Document:

Exhibit 10.3

 

 

	
Banc of America Leasing & Capital, LLC
    	
Equipment Security Note Number:   70001  
    

 

This Equipment Security Note No. 70001, dated as of March 14, 2013, (this “Equipment Note”), is entered into pursuant to and incorporates by this reference all of the terms and provisions of that certain Master Loan and Security Agreement No. 25463-70000 dated as of March 14, 2013 (the “Master Agreement”), by and between Banc of America Leasing & Capital, LLC (“Lender”) and Stellaris LLC (“Co-Borrower”), Arb, Inc. (“Co-Borrower”), James Construction Group, L.L.C. (“Co-Borrower”), Miller Springs Materials, L.L.C. (“Co-Borrower”) and Primoris Energy Services Corporation (“Co-Borrower”), (each a Co-Borrower herein, together referred to as “Borrower”).  All capitalized terms used herein and not defined herein shall have the respective meanings assigned to such terms in the Master Agreement. If any provision of this Equipment Note conflicts with any provision of the Master Agreement, the provisions contained in this Equipment Note shall prevail. Borrower hereby authorizes Lender to insert the serial numbers and other identification data of the Equipment, dates, and other omitted factual matters or descriptions in this Equipment Note.

 

The occurrence of an “Event of Default,” as defined in the Master Agreement, shall entitle Lender to accelerate the maturity of this Equipment Note and to declare the Prepayment Amount to be immediately due and payable, and to proceed at once to exercise each and every one of the remedies provided in the Master Agreement or otherwise available at law or in equity.  All of Borrower’s Obligations under this Equipment Note are absolute and unconditional, and shall not be subject to any offset or deduction whatsoever.  Borrower waives any right to assert, by way of counterclaim or affirmative defense in any action to enforce Borrower’s Obligations hereunder, any claim whatsoever against Lender.

 

1.         Equipment Financed; Equipment Location; Grant of Security Interest.  Subject to the terms and provisions of the Master Agreement and as provided herein, Lender is providing financing in the principal amount described in Section 2 below to Borrower in connection with the acquisition or financing of the following described Equipment:

 

	
Quantity
    	
 
    	
Description
    	
 
    	
Serial Number
    	
 
    	
Cost
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

See Exhibit “A” attached hereto and made a part hereof.

 

Location of Equipment.  The Equipment will be located or (in the case of over-the-road vehicles) based at the following locations:

 

	
Location
    	
 
    	
Address
    	
 
    	
City
    	
 
    	
County
    	
 
    	
State
    	
 
    	
ZIP
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

See Exhibit “A” attached hereto and made a part hereof.

 

Borrower has agreed and does hereby grant a security interest in and to the Equipment and the Collateral related thereto, whether now owned or hereafter acquired and wherever located, in order to secure the payment and performance of all Obligations owing to Lender, including but not limited to this Equipment Note, all as more particularly provided in the Master Agreement.  Lender’s agreement to provide the financing contemplated herein shall be subject to the satisfaction of all conditions established by Lender and Lender’s prior receipt of all required documentation in form and substance satisfactory to Lender in its sole discretion.

 

2.         Payments.  For value received, Borrower promises to pay to the order of Lender, the principal amount of $16,115,986.00, together with interest thereon as provided herein.  This Equipment Note shall be payable by Borrower to Lender in 84 (eighty four) consecutive monthly, installments of principal and interest (the “Payments”) commencing on April 25, 2013 (the “Initial Payment”) and continuing thereafter through and including March 25, 2020 (the “Maturity Date”) (collectively, the “Equipment Note Term”).  Each Payment shall be in the amount provided below, and due and payable on the same day of the month as the Initial Payment set forth above in each succeeding payment period (each, a “Payment Date”) during Equipment Note Term.  All interest hereunder shall be calculated on the basis of a year of 360 days comprised of 12 months of 30 days each.  The final Payment due and payable on the Maturity Date shall in any event be equal to the entire outstanding and unpaid principal amount of this Equipment Note, together with all accrued and unpaid interest, charges and other amounts owing hereunder and under the Master Agreement.

