Document:

Unassociated Document

Exhibit 10.2.8

AMENDMENT NO. 7 TO CREDIT AGREEMENT

THIS AMENDMENT NO. 7 (this “Amendment”) dated as of December 28, 2011 to the CREDIT AGREEMENT (the “Credit Agreement”) dated March 12, 2003, as amended by the Amendment No. 1 to Credit Agreement dated December 31, 2003 and further amended by the Amendment No. 2 to Credit Agreement dated December 31, 2004, and further amended by the Amendment No. 3 to Credit Agreement dated March 26, 2008, and further amended by the Amendment No. 4 to Credit Agreement dated June 19, 2009, and further amended by the Amendment No. 5 to Credit Agreement dated December 14, 2009, and further amended by the Amendment No. 6 to Credit Agreement dated January 6, 2011 is by and between ARIAD Pharmaceuticals, Inc., a Delaware corporation (hereinafter sometimes referred to as the “Borrower”) and RBS Citizens, National Association (the "Lender").  All capitalized terms not defined herein but defined in the Credit Agreement shall have the meanings given to such terms in the Credit Agreement.

 

WHEREAS, due to the fact that co-borrower ARIAD Corporation is no longer an operating entity and will be dissolved by December 31, 2011, the Borrower has requested that ARIAD Corporation be released of liability under the Credit Agreement, the Note and other Financing Documents; and

WHEREAS, Lender has agreed to consent to such request and the parties desire to memorialize such agreement.

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the Borrower and the Lender hereby agree as follows:

1.           Release of ARIAD Corporation as a Co-Borrower and Co-Maker.  Lender hereby releases, as of the date set forth above, ARIAD Corporation as a “borrower” under the Credit Agreement and as a “maker” of the Note.  From and after the date hereof ARIAD Corporation shall have no further liability or obligations to Lender under the Credit Agreement, the Note or any of the other Financing Documents.

 

2.           No Further Amendments.  Except as amended hereby, all other provisions of the Credit Agreement shall remain in full force and effect.  After the effective date hereof, all references in the Credit Agreement and other Financing Documents shall be deemed to refer to the Credit Agreement as amended hereby, representing the entire expression of the parties with respect to the subject matter hereof on the date this Amendment is executed.

 

3.           Ratification of Financing Documents.  By signing below, the Borrower ratifies and affirms the terms of the Credit Agreement (as amended hereby), the Note, the Security Agreement and all other Financing Documents executed in connection with any of the foregoing, and confirm and represent that each remains in full force and effect and that no default or event of default has occurred thereunder (except such defaults or events of default as have been waived in writing by the Lender on or before the date hereof or such defaults or events of default as the Borrower has requested, in writing prior to the date hereof, the Lender to waive).

 

4.           Governing Law.  This Amendment shall be governed in all respects by the laws of the Commonwealth of Massachusetts without regard to any conflicts of laws principles.

 

 

  

  

  

 

5.           Descriptive Headings.  Descriptive headings are for convenience only and will not control or affect the meaning or construction of any provisions of this Amendment.

 

6.           Counterparts.  This Amendment may be executed in any number of identical counterparts, each of which will constitute an original but all of which when taken together will constitute but one instrument.

 

7.           Severability.  In the event one or more of the provisions of this Amendment should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Amendment, and this Amendment shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

WITNESS our hands and seals as of the date set forth above.

 

	
WITNESS AS TO BORROWER:

 

 

 

/s/ Raymond T. Keane                                           

Name: Raymond T. Keane

            SVP, General Counsel

 

	
ARIAD PHARMACEUTICALS, INC.

 

 

 

By: /s/ Edward M. Fitzgerald

      Name: Edward M. Fitzgerald

         Title: Executive Vice President, CFO

 

 

	
WITNESS AS TO LENDER:

	
RBS CITIZENS, NATIONAL ASSOCIATION

	
 

 

 

/s/ William E. Rurode, Jr.        

Name: William E. Rurode, Jr.

	
 

 

 

By: /s/ Scott Haskell

    Scott Haskell, Senior Vice President

 

 

2Unassociated Document

Exhibit 10.23

ARIAD Pharmaceuticals, Inc.

