Document:

Model Irish Employee Restricted Stock Unit Agreement

 Exhibit 10.5 
 MODEL AGREEMENT 
 For Employees of the Irish Subsidiaries who are Non-US Taxpayers 
 MAX CAPITAL GROUP LTD. 
 RESTRICTED
STOCK UNIT AGREEMENT 
 This Restricted Stock Unit Agreement (the “Agreement”), effective as of the
     day of                     , 2         (the “Grant
Date”) by and between Max Capital Group Ltd. (the “Company”), and                      (the
“Grantee”), evidences the grant by the Company of restricted Common Stock units (the “Award”) to the Grantee on such date and the Grantee’s acceptance of the Award in accordance with the
provisions of the Company’s 2000 Stock Incentive Plan, as amended, (the “Plan”), a copy of which is attached hereto as Exhibit A. The Company and the Grantee agree as follows: 
  

	1.	Basis for Award. This Award is made under the Plan pursuant to Section 8 thereof for services to be rendered to the Company by the Grantee.

  

	2.	Restricted Stock Units Awarded. 

  

	 	(a)	The Company hereby awards to the Grantee, in the aggregate,
                     restricted Common Stock units (“Restricted Stock Units”), which shall be subject to the terms
of the Plan and this Agreement. 

  

	 	(b)	The Restricted Stock Units shall be credited to a separate account maintained for the Grantee on the books of the Company (the “Account”). On any given date,
the value of each Restricted Stock Unit comprising the Award shall equal the Fair Market Value of one share of Common Stock. The Award shall vest and settle in accordance with Section 3 hereof. 

  

	3.	Vesting and Settlement. 

  

	 	(a)	Except as otherwise provided in the Plan and this Agreement, the Restricted Stock Units shall vest and become non-forfeitable on
             (the “Vesting Date”); provided, that, the Grantee is then employed by the Company or any of its Subsidiaries. If the
Grantee’s employment is terminated at any time prior to the Vesting Date, the unvested Restricted Stock Units subject to the Award shall automatically be forfeited upon such termination of employment, unless otherwise provided in
Section 3(b) or Section 3(c). On the Vesting Date, the Company shall settle the Restricted Stock Units and as a result thereof (i) issue and deliver to the Grantee one share of Common Stock for each such Restricted Stock
Unit (the “RSU Shares”) (and upon such settlement, the Restricted Stock Units shall cease to be credited to the Account) and (ii) enter the Grantee’s name as a stockholder of record with respect to the RSU Shares on
the books of the Company. 

  

	 	(b)	 Pro Rata Vesting. In the event of the Grantee’s death or if the Grantee’s employment is terminated by the Company or any of its Subsidiaries for
Disability (as defined below) [or without Cause (as defined in the Plan) or by the Grantee for Good Reason (as defined below)], a pro rata portion of the Restricted 

  

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Stock Units shall vest and be settled in accordance with the last sentence of Section 3(a) as of the date of such termination, and all other
unvested Restricted Stock Units shall immediately terminate and be forfeited. The pro rata portion of the Restricted Stock Units that vests shall be calculated by multiplying the number of Restricted Stock Units by a fraction, the numerator of which
shall equal the number of consecutive days the Grantee is employed by the Company or any of its Subsidiaries from the Grant Date to the date of termination, and the denominator of which shall equal
             (rounded to the nearest whole number). 

 For purposes of this Agreement, “Disability” shall mean termination upon thirty (30) days’ notice in the event that the Grantee suffers a mental or physical disability that shall have prevented him/her from
performing his/her material duties for a period of at least 120 consecutive days or 180 non-consecutive days within any 365 day period; provided, that, the Grantee shall not have returned to full-time performance of his/her duties
within 30 days following receipt of such notice. The Grantee shall have “Good Reason” to terminate his/her employment within thirty (30) days after the Grantee has knowledge of the occurrence, without the Grantee’s
written consent, of one of the following events that has not been cured, if curable, within thirty (30) days after a notice of termination has been given by the Grantee to the Company or its Subsidiary, as applicable: (i) any material and
adverse change to the Grantee’s duties or authority which are inconsistent with his/her title and position, (ii) a material diminution of the Grantee’s title or position; or (iii) a reduction of the Grantee’s base salary; or
(iv) any other reason which the Company determines in its sole discretion is Good Reason; provided, however, that, if termination for “Good Reason” is defined in the Grantee’s employment
agreement, the definition in the employment agreement shall apply for purposes of this Section 3. 
  

