Document:

exv10w72

EXHIBIT
10.72

CORNERSTONE THERAPEUTICS INC.

Nonstatutory Stock Option Agreement for a Non-Employee Director

Granted Under 2004 Stock Incentive Plan

1. Grant of Option.

     This agreement evidences the grant by Cornerstone Therapeutics Inc. a Delaware corporation
(the “Company”), on                     , 200[  ] (the “Grant Date”) to [                    ],
a non-employee director of the Company (the “Participant”), of an option to purchase, in whole or
in part, on the terms provided herein and in the Company’s 2004 Stock Incentive Plan, as amended
(the “Plan”), a total of [                    ] shares (the “Shares”) of common stock, $0.001
par value per share, of the Company (“Common Stock”) at $[                    ] per Share. Unless
earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on [                    ] (the “Final
Exercise Date”).

     It is intended that the option evidenced by this agreement shall not be an incentive stock
option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any
regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the
term “Participant”, as used in this option, shall be deemed to include any person who acquires the
right to exercise this option validly under its terms.

2. Vesting Schedule.

     This option will become exercisable (“vest”) as to 2.78% of the original number of Shares at
the end of each successive one-month period following the Grant Date until the third anniversary of
the Grant Date.

     The right of exercise shall be cumulative so that to the extent the option is not exercised in
any period to the maximum extent permissible it shall continue to be exercisable, in whole or in
part, with respect to all Shares for which it is vested until the earlier of the Final Exercise
Date or the termination of this option under Section 3 hereof or the Plan.

3. Exercise of Option.

     (a) Form of Exercise. Each election to exercise this option shall be in writing,
signed by the Participant, and received by the Company at its principal office, accompanied by this
agreement, and payment in full in the manner provided in the Plan. The Participant may purchase
less than the number of shares covered hereby, provided that no partial exercise of this option may
be for any fractional share or for fewer than ten whole shares.

     (b) Continuous Relationship with the Company Required. Except as otherwise provided
in this Section 3, this option may not be exercised unless the Participant, at the time he or she
exercises this option, is, and has been at all times since the Grant Date, a director of the

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Company or any other entity the directors of which are eligible to receive option grants under
the Plan (an “Eligible Participant”).

     (c) Termination of Relationship with the Company. If the Participant ceases to be an
Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the
right to exercise this option shall terminate three months after such cessation (but in no event
after the Final Exercise Date), provided that this option shall be exercisable only
to the extent that the Participant was entitled to exercise this option on the date of such
cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date,
violates the non-competition or confidentiality provisions of any employment contract,
confidentiality and nondisclosure agreement or other agreement between the Participant and the
Company, the right to exercise this option shall terminate immediately upon written notice to the
Participant from the Company describing such violation.

     (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes
disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date
while he or she is an Eligible Participant and the Company has not terminated such relationship for
“cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of
one year following the date of death or disability of the Participant, by the Participant (or in
the case of death by an authorized transferee), provided that this option shall be
exercisable only to the extent that this option was exercisable by the Participant on the date of
his or her death or disability, and further provided that this option shall not be exercisable
after the Final Exercise Date.

     (e) Discharge for Cause. If the Participant, prior to the Final Exercise Date, is
discharged by the Company for “cause” (as defined below), the right to exercise this option shall
terminate immediately upon the effective date of such discharge. “Cause” shall mean willful
misconduct by the Participant or willful failure by the Participant to perform his or her
responsibilities to the Company (including, without limitation, breach by the Participant of any
provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar
agreement between the Participant and the Company), as determined by the Company, which
determination shall be conclusive. The Participant shall be considered to have been discharged for
“Cause” if the Company determines, within 30 days after the Participant’s resignation, that
discharge for cause was warranted.

4. Withholding.

     No Shares will be issued pursuant to the exercise of this option unless and until the
Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any
federal, state or local withholding taxes required by law to be withheld in respect of this option.

5. Nontransferability of Option.

     This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the
Participant, either voluntarily or by operation of law, except by will or the laws of descent

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and distribution, and, during the lifetime of the Participant, this option shall be exercisable
only by the Participant.

