	
 	

FLEET NATIONAL BANK, N.A.,

as Bank
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–7–

 

	

Commitment Amount:

$35,000,000	
 	

GUARANTY BANK,

as Bank
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–8–

 

	

Commitment Amount:

$25,000,000	
 	

COMERICA BANK,

as Bank
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–9–

 

	

Commitment Amount:

$10,000,000	
 	

AMERICAN SAVINGS BANK, F.S.B.,

as Bank
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–10–

 

	

Commitment Amount:

$25,000,000	
 	

BANK OF HAWAII,

as Bank
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–11–

 

	

Commitment Amount:

$25,000,000	
 	

U.S. BANK NATIONAL ASSOCIATION,

as Bank
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–12–

 

	

Commitment Amount:

$25,000,000	
 	

KeyBank NATIONAL ASSOCIATION,

a national banking association, as Bank
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–13–

 

	

Commitment Amount:

$20,000,000	
 	

WASHINGTON MUTUAL BANK, F.A.,

a federal association, as Bank
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–14–

 

	

Commitment Amount:

$25,000,000	
 	

BANK ONE, N.A.,

as Bank
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

–15–

  

 
 

SCHEDULE A
  Revised Schedule 1.1(a)
  Bank Group Commitment Schedule    
  

	Bank
 
	 	Commitment
	 	Share
	 
	

Fleet National Bank, N.A.	
 	
$	

60,000,000	
 	

16.66666667	
%
	

Bank of America, N.A.	
 	
$	

50,000,000	
 	

13.88888889	
%
	

First Hawaiian Bank	
 	
$	

35,000,000	
 	

9.72222223	
%
	

Guaranty Bank	
 	
$	

35,000,000	
 	

9.72222223	
%
	

California Bank & Trust	
 	
$	

25,000,000	
 	

6.94444444	
%
	

Bank of Hawaii	
 	
$	

25,000,000	
 	

6.94444444	
%
	

Bank One	
 	
$	

25,000,000	
 	

6.94444444	
%
	

Comerica Bank	
 	
$	

25,000,000	
 	

6.94444444	
%
	

KeyBank National Association	
 	
$	

25,000,000	
 	

6.94444444	
%
	

U.S. Bank National Association	
 	
$	

25,000,000	
 	

6.94444444	
%
	

Washington Mutual Bank, F.A.	
 	
$	

20,000,000	
 	

5.55555556	
%
	

American Savings Bank F.S.B.	
 	
$	

10,000,000	
 	

2.77777778	
%
	
AMOUNT	
 	
$	

360,000,000	
 	
100.00000000	
%

–1–

  

 
 

SCHEDULE 1
  Guarantors    
  

–1–

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CONFIRMATION OF ADDITIONAL SYNDICATION

SCHEDULE A Revised Schedule 1.1(a) Bank Group Commitment Schedule

SCHEDULE 1 GuarantorsPrepared by MERRILL CORPORATION

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EXHIBIT 10.1  

 
 

SICOR Inc.
  19 Hughes
  Irvine, CA 92618-1902    
  

    November 9, 2001 

Mr. Marvin
S. Samson

P.O. Box 2730

Cherry Hill, NJ 08034 

Dear
Marvin: 

    We
are pleased that you have joined us as President and Chief Executive Officer of SICOR Inc. (the "Company"), effective September 9, 2001. We are all enthusiastic about
the prospect of working with you. 

    This
Agreement sets forth the basic terms and conditions of your employment with the Company. By signing this Agreement, you will be agreeing to these terms: 

    1.  Duties and Scope of Employment.  

    (a)  Position.  The Company agrees to employ you as its President and Chief Executive Officer. You will
report to the Board of Directors of the Company (the "Board") and have the powers and duties commensurate with such position. 

    (b)  Directorship.  You are currently a member of the Board of Directors of the Company. The Company
agrees to use its best efforts to cause you to be nominated for election as a member of the Board throughout the term of your employment. At the pleasure of the Company's stockholders, you agree to
serve as a Director. 

