Document:

Amended and Restated Employment Agreement - Roger D. Graham, Jr.

 Exhibit 10.27 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is entered into this 19th day of December, 2008 by and between Auxilium Pharmaceuticals, Inc. (the “Company”) and Roger D. Graham, Jr.
(“Executive”). 
 WHEREAS, the Company and Executive previously entered into that certain employment agreement dated
March 19, 2007 (the “Prior Agreement”); and 
 WHEREAS, the parties now wish to amend the terms of the Prior
Agreement to comply with the applicable requirements of section 409A of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder (the “Code”). 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Employment. The Company hereby agrees to employ Executive, and Executive hereby accepts such employment and agrees to perform Executive’s
duties and responsibilities, in accordance with the terms, conditions and provisions hereinafter set forth. This Agreement shall be effective as of December 19, 2008 (the “Effective Date”) and shall continue until terminated in
accordance with Section 2 hereof. Nothing in this Agreement shall be construed as giving Executive any right to be retained in the employ of the Company, and Executive specifically acknowledges that Executive shall be an employee-at-will of the
Company, and thus subject to discharge at any time by the Company with or without Cause (as defined in Section 2.9) and without compensation of any nature except as provided in Section 2 below. 
 1.1 Duties and Responsibilities. Commencing on the Effective Date, Executive shall serve as Executive Vice President, Sales and
Marketing of the Company. As such, Executive shall be responsible for establishing and supervising, coordinating and managing the Company’s marketing, including new product marketing, sales, sales operations, managed care, sales and marketing
training and market research functions and shall perform all duties and accept all responsibilities incident to such position as may be reasonably assigned to Executive by the Chief Executive Officer of the Company or by the Company’s Board of
Directors (the “Board”). 

 1.2 Extent of Service. Executive agrees to use Executive’s best efforts to carry
out Executive’s duties and responsibilities under Section 1.1 hereof as well as any other Sales and Marketing duties and responsibilities and, consistent with the other provisions of this Agreement, to devote substantially all of
Executive’s business time, attention and energy thereto. The foregoing shall not be construed as preventing Executive from making investments in or otherwise engaging in other businesses or enterprises, provided that Executive agrees not to
become engaged in any other business activity which, in the reasonable judgment of the Board, is likely to interfere with Executive’s ability to discharge Executive’s duties and responsibilities to the Company. Executive may serve on the
board of directors of other entities in accordance with the Company’s Corporate Governance Guidelines. 
 1.3 Base
Salary. For all the services rendered by Executive hereunder, the Company shall pay Executive a base salary (“Base Salary”) at the annual rate of $327,540, payable bi-weekly in installments at such times as the Company
customarily pays its other senior level executives. Executive’s Base Salary shall be reviewed annually for appropriate increases by the Board or compensation committee pursuant to the normal performance review policies for senior level
executives. 
 1.4 Representations and Warranties of Executive. Executive represents and warrants to the Company that:
(a) Executive’s employment with the Company will not conflict with or result in his breach of any agreement to which he is a party or otherwise may be bound; (b) Executive has not violated, and in connection with his employment
relationship with the Company will not violate, any non-solicitation, non-competition or other similar covenant or agreement of a prior employer by which he is or may be bound; and (c) in connection with Executive’s employment relationship
with the Company, he will not use any confidential or proprietary information that he may have obtained in connection with employment with any prior employer. 
 1.5 Incentive Compensation. Executive shall participate in short-term and long-term incentive programs established by the Company for its senior level executives generally, at levels determined by
the Board or the Chief Executive Officer. Executive’s incentive compensation shall be subject to the terms of the applicable plans and shall be determined based on Executive’s individual performance and Company performance as determined by
the Board or the Chief Executive Officer. Executive’s annual bonus target amount shall be no less than 45% of his annual

  

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base salary, subject to achievement of goals to be mutually agreed upon by Executive and the Chief Executive Officer of the Company, with a potential payout from 0 to 200% of the target amount
depending upon achievement of the mutually agreed upon goals. Any annual incentive compensation earned by Executive shall be paid on or after January 1, but not later than March 15 of the fiscal year following the fiscal year for which the
annual incentive compensation is earned. 
 1.6 Reimbursement of Expenses. 
 (a) Executive shall be provided with reimbursement of reasonable expenses related to Executive’s employment by the Company on a basis no
less favorable than that which may be authorized from time to time for senior level executives as a group. 
 (b) Any request
for reimbursement by Executive must be submitted to the Company no later than February 1 of the calendar year following the year in which the expense is incurred; the reimbursement, if approved, shall be paid by March 15 of such year, in
accordance with the Company’s reimbursement policies. 
 1.7 Vacation. Executive shall be entitled to four weeks of
vacation and three personal days in accordance with the Company’s pay for time not worked policies. 
 1.8 Benefits.
Executive shall be entitled to participate in employee retirement and welfare benefit plans made available to the Company’s senior level executives as a group or to its employees generally, as such retirement and welfare plans may be in effect
from time to time and subject to the eligibility requirements of the plans. Nothing in this Agreement shall prevent the Company from amending or terminating any retirement, welfare or other employee benefit plans or programs from time to time as the
Company deems appropriate. 
 1.9 Indemnification. Executive shall be entitled to the all indemnification provided to
officers under the Company’s bylaws. 
  

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 2. Termination. Executive’s employment shall terminate upon the occurrence of any of the
following events: 
 2.1 Termination Without Cause Before A Change of Control. 
 (a) The Company may remove Executive at any time without Cause (as defined in Section 2.9) from the position in which Executive is
employed hereunder upon not less than 30 days’ prior written notice to Executive. 
 (b) If Executive’s employment
terminates as described in subsection (a) above and Executive executes and does not revoke a written release upon such removal, in a form provided by the Company, of any and all claims against the Company and all related parties with respect to
all matters arising out of Executive’s employment by the Company, or the termination thereof (the “Release”), Executive shall be entitled to receive the following severance compensation, as long as Executive complies with the terms of
Sections 4, 5, 6 and 7 below: 
 (i) Executive shall receive severance payments in an amount equal to (A) 0.75 times
Executive’s annual Base Salary at the rate in effect at the time of Executive’s termination plus (B) 0.75 times Executive’s bonus (average of last 2 years or most recent bonus amount, whichever is higher, and in the event that
Executive has been employed less than two years, 45% of Executive’s annual Base Salary at the rate in effect at the time of Executive’s termination). The severance amount shall be paid in equal monthly installments over the nine-month
period following Executive’s termination of employment (the “Severance Period”). Such monthly payments shall commence within 30 days after the effective date of the termination of employment, subject to Executive’s execution and
non-revocation of the Release. 
 (ii) The Company shall pay the monthly COBRA medical insurance cost (less any required
employee payments calculated as if Executive had continued to be an employee) if Executive continues medical coverage under COBRA, for Executive, and, where applicable, his spouse and dependents, during the Severance Period following
Executive’s termination date. Executive may elect COBRA continuation coverage according to the terms of the Company’s applicable medical plan for the period permitted under such plan. The COBRA health care continuation coverage period
under Section 4980B of the Code shall run concurrently with the Severance Period. 
  