6. Provisions of the Plan.

     This option is subject to the provisions of the Plan, a copy of which is furnished to the
Participant with this option.

     IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal
by its duly authorized officer. This option shall take effect as a sealed instrument.

	 	 	 	 	 
	 	CORNERSTONE THERAPEUTICS INC.

 	 
	Dated:                       	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

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PARTICIPANT’S ACCEPTANCE

     The undersigned hereby accepts the foregoing option and agrees to the terms and conditions
thereof. The undersigned hereby acknowledges receipt of a copy of (i) the Company’s 2004 Stock
Incentive Plan and (ii) the Company’s Prospectus for the 2004 Stock Incentive Plan in connection
with the Company’s Registration Statement on Form S-8.

	 	 	 	 	 	 	 
	 	 	PARTICIPANT:  
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Address:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 

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NOTICE OF STOCK OPTION EXERCISE

Date:                                 , 200[__]1

Cornerstone Therapeutics Inc.

1255 Crescent Green Drive

Suite 250

Cary, NC 27518

Attention: Treasurer

Dear Sir or Madam:

     I am the holder of a Nonstatutory  Stock Option granted to me under the Cornerstone
Therapeutics Inc., a Delaware corporation (the “Company”), 2004 Stock Incentive Plan on
                    2 for the purchase of                     3 shares of Common Stock of the
Company at a purchase price of $                    4 per share.

     I hereby exercise my option to purchase                     5 shares of Common Stock (the
“Shares”), for which I have enclosed                     6 in the amount of                     7.
Please register my stock certificate as follows:

     Name(s):                                                                  
               8

                                                                                                     

     Address:                                                                  
               

 

			
	1	 	Enter the date of exercise.
	 
	2	 	Enter the date of grant.
	 
	3	 	Enter the total number of shares of Common Stock for
which the option was granted.
	 
	4	 	Enter the option exercise price per share of Common
Stock.
	 
	5	 	Enter the number of shares of Common Stock to be
purchased upon exercise of all or part of the option.
	 
	6	 	Enter “cash”, “personal check” or if permitted by the
option or Plan, “stock certificates No. XXXX and XXXX”.
	 
	7	 	Enter the dollar amount (price per share of Common Stock
times the number of shares of Common Stock to be purchased), or the number of
shares tendered. Fair market value of shares tendered, together with cash or
check, must cover the purchase price of the shares issued upon exercise.
	 
	8	 	Enter name(s) to appear on stock certificate: (a) your
name only; (b) your name and an other name (e.g., John Doe and Jane Doe, Joint
Tenants With Right of Survivorship); or (c) in the case of a Nonstatutory
option only, a Child’s name, with you as custodian (i.e., Jane Doe, Custodian
for Tommy Doe). Note: There may be income and/or gift tax consequences of
registering shares in a Child’s name.

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     Tax I.D. #:                                                               
                  9

Very truly yours,

                                                                     
           

(Signature)

Name:                                                                     

 

			
	9	 	Social Security Number of Holder(s).

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EXHIBIT
10.80

CORNERSTONE THERAPEUTICS INC.

AMENDED AND RESTATED

NON-EMPLOYEE DIRECTOR COMPENSATION AND REIMBURSEMENT

POLICY

Effective
October 31, 2008

			
	A.	 	BOARD FEES FOR NON-EMPLOYEE DIRECTORS

Each member of the Board of Directors (the “Board”) of Cornerstone Therapeutics Inc. (the
“Corporation”) who is not an employee of the Corporation (a “Non-Employee
Director”) will receive the following fees:

	 	-	 	$30,000 annual retainer, payable in installments of $7,500 quarterly in arrears
(payments for partial years shall be made on a pro rata basis); and
	 
	 	-	 	Up to an annual aggregate maximum of $15,000 for attendance fees for the following:

	 	•	 	$2,000 for each meeting of the Board that the Non-Employee Director attends
in person;
	 
	 	•	 	$1,000 for each meeting of any committee of the Board on which the
Non-Employee Director serves that he or she attends in person;
	 
	 	•	 	$1,000 for each meeting of the Board that the Non-Employee Director attends
by teleconference; and
	 
	 	•	 	$500 for each meeting of any committee of the Board on which the
Non-Employee Director serves that he or she attends by teleconference.

