Document:

EX-10.31

 

Exhibit 10.31

Amendment
of

Bruce Downey’s Employment Agreement dated March 13, 2006
(“Employment

Agreement”)

     Section 5(a)(i)(C) and section 5(a)(ii) of your Employment Agreement is
hereby amended as follows. [Italics indicate text being added]

          ”
(C) an amount of money (the “Severance Payment”) equal to three (3)
times the Employee’s “Annual Cash Compensation” as hereafter defined, unless
the Employee attained age 65 but not age 70 (or such later age or ages as the
BPI Board may in its discretion determine) prior to the Compensable
Termination, in which case the Severance Payment shall be equal to two (2)
times such Annual Cash Compensation, or unless the Employee attained age 70 (or
such later age as the BPI Board may in its discretion determine) prior to the
Compensable Termination, in which case the Severance Payment shall be equal to
one (1) times such Annual Cash Compensation. Except as otherwise provided
hereafter in this subparagraph 5(a)(i)(C), the Severance Payment shall be paid
as follows: fifty percent (50%) of the Severance Payment (or, if the Employee
attained age 65 but not age 70 (or such later age or ages as the BPI Board may
in its discretion determine) prior to the Compensable Termination, seventy-five
percent (75%) of the Severance Payment, or if the Employee attained age 70
prior to the Compensable Termination, one hundred percent (100%) of the
Severance Payment) shall be paid in a lump sum within ten days after the date
of the Compensable Termination. Any balance of the Severance Payment shall be
paid in eighteen (18) equal monthly installments one of which shall be paid at
the end of each of the first eighteen (18) months after the date of the
Compensable Termination, provided, in the case of each of the final 12 of such
18 installments, that the Employee has not accepted full-time or regular
part-time employment with or regularly served as a consultant to a for-profit
pharmaceutical
company prior to the date for payment of such installment, it being understood
and agreed that the foregoing condition shall not be violated by the Employee’s
serving as a member of a board of directors of a for-profit pharmaceutical
company or by his performing consulting services on an ad
hoc basis for such a
company. However, if the Employee attained age 65 (or such later age as the BPI
Board may in its discretion determine) prior to the date of the Compensable
Termination, then any balance of the Severance Payment shall be paid in six
equal monthly installments one of which shall be paid at the end of each of the
first six months after the date of the Compensable Termination, and the
preceding sentence shall not apply. If a Change in Control or Potential Change
in Control as defined in section 11 below occurs (either before or after the
Compensable Termination), the Severance Payment (or, in the case of a Change in
Control or Potential Change in Control that occurs after the Compensable
Termination, any portion thereof that remains unpaid at the time such Change in
Control or Potential Change in Control occurs) shall be paid in a lump sum
within ten days after the Compensable Termination (or, in the case of a Change
in Control or Potential Change in Control that occurs after the Compensable
Termination, within ten days after the Change in Control or Potential
Change in Control occurs), and the two preceding
sentences of this subparagraph shall not apply. During the 18 month period
following a Compensable Termination, the Company shall also provide the
Employee with COBRA coverage at its expense. For purposes of this section 5,
the Employee’s “Annual Cash Compensation” shall mean the sum of (I) the
Employee’s highest Base Salary (i.e., one year’s salary at its highest rate),
plus (II) the “Applicable Average Bonus” as defined in subparagraph 5(a)(i)(B)
above. The Employee’s right to the aforementioned eighteen (18) or six equal
monthly installments (whichever applies) is to be treated as a right to a
series of separate payments under Treasury Regulation section
1.409A-2(b)(2)(iii).

 

