Document:

Exhibit 10.5

Exhibit 10.5

AUTOZONE, INC.

2011 DIRECTOR COMPENSATION PROGRAM

(Effective January 1, 2011)

ARTICLE 1.

PURPOSE

The purpose of this document is to set forth the general terms and conditions applicable to
the AutoZone, Inc. 2011 Director Compensation Program (the “Program”) established by the
Board of Directors of AutoZone Inc. (the “Company”) pursuant to the Company’s 2011 Equity
Incentive Award Plan (the “Plan”). The Program is intended to carry out the purposes of
the Plan and provide a means to reinforce objectives for sustained long-term performance and value
creation by awarding each Non-Employee Director of the Company with stock awards, subject to the
restrictions and other provisions of the Program and the Plan. The Program shall be effective as
of January 1, 2011 (the “Effective Date”).

ARTICLE 2.

DEFINITIONS

2.1 Unless otherwise defined herein, capitalized terms used herein shall have the meanings
assigned to such terms in the Plan.

2.3 “Award” shall mean a Restricted Stock Unit granted to a Non-Employee Director
pursuant to the Program.

2.4 “Restricted Stock Units” shall mean Restricted Stock Units granted under Section
9.4 of the Plan, and as defined under Section 2.44 of the Plan.

ARTICLE 3.

RESTRICTED STOCK UNITS

3.1 Quarterly Grants. On each of January 1, April 1, July 1 and October 1 following
the Effective Date (each, a “Retainer Date”), the following individuals shall be granted,
without further action by the Company, the Board, or the Company’s stockholders, Restricted Stock
Units to acquire a number of shares of Common Stock (rounded down to the nearest tenth
(1/10th) of a share) equal to the quotient obtained by dividing:

(a) with respect to each person who is a Non-Employee Director on a Retainer Date, (x)
$50,000, by (y) the closing market price of a share of Common Stock on the Retainer Date (rounded
to two (2) decimal places) (the “Quarterly Retainer”); plus

(b) with respect to the Lead Director on a Retainer Date, (x) $5,000, by (y) the closing
market price of a share of Common Stock on the Retainer Date (rounded to two (2) decimal places);
plus

 

 

 

(c) with respect to the Audit Committee Chairman on a Retainer Date, (x) $5,000, by (y) the
closing market price of a share of Common Stock on the Retainer Date (rounded to two (2) decimal
places); plus

(d) with respect to the Compensation Committee Chairman on a Retainer Date, (x) $1,250, by (y)
the closing market price of a share of Common Stock on the Retainer Date (rounded to two (2)
decimal places); plus

(e) with respect to the Nominating/Corporate Governance Committee Chairman on a Retainer Date,
(x) $1,250, by (y) the closing market price of a share of Common Stock on the Retainer Date
(rounded to two (2) decimal places); plus

(f) with respect to each Audit Committee member on the Retainer Date who is not the Audit
Committee Chairman, (x) $1,250, by (y) the closing market price of a share of Common Stock on the
Retainer Date (rounded to two (2) decimal places) (each of (a) — (f), a “Retainer”).

Notwithstanding the foregoing, each Non-Employee Director elected to the Board and/or assuming a
position described in subsections (b) through (f) above after the Effective Date shall receive, on
the date of election to the Board and pro rated based on the number of days remaining in the
calendar quarter in which the date of Board election or assumption of position, as applicable,
occurs: (i) the Quarterly Retainer and/or (ii) any Retainer described in subsections (b) through
(f) above, as applicable. Should the Retainer Date set forth in this Section 3.1 be a Saturday,
Sunday or legal holiday, such grant shall be made on the next business day.

3.2 Terms of Restricted Stock Units.

(a) Each Restricted Stock Unit granted pursuant to this Program shall be in such form and
shall contain such terms and conditions as the Committee shall deem appropriate. The provisions of
separate Restricted Stock Units need not be identical, but each Restricted Stock Unit shall include
(through incorporation of provisions hereof by reference in the Restricted Stock Unit agreement or
otherwise) the substance of each of the following provisions as set forth this Section 3.2 and
Section 9.4 of the Plan.

(b) Each grant of Restricted Stock Units made to a Non-Employee Director shall be fully vested
on the date of grant.

