Document:

Exhibit
10.60

 

August 24, 2001

Revised: September 10, 2001

 

 

Hani Zeini

660 Narcisi Lane

Wayne,
PA 19087

Dear
Hani,

I am pleased to offer you the position of Executive
Vice President of Sales and Marketing for the McGhan Medical Division of Inamed
Corporation.  In this role, you will
report to Nicholas Teti, President and CEO, and will be based at our [named
Headquarters offices in Santa Barbara.  We
would like you to join us as soon as possible, but no later than October 1,
2001.

I am also pleased to offer you the following
compensation package:

1.                                       A base salary
of $245,000.00 per year.  Your salary
will be reviewed during the focal review period which will take place during
the first quarter of 2002.

2.                                       You will
receive a one time signing bonus of $40,000.00 which will be grossed up to
offset taxes.  This one time signing
bonus will be paid within the first five days of your employment.  Please remember that ‘if your employment is
voluntarily terminated within twelve months of employment it will be necessary
for you to repay a pro-rated portion of the signing bonus, based on length of
service.

3.                                       You will be
recommended to receive options on approximately 75,000 shares of common stock,
such options to be issued at market price at the time of grant and to vest
ratably 1/3 on each of the first three (3) anniversaries of the date on which
you commence employment.  Based on Board
of Director approval, the number of options could be greater or less than
75,000.

4.                                       You will be
eligible to participate at up to 50% of your salary in the Management Incentive
Plan (MIP) for the year 2001 on a pro-rata basis.  You will be eligible to participate in
subsequent years during which you are a qualified Inamed employee and a MIP
program exists.

5.                                       Subject to
approval by the Board of Directors, you will be provided a change of control
agreement, to be forwarded under separate cover, that will address your
employment status in the event a change in control of the company occurs.

6.                                       You will
receive a comprehensive benefits package which includes:

•                                          Group health
(medical, dental, vision, prescription drug), Employee Assistance Program (EAP)
and life insurance become effective the first of the month following date of
hire.  Holiday pay, paid leave, and
business travel accident insurance become effective on the date of hire.

 

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•                                          You will be
eligible for three weeks of paid vacation per year.  Accrual for paid leave is at the rate of 4.62
hours bi-weekly through the third year of employment, increasing to 6.16 hours
the fourth year.

•                                          You will be
eligible to invest in Inamed’s 401(k) Plan in the enrollment period following
three (3) months of continuous employment, and in the Employee Stock Purchase
Program in the enrollment period after twelve (12) months of continuous
employment.

To facilitate your relocation, we are happy to
reimburse you for moving expenses such as closing costs on the purchase of a
new home, temporary housing costs, transportation to the site, and other
miscellaneous expenses up to $25,000.00. 
If there are extenuating circumstances related to your relocation,
Inamed will consider reimbursement of additional expenses in an effort to
minimize your relocation costs.  In
addition, Inamed will pay for the shipping of your household goods up to
$15,000.00 and closing costs on the sale of your current home.  The details of these programs are described
in our policy which we will provide to you upon your request.  Please remember that if you voluntarily
terminate your employment with Inamed within twelve months of your hire date,
it will be necessary for you to repay a pro-rated amount of any reimbursement
you received for moving expenses, based on length of service.

At Inamed Corporation, every employee filling a
position that is new to them completes a minimum 90-day introductory period.  An initial review will be given after 90 days
of continuous employment to evaluate your performance and determine the status
of your introductory period.  While we do
not anticipate any problems, please be aware that Inamed Corporation may
terminate the employment of any employee during this period without prior
review, warning, notice, or application of progressive disciplinary action.

On your first day of employment please be prepared to
provide proof of identity and eligibility to work in the United States (a U.S. passport
or your drivers license and social security card will be adequate).  You will also need to complete and sign the
following documents prior to or on your start date:

W-4 Form

I-9 Form

Intellectual Property and
Confidentiality Agreement

Confidentiality of Data
Pledge

Confidential Employee Information Form

Please remember that this offer does not constitute a
contract.  If you are hired your
employment is at will, meaning that your employment is not for any specific
time period or duration, and can be terminated with or without cause and with
or without notice.  Only a written,
express agreement signed by the President and CEO can change your at will
status.

