Document:

ex10-5.htm

EXHIBIT 10.5

 

Dated as of March 15, 2012

Mr. Michael Feinman

10 Northwood Court

Dix Hills, New York 11746

Dear Mike:

This letter agreement sets forth the terms and conditions pursuant to which Aceto Corporation (the "Company") will engage you to provide consulting services to the Company on an independent contractor basis.

    1.   Services; Duties.  During the Consulting Period (as defined in Section 2 below), the Company hereby engages you on an as needed basis from time-to-time to provide sales services in support of the Crop Protection segment (the "Consulting Services").  The Consulting Services shall be performed at a combination of on-site at the Company’s offices or remotely during the hours of 8:30 a.m. to 5:00 p.m.  During the Consulting Period you will report to Terry Kippley with regard to your consulting schedule, location as to where services are to be performed, and duties.  Your schedule will be set in consultation with Mr. Kippley on the Friday prior to the week during which you will perform the services.  During the Consulting Period, you will: (a) render the Consulting Services ethically and conscientiously and devote your best efforts and abilities to the Company; and (b) observe all policies and directives in place from time-to-time by the Company for independent contractors.  During the Consulting Period (as defined below), you agree that the Consulting Services shall be exclusive to the Company – you may not render similar such services to any person or entity other than the Company.

    2.   Consulting Period.  The period during which you will provide the Consulting Services to the Company (the “Consulting Period”) shall commence as of July 1, 2012 and shall continue until December 31, 2013.

    3.   Termination. Beginning July 1, 2013, either party may terminate this Agreement with thirty (30) days advance written notice.

    4.   Fees.  As fees for all Consulting Services provided by you under this letter agreement during the Consulting Period, the Company will pay you at the rate of $1,150 per day for the period July 1, 2012 to December 31, 2012 (or first seventy-two days of which no more than ten (10) days may be rolled over into the January 1, 2013-June 30, 2013 period), for the period beginning January 1, 2013 through December 31, 2013 the Company will pay you at the rate of $1,100 per day for each day you provide Consulting Services (the “Consulting Fees”).  During the Consulting Period, the Company shall pay you for Consulting Services a minimum of:

 

 

	 	●	
twelve (12) days per month during the period July 1, 2012 to December 31, 2012,

	 	 	 
	 	●	
eight (8) days per month during the period January 1, 2013 to June 30, 2013, and

	 	 	 
	 	●	
four (4) days per month during the period July 1, 2013 to December 31, 2013.

 

  

  

  

 

	
Mike Feinman Consulting Agreement

	  	
Dated as of March 15, 2012

 

 

 

All Consulting Fees under this letter agreement shall be payable without deduction for federal income, social security, or state or local income taxes.  In all events, any Consulting Fees payable under this letter agreement shall be payable monthly in arrears, but in no event later than the 15th day of the month following the month that such Consulting Services were provided.  In the event Consultant is asked by Mr. Kippley and/or the Company to work additional days above the minimum days per month (as set forth above), for each such day worked the Consultant will be paid the prevailing daily rate.

    5.   Independent Contractor.  It is expressly agreed that you are acting solely as an independent contractor in performing the Consulting Services.  Neither party to this letter has any authority to bind or commit the other nor will either party’s acts or omissions be deemed the acts of the other.  The Company shall carry no worker's compensation insurance or any health or accident insurance to cover you.  The Company shall not pay any contributions to Social Security, unemployment insurance, federal or state withholding taxes, or provide any other contributions or benefits which might be expected in an employer-Independent Contractor relationship and you expressly waive any right to such participation or coverage.  By executing this letter, you agree that you shall make such contributions and pay applicable taxes and hereby indemnify and hold harmless the Company in the event of your failure to do so.

 

    6.   Expenses.  The Consultant will be reimbursed for expenses incurred for services performed for the Company.  This includes telephone charges and travel expenses (air, hotel, car/taxi, meals) in accordance with Aceto’s Travel Policy. The Consultant will need to obtain approval by Terry Kippley for any travel-related expenses prior to purchase. The Consultant must provide receipts for all expenses to the Company before any reimbursement will be issued to the Consultant.  The Company will reimburse approved expenses within 30 days of receipt.