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 (iii) Executive shall receive any benefits accrued in accordance with the terms of any
applicable benefit plans and programs of the Company. 
 (iv) Executive agrees that if Executive fails to comply with
Section 4, 5, 6 or 7 below, all payments under this Section 2.1 shall immediately cease. 
 2.2 Termination Without
Cause; Resignation for Good Reason After A Change of Control. 
 (a) If a Change of Control occurs and the Company terminates
Executive’s employment without Cause at any time upon or after a Change of Control, or if Executive resigns for Good Reason (as defined in Section 2.9) upon or at any time during the one-year period following the Change of Control, this
Section 2.2 shall apply. 
 (b) If Executive’s employment terminates as described in subsection (a) above and
Executive executes and does not revoke a Release, Executive shall be entitled to receive the following severance compensation, as long as Executive complies with the terms of Sections 4, 5, 6 and 7 below: 
 (i) Executive shall receive a lump sum severance payment in an amount equal to (A) 1.25 times Executive’s annual Base Salary at
the rate in effect at the time of Executive’s termination, plus (B) 1.25 times Executive’s bonus (average of last 2 years or most recent bonus amount, whichever is higher, and in the event that Executive has been employed less than
two years, 45% of Executive’s annual Base Salary at the rate in effect at the time of Executive’s termination). The payment shall be made within 30 days after the effective date of the termination of employment, subject to Executive’s
execution and non-revocation of the Release. 
 (ii) The Company shall pay the monthly COBRA medical insurance cost (less any
required employee payments calculated as if Executive had continued to be an employee) if Executive continues medical coverage under COBRA, for Executive, and, where applicable, his or her spouse and dependents, during the 15-month period following
Executive’s termination date (the “Change of Control Severance Period”). Executive may elect COBRA continuation coverage according to the terms of the Company’s applicable medical plan for the period permitted under such plan.
The COBRA health care continuation coverage period under Section 4980B of the Code shall run concurrently with the Change of Control Severance Period. 
  

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 (iii) All outstanding stock options held by Executive at the date of Executive’s
termination of employment shall become fully exercisable on the date of termination and all restrictions on stock grants and/or awards to Executive shall lapse immediately upon the date of Executive’s termination of employment. 
 (iv) Executive shall receive any benefits accrued in accordance with the terms of any applicable benefit plans and programs of the Company.

 (c) Executive agrees that if Executive materially breaches Section 4, 5, 6 or 7 below, all payments under this
Section 2.2 shall immediately cease. 
 2.3 Increase in Payments Upon a Change of Control. 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event that it shall be determined that any payment or distribution by
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 (a “Payment”), would constitute an “excess parachute payment” within the
meaning of Section 280G of the Code, the Company shall pay to Executive an additional amount (the “Gross-Up Payment”) such that the net amount retained by Executive after deduction of any Excise Tax (as defined below), and any
federal, state and local income tax, employment tax and Excise Tax imposed upon the Gross-Up Payment, shall be equal to the Payment. The term “Excise Tax” means the excise tax imposed under Section 4999 of the Code, together with any
interest or penalties imposed with respect to such excise tax. For purposes of determining the amount of the Gross-Up Payment, unless Executive specifies that other rates apply, Executive shall be deemed to pay federal income tax and employment
taxes at the highest marginal rate of federal income and employment taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of
Executive’s residence as of the applicable determination date, net of the maximum reduction in federal income taxes that may be obtained from the deduction of such state and local taxes. 
 (b) All determinations to be made under this Section 2.3 shall be made by the Company’s independent public accountant immediately
prior to the Change of Control or by another independent public accounting firm mutually selected by the Company and Executive before the date of the Change of Control (the “Accounting Firm”), which firm shall provide its determinations
and any supporting calculations both to the Company and Executive within 10 days of the Change of Control. Any such determination by the Accounting Firm shall be binding upon the Company and Executive. 
  

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 (c) The Company shall pay the applicable Gross-Up Payment as and when the Excise Tax is
incurred on a Payment. If the amount of a Gross-Up Payment cannot be fully determined by the date on which the applicable portion of the Payment becomes subject to the Excise Tax (“Payment Date”), the Company shall pay to Executive by the
Payment Date an estimate of such Gross-Up Payment, as determined by the Accounting Firm, and the Company shall pay to Executive the remainder of such Gross-Up Payment (if any) as soon as the amount can be determined, but in no event later than 20
days after the Payment Date. In all events, the Gross-Up Payment shall be paid not later than the date on which the related taxes are remitted to the tax authorities. 
 (d) In the event that upon any audit by the Internal Revenue Service, or by a state or local taxing authority, of the Payment or Gross-Up Payment, a change is finally determined to be required in the
amount of taxes paid by Executive, appropriate adjustments shall be made under this Agreement such that the net amount which is payable to Executive after taking into account the provisions of section 280G, section 4999 and section 409A of the Code
shall reflect the intent of the parties as expressed in subsections (a), (b), (c) and (e), in the manner determined by the Accounting Firm. 
 (e) Notwithstanding any provision of this Section 2.3 to the contrary, in accordance with the requirements of section 409A of the Code, any Gross-Up Payment payable hereunder shall be paid not later
than the end of Executive’s taxable year next following Executive’s taxable year in which Executive remits the taxes for which the Gross-Up Payment is being paid. 
 (f) All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section 2.3 shall be borne
solely by the Company. The Company agrees to indemnify and hold harmless the Accounting Firm from any and all claims, damages and expenses resulting from or relating to its determinations pursuant to this Section 2.3, except for claims, damages
or expenses resulting from the gross negligence or willful misconduct of the Accounting Firm. 
  

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 2.4 Voluntary Termination. Executive may voluntarily terminate Executive’s
employment for any reason upon 30 days’ prior written notice. In such event, after the effective date of such termination, except as provided in Section 2.2 with respect to a resignation for Good Reason, no further payments (other than
Base Salary accrued through the date of termination) shall be due under this Agreement, except that Executive shall be entitled to any benefits accrued in accordance with the terms of any applicable benefit plans and programs of the Company.

 2.5 Disability. Subject to requirements of applicable law, the Company may terminate Executive’s employment if
Executive has been unable to perform the material duties of Executive’s employment for a period of 90 days in any 12-month period because of physical or mental injury or illness (“Disability”); provided, however, that the
Company shall continue to pay Executive’s Base Salary until the Company acts to terminate Executive’s employment. Executive agrees, in the event of a dispute under this Section 2.5 relating to Executive’s Disability, to submit to
a physical examination by a licensed physician jointly selected by the Board and Executive. If the Company terminates Executive’s employment for Disability, no further payments (other than Base Salary accrued through the date of termination)
shall be due under this Agreement, except that Executive shall be entitled to any benefits accrued in accordance with the terms of any applicable benefit plans and programs of the Company. 
 2.6 Death. If Executive dies while employed by the Company, the Company shall pay to Executive’s executor, legal representative,
administrator or designated beneficiary, as applicable, any benefits accrued under the Company’s benefit plans and programs. Otherwise, the Company shall have no further liability or obligation under this Agreement to Executive’s
executors, legal representatives, administrators, heirs or assigns or any other person claiming under or through Executive (other than Base Salary accrued through the date of death). 
 2.7 Cause. The Company may terminate Executive’s employment at any time for Cause (as defined in Section 2.9) upon written
notice to Executive, in which event all payments under this Agreement (other than Base Salary accrued through the date of termination) shall cease. Executive shall be entitled to any benefits accrued before Executive’s termination in accordance
with the terms of any applicable benefit plans and programs of the Company. 
  

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 2.8 Notice of Termination. Any termination of Executive’s employment shall be
communicated by a written notice of termination to the other party hereto given in accordance with Section 11. The notice of termination shall (i) indicate the specific termination provision in this Agreement relied upon, (ii) briefly
summarize the facts and circumstances deemed to provide a basis for a termination of employment and the applicable provision hereof, and (iii) specify the termination date in accordance with the requirements of this Agreement. 
 2.9 Definitions. 
 (a) “Cause” shall mean any of the following grounds for termination of Executive’s employment: 
 (i) Executive shall have been convicted of, or entered a plea of guilty to, a felony, 
 (ii) Executive intentionally
and continually fails to perform Executive’s reasonably assigned material duties to the Company (other than a failure resulting from Executive’s incapacity due to physical or mental illness), which failure has continued for a period of at
least 30 days after a written notice of demand for substantial performance, signed by a duly authorized officer of the Company and describing, in reasonable detail, the tasks which Executive has allegedly failed to perform, has been delivered to
Executive specifying the manner in which Executive has failed substantially to perform, 
 (iii) Executive engages in willful
misconduct in the performance of Executive’s duties, or 
 (iv) Executive materially breaches Section 4, 5, 6 or 7
below. 
 (b) “Change of Control” as used herein, a “Change of Control” shall be deemed to have
occurred if: 
 (i) Any “person” (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”)) becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting power of
the then outstanding securities of the Company; provided that a Change of Control shall not be deemed to occur as a result of a

  

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transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately
after the transaction, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled in the election of directors; or 
 (ii) The consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company,
immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would
be entitled in the election of directors or (B) a sale or other disposition of all or substantially all of the assets of the Company; or 
 (iii) After the Effective Date, directors are elected such that a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by
a majority of the members of the Board prior to the date of the appointment or election. 
 (c) “Good Reason”
shall mean the occurrence of any of the following events or conditions, unless Executive has expressly consented in writing thereto, or except as a result of Executive’s physical or mental incapacity or as described in the last sentence of this
subsection (c): 
 (i) a material reduction in Executive’s Base Salary; 
 (ii) a substantial reduction or diminution of Executive’s duties and responsibilities hereunder; 
 (iii) the Company requires that Executive’s principal office location be moved to a location more than 50 miles from Executive’s
principal office location immediately before the change; or 
 (iv) the Company fails to pay Executive’s compensation,
employee benefits or reimbursements when due. 
 Notwithstanding the foregoing, Executive shall not have Good Reason for termination unless
(A) Executive gives written notice of termination for Good Reason within 30 days after the event giving rise to Good Reason occurs, (B) the Company does not correct the action or failure to act that constitutes the grounds for Good Reason,
as set forth in Executive’s notice of termination, within 30 days after the date on which Executive gives written notice of termination and (C) Executive actually resigns within 60 days following the expiration of the cure period.

  

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 2.10 Section 409A. 
 (a) This Agreement shall be interpreted to avoid any penalty sanctions under section 409A of the Code. If any payment or benefit cannot be
provided or made at the time specified herein without incurring sanctions under section 409A of the Code, then such benefit or payment shall be provided in full (to extent not paid in part at earlier date) at the earliest time thereafter when such
sanctions will not be imposed. For purposes of section 409A of the Code, all payments to be made upon a termination of employment under this Agreement may only be made upon Executive’s “separation from service” (within the meaning of
such term under section 409A of the Code), each payment made under this Agreement shall be treated as a separate payment, and the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate
payments. In no event shall Executive, directly or indirectly, designate the calendar year of payment, except as permitted under section 409A of the Code. 
 (b) Notwithstanding anything herein to the contrary, if, at the time of Executive’s termination of employment with the Company, the Company has securities which are publicly traded on an established
securities market and Executive is a “specified employee” (as such term is defined in section 409A of the Code) and it is necessary to postpone the commencement of any payments or benefits otherwise payable under this Agreement as a result
of such termination of employment prevent any accelerated or additional tax under section 409A of the Code, then the Company will postpone the commencement of the payment of any such payments or benefits hereunder (without any reduction in such
payments or benefits ultimately paid or provided to Executive) that are not otherwise paid within the ‘short-term deferral exception’ under Treas. Reg. §1.409A-1(b)(4), and the ‘separation pay exception’ under Treas. Reg.
§1.409A-1(b)(9)(iii), until the first payroll date that occurs after the date that is six months following Executive’s “separation from service” (as such term is defined under section 409A of the Code) with the Company. If any
payments are postponed due to such requirements, such postponed amounts will be paid in a lump sum to Executive on the first payroll date that occurs after the date that is six months following Executive’s separation of service with the
Company. If Executive dies during the postponement period prior to the payment of postponed amount, the amounts withheld on account of section 409A of the Code shall be paid to the personal representative of Executive’s estate within 60 days
after the date of Executive’s death. 
  

