Document:

exhibit10_3.htm

    Exhibit
      10.3

     

    

      FIRST
        AMENDMENT TO

      RESTRICTED
        STOCK UNIT AGREEMENT

       

      This
        FIRST AMENDMENT TO RESTRICTED STOCK UNIT AGREEMENT (the “First Amendment”), is
        entered into effective September 28, 2007, by and between POZEN Inc. (“POZEN” or
        the “Company”), and John R. Plachetka (the “Grantee”).

       

      RECITALS

       

      WHEREAS,
        a Restricted Stock Unit Agreement dated as of February 14, 2007, and issued
        under the POZEN Inc. 2000 Equity Compensation Plan, as amended and restated,
        was
        delivered by POZEN to the Grantee (the “Original Agreement”); and

       

      WHEREAS,
        POZEN and the Grantee desire to amend certain terms of the Original Agreement
        as
        set forth below.

       

      NOW,
        THEREFORE, the parties to this Agreement, intending to be legally bound hereby,
        agree as follows:

       

      1.  Any
        capitalized terms not defined herein shall have the meanings ascribed to
        such
        terms in the Original Document.

       

      2.  Section
        5(a) of the  Original Agreement is hereby amended and restated in its
        entirety as follows:

       

      “(a)
        (i)                      It
        is intended that the Restricted Units will be distributed in accordance with
        Section 409A of the Internal Revenue Code of 1986, as amended, and the
        regulations promulgated thereunder (“Section 409A”).  On the fifth
        (5th) business
        day after the Grantee separates from service with POZEN (as defined under
        Section 409A), POZEN will issue to the Grantee one share of Common Stock
        for
        each whole Restricted Unit credited to the Restricted Unit Account that was
        vested on the date of Grantee’s separation from service (without regard to any
        acceleration of vesting provided for in Paragraph 4(b)), subject to satisfaction
        of the Grantee’s tax withholding obligations as described below, and except as
        described below.  If applicable, on the ninetieth (90th) day
        after the
        Grantee separates from service with POZEN, POZEN will issue to the Grantee
        one
        additional share of Common Stock for each whole Restricted Unit that shall
        have
        vested pursuant to the acceleration provisions of Paragraph 4(b), provided
        that
        Grantee has executed and not revoked the Release and subject to satisfaction
        of
        the Grantee’s tax withholding obligations as described below, and except as
        described below.

       

      
        
          
          

        

        
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            1
            -

          
            

          

        

        
          
          

        

      

      (ii)           If
        a Change of Control (as defined below) occurs before the Grantee has separated
        from service with POZEN, on the closing date of the Change of Control, subject
        to and in accordance with Paragraph 6 below and the other provisions of the
        Plan
        applicable to a Change of Control, POZEN will issue to the Grantee one share
        of
        Common Stock for each whole vested Restricted Unit credited to the Restricted
        Unit Account, subject to satisfaction of the Grantee’s tax withholding
        obligations as described below. Any vested amounts representing partial shares
        shall be paid in cash.

       

      (iii)           Notwithstanding
        the foregoing provisions of this Section 5, if the Grantee on the date of
        Grantee’s separation from service is a “specified employee” (as defined under
        Section 409A and as determined in accordance with the permissible method
        then in
        use by POZEN, or, if none, in accordance with the applicable default provisions
        of Section 409A, relating to “specified employees),” then if and to the extent
        required in order to avoid the imposition on the Grantee of any tax under
        Section 409A, the foregoing shares of Common Stock shall not be issued by
        the
        Company until the first business day after the date that is six (6) months
        after
        the date of Grantee’s separation from service.”

       

      3.  Section
        6
        of the Original Agreement is hereby amended and restated in its entirety
        as
        follows:

       

      “Change
        of Control.  The provisions of the Plan applicable to a Change of
        Control shall apply to the Restricted Units; provided, however, that for
        purposes of this Agreement, a “Change of Control” shall be deemed to have
        occurred:

       

      (i)           if
        any “person” (as such term is used in sections 13(d) and 14(d) of the Securities
        Exchange Act of 1934, as amended) (other than the Company or any trustee
        or
        fiduciary holding securities under an employee benefit plan of the Company)
        becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
        directly or indirectly, of securities of the Company representing more than
        50%
        of the voting power of the then outstanding securities of the Company; provided
        that a Change of Control shall not be deemed to occur as a result of a
        transaction in which the Company becomes a subsidiary of another corporation
        and
        in which the stockholders of the Company, immediately prior to the transaction,
        will beneficially own, immediately after the transaction, shares entitling
        such
        stockholders to more than 50% of all votes to which all stockholders of the
        parent corporation would be entitled in the election of directors (without
        consideration of the rights of any class of stock to elect directors by a
        separate class vote); or

       

      
        
          
          

        

        
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            2
            -

          
            

          

        

        
          
          

        

      

      (ii)           upon
        the consummation of (A) a merger or consolidation of the Company with another
        corporation where the stockholders of the Company, immediately prior to the
        merger or consolidation, will beneficially own, immediately after the merger
        or
        consolidation, shares entitling such stockholders to less than 50% of all
        votes
        to which all stockholders of the surviving corporation would be entitled
        in the
        election of directors (without consideration of the rights of any class of
        stock
        to elect directors by a separate class vote) or (B) a sale or other disposition
        of all or substantially all of the assets of the Company.