Director Compensation Arrangements

Effective January 2, 2012 and until further modified by the Board of Directors of ARIAD Pharmaceuticals, Inc. (the “Corporation”), the Corporation’s non-employee directors will receive the compensation set forth below.  Non-employee directors do not receive any other compensation for service on the Board of Directors or its committees, other than reimbursement of reasonable expenses. Directors who are also employees of the Corporation do not receive any additional compensation for their service on the Board of Directors.  All equity awards are granted under the Corporation’s 2006 Long Term Incentive Plan, as amended.

Upon initial appointment to the Board of Directors, the director will receive a one-time grant of 40,000 stock options, which will vest over three years in equal amounts on first, second and third anniversaries of the date of grant.  The options will have a term of ten years.  The exercise price for such options will be the closing price of the Corporation’s common stock as quoted on the NASDAQ Global Select Market on the date of grant.

Each year, the directors will receive annual cash compensation of $50,000, paid in equal quarterly amounts on or about the last day of each calendar quarter.  In lieu of cash, a director may elect to receive the equivalent value in restricted shares of the Corporation’s common stock on January 31, subject to a lapsing repurchase right as described below. The number of shares will be determined based on the volume weighted average price (VWAP) of the Company’s common stock for the month of December of the prior year. Such election will be made by January 15 of each calendar year.

Each year, the directors will receive an annual equity grant of 14,000 restricted shares of the Corporation’s common stock to be issued on January 31, subject to a lapsing repurchase right as described below. The number of restricted shares to be awarded will be evaluated annually to take into account the underlying value of the shares.

The lapsing repurchase right will give the Company the right to repurchase the shares for a nominal amount if the individual ceases to be a member of the Board of Directors or ceases to provide agreed upon services to the Company. The right will lapse as to 25% of the shares on March 31, June 30, September 30 and December 31 of the year of the award.Unassociated Document

 

Exhibit 10.30.2

FORM OF STOCK OPTION CERTIFICATE

This Option Certificate certifies that, pursuant to the ARIAD Pharmaceuticals, Inc. 2006 Long-Term Incentive Plan (the “2006 Plan”), the Board of Directors of ARIAD Pharmaceuticals, Inc. (the “Company”) has granted an option (the “Option”) to purchase shares of the Company’s common stock, $.001 par value per share (“Shares”), as follows:

 

	  	
Name of Participant:

	  
	  	
Number of Option Shares:

	  
	  	
Type of Stock Option Grant:

	
Non-Qualified Stock Option

	  	
Date of Grant:

	  
	  	
Exercise Price:

	
$____ per Share

 

This Option is subject to all the terms, conditions and limitations set forth in the 2006 Plan, which is incorporated herein by reference, and to the following additional terms specified by the Board of Directors of the Company.  The Option shall be exercisable as follows:

	
  

	
[Vesting schedule to be inserted]

Payment of the Exercise Price shall be made in accordance with Paragraph 5.4 of the Plan and may include at the discretion of the Company, having the Company retain from the Number of Option Shares otherwise issuable upon exercise of the Option, a number of Shares having a Fair Market Value equal as of the date of exercise to the aggregate Exercise Price for the number of Shares as to which the Option is being exercised.

The Option shall terminate ten years from the Date of Grant or such shorter period as set forth in the 2006 Plan in the event of the Optionee’s termination of service, Death or Disability.  The Option is not assignable or transferable, other than as provided in the 2006 Plan.  No partial exercise of the Option may be for less than 100 full shares.  In no event shall the Company be required to issue fractional shares.

In accordance with Paragraph 10.7(b) of the Plan, the Company may in its sole discretion withhold in kind from the Shares otherwise deliverable to the Participant on exercise of the Option the minimum statutory amount of federal, state and local withholding taxes attributable to such amount that is considered compensation includable in the Participant’s gross income.

This Option Certificate, together with the 2006 Plan and any other written agreement between the Company and the Participant relevant to the subject matter hereof and executed contemporaneously herewith or hereafter, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof and no other statement, representation, warranty, covenant or agreement shall affect or be used to interpret, change or restrict, the express terms and provisions of this Stock Option Grant, provided, however, in any event, this Option Certificate shall be subject to and governed by the 2006 Plan.

In witness whereof, the Company has caused this Option Certificate to be executed by its duly authorized officers.

                                                                    

	ARIAD PHARMACEUTICALS, INC.	PARTICIPANT
	 	 
	
By:___________________________________

	
____________________________________

	
Edward M. Fitzgerald

	  
	
Executive Vice President, Chief Financial Officer

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