	 	(c)	Full Vesting. Upon the Grantee’s Retirement, vesting (and settlement) shall continue according to the schedule set forth in Section 3(a) as if the Grantee
were still employed; provided, that, during the period following Retirement and prior to the Vesting Date, the Grantee does not enter into any employment, consulting, service or similar arrangements or accept any directorship that has
not been pre-approved by the Committee in its sole discretion. In the event that the Grantee does enter into any such employment, consulting, service or similar arrangement or accepts any unapproved directorship, all unvested Restricted Stock Units
shall be immediately forfeited. For purposes of this Agreement, “Retirement” shall be defined as when the Grantee retires from the Company or a Subsidiary, as applicable, if the sum of the Grantee’s age and years of
service as an employee of the Company and its Subsidiaries equals at least 55. 

  

	 	(d)	Change in Control. Upon the occurrence of a “Change in Control” (as defined in the Plan), all unvested Restricted Stock Units shall automatically
become vested and shall be settled in accordance with the last sentence of Section 3(a). 

  

	4.	 Dividend Equivalents. If the Company pays a cash dividend on its outstanding Common Stock for which the Record Date (for purposes of this Agreement,
the “Record 

  

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Date” is the date on which shareholders of record are determined for purposes of paying the cash dividend on Common Stock) occurs
after the Grant Date, the Grantee shall receive a cash payment equal to the amount of the ordinary cash dividend paid by the Company on a single share of Common Stock multiplied by the number of Restricted Stock Units awarded under this Agreement
that are unvested and unpaid as of such Record Date. Payments pursuant to this Section 4 are subject to tax withholding. 

  

	5.	Restrictions. The Award granted hereunder may not be sold, pledged or otherwise transferred (other than by will or the laws of descent and distribution or as
otherwise permitted by the Committee) and may not be subject to lien, garnishment, attachment or other legal process. The Grantee acknowledges and agrees that, with respect to each Restricted Stock Unit credited to his/her Account, the Grantee has
no voting rights with respect to the Company unless and until such Restricted Stock Unit is settled in RSU Shares pursuant to Section 3(a) hereof. 

  

	6.	Compliance with Laws and Regulations. The issuance and transfer of RSU Shares shall be subject to compliance by the Company and the Grantee with all applicable
requirements of securities laws and with all applicable requirements of any stock exchange on which the Company’s Common Stock may be listed at the time of such issuance or transfer. Prior to the issuance of any RSU Shares, the Company may
require that the Grantee (or the Grantee’s legal representative upon the Grantee’s death or Disability) enter into such written representations, warranties and agreements as the Company may reasonably request in order to comply with
applicable securities laws or with this Agreement. 

  

	7.	No Right to Continued Employment or Additional Awards. By signing below, the Grantee acknowledges and agrees that the Award he/she has been awarded under the Plan, and
any other awards the Company may grant in the future to the Grantee, even if such awards are made repeatedly or regularly, and regardless of their amount, (a) are wholly discretionary, are not a term or condition of employment and do not form
part of a contract of employment, or any other working arrangement, between the Grantee and the Company or any Subsidiary, as applicable, (b) do not create any contractual entitlement to receive future awards or to continued employment, and
(c) do not form part of salary or remuneration for purposes of determining pension payments or any other purposes, including, without limitation, termination indemnities, severance, resignation, redundancy, bonuses, long-term service awards,
pension or retirement benefits, or similar payments, except as otherwise required by applicable law. 

  

	8.	General Assets. All amounts credited to the Grantee’s Account under this Agreement shall continue for all purposes to be part of the general assets of the
Company. The Grantee’s interest in the Account shall make the Grantee only a general, unsecured creditor of the Company. 

  

	9.	Rights as Shareholder. Upon and following the Vesting Date, the Grantee shall be the record owner of the RSU Shares unless and until such shares are sold or
otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company (including voting rights). Prior to the Vesting Date, the Grantee shall not be deemed for any purpose to be the owner of the shares of Common
Stock underlying the Restricted Stock Units subject to the Award. 

  

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	10.	Governing Law. This Agreement shall be governed by the laws of the state of New York without regard to conflict of law principles. 

  

	11.	Plan. Except as otherwise provided herein, or unless the context clearly indicates otherwise, capitalized terms herein which are defined in the Plan have the same
definitions as provided in the Plan. The terms and provisions of the Plan are incorporated herein by reference, and the Grantee hereby acknowledges receiving a copy of the Plan. In the event of a conflict or inconsistency between the terms and
provisions of the Plan and the provisions of this Agreement, the Plan shall govern and control. 