       

      In
        the
        event of a Change of Control, the Committee may take such actions as it deems
        appropriate pursuant to the Plan, provided that all payments in settlement
        of
        the Restricted Units pursuant to the Plan shall be made on or within 30 days
        of
        the occurrence of the Change of Control, notwithstanding anything to the
        contrary set forth in Section 15(c) of the Plan.”

       

      4.  Section
        10 of the Original Agreement is hereby amended and restated in its entirety
        as
        follows:

       

      “Assignment
        and Transfers.  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 Restricted Units
        or any
        right hereunder, or in the event of the levy or any attachment, execution
        or
        similar process upon the rights or interests hereby conferred, POZEN may
        terminate the Restricted Units by notice to the Grantee, and the Restricted
        Units and all rights hereunder shall thereupon become null and
        void.  The rights and protections of POZEN hereunder shall extend to
        any successors or assigns of POZEN and to POZEN’s parents, subsidiaries, and
        affiliates.  This Agreement may be assigned by POZEN without the
        Grantee’s consent.”

       

      5.           Except
        as herein amended, the terms and provisions of the Original Agreement shall
        remain in full force and effect as originally executed.

       

      6.           This
        First Amendment shall be governed by and construed and enforced in accordance
        with the laws of the State of Delaware, without reference to the choice of
        law
        provisions of such laws.

       

      7.           This
        First Amendment may be executed in any number of counterparts, each of which
        shall constitute one agreement binding on all parties hereto.

       

      8.            This
        First Amendment and the Original Agreement, as amended and modified by this
        First Amendment, shall constitute and be construed as a single
        agreement.

      

      

       [Signature
        page follows.]

       

      
        
          
          

        

        
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            3
            -

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, POZEN has caused its duly authorized officer to execute
        this
        First Amendment to Restricted Stock Unit Agreement, and the Grantee has placed
        his signature hereon, effective as of the date first written above.

       

      
        	 	
                POZEN
                  INC.

              
	 	 	 
	 	 	 
	 	
                By:

              	 /s/
                William L. Hodges
	 	
                Name:

              	 William
                L. Hodges
	 	
                Title:

              	 Sr.
                Vice President & Chief Financial Officer
	 	 	 
	 	 	 
	 	
                GRANTEE:

              
	 	 	 
	 	 	 
	 	 	
                /s/
                  John R. Plachetka

              
	 	 	
                John
                  R. Plachetka, Pharm.D.

              
	 	 	 
	 	 	 

      

      

       

      
        
          
          

        

        
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            4
            -exhibit10_4.htm

    Exhibit
      10.4

     

    
      FIRST
        AMENDMENT TO

      POZEN
        INC.

      LONG
        TERM INCENTIVE CASH AWARD AGREEMENT

      

      This
        FIRST AMENDMENT TO LONG TERM INCENTIVE CASH AWARD AGREEMENT (the “First
        Amendment”) is entered into effective as of September 28, 2007, by and between
        POZEN Inc. (“POZEN” or the “Company”) and John R. Plachetka
        (“Executive”).

       

      WHEREAS,
        a Long Term Incentive Cash award Agreement dated February 14, 2007 (the
“Original Agreement”) was entered into between the Company and Executive;
        and

      

      WHEREAS,
        POZEN and Executive desire to amend certain terms of the Original Agreement
        as
        set forth below.

      

      NOW
        THEREFORE, the parties hereto agree as follows:

      

      1.           Any
        capitalized terms not defined herein shall have the meanings ascribed to
        such
        terms in the Original Agreement.

      

      2.           Section
        2 of the Original Agreement is hereby amended and restated in its entirety
        as
        follows:

      

      
        	
                 

              	
                “Change
                  of Control.  Notwithstanding anything to the contrary
                  herein, in the event of and conditioned upon a Change of Control
                  (as
                  defined below) and unless otherwise determined by the Committee,
                  the
                  Award, to the extent not previously paid, shall accelerate and
                  become
                  payable in full, subject to (i) Executive’s continuing to be employed by
                  or provide service to the Company to such date, and (ii) with respect
                  to
                  the Contingent Portion, the satisfaction of the performance conditions
                  set
                  forth in Section 1(a)(ii) above, subject to the discretion of the
                  Committee. Notwithstanding the foregoing, if a Change of Control
                  occurs
                  prior to December 31, 2007 and receipt of the Trexima Approval
                  has not
                  occurred, the Contingent Portion shall accelerate and become payable
                  in
                  full.  Payment of any portion of the Award that becomes payable
                  pursuant to this Section 2 shall be made in a lump sum payment
                  on the date
                  of closing of the Change of
                  Control.