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 (c) All reimbursements and in-kind benefits provided under this Agreement shall be made or
provided in accordance with the requirements of section 409A of the Code, including, where applicable, the requirement that (A) any reimbursement shall be for expenses incurred during Executive’s lifetime (or during a shorter period of
time specified in this Agreement), (B) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any
other calendar year, (C) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (D) the right to reimbursement or in kind benefits is not
subject to liquidation or exchange for another benefit. 
 3. Non-Exclusivity of Rights. Nothing in this Agreement shall prevent or limit
Executive’s continuing or future participation in or rights under any benefit, bonus, incentive or other plan or program provided by the Company and for which Executive may qualify; provided, however, that if Executive becomes entitled to and
receives the payments provided for in Section 2 of this Agreement, Executive hereby waives Executive’s right to receive payments under any severance plan or similar program applicable to all employees of the Company. 
 4. Confidentiality. Executive agrees that Executive’s services to the Company and its subsidiaries and any successors or assigns (collectively,
the “Employer”) were and are of a special, unique and extraordinary character, and that Executive’s position places Executive in a position of confidence and trust with the Employer’s customers and employees. Executive
also recognizes that Executive’s position with the Employer will give Executive substantial access to Confidential Information (as defined below), the disclosure of which to competitors of the Employer would cause the Employer to suffer
substantial and irreparable damage. Executive recognizes, therefore, that it is in the Employer’s legitimate business interest to restrict Executive’s use of Confidential Information for any purposes other than the discharge of
Executive’s employment duties at the Employer, and to limit any potential appropriation of Confidential Information by Executive for the benefit of the Employer’s competitors and to the detriment of the Employer. Accordingly, Executive
agrees as follows: 
 (a) Executive will not at any time, whether during or after the termination of Executive’s
employment, reveal to any person or entity any of the trade secrets or confidential information of the Employer or of any third party which the Employer is under an obligation to keep confidential (including but not limited to trade secrets or
confidential information respecting inventions, products, designs, methods, know-how, techniques, systems, processes, software programs, works of authorship, customer lists, projects, plans and proposals) (“Confidential
Information”), except as may be required in the ordinary course of performing Executive’s duties as an employee of the Employer, and Executive shall keep secret all matters entrusted to Executive and shall not use or attempt to use any
such information in any manner which may injure or cause loss or may be calculated to injure or cause loss whether directly or indirectly to the Employer. 
  

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 (b) The above restrictions shall not apply to: (i) information that at the time of
disclosure is generally available to the public through no fault of Executive; (ii) information received from a third party outside of the Employer that was disclosed without a breach of any confidentiality obligation; (iii) information
approved for release by written authorization of the Employer; (iv) information which was known to Executive prior to January 29, 2007, or (v) information that may be required by law or an order of any court, agency or proceeding to
be disclosed; provided Executive shall provide the Employer notice of any such required disclosure once Executive has knowledge of it and will help the Employer to the extent reasonable to obtain an appropriate protective order. 
 (c) Further, Executive agrees that during Executive’s employment Executive shall not take, use or permit to be used any notes,
memoranda, reports, lists, records, drawings, sketches, specifications, software programs, data, documentation or other materials of any nature (with the exception of documents relating to benefits to which Executive might be entitled following the
termination of Executive’s employment with the Employer) relating to any matter within the scope of the business of the Employer or concerning any of its dealings or affairs otherwise than for the benefit of the Employer. Executive further
agrees that Executive shall not, after the termination of Executive’s employment, use or permit to be used any such notes, memoranda, reports, lists, records, drawings, sketches, specifications, software programs, data, documentation or other
materials, it being agreed that all of the foregoing shall be and remain the sole and exclusive property of the Employer and that, immediately upon the termination of Executive’s employment, Executive shall deliver all of the foregoing, and all
copies thereof, to the Employer, at its main office. 
  

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 (d) Executive agrees that upon the termination of Executive’s employment with the
Employer, Executive will not take or retain without written authorization any documents, files or other property of the Employer, and Executive will return promptly to the Employer any such documents, files or property in Executive’s possession
or custody, including any copies thereof maintained in any medium or format (with the exception of documents relating to benefits to which Executive might be entitled following the termination of Executive’s employment with the Employer).
Executive recognizes that all documents, files and property which Executive has received and will receive from the Employer, including but not limited to scientific research, customer lists, handbooks, memoranda, product specifications, and other
materials (with the exception of documents relating to benefits to which Executive might be entitled following the termination of Executive’s employment with the Employer), are for the exclusive use of the Employer and employees who are
discharging their responsibilities on behalf of the Employer, and that Executive has no claim or right to the continued use, possession or custody of such documents, files or property following the termination of Executive’s employment with the
Employer. 
 5. Intellectual Property. 
 (a) If at any time or times during Executive’s employment Executive shall (either alone or with others) make, conceive, discover or reduce to practice any invention, modification, discovery, design,
development, improvement, process, software program, work of authorship, documentation, formula, data, technique, know-how, secret or intellectual property right whatsoever or any interest therein (whether or not patentable or registrable under
copyright or similar statutes or subject to analogous protection) (herein called “Developments”) that (i) relates to the business of the Employer or any customer of or supplier to the Employer or any of the products or services
being developed, manufactured or sold by the Employer or which may be used in relation therewith(ii) results from tasks assigned to Executive by the Employer or (iii) results from the use of premises or personal property (whether tangible or
intangible) owned, leased or contracted for by the Employer, such Developments and the benefits thereof shall immediately become the sole and absolute property of the Employer and its assigns, and Executive shall promptly disclose to the

  

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Employer (or any persons designated by it) each such Development, and Executive hereby assigns any rights Executive may have or acquire in the Developments and benefits and/or rights resulting
therefrom to the Employer and its assigns without further compensation and shall communicate, without cost or delay, and without publishing the same, all available information relating thereto (with all necessary plans and models) to the Employer.