          "(ii) If the term of this Agreement as the same may have been extended in
accordance with the provisions of section 2 above is not extended or further
extended because BPI or an Affiliate gives written notice of non-extension to
the Employee as provided in section 2 above, and there is not Good Cause for
termination of the Employee’s employment at the time of giving such notice, and
the Employee does not thereafter resign for Good Reason during the term of this
Agreement as permitted by paragraph 5(d)(v) below, then the Company, subject to
fulfillment by the Employee of his obligations under this Agreement during the
balance of the term and his compliance with the provisions of sections 6 and 7
below, relating to confidential information, non-solicitation and disparaging
remarks, shall, as non-renewal compensation, and as additional consideration
for the Employee’s undertakings under this Agreement including sections 6 and 7
below, pay the Employee an amount of money (the “Non-Renewal Payment”) equal to
two (2) times the Employee’s Annual Cash Compensation as defined in
subparagraph 5(a)(i)(C) above (unless the Employee has attained age 70 (or such
later age as the BPI Board may in its discretion determine) prior to the
termination date, in which case the Non-Renewal Payment shall be equal to one
(1) times the Employee’s Annual Cash Compensation), in addition to any other
amounts to which the Employee may be entitled hereunder (including without
limitation his annual bonus pursuant to paragraph 4(b) above for the fiscal
year of BPI in which his employment terminates and any amounts to which he may
be entitled under paragraph 5(f) or section 8, 9 or 10 below) or by law or
pursuant to the terms of any compensation or benefit plan or arrangement in
which he participated before his employment terminated. Except as otherwise
provided hereafter in this subparagraph 5(a)(ii), the Non-Renewal Payment shall
be paid as follows: seventy-five percent (75%) of the Non-Renewal Payment, or
if the Employee attained age 70 prior to the termination of his employment, one
hundred percent (100%) of the Non-Renewal Payment, shall be paid in a lump sum
within ten days after the date on which the Employee’s employment terminates.
Any balance of the Non-Renewal Payment shall be paid in six (6) equal monthly
installments one of which shall be paid at the end of each of the first six
months after the date on which the Employee’s employment terminates. The
Employee’s right to such six (6) equal monthly installments is to be treated as
a right to a series of separate payments under Treasury Regulation section
1.409A-2(b)(2)(iii). If a Change in Control or Potential Change in Control as
defined in section 11 below occurs (either before or after the termination of
his employment), the Non-Renewal Payment (or, in the case of a Change in
Control or Potential Change in Control that occurs after the employment
termination, any portion thereof that remains unpaid at the time such Change in
Control or Potential Change in Control occurs) shall be paid in a lump sum within ten days after the
employment termination (or, in the case of a Change in Control or Potential
Change in Control that occurs after the employment termination, within ten days
after the Change in Control or Potential Change in Control occurs). During the
18 month period following the termination of his employment, the Company shall
also provide the Employee with COBRA coverage at its expense.”

 

IN WITNESS WHEREOF, the parties hereto have executed the Amendment as of
December 21, 2007

		
	 	 
	 	 
	 	 
	 	 
	 	BARR PHARMACEUTICALS, INC.
	 	 
	 	 
	 	 
	 	By: ______________________________
	 	 
	 	 
	 	 
	 	BARR LABORATORIES, INC.

(a Delaware corporation)
	 	 
	 	 
	 	 
	 	By: ______________________________
	 	 
	 	 
	 	 
	 	EMPLOYEE
	 	 
	 	 
	 	 
	 	______________________________EX-10.24

 

Exhibit 10.24

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

AMENDED AND RESTATED

LONG-TERM INCENTIVE PLAN

     1. Purpose.

     The purpose of the Plan is to attract, retain and motivate Key Employees in order to promote
the long-term growth and profitability of the Company. The Plan provides long-term incentives,
contingent upon meeting Performance Goals, to Key Employees who make substantial contributions to
the Company Group.

     2. Definitions.

     (a) “Board” shall mean the Board of Directors of the Company.

     (b) “Committee” shall mean the Compensation Committee of the Board; provided, however,
if at any time during the term of the Plan the Compensation Committee is not comprised of any
members, the full Board shall be deemed to be the Committee hereunder until such time that the
Compensation Committee of the Board has at least one member.

     (c) “Common Shares” shall mean the common shares of the Company, and such other
securities as may be substituted for Common Shares pursuant to Section 6 hereof.

     (d) “Company” shall mean Allied World Assurance Company Holdings, Ltd, a Bermuda
corporation.

     (e) “Company Group” shall mean the Company, together with its subsidiaries.