 

    7.   Confidential Information and Non-Compete.  By executing this letter agreement below, you agree that during the course of your providing services to the Company as an independent contractor and for a period of one-year following the end of this agreement, you shall not, directly or indirectly, use or disclose, in whole or in part, any of the Company's trade secrets, confidential or proprietary information subject to the terms and conditions of the Non-Disclosure Agreement, as annexed in Exhibit A.

    8.   Entire Agreement.  This Agreement contains the entire agreement of the parties with respect to the subject matter hereof and supersede all agreements and understandings (whether written or oral) between the parties hereto concerning the subject matter hereof.  This Agreement may be modified by the parties hereto only by a written supplemental agreement executed by both parties.

    9.   Governing Law.  Any and all actions or controversies arising out of this letter agreement or your engagement, including, without limitation, tort claims, shall be construed and enforced in accordance with the laws of the State of New York, without regard to its choice of law rules.

 

  

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Mike Feinman Consulting Agreement

	 	
Dated as of March 15, 2012

 

 

 

Kindly sign your name at the end of this letter agreement to signify your understanding and acceptance of these terms and that no one at the Company has made any other representation to you.  The letter agreement, countersigned by you, must be returned to the Company on or before March 16, 2012.

 

 

	Very truly yours,	 	 	 
	 	 	 	 
	ACETO CORPORATION	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Charles J. Alaimo	 	 	 
	Name:  Charles J. Alaimo	 	 	 
	Title:    Vice President, Human Resources	 	 	 
	
 

	 	 	 
	 	 	 	 
	Agreed and accepted this 16 day	 	 	 
	of  March, 2012	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Mike Feinman	 	 	 
	Mike Feinman	 	 	 

 

  

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Mike Feinman Consulting Agreement

	 	
Dated as of March 15, 2012

 

Exhibit A: CONFIDENTIALITY AND NON-DISCLOSURE AGREEMENT

This agreement is made by the Independent Contractor and Aceto Corporation and its divisions, subsidiaries and affiliated entities (collectively referred to herein as “Aceto”) having their principal place of business at 4 Tri Harbor Court, Port Washington, NY 11050.

WHEREAS, Aceto desires to employ the Independent Contractor and the Independent Contractor desires to be employed upon the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, Aceto and the Independent Contractor agree as follows:

1.           General. Aceto hereby employs the Independent Contractor and the Independent Contractor agrees to be employed by Aceto upon the terms and conditions set forth herein.

2.           Term of Employment.  The Independent Contractor’s employment with Aceto shall be for a set period as defined in the Independent Contractor Agreement.

3.           Definition.  “Confidential Information” means any information concerning or referring in any way to the business of Aceto disclosed to or acquired by the Independent Contractor through or as a consequence of the Independent Contractor’s employment with Aceto.  For purposes of this Agreement, Confidential Information consists of information proprietary to Aceto which is not generally known to the public and which in the ordinary course of business is maintained by Aceto as confidential.  By way of example and without limitation, Confidential Information consists of computer software, trade secrets, patents, inventions, copyrights, techniques, designs, and other technical information in any way concerning or referring to scientific, technical or mechanical aspects of Aceto’s products, concepts, processes, machines, engineering, research and development.  Confidential Information also includes, without limitation, information in any way concerning or referring to Aceto’s business methods, business plans, forecasts and projections, operations, organizational structure, finances, customers, funding, pricing, costing, marketing, purchasing, merchandising, sales, products, product information, suppliers, customers, Independent Contractors or their compensation, data processing, software and all other information designated by Aceto as “confidential”.

Confidential Information does not include information, customers, technical data or know-how which:

 

	
(i)

	
is in the possession of the receiving party at the time of disclosure as shown by the receiving party’s files and records immediately prior to the time of disclosure;

	  	  
	
(ii)

	
prior or after the time of disclosure becomes part of the public knowledge or literature, not as a result of any inaction or action of the receiving party;

	  	  
	
(iii)

	
is approved for release by the disclosing party;

	  	  
	
(iv)

	
was rightfully received from third parties; or

	  	  
	
(v)

	
was independently developed by the receiving party.

