Document:

Exhibit

EXHIBIT  10.21
Annex 3 
MANAGEMENT – [_____]    

VERSO CORPORATION
PERFORMANCE INCENTIVE PLAN
NOTICE OF AMENDMENT OF MANAGEMENT STOCK UNIT AWARD
(“Amendment Notice”) 

You (the “Grantee”) were granted an award of Stock Units (the “Award”), on the terms and subject to the conditions of the Plan and an award agreement between you and Verso Corporation (the “Corporation”) the Grant Date stated below (“Award Agreement”). Exhibit A to the Award Agreement provided that it would be supplemented by an amendment to the Award Agreement. The amendment attached as Exhibit A to this Amendment Notice amends the Award Agreement to set forth the conditions upon which the performance-vesting portion of the Award will vest.

Name of Grantee:    [__]
Grant Date:    [______, __, 2017]
Amendment Date:    February [____], 2018
By your signature and the Corporation’s signature below, you and the Corporation agree that the Amendment attached as Exhibit A (the “Amendment”) amends Exhibit A to your Award Agreement. Except as specifically stated in the Amendment, it does not amend or modify any provisions of the Award Agreement, all of which otherwise remain in full force and effect without modification. The Amendment is governed by the terms and conditions of the Award Agreement and the Corporation’s Performance Incentive Plan, as the same may be amended, modified or supplemented from time to time (the “Plan”), which are incorporated herein by this reference.  Capitalized terms used in the Amendment are used as defined in the Award Agreement if not defined in the Amendment, or as defined in the Plan if not defined in the Award Agreement or the Amendment. You acknowledge receipt of a copy of this Amendment Notice, the Amendment, the Plan and the Prospectus for the Plan.
VERSO CORPORATION    ACCEPTED AND AGREED BY GRANTEE

By:             
Kenneth D. Sawyer        Print name:                     
Senior Vice President of
Human Resources and Communications

{K0632492.1}    VERSOLAW
PHK  20170128.1

MANAGEMENT – [_____]    EXHIBIT A

VERSO CORPORATION
PERFORMANCE INCENTIVE PLAN
VESTING SCHEDULE FOR PORTION OF AWARD
SUBJECT TO ACHIEVEMENT OF PERFORMANCE OBJECTIVES
General

The provisions of this Exhibit A are subject to the terms and conditions of the Amendment Notice to which this Exhibit A is attached, the Award Agreement and the Plan. 

Performance Vesting 

Vesting of the portion of the Award subject to the achievement of performance objectives (the “Performance Vesting Award”) will be based upon the compound annual growth rate (the “CAGR”) of the Corporation’s publicly traded voting common stock price over the three-year period from January 1, 2017 to January 1, 2020 (the “Measurement Period”) as compared to the CAGR during the Measurement Period of the publicly traded voting common stock prices of the companies in the following peer group (the “Peer Group”):
Bemis Corporation, Inc.
Cenveo, Inc.
Clearwater Paper Corporation
Domtar Corporation
Graphic Packaging Holding Corporation
Greif, Inc.
KapStone Paper and Packaging Corporation
Neenah, Inc.
P.H. Glatfelter Corporation
Packaging Corporation of America
Resolute Forest Products Inc.
Schweitzer-Mauduit International, Inc.
Sonoco Products Corporation

The CAGR of the publicly traded voting common stock of the Corporation and of each of the companies in the Peer Group will be determined by application of the following formula (the “Formula”):

Beginning Value = the closing sale price of the voting common stock on December 30, 2016 (i.e., the last trading day prior to January 1, 2017)
Ending Value = the closing sale price of the voting common stock on December 31, 2019 (i.e., the last trading day prior to January 1, 2020)
# of years = 3 (i.e., January 1, 2017 to January 1, 2020)

VERSOLAW
SJD 20180215.3 Annex 3 

MANAGEMENT – [_____]    EXHIBIT A

As promptly as possible after December 31, 2019, the Administrator will apply the Formula to establish the CAGR for the stock price of the Corporation and for the stock price of each company in the Peer Group, and then will rank the Corporation and the companies in the Peer Group based on the CAGR so determined, from low to high. This ranking of the Corporation among the companies in the Peer Group will establish what portion of the Performance Vesting Award will vest, as follows: 

		
	•
	If the Corporation ranks below the 50th percentile of the Peer Group, no portion of the Performance Vesting Award will vest.  The Administrator will have discretion to override these results and permit vesting of some or all of the Performance Vesting Award, in its discretion.

		
	•
	If the Corporation ranks at the 50th percentile of the Peer Group, 50% of the Performance Vesting Award will vest.

		
	•
	If the Corporation ranks at the 60th percentile of the Peer Group, 100% of the Performance Vesting Award will vest.

		
	•
	If the Corporation ranks at the 70th percentile of the Peer Group, 150% percent of the Performance Vesting Award will vest. 

If the Corporation ranks between any two of the aforementioned percentiles, straight-line interpolation between the two percentiles will be applied to establish the percentage of the Performance Vesting Award that will vest. 

