Document:

Unassociated Document

 

	

	 
EXHIBIT 10.20

Web.com Group, Inc.

12808 Gran Bay Parkway West

Jacksonville, FL 32258

T 904 680 6635

F 904 880 0350

NASDAQ: WWWW

 

March 7, 2011

Jason Teichman

1253 N Burgandy Trail

St Johns, FL 32259

Re:           Amended and Restated Employment Terms and Agreement

Dear Jason,

Web.com Group, Inc. (“Company”) is pleased to offer you employment as Chief Marketing Officer reporting into the Chief Executive Officer and/or President on the terms set forth herein and as they may be further mutually agreed to by the parties.

You will be responsible for those duties typical to your position as well as any other duties that may be assigned from time to time.  You will work at our Jacksonville area office, until such time as you relocate to Jacksonville, Florida. You have been paid a relocation bonus of $125,000.00. You agree to reimburse the Company if you voluntarily terminate your employment prior to the completion of two (2) years of service according to the following rates and schedule: 100% if employed for less than 6 months, 75% if employed for 6 months but less than 12 months, 50% if employed 12 months but less than 18 months, and 25% if employed 18 months but less than 24 months.

Your base salary will be $225,000.00 annually, less payroll deductions and all required taxes and withholdings. Your annual bonus potential, subject to the approval of the Board of Directors, will be 65% of your base salary and will be based upon individual and Company performance from January 1st of the given year to December 31st of that same year and is generally paid during the first quarter of the year following the bonus year but in no event later than March 15 of the year following the year in which your right to such amount became vested. You will be paid bi-weekly and you will be eligible for standard benefits offered by Company to its
employees.  Further, the Company may change your compensation and entitlement to benefits in its sole discretion.

As a Company employee, you will be expected to abide by Company policies and procedures. Additionally, as a condition of employment, you must read, sign and comply with the attached Company Proprietary Information Inventions and Non-Solicitation Agreement, which prohibits unauthorized use or disclosure of proprietary information of Company or any of Company’s affiliates, including Company’s subsidiaries.

In your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer (other than Register.com) or other person to whom you have an obligation of confidentiality.  Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company.  You agree that you will not bring onto Company premises or use in your work for the Company any unpublished documents or property belonging to any former employer (other than Register.com) or third party that you are not authorized to use and
disclose.  You represent further that you have disclosed to the Company any contract you have signed that may restrict your activities on behalf of the Company.  By accepting employment with the Company, you are representing that you will be able to perform your job duties within these guidelines.

  

  

  

Subject to approval by the Company’s Board of Directors (the “Board”), you will be an “Eligible Employee” under the Company’s Executive Severance Benefit Plan (the “Severance Plan”).  The Severance Plan contains provisions relating to severance pay and equity acceleration.  Details about these benefits and a copy of the Severance Plan are available for your review.

The Company may terminate your employment at any time. If Company terminates your employment without cause you agree that you shall be paid in accordance with the Severance Plan and that you will have no further claims against the Company, including without limitation any claims for notice, pay in lieu of notice, termination pay or other severance pay not named herein, whether such claims arise at common law, by statute or by contract.

You may terminate your employment with the Company at any time upon the provision of two weeks’ written notice to the Company and subject to the terms of this Agreement.

If the Company (or, if applicable, the successor entity thereto) determines that any termination benefits and/or any other payments and benefits provided under this Agreement or otherwise (the “Payments”) constitute “deferred compensation” under Section 409A of the Internal Revenue Code (together, with any state law of similar effect, “Section 409A”) and you are a “specified employee” (as such term is defined in Section 409A(a)(2)(B)(i)) of the Company or any successor entity thereto upon your “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any
alternative definition there under, a “Separation from Service”), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A as a result of the payment of compensation upon your Separation from Service, the timing of the Payments shall be delayed as follows:  on the earlier to occur of (i) the date that is six months and one day after the date of the Separation from Service or (ii) the date of your death (such earlier date, the “Delayed Initial Payment Date”), the Company (or the successor entity thereto, as applicable) shall (A) pay to you a lump sum amount equal to the sum of the Payments that you would otherwise have received through the Delayed Initial Payment Date if the commencement of the payment of the Payments had not been delayed
pursuant to this paragraph and (B) commence paying the balance of the Payments in accordance with the applicable payment schedules.  It is intended that (i) each installment of the Payments is a separate “payment” for purposes of Section 409A, (ii) all of the Payments satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under of Treasury Regulation 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions.

To the extent that any reimbursements payable to you are subject to the provisions of Section 409A: (a) to be eligible to obtain reimbursement for such expenses you must submit expense reports within 45 days after the expense is incurred, (b) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (c) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (d) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

  

  

  

 

This letter, together with your Proprietary Information Inventions and Non-Solicitation Agreement, forms the complete and exclusive statement of your employment agreement with Company. The terms in this letter supersede any other agreements or promises made to you by anyone, whether oral or written, including without limitation any employment agreement or offer letter between you and Register.com. This letter agreement cannot be changed except in a written agreement signed by you and a duly authorized officer of the Company. Nothing contained in this letter agreement will serve to change your status as an at-will employee.

We look forward to your favorable reply and to a productive and enjoyable work relationship.

                                             

 

	 	 	 
Sincerely,

Web.com Group, Inc.

	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/ David L. Brown 	 
	 	 	 	 
      David L. Brown

	 
	 	 	 	 
      Chief Executive Officer

	 
	
 
Accepted:

	 	 	
 

	 
	 	 	 	 	 
	 
/s/ Jason Teichman

	 	 	 	 
	
 
Jason Teichman

	 	 	
 

	 
	
Date  March 7, 2011a6643697ex1091.htm

EXHIBIT 10.91

 

 

SUPPLEMENT TO AND AMENDMENT OