Document:

Exhibit 10.1

 

 

EMPLOYMENT SECURITY AGREEMENT

 

THIS EMPLOYMENT SECURITY AGREEMENT (the “Agreement”) is entered into this            day of                    , 20   , between Consolidated Communications Holdings, Inc., a Delaware corporation (the “Company”), and                                                          (“Executive”).

 

Executive is employed by the Company or one of its wholly-owned subsidiaries (referred to collectively as the “Company”) and the Company desires to provide certain security to Executive in connection with any potential change in control of the Company.  Accordingly, the Company and Executive, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby agree as follows:

 

1.                                    Payments and Benefits Upon a Change in Control.  If within two (2) years after a Change in Control (as defined below), (i) the Company shall terminate Executive’s employment with the Company without Cause (as defined below), or (ii) Executive shall voluntarily terminate such employment with Good Reason (as defined below), the Company shall provide the benefits and, within thirty (30) days of Executive’s Employment Termination (as defined below), make the payments, described below.

 

(a)                               Cash Payment.  The Company shall make a lump sum cash payment to Executive equal to [        ] times Executive’s Annual Compensation (as defined below).

 

(b)                              Short-Year Bonus.  The Company shall make a lump sum cash payment to Executive equal to a pro rata portion (based on the date on which Executive’s Employment Termination occurs) of the annual amounts payable to Executive under all cash-based incentive or bonus plans or arrangements of the Company, determined as if targeted performance goals under such plans or arrangements were attained at a 100% level, with respect to the fiscal year in which either Executive’s Employment Termination occurs or the Change in Control occurs, whichever produces a higher amount.  Notwithstanding the foregoing provisions of this subsection (b), the short-year bonus payment described herein shall be paid to Executive only to the extent that as a result of Executive’s Employment Termination, Executive is not eligible to receive a payment under a cash-based incentive plan or arrangement of the Company for the fiscal year in which the Employment Termination occurs.

 

(c)                               Welfare Benefit Plans.  With respect to each Welfare Benefit Plan (as defined below), for the period beginning on Executive’s Employment Termination and ending on the earlier of (i) [        ] year[s] following Executive’s Employment Termination, or (ii) the date Executive becomes covered by a welfare benefit plan or program maintained by an entity other than the Company which provides coverage or benefits at least equal, in all respects, to such Welfare Benefit Plan, Executive shall continue to participate in such Welfare Benefit Plan on the same basis and at the same cost to Executive as was the case immediately prior to the Change in Control (or, if more favorable to Executive, as was the case at any time hereafter), or, if any benefit or coverage cannot be provided under a Welfare 

 

 

Benefit Plan because of applicable law or contractual provisions, Executive shall be provided with substantially similar benefits and coverage for such period.  Immediately following the expiration of the continuation period required by the preceding sentence, Executive shall be entitled to continued group health benefit plan coverage (so-called “COBRA coverage”) in accordance with Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”), it being intended that COBRA coverage shall be consecutive to the benefits and coverage provided for in the preceding sentence.

 

(d)                              Salary to Date of Employment Termination.  The Company shall pay to Executive any unpaid salary or other compensation of any kind earned with respect to any period prior to Executive’s Employment Termination and a lump sum cash payment for accumulated but unused vacation earned through such Employment Termination.

 

2.                                    Definitions.  For purposes of this Agreement:

 

(a)                               “Cause” shall mean:  (i) the conviction of, pleading guilty to, or confessing or otherwise admitting to any felony or any act of fraud, misappropriation or embezzlement; (ii) the act or omission by Executive involving malfeasance or gross negligence in the performance of Executive’s duties and responsibilities to the material detriment of the Company; or (iii) the breach of any provision of any code of conduct adopted by the Company which applies to the Company if the consequence to such violation for any Executive subject to such code of conduct ordinarily would be a termination of his or her employment by the Company; provided however, no such act or omission or event shall be treated as “Cause” under this Agreement unless (a) Executive has been provided a detailed, written statement of the basis for belief that such act or omission or event constitutes “Cause” and an opportunity to meet with the Compensation Committee of the Board of Directors of the Company (the “Committee”) (together with Executive’s counsel if Executive chooses to have counsel present at such meeting) after Executive has had a reasonable period in which to review such statement and, if the act or omission or event is one which can be cured by Executive, Executive has had at least a thirty (30) day period to take corrective action and (b) a majority of the Committee after such meeting (if Executive exercises Executive’s right to have a meeting) and after the end of such thirty (30) day correction period (if applicable) determines reasonably and in good faith that “Cause” does exist under this Agreement.

