Document:

EX-10.02

 

Exhibit 10.02

KING PHARMACEUTICALS, INC.

INCENTIVE PLAN

RESTRICTED STOCK CERTIFICATE

     This Certificate, when executed by a duly authorized officer of King Pharmaceuticals, Inc.
(the “Company”), evidences the grant to the Participant named below of Restricted Common Stock of
the Company.

	 	 	 
	1. Name of Participant:
	 	 
	 
	 	 
	2. Social Security Number of Participant:
	 	 
	 
	 	 
	3. Date of Grant:
	 	 
	 
	 	 
	4. Type of Grant:
	 	 
	 
	 	 
	5. Number of Shares:
	 	 
	 
	 	 
	6. Vesting Schedule:

	 	The restrictions upon the Restricted Stock
shall lapse upon the 3rd anniversary
of the date of grant.
	 
	 	 
	7. Purchase Price:

	 	$0.00

This Restricted Stock is subject to and governed by the terms of this Restricted Stock Certificate,
the Restricted Stock Agreement attached hereto and incorporated by reference herein and the
Company’s Incentive Plan.

	 	 	 	 	 
	 	KING PHARMACEUTICALS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

RESTRICTED STOCK GRANT AGREEMENT

PURSUANT TO THE KING PHARMACEUTICALS, INC.

INCENTIVE PLAN

     This Restricted Stock Grant Agreement (the “Agreement”) is made as of the date set forth on
the Restricted Stock Certificate attached hereto (the “Grant Date”) by King Pharmaceuticals, Inc.
(the “Company”) and the individual identified on the Restricted Stock Certificate (the
“Participant”) to effect an award of restricted stock by the Company to the Participant on the
terms and conditions set forth below:

     1. AWARD OF RESTRICTED STOCK.

     As of the Grant Date, subject to the terms, conditions and restrictions set forth herein, the
Company grants and issues to the Participant the number of shares of the Company’s common stock
indicated on the Restricted Stock Certificate (the “Restricted Stock”).

     2. GOVERNING PLAN.

     The Restricted Stock shall be granted pursuant to and (except as specifically set forth
herein) subject in all respects to the applicable provisions of the King Pharmaceuticals, Inc.
Incentive Plan (“Plan”), which are incorporated herein by reference. Terms not otherwise defined in
this Agreement have the meanings ascribed to them in the Plan.

     3. RESTRICTIONS ON THE RESTRICTED STOCK.

     (a) No Transfer. The shares of Restricted Stock (including any shares received
by the Participant with respect to shares of Restricted Stock as a result of stock
dividends, stock splits or any other form of recapitalization or a similar transaction
affecting the Company’s securities without receipt of consideration) may not be sold,
assigned, transferred, pledged, hypothecated or otherwise disposed of, alienated or
encumbered during the Restricted Period.

     (b) Vesting. The restrictions imposed under Section 3(a) will be removed from
the Restricted Stock at the end of the applicable Restricted Period. Removal of the
restrictions imposed under Section 3(a) from particular shares of Restricted Stock is
referred to as “vesting” of those shares and shares from which the restrictions have been
removed are referred to as “vested.”

     4. VOTING AND OTHER RIGHTS. 

     During the period prior to vesting, except as otherwise provided herein, the Participant will
have all of the rights of a shareholder with respect to all of the Restricted Stock, including
without limitation the right to vote such Restricted Stock and the right to receive all dividends
or other distributions with respect to such Restricted Stock. In connection with the payment of
such

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dividends or other distributions, the Company will be entitled to deduct from any amounts
otherwise payable by the Company to Participant (including without limitation salary or other
compensation) any taxes or other amounts required by any governmental authority to be withheld and
paid over to such authority for Participant’s account.

     5. CERTIFICATION, ESCROW AND DELIVERY OF SHARES.

     (a) Certificates. Each certificate representing the Restricted Stock will be
endorsed with a legend substantially as set forth below, as well as such other legends as
the Company may deem appropriate to comply with applicable laws and regulations:

The securities evidenced by this certificate are subject to certain limitations on
transfer and other restrictions as set forth in that certain Restricted Stock Grant
Agreement, dated as of ___, 200___, between the Company and the
holder of such securities, pursuant to the King Pharmaceuticals, Inc. Incentive Plan
(copies of which are available for inspection at the offices of the Company).