Hani, if you are in agreement with this
offer, please indicate your acceptance by signing on the original copy and
return it to me; the other copy is for your record.  This offer of employment will be valid for
two weeks from the date of this letter.

 

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I look forward to your starting work with us
as an Inamed employee.  I believe that
you will enjoy our work environment and welcome you to Inamed Corporation.

 

 

Sincerely,

 

 

 

Patricia Cooper

Vice President of Human Resources

 

	
  I have read and accepted
  the above offer:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Hani Zeini

  	
   

  	
   

  
	
  Hani Zeini

  	
   

  	
  Date

  

 

cc:           N. Teti,
President and CEO

 

3Exhibit
10.61

 

CHANGE IN CONTROL AGREEMENT

 

This Change In Control
Agreement (the “Agreement”) is made and entered into as of the 18`h day of
April, 2002, by and between Inamed Corporation, a Delaware corporation (the “Corporation”),
and Hani Zeini (the “Executive”) (collectively; the “Parties”).  The Parties hereto, intending to be legally
bound, do hereby agree as follow:

1.                                       DEFINITIONS. 
For purposes of this Agreement the following terms shall have the
following respective meanings:

1.1                                 “Board” shall
mean the Board of Directors of the Corporation.

1.2                                 “Cause” shall
mean that the Executive:

(a)                                  has been convicted of any felony or any
crime involving fraud, theft, embezzlement, dishonesty or moral turpitude;

(b)                                 has engaged in conduct which is
materially injurious to the business or the reputation of the Corporation or
its affiliates, or any of their respective customer or supplier relationships;

(c)                                  in carrying out his duties under this
Agreement, has engaged in acts or omissions constituting gross negligence or
willful misconduct resulting, in either case, in material harm to the
Corporation.

1.3                                 “Change in Control”
shall be deemed to have occurred if.

(a)                                  Any “person”, as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) (other than the Corporation, any trustee or other
fiduciary holding securities under an employee benefit plan of the Corporation,
or any corporation owned, directly or indirectly, by the stockholders of the
Corporation in substantially the same proportions as their ownership of stock
of the Corporation), becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Corporation representing fifty-one percent (51%) or more of the combined
voting power of the Corporation’s then outstanding securities; provided,
however, that a change in the proportion of Appaloosa Management, L.P.’s
ownership of stock of the Corporation shall not constitute a Change in Control
under this Subsection 1.3(a);

(b)                                 During any period of two (2) consecutive
years (not including any period prior to the execution of this Agreement),
individuals who at the beginning 

 

1

 

                                                of such period constitute the Board, and
any new director (other than a director(s) designated by a person who has
entered into an agreement with the Corporation to effect a transaction
described in clause (a), (c) or (d) of this subsection) whose election by the
Board or nomination for election by the Corporation’s stockholders was approved
by a vote of at least two-thirds (2/3) of the directors then still in office
who either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to
constitute .  at least a majority
thereof;

(c)                                  The stockholders of the Corporation
approve a merger or consolidation of the Corporation with any other
corporation, other than (i) a merger or consolidation which would result
in the voting securities of the Corporation outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than fifty (50%)
of the combined voting power of the voting securities of the Corporation or
such surviving entity outstanding immediately after such merger or
consolidation or (ii) a merger or consolidation effected to implement a
recapitalization of the Corporation (or similar transaction) in which no “person”
(as defined above) acquires more than twenty percent (20%) of the combined
voting power of the Corporation’s then outstanding securities; or

(d)                                 the stockholders of the Corporation
approve an agreement for the sale or disposition by the Corporation of all or
substantially all of the Corporation’s assets.

1.4                                 “Good Reason”
shall mean and exist if, without the Executive’s prior written consent, one or
more of the following events occurs:

(a)                                  the Executive is assigned duties or
responsibilities that are materially different from the duties and
responsibilities that that were assigned to him immediately prior to the Change
in Control;

(b)                                 the Executive’s base salary is decreased
by the Corporation;

(c)                                  the Executive is excluded from participation
in any employee benefit plan or program offered to other similarly executives
of the Corporation or his benefits under such plans or programs are materially
reduced; or

(d)                                 the Executive is asked to relocate
outside of Santa Barbara County; or

(e)                                  the Corporation fails to reimburse the
Executive for business expenses in accordance with the Corporation’s policies,
procedures or practices;

provided, however,
that none.  of the foregoing shall constitute
Good Reason if: (i) the Executive gives the Corporation timely notice of
his intent to terminate for Good Reason and the Corporation cures or remedies
the reasons cited by the Executive in said notice within thirty (30) 

 

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days of receipt of said
notice, or (ii) sixty (60) days or more have passed between the event(s)
constituting Good Reason and the Executive’s giving notice that he is
terminating his employment for Good Reason.