 

(b)                              (i)            “Good Reason” shall exist if:

 

a.                                     there is any reduction after the Change Effective Date (as defined below) in Executive’s base salary and/or bonus opportunity without Executive’s express written consent;

 

b.                                    there is any reduction after the Change Effective Date in the scope, importance or prestige of Executive’s duties, responsibilities or 

 

 

powers at the Company without Executive’s express written consent; or

 

c.                                     the Company transfers Executive’s primary work site to a new primary work site which is more than 30 miles (measured along a straight line) from Executive’s then current primary work site unless such new primary work site is closer (measured along a straight line) to Executive’s primary residence than Executive’s then current primary work site.

 

(ii)                          Notwithstanding the foregoing, no such act or omission shall be treated as “Good Reason” under this Agreement unless:

 

a.                                     (1) Executive delivers to the Committee a detailed, written statement of the basis for the Executive’s belief that such act or omission constitutes Good Reason, (2) Executive delivers such statement before the later of (A) the end of the ninety (90) day period which starts on the date there is an act or omission which forms the basis for Executive’s belief that Good Reason exists or (B) the end of the period mutually agreed upon for purposes of this paragraph in writing by Executive and the Committee, (3) Executive gives the Committee a thirty (30) day period after the delivery of such statement to cure the basis for such belief and (4) Executive actually submits his or her written resignation to the Committee during the sixty (60) day period which begins immediately after the end of such thirty (30) day period if Executive reasonably and in good faith determines that Good Reason continues to exist after the end of such thirty (30) day period; or

 

b.                                    The Company states in writing to Executive that Executive has the right to treat any such act or omission as Good Reason under this Agreement and Executive resigns during the sixty (60) day period which starts on date such statement is actually delivered to Executive.

 

(c)                               “Change in Control” shall mean a change in control of the Company of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934 (the “1934 Act”) as in effect at the time of such “change in control”, provided that such a change in control shall be deemed to have occurred on the earliest to occur of any of the following:

 

(i)                                   any “person” (as that term is used in Sections 13(d) and 14(d)(2) of the 1934 Act), other than an “affiliate” (as that term is defined in Section 5 of Article IV of the Company’s amended and restated certificate of incorporation) of Richard A. Lumpkin, is or becomes the beneficial owner 

 

 

(as defined in Rule 13d-3 under the 1934 Act) directly or indirectly, of securities representing a majority of the combined voting power for election of directors of the then outstanding securities of the Company or any successor to the Company;

 

(ii)                            during any period of two consecutive years or less, individuals who at the beginning of such period constitute the Board cease, for any reason, to constitute at least a majority of the Board, unless the election or nomination for election of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period;

 

(iii)                         the shareholders of the Company approve any reorganization, merger, consolidation or share exchange as a result of which the common stock of the Company shall be changed, converted or exchanged into or for securities of another corporation (other than a merger with a wholly-owned subsidiary of the Company) or any dissolution or liquidation of the Company or any sale or the disposition of 50% or more of the assets or business of the Company; or

 

(iv)                          shareholders of the Company approve any reorganization, merger, consolidation or share exchange unless (A) the persons who were the beneficial owners of the outstanding shares of the common stock of the Company immediately before the consummation of such transaction beneficially own at least a majority of the outstanding shares of the common stock of the successor or survivor corporation in such transaction immediately following the consummation of such transaction and (B) the number of shares of the common stock of such successor or survivor corporation beneficially owned by the persons described in § 2(c)(iv)(A) immediately following the consummation of such transaction is beneficially owned by each such person in substantially the same proportion that each such person had beneficially owned shares of the Company common stock immediately before the consummation of such transaction, provided (C) the percentage described in § 2(c)(iv)(A) of the beneficially owned shares of the successor or survivor corporation and the number described in § 2(c)(iv)(B) of the beneficially owned shares of the successor or survivor corporation shall be determined exclusively by reference to the shares of the successor or survivor corporation which result from the beneficial ownership of shares of common stock of the Company by the persons described in § 2(c)(iv)(A) immediately before the consummation of such transaction.