     (b) Escrow. With respect to the Restricted Stock (including any shares
received by Participant with respect to shares of Restricted Stock that have not yet vested
as a result of stock dividends, stock splits or any other form of recapitalization or a
similar transaction affecting the Company’s securities without receipt of consideration),
the Secretary of the Company, or such other escrow holder as the Secretary may appoint, will
retain physical custody of the certificate representing such share until such share vests.

     (c) Delivery of Certificates. As soon as reasonably practicable after the
vesting of any Restricted Stock, the Company will release the certificate(s) representing
such vested Restricted Stock to Participant. If other still unvested shares of Restricted
Stock are also represented by the same stock certificate as vested shares, then such
certificate will be retired and new certificates representing the vested and unvested
portions of the Restricted Stock will be issued in place of the existing certificate. The
certificate representing the vested Restricted Stock will be delivered to Participant and
the certificate representing the still unvested shares of Restricted Stock will be retained
by the escrow holder.

     6. ADDITIONAL AGREEMENTS.

     (a) Tax Matters. The Restricted Stock is subject to appropriate income tax
withholding and other deductions required by applicable laws or regulations, and Participant
and his successors will be responsible for all income and other taxes payable as a result of
grant or vesting of the Restricted Stock or otherwise in connection with this Agreement.
The Company is not required to provide any gross-up or other tax assistance. Participant
understands that Participant may make an election pursuant to Section 83(b) of the Internal
Revenue Code (the “Code”) within thirty (30) days after the date Participant acquired the
Restricted Stock hereunder, or comparable provisions of any state tax law, to include in
Participant’s gross income the fair market value (as of the date

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of acquisition) of the Restricted Stock. Participant may make such an election only
if, prior to making any such election, Participant (a) notifies the Company of Participant’s
intention to make such election, by delivering to the Company a copy of a fully-executed
Section 83(b) election form such as the Company may from time to time prescribe, and (b)
pays to the Company an amount sufficient to satisfy any taxes or other amounts required by
any governmental authority to be withheld or paid over to such authority for Participant’s
account, or otherwise makes arrangements satisfactory to the Company for the payment of such
amounts through withholding or otherwise. Participant understands that if Participant does
not make a proper and timely Section 83(b) election, generally under Section 83 of the Code,
at the time the Restricted Period lapses with respect to any portion of the Restricted
Stock, Participant will recognize ordinary income and be taxed in an amount equal to the
fair market value (as of the date the forfeiture restrictions lapse) of the Restricted Stock
less the purchase price paid for the Restricted Stock. Participant acknowledges that it is
Participant’s sole responsibility, and not the Company’s, to file a timely election under
Section 83(b). Participant is relying solely on Participant’s advisors with respect to the
decision as to whether or not to file a Section 83(b) election.

     (b) Independent Advice; No Representations. Participant acknowledges that (i)
(s)he was free to use professional advisors of his choice in connection with this Agreement,
has received advice from her/his professional advisors in connection with this Agreement,
understands its meaning and import, and is entering into this Agreement freely and without
coercion or duress; and (ii) (s)he has not received and is not relying upon any advice,
representations or assurances made by or on behalf of the Company or any Company affiliate
or any employee of or counsel to the Company regarding any tax or other effects or
implications of the Restricted Stock or other matters contemplated by this Agreement.

     (c) Value of Restricted Stock. No representations or promises are made to
Participant regarding the value of the Restricted Stock or Company’s business prospects.
Participant acknowledges that information about investment in Company stock, including
financial information and related risks, is contained in Company’s SEC reports which have
been made available for Participant’s review at any time before Participant’s acceptance of
this Agreement. Further, Participant understands that the Company does not provide tax or
investment advice and acknowledges Company’s recommendation that Participant consult with
independent specialists regarding such matters. Sale or other transfer of the Company stock
may be limited by and subject to Company policies as well as applicable securities laws and
regulations.

     (d) Adjustment in Capitalization. In the event of an Adjustment Event that is
a merger, consolidation, reorganization, liquidation, dissolution or other similar
transaction, then the Award pursuant to Section 1 of this Agreement shall be deemed to
pertain to the securities and other property, including cash, to which a holder of the
number of shares equal to the Restricted Stock would have been entitled to receive in
connection with such Adjustment Event; provided, that any securities issued to Participant
in respect of unvested Granted Shares will be subject to the same restrictions

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and vesting provisions that were applicable to the Restricted Stock in exchange for
which the securities were issued.

     (e) Change of Control. Upon a Change of Control, vesting shall occur with
respect to the Restricted Stock in accordance with Article 11 of the Plan.