  

  

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Mike Feinman Consulting Agreement

	 	
Dated as of March 15, 2012

 

 

 

4.   Non-Disclosure of Confidential Information.  The Independent Contractor covenants and agrees with Aceto that he will not at any time, except in the performance of his obligations to Aceto hereunder or with the prior written consent of Aceto, directly or indirectly, disclose any Confidential Information that he has obtained or may obtain by reason of his association with Aceto or any of its divisions, subsidiaries and affiliated entities.  The Independent Contractor agrees not to use the Confidential Information disclosed to him by Aceto for his own use or for any purpose. The Independent Contractor will not disclose the Confidential Information to third parties.  The Independent Contractor agrees that he will take all reasonable steps to protect the secrecy of and avoid disclosure or use of the Confidential Information of Aceto in order to prevent it from falling into the public domain or the possession of unauthorized persons.  The Independent Contractor agrees to notify Aceto in writing of any misuse or misappropriation of such Confidential Information of Aceto which may come to his attention.

5.   Non-Compete. Until the period ending one year after the Independent Contractor ceases to be employed by Aceto (the “Non-Competition Period”), Independent Contractor shall not, directly or indirectly, either for himself or any other person, own, manage, control, materially participate in, invest in, permit his name to be used by, act as consultant or advisor to, render material services for (alone or in association with any person, firm, corporation or other business organization) or otherwise assist in any manner any business which is a competitor of a substantial portion of Aceto’s business or of the business of any subsidiary of Aceto (collectively, a "Competitor").  Nothing herein shall prohibit Independent Contractor from being a passive owner of not more than five percent (5%) of the equity securities of a Competitor which is publicly traded, so long as he has no active participation in the business of such Competitor.

6.   Non-Solicitation. During the Non-Competition Period (as defined in Section 5 above), Independent Contractor shall not, directly or indirectly: (i) induce or attempt to induce or aid others in inducing anyone working at Aceto to cease working at Aceto, or in any way interfere with the relationship between Aceto and anyone working at Aceto; or (ii) in any way interfere with the relationship between Aceto and any customer, supplier, licensee or other business relation of Aceto.

7.   Injunctive Relief.  Without intending to limit the remedies available to Aceto, the Independent Contractor acknowledges that a breach of any of the covenants contained in sections 4, 5 or above may result in material and irreparable injury to Aceto or its affiliates or subsidiaries for which there is no adequate remedy at law; that it will not be possible to measure damages for such injuries precisely; and that in the event of such a breach or threat thereof, Aceto shall be entitled to obtain a temporary restraining order and/or a preliminary and/or permanent injunction restraining the Independent Contractor from engaging in activities prohibited by sections 4, 5 and/or 6 above or such other relief as may be required specifically to enforce any of the covenants in sections 4, 5 and/or 6.  If for any reason a final decision of any court determines that the restrictions under sections 4, 5 and/or 6 are not reasonable or that consideration therefore is inadequate, such restrictions shall be interpreted, modified and/or rewritten by such court to include as much of the duration and scope identified in sections 4, 5 and/or 6 as will render such restrictions valid and enforceable.

8.   Severability.  If a court of competent jurisdiction determines that any term or provision hereof is invalid or unenforceable:  (i) the remaining terms and provisions hereof shall be unimpaired; and (ii) such court shall have the authority to replace such invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision.

 

  

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Mike Feinman Consulting Agreement

	 	
Dated as of March 15, 2012

 

 

 

9.   Successors.  This Agreement shall be binding upon, inure to the benefit of and be enforceable by the Independent Contractor and Aceto, their respective heirs, executors, administrators and assigns.  In the event Aceto is merged, consolidated or liquidated by a parent corporation, or otherwise combined into one or more corporations, the provisions of this Agreement shall be binding upon and inure to the benefit of the parent corporation or the corporation resulting from such merger or to which the assets shall be sold or transferred, which corporation from and after the date of such merger, consolidation, sale or transfer shall be deemed to be Aceto for purposes of this Agreement.  This Agreement shall not be assignable by the Independent Contractor.