 (b) Upon disclosure of each Development to the Employer, Executive will, during Executive’s employment and at any time
thereafter, at the request and cost of the Employer, sign, execute, make and do all such deeds, documents, acts and things as the Employer and its duly authorized agents may reasonably require: 
 (i) to apply for, obtain and vest in the name of the Employer alone (unless the Employer otherwise directs) letters patent, copyrights or
other analogous protection in any country throughout the world and when so obtained or vested to renew and restore the same; and 
 (ii) to defend any opposition proceedings in respect of such applications and any opposition proceedings or petitions or applications for revocation of such letters patent, copyright or other analogous protection. 
 (c) In the event the Employer is unable, after reasonable effort, to secure Executive’s signature on any letters patent, copyright or
other analogous protection relating to a Development, whether because of Executive’s physical or mental incapacity or for any other reason whatsoever, Executive hereby irrevocably designates and appoints the Employer and its duly authorized
officers and agents as Executive’s agent and attorney-in-fact, to act for and on Executive’s behalf and stead to execute and file any such application or applications and to do all other lawfully permitted acts to further the prosecution
and issuance of letter patents, copyright and other analogous protection thereon with the same legal force and effect as if executed by Executive. 
 6. Non-Competition. While Executive is employed at the Employer and for a period of one year after termination of Executive’s employment (for any reason whatsoever, whether voluntary or involuntarily), Executive will not,
without the prior written approval of the Board, whether alone or as a partner, officer, director, consultant, agent, employee or stockholder of any company or other commercial enterprise, directly or indirectly engage in any business or other

  

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activity in the United States or Canada which competes with the Employer in the sale of the pharmaceutical or other products being manufactured, marketed, distributed or developed by the Employer
while Executive is employed by Employer and at the time of termination of such employment. The foregoing prohibition shall not prevent Executive’s employment or engagement after termination of Executive’s employment by any company or
business organization, as long as the activities of any such employment or engagement, in any capacity, do not involve work on matters related to the products being developed, manufactured, or marketed by the Employer at the time of termination of
Executive’s employment. Executive shall be permitted to own securities of a public company not in excess of five percent of any class of such securities and to own stock, partnership interests or other securities of any entity not in excess of
five percent of any class of such securities and such ownership shall not be considered to be in competition with the Employer. 
 7.
Non-Solicitation. 
 (a) While Executive is employed at the Employer and for a period of one (1) year after
termination of such employment (for any reason, whether voluntary or involuntarily), Executive agrees that Executive will not: 
 (i) directly or indirectly solicit, entice or induce any customer to become a customer of any other person, firm or corporation with respect to products of such person, firm or corporation that are directly competitive with products then
sold or under development by the Employer or to cease doing business with the Employer, and Executive shall not approach any such person, firm or corporation for such purpose or authorize or knowingly approve the taking of such actions by any other
person; or 
 (ii) directly or indirectly solicit or recruit any employee of the Employer to work for a third party other than
the Employer (excluding newspaper or similar print or electronic solicitations of general circulation). 
 (b) This
Section 7 does not apply to any general solicitation not focused to any group of customers itemized on a customer list of the Employer. 
  

 16 

 8. General Provisions. 
 (a) Executive acknowledges and agrees that the type and periods of restrictions imposed in Sections 4, 5, 6 and 7 of this Agreement are fair and reasonable, and that such restrictions are intended solely
to protect the legitimate interests of the Employer, rather than to prevent Executive from earning a livelihood. Executive recognizes that the Employer competes worldwide, and that Executive’s access to Confidential Information makes it
necessary for the Employer to restrict Executive’s post-employment activities in any market in which the Employer competes, and in which Executive’s access to Confidential Information and other proprietary information could be used to the
detriment of the Employer. In the event that any restriction set forth in this Agreement is determined to be overbroad with respect to scope, time or geographical coverage, Executive agrees that such a restriction or restrictions should be modified
and narrowed, either by a court or by the Employer, so as to preserve and protect the legitimate interests of the Employer as described in this Agreement, and without negating or impairing any other restrictions or agreements set forth herein.

 (b) Executive acknowledges and agrees that if Executive should breach any of the covenants, restrictions and agreements
contained herein, irreparable loss and injury would result to the Employer, and that damages arising out of such a breach may be difficult to ascertain. Executive therefore agrees that, in addition to all other remedies provided at law or at equity,
the Employer shall be entitled to seek to have the covenants, restrictions and agreements contained in Sections 4, 5, 6, and 7 specifically enforced (including, without limitation, by temporary, preliminary, and permanent injunctions and restraining
orders) by any state or federal court in the Commonwealth of Pennsylvania having equity jurisdiction and Executive agrees to subject Executive to the jurisdiction of such court. 
 (c) Executive agrees that if the Employer fails to take action to remedy any breach by Executive of this Agreement or any portion of the
Agreement, such inaction by the Employer shall not operate or be construed as a waiver of any subsequent breach by Executive of the same or any other provision, agreement or covenant. 
 (d) Executive acknowledges and agrees that the payments and benefits to be provided to Executive under this Agreement are provided as
consideration for the covenants in Sections 4, 5, 6, and 7 hereof. 
  

 17 

 9. Survivorship. The respective rights and obligations of the parties under Sections 1.6, 1.7, 2 and
4-18 of this Agreement shall survive any termination of Executive’s employment to the extent necessary to the intended preservation of such rights and obligations. 
 10. Mitigation. Executive shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise and there shall be no offset
against amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. 
 11. Notices. All notices and other communications required or permitted under this Agreement or necessary or convenient in connection herewith shall be in writing and shall be deemed to have been given when hand delivered or mailed
by registered or certified mail, as follows (provided that notice of change of address shall be deemed given only when received): 
 If to the Company, to: 
 Auxilium Pharmaceuticals, Inc. 
 40 Valley Stream Parkway 
 Malvern, Pa. 19355 
 If to Executive, to: 
 Roger D. Graham, Jr. 
 9 Somerset Lane 
 Malvern, Pa. 19355 
 or to such other names or addresses as the Company or Executive, as the case may be, shall designate by notice to each other person entitled to receive notices in the manner specified in this Section.

 12. Contents of Agreement; Amendment and Assignment. 
 (a) This Agreement sets forth the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings concerning
Executive’s employment by the Company, including the Prior Agreement, and cannot be changed, modified, extended or terminated except upon written amendment approved by the Board and executed on its behalf by a duly authorized officer and by
Executive. 
  