    (c)  Obligations.  During the term of this Agreement, you will devote your full business efforts and time
to the Company and its subsidiaries. Except as set forth below, you will not render services to any other person or entity without the express prior approval of the Board. During the term of this
Agreement and during any period of Salary Continuation as provided for in Section 10(f) below, you will not engage, directly or indirectly, in any other business activity (whether or not
pursued for pecuniary advantage) that is or may be competitive with the Company; provided that you may own less than one percent of the outstanding securities of any publicly traded corporation. In
the event of a violation by you of the requirements of the immediately preceeding sentence, all payments to you under this Agreement will cease. Notwithstanding the foregoing, the Company hereby
consents to the continuation by you of the outside activities set forth on Annex A attached hereto. 

    (d)  The
Company agrees that the Indemnity Agreement between you and the Company, dated as September 15, 2000 is hereby amended to indemnify you in accordance
with the terms of the Indemnity Agreement for your acts and omissions in connection with your employment under this Agreement. 

    2.  Compensation.  

    (a)  Salary.  During the term of this Agreement, the Company agrees to pay you as compensation for your
services a base salary at the annual rate of $500,000 or at such higher rate as the Board, or the Compensation Committee, may determine from time to time. Such salary will be payable in accordance
with the Company's standard payroll procedures. The annual compensation specified in this Section 2(a), together with any increases in such compensation that the Company may grant from time to
time, is referred to in this Agreement as "Base Compensation." 

    (b)  Bonus.  At the discretion of the Board of Directors, or the Compensation Committee, you will be
eligible for a cash bonus at the end of each year of your employment under this Agreement. 

 

    3.  Employee Benefits.  During the term of this Agreement, you will be eligible to participate in the
employee benefit plans maintained by the Company, subject in each case to the generally applicable terms and conditions of the plan in question and to the determinations of any person or committee
administering such plan. The benefits may be changed from time to time by the Company. Employee benefits currently include health, dental and life insurance. You will also be entitled to three weeks
of paid vacation for each full year of service. Sick leave will be in accordance with the Company's generally applicable policies. Any vacation or sick leave not used within 90 days following
the end of a year of service will not accrue. In addition, the Company will provide to you an automobile or reimbursement of your reasonable expenses in connection with the lease and maintenance of an
automobile. 

    4.  Business Expenses.  During the term of this Agreement, you will be authorized to incur necessary and
reasonable travel, entertainment and other business expenses in connection with your duties hereunder. The Company will reimburse you for such expenses upon presentation of an itemized account and
appropriate supporting documentation, all in accordance with the Company's generally applicable policies. 

    5.  Stock Option.  The Company will grant to you a fully vested stock option (an incentive stock option
to the extent permitted by law) to purchase from the Company 1,000,000 shares of the Company's common stock (the "Shares"). The exercise price of your stock option will be not less than 85% of the
fair market value on the date of the grant. You will also be granted a nonstatutory stock option to purchase from the Company 200,000 shares of the Company's common stock at an exercise price equal to
the fair market price on the date of grant. These nonstatutory stock options will vest over a three-year period. Your stock options will be granted pursuant to the SICOR Inc. 1997
Long-Term Incentive Plan, as amended, and will be subject to the terms and conditions of the Plan and the Company's form of stock option agreement, a copy of which you have previously
received. Certain aspects of your stock option grants may require stockholder approval, which the Company will use its best efforts to promptly obtain. It is expected that the Board will determine the
exercise price of the options shortly following a Special Meeting of Stockholders which will be held at an early date. 

    6.  Intentionally omitted.  

    7.  New Jersey office; Administrative Assistant.  The Company agrees that it will reimburse you at the
rate of $75,000 per annum (subject to withholding if applicable) for your administrative assistant and other costs and expenses of your New Jersey office, payable monthly in advance. Your
administrative assistant will not be an employee of the Company and you will be responsible for all costs and expenses of such person. Your New Jersey office will not be an office of the Company, and
you will be responsible for all costs and expenses of that office. 

    8.  Proprietary Information and Inventions Agreement.  You will be required to sign and abide by the
terms of the Company's Employee's Proprietary Information and Inventions Agreement, a copy of which has previously been provided to you. 

    9.  Immigration Documentation.  Please be advised that your employment is contingent on your ability to
prove your identity and authorization to work in the United States. You must comply with the Immigration and Naturalization Service's employment verification requirements. 

    10.  Term and Termination of Employment.  

    (a)  Term.  This Agreement will commence as of September 9, 2001. This Agreement will terminate
three years after the date of the commencement date, unless terminated earlier pursuant to this Section 10. This Agreement may be terminated by you or the Company at any time for any reason,
with or without cause. 