 

(a)  Interest Rate.  Interest shall accrue on the entire principal amount of this Equipment Note outstanding from time to time at a fixed rate of two and 18/100 percent (2.18%) per annum or, if less, the highest rate of interest permitted by applicable law (the “Interest Rate”), from the date hereof until the principal amount of this Equipment Note is paid in full, and shall be due and payable on each Payment Date.

 

(b)  Payment Amount.  The principal and interest amount of each Payment shall be $207,043.99.

 

1

 

3.             Prepayment.  Borrower may prepay all (but not less than all) of the outstanding principal balance of this Equipment Note on a scheduled Payment Date upon 30 days prior written notice from Borrower to Lender, provided that any such prepayment shall be made together with (a) all accrued interest and other charges and amounts owing hereunder through the date of prepayment, and (b) a prepayment charge calculated as follows: three percent (3.0%) of the amount prepaid during months one (1) through twelve (12), two percent (2.0%) of the amount prepaid during months thirteen (13) through twenty-four (24), one percent (1.0%) of the amount prepaid during months twenty-five (25) through thirty-six (36) and no prepayment penalty thereafter; provided, however, that, if any prepayment of this Equipment Note is made following an Event of Default, by reason of acceleration or otherwise, the prepayment charge shall be calculated based upon the full original Equipment Note Term.

 

4.         Borrower Acknowledgements.  Upon delivery and acceptance of the Equipment, Borrower shall execute this Equipment Note evidencing the amounts financed by Lender in respect of such Equipment and the Payments of principal and interest hereunder.  By its execution and delivery of this Equipment Note, Borrower:

 

(a)                   reaffirms of all of Borrower’s representations, warranties and covenants as set forth in the Master Agreement and represents and warrants that no Default or Event of Default under the Master Agreement exists as of the date hereof;

 

(b)                   represents, warrants and agrees that: (i) the Equipment has been delivered and is in an operating condition and performing the operation for which it is intended to the satisfaction of Borrower; (ii) each item of Equipment has been unconditionally accepted by Borrower for all purposes under the Master Agreement and this Equipment Note; and (iii) there has been no material adverse change in the operations, business, properties or condition, financial or otherwise, of Borrower or any Guarantor since June 30, 2012;

 

(c)                    authorizes and directs Lender to advance the principal amount of this Equipment Note to reimburse Borrower or pay Vendors all or a portion of the purchase price of Equipment in accordance with Vendors’ invoices therefor, receipt and approval of which are hereby reaffirmed by Borrower; and

 

(d)         agrees that Borrower is absolutely and unconditionally obligated to pay Lender all Payments at the times and in the manner set forth herein.

 

5.         Registration.

 

(a)  All items of Equipment that are motor vehicles shall at all times be registered and titled as follows:

 

	
(A) Registered Owner.
    	
James   Construction Group, L.L.C.
    
	
 
    	
11200   Industriplex Blvd, Ste 150
    
	
 
    	
Baton   Rouge, LA 70809
    
	
 
    	
 
    
	
 
    	
Miller   Springs Materials, L.L.C.
    
	
 
    	
11200 Industriplex Boulevard, Suite 150
    
	
 
    	
Baton Rouge, LA 70809
    
	
 
    	
 
    
	
 
    	
Stellaris   LLC
    
	
 
    	
26000   Commercentre Drive
    
	
 
    	
Lake   Forest, CA 92630
    
	
 
    	
 
    
	
(B) Lienholder.
    	
Banc of America Leasing & Capital, LLC
    
	
 
    	
2059   Northlake Parkway, 3rd Floor
    
	
 
    	
Tucker,   GA 30084
    

 

(b)         Borrower shall be responsible for the correct titling of all such items of Equipment.  Borrower shall cause the original certificates of title to be delivered to Lender for retention in Lender’s files throughout the term of the Equipment Note.  All costs of such registration and licensing are for the account of Borrower.