 18 

 (b) All of the terms and provisions of this Agreement shall be binding upon and inure to the
benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of Executive under this Agreement are of a personal
nature and shall not be assignable or delegatable in whole or in part by Executive. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of
the business or assets of the Company, within 15 days of such succession, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such succession had taken
place. 
 13. Severability. If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated
to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect without the invalid or unenforceable provision or application and
shall not invalidate or render unenforceable such provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and
effect in all other circumstances. 
 14. Remedies Cumulative; No Waiver. No remedy conferred upon a party by this Agreement is intended
to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement or now or hereafter existing at law or in equity. No delay or omission by a party in
exercising any right, remedy or power under this Agreement or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party from time to time and as often as may be deemed
expedient or necessary by such party in its sole discretion. 
 15. Withholding. All payments under this Agreement shall be made subject
to applicable tax withholding, and the Company shall withhold from any payments under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. Except as
otherwise provided by Section 2.3, Executive shall bear all expense of, and be solely responsible for, all federal, state and local taxes due with respect to any payment received under this Agreement. 
  

 19 

 16. Miscellaneous. This Agreement may be executed in counterparts, each of which is an original. It
shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts. 
 17. Governing Law. This Agreement shall be governed by and interpreted under the laws of the Commonwealth of Pennsylvania without giving effect to any conflict of laws provisions or canons of construction that construe agreements
against the draftsperson. 
 IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Agreement as
of the date first above written. 
  

			
	AUXILIUM PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Armando Anido

	Name:	 	Armando Anido
	Title:	 	Chief Executive Officer and President
	
	EXECUTIVE
	
	 /s/ Roger D. Graham, Jr.

	ROGER D. GRAHAM, JR.

  

 20Blackstone Mgmt. Partners IV L.L.C. and 113CS, LLC Aircraft Time Sharing Agmt.

 Exhibit 10.47 
 AIRCRAFT TIME SHARING AGREEMENT 
 This Aircraft Time Sharing
Agreement (“Agreement”) by and between 113CS, LLC a Delaware limited liability company (“Lessor”), and BLACKSTONE MANAGEMENT PARTNERS IV L.L.C., a Delaware limited liability company (“Lessee”) (collectively the
“Parties”), is effective as of February 24, 2010. 
 WHEREAS, Lessor rightfully possesses the aircraft, equipped
with engines and components as described in Exhibit A hereto, (hereinafter, individually or collectively, “Aircraft”); 
 WHEREAS, Lessor has engaged a qualified aircraft management company (“Manager”), to provide a fully qualified flight crew to operate the Aircraft; 
 WHEREAS, Lessor and Lessee desire to lease the Aircraft on a non-exclusive time-sharing basis as defined in Section 91.501(c)(1) of the
Federal Aviation Regulations (“FAR”); 
 WHEREAS, this Agreement sets forth the understanding of the Parties as to the
terms under which Lessor will provide Lessee with the use, on a periodic basis, of the Aircraft, operated by Lessor; and 
 WHEREAS, the use of the Aircraft will at all times be pursuant to, and in full compliance with, the requirements of FAR Part 91, particularly Sections 91.501(b)(6), 91.501(c)(1), and 91.501(d); 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained,
and for good and valuable consideration set forth below, the Parties agree as follows: 
 1. Lease of Aircraft. 
 Lessor agrees to lease the Aircraft to Lessee pursuant to the provisions of FAR Sections 91.501(b)(6), 91.501(c)(1), and 91.501(d) from time
to time on a non-exclusive basis and on an “as needed and as available basis” and to provide a fully-qualified flight crew for all operations pursuant to this Agreement. 
 2. Term and Termination. 
 The Term of this Agreement shall commence on the
date set forth above and shall continue for one (1) year, and automatically renew for additional one (1) year periods, unless either Party provides written notice of non-renewal at least ten (10) days prior to the applicable renewal
period. Either Party may terminate this Agreement with respect to any or all of the Aircraft for any reason upon written notice to the other, such termination to become effective ten (10) days from the date of the notice. If not terminated
prior to February 25, 2025 this Agreement shall automatically terminate on February 25, 2025. 
 3. Use of Aircraft.

 (a) Lessee may use the Aircraft from time to time for any and all purposes allowed by FAR Section 91.501(b)(6). The
Aircraft shall be available to Lessee at all times other than when it is (a) previously scheduled by Lessor or any other operator or time share lessee or (b) otherwise unavailable, such as due to maintenance. Lessee’s use shall
include the use of the Aircraft by its employees and guests. Lessee shall not accept any compensation or reimbursement whatsoever for any flight conducted under this Agreement. 
  

 Page 2 of 12 

 (b) Lessor, through its agreement with Manager, shall provide to Lessee a qualified flight
crew for each flight undertaken pursuant to this Agreement. 
 4. Lessee’s Representations. 
 (a) Lessee represents, warrants and covenants to Lessor that: 
 (i) Lessee will use the Aircraft for and on its own account only and will not use the Aircraft for the purposes of providing transportation of passengers or cargo in air commerce for compensation or hire.

 (ii) Lessee shall not, directly or indirectly, create or incur any kind of lien or security interest on or affecting the
Aircraft or do anything or take any action that results in the creation of such a lien, and Lessee shall, at its own expense, promptly take such action as may be necessary to discharge any such lien. 
 (iii) During the term of this Agreement, Lessee will abide by, and conform to, all such laws, governmental, and airport orders, rules, and
regulations as shall from time to time be in effect relating in any way to the operation and use of the Aircraft by a time-sharing Lessee. 
 5. Scheduling. 
 (a) Lessee shall provide Lessor, or a person designated by Lessor, with notice of its desire to
use the Aircraft pursuant to this Agreement and provide proposed flight schedules as far in advance of any given flight as possible, and in any case, at least four (4) hours in advance of Lessee’s planned departure. Requests for flight
time shall be in a form, whether

  

 Page 3 of 12 

 
written or oral, mutually convenient to, and agreed upon, by the Parties. In addition to the proposed schedules and flight times, Lessee shall provide at least the following information for each
proposed flight at some time prior to scheduled departure, as required by the Lessor or Lessor’s flight crew: 
 1.
proposed departure point; 
 2. destination; 
 3. date and time of flight; 
 4. the number and identity of anticipated passengers;

 5. the nature and extent of luggage and/or cargo to be carried; 
 6. the date and time of return flight, if any; and 
 7. any other information concerning the proposed flight that may be required by Lessor or Lessor’s flight crew. 
 (b) Lessor shall have final authority over the scheduling of the Aircraft and each use of the Aircraft by the Lessee shall be subject to Lessor’s prior written approval, which may be by e-mail.