              

      

      

      For
        purposes of this Agreement, a “Change of Control” shall be deemed to have
        occurred:

      
        
          
          

        

        
          -
            1
            -

          
            

          

        

        
          
          

        

      

      (i)           if
        any “person” (as such term is used in sections 13(d) and 14(d) of the Securities
        Exchange Act of 1934, as amended) (other than the Company or any trustee
        or
        fiduciary holding securities under an employee benefit plan of the Company)
        becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
        directly or indirectly, of securities of the Company representing more than
        50%
        of the voting power of the then outstanding securities of the Company; provided
        that a Change of Control shall not be deemed to occur as a result of a
        transaction in which the Company becomes a subsidiary of another corporation
        and
        in which the stockholders of the Company, immediately prior to the transaction,
        will beneficially own, immediately after the transaction, shares entitling
        such
        stockholders to more than 50% of all votes to which all stockholders of the
        parent corporation would be entitled in the election of directors (without
        consideration of the rights of any class of stock to elect directors by a
        separate class vote); or

      

      (ii)           upon
        the consummation of (A) a merger or consolidation of the Company with another
        corporation where the stockholders of the Company, immediately prior to the
        merger or consolidation, will beneficially own, immediately after the merger
        or
        consolidation, shares entitling such stockholders to less than 50% of all
        votes
        to which all stockholders of the surviving corporation would be entitled
        in the
        election of directors (without consideration of the rights of any class of
        stock
        to elect directors by a separate class vote) or (B) a sale or other disposition
        of all or substantially all of the assets of the Company.”

      

      3.           Section
        3(b) of the Original Agreement is hereby amended and restated in its entirety
        as
        follows:

       

      
        	
                 

              	
                “(b)
                  Payment of any amounts payable pursuant to this Section 3 shall
                  be made to
                  Executive in a lump sum payment on the ninetieth (90th)
                  day
                  following the date of Executive’s termination of employment, provided that
                  Executive has executed and not revoked the
                  Release.  Notwithstanding the foregoing, if Executive on the
                  date of such termination is a “specified employee” (as defined in Section
                  409A of the Internal Revenue Code, as amended, and the regulations
                  promulgated thereunder (“Section 409A”) and as determined in accordance
                  with the permissible method then in use by POZEN or, if none, in
                  accordance with the applicable default provisions of Section 409A,
                  relating to “specified employees”), then if and to the extent required in
                  order to avoid the imposition on Executive of any excise tax under
                  Section
                  409A, such payment, if any, shall not be made until, and shall
                  be made on,
                  the second business day after the date that is six (6) months following
                  the date of Executive’s termination of employment, provided that Executive
                  has executed and not revoked the
                  Release.”

              

      

       

      4.           Except
        as herein amended, the terms and provisions of the Original Agreement shall
        remain in full force and effect as originally executed.

       

      5.           This
        First Amendment shall be governed by and construed and enforced in accordance
        with the laws of the State of Delaware, without reference to the choice of
        law
        provisions of such laws.

       

      
        
          
          

        

        
          -
            2
            -

          
            

          

        

        
          
          

        

      

       

      6.           This
        First Amendment may be executed in any number of counterparts, each of which
        shall constitute one agreement binding on all parties hereto.

       

      7.           This
        First Amendment and the Original Agreement, as amended and modified by this
        First Amendment, shall constitute and be construed as a single
        agreement.

       

      

      

      [Signature
        page follows]

      
        
          
          

        

        
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            3
            -

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have executed this First Amendment to Long Term
        Incentive Cash Award Agreement as of the day and year first above
        written.

      

      
        	 	
                POZEN
                  INC.

              
	 	 	 
	 	 	 
	 	
                By:

              	 /s/
                William L. Hodges
	 	
                Name:

              	 William
                L. Hodges
	 	
                Title:

              	 Sr.
                Vice President & Chief Financial Officer
	 	 	 
	 	 	 
	 	
                GRANTEE:

              
	 	 	 
	 	 	 
	 	 	
                /s/
                  John R. Plachetka

              
	 	 	
                John
                  R. Plachetka, Pharm.D.

              
	 	 	 
	 	 	 

      

      

      
        
          
          

        

        
          -
            4
            -

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