 

2

 

	
BANC OF AMERICA LEASING & CAPITAL, LLC  
    	
 
    	
Co-Borrower: STELLARIS LLC  
    
	
 
    	
 
    	
By: Primoris Services Corporation   (fka Primoris  Corporation),   its Sole Member
    
	
 
    	
 
    	
 
    
	
By:
    	
//Freda Akuffo
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Printed Name:
    	
Freda Akuffo  
    	
 
    	
By:
    	
//Alfons Theeuwes
    
	
 
    	
 
    	
 
    	
Printed Name:
    	
Alfons Theeuwes
    
	
Title:
    	
Assistant Vice President  
    	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
Advance Date: March 25, 2013
    	
 
    	
 
    
	
 
    	
 
    	
Co-Borrower: ARB, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
//Alfons Theeuwes  
    
	
 
    	
 
    	
Printed Name:
    	
Alfons Theeuwes  
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer  
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Co-Borrower: JAMES CONSTRUCTION GROUP, L.L.C.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
//Peter J. Moerbeek
    
	
 
    	
 
    	
Printed Name:
    	
Peter J. Moerbeek  
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Co-Borrower: MILLER   SPRINGS MATERIALS, L. L. C.
    
	
 
    	
 
    	
 
    	
By: BTEX Materials, L.L.C., its   Sole Member  
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
//Donald Bonaventure
    
	
 
    	
 
    	
Print Name:
    	
Donald Bonaventure 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Co-Borrower: PRIMORIS ENERGY SERVICES CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
//Peter J. Moerbeek  
    
	
 
    	
 
    	
Print Name:
    	
Peter J. Moerbeek 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
Manager
    
																					

 

3

 

Exhibit A

Stellaris LLC; Arb, Inc.; James Contruction Group, L.L.C.; Miller Springs Materials, L.L.C. and Primoris Energy Services Corporation (Co-Borrowers)

25463-70001

 

	
Co -
   Borrower
    	
 
    	
Make
    	
 
    	
Model
    	
 
    	
Equipment Description
    	
 
    	
Year
    	
 
    	
Serial #
    	
 
    	
Day One FMV
    	
 
    	
Equipment Location
    	
 
    	
County
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
320DL
    	
 
    	
EXCAVATOR
    	
 
    	
2012
    	
 
    	
SPN00846
    	
 
    	
86,803
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
KENWORTH
    	
 
    	
T800
    	
 
    	
DUMP TRUCK
    	
 
    	
2013
    	
 
    	
1NKDXPEX9DJ362709
    	
 
    	
147,243
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
KENWORTH
    	
 
    	
T800
    	
 
    	
DUMP TRUCK
    	
 
    	
2013
    	
 
    	
1NKDXPEX7DJ362708
    	
 
    	
147,243
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
KENWORTH
    	
 
    	
T800
    	
 
    	
DUMP TRUCK
    	
 
    	
2013
    	
 
    	
1NKDXPEX5DJ362707
    	
 
    	
147,243
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
KENWORTH
    	
 
    	
T800
    	
 
    	
DUMP TRUCK
    	
 
    	
2013
    	
 
    	
1NKDXPEX3DJ362706
    	
 
    	
147,243
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
930K IT
    	
 
    	
WHEEL LOADER
    	
 
    	
2012
    	
 
    	
RHN00699
    	
 
    	
165,598
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
320EL
    	
 
    	
EXCAVATOR
    	
 
    	
2012
    	
 
    	
WBK00575
    	
 
    	
170,834
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
324EL
    	
 
    	
EXCAVATOR
    	
 
    	
2012
    	
 
    	
PNW0256
    	
 
    	
193,869
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
M318D
    	
 
    	
EXCAVATOR
    	
 
    	
2012
    	
 
    	
D8W00617
    	
 
    	
272,800
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
D6T LGP
    	
 
    	
TRACK-TYPE TRACTOR
    	
 
    	
2012
    	
 
    	
ZJB00356
    	
 
    	
295,839
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
140M
    	
 
    	
MOTOR GRADER
    	
 
    	
2012
    	
 
    	
M9001046
    	
 
    	
338,314
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
140M
    	
 
    	
MOTOR GRADER
    	
 
    	
2012
    	
 
    	
M9D01206
    	
 
    	
343,697
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
MSM
    	
 
    	
MATE
    	
 
    	
26’ QUAD AXLE
    	
 
    	
Mate 26’ Quad Axle Frame   Trailers
    	
 
    	
2013
    	
 
    	
1M9F26335DH036737
    	
 
    	
60,745
    	
 
    	
6218 Hwy. 317
    	
 
    	
Belton
    	
 
    	
TX
    	
 
    	
76513
    	
 
    	
Bell
    	
 
    
	
MSM
    	
 
    	