 

10.        Return of Information.  Upon request of Aceto, the Independent Contractor agrees to promptly return all Confidential Information furnished to him/her by Aceto, together with all copies thereof in his/her possession.

 

11.        Governing Law.  This Agreement will be governed by the laws of the State of New York.

12.        Entire Agreement.  This Agreement sets for the entire agreement and understanding between the parties concerning the subject matter set forth herein and supersedes all prior agreements, memoranda, representations and understandings between them concerning the subject matter set forth herein.  Except as provided in this Agreement, no other relationship shall be created by this Agreement.  This Agreement may only be amended by a written agreement signed by Aceto and the Independent Contractor.

-6-Assumption Agreement

 Exhibit 10.1 
 ASSUMPTION AGREEMENT 
 This ASSUMPTION AGREEMENT (this “Assumption
Agreement”) is entered into as of June 29, 2012 (the “Effective Date”) by and between Amylin Pharmaceuticals, Inc., a corporation organized and existing under the laws of the State of Delaware
(“Amylin”) and Bristol-Myers Squibb Company, a Delaware Corporation (the “Company”). Amylin and the Company are each referred to herein by name or as a “Party” or, collectively, as the
“Parties.” 
 WHEREAS, Amylin and Eli Lilly and Company (“Lilly”) have entered into that
certain Settlement and Termination Agreement dated November 7, 2011 (such agreement, as it may be amended or otherwise modified from time to time, the “Settlement Agreement”), pursuant to which, among other things, Amylin is
obligated to pay certain amounts to Lilly; 
 WHEREAS, Amylin and the Company have entered into that certain Agreement And Plan
of Merger, by and among the Company, B&R Acquisition Company, a Delaware corporation and a wholly-owned Subsidiary of the Company and Amylin, dated as of the Effective Date (the “Amylin/Company Agreement”); 

WHEREAS, Section 13.17 of the Settlement and Termination Agreement provides that in the event of a Transfer Trigger Event referenced
in subsections (i) or (ii) of the definition thereof, Amylin shall cause any successor, assignee or transferee to assume all of Amylin’s obligations to Lilly pursuant to the Settlement Agreement and the Note and the Security Agreement
(each as defined in the Settlement Agreement); and 
 WHEREAS, as contemplated by the Settlement Agreement, Amylin now desires
for the Company to assume, and the Company now desires to assume, in each case, with effect as of the Acceptance Time (as defined in the Amylin/Company Agreement), the obligations of Amylin under the Settlement Agreement, the Note and the Security
Agreement, all on the terms set forth herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties intending to be legally bound do hereby agree as follows: 

 

	1.	All capitalized terms used but not defined herein shall have the meanings set forth in the Settlement Agreement. 

 

	2.	The Company hereby assumes and agrees, with effect as of the Acceptance Time (as defined in the Amylin/Company Agreement), to satisfy, perform, pay and discharge when
and as due any and all of Amylin’s covenants, agreements and obligations, whether now existing or hereafter arising, and whether absolute, contingent, matured or unmatured, under the Settlement Agreement, the Note and the Security Agreement.

  

	3.	 Notwithstanding anything to the contrary herein, this Assumption Agreement shall terminate and the Company shall have no further obligations under this
Assumption Agreement in the 

	 	
event of termination of the Amylin/Company Agreement in accordance with its terms; provided that, as of the time of such termination, the Acceptance Time has not yet occurred.

  

	4.	The Company acknowledges and agrees that Lilly is an express third party beneficiary to this Assumption Agreement and that Lilly shall have the right to enforce all
obligations of Amylin and the Company hereunder, and Amylin and the Company shall not amend this Assumption Agreement without the prior written consent of Lilly. 

 

	5.	This Assumption Agreement shall be construed in accordance with, and governed by, the laws of the State of New York, without giving effect to any conflicts of laws
principles that might otherwise refer construction or interpretation of this Assumption Agreement to the substantive law of another jurisdiction. 