  

	12.	Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Committee for review. The
resolution of such a dispute by the Committee shall be binding on the Company and the Grantee. 

  

	13.	Tax Withholding. Upon settlement of the Award in accordance with Section 3(a) hereof, the Grantee shall recognize taxable income in respect of the
Award and the Company or a Subsidiary, as applicable, shall report such income to the appropriate taxing authorities in respect of the Award as it determines to be necessary and appropriate. The Company shall have the right to deduct from any
payment to be made pursuant to the Plan the amount of any taxes required by law to be withheld therefrom, or to require the Grantee to pay to the Company or a Subsidiary, as applicable in cash such amount required to be withheld prior to the
issuance or delivery of any shares of Common Stock. At the discretion of the Committee, such taxes may be paid by (a) delivering previously owned shares of Common Stock or (b) having the Company retain shares which would otherwise be
delivered upon exercise or payment of Awards or (c) any combination of a cash payment or the methods set forth in (a) and (b) above. 

  

	14.	Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of
this Agreement, and each other provision shall be severable and enforceable to the extent permitted by law. 

  

	15.	Data Privacy. In order to facilitate the administration of the Grantee’s participation in the Plan, it will be necessary for the Company to collect, hold,
and process certain personal information about the Grantee. As a condition of the Award, the Grantee consents to the Company collecting, holding and processing personal data and transferring such data to third parties (collectively, the
“Data Recipients”) insofar as is reasonably necessary to implement, administer and manage the Grantee’s participation in the Plan. 

  

	 	(a)	The Data Recipients will treat the Grantee’s personal data as private and confidential and will not disclose such data for purposes other than the management and administration
of the Grantee’s participation in the Plan and will take reasonable measures to keep the Grantee’s personal data private, confidential, accurate and current. 

  

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	 	(b)	Where the transfer is to a destination outside the European Economic Area, the Company shall take reasonable steps to ensure that the Grantee’s personal data continues to be
adequately protected and securely held. Nonetheless, by signing below, the Grantee acknowledges that personal information about the Grantee may be transferred to a country that does not offer the same level of data protection as the Republic of
Ireland. 

  

	 	(c)	The Grantee may, at any time, view his/her personal data, require any necessary corrections to it or withdraw the consents herein in writing by contacting the Company.

  

	16.	Entire Agreement. This Agreement and the Plan contain the entire agreement between the parties hereto with respect to the subject matter contained herein and
supersede all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless in writing and signed by the parties hereto.

  

	17.	Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument. 

 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date first above written.

  

			
	 MAX CAPITAL GROUP LTD.

		
	 By:
	 	  

	 Name:

	 Title:

	 Date:

	
	 GRANTEE

		
	 By:
	 	  

	 Name:

	 Date:

  

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 EXHIBIT A 
 [Attach copy of Plan] 
  

 7Form of Nonqualified Stock Option Agreement

 Exhibit 10.1 
 AUXILIUM PHARMACEUTICALS, INC. 
 2004 EQUITY COMPENSATION PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT 
 Auxilium
Pharmaceuticals, Inc. (the “Company”) has granted you an option to purchase shares of common stock of the Company under the Auxilium Pharmaceuticals, Inc. 2004 Equity Compensation Plan, as amended (the “Plan”). The terms of the
grant are set forth in the Nonqualified Stock Option Grant (the “Grant”) provided to you. The following provides a summary of the key terms of the Grant; however, you should read the entire Grant, along with the terms of the Plan, to fully
understand the Grant. 
 SUMMARY OF NONQUALIFIED STOCK OPTION GRANT 
  

			
	Grantee:	  	[                                       
 ]
		
	Date of Grant:	  	[                                       
  ]
		
	Total Number of Shares Granted:	  	[                                       
  ]
		
	Exercise Price Per Share:	  	[                                       
  ]
		
	Exercisability Schedule*:	  	One year after Date of Grant
		
	Term/Expiration Date**:	  	[ ten years after grant date ]

	*	The Grantee must be employed by, or providing service to, the Employer (as defined in the Plan) on the applicable date for the option to become exercisable on such date.