     (f) Termination of Employment. Upon a Termination of Employment, vesting or
forfeiture of the Restricted Stock shall be determined according to Section 8.7 of the Plan.

     (g) No Right to Continued Employment. This Agreement does not confer upon
Participant any right to continue as an employee of the Company or its subsidiary or to any
particular employment tenure, nor does it limit in any way the right of Company or its
subsidiary to terminate Participant’s services to the Company or its subsidiary at any time,
with or without cause.

     (h) Approved Retirement. “Approved Retirement” means, with respect to the
interpretation of the Plan and this Agreement, with the express consent of the Company at or
before the time of such Approved Retirement, any voluntary termination of employment by the
Participant after having reached the age of fifty-five (55) years and after having completed
at least fifteen (15) years of continuous employment with the Company.

     7. GENERAL.

     (a) Successors and Assigns. This Agreement is personal in its nature and
Participant may not assign or transfer his/her rights under this Agreement.

     (b) Notices. Any notices, demands or other communications required or desired
to be given by any party shall be in writing and shall be validly given to another party if
served either personally or if deposited in the United States mail, certified or registered,
postage prepaid, return receipt requested. If such notice, demand or other communication
shall be served personally, service shall be conclusively deemed made at the time of such
personal service. If such notice, demand or other communication is given by mail, such
notice shall be conclusively deemed given forty-eight (48) hours after the deposit thereof
in the United States mail addressed to the party to whom such notice, demand or other
communication is to be given as hereinafter set forth:

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	To the Company:

	 	King Pharmaceuticals, Inc.
	 

	 	400 Crossing Boulevard
	 

	 	Bridgewater, NJ 08807
	 

	 	Attention:
	 
	 	 
	To Participant:

	 	At his/her address of record as maintained in the Company’s files.

Any party may change its address for the purpose of receiving notices, demands and other
communications by providing written notice to the other party in the manner described in this
paragraph.

     (c) Entire Agreement. Except as this Agreement may expressly provide
otherwise, this Agreement, the Restricted Stock Certificate and the Plan constitute the
entire agreement and understanding of the Company and Participant with respect to the
subject matter hereof and thereof, and supersede all prior written or verbal agreements and
understandings between Participant and the Company relating to such subject matter. This
Agreement may only be amended by written instrument signed by Participant and an authorized
officer of the Company.

     (d) Governing Law; Severability. This Agreement will be construed and
interpreted under the laws of the State of Tennessee applicable to agreements executed and
to be wholly performed within the State of Tennessee. If any provision of this Agreement as
applied to any party or to any circumstance is adjudged by a court of competent jurisdiction
to be void or unenforceable for any reason, the invalidity of that provision shall in no way
affect (to the maximum extent permissible by law) the application of such provision under
circumstances different from those adjudicated by the court, the application of any other
provision of this Agreement, or the enforceability or invalidity of this Agreement as a
whole. If any provision of this Agreement becomes or is deemed invalid, illegal or
unenforceable in any jurisdiction by reason of the scope, extent or duration of its
coverage, then such provision shall be deemed amended to the extent necessary to conform to
applicable law so as to be valid and enforceable or, if such provision cannot be so amended
without materially altering the intention of the parties, then such provision will be
stricken and the remainder of this Agreement shall continue in full force and effect.

     (e) Remedies. All rights and remedies provided pursuant to this Agreement or
by law shall be cumulative, and no such right or remedy shall be exclusive of any other. A
party may pursue any one or more rights or remedies hereunder or may seek damages or
specific performance in the event of another party’s breach hereunder or may pursue any
other remedy by law or equity, whether or not stated in this Agreement.

     (f) Interpretation. Headings herein are for convenience of reference only, do
not constitute a part of this Agreement, and will not affect the meaning or interpretation
of this Agreement. References herein to Sections are references to the referenced Section
hereof, unless otherwise specified.

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     (g) Waivers; Amendments. The waiver by either party of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of any later
breach of that provision. This Agreement may be modified only by written agreement signed
by Participant and the Company.

7EX-10.03

 

Exhibit 10.03

KING PHARMACEUTICALS, INC.

INCENTIVE PLAN

LONG-TERM PERFORMANCE UNIT AWARD CERTIFICATE

(ONE-YEAR PERFORMANCE CYCLE)

     This Certificate, when executed by a duly authorized officer of King Pharmaceuticals, Inc.
(the “Company”), evidences the grant by the Company to the Participant named below of a Long-Term
Performance Unit Award.