1.5                                 “Person” shall
mean any individual, firm, partnership, association, trust, company,
corporation or other entity.

2.                                       CHANGE IN CONTROL.

2.1                                 Vesting of Stock Options. 
In the event of a Change in Control, all stock options previously
granted by the Corporation to the Executive shall immediately vest.

2.2                                 Termination by the Corporation
Without Cause or by the Executive for Good Reason After a Change in Control. 
If within twelve (12) months following a Change in Control, the
Executive’s employment is terminated by the Corporation without Cause (other
than by reason of the Executive’s death or disability) or by the Executive for
Good Reason, the Executive shall be entitled, in lieu of any other compensation
and benefits whatsoever, to:

(a)                                  payment of his base salary at the rate in
effect at the time of his termination through the date of termination of
employment;

 

 

 

(b)                                 an amount equal to the greater of (i) two
(2) times his annual base salary at the time of the Change in Control or (ii)
two (2) times his annual base salary at the time of the termination of his
employment, which shall be paid out in equal bi-weekly installments through the
Corporation’s regular payroll practices;

(c)                                  any annual bonus awarded but not yet paid
pursuant to the Corporation’s Management Incentive Plan (MIP) or any other
incentive compensation plan;

(d)                                 reimbursement of expenses incurred but
not paid prior to such termination of employment; and

(e)                                  continuation of participation in the
Corporation’s group medical, dental and life insurance plans, the premiums for
which shall be paid by the Corporation, until the earlier of eighteen (18)
months from the date of termination or until the date on which the Executive
first becomes eligible for substantially equivalent insurance coverage provided
by any other entity following termination of employment by the Corporation.

2.3                                 Termination by Executive
without Good Reason After a Change in Control. 
If the Executive terminates his employment without Good Reason after the
first (1st) anniversary of a Change in Control but within ninety (90) days
following such anniversary, the Executive shall be entitled, in lieu of any
other compensation and benefits, to:

(a)                                  payment of his base salary at the rate in
effect at the time of his termination through the date of termination of
employment;

 

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(b)                                 an amount equal to the greater of (i) one
and one-half (1/2) times his annual base salary at the time of the Change in
Control or (ii) one and one-half (1/2) times his annual base salary at the time
of the termination of his employment, which shall be paid out in equal
bi-weekly installments through the Corporation’s regular payroll practices;

(c)                                  any annual bonus awarded but not yet paid
x pursuant to the Corporation’s Management Incentive Plan (MIP) or any other
incentive compensation plan;

(d)                                 reimbursement of expenses incurred but
not paid prior to such termination of employment; and

(e)                                  continuation of participation in the
Corporation’s group medical, dental and life insurance plans, the premiums for
which shall be paid by the Corporation, until the earlier of eighteen (18)
months from the date of termination or until the date on which the Executive
first becomes eligible for substantially equivalent insurance coverage provided
by any other entity following termination of employment by the Corporation.

2.4                                 Adjustment to Total
Payments.  If any payment or right accruing to the
Executive under this Agreement (without application of this Section 2.4),
either alone or together with other payments or rights accruing to the
Executive from the Corporation (“Total Payments”) would constitute a “parachute
payment;” as defined in Section 280G of the Code and regulations
thereunder, such payment or right shall be reduced to the largest amount or
greatest right that will result in no portion of the amount payable or right
accruing under this Agreement being subject to an excise tax under Section 4999
of the Code or being disallowed as a deduction under Section 280G of the
Code.  The Executive- shall cooperate in
good faith with the Corporation in providing the necessary information for
making a determination of the applicability of Section 280G.  The foregoing provisions of this Section 2.4
shall apply only if after reduction for any applicable federal excise tax
imposed by Section 4999 of the Code and federal income tax imposed by the
Code, the Total Payments accruing to the Executive would be less than the
amount of the Total Payments as reduced, if applicable, and after reduction for
only federal income taxes.