 

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(c) A Non-Employee Director’s Restricted Stock Units shall be paid by the Company in shares of
Common Stock (on a one-to-one basis) on, or as soon as practicable after, the date on which such
Non-Employee Director ceases to be a Director for any reason, provided such Non-Employee Director
incurs a “separation from service” from the Company (within the meaning of Section 409A(a)(2)(A)(i)
of the Code and Treasury Regulation Section 1.409A-1(h)), (such date, the “Payment Date”)
but in any event by the fifteenth (15th) day of the third (3rd) month
following the end of the tax year in which such date of termination occurs, unless the Non-Employee
Director has irrevocably elected in writing by December 31 of the year preceding the grant of such
Restricted Stock Units to defer the payment of such Restricted Stock Units, and any dividends paid
thereon, to another date under one of the following options, which payment form or forms shall be
specified at the time of the deferral election (the “Deferred Payment Date”):

(1) a single lump-sum payable upon the fifth (5th) anniversary of the Payment Date;
or

(2) a single lump-sum payable upon the tenth (10th) anniversary of the Payment
Date; or

(3) two (2) equal installments, one of which shall be payable upon the fifth (5th)
anniversary of the Payment Date and the other of which shall be payable upon after the tenth
anniversary (10th) of the Payment Date.

Shares of Common Stock issued in respect of a Restricted Stock Unit shall be deemed to be issued in
consideration for past services actually rendered to the Company or for its benefit, by the
Non-Employee Director, which the Committee deems to have a value not less than the par value of a
share of Common Stock.

3.3 Dividend Equivalents. If a Non-Employee Director has elected to defer payment of
his or her vested Restricted Stock Units as provided in Section 3.2(c) above and the Company pays
any dividends with respect to the Common Stock at any time during the period between the Payment
Date and the Deferred Payment Date, the holder of such vested Restricted Stock Units shall be
credited, as of the dividend payment date, with dividend equivalents equal to the amount of the
dividends which would have been payable to such holder if the holder held a number of shares of
Common Stock equal to the number of vested Restricted Stock Units so deferred. Such dividend
equivalents shall be deemed reinvested in the Common Stock on the dividend payment date and shall
be paid by the Company in shares of Common Stock on the Deferred Payment Date. Such dividend
equivalents shall constitute Dividend Equivalents under Section 9.1 of the Plan.

ARTICLE 4.

MISCELLANEOUS

4.1 Administration of the Program. The Program shall be administered by the
Committee.

4.2 Application of Plan. The Program is subject to all the provisions of the Plan,
including Section 13.2 thereof (relating to adjustments upon changes in the Common Stock), and its
provisions are hereby made a part of the Program, and is further subject to all interpretations,
amendments, rules and regulations which may from time to time be promulgated and adopted pursuant
to the Plan. In the event of any conflict between the provisions of this Program and those of the
Plan, the provisions of the Plan shall control.

 

3

 

4.3 Amendment and Termination. Notwithstanding anything herein to the contrary, the
Committee may, at any time, terminate, modify or suspend the Program; provided, however, that,
without the prior consent of the Non-Employee Directors affected, no such action may adversely
affect any rights or obligations with respect to any Awards theretofore earned but unpaid, whether
or not the amounts of such Awards have been computed and whether or not such Awards are then
payable. Any amendment of this Program may, in the sole discretion of the Committee, be
accomplished in a manner calculated to cause such amendment not to constitute an “extension,”
“renewal” or “modification” (each within the meaning of Code Section 409A) of any Restricted Stock
Units that would cause such Restricted Stock Units to be considered “nonqualified deferred
compensation” (within the meaning of Code Section 409A).

4.4 No Contract for Service. Nothing contained in the Program or in any document
related to the Program or to any Award shall confer upon any Non-Employee Director any right to
continue as a
Director or in the service of the Company or an Affiliate or constitute any contract or
agreement of service for a specific term or interfere in any way with the right of the Company or
an Affiliate to reduce such person’s compensation, to change the position held by such person or to
terminate the service of such person, with or without Cause.

4.5 Nontransferability Retainer Date.

(a) No benefit payable under, or interest in, this Program shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge and any such
attempted action shall be void and no such benefit or interest shall be, in any manner, liable for,
or subject to, debts, contracts, liabilities or torts of any Non-Employee Director or beneficiary;
provided, however, that, nothing in this Section 4.5 shall prevent transfer (i) by will, (ii) by
applicable laws of descent and distribution, (iii) pursuant to a DRO.

(b) The transfer to a Permitted Transferee of an Award pursuant to a DRO shall not be treated
as having caused a new grant. If an Award is so transferred, the Permitted Transferee generally
has the same rights as the Non-Employee Director under the terms of the Program; provided however,
that (i) the Award shall be subject to the same terms and conditions, including the vesting terms,
option termination provisions and exercise period, as if the Award were still held by the
Non-Employee Director, and (ii) such Permitted Transferee may not transfer an Award. In the event
of the Administrator’s receipt of a DRO or other notice of adverse claim by a Permitted Transferee
of a Non-Employee Director of an Award, transfer of the proceeds of the exercise of such Award,
whether in the form of cash, stock or other property, may be suspended. Such proceeds shall
thereafter be transferred pursuant to the terms of a DRO or other agreement between the
Non-Employee Director and Permitted Transferee. A Non-Employee Director’s ability to exercise an
Award may be barred if the Administrator receives a court order directing the Administrator not to
permit exercise.