	 	 	 
	1. Name of Participant:
	 	 
	 
	 	 
	2. Social Security Number of Participant:
	 	 
	 
	 	 
	3. Date of Grant:
	 	 
	 
	 	 
	4. Type of Grant:
	 	 
	 
	 	 
	5. Target Number of Long-Term Performance Units:
	 	 
	 
	 	 
	6. Performance Cycle:

	 	The Performance Cycle shall begin on
___, 20___and end on
___, 20___.
	 
	 	 
	7. Vesting Period:

	 	The Vesting Period shall begin on
___, 20___and end on
___, 20___, except as
otherwise set forth in the Long-Term
Performance Unit Award Agreement.
	 
	 	 
	8. Date of Payment:

	 	On or before ___, 20___,
except as otherwise set forth in the
Long-Term Performance Unit Award
Agreement.
	 
	 	 
	9. Performance Goals:
	 	 

     The number of Long-Term Performance Units earned by the Participant shall be determined in
accordance with the following grid. If the actual performance results fall between two of the
categories listed below, straight-line interpolation will be used to determine the amount earned.
The Financial Objectives shall be listed and shall be calculated in the manner set forth in Exhibit
1 hereto.

	 	 	 
	King Pharmaceuticals, Inc. Annual Performance v. stated 

Financial Objectives 

During the Performance Cycle
	 	Payout—Percent of Target

Long-Term Performance Units

Granted
	 	 	 
	Above Stretch
	 	200%
	 
	Stretch
	 	200%
	 
	Target
	 	100%
	 
	Threshold
	 	50%
	 
	Below Threshold
	 	0% (no payout)
	 

 

 

     This Long-Term Performance Unit Award is subject to and governed by the terms of this
Long-Term Performance Unit Award Certificate, the Long-Term Performance Unit Award Agreement
attached hereto and incorporated by reference herein and the Company’s Incentive Plan.

	 	 	 	 	 
	 	KING PHARMACEUTICALS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Brian A. Markison 	 
	 	 	Title:  	President and Chief Executive Officer 	 

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LONG-TERM PERFORMANCE UNIT AWARD AGREEMENT

(ONE YEAR PERFORMANCE CYCLE)

PURSUANT TO THE KING PHARMACEUTICALS, INC.

INCENTIVE PLAN

     This Long-Term Performance Unit Award Agreement (the “Agreement”) is made as of the date set
forth on the Long-Term Performance Unit Award Certificate attached hereto (the “Grant Date”) by
King Pharmaceuticals, Inc. (the “Company”) and the individual identified on the Long-Term
Performance Unit Award Certificate (the “Participant”) to grant a Long-Term Performance Unit Award
by the Company to the Participant on the terms and conditions set forth below:

     1. LONG-TERM PERFORMANCE UNIT AWARD. 

     As of the Grant Date, subject to the terms, conditions and restrictions set forth herein, the
Company grants and issues to the Participant a Long-Term Performance Unit Award for such number of
Long-Term Performance Units as indicated on the Long-Term Performance Unit Award Certificate (the
“Long-Term Performance Units”) which may be earned during the Performance Cycle as indicated on the
Long-Term Performance Unit Award Certificate if the Performance Goals set forth on the Long-Term
Performance Unit Award Certificate are met.

     2. GOVERNING PLAN.

     The Long-Term Performance Unit Award shall be granted pursuant to and (except as specifically
set forth herein) subject in all respects to the applicable provisions of the King Pharmaceuticals,
Inc. Incentive Plan (“Plan”), which are incorporated herein by reference. Terms not otherwise
defined in this Agreement have the meanings ascribed to them in the Plan.

     3. CALCULATION OF EARNED LONG-TERM PERFORMANCE UNITS. 

     The Committee, in its sole discretion, will determine the number of Long-Term
Performance Units earned by the Participant at the end of the Performance Cycle based on the
attainment of the Performance Goals as set forth on the Long-Term Performance Unit Award
Certificate. The number of shares of Common Stock ultimately earned and paid, if any, for such
Long-Term Performance Units will be determined based on the number of Long-Term Performance Units
actually earned and vested as set forth in Section 4 below, with one share of Common Stock granted
to the Participant for every earned and vested Long-Term Performance Unit.