	**	Unless terminated earlier in accordance with the terms of the Grant and the Plan. 

 AUXILIUM PHARMACEUTICALS, INC. 
 2004 EQUITY COMPENSATION PLAN, AS AMENDED 
 NONQUALIFIED STOCK OPTION GRANT

 This STOCK OPTION GRANT, dated as of [ date ] (the “Date of Grant”), is delivered by Auxilium Pharmaceuticals, Inc. (the
“Company”) to [ director ] (the “Grantee”). 
 RECITALS 
 A. The Auxilium Pharmaceuticals, Inc. 2004 Equity Compensation Plan, as amended (the “Plan”), provides for the grant of options to purchase
shares of common stock of the Company. 
 B. The Board of Directors (the “Directors”) of the Company has decided to make a stock
option grant as an inducement for the Grantee to promote the best interests of the Company and its stockholders. The Grantee may receive a copy of the Plan by contacting the Human Resources Department at Auxilium Pharmaceuticals, Inc. 
 NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows: 
 1. Grant of Option. Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee a nonqualified stock
option (the “Option”) to purchase [ # of shares ] shares of common stock of the Company (“Shares”) at an exercise price of $[ share price at close of business day ] per Share. The Option shall become exercisable according to
Section 2 below. 
 2. Exercisability of Option. The Option shall become exercisable on the following dates, if the Grantee is employed by, or
providing service to, the Employer (as defined in the Plan) on the applicable date: 
  

			
	 Date
	  	Shares for Which the Option is Exercisable
	 One year after Date of Grant
	  	100%

 The exercisability of the Option is cumulative, but shall not exceed 100% of the Shares subject to the Option. If
the foregoing schedule would produce fractional Shares, the number of Shares for which the Option becomes exercisable shall be rounded down to the nearest whole Share. The Option shall become fully exercisable on [ ten years after grant date ], if
the Grantee is employed by, or providing service to, the Employer on such date. 
  

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 3. Term of Option. 
 (a) The Option shall have a term of ten years from the Date of Grant and shall terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the
Plan. 
 (b) The Option shall automatically terminate upon the happening of the first of the following events: 
 (i) The expiration of the 90-day period after the Grantee ceases to be employed by, or provide service to, the Employer, if the
termination is for any reason other than Disability (as defined in the Plan), death or Cause (as defined in the Plan); provided that, if, at the time the Grantee ceases to be employed by, or provide service to, the Employer under this
Section 3(b)(i), the Grantee (A) has completed 5 or more years of service as a director and (B) is a director in good standing, the reference to “90-day period” described in this Section 3(b)(i) shall be replaced with
“one-year period.” 
 (ii) The expiration of the one-year period after the Grantee ceases to be employed by, or
provide service to, the Employer on account of the Grantee’s Disability. 
 (iii) The expiration of the one-year period
after the Grantee ceases to be employed by, or provide service to, the Employer, if the Grantee dies while employed by, or providing service to, the Employer or within 90 days after the Grantee ceases to be so employed or provide such services on
account of a termination described in subsection (i) above. 
 (iv) The date on which the Grantee ceases to be employed
by, or provide service to, the Employer for Cause. In addition, notwithstanding the prior provisions of this Section 3, if the Grantee engages in conduct that constitutes Cause after the Grantee’s employment or service terminates, the
Option shall immediately terminate. 
 Notwithstanding the foregoing, in no event may the Option be exercised after the date that is immediately before the
tenth anniversary of the Date of Grant. Any portion of the Option that is not exercisable at the time the Grantee ceases to be employed by, or provide service to, the Employer shall immediately terminate. 
 4. Exercise Procedures. 
 (a) Subject to the
provisions of Sections 2 and 3 above, the Grantee may exercise part or all of the exercisable Option by giving the Company written notice of intent to exercise in the manner provided in this Agreement, specifying the number of Shares as to which the
Option is to be exercised. At such time as the Directors shall determine, the Grantee shall pay the exercise price (i) in cash, (ii) with the approval of the Directors, by delivering Shares, which shall be valued at their Fair Market Value
(as defined in the Plan) on the date of delivery, or by attestation (on a form prescribed by the Directors) to ownership of Shares having a Fair Market Value on the date of exercise equal to the exercise price, (iii) by payment through a broker
in accordance with procedures permitted by Regulation T of the Federal Reserve Board, or (iv) by such other method as the Directors may approve, to the extent permitted by applicable law. The Directors may impose from time to time such
limitations as it deems appropriate on the use of Shares to exercise the Option. 
  