The chair of the Audit Committee of the Board will receive an annual fee of $10,000, the chair of
the Compensation Committee of the Board will receive an annual fee of $7,500 and the chair of our
Nomination and Corporate Governance Committee will receive an annual fee of $5,000, each paid
quarterly in arrears (payments for partial quarters shall be made on a pro rata basis). The Lead
Independent Director, if any, will receive an annual fee of $10,000, payable in installments of
$2,500 quarterly in arrears. All attendance fees for Board and committee meetings and
teleconferences shall be paid on a quarterly basis retrospectively.

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	B.	 	EQUITY GRANTS FOR NON-EMPLOYEE DIRECTORS

Each Non-Employee Director will also receive:

	 	•	 	a nonstatutory option under the Corporation’s 2004 Stock Incentive Plan, as amended
(the “2004 Plan”), or other stock incentive plan approved by the Board and
stockholders of the Corporation, to purchase up to 15,000 shares of the Corporation’s
common stock (“Common Stock”) upon his or her initial election to the Board (the
“Initial Grant”); and
	 
	 	•	 	a nonstatutory option to purchase up to 10,000 shares of Common Stock at each year’s
annual meeting after which he or she continues to serve as a director (such option to be
pro-rated for partial years at an amount equal to 1/12 of such shares for each full month
of service from the date of election to the Board until the date of the first annual
meeting) (the “Annual Meeting Grant”).

The per share exercise price of each Non-Employee Director option shall equal the closing price of
the Common Stock on the NASDAQ Capital Market (or on the principal market on which the Common Stock
is traded if other than the NASDAQ Capital Market), on the date of grant (or if no such price is
reported on such date, such price as reported on the nearest preceding date). Such options shall
have a ten-year term. The shares subject to the options under the Initial Grant and the Annual
Meeting Grant become exercisable in 36 equal monthly installments beginning one month from the date
of grant. 100% of any unvested shares subject to the Initial Grant and Annual Meeting Grants will
accelerate upon a “change in control” (as defined in the 2004 Plan) of the Company. The shares
subject to these options shall be subject to appropriate adjustment for stock splits, combinations,
recapitalizations, and other similar events affecting the Common Stock.

			
	C.	 	EXPENSE REIMBURSEMENT FOR NON-EMPLOYEE DIRECTORS

The Corporation shall reimburse each Non-Employee Director for reasonable travel and other expenses
incurred in connection with attending meetings of the Board and its committees.

			
	D.	 	CONTINUING DIRECTOR EDUCATION REIMBURSEMENT FOR
NON-EMPLOYEE DIRECTORS

The Corporation shall pay all reasonable expenses related to continuing director education;
provided, however, that the Corporation shall pay only a pro rata portion of such expenses if such
Non-Employee Director serves on any additional public company boards.

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	E.	 	SERVICE UPON BOARD OF DIRECTORS OF SUBSIDIARIES OF THE CORPORATION

Non-Employee Directors shall not receive any additional fees for attending any meetings of the
board of directors of any subsidiaries of the Corporation (“Subsidiary Boards”) but shall be
eligible for reasonable travel and other expenses incurred in connection with attending meetings of
Subsidiary Boards.

			
	E.	 	CHANGE IN EMPLOYEE STATUS

Any member of the Board who ceases to be employee of the Corporation and who continues to serve as
a member of the Board shall become a Non-Employee Director for purposes of this Policy effective as
of the first calendar day after his or her status as an employee of the Corporation ends. Such
Non-Employee Director would be eligible for attendance fees and equity grants after such change in
employee status; provided, however, the Initial Grant for such Non-Employee Director would be
granted by the Board as of the first meeting of the Board after such individual becomes a
Non-Employee Director.

* * *

Approved by the Board of Directors on December 18, 2008,

effective as of October 31, 2008

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