MATE
    	
 
    	
26’ QUAD AXLE
    	
 
    	
Mate 26’ Quad Axle Frame   Trailers
    	
 
    	
2013
    	
 
    	
1M9F26337DH036738
    	
 
    	
60,745
    	
 
    	
6218 Hwy. 317
    	
 
    	
Belton
    	
 
    	
TX
    	
 
    	
76513
    	
 
    	
Bell
    	
 
    
	
MSM
    	
 
    	
MATE
    	
 
    	
26’ QUAD AXLE
    	
 
    	
Mate 26’ Quad Axle Frame   Trailers
    	
 
    	
2013
    	
 
    	
1M9F26339DH036739
    	
 
    	
60,745
    	
 
    	
6218 Hwy. 317
    	
 
    	
Belton
    	
 
    	
TX
    	
 
    	
76513
    	
 
    	
Bell
    	
 
    
	
MSM
    	
 
    	
MATE
    	
 
    	
26’ QUAD AXLE
    	
 
    	
Mate 26’ Quad Axle Frame   Trailers
    	
 
    	
2013
    	
 
    	
1M9F26335DH036740
    	
 
    	
60,745
    	
 
    	
6218 Hwy. 317
    	
 
    	
Belton
    	
 
    	
TX
    	
 
    	
76513
    	
 
    	
Bell
    	
 
    
	
MSM
    	
 
    	
MATE
    	
 
    	
26’ QUAD AXLE
    	
 
    	
Mate 26’ Quad Axle Frame   Trailers
    	
 
    	
2013
    	
 
    	
1M9F26337DH036741
    	
 
    	
60,745
    	
 
    	
6218 Hwy. 317
    	
 
    	
Belton
    	
 
    	
TX
    	
 
    	
76513
    	
 
    	
Bell
    	
 
    
	
MSM
    	
 
    	
CATERPILLAR
    	
 
    	
330CL
    	
 
    	
EXCAVATOR
    	
 
    	
2012
    	
 
    	
DKY02771
    	
 
    	
67,921
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
MSM
    	
 
    	
KENWORTH
    	
 
    	
T800
    	
 
    	
Tandem Tractor
    	
 
    	
2013
    	
 
    	
1XKDDP9X1DJ356430
    	
 
    	
112,328
    	
 
    	
6218 Hwy. 317
    	
 
    	
Belton
    	
 
    	
TX
    	
 
    	
76513
    	
 
    	
Bell
    	
 
    
	
MSM
    	
 
    	
KENWORTH
    	
 
    	
T800
    	
 
    	
Tandem Tractor
    	
 
    	
2013
    	
 
    	
1XKDDP9X5DJ356429
    	
 
    	
112,328
    	
 
    	
6218 Hwy. 317
    	
 
    	
Belton
    	
 
    	
TX
    	
 
    	
76513
    	
 
    	
Bell
    	
 
    
	
MSM
    	
 
    	
KENWORTH
    	
 
    	
T800
    	
 
    	
Tandem Tractor
    	
 
    	
2013
    	
 
    	
1XKDDP9X5DJ369133
    	
 
    	
112,328
    	
 
    	
6218 Hwy. 317
    	
 
    	
Belton
    	
 
    	
TX
    	
 
    	
76513
    	
 
    	
Bell
    	
 
    
	
MSM
    	
 
    	
KENWORTH
    	
 
    	
T800
    	
 
    	
Tandem Tractor
    	
 
    	
2013
    	
 
    	
1XKDDP9X9DJ369135
    	
 
    	
112,328
    	
 
    	
6218 Hwy. 317
    	
 
    	
Belton
    	
 
    	
TX
    	
 
    	
76513
    	
 
    	
Bell
    	
 
    
	
MSM
    	
 
    	
KENWORTH
    	
 
    	
T800
    	
 
    	
Tandem Tractor
    	
 
    	
2013
    	
 
    	
1XKDDP9X7DJ369134
    	
 
    	
112,328
    	
 
    	
6218 Hwy. 317
    	
 
    	
Belton
    	
 
    	
TX
    	
 
    	
76513
    	
 
    	
Bell
    	
 
    
	
MSM
    	
 
    	
CATERPILLAR
    	
 
    	
980K
    	
 
    	