     (f) “Disability” shall mean, in the absence of any employment agreement between a Key
Employee and the Company otherwise defining Disability, any physical or mental disability or
infirmity that prevents the performance of a Key Employee’s employment duties for a period of (i)
ninety (90) consecutive days or (ii) one hundred twenty (120) non-consecutive days during any
twelve (12) month period. Any question as to the existence, extent or potentiality of a Key
Employee’s Disability upon which the Key Employee and the Company cannot agree shall be determined
by a qualified, independent physician selected by the Company and approved by the Key Employee
(which approval shall not be unreasonably withheld). In the event there is an employment agreement
between a Key Employee and the Company defining Disability, “Disability” shall have the meaning
provided in such agreement.

     (g) “Fair Market Value” means, with respect to a Common Share on any day, the fair
market value as determined in accordance with a valuation methodology approved by the Committee, or
if there is a public market for the shares on such date, the average of the high and low closing
bid prices of the Common Shares on such stock exchange on which the shares are

 

 

principally trading
on the date in question, or, if there were no sales on such date, on the closest preceding date on
which there were sales of shares.

     (h) “Key Employee” shall mean any employee of the Company Group selected by the
Committee for participation in the Plan.

     (i) “LTIP Award” shall mean, with respect to any Key Employee and as to any
Performance Period, the number of Common Shares equal to such Key Employee’s Target LTIP Award
multiplied by the Performance Period Percentage for such Performance Period.

     (j) “Performance Criteria” shall mean one or more of the following performance
metrics: (i) consolidated earnings before or after taxes (including earnings before interest,
taxes, depreciation and amortization); (ii) net income; (iii) operating income; (iv) earnings per
share; (v) book value per share; (vi) return on shareholders’ equity; (vii) return on investment;
(viii) stock price; (ix) improvements in capital structure; (x) revenue or sales; and (xi) total
return to shareholders.

     (k) “Performance Goals” shall mean, with respect to a Performance Period, the
attainment of the Selected Performance Criteria over such Performance Period.

     (l) “Performance Period” shall mean, with respect to an LTIP Award, the three (3)
consecutive fiscal year period to which the LTIP Award relates, or such other period as determined
by the Committee in its sole discretion.

     (m) “Performance Period Percentage” shall mean, unless otherwise determined by the
Committee, for any Performance Period, a percentage determined as a function of percentage
achievement of the Performance Goals applicable to such Performance Period, as follows:

	 	 	 	 	 
	Percentage Achievement of Performance Goals	 	Performance Period Percentage
	Less than 80%
	 	 	0	%
	80%
	 	 	50	%
	100%
	 	 	100	%
	120% or greater
	 	 	150	%

To the extent the percentage achievement of Performance Goals falls between any level set forth on
the table above, the Performance Period Percentage shall be the Performance Period Percentage for
the percentage achievement level immediately below that actually obtained plus 2.50% for each whole
percentage achievement in excess of such stated level (e.g., at 90% achievement of Performance
Goals, the Performance Period Percentage will equal 50% plus 25%, or 75%).

     (n) “Plan” shall mean the Company’s Amended and Restated Long-Term Incentive Plan.

     (o) “Securities Act” means the Securities Act of 1933, as amended from time to time,
including rules thereunder and successor provisions and rules thereto.

-2-

 

     (p) “Selected Performance Criteria” shall mean, with respect to a Performance Period,
the Performance Criteria that is selected to measure the performance of the Company over such
Performance Period.

     (q) “Target LTIP Award” shall mean, as to a Key Employee, the number of Common Shares,
as determined by the Committee in its sole discretion, which would be issuable to such Key Employee
upon 100% achievement of applicable Performance Goals.

     3. Common Shares Available Under the Plan.

     (a) Number of Common Shares Available for Delivery. Subject to adjustment as provided
in Section 6 hereof, the total number of Common Shares reserved and available for delivery in
connection with LTIP Awards under the Plan shall be 6,000,000. Common Shares delivered under the
Plan shall consist of authorized and unissued shares or previously issued Common Shares reacquired
by the Company on the open market or by private purchase.

     (b) Share Counting Rules. The Committee may adopt reasonable counting procedures to
ensure appropriate counting. To the extent that an LTIP Award expires or is canceled, forfeited,
or otherwise terminated or concluded without a delivery to the Key Employee of the full number of
shares to which the LTIP Award related, the undelivered shares will again be available for grant.
Common Shares withheld in payment of taxes relating to an LTIP Award and shares equal to the number
surrendered in payment of any taxes relating to an LTIP Award shall be deemed to constitute shares
not delivered to the Key Employee and shall be deemed to again be available for LTIP Awards under
the Plan.

