Document:

exv10w1

EXHIBIT 10.1

RESTRICTED STOCK UNIT AWARD AGREEMENT

UNDER THE ANTHERA PHARMACEUTICALS, INC.

2010 STOCK OPTION AND INCENTIVE PLAN

Name of Grantee:                                         

No. of Restricted Stock Units Granted:                                         

Grant Date:                                         

     Pursuant to the Anthera Pharmaceuticals, Inc. 2010 Stock Option and Incentive Plan as amended
through the date hereof (the “Plan”), Anthera Pharmaceuticals, Inc. (the “Company”) hereby grants
an award of the number of Restricted Stock Units listed above (an “Award”) to the Grantee named
above. Each Restricted Stock Unit shall relate to one share of Common Stock, par value $0.001 per
share (the “Stock”) of the Company,

     1. Restrictions on Transfer of Award. The Award may not be sold, transferred,
pledged, assigned or otherwise encumbered or disposed of by the Grantee, and any shares of Stock
issuable with respect to the Award may not be sold, transferred, pledged, assigned or otherwise
encumbered or disposed of until (i) the Restricted Stock Units have vested as provided in Section 2
of this Agreement and (ii) shares of Stock have been issued to the Grantee in accordance with the
terms of the Plan and this Agreement.

     2. Vesting of Restricted Stock Units. The Restricted Stock Units shall vest in
accordance with the schedule set forth below, provided in each case that the Grantee is then, and
since the Grant Date has continuously been, employed by the Company or its Subsidiaries.

	 	 	 

	Incremental (Aggregate) 

Number of

Restricted Stock Units Vested
	 	Vesting Date
	                     (100% )
	 	[first anniversary of Grant Date]

     The Administrator may at any time accelerate the vesting schedule specified in this Paragraph
3.

     3. Termination of Employment. If the Grantee’s employment with the Company and its
Subsidiaries terminates for any reason (including death or disability) prior to the satisfaction of
the vesting conditions set forth in Section 2 above, any Restricted Stock Units that have not
vested as of such date shall automatically and without notice terminate and be forfeited, and
neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives
will thereafter have any further rights or interests in such unvested Restricted Stock Units.

     4. Receipt of Shares of Stock. As soon as practicable following the Vesting Date (but
in no event later than two and one-half months after the end of the year in which the Vesting Date
occurs), the Company shall issue to the Grantee the number of shares of Stock equal to the
aggregate number of Restricted Stock Units that have vested pursuant to Section 2 of this

 

 

Agreement on such date and the Grantee shall thereafter have all the rights of a stockholder
of the Company with respect to such shares.

     5. Incorporation of Plan. Notwithstanding anything herein to the contrary, this
Agreement shall be subject to and governed by all the terms and conditions of the Plan, including
the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this
Agreement shall have the meaning specified in the Plan, unless a different meaning is specified
herein.

     6. Tax Withholding. The Grantee shall, not later than the date as of which the
receipt of this Award becomes a taxable event for Federal income tax purposes, pay to the Company
or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local
taxes required by law to be withheld on account of such taxable event. The Company shall have the
authority to cause the required minimum tax withholding obligation to be satisfied, in whole or in
part, by withholding from shares of Stock to be issued to the Grantee a number of shares of Stock
with an aggregate Fair Market Value that would satisfy the withholding amount due.

     7. No Obligation to Continue Employment. Neither the Company nor any Subsidiary is
obligated by or as a result of the Plan or this Agreement to continue the Grantee in employment and
neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any
Subsidiary to terminate the employment of the Grantee at any time.

     8. Notices. Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Grantee at the address on file
with the Company or, in either case, at such other address as one party may subsequently furnish to
the other party in writing.

	 	 	 	 	 
	 	ANTHERA PHARMACEUTICALS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

2

 

	 	 	 	 	 

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by
the undersigned.