WHEEL LOADER
    	
 
    	
2012
    	
 
    	
W7K00689
    	
 
    	
382,340
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
PESC
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01146
    	
 
    	
428,957
    	
 
    	
1010 County Road 59
    	
 
    	
Rosharon
    	
 
    	
TX
    	
 
    	
77583
    	
 
    	
Brazoria
    	
 
    
	
PESC
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01149
    	
 
    	
428,957
    	
 
    	
1010 County Road 59
    	
 
    	
Rosharon
    	
 
    	
TX
    	
 
    	
77583
    	
 
    	
Brazoria
    	
 
    
	
PESC
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01147
    	
 
    	
428,957
    	
 
    	
1010 County Road 59
    	
 
    	
Rosharon
    	
 
    	
TX
    	
 
    	
77583
    	
 
    	
Brazoria
    	
 
    
	
PESC
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB004
    	
 
    	
428,957
    	
 
    	
1010 County Road 59
    	
 
    	
Rosharon
    	
 
    	
TX
    	
 
    	
77583
    	
 
    	
Brazoria
    	
 
    
	
PESC
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01150
    	
 
    	
428,957
    	
 
    	
1010 County Road 59
    	
 
    	
Rosharon
    	
 
    	
TX
    	
 
    	
77583
    	
 
    	
Brazoria
    	
 
    
	
STELLARIS
    	
 
    	
PETERBILT
    	
 
    	
330
    	
 
    	
UTILITY TRUCK
    	
 
    	
2012
    	
 
    	
2NPNHM6X6CM164668
    	
 
    	
90,907
    	
 
    	
20602 Indian Ocean
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
PETERBILT
    	
 
    	
330
    	
 
    	
UTILITY TRUCK
    	
 
    	
2012
    	
 
    	
2NPNHM6X8CM164669
    	
 
    	
90,907
    	
 
    	
20602 Indian Ocean
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
PETERBILT
    	
 
    	
365
    	
 
    	
WATER TRUCK 6X6
    	
 
    	
2013
    	
 
    	
1NPSM50X7DD196792
    	
 
    	
203,072
    	
 
    	
20602 Indian Ocean
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
PETERBILT
    	
 
    	
365
    	
 
    	
WATER TRUCK 6X7
    	
 
    	
2013
    	
 
    	
1NPSM50X9DD196793
    	
 
    	
203,072
    	
 
    	
20602 Indian Ocean
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01151
    	
 
    	
424,436
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01152
    	
 
    	
424,436
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01153
    	
 
    	
424,436
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01154
    	
 
    	
424,436
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01155
    	
 
    	
424,436
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01156
    	
 
    	
425,287
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01157
    	
 
    	
425,287
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01158
    	
 
    	
425,287
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    

 

 

	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01159
    	
 
    	
425,287
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01160
    	
 
    	
425,287
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01161
    	
 
    	
425,287
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01181
    	
 
    	
425,287
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
D6T
    	
 
    	
PIPELAYER DOZER
    	
 
    	
2012
    	
 
    	
ZJB01182
    	
 
    	
425,287
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
321D LCR
    	
 
    	
EXCAVATOR
    	
 
    	
2012
    	
 
    	
MPG00446
    	
 
    	
210,200
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
321D LCR
    	
 
    	
EXCAVATOR
    	
 
    	
2012
    	
 
    	
MPG00448
    	
 
    	
210,007
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
321D LCR
    	
 
    	
EXCAVATOR
    	
 
    	
2012
    	
 
    	
TFG00459
    	
 
    	
436,765
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Total   Value
    	
 
    	
 
    	
 
    	
 
    	
 
    	
12,886,541
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
420E
    	
 
    	
BACKHOE LOADER
    	
 
    	
2011
    	
 
    	
DJL02124
    	
 
    	
73,159
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
420E
    	
 
    	
BACKHOE LOADER
    	
 
    	
2011
    	
 
    	
DJL02134
    	
 
    	
73,112
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
420E
    	
 
    	
BACKHOE LOADER
    	
 
    	
2011
    	
 
    	
DJL02233
    	
 
    	
73,470
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
420E
    	
 
    	
BACKHOE LOADER
    	
 
    	
2011
    	
 
    	
DJL01956
    	
 
    	
75,719
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
928HZ
    	
 
    	