     4. VESTING OF LONG-TERM PERFORMANCE UNITS. 

     Long-Term Performance Units earned will vest as set forth below:

          (a) Provided the Participant has continued employment through the end of the Vesting Period
set forth in the Long-Term Performance Unit Award Certificate, one hundred percent (100%) of the
earned Long-Term Performance Units shall vest on the last day of such Vesting Period; or

1

 

          (b) In the event of the Participant’s Separation from Service by reason of death, Disability,
Approved Retirement, Cause, resignation or any other reason during the Performance Cycle, the
vesting, forfeiture and payment of Long-Term Performance Units shall be determined according to
Section 9.2 and Section 13.5 of the Plan, which requires that all payments comply with Section 409A
of the Code.

     5. FORM AND TIMING OF PAYMENT. 

     All payments of vested Long-Term Performance Units pursuant to this Agreement will
be made in the form of shares of Common Stock. Except as otherwise provided in this Agreement,
payment will be made by the Date of Payment set forth in the Long-Term Performance Unit Award
Certificate; provided, however, if, the Participant is a “specified employee” (as defined under
Section 409A of the Code) then such payment, if required by Section 409A of the Code, will be made
six months after the date of such Separation from Service.

     6. VOTING AND DIVIDEND RIGHTS.

     Except as specifically set forth in this Agreement, the Participant shall not have voting or
any other rights as a shareholder of the Company with respect to Long-Term Performance Units. The
Participant will obtain full voting and other rights as a shareholder of the Company upon the
payment of the Long-Term Performance Units in shares of Common Stock as provided in Section 5
above.

     7. ADDITIONAL AGREEMENTS.

          (a) Tax Matters. The Long-Term Performance Units granted are subject to
appropriate income tax withholding and other deductions required by applicable laws or regulations,
and Participant and his successors will be responsible for all income and other taxes payable as a
result of a payout under the Long-Term Performance Units or otherwise in connection with this
Agreement. The Company will have the power and the right to deduct or withhold, or require the
Participant or the Participant’s beneficiary to remit to the Company, the minimum necessary amount
to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to
be withheld with respect to any taxable event arising as a result of this Agreement. The Company
is not required to provide any gross-up or other tax assistance. With respect to withholding
required upon any taxable event arising as a result of the Long-Term Performance Units granted
hereunder, the Company, unless notified otherwise by the Participant in writing within thirty (30)
days prior to the taxable event, will satisfy the tax withholding requirement by withholding shares
of Common Stock having a Fair Market Value, equal to the total minimum statutory tax required to be
withheld on the transaction. The Participant agrees to pay to the Company and/or its Subsidiaries
any amount of tax that the Company, its and/or its Subsidiaries may be required to withhold as a
result of the Participant’s participation in the Plan that cannot be satisfied by the means
previously described.

          (b) Independent Advice; No Representations. Participant acknowledges that (i) (s)he
was free to use professional advisors of her/his choice in connection with this Agreement, has
received advice from her/his professional advisors in connection with this Agreement, understands
its meaning and import, and is entering into this Agreement freely and without coercion or duress;
and (ii) (s)he has not received and is not relying upon any advice,

2

 

representations or assurances made by or on behalf of the Company or any Company affiliate or any
employee of or counsel to the Company regarding any tax or other effects or implications of the
Long-Term Performance Units or other matters contemplated by this Agreement.

          (c) Value of Long-Term Performance Units. No representations or promises are made to
Participant regarding the value of the Long-Term Performance Units or Company’s business prospects.
Participant acknowledges that information about investment in Company stock, including financial
information and related risks, is contained in Company’s SEC reports which have been made available
for Participant’s review at any time before Participant’s acceptance of this Agreement. Further,
Participant understands that the Company does not provide tax or investment advice and acknowledges
Company’s recommendation that Participant consult with independent specialists regarding such
matters. Sale or other transfer of the Company stock may be limited by and subject to Company
policies as well as applicable securities laws and regulations.

          (d) Adjustment in Capitalization. In the event of an Adjustment Event that is a
merger, consolidation, reorganization, liquidation, dissolution or other similar transaction, then
the Award pursuant to Section 1 of this Agreement shall be deemed to pertain to the securities and
other property, including cash, to which a holder of the number of Long-Term Performance Units
would have been entitled to receive in connection with such Adjustment Event.

          (e) Change of Control. Upon a Change of Control, vesting, forfeiture and payment
shall occur with respect to the Long Term Performance Units in accordance with Article 11 of the
Plan.