	 	 	 	 	 
	 	 	 
	 	 	 
	 	Grantee’s Signature

 	 
	 	  	
 	 
	 	Grantee’s name:

 	 
	 	 	 	 
	 	 	 	 

3

 

	 	 	 	 	 

RESTRICTED STOCK UNIT AWARD AGREEMENT

UNDER THE ANTHERA PHARMACEUTICALS, INC.

2010 STOCK OPTION AND INCENTIVE PLAN

Name of Grantee:                                         

No. of Restricted Stock Units Granted:                                         

Grant Date:                                         

     Pursuant to the Anthera Pharmaceuticals, Inc. 2010 Stock Option and Incentive Plan as amended
through the date hereof (the “Plan”), Anthera Pharmaceuticals, Inc. (the “Company”) hereby grants
an award of the number of Restricted Stock Units listed above (an “Award”) to the Grantee named
above. Each Restricted Stock Unit shall relate to one share of Common Stock, par value $0.001 per
share (the “Stock”) of the Company,

     1. Restrictions on Transfer of Award. The Award may not be sold, transferred,
pledged, assigned or otherwise encumbered or disposed of by the Grantee, and any shares of Stock
issuable with respect to the Award may not be sold, transferred, pledged, assigned or otherwise
encumbered or disposed of until (i) the Restricted Stock Units have vested as provided in Section 2
of this Agreement and (ii) shares of Stock have been issued to the Grantee in accordance with the
terms of the Plan and this Agreement.

     2. Vesting of Restricted Stock Units. The Restricted Stock Units shall vest in
accordance with the schedule set forth below, provided in each case that the Grantee is then, and
since the Grant Date has continuously been, employed by the Company or its Subsidiaries.

	 	 	 

	Incremental (Aggregate) 

Number of 

Restricted Stock Units Vested
	 	Vesting Date
	                     (25%)
	 	[first anniversary of Grant Date]
	                     (50% )
	 	[second anniversary of Grant
Date]
	                     (75% )
	 	[third anniversary of Grant Date]
	                     (100% )
	 	[fourth anniversary of Grant
Date]

     The Administrator may at any time accelerate the vesting schedule specified in this Paragraph
3.

     3. Termination of Employment. If the Grantee’s employment with the Company and its
Subsidiaries terminates for any reason (including death or disability) prior to the satisfaction of
the vesting conditions set forth in Section 2 above, any Restricted Stock Units that have not
vested as of such date shall automatically and without notice terminate and be forfeited, and
neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives
will thereafter have any further rights or interests in such unvested Restricted Stock Units.

 

 

     4. Receipt of Shares of Stock. As soon as practicable following each Vesting Date
(but in no event later than two and one-half months after the end of the year in which the Vesting
Date occurs), the Company shall issue to the Grantee the number of shares of Stock equal to the
aggregate number of Restricted Stock Units that have vested pursuant to Section 2 of this Agreement
on such date and the Grantee shall thereafter have all the rights of a stockholder of the Company
with respect to such shares.

     5. Incorporation of Plan. Notwithstanding anything herein to the contrary, this
Agreement shall be subject to and governed by all the terms and conditions of the Plan, including
the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this
Agreement shall have the meaning specified in the Plan, unless a different meaning is specified
herein.

     6. Tax Withholding. The Grantee shall, not later than the date as of which the
receipt of this Award becomes a taxable event for Federal income tax purposes, pay to the Company
or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local
taxes required by law to be withheld on account of such taxable event. The Company shall have the
authority to cause the required minimum tax withholding obligation to be satisfied, in whole or in
part, by withholding from shares of Stock to be issued to the Grantee a number of shares of Stock
with an aggregate Fair Market Value that would satisfy the withholding amount due.

     7. No Obligation to Continue Employment. Neither the Company nor any Subsidiary is
obligated by or as a result of the Plan or this Agreement to continue the Grantee in employment and
neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any
Subsidiary to terminate the employment of the Grantee at any time.

     8. Notices. Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Grantee at the address on file
with the Company or, in either case, at such other address as one party may subsequently furnish to
the other party in writing.