  

	6.	Neither Amylin nor the Company may assign or otherwise transfer this Assumption Agreement or any right or obligation hereunder without the express written consent of
Lilly (such consent not to be unreasonably conditioned, withheld or delayed). 

  

	7.	This Assumption Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. This Assumption Agreement may be executed by facsimile or other electronic signatures and such signatures will be deemed to bind each Party as if they were original signatures. 

 

	8.	Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as may be necessary or appropriate in order to carry out
the purposes and intent of this Assumption Agreement. 

  

	9.	All notices which are required or permitted hereunder will be in writing and sufficient if delivered personally or sent by nationally-recognized overnight courier (with
confirmation of delivery) addressed as follows: 

 if to Amylin, to: Amylin Pharmaceuticals, Inc. 

9360 Towne Centre Drive 
 San Diego, California 92121 
 Attn: Chairman and Chief Executive Officer

 with a copy to (which shall not constitute notice): 
 Amylin Pharmaceuticals, Inc. 
 9360 Towne Centre Drive 

San Diego, California 92121 
 Attn: General Counsel 
 and:
                   Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036-6522

 
        Attn: Nancy Lieberman, Esq. 
          Ann Beth Stebbins, Esq. 
 E-mail: nancy.lieberman@skadden.com 

             annbeth.stebbins@skadden.com 

if to the Company, to: Bristol-Myers Squibb Company 
 345 Park Avenue 
 New York, New York 10154 

Attn: Senior Vice President, General Counsel and 

          Corporate Secretary 

E-mail: sandra.leung@bms.com 
 with copies to (which shall not constitute notice): 
 Bristol-Myers
Squibb Company 
 Route 206 and Province Line Road 

Princeton, New Jersey 08543 
 Attn: Vice President and Assistant General Counsel, 
 Transactional
Practice Group, Corporate Development 
 E-mail: joseph.campisi@bms.com 

and:                   Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York, New York 10022 
 Attn: David Fox 

         Daniel Wolf 

E-mail: david.fox@kirkland.com 
              daniel.wolf@kirkland.com 
 in each case, with a copy to: 
 Eli Lilly and Company 

Lilly Corporate Center 
 Indianapolis, IN 46285 
 Attention: General Counsel 

and with a copy to: 
 Covington & Burling LLP 
 1201 Pennsylvania Ave., N.W.

 Washington, D.C. 20004 

Attn: John A. Hurvitz 
 or to such other address as the Party to whom notice is to be given may have furnished to the other Party in writing in accordance herewith. Any such notice will be deemed to have been given when
delivered if personally delivered or on the Business Day after dispatch if 

 sent by nationally-recognized overnight courier (with confirmation of delivery). 

 

	10.	If any one or more of the provisions of this Assumption Agreement is held to be invalid or unenforceable by any court of competent jurisdiction from which no appeal can
be or is taken, the provision shall be considered severed from this Assumption Agreement and shall not serve to invalidate any remaining provisions hereof. The Parties shall use their best efforts in good faith to replace any invalid or
unenforceable provision with a valid and enforceable one such that the objectives contemplated by the Parties when entering this Assumption Agreement may be realized. 

 

	11.	Ambiguities, if any, in this Assumption Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous
provision. 

  

	12.	Any delay in enforcing a Party’s rights under this Assumption Agreement or any waiver as to a particular default or other matter shall not constitute a waiver of
such Party’s rights to the future enforcement of its rights under this Assumption Agreement, excepting only as to an express written and signed waiver as to a particular matter for a particular period of time. 

[Signature Page Follows] 

 IN WITNESS THEREOF, the Parties have executed this Assumption Agreement as of the Effective Date.

  

			
	AMYLIN PHARMACEUTICALS, INC.
		
	By:	 	/s/ Daniel M. Bradbury
	Name:	 	Daniel M. Bradbury
	Title:	 	President and Chief Executive Officer
	
	BRISTOL-MYERS SQUIBB COMPANY
		
	By:	 	/s/ Demetrios Kydonieus
	Name:	 	Demetrios Kydonieus
	Title:	 	Vice President, Strategy, Alliances & Transactions

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