 

(d)                              “Change Effective Date” shall mean either the date which includes the “closing” of the transaction which makes a Change in Control effective if the Change in Control is made effective through a transaction which has a “closing” or the date a Change in Control is reported in accordance with applicable law as effective to 

 

 

the Securities and Exchange Commission if the Change in Control is made effective other than through a transaction which has a “closing”.

 

(e)                               “Annual Compensation” shall mean the sum of:  (i) Executive’s salary for one year at the greater of (A) Executive’s salary rate in effect immediately prior to the date of the Change in Control, or (B) Executive’s salary rate in effect on Executive’s Employment Termination; and (ii) the Amounts Payable Under Any Cash Bonus Plans (as defined below) in which Executive participates.

 

(f)                                  “Employment Termination” shall mean the effective date of:  (i) Executive’s voluntary termination of employment with the Company with Good Reason; or (ii) the termination of Executive’s employment by the Company without Good Cause.

 

(g)                               “Welfare Benefit Plan” shall mean each welfare benefit plan maintained or contributed to by the Company, including, but not limited to a plan that provides health (including medical and dental), life, accident or disability benefits or insurance, or similar coverage, in which Executive was participating immediately prior to the date of the Change in Control.

 

(h)                               “Amounts Payable Under Any Cash Bonus Plans” shall mean the annual amounts payable to Executive under any cash-based incentive or bonus plans or arrangements in which Executive participates, determined as if targeted performance goals under such plans or arrangements were attained at a 100% level, with respect to the fiscal year in which either Executive’s Employment Termination occurs or the Change in Control occurs, whichever produces a higher amount.

 

3.                                    Limitation on Payments.

 

Anything in this Agreement to the contrary notwithstanding, in the event that any payment or distribution by or on behalf of the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) is determined to be a “parachute payment” pursuant to Section 280G of the Internal Revenue Code (the “Code”) (the “Payments”), and if any portion of the Payments is determined to be an “excess parachute payment” pursuant to Code Section 280G, the Company shall reduce, eliminate or postpone the amount otherwise payable to Executive pursuant to Section 1 of the Agreement by an amount such that the aggregate “present value” (as defined in Code Section 280G) of the Payments is one dollar less than an amount equal to three times Executive’s “base amount” (as defined in Code Sections 280G), so that Executive is not liable for any payment of the excise tax described in Code Section 4999.

 

4.                                    Code Section 409A Compliance.  Notwithstanding anything in this Agreement to the contrary:

 

(a)                               If at Executive’s Employment Termination Executive is a “Key Employee” as defined in Code Section 416(i) (without reference to paragraph 5 thereof), to the 

 

 

extent any amounts payable to Executive pursuant to this Agreement are subject to Code Section 409A, payment of such amounts shall not be made until six months following Executive’s Employment Termination.

 

(b)                              Reimbursements or in-kind benefits provided under this Agreement that are subject to Code Section 409A are subject to the following restrictions:  (i) the amount of expenses eligible for reimbursements, or in-kind benefits provided, to Executive during a calendar year shall not affect the expenses eligible for reimbursement or the in-kind benefits provided in any other calendar year, and (ii) reimbursement of an eligible expense shall be made as soon as practicable, but in no event later than the last day of the calendar year following the calendar year in which the expense was incurred.

 

5.                                    Mitigation and Set-Off.  Executive shall not be required to mitigate Executive’s damages by seeking other employment or otherwise.  Except as provided in Section 1(c) of this Agreement, the Company’s obligations under this Agreement shall not be reduced in any way by reason of any compensation or benefits received (or foregone) by Executive from sources other than the Company after Executive’s Employment Termination, or any amounts that might have been received by Executive in other employment had Executive sought such other employment.  Executive’s entitlement to benefits and coverage under this Agreement shall continue after, and shall not be affected by, Executive’s obtaining other employment after his Employment Termination, provided that any such benefit or coverage shall not be furnished if Executive expressly waives the specific benefit or coverage by giving written notice of waiver to the Company.