     4. LTIP Awards.

     (a) Grant of Awards. With respect to each Performance Period, the Committee shall
communicate to each Key Employee the Target LTIP Award applicable to such Performance Period.

     (b) Determination of Performance Percentage. As soon as practicable following the end
of a Performance Period, the Committee shall determine the Performance Period Percentage applicable
to such Performance Period. The determination of the Committee of the Performance Period
Percentage shall be final, binding and conclusive for all purposes under the Plan and on all Key
Employees.

     (c) Time and Form of Payment. LTIP Awards in respect of any Performance Period shall
be settled in Common Shares as soon as practicable following the Committee’s determination of the
Performance Period Percentage as described in subsection (b) above. Except as provided for in
subsection (d) below, or unless otherwise determined by the Committee, no Key Employee shall
receive an LTIP Award unless employed by the Company Group on the settlement date of such LTIP
Award.

     (d) Termination of Employment due to Death or Disability. In the event that a Key
Employee’s employment is terminated due to his death or Disability at any time prior to the end of
a Performance Period, the Key Employee or his estate or his beneficiaries, as the case may be,
shall be entitled to (i) 25% of the Target LTIP Award, if such termination occurs during

-3-

 

the first (1st) fiscal year of the Performance Period, (ii) 50% of the Target LTIP
Award, if such termination occurs during the second (2nd) fiscal year of the Performance
Period, or (iii) 75% of the Target LTIP Award, if such termination occurs during the third
(3rd) fiscal year of the Performance Period. The Target LTIP Award payable under this
subsection (d) shall be settled in Common Shares as soon as practicable following the Key
Employee’s termination of employment due to death or Disability, as the case may be, but in no
event later than March 15 of the fiscal year immediately following the year in which such
termination occurred.

     (e) Transferability of LTIP Awards. An LTIP Award shall not be transferable except by
will or by the laws of descent and distribution.

     5. Administration.

     (a) The Plan shall be administered by the Committee. The Committee shall have the authority
in its sole discretion, subject to and not inconsistent with the express provisions of the Plan, to
administer the Plan and to exercise all the powers and authorities either specifically granted to
it under the Plan or necessary or advisable in the administration of the Plan, including, without
limitation, the authority to grant LTIP Awards; to determine the persons to whom and the time or
times at which LTIP Awards shall be granted; to determine the terms, conditions, restrictions and
performance criteria relating to any LTIP Awards; to make adjustments in the Performance Goals in
response to changes in applicable laws, regulations, accounting principles, or for any other reason
which the Committee determines, in its sole discretion and acting in good faith, otherwise warrants
equitable adjustment; to construe and interpret the Plan; to prescribe, amend and rescind rules and
regulations relating to the Plan; and to make all other determinations deemed necessary or
advisable for the administration of the Plan.

     (b) All decisions, determinations and interpretations of the Committee shall be final and
binding on all persons, including the Company, the Key Employee (or any person claiming any rights
under the Plan from or through any Key Employee) and any shareholder.

     (c) No member of the Committee shall be liable for any action taken or determination made in
good faith with respect to the Plan or any LTIP Award granted hereunder.

     6. Adjustment for Recapitalization.

     The aggregate number of Common Shares which may be granted or purchased pursuant to LTIP
Awards granted hereunder, the number of Common Shares covered by each outstanding LTIP Award, and
the price per share thereof in each such LTIP Award shall be equitably and proportionally adjusted
or substituted, as determined by the Committee in good faith and in its sole discretion, as to the
number, price or kind of a Common Share or other consideration subject to such LTIP Awards or as
otherwise determined by the Committee in good faith to be fair and equitable (i) in the event of
changes in the outstanding Common Shares or in the capital structure of the Company by reason of
share dividends, share splits, reverse share splits, recapitalizations, reorganizations, mergers,
consolidations, combinations, exchanges, or other relevant changes in capitalization occurring
after the date of grant of any such LTIP Award; (ii) in the event of any change in applicable laws
or any change in circumstances which

-4-

 

results in or would result in any substantial dilution or enlargement of the rights granted to, or
available for, Key Employees participating in the Plan; or (iii) for any other reason which the
Committee determines, in its sole discretion and acting in good faith, to otherwise warrant
equitable adjustment.