	 	 	 	 	 
	 	ANTHERA PHARMACEUTICALS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

2

 

	 	 	 	 	 

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by
the undersigned.

	 	 	 	 	 
	 	 	 
	 	 	 
	 	Grantee’s Signature

 	 
	 	 	 
	 	Grantee’s name:

 	 
	 	 	 	 
	 	 	 	 

3exv10w1

Exhibit 10.1

Annual Incentive Plan

Fiscal Year 2011

Effective April 1, 2010 – March 31, 2011

 

 

Contents

I. Purpose of the Plan

II. Eligibility

III. Administration

IV. Plan Design

V. Financial Objectives

VI. Individual Objectives

VII. Incentive Payments

VIII. Amendment, Suspension and Termination

IX. Unfunded Plan

X. Other Benefit and Compensation Programs

XI.Governing Law

	 	 	 

	Exhibit I:

	Apportionment of Plan Objectives
	 
	Exhibit II:

	Payout Schedule for Sales Objective
	 
	Exhibit III:

	 	Payout Schedule for EBITDA Objective

Page 2 of 9 

 

I. Purpose of the Plan

The purpose of the Annual Incentive Plan is to align all participants with the business objectives
of Navarre Corporation and its subsidiaries (the “Company”) by motivating, rewarding and
recognizing participants for their achievements and contribution to the Company’s success.

The proposed plan is intended to stimulate and reward participants to implement and achieve revenue
growth.

II. Eligibility

Most management-level employees of the Company are eligible to participate in the Plan. New hires
must be employed prior to October 1st to be eligible for a pro-rata incentive payment for that
fiscal year. Participants that terminate from the company, for any reason, prior to the date of
the incentive payment, will lose their eligibility to receive an incentive payment.

III. Administration

The Plan is administered by the Compensation Committee of the Company’s Board of Directors (the
“Compensation Committee”). The Chief Executive Officer of the Company (the “CEO”) will make
recommendations to the Compensation Committee regarding participation, level of awards, changes to
the Plan, financial objectives, and other aspects of the Plan’s administration. The Compensation
Committee has the authority to interpret the Plan, and, subject to the Plan’s provisions, to make
and amend rules and to make all other decisions necessary for the Plan’s administration. Any
decision of the Compensation Committee in the interpretation and administration of the Plan shall
lie within its sole and absolute discretion and shall be final, conclusive and binding on all
parties concerned. Specifically, the Compensation Committee has the authority to approve payout
percentages and to approve individual awards, including discretionary awards, for the executive
officers. The CEO has the authority to approve individual awards, including discretionary awards,
for other participants consistent with the Plan.

IV. Plan Design

The Annual Incentive Plan has two components:

	 	•	 	Financial Objectives
	 
	 	•	 	Individual Objectives

The potential bonus payout is based on a participant’s level and type of position and is determined
as a percentage of the participant’s base salary apportioned between the financial and individual
components. That apportionment is summarized in Exhibit I.

Page 3 of 9 

 

The annual “Bonus Pool” is the amount of money available for payout of bonuses as determined by the
Compensation Committee based upon the aggregate bonus potential of all participants and the extent
to which the Financial Objectives and Individual Objectives have been achieved.

V. Financial Objectives

The following Financial Objectives are measured based on attainment of specific levels of
performance of the Company (or of a subsidiary, division, or department thereof):

	 	•	 	Consolidated EBITDA target of $26.7M, inclusive of the Bonus Pool accrual.
	 
	 	•	 	Consolidated Net Sales Target of $537.7M.
	 
	 	•	 	For participants that are employees of a subsidiary of Navarre Corporation, the
financial objectives will be based upon subsidiary specific EBITDA and net sales targets.
For subsidiary performance above threshold but below target, the bonus payout will be
reduced proportionately.
	 
	 	•	 	The performance thresholds for the objectives payout will be attainment of 80% or
greater for EBITDA and 90% or greater for net sales. Payment will be on a sliding scale.
See Exhibits II and III.