 

6.                                    Litigation Expenses.  The Company shall pay to Executive all out-of-pocket expenses, including attorneys’ fees, incurred by Executive in the event Executive successfully enforces any provision of this Agreement in any action, arbitration or lawsuit.

 

7.                                    Restrictive Covenants.  Executive agrees that of the amount paid to Executive pursuant to Section 1(a) of the Agreement, a portion equal to [       ] times Executive’s Annual Compensation shall serve as adequate consideration for the restrictive covenants described below:

 

(a)                               Non-Compete.  Executive agrees that he shall not, while Executive is employed by the Company and for [       ] year following any Employment Termination, be associated, directly or indirectly, as an employee, proprietor, stockholder, partner, agent, representative, officer, or otherwise, with the operation of any business that is competitive with any line of business of the Company for which Executive has provided substantial services, in any geographic area in which such line of business was active at the time of Executive’s Employment Termination, without the prior written consent of the Company, which shall not unreasonably be withheld, except that Executive’s ownership (or that of his wife and children) of less than 1% of any class of publicly-traded securities of any such business shall not be considered a violation of this Section.  For purposes of the preceding sentence, Executive shall be considered as the “stockholder” of any equity 

 

 

securities owned by his spouse and all relatives and children residing in Executive’s principal residence.

 

(b)                              No Solicitation of Customers, Representatives, Agents or Employees.  Executive agrees that he shall not, while Executive is employed by the Company and for [       ] year following any Employment Termination, directly or indirectly, in his individual capacity or otherwise, induce, cause, persuade, or attempt to do any of the foregoing in order to cause, any customer, representative, agent or employee of the Company to terminate such person’s relationship with the Company or to violate the terms of any agreement between said customer, representative, agent or employee and the Company.

 

8.                                    Confidentiality.  Executive acknowledges that preservation of a continuing business relationship between the Company and its customers, representative, and employees is of critical importance to the continued business success of the Company and that it is the active policy of the Company to guard as confidential the identity of its customers, trade secrets, pricing policies, business affairs, representatives and employees.  In view of the foregoing, Executive agrees that he shall not, while employed by the Company and thereafter, without the prior written consent of the Company (which consent shall not be withheld unreasonably), disclose to any person or entity any information concerning the business of, or any customer, representative, agent or employee of, the Company which was obtained by Executive in the course of his employment by the Company.  This section shall not be applicable if and to the extent Executive is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge.

 

9.                                    Assignment; Successors.  This Agreement may not be assigned by the Company without the written consent of Executive but the obligations of the Company under this Agreement shall be the binding legal obligations of any successor to the Company by merger, consolidation or otherwise, and in the event of any business combination or transaction that results in the transfer or substantially all of the assets or business of the Company, the Company will cause the transferee to assume the obligations of the Company under this Agreement.  This Agreement may not be assigned by Executive during Executive’s life, and upon Executive’s death will inure to the benefit of Executive’s heirs, legatees and legal representatives of Executive’s estate.

 

10.                            Withholding.  The Company may withhold from any payment that it is required to make under this Agreement amounts sufficient to satisfy applicable withholding requirements under any federal, state or local law.

 

11.                            Amendment or Termination.  This Agreement may be amended at any time by written agreement between the Company and Executive.  The Company may terminate this Agreement by written notice given to Executive at least two years prior to the effective date of such termination, provided that, if a Change in Control occurs prior to the effective date of such termination, the termination of this Agreement shall not be effective and Executive shall be entitled to the full benefits of this Agreement.  Any such amendment or termination shall be made pursuant to a resolution of the Board.

 

 

12.                            Financing.  Cash and benefit payments under this Agreement shall constitute general obligations of the Company.  Executive shall have only an unsecured right to payment thereof out of the general assets of the Company.  Notwithstanding the foregoing, the Company may, by agreement with one or more trustees to be selected by the Company, create a trust on such terms as the Company shall determine to make payments to Executive in accordance with the terms of this Agreement.

 

13.                            Interpretation.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Illinois, without regard to the conflict of law principles thereof.

