Document:

exv10w2

Exhibit 10.2

SUBLEASE AMENDMENT AND

TERMINATION AGREEMENT

     This Sublease Amendment and Termination Agreement (“Agreement”) is entered into as of April
23, 2009 by and between Avnet, Inc., a New York corporation (“Sublessor”) and Somaxon
Pharmaceuticals, Inc. a Delaware corporation (“Sublessee”).

RECITALS

     WHEREAS, Sublessor and Sublessee are parties to a Sublease Agreement dated June 22, 2006
(“Sublease”) for certain premises at 3721 Valley Center Drive, San Diego, CA (“Sublet Premises”);

     WHEREAS, on or about March 6, 2009, Sublessor and Sublessee reached a verbal, mutual agreement
that the Sublease would be terminated as of April 30, 2009, upon and subject to the terms and
conditions set forth herein, and Sublessor and Sublessee desire to hereby reduce such agreement to
writing.

AGREEMENT

     NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, Sublessor and Sublessee hereby agree to amend the Sublease and provide for the
early termination thereof, as follows:

     1. The term of the Sublease will cease and expire on April 30, 2009 (“New Expiration Date”)
as if such day was set forth in the Sublease for the expiration thereof. Notwithstanding any
provision of this Agreement to the contrary, Sublessee will remain liable for all of its
obligations arising under the Sublease prior to the New Expiration Date and for all of its
obligations that, pursuant to the terms of the Sublease and/or this Agreement, survive the
expiration or earlier termination thereof.

     2. Sublessee will surrender possession of the Sublet Premises to Sublessor on or before the
New Expiration Date in accordance with the Sublease, except that Sublessee will surrender the
Sublet Premises with all improvements thereon and with all furniture and equipment used in
connection with the Sublet Premises remaining therein, except for the improvements and equipment
specified in

 

Exhibit A attached hereto.

     3. Sublessee will pay to Sublessor, by wire transfer of immediately available funds within
fifteen (15) calendar days after the date of this Agreement, an amount of $600,000, and Sublessor
shall apply same to the rent, additional rent, other charges and fees in the sum of $438,844.52
actually known on the date hereof to be due from Sublessee to Sublessor as of the New Expiration
Date as set forth on Exhibit B attached hereto and forming a part hereof, and Sublessor may apply
the remaining portion of such amount in Sublessor’s sole discretion to damages, costs and
expenses, including without limitation loss of rent, brokerage commissions and renovation costs
arising or expected to arise from the early termination of the Sublease. Upon Sublessor’s receipt
of such $600,000, Sublessor will accept such payment in full satisfaction of all rent, additional
rent and other charges or fees actually known by Sublessor to be due from Sublessee to Sublessor as
of the date hereof as set forth in
Exhibit B and all damages, costs and expenses, including without limitation loss of rent,
brokerage commissions and renovation costs arising from the early termination of the Sublease. For
the avoidance of doubt, Sublessor is accepting such payment solely in satisfaction of (i) rent,
additional rent, other charges and fees in the sum of $438,844.52 actually known on the date hereof
to be due and (ii) damages, costs and expenses, including without limitation loss of rent,
brokerage commissions and renovation costs arising or expected to arise from the early termination
of the Sublease.

     4. Sublessee acknowledges that the provisions of the Sublease that by its terms survive the
expiration or sooner termination of the Sublease will continue to survive the expiration or sooner
termination of the Sublease and that no contrary intention or inference will be construed from the
parties entering into this Agreement or any provision of this Agreement. All of the provisions of
this Agreement, including the agreements set forth herein and the representations set forth below,
shall expressly survive the expiration or sooner termination of the Sublease.

     5. Sublessee represents and warrants to Sublessor the following: (a) Sublessee is the sole
holder of the Sublessee’s interest in the Sublease; (b) Sublessee has not encumbered its interest
in the Sublease; (c) Sublessee has not transferred any interest in the Sublease and has not sublet
any portion of the Sublet Premises; (d) no other person or entity is entitled to claim a right or
interest in or to the Sublease or the Sublet Premises by, through or under Sublessee; (e) no
materials or labor have been provided to the Sublet Premises that would give rise to a filing of a
lien against the Sublet Premises or that any such parties have been paid in full; (f) Sublessee has
full authority to enter into this Agreement without approval from any third party; (g) Sublessee
has fully performed its obligations under the Sublease except for payment of sums set forth in
Exhibit B; (h) Sublessee

2

 

has no claim, demand or right of offset against Sublessor under the
Sublease; (i) no default or event that with the passage of time or the giving of notice or both
would constitute a default by Sublessor under the Sublease exists; and (j) Sublessee has not made a
general assignment for the benefit of creditors and has not suffered the appointment of a receiver
to take possession of all or substantially all of its assets and has not suffered an attachment or
other judicial seizure of all or substantially all of its assets and has not admitted in writing
its inability to pay its debts and Sublessee has not filed or been the subject of a filing under
the bankruptcy laws of the United States.