     7. General Provisions.

     (a) Compliance with Legal Requirements. The Plan, the granting of LTIP Awards and the
other obligations of the Company under the Plan shall be subject to all applicable federal and
state laws, rules and regulations, and to such approvals by any regulatory or governmental agency
as may be required.

     (b) Compliance with Laws. The obligation of the Company to settle LTIP Awards in
Common Shares shall be subject to all applicable laws, rules and regulations, and to such approvals
by governmental agencies as may be required. Notwithstanding any terms or conditions of any LTIP
Award to the contrary, the Company shall be under no obligation to offer to sell or to sell and
shall be prohibited from offering to sell or selling any Common Shares pursuant to an LTIP Award
unless such shares have been properly registered for sale pursuant to the Securities Act with the
Securities and Exchange Commission or unless the Company has received an opinion of counsel,
satisfactory to the Company, that such shares may be offered or sold without such registration
pursuant to an available exemption therefrom and the terms and conditions of such exemption have
been fully complied with. The Company shall be under no obligation to register for sale or resale
under the Securities Act any of the Common Shares to be offered or sold under the Plan or any
Common Shares issued upon exercise or settlement of LTIP Awards. If the Common Shares offered for
sale or sold under the Plan are offered or sold pursuant to an exemption from registration under
the Securities Act, the Company may restrict the transfer of such shares and may legend the stock
certificates representing such shares in such manner as it deems advisable to ensure the
availability of any such exemption.

     (c) No Right to Continued Employment. Nothing in the Plan shall confer upon any Key
Employee the right to continue in the employ of the Company Group or to be entitled to any
remuneration or benefits not set forth in the Plan or to interfere with or limit in any way the
right of any member of the Company Group to terminate such Key Employee’s employment.

     (d) Rights and Privileges as a Shareholder. Except as otherwise specifically provided
in the Plan, no person shall be entitled to the rights and privileges of Common Share ownership in
respect of Common Shares which are subject to LTIP Awards hereunder until such shares have been
issued to that person.

     (e) Withholding Obligations. The settlement of any LTIP Award shall be subject to
withholding for all federal, state and local income and other taxes of any kind required or
permitted to be withheld in connection with such settlement. The Committee, in its discretion, may
permit Common Shares to be used to satisfy tax withholding requirements and such shares shall be
valued at their Fair Market Value as of the settlement date of the LTIP Award; provided, however,
that the aggregate Fair Market Value of the number of Common Shares that may be

-5-

 

used to satisfy tax withholding requirements may not exceed the minimum statutory required
withholding amount with respect to such LTIP Award.

     (f) Amendment and Termination of the Plan. Subject to Section 7(a) hereof, the Board
may at any time and from time to time alter, amend, suspend or terminate the Plan in whole or in
part. No LTIP Awards may be granted under the Plan while the Plan is suspended or after it is
terminated.

     (g) Key Employee Rights. Nothing in the Plan shall give any Key Employee any claim to
be granted any LTIP Award under the Plan, and there is no obligation for uniformity of treatment
among Key Employees.

     (h) Funding. No provision of the Plan shall require the Company, for the purpose of
satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or
other entity to which contributions are made or otherwise to segregate any assets, nor shall the
Company maintain separate bank accounts, books, records or other evidence of the existence of a
segregated or separately maintained or administered fund for such purposes. Key Employees shall
have no rights under the Plan other than as unsecured general creditors of the Company, except that
insofar as they may have become entitled to payment of additional compensation by performance of
services, they shall have the same rights as other employees under general law.

     (i) Titles and Headings. The titles and headings of the sections in the Plan are for
convenience of reference only, and in the event of any conflict, the text of the Plan, rather than
such titles or headings, shall control.

     (j) Governing Law. The Plan and the rights of all persons claiming hereunder shall be
construed and determined in accordance with the laws of the State of New York without giving effect
to the choice of law principles thereof.

     (k) Effective Date. The Plan shall first be effective with respect to the 2006 fiscal
year.

-6-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]