2.5                                 General Release. 
No payments or benefits payable to the Executive upon the termination of
his employment pursuant to this Section 2 shall be made to the
Executive unless and until he executes a general release in a form satisfactory
to the Corporation and such general release becomes effective pursuant to its
terms.

3.                                       MISCELLANEOUS.

3.1                                 Notices. 
Any written notice required or permitted to be given shall be deemed
delivered either when personally delivered or when mailed, registered or
certified, postage prepaid with return receipt requested, if to the Executive,
addressed to the last residence address of the Executive as shown in the
records of the Corporation, and if to the Corporation, addressed 

 

4

 

to
the Chairman of the Board at its principal office in Santa Barbara,
California.  Mailed notices shall be
deemed received two (2) business days after the date of deposit in the mail.

3.2                                 Partial Invalidity. 
If any term or provision of this Agreement or the application thereof to
any person or circumstance shall be held to be invalid or unenforceable to any
extent, the remainder of this Agreement or application of such term or
provision to persons or circumstances other than those to which it is held
invalid or unenforceable shall not be affected thereby, and each term and
provision of the Agreement shall be valid and be enforced to the fullest extent
permitted by law.

3.3                                 Waiver. 
No waiver of any right hereunder shall be effective for any purpose
unless in writing, signed by the Party hereto possessing said right, nor shall
any waiver be construed to be a waiver of any subsequent right, term or
provision of this Agreement.

3.4                                 Assignment; Effect on
Agreement.  It is hereby acknowledged and agreed that the
Executive’s rights and obligations under this Agreement are personal in nature
and shall not be assigned or delegated. 
This Agreement shall be binding on and inure to the benefit of the
heirs, personal representatives, successors and assigns of the Parties, subject,
however, to the restrictions on assignment and delegation contained herein.

3.5                                 Disputes Resolution and
Arbitration.

3.5.1                        Any dispute arising in connection with
the interpretation or enforcement of the provisions of this Agreement, or its
application or validity, will be submitted to arbitration.  Such arbitration proceedings shall be
instituted in Santa Barbara, California, in accordance with the rules then
existing of the American Arbitration Association.  This agreement to arbitrate is specifically
enforceable.

3.5.2                        Any award rendered in any such
arbitration proceeding will be final and binding on each of the Parties, and
judgment may be entered thereon in any court of competent jurisdiction.  The arbitrator shall have the authority to compel
the Party that does not substantially prevail in such proceeding to pay the
reasonable costs and fees of the prevailing Party (including reasonable and
customary legal fees and expenses) to the extent that the arbitrator deems
appropriate.

3.6                                 Governing Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of California.

3.7                                 Entire Agreement. 
Unless expressly provided to the contrary herein, this Agreement
contains the entire agreement and understanding between the Parties with
respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral or written.  No
modification or termination shall be valid unless in writing and signed by both
Parties.

4.                                       ACKNOWLEDGEMENT.  The
Executive represents and acknowledges the following:

(a)                                  he has carefully read this Agreement in
its entirety;

(b)                                 he understands the terms and conditions
contained herein;

 

5

 

(c)                                  he has had the opportunity to review this
Agreement, at his discretion, with legal counsel of his own choosing and has
not relied on any statement made by the Corporation or its legal counsel as to
the meaning of any term or condition contained herein or in deciding whether to
enter into this Agreement; and

(d)                                 he is entering into this Agreement
knowingly and voluntarily.

IN WITNESS WHEREOF, the Parties hereto have executed this
Agreement as of the 18th day of April, 2002.

	
  INAMED CORPORATION

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Nick Teti

  	
   

  	
  By: 

  	
  /s/ Hani Zeini

  
	
   

  	
    Nick Teti

  	
   

  	
   

  	
    Hani Zeini

  
	
  Title:

  	
  Chief Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
  1109 Camino del Rio

  
	
   

  	
   

  	
   

  	
  Santa Barbara, CA 93110

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  May 6, 2002

  	
   

  	
  Date:

  	
  June 10, 2002

  
								

 

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