4.6 Nature of Program. No Non-Employee Director, beneficiary or other person shall
have any right, title or interest in any fund or in any specific asset of the Company or any
Affiliate by reason of any award hereunder. There shall be no funding of any benefits which may
become payable hereunder. Nothing contained in this Program (or in any document related thereto),
nor the creation or adoption of this Program, nor any action taken pursuant to the provisions of
this Program shall create, or be construed to create, a trust of any kind or a fiduciary
relationship between the Company or an Affiliate and any Non-Employee Director, beneficiary or
other person. To the extent that a Non-Employee Director, beneficiary or other person acquires a
right to receive payment with respect to an award hereunder, such right shall be no greater than
the right of any unsecured general creditor of the Company or other employing entity, as
applicable. All amounts payable under this Program shall be paid from the general assets of the
Company or employing entity, as applicable, and no special or separate fund or deposit shall be
established and no segregation of assets shall be made to assure payment of such amounts. Nothing
in this Program shall be deemed to give any person any right to participate in this Program except
in accordance herewith.

 

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4.7 Governing Law. This Program shall be construed in accordance with the laws of the
State of Nevada, without giving effect to the principles of conflicts of law thereof.

4.8 Code Section 409A. To the extent that this Program constitutes a “non-qualified
deferred compensation plan” within the meaning of with Code Section 409A and Department of Treasury
regulations and other interpretive guidance issued thereunder, including without limitation any
such regulations or other guidance that may be issued after the Effective Date, this Program shall
be interpreted and operated in accordance with Code Section 409A. Notwithstanding any provision of
this
Program to the contrary, in the event that following the grant of any Restricted Stock Units,
the Committee determines that any Award does or may violate any of the requirements of Code Section
409A, the Committee may adopt such amendments to the Program and any affected Award or adopt other
policies and procedures (including amendments, policies and procedures with retroactive effect), or
take any other actions, that the Committee determines are necessary or appropriate to (a) exempt
the Program and any such Award from the application of Code Section 409A and/or preserve the
intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the
requirements of Code Section 409A; provided, however, that this paragraph shall not
create an obligation on the part of the Committee to adopt any such amendment, policy or procedure
or take any such other action.

 

5exv4w12

Exhibit 4.12

FORM 51-102F3

MATERIAL CHANGE REPORT

	1.	 	Name and Address of Company

Cardiome Pharma Corp.

6190 Agronomy Rd, 6th Floor

Vancouver, BC V6T 1Z3

	2.	 	Date of Material Change

August 11, 2010

	3.	 	News Release

August 11, 2010 — Vancouver, Canada

	4.	 	Summary of Material Change

Cardiome Pharma Corp. reported financial results for the second quarter ended June 30,
2010, and updated guidance regarding the vernakalant (oral) development program. Amounts,
unless specified otherwise, are expressed in U.S. dollars and in accordance with generally
accepted accounting principles used in the United States of America (U.S. GAAP).

	5.	 	Full Description of Material Change

See attached press release

	6.	 	Reliance on Subsection 7.1(2) or (3) of National Instrument 51-102

Not Applicable.
	 
	7.	 	Omitted Information

Not Applicable.

	8.	 	Executive Officer

Name:          Curtis Sikorsky

Title:            Chief Financial Officer

Phone No.:   604-677-6905

	9.	 	Date of Report

August 11, 2010

	 	 	 	 	 
	 	 	 
	 	Per:  	“Curtis Sikorsky”
 	 
	 	 	Curtis Sikorsky, 	 
	 	 	Chief Financial Officer 	 
	 

 

SCHEDULE “A” — PRESS RELEASE

	 	 	 	 	 

	

	 	6190 Agronomy Road, 6th Floor 

Vancouver, B.C. 

V6T 1Z3
	 	Tel: 604-677-6905

Fax: 604-677-6915

 

FOR IMMEDIATE RELEASE   NASDAQ: CRME   TSX: COM

CARDIOME REPORTS SECOND QUARTER RESULTS AND UPDATES GUIDANCE

Vancouver, Canada, August 11, 2010 — Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) today
reported financial results for the second quarter ended June 30, 2010, and updated guidance
regarding the vernakalant (oral) development program. Amounts, unless specified otherwise, are
expressed in U.S. dollars and in accordance with generally accepted accounting principles used in
the United States of America (U.S. GAAP).

Summary Results

We recorded net income of $4.6 million ($0.08 per common share) for the three months ended June 30,
2010 (Q2-2010), compared to a net loss of $0.7 million ($0.01 per common share) for the three
months ended June 30, 2009 (Q2-2009). The net income for the current quarter was largely due to
revenue recognized from the payments from Merck in 2009 pursuant to our collaboration and licence
agreement and decreased research and development expenditures.