The vesting date for the portion, if any, of the Performance Vesting Award that vests will be January 1, 2020 or, if the Administrator is unable to determine on or before January 1, 2020 the portion of the Performance Vesting Award that has vested, then a date as soon thereafter as is reasonably possible for the Administrator to make such determination. The Administrator will notify, or cause the Corporation to notify, the Grantee of the portion of the Performance Vesting Award, if any, that vests and its vesting date. 

If a company in the Peer Group no longer exists or no longer has publicly traded stock as of January 1, 2020, then it will be dropped from the Peer Group and will not be included in the ranking. If a company in the Peer Group engages in federal or state bankruptcy proceedings during the Measurement Period, it will be placed at the bottom of the Peer Group for purposes of the ranking, including if it dissolves or liquidates in connection with the bankruptcy proceeding. If a company existing on January 1, 2020 and having publicly traded stock has, during the Measurement Period, engaged in a merger or acquisition, modified its outstanding equity (e.g., conducted a stock split), or otherwise undergone a change that would make comparison of its publicly traded stock price as of January 1, 2020 to its publicly traded stock price as of January 1, 2017 a comparison that requires equitable adjustment to reflect the impact of such change on its stock price, then the Administrator will, in its discretion and in accordance with its authority under the Plan, make such adjustments in application of the Formula as applied to the stock of such company as the Administrator determines to be equitable. 

VERSOLAW
SJD 20180215.3 Annex 32017 10-K Exhibit 10.41

EXHIBIT 10.41

September 22, 2017            

Douglas J. Swirsky

   5221 Crown Street

   Bethesda, MD 20816

Re:Nomination to Serve as a Member of the Pernix Therapeutics Holdings, Inc. Board of Directors

Dear Mr. Swirsky,  

I am pleased to inform you that the Board of Directors (the "Board") of Pernix Therapeutics Holdings, Inc., a Maryland corporation (the "Company"), has
nominated you to serve as a member of the Board, subject to the Company's stockholders formally electing you to the Board at the Company's annual meeting of stockholders to be held at
9:30 a.m., eastern standard time, on November 15, 2017 at the Hyatt Morristown at Headquarters Plaza, 3 Speedwell Avenue, Morristown, New Jersey 07960 (the "Annual
Meeting"). If elected, your term as a Director shall extend until the Company's next annual meeting of stockholders and for as long thereafter as you are re-elected by the Company's
stockholders at each annual meeting. Also, subject to formal election by the Company's stockholders, I am extending an offer to you to chair the Board's Audit Committee and serve as a
member of the Board's Compensation Committee. The Company's mission is to identify, develop and commercialize specialty pharmaceutical products that exceed the expectations of
patients, customers and stockholders with a high-performance culture and preeminent ethical standards.  I look forward to your guidance in helping the Company fulfill its mission.

The Company's non-employee director compensation policy currently provides for an annual cash fee of $60,000 and the following additional cash fees for participating on various
committees:

	
   
	

Committee Chairperson
	
Committee member

	
Audit Committee: 
	
 $24,000
	
 $12,000

	
Compensation Committee: 
	
 $15,000
	
 $7,500  

	
Nominating and Corporate Governance Committee: 
	
 $10,000
	
 $7,500  

Additionally, upon your formal appointment to the Board and subject to the approval by the Company's stockholders of the Company's 2017 Omnibus Incentive Plan, in accordance with
the Company's non-employee director compensation policy, you will receive an initial option grant for 50,000 shares of the Company's common stock with an exercise price equal to the
closing price of the common stock as reported on NASDAQ on the date of the grant. This initial option grant will vest over a four-year period, 25% vests on each year of the anniversary of
the date of the grant provided you remain on the Board. Finally, the Company's non-employee director compensation policy provides for an annual option grant for 25,000 shares of the
Company's common stock, which will vest over a four-year period with 25% vesting on each year of the anniversary of the date of the grant.

By signing this letter below, you hereby consent: (i) to be nominated to the Board and to be identified as a nominee for election to the Board in the Company's proxy statement and other
solicitation materials to be filed with the Securities and Exchange Commission and distributed to the Company's stockholders and in other materials in connection with the solicitation of
proxies by the Company; and (ii) if elected, to serve on the Company's Board and the Board committees referenced above, and agree that during the course of your tenure on the Board and
thereafter, you shall not use or disclose, in whole or in part, any of the Company's or its customers' trade secrets, confidential and proprietary information to any person or any entity for any
reason or purpose whatsoever other than in the course of your appointment with the Company.  We are excited for this opportunity to work with you on the Board.

10 Park Place, Suite 201, Morristown, NJ 07960 

As noted above, your official appointment to the Board and the Board committees referenced above is subject to stockholder approval at the Annual Meeting.  We will notify you
promptly if and when the stockholders approve your election to the Board.

Sincerely yours,

/s/ John A. Sedor

John A. Sedor

   Chairman of the Board and Chief Executive Officer 

I hereby acknowledge receipt of this letter and accept your appointment to the Board and the Board committees referenced above, if elected at the Annual Meeting.

/s/ Douglas J. Swirsky     

   Douglas J. Swirsky

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