 

14.                            Severability.  In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect.

 

15.                            Other Agreements.  This Agreement supersedes and cancels any prior written or oral agreements and understandings relating to the terms of this Agreement including any prior Employment Security Agreement between Executive and the Company and any Change in Control Severance Agreement or similar arrangement between Executive and SureWest Communications.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

 

	
Consolidated   Communications
    	
 
    	
 
    	
 
    
	
Holdings, Inc.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Its:
    	
 
    	
 
    	
 
    	
ExecutiveExhibit 10.24(i)

 

August 8, 2011

 

Helen I. Torley, M.B. Ch.B., M.R.C.P.
 2600 Via Segunda
 Palos Verdes Estates, CA 90274

 

Dear Helen,

 

On behalf of Onyx Pharmaceuticals, it is a great pleasure to extend to you an offer of employment as Executive Vice President and Chief Commercial Officer, reporting to me, and you shall perform such services and duties as are customarily performed by senior executives in your position as more specifically described in the Position Profile attached hereto.  In making this offer, we at Onyx are expressing our enthusiastic support for the skills and commitment you will bring to our exciting team.  We are pleased to offer you the following:

 

Start Date:  Your start date  will be August 29th 2011.

 

Salary:  Your semi-monthly salary will be $20,833.33, totaling $500,000 per year. Future increases will be awarded on the basis of performance.  In accordance with the Company’s policy in effect for similarly situated senior executives, your salary will be reviewed on or before December 31, 2011 and annually thereafter, and in no event will your base salary or benefits be diminished.

 

Sign-On:  You will receive a sign-on bonus of $150,000, which will be subject to required deductions and withholdings.  If you separate from the company voluntarily within twelve months after your date of hire, you will be expected to repay the sign-on bonus in full.

 

Bonus:  You are eligible, at the end of each year, to receive an annual bonus amount of up to 50% of your base salary if Onyx achieves its corporate objectives and you achieve the performance objectives set for you.  If you leave at any time during a year, you are not eligible for any prorated amount of your unearned target bonus for that year. Bonus payments will be subject to required deductions and withholdings.  The Company shall have the sole discretion to determine whether you have earned any bonus set forth in this paragraph and, if so, the amount of any such bonus.

 

At Onyx, our salary merit increases, equity grants, and potential bonus amounts are based upon the assumption that an employee has provided services to the Company for the entire calendar year.  Therefore, if you join Onyx at any time between January 1 and September 30 of any calendar year, your potential salary merit increase, equity grants, and potential bonus, if any is awarded, will be prorated for the actual amount of service you provide during that calendar year.  If you join Onyx after September 30 of any calendar year, you will not be eligible for a salary merit increase or bonus for that performance year.

 

Stock:  Subject to approval by the Compensation Committee of our Board of Directors, you will be granted an option to purchase 84,000 Onyx shares at the market price on your start date. The options will be issued pursuant to the Company’s standard Option Agreement.  These options will be exercisable in installments based upon your continued employment as follows: 25% after the first twelve months, 1/48th per month thereafter, for a total of a four-year vesting period.  I will also recommend that the Compensation Committee of our Board of Directors grant you the following shares of restricted stock:

 

·                  12,000 shares of restricted stock, the shares subject to which shall vest in a series of three (3) successive equal annual installments over a three-year period commencing from the grant date, provided that your continuous service has not terminated prior to each vesting date

·                  22,500 shares of restricted stock which will vest on the attainment of specific enterprise goals as defined in Attachment A:,

 

 

·                  10,000 shares of restricted stock that will vest, within twelve- and twenty-four-month timeframes, upon attainment of certain Commercial performance deliverables and metrics, which such deliverables, metrics, and applicable timeframes to be set forth by me within your first month of employment after consultation with you.

 

In addition to these grants, Onyx employees are eligible for annual equity grants based on individual performance.  If you join Onyx after September 30 of any calendar year, you will not be considered eligible for an annual stock grant for that performance year.

 

Benefits:  You will be eligible to participate in the Company’s medical, dental, vision, EAP, life insurance, and short and long-term disability insurance programs pursuant to the terms of these plans and our vacation, sick and holiday programs in accordance with company policy.  You may also sign up to participate in our 401(k) Retirement Savings Plan and our Employee Stock Purchase Plan.  In addition, you may choose to have additional Voluntary Term Life for you and your eligible dependents.