 (c) Lessee agrees that when, in the reasonable view of Lessor, Manager or the pilots of the Aircraft, safety may be
compromised, Lessor or the pilots may terminate a flight, refuse to commence a flight, or take other action necessitated by such safety considerations without liability for loss, injury, damage, or delay. 
 (d) Lessor shall not be liable to Lessee or any other person for loss, injury, or damage occasioned by the delay or failure to furnish the
Aircraft and pilots pursuant to this Agreement for any reason. 
  

 Page 4 of 12 

 6. Maintenance. 
 (a) Lessor shall be solely responsible for securing maintenance, preventive maintenance, and required or otherwise necessary inspections on the Aircraft and shall take such requirements into account in
scheduling flights of the various Aircraft. 
 (b) In the event of a loss or casualty occurrence, Lessor shall not be required to
repair the Aircraft. If any of the Aircraft become unavailable due to loss or casualty, either Party shall have the right to terminate this Agreement with respect to such Aircraft by written notice to the other Party. 
 7. Expenses for Use of Aircraft. 
 (a) In exchange for use of the Aircraft, for each flight undertaken pursuant to this Agreement, Lessee shall pay Lessor the direct operating costs of the Aircraft as authorized by FAR Section 91.501(d) as it may be amended from time to
time. As of the date hereof, as provided in FAR Section 91.501(d), those direct operating costs shall be limited to the following actual expenses for each use of the Aircraft: 
 (1) Cost of fuel, oil, lubricants and other additives; 
 (2) Travel expenses of the crew, including food, lodging, and ground transportation; 
 (3) Hangar and tie-down costs away from the Aircraft’s base of operation; 
 (4) Insurance obtained for the
specific flight; 
 (5) Landing fees, airport taxes, and similar assessments; 
 (6) Customs, foreign permit, and similar fees directly related to the flight; 
 (7) In-flight food and beverages; 
 (8) Passenger ground transportation; 
  

 Page 5 of 12 

 (9) Flight planning and weather contract services; and. 
 (10) An additional charge equal to one hundred percent of the expenses listed in sub-paragraph (1) of this Section. 
 8. Taxes for Use of Aircraft and Reimbursement for Expenses. 
 The Parties acknowledge that, with the exception of the expenses for in-flight food and beverages and passenger ground transportation, the payment of expenses set forth in Section 7 hereof is subject
to the federal excise tax imposed under Section 4261 of the Internal Revenue Code, and any segment and landing fees associated with such flight(s). Lessee shall reimburse Lessor for such expenses and shall pay to Lessor the amount of such taxes
within thirty (30) days of receipt of the applicable invoice as provided for in Section 9 hereof. Lessor agrees to collect and remit to the Internal Revenue Service, for the benefit of Lessee, all such federal excise taxes. 
 9. Invoicing and Payment. 
 Lessor will pay all expenses related to the operation of each Aircraft when incurred and will provide quarterly invoices to Lessee for the expenses enumerated in Section 7 and Section 8 above. Lessee shall pay Lessor for these
expenses within thirty (30) days after receipt of the related invoice. 
 10. Insurance. 
 The risk of loss during the period when any Aircraft is operated on behalf of Lessee under this Agreement shall remain with Lessor, and
Lessor will retain all rights and benefits with respect to the proceeds payable under policies of hull insurance maintained by Lessor that may be payable as a result of any incident or occurrence while an Aircraft is being operated on behalf of
Lessee under this Agreement. Lessee and its members, officers and directors shall be named as additional insureds on liability insurance policies maintained by Lessor on the Aircraft with respect to flights conducted pursuant to this Agreement. The
liability

  

 Page 6 of 12 

 
insurance policies on which Lessee and Lessee’s members, officers and directors are named additional insureds shall provide that as to Lessee and Lessee’s members’, officers’
and directors’ coverage shall not be invalidated or adversely affected by any action or inaction, omission or misrepresentation by Lessor or any other person (other than Lessee). Any hull insurance policies maintained by Lessor on any Aircraft
used by Lessee under this Agreement shall include a waiver of any rights of subrogation of the insurers against Lessee and Lessee’s members, officers and directors. 
 11. Indemnity. 
 Lessor assumes and shall bear the entire risk of loss,
theft, confiscation, damage to, or destruction of any Aircraft. Lessor shall release, indemnify, defend and hold harmless Lessee and its respective officers, directors, partners, employees, shareholders from and against any and all losses,
liabilities, claims, judgments, damages, fines, penalties, deficiencies and expenses (including, without limitation, reasonable attorneys fees and expenses) incurred or suffered by Lessee on account of a claim or action made or instituted by a third
person arising out of or resulting from operations of any Aircraft hereunder and/or any services provided by Lessor to Lessee hereunder, except to the extent attributable to the gross negligence or willful misconduct of Lessee or Lessee’s
guests on any Aircraft. 
 This Section 11 shall survive termination of this Agreement. 
 12. No Warranty. 
 NEITHER
LESSOR (NOR ITS AFFILIATES OR AGENTS) MAKES, HAS MADE, OR SHALL BE DEEMED TO MAKE OR HAVE MADE, ANY WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, WITH RESPECT TO ANY AIRCRAFT TO BE USED HEREUNDER OR ANY ENGINE OR COMPONENT
THEREOF INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO DESIGN, COMPLIANCE WITH SPECIFICATIONS,

  

 Page 7 of 12 

 
QUALITY OF MATERIALS OR WORKMANSHIP, MERCHANTABILITY, FITNESS FOR ANY PURPOSE, USE OR OPERATION, AIRWORTHINESS. 
 13. Operational Control. 
 “Operational Control” means the
exercise of authority over initiating, conducting, or terminating a flight, subject to the pilot-in-command’s authority for all safety of flight matters. It includes the authority to determine when the Aircraft shall be operated, where it shall
be operated, and the passengers and/or cargo who or which shall be carried. IT IS HEREBY AGREED AND ACKNOWLEDGED BETWEEN LESSOR AND LESSEE THAT DURING ALL PHASES OF FLIGHTS CONDUCTED UNDER THIS AGREEMENT, LESSOR SHALL RETAIN AND HAVE
(I) OPERATIONAL CONTROL OF THE AIRCRAFT, AND (II) POSSESSION, COMMAND AND CONTROL OF THE AIRCRAFT. In addition, Lessor further acknowledges operational control by exercising Lessor’s authority over initiating, conducting and
terminating each flight. 
 14. Governing Law. 
 THE PARTIES HERETO ACKNOWLEDGE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ALL RESPECTS IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF CONNECTICUT (WITHOUT REGARD TO ITS CHOICE OF
LAWS RULES). 
 15. Entire Agreement; Amendment. 
 This Agreement sets forth the entire agreement between the Parties hereto with respect to the transactions contemplated by this Agreement. Any provision of this Agreement may only be amended, modified or
supplemented in whole or in part at any time by an agreement in writing between the Parties executed in the same manner as this Agreement 
  