WHEEL LOADER
    	
 
    	
2011
    	
 
    	
CXK01290
    	
 
    	
111,465
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
CATERPILLAR
    	
 
    	
962H
    	
 
    	
WHEEL LOADER
    	
 
    	
2009
    	
 
    	
K6K00425
    	
 
    	
130,555
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
STELLARIS
    	
 
    	
JOHN DEERE
    	
 
    	
210LI
    	
 
    	
SKIPLOADER
    	
 
    	
2010
    	
 
    	
1T0210LJPA0890329
    	
 
    	
40,517
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
MSM
    	
 
    	
CATERPILLAR
    	
 
    	
740
    	
 
    	
ARTICULATING TRUCK
    	
 
    	
2005
    	
 
    	
B1P00357
    	
 
    	
120,505
    	
 
    	
6218 Hwy. 317
    	
 
    	
Benton
    	
 
    	
TX
    	
 
    	
76513
    	
 
    	
Bell
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
325DL
    	
 
    	
EXCAVATOR
    	
 
    	
2010
    	
 
    	
A3R00187
    	
 
    	
94,627
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
325 CL
    	
 
    	
EXCAVATOR
    	
 
    	
2005
    	
 
    	
BFE01900
    	
 
    	
95,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
420E IT
    	
 
    	
LOADER
    	
 
    	
2011
    	
 
    	
DAN01525
    	
 
    	
62,538
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
CS433
    	
 
    	
VIBRATORY ROLLER
    	
 
    	
2009
    	
 
    	
ASR01155
    	
 
    	
71,777
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
930G IT
    	
 
    	
TOOL CARRIER
    	
 
    	
2005
    	
 
    	
TWR00517
    	
 
    	
70,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
930G IT
    	
 
    	
TOOL CARRIER
    	
 
    	
2005
    	
 
    	
TWR01263
    	
 
    	
70,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
930G IT
    	
 
    	
TOOL CARRIER
    	
 
    	
2005
    	
 
    	
TWR01264
    	
 
    	
70,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
930G IT
    	
 
    	
TOOL CARRIER
    	
 
    	
2005
    	
 
    	
TWR01262
    	
 
    	
70,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
930G IT
    	
 
    	
TOOL CARRIER
    	
 
    	
2005
    	
 
    	
TWR01265
    	
 
    	
70,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
315CL
    	
 
    	
EXCAVATOR
    	
 
    	
2005
    	
 
    	
CJC03102
    	
 
    	
61,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
966H
    	
 
    	
LOADER
    	
 
    	
2009
    	
 
    	
A6D02328
    	
 
    	
170,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Total   Value
    	
 
    	
 
    	
 
    	
 
    	
 
    	
1,603,444
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
322CL
    	
 
    	
EXCAVATOR
    	
 
    	
2005
    	
 
    	
HEK00827
    	
 
    	
60,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
322CL
    	
 
    	
EXCAVATOR
    	
 
    	
2005
    	
 
    	
HEK00874
    	
 
    	
55,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
D6N LGP
    	
 
    	
DOZER
    	
 
    	
2005
    	
 
    	
ALY02062
    	
 
    	
61,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
815B
    	
 
    	
ROLLER-COMPACTOR
    	
 
    	
1994
    	
 
    	
17Z-1688
    	
 
    	
70,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
TR4503
    	
 
    	
AUTOGRADE TRIMMER-CMI
    	
 
    	
1997
    	
 
    	
544310
    	
 
    	
65,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
D6N LGP
    	
 
    	
DOZER
    	
 
    	
2007
    	
 
    	
DJY00385
    	
 
    	
80,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
JCG
    	
 
    	
CATERPILLAR
    	
 
    	
345 BL
    	
 
    	
EXCAVATOR
    	
 
    	
2005
    	
 
    	
AGS02489
    	
 
    	
130,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
MSM
    	
 
    	
CATERPILLAR
    	
 
    	
320CL
    	
 
    	
EXCAVATOR
    	
 
    	
2006
    	
 
    	
EAG00453
    	
 
    	
50,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
MSM
    	
 
    	
NEW HOLLAND
    	
 
    	
RG140
    	
 
    	
GRADER
    	
 
    	
2006
    	
 
    	
5AF00152
    	
 
    	