          (f) No Right to Continued Employment. This Agreement does not confer upon Participant
any right to continue as an employee of the Company or its subsidiary or to any particular
employment tenure, nor does it limit in any way the right of Company or its subsidiary to terminate
Participant’s services to the Company or its subsidiary at any time, with or without cause.

          (g) Nontransferability. Long-Term Performance Units awarded pursuant to this
Agreement may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated (a
“Transfer”) other than by will or by the laws of descent and distribution, except as provided in
the Plan. If any Transfer, whether voluntary or involuntary, of Long-Term Performance Units is
made, or if any attachment, execution, garnishment, or lien will be issued against or placed upon
the Long-Term Performance Units, the Participant’s right to such Long-Term Performance Units will
be immediately forfeited to the Company, and this Agreement will lapse.

          (h) Approved Retirement. “Approved Retirement” means, with respect to the interpretation of
the Plan and this Agreement, with the express consent of the Company at or before the time of such
Approved Retirement, any voluntary termination of employment by the Participant after having
reached the age of fifty-five (55) years and after having completed at least fifteen (15) years of
continuous employment with the Company.

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     8. GENERAL.

          (a) Successors and Assigns. This Agreement is personal in its nature and
Participant may not assign or transfer his/her rights under this Agreement.

          (b) Notices. Any notices, demands or other communications required or desired to be
given by any party shall be in writing and shall be validly given to another party if served either
personally or if deposited in the United States mail, certified or registered, postage prepaid,
return receipt requested. If such notice, demand or other communication shall be served
personally, service shall be conclusively deemed made at the time of such personal service. If
such notice, demand or other communication is given by mail, such notice shall be conclusively
deemed given forty-eight (48) hours after the deposit thereof in the United States mail addressed
to the party to whom such notice, demand or other communication is to be given as hereinafter set
forth:

	 	 	 
	     To the Company:

	 	King Pharmaceuticals, Inc.
	 

	 	400 Crossing Boulevard
	 

	 	Bridgewater, NJ 08807
	 

	 	Attention:
	 
	 	 
	     To Participant:

	 	At his/her address of record as maintained in the Company’s files.

Any party may change its address for the purpose of receiving notices, demands and other
communications by providing written notice to the other party in the manner described in this
paragraph.

          (c) Entire Agreement. Except as this Agreement may expressly provide otherwise, this
Agreement, the Long-Term Performance Unit Award Certificate and the Plan constitute the entire
agreement and understanding of the Company and Participant with respect to the subject matter
hereof and thereof, and supersede all prior written or verbal agreements and understandings between
Participant and the Company relating to such subject matter. This Agreement may only be amended by
written instrument signed by Participant and an authorized officer of the Company.

          (d) Governing Law; Severability. This Agreement will be construed and interpreted
under the laws of the State of Tennessee applicable to agreements executed and to be wholly
performed within the State of Tennessee. If any provision of this Agreement as applied to any
party or to any circumstance is adjudged by a court of competent jurisdiction to be void or
unenforceable for any reason, the invalidity of that provision shall in no way affect (to the
maximum extent permissible by law) the application of such provision under circumstances different
from those adjudicated by the court, the application of any other provision of this Agreement, or
the enforceability or invalidity of this Agreement as a whole. If any provision of this Agreement
becomes or is deemed invalid, illegal or unenforceable in any jurisdiction by reason of the scope,
extent or duration of its coverage, then such provision shall be deemed amended to the extent
necessary to conform to applicable law so as to be valid and enforceable or, if such provision
cannot be so amended without materially altering the intention of the parties, then such provision
will be stricken and the remainder of this Agreement shall continue

4

 

in full force and effect.

          (e) Remedies. All rights and remedies provided pursuant to this Agreement or by law
shall be cumulative, and no such right or remedy shall be exclusive of any other. A party may
pursue any one or more rights or remedies hereunder or may seek damages or specific performance in
the event of another party’s breach hereunder or may pursue any other remedy by law or equity,
whether or not stated in this Agreement.

          (f) Interpretation. Headings herein are for convenience of reference only, do not
constitute a part of this Agreement, and will not affect the meaning or interpretation of this
Agreement. References herein to Sections are references to the referenced Section hereof, unless
otherwise specified.

          (g) Waivers; Amendments. The waiver by either party of a breach of any provision of
this Agreement shall not operate or be construed as a waiver of any later breach of that provision.
This Agreement may be modified only by written agreement signed by Participant and the Company.

[Remainder of page intentionally left blank.]

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