 Page 8 of 12 

 16. Supersedes Prior Agreements. 
 This Agreement expressly supersedes any prior written or oral understandings or agreements between the Parties with respect to any Aircraft.

 17. Notices and Communications. 
 Unless otherwise expressly designated by the Parties, all notices or other communications delivered or given hereunder shall be in writing and shall be deemed to be duly given if sent by certified or
registered mail, return receipt requested, or in the event of an emergency, by telegraph, e-mail, or telecopy, as follows: 
  

			
	 If to Lessor:
  
 113CS, LLC
  
 Waterbury-Oxford Airport
 288 Christian St.
 Suite 10
 Oxford, CT 06478
	  	 If to Lessee
  
 BLACKSTONE MANAGEMENT PARTNERS IV L.L.C.
 345 Park
Avenue
 New York, NY 10154
  

	 Attn.: John A Magliano
 Telephone: (212)583-5794
 Facsimile: (212) 583-5692
 E-Mail: Magliano@blackstone.com
	  	 Attn.: John A. Magliano
 Telephone: (212) 583-5794
 Facsimile: (212) 583-5692
 E-Mail: Magliano@blackstone.com

 18. Successors and Assigns. 

Neither this Agreement nor any Party’s interest herein shall be assignable to any other Party whatsoever. This Agreement shall inure
to the benefit of and be binding upon the Parties hereto, their heirs, representatives and successors. 
 19. Severability. 

If any provision of this Agreement is held to be invalid, illegal, or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
  

 Page 9 of 12 

 20. No Waiver. 
 The failure of a Party to require performance of any provision of this Agreement shall in no way affect that Party’s right thereafter to enforce such provision nor shall the waiver by a Party of any
breach of any provision of this Agreement be taken or held to be a waiver of any further breach of the same provision or any other provision. 
 21. Base of Operations. 
 For purposes of this Agreement, the base of operation of the Aircraft is
Waterbury-Oxford Airport, Oxford, Connecticut; provided, that such base may be changed by Lessor at any time during the term hereof. 
 22.
Counterparts. 
 This Agreement may be executed in one or more counterparts each of which will be deemed an original, all of
which together shall constitute one and the same agreement. 
 23. Truth-in-Leasing. 
 The Lessee shall mail a copy of this Agreement for and on behalf of both Parties to: Flight Standards Technical Division, P.O. Box 25724,
Oklahoma City, Oklahoma 73125, within twenty-four (24) hours of its execution, as provided by FAR 91.23(c)(1). 
 Lessor
agrees to comply with the notification requirements of FAR Section 91.23 by notifying by telephone or in person the FAA Flight Standards District Office nearest the airport from which the first flight under this Agreement with respect to each
Aircraft shall originate at least forty-eight (48) hours prior to such first flight and to place a copy of this Agreement on each Aircraft prior to the first flight conducted under this Agreement for such Aircraft. 
  

 Page 10 of 12 

 (a) LESSOR CERTIFIES THAT EACH AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED WITHIN THE
TWELVE MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT IN ACCORDANCE WITH THE PROVISIONS OF PART 91, OF THE FEDERAL AVIATION REGULATIONS AND THAT ALL APPLICABLE REQUIREMENTS FOR EACH AIRCRAFT’S MAINTENANCE AND INSPECTION THEREUNDER HAVE BEEN
MET AND ARE VALID FOR THE OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. 
 (b) LESSOR, WHOSE ADDRESS APPEARS IN SECTION
16 HEREOF AND WHOSE AUTHORIZED SIGNATURE APPEARS BELOW, AGREES, CERTIFIES AND ACKNOWLEDGES THAT WHENEVER AN AIRCRAFT IS OPERATED UNDER THIS AGREEMENT, LESSOR SHALL BE KNOWN AS, CONSIDERED AND SHALL IN FACT BE THE OPERATOR OF THE AIRCRAFT AND THAT
LESSOR UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
 (c) THE PARTIES
UNDERSTAND THAT AN EXPLANATION OF FACTORS AND PERTINENT FEDERAL AVIATION REGULATIONS BEARING ON OPERATIONAL CONTROL CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 
 (The remainder of this page intentionally left blank.) 
  

 Page 11 of 12 

 IN WITNESS WHEREOF, the Parties hereto have each caused this Agreement to be duly executed
on February 24, 2010. 
  

 113CS, LLC as Lessor 
  

	
	
	/s/ John A. Magliano
	 Name: John A. Magliano
 Title: Secretary

 BLACKSTONE MANAGEMENT PARTNERS IV L.L.C. as Lessee 
 By: Blackstone Holdings I L.P., its Sole Member 
 By: Blackstone Holdings I/II GP Inc., its General Partner 
  

	
	
	/s/ John A. Magliano
	 Name: John A. Magliano
 Title: Assistant Secretary

  

 Page 12 of 12 

 EXHIBIT A 
 Aircraft 1 
  

			
	 Aircraft Make and Model:
	  	 Gulfstream G-IV

	 Aircraft Serial Number:
	  	 1049

	 Engines Make and Model:
	  	 Rolls-Royce TAY MK 610-8

	 Engine Serial Numbers:
	  	 16205 (left); 16206 (right)

 Aircraft 2* 
  

			
	 Aircraft Make and Model:
	  	 Bombardier Global Express XRS

	 Aircraft Serial Number:
	  	 9354

	 Engines Make and Model:
	  	 Rolls-Royce BR710

	 Engine Serial Numbers:
	  	 12821 (left) and 12822 (right)

  

	*	This Agreement shall be effective with respect to Aircraft 2 upon the date this Aircraft 2 is acquired by Lessor.

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