Growth Pool

If Consolidated EBITDA exceeds the EBITDA target, the Bonus Pool will be increased by 25% of the
amount that Consolidated EBITDA exceeds the EBITDA target. Participants will share in the enhanced
Bonus Pool on a pro-rata basis, subject to the maximum payment provision in Paragraph VII herein.
This provides an enhanced incentive payout opportunity to participants which would be funded
through improvement in Consolidated EBITDA beyond targeted amounts.

VI. Individual Objectives

Goal Setting

Plan participants and their managers will share accountability for establishing annual goals for
the Individual Objectives component of the incentive plan. Generally, participants will have a
number of specific and measurable goals which may be weighted or prioritized. These goals should
tie directly to the overall company, subsidiary, or department goals. Joint agreement on goals
will be confirmed with signatures of the participant and his/her manager. These goals must be
provided to Human Resources within two months of becoming eligible for the Annual Incentive Plan.

Page 4 of 9 

 

Goal Monitoring

Participants will normally meet with their managers at least quarterly to review progress on the
established goals.

Goal Modification

Goals may be modified during the plan year if the business or the individual’s position requires
the change.

Goal Measurement

Plan participants and their managers will discuss the participant’s goal achievement on their
Individual Objectives and managers must submit the achievement to HR for approval in a timely
manner. The Compensation Committee will evaluate and determine achievement of the CEO’s individual
performance and review the achievement for the other executive officers.

VII. Incentive Payments

Results and Adjustments

Actual business results for the fiscal year will be provided by the Chief Financial Officer and
approved by the Compensation Committee. The Compensation Committee may approve adjustments to
actual business results to reflect organizational, operational, or other changes which have
occurred during the year, e.g., acquisitions, dispositions, expansions, contractions, material
non-recurring items of income or loss, extraordinary items, effects of accounting changes or other
events.

Discretionary Pool

The Compensation Committee has determined that a discretionary pool should also be established to
reward participants in the plan with exemplary performance. The maximum amount of the
discretionary pool is $500,000, which may or may not be awarded in whole or in part.

Payments

Payments under the Plan will normally be paid within 45 days of the conclusion of the Company’s
annual audit by its certified public accountants. Payment will be made for the number of full
months that the participant held a qualifying position during the plan year and amounts paid will
be taxed in compliance with Internal Revenue Service guidelines for bonuses. Checks for bonus
payments will normally be hand delivered in one-on-one meetings by the participant’s manager.

Page 5 of 9 

 

Maximum Payment

Notwithstanding anything to the contrary provided in this Plan, payouts to any one participant will
not exceed 150% of the participant’s target bonus.

Communication

After year-end closing, managers should meet individually with each participant to communicate the
final achievement on specific goals and communicate the incentive payment amount. Human Resources
will prepare a communication document to assist managers to effectively communicate this
information.

VIII. Amendment, Suspension and Termination

The Compensation Committee or the Board of Directors may at any time, and without prior notice,
terminate, suspend, amend or modify this Plan or any incentive payments under the Plan not yet
paid. No payments pursuant under this Plan will be made during any suspension of the Plan or after
its termination.

IX. Unfunded Plan

The Plan is unfunded and the Company shall not be required to segregate any assets for incentive
payments under the Plan.

X. Other Benefit and Compensation Programs

Payments received by a participant under this Plan shall not be deemed a part of a participant’s
regular, recurring compensation for purposes of the termination, indemnity or severance pay law of
any state and shall not be included in, nor have any effect on, the determination of benefits under
any other employee benefit plan, contract or similar arrangement provided by the Company unless
expressly so provided by such other plan, contract or arrangement. Nothing in the Plan shall be
construed as a contractual payment obligation or guarantee of employment for any participant.

XI. Governing Law

To the extent that Federal laws do not otherwise control, the Plan and all determinations made and
actions taken pursuant to the Plan shall be governed by the laws of Minnesota and construed
accordingly.