Total revenue for Q2-2010 was $12.4 million, an increase of $5.1 million from $7.3 million in
Q2-2009.

Research and development expenditures were $3.7 million for Q2-2010 compared to $5.4 million for
Q2-2009. General and administration expenditures for Q2-2010 were $3.3 million compared to $4.2
million for Q2-2009. Interest expense for Q2-2010 was $0.6 million compared to insignificant
income for Q2-2009. Foreign exchange loss for Q2-2010 was $0.2 million compared to a foreign
exchange gain of $1.8 million in Q2-2009.

Stock-based compensation, a non-cash item included in operating expenses, increased to $1.1 million
for Q2-2010, as compared to $0.3 million for Q2-2009.

Liquidity and Outstanding Share Capital

At June 30, 2010, the Company had cash and cash equivalents of $57.7 million. As of August 9,
2010, the Company had 60,963,904 common shares issued and outstanding and 5,800,368 common shares
issuable upon the exercise of outstanding stock options at a weighted-average exercise price of CAD
$7.65 per share.

Vernakalant (oral) Development Program Update

Cardiome also announced that, based on recent discussions with our development partner Merck, the
next phase of the clinical program for vernakalant (oral) is not expected to commence in the summer
of 2010 as previously guided. Merck continues to work toward optimizing the clinical development
plan for vernakalant (oral), and Cardiome will provide updated guidance when Merck has finalized
their planning.

Conference Call

Cardiome will hold a teleconference and webcast on Wednesday, August 11, 2010 at 9:00am Eastern
(6:00am Pacific). To access the conference call, please dial 416-695-7806 or 888-789-9572 and
reference conference 1276021. There will be a separate dial-in line for analysts on which we will
respond to questions at the end of the call. The webcast can be accessed through Cardiome’s
website at www.cardiome.com.

 

 

Webcast and telephone replays of the conference call will be available approximately two hours
after the completion of the call through September 11, 2010. Please dial 416-695-5800 or
800-408-3053 and enter code 2203856# to access the replay.

About Cardiome Pharma Corp.

Cardiome Pharma Corp. is a product-focused drug development company dedicated to the advancement
and commercialization of novel treatments for disorders of the heart and circulatory system.
Cardiome is traded on the NASDAQ Global Market (CRME) and the Toronto Stock Exchange (COM). For
more information, please visit our web site at www.cardiome.com.

For Further Information:

Cardiome Investor Relations

(604) 676-6993 or Toll Free: 1-800-330-9928

Email: ir@cardiome.com

Forward-Looking Statement Disclaimer

Certain statements in this press release contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 or forward-looking information under
applicable Canadian securities legislation that may not be based on historical fact, including
without limitation statements containing the words “believe”, “may”, “plan”, “will”, “estimate”,
“continue”, “anticipate”, “intend”, “expect” and similar expressions. Such forward-looking
statements or information involve known and unknown risks, uncertainties and other factors that may
cause our actual results, events or developments, or industry results, to be materially different
from any future results, events or developments expressed or implied by such forward-looking
statements or information. Such factors include, among others, our stage of development, lack of
product revenues, additional capital requirements, risk associated with the completion of clinical
trials and obtaining regulatory approval to market our products, the ability to protect our
intellectual property, dependence on collaborative partners and the prospects for negotiating
additional corporate collaborations or licensing arrangements and their timing. Specifically,
certain risks and uncertainties that could cause such actual events or results expressed or implied
by such forward-looking statements and information to differ materially from any future events or
results expressed or implied by such statements and information include, but are not limited to,
the risks and uncertainties that: we may not be able to successfully develop and obtain regulatory
approval for vernakalant (iv) or vernakalant (oral) in the treatment of atrial fibrillation or any
other current or future products in our targeted indications; our future operating results are
uncertain and likely to fluctuate; we may not be able to raise additional capital; we may not be
successful in establishing additional corporate collaborations or licensing arrangements; we may
not be able to establish marketing and sales capabilities and the costs of launching our products
may be greater than anticipated; we rely on third parties for the continued supply and manufacture
of vernakalant (iv) and vernakalant (oral) and we have no experience in commercial manufacturing;
we may face unknown risks related to intellectual property matters; we face increased competition
from pharmaceutical and biotechnology companies; and other factors as described in detail in our
filings with the Securities and Exchange Commission available at www.sec.gov and the Canadian
securities regulatory authorities at www.sedar.com. Given these risks and uncertainties, you are
cautioned not to place undue reliance on such forward-looking statements and information, which are
qualified in their entirety by this cautionary statement. All forward-looking statements and
information made herein are based on our current expectations and we undertake no obligation to
revise or update such forward-looking statements and information to reflect subsequent events or
circumstances, except as required by law.

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