     6. Section 19 of the Sublease is hereby deleted therefrom as of the date of this Agreement.

     7. Notwithstanding any provision of this Agreement to the contrary, at Sublessor’s option,
this Agreement shall be null and void ab initio in the event that: (i) Sublessee fails to
perform any of its obligations hereunder and/or (ii) Sublessor shall not receive in the account
specified in Section 9 below full payment of $600,000 within fifteen (15) calendar days after the
date of this Agreement.

     8. The parties hereby agree that the Irrevocable Standby Letter of Credit No. SVBSF004221
issued by Silicon Valley National Bank and representing the Security Deposit under the Sublease
(the “Letter of Credit”) , will terminate and be of no further force and effect upon Sublessor’s
receipt in the account specified in Section 9 below of Sublessee’s full payment of $600,000, and
from and after such termination Sublessor will have no interest or claim in any of the funds
underlying such Letter of Credit. Each of Sublessor and Sublessee hereby agree to take all
reasonable actions, including but not limited to the execution of appropriate documents required by
Silicon Valley Bank, to promptly terminate such Letter of Credit and release any related
restrictions upon the funds underlying such Letter of Credit.

     9. The wire transfer described in Section 3 hereof will be sent to the following account:

Bank Name: JP Morgan Chase, N.A.

ABA#: 021000021

Account Name: Avnet, Inc.

Account Number: 910-2-579886

     10. This Agreement may be executed in one or more counterparts, each of which will be deemed
an original but all of which will constitute one document. This Agreement may be signed and
transmitted by either party to the other by facsimile and the signature of the sending party on
such facsimile will be deemed

3

 

an original signature. This Agreement will be binding on and inure
to the benefit of the parties hereto and their respective successors and assigns. Except as
expressly amended herein, all terms and conditions of the Sublease are hereby ratified and
confirmed.

     IN WITNESS WHEREOF, Sublessor and Sublessee have executed this Agreement as of the date first
above written.

	 	 	 	 	 	 	 
	Avnet, Inc.	 	 	 	Somaxon Pharmaceuticals, Inc.
	 
	 	 	 	 	 	 
	By:

	 	/s/ Raymond Sadowski	 	 	 	By: /s/ Meg M. McGilley
	Name:

	 	Raymond Sadowski
	 	 
	 	Name: Meg M. McGilley
	Title:

	 	Sr. VP, CFO
	 	 
	 	Title: CFO

4EXHIBIT 10.1

 

SECTIONS OF DIRECTOR POLICY

PERTAINING TO COMPENSATION

 

(As amended April 20, 2009)

 

This exhibit sets forth excerpts from the Director Policy of First Horizon National Corporation of all sections in that Policy pertaining to compensation of directors.  Other sections of the Policy have been omitted.

 

_________________________________________________________________

 

	
            I.
 	
            STATEMENT OF POLICY
 

 

* * * * *

 

Compensation

 

In addition to the other compensation set forth in this section, outside directors will receive the cash compensation set forth in the table below for their service as a director.  Outside directors are not separately compensated for Bank Board or Bank committee meetings except for those infrequent meetings that do not occur jointly.

 

	
            Annual Retainer

 
 	
            $45,000
 
	
            Daily Board Attendance Fee

 
 	
            $2,000
 
	
            Daily Committee Attendance Fees (non-                 chairperson committee members)
 	
             
 
	
            Audit
 	
            $2,000
 
	
            All Other Committees

 
 	
            $1,500
 
	
            Daily Committee Attendance Fees (committee     chairpersons)      
 	
             
 
	
            Audit and Credit Policy & Executive
 	
            $5,000
 
	
            All Other Committees

 
 	
            $4,000
 
	
            Outside Chairman of the Board*
 	
             
 
	
            Additional Annual Retainer
 	
            $125,000
 

*An outside Chairman of the Board will receive the retainer shown above for the outside Chairman of the Board in addition to the $45,000 annual Board retainer, the daily Board attendance fee, and the grant of restricted stock units (as set forth below) and will receive the daily Credit Policy & Executive Committee attendance fee but will not receive any other committee attendance fees.