Page 6 of 9 

 

Exhibit I

Apportionment of Plan Financial and Individual Objectives:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Consolidated	 	Subsidiary	 	Consolidated Net	 	Subsidiary	 	Individual
	Job Level	 	EBITDA	 	EBITDA	 	Sales	 	Net Sales	 	Objectives
	Corporate CEO and CFO
	 	 	65	%	 	 	 	 	 	 	25	%	 	 	 	 	 	 	10	%
	 
	Subsidiary Presidents
	 	 	 	 	 	 	65	%	 	 	 	 	 	 	25	%	 	 	10	%
	 
	Corporate VP’s
	 	 	55	%	 	 	 	 	 	 	25	%	 	 	 	 	 	 	20	%
	 
	Subsidiary VP’s
	 	 	 	 	 	 	55	%	 	 	 	 	 	 	25	%	 	 	20	%
	 
	Corporate Directors
	 	 	40	%	 	 	 	 	 	 	30	%	 	 	 	 	 	 	30	%
	 
	Subsidiary Directors
	 	 	 	 	 	 	40	%	 	 	 	 	 	 	30	%	 	 	30	%
	 
	Corporate Managers
	 	 	40	%	 	 	 	 	 	 	30	%	 	 	 	 	 	 	30	%
	 
	Subsidiary Managers
	 	 	 	 	 	 	40	%	 	 	 	 	 	 	30	%	 	 	30	%

Page 7 of 9

 

Exhibit II

Annual Incentive Plan

FY11 Payout Schedule for Net Sales Objective

	 	 	 	 	 	 	 	 	 
	 	 	Percent of	 	Payout
	 	 	Target	 	%
	Target	 	 	100	% 	 	 	100	% 
	 
	 	 	99	%	 	 	90	%
	 
	 	 	98	%	 	 	80	%
	 
	 	 	97	%	 	 	70	%
	 
	 	 	96	%	 	 	60	%
	 
	 	 	95	%	 	 	50	%
	 
	 	 	94	%	 	 	40	%
	 
	 	 	93	%	 	 	30	%
	 
	 	 	92	%	 	 	20	%
	 
	 	 	91	%	 	 	10	%
	 
	 	 	90	%	 	 	5.0	%
	Minimum for Sales
	 	 	90	%	 	 	5	%
	 
	 	Below 90%	 	0% Payout

Threshold

Sales — 90% or higher of target must be achieved and is paid out on a sliding scale

Page 8 of 9

 

Exhibit III

Annual Incentive Plan

Payout Schedule for EBITDA Objective

	 	 	 	 	 	 	 	 	 
	 	 	Percent of	 	Payout
	 	 	Target	 	%
	Target	 	 	100	%	 	 	100	%
	 
	 	 	99	%	 	 	97.5	%
	 
	 	 	98	%	 	 	95	%
	 
	 	 	97	%	 	 	90	%
	 
	 	 	96	%	 	 	85	%
	 
	 	 	95	%	 	 	80	%
	 
	 	 	94	%	 	 	75	%
	 
	 	 	93	%	 	 	70	%
	 
	 	 	92	%	 	 	65	%
	 
	 	 	91	%	 	 	60	%
	 
	 	 	90	%	 	 	55	%
	 
	 	 	89	%	 	 	50	%
	 
	 	 	88	%	 	 	45	%
	 
	 	 	87	%	 	 	40	%
	 
	 	 	86	%	 	 	35	%
	 
	 	 	85	%	 	 	30	%
	 
	 	 	84	%	 	 	25	%
	 
	 	 	83	%	 	 	20	%
	 
	 	 	82	%	 	 	15	%
	 
	 	 	81	%	 	 	10	%
	Minimum for EBITDA
	 	 	80	%	 	 	5	%
	 
	 	Below 80%	 	0% Payout

Threshold

EBITDA — 80% or higher of target must be achieved and is paid out on a sliding scale

Page 9 of 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}]]