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 (b) The obligation of the Company to deliver Shares upon exercise of the Option shall be subject to all
applicable laws, rules, and regulations and such approvals by governmental agencies as may be deemed appropriate by the Directors, including such actions as Company counsel shall deem necessary or appropriate to comply with relevant securities laws
and regulations. The Company may require that the Grantee (or other person exercising the Option after the Grantee’s death) represent that the Grantee is purchasing Shares for the Grantee’s own account and not with a view to or for sale in
connection with any distribution of the Shares, or such other representation as the Directors deems appropriate. 
 (c) All obligations of
the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold amounts required to be withheld for any taxes, if applicable. Subject to Directors approval, the Grantee may elect to satisfy any tax
withholding obligation of the Employer with respect to the Option by having Shares withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities. 

5. Change of Control. In the event of a Change of Control, as defined in the Plan, the Option shall become fully vested. Such vesting shall take place as of
the date of the Change of Control. 
 6. Restrictions on Exercise. Except as the Directors may otherwise permit pursuant to the Plan, only the Grantee
may exercise the Option during the Grantee’s lifetime and, after the Grantee’s death, the Option shall be exercisable (subject to the limitations specified in the Plan) solely by the legal representatives of the Grantee, or by the person
who acquires the right to exercise the Option by will or by the laws of descent and distribution, to the extent that the Option is exercisable pursuant to this Agreement. 
 7. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan. The
grant and exercise of the Option are subject to interpretations, regulations and determinations concerning the Plan established from time to time by the Directors in accordance with the provisions of the Plan, including, but not limited to,
provisions pertaining to (a) rights and obligations with respect to withholding taxes, (b) the registration, qualification or listing of the Shares, (c) changes in capitalization of the Company and (d) other requirements of
applicable law. The Directors shall have the authority to interpret and construe the Option pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder. 
  

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 8. No Employment or Other Rights. The grant of the Option shall not confer upon the Grantee any right to be
retained by or in the employ or service of the Employer and shall not interfere in any way with the right of the Employer to terminate the Grantee’s employment or service at any time. The right of the Employer to terminate at will the
Grantee’s employment or service at any time for any reason is specifically reserved. 
 9. No Stockholder Rights. Neither the Grantee, nor any
person entitled to exercise the Grantee’s rights in the event of the Grantee’s death, shall have any of the rights and privileges of a stockholder with respect to the Shares subject to the Option, until certificates for Shares have been
issued upon the exercise of the Option. 
 10. Assignment and Transfers. Except as the Directors may otherwise permit pursuant to the Plan, the rights
and interests of the Grantee under this Agreement may not be sold, assigned, encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or by the laws of descent and distribution. In the event of any attempt by the
Grantee to alienate, assign, pledge, hypothecate, or otherwise dispose of the Option or any right hereunder, except as provided for in this Agreement, or in the event of the levy or any attachment, execution or similar process upon the rights or
interests hereby conferred, the Company may terminate the Option by notice to the Grantee, and the Option and all rights hereunder shall thereupon become null and void. The rights and protections of the Company hereunder shall extend to any
successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement may be assigned by the Company without the Grantee’s consent. 
 11. Applicable Law. The validity, construction, interpretation and effect of this instrument shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the
conflicts of laws provisions thereof. 
 12. Notice. Any notice to the Company provided for in this instrument shall be addressed to the Company in
care of the President at the corporate headquarters of the Company, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the payroll of the Employer, or to such other address as the Grantee may designate
to the Employer in writing. Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United
States Postal Service. 
  

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 IN WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest this
Agreement, and the Grantee has executed this Agreement, effective as of the Date of Grant. 
  

			
	 AUXILIUM PHARMACEUTICALS, INC.

		
	 By:
	 	  

 I hereby accept the Option described in this Agreement, and I agree to be bound by the terms of the Plan and
this Agreement. I hereby further agree that all of the decisions and determinations of the Directors shall be final and binding. 
  

			
	 Grantee:
	 	  

		 	 [ director ]

		
		 	 Date of Option: [ date ]

		 	 Option Amount: [ # of shares ]

		 	 Option Price: $[ at close of day ]

		
	 Date:
	 	  

  

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 AUXILIUM PHARMACEUTICALS, INC. 
 OPTION EXERCISE FORM 
 I
                                        
                    , hereby exercise my option to purchase
                     shares of Common Stock of Auxilium Pharmaceuticals, Inc. (the “Company”) at an exercise price of $[ price at
close of day ] per share, dated [ date ], pursuant to the 2004 Equity Compensation Plan of the Company. I acknowledge that the date I sign this form below will be used as the exercise date for determining the income tax consequences of this
exercise. 
  

			
	  

	 Print Name

	  

	 Signature

	  

	 Date

  

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