 

Unless payment is deferred under a duly adopted Company plan or agreement, the annual retainer will be paid quarterly in advance, and the attendance fees will be paid following the 

 

meeting.  Directors are permitted to elect to defer into an interest-accruing account or the First Horizon National Corporation Non-Qualified Deferred Compensation Plan or any other duly adopted deferral plan, now existing or hereafter approved.

 

To improve the directors’ knowledge and understanding of FHNC and FTB and their markets, customers and officers and to enhance each director’s service as a director of FHNC, FHNC’s non-employee directors are encouraged to become, where practicable, members of one of FTB’s Regional Boards.  A director who becomes a member of a Regional Board shall not be compensated as a member of the Regional Board but shall receive attendance fees for attendance at Regional Board meetings (at the same rate as is paid for other Regional Board members, not to exceed $500 per meeting) as part of his or her FHNC director compensation.  Such director shall report back to the FHNC Board regarding his or her attendance at Regional Board meetings.  Membership by an FHNC director on a Regional Board is deemed by FHNC’s Board of Directors to be part of the FHNC director’s service as a
director of FHNC.

 

In addition to retainer and attendance fees, non-employee directors will receive an annual award of restricted stock units (“RSUs”) under the Company’s 2003 Equity Compensation Plan, or any duly adopted successor plan.  Director RSUs: generally will be granted annually in April on the first trading day which begins after the first trading-day session that follows the release of quarterly earnings for the first quarter; will vest on the second Monday in February following the grant; will be paid at vesting in shares of the Company’s common stock only; will earn dividend equivalents that will cumulate and be paid in cash at vesting; and will carry no voting or other rights associated with actual stock.  When vesting occurs, shares will be delivered reasonably promptly thereafter but in no event later than March 14 following the vesting date.  If a director leaves the
Board before vesting, the RSUs will be forfeited unless the departure is due to death, disability, retirement, or change in control. The number of director RSUs to be granted for any full-year grant will be determined by dividing $45,000 by the fair market value of the Company’s common stock on the grant date. Beginning in 2007, RSU grants will be phased in for each director on a pro-rata basis as his or her outstanding restricted shares vest. As a result of the phase-in, each director will have one of the following occur each year: 800 restricted shares will vest; or, a full grant of RSUs will vest; or, a combination of restricted shares (less than 800) and RSUs (less than 100%) will vest. If a new non-employee director joins the Board other than at an annual meeting, he or she would be granted RSUs pro-rated for the number of quarters remaining until the next annual shareholder meeting, starting with that quarter in which the new director is appointed. For example, a new
non-employee director appointed in October would receive two-fourths of the usual annual number of RSUs, granted in October one full business day following the registrant’s earnings release and vesting the following year in February.

 

For purposes of non-employee director equity-based awards: “disability” means total and permanent disability; “retirement” means any termination, not caused by death or disability, after the attainment of age 65 or ten years of service as a director of the Company; and, “fair market value” and “change in control” have the meanings given in the plan under which the award was granted.

 

The foregoing equity-based awards are to be made automatically without further action by the Board. However, in a particular case or circumstance, the Board may change or make 

 

specific exceptions to any equity award otherwise called for above. Directors may receive such other awards under the Company’s 2003 Equity Compensation Plan, or any duly adopted successor plan, as may be approved by the Board.  Perquisites and other benefits for non-employee directors are to be provided or paid as approved by the Board.

 

Inside directors will receive no compensation for board or committee membership, committee chairmanship or attendance.

 

* * * * *

 

Retirement

 

Directors of FHNC or FTB shall be retired from the Board of Directors in accordance with the applicable provisions of the Bylaws of FHNC or FTB as in effect on the date hereof and as they may be amended from time to time.

 

	
            II.
 	
            IMPLEMENTATION OF POLICY
 

 

This policy shall be implemented by the Chairman of the Board in cooperation with the Nominating and Corporate Governance Committee of the Board of Directors of FHNC and FTB.  The Chairman of the Board may adopt appropriate interpretations and procedures to assist in implementation of this Policy.

 

	
            III.
 	
            DELEGATION OF AUTHORITY
 

 

The Chairman of the Board is delegated the authority to make exceptions to any provision of this policy except the provisions dealing with compensation and retirement.  The Nominating and Corporate Governance Committee is delegated the authority to make exceptions to any provision of this policy except the provision dealing with retirement.  Any exception to this policy shall be reported to the Board at its next regularly scheduled meeting.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]