 

Relocation:  You will receive $300,000 for expenses involved in relocating to the San Francisco Bay Area.  This relocation payment will be subject to required deductions and withholdings, and will be made on the following payment schedule:  25% (or $75,000) as soon as practicable after you start work at Onyx, and the remaining 75% (or $225,000) upon your purchase of a home in the San Francisco Bay Area.  In addition, Onyx will pay for the actual movement of household goods as well as your one-way travel to the Bay Area.

 

Onyx expects you to purchase a home in the San Francisco Bay Area within eighteen months after your start date.  If you fail to purchase a home in the San Francisco Bay Area, and fail (in the Company’s sole discretion) to make good-faith efforts to do so, by that date, then you agree to repay all costs associated with your relocation, in full, to the Company, upon request.  If you separate from the company voluntarily within twenty-four (24) months after your effective date you will be expected to repay costs associated with relocation in full.  Onyx has retained a relocation company to assist you.

 

Housing Assistance: Onyx will provide you with housing assistance in the form of monthly payments of $3,250 for a period of up to eighteen months , or until such time as you have purchased a home in the San Francisco Bay Area, for a maximum benefit of $58,500. Your housing assistance benefits will be included in your regular payroll, and will be subject to required deductions and withholdings. Of course, you must remain an employee in order to receive these monthly payments and if your employments ends for any reason during this eighteen month payment period    ( whether your employment ends at your request or the Company’s request), no additional payments will be provided (and you will not be required to repay any monthly housing assistance).

 

The company makes no representations to you regarding the tax treatment of the relocation and housing assistance to be provided to you.

 

Executive Severance Benefit Plan.  You will be eligible to participate in the Company’s Executive Severance Benefit Plan, pursuant to the terms and conditions of that plan.  See attachment.

 

This offer is contingent upon your signing our Employee Confidential Information and Inventions Assignment Agreement and providing legally required evidence of your right to work in the United States, as well as Onyx’s successful completion of your reference and background checks.  We ask that you return one signed copy of each of the enclosed Employee Confidential Information and Inventions Assignment Agreement and this offer letter.  In consideration of your employment, you also agree to conform to the rules and standards of the Company.

 

In accordance with Federal Law, all new employees are required to present evidence of their eligibility to be employed in the United States.  Accordingly, we request that you provide us with a copy of documents appropriate for this purpose within 72 hours of your employment date.

 

2

 

Your employment is “at will.” You or Onyx may terminate your employment at any time, with or without cause, with or without notice.  This letter, when signed by you, will constitute the entire agreement between Onyx and you respecting the position, and supersedes all prior negotiations and agreements pertaining to the position whether written or oral.  No employee or representative of the Company, other than its CEO (or designee), has the authority to make any expressed or implied agreement contrary to the foregoing.  Further, the CEO at Onyx may not alter the at-will nature of the employment relationship or enter into any employment agreement for a specific time unless the CEO (or designee) and you both sign a written agreement that clearly and expressly specifies the intent of doing so.

 

We acknowledge that you may have certain obligations to cooperate in litigation pertaining to matters that occurred while you were employed by your prior employer.  We fully expect you to use your best efforts to arrange such cooperation to minimize any disruption in the performance of your duties for Onyx.  Nevertheless, we agree that your required cooperation in such matters will not per se be a basis for your termination for cause.

 

If this arrangement is acceptable to you, please indicate your acceptance of the terms of this employment offer by signing and dating one copy and returning it, along with the signed Employee Confidential Information and Inventions Assignment Agreement, to me.  This offer of employment will expire on August 9th, 2011, unless accepted prior to that date.

 

We are very enthusiastic about the prospect of having you on the Onyx team and we are confident that you will make a valuable contribution to the success of the company.

 

Sincerely,

 

 

	
/s/ Tony Coles
    	
 
    
	
 
    	
 
    
	
Tony Coles
    	
 
    
	
President and Chief Executive Officer
    	
 
    

 

I accept Onyx Pharmaceutical’s offer of employment on the terms stated.

 

	
/s/   Helen Torley
    	
 
    	
8-12-11
    	
 
    	
8-29-11
    
	
Accepted   (signature)
    	
 
    	
Date
    	
 
    	
Estimated   Start Date
    

 

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