70,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
MSM
    	
 
    	
VOLVO
    	
 
    	
EC210 CL
    	
 
    	
EXCAVATOR
    	
 
    	
2009
    	
 
    	
VCEC210CK00140218
    	
 
    	
90,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
MSM
    	
 
    	
KAWASAKI
    	
 
    	
95ZV
    	
 
    	
LOADER
    	
 
    	
2007
    	
 
    	
97C5-5102
    	
 
    	
95,000
    	
 
    	
11200 Industriplex Blvd,   Ste. 150
    	
 
    	
Baton Rouge
    	
 
    	
LA
    	
 
    	
70809
    	
 
    	
E. Baton Rouge
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Arb
    	
 
    	
ABI
    	
 
    	
TM13/16
    	
 
    	
PILE EXCAVATOR DRIVER   w/Vibro & Drill
    	
 
    	
2003
    	
 
    	
5356625
    	
 
    	
800,000
    	
 
    	
26000 Commercentre Dr
    	
 
    	
Lake Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
Orange
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Total   Value
    	
 
    	
 
    	
 
    	
 
    	
 
    	
1,626,000
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Grand   Total
    	
 
    	
16,115,986Exhibit 10.1

 

 

Fiscal 2014 Alkermes plc Affiliated Company

Reporting Officer Performance Pay Plan (the “Plan”)

 

Philosophy

 

We support a pay-for-performance approach to variable compensation that rewards individual and company performance towards the achievement of our company goals. This Plan is designed to provide upside reward for outstanding company and individual performance, motivate reporting officers to focus on and work together toward achieving company goals; and to provide competitive compensation to our reporting officers within our industry.

 

Eligibility

 

The following reporting officers of the company and its affiliates are eligible to participate in the Plan:

 

·                  Chief Executive Officer and Chairman of the Board of Directors

·                  President

·                  Senior Vice President, Chief Financial Officer

·                  Senior Vice President, Corporate Development

·                  Senior Vice President, General Counsel, Secretary and Chief Compliance Officer

·                  Senior Vice President, Research and Development and Chief Medical Officer

·                  Senior Vice President, Chief Operating Officer and Chief Risk Officer

·                  Senior Vice President, Operations

·                  Senior Vice President, Chief Commercial Officer

·                  Senior Vice President, Corporate Communications

 

Should an employee become a reporting officer of the company during the company’s fiscal year, he or she shall become eligible to participate in the Plan at the discretion of the Compensation Committee of the Board of Directors of Alkermes plc (the “Compensation Committee”). The performance period under the Plan consists of the twelve month period from April 1, 2013 to March 31, 2014 (“FY14”).  To be eligible to participate in this Plan, the reporting officer must be actively employed by the company at the time awards are paid by the company. Performance pay awards will be paid prior to two and one half months after the end of the performance period.

 

Individual Performance Pay Targets

 

An individual performance pay range and target as a percentage of base salary will be established by the Compensation Committee for each of the reporting officers and shall be based generally on comparable market data.  Performance pay awards are to be pro-rated over the applicable performance period based on the number of days employed by the Company in the performance period.

 

Company Objectives for FY14

 

1. Execute on the development of our clinical stage pipeline.

2. Achieve financial guidance.

3. Prepare commercial capabilities for growth of marketed, and soon to be marketed, products.

4. Manufacture commercial products and clinical trial material to meet our goals of quality, reliability and efficiency.

5. Identify and advance top candidates from our earlier-stage pipeline.

6. Manage relationships with key business partners and evaluate new partnering opportunities to drive long-term growth and enhance shareholder value.

7. Respond to changing business conditions.

 

Individual Performance

 

Each individual’s performance pay award under the Plan will be determined by the Compensation Committee. Individual performance against the Company objectives affects the determination of each individual’s performance pay award relative to that individual’s target performance pay amount. The CEO of the company shall provide the Compensation Committee with recommendations regarding the performance pay for the President and Senior Vice Presidents. The percentage of base salary represented by each performance pay award granted under the Plan shall fall within the target performance pay range.

 

The company reserves the right to modify the Plan, company objectives or overall payouts under the Plan at any time during the course of the fiscal year in response to changing business goals, needs and operations, and to any requirements of the Compensation Committee.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}]]