    (b)  Definitions.  For all purposes under this Agreement, 

2

 

    (i)  "Good
Reason" shall mean (A) you have incurred a material reduction in your authority or responsibility, (B) a more than 25 percent reduction
in Base Compensation or (C) a material breach of this Agreement by the Company; 

    (ii)  "Cause"
shall mean (A) a willful failure or refusal to perform your duties hereunder, other than a failure resulting from complete or partial incapacity
due to physical or mental illness or impairment, (B) gross misconduct or fraud, (C) the breach of a fiduciary duty to the Company or (D) conviction of, or a plea of "guilty" or
"no contest" to, a felony. 

    (iii)  "Disability"
shall mean that you, at the time your employment is terminated, have performed substantially none of your duties under this Agreement for a period
of not less than three consecutive months as the result of your incapacity due to physical or mental illness. 

    (iv)  "Change
in Control" shall mean a consolidation, merger or other reorganization of the Company with or into another corporation or other entity in which the
Company shall not be the surviving entity, or the sale of all or substantially all of the assets of the Company to another entity or person, or any transaction or series of related transactions in
which more than 50% of the Company's voting power is transferred, unless the Company's stockholders of record immediately prior to such merger, consolidation or reorganization, sale or transaction are
holders of more than 50% of the voting power of the surviving entity. 

    (c)  Early Termination.  Subject to subsection (f) below, the Company may terminate your
employment without Cause or due to Disability giving you 30 days' advance notice in writing. You may terminate your employment without Good Reason by giving the Company 30 days' advance
notice in writing. Your employment will terminate automatically in the event of your death. 

    (d)  Termination for Cause or Good Reason.  The Company may terminate this Agreement and your employment
at any time upon thirty days notice for Cause. You may terminate your employment for Good Reason upon thirty days notice. 

    (e)  Rights Upon Termination.  Except as expressly provided in subsection (f) below, upon a
termination of your employment, you will be entitled to the Base Compensation, benefits and reimbursements described in Sections 2(a), 3 and 4 for the period preceding the effective date of the
termination. 

    (f)  Salary Continuation.  In the event that (i) the Company terminates your employment without
your consent for any reason other than Cause or Disability or(ii) you voluntarily resign your employment for Good Reason, the Company will continue to pay to you your Base Compensation and to
vest your stock options until the end of the term of this Agreement. The payments under this subsection (f) will cease in the event of your death. In order to receive your salary continuation,
you will be required to sign a release in a form acceptable to the Company, of any and all claims that you may have against the Company. In the event of the termination of your employment, with or
without Cause, following a Change in Control prior to September 9, 2004, you will be entitled to receive payment in full of any remaining Base Compensation to September 9, 2004 and all
of your unvested stock options described in Section 5 above shall immediately vest and become exercisable in full. 

    11.  Dispute Resolution.  You and the Company ("the parties ") agree that any dispute arising out of or
related to your employment shall be resolved as provided in the Dispute Resolution Procedures attached hereto as Annex B. 

    Please
note that this Agreement supersedes any prior agreements, (including the Consulting Agreement dated May 29, 2001, other than Section 5 thereof relating to certain
stock options previously granted), representations or promises of any kind, whether written, oral, express or implied between the parties hereto with respect to the subject matters herein, and it,
together with your stock option agreements and Employee's Proprietary Information and Inventions Agreement, constitutes the 

3

 

full, complete and exclusive agreement between you and the Company with respect to the subject matters herein. This Agreement cannot be changed unless in writing, signed by you and an authorized
officer of the Company. If any term of this Agreement is held to be invalid, void or unenforceable, the
remainder of this Agreement shall remain in full force and effect and shall in no way be affected, and the parties will use their best efforts to find an alternative way to achieve the same result. 

    This
offer letter may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 

    To
indicate your acceptance of this offer of employment, please sign below and return one signed copy to me. 

	 	 	Sincerely,
	

 	
 	

SICOR Inc.
	

 	
 	

By:	
 	

/s/ CARLO SALVI   
 Carlo Salvi

Vice Chairman of the

Board of Directors

	ACCEPTED AND AGREED

this 9th day of November, 2001:	 	 
	

/s/ MARVIN S. SAMSON   
 Marvin S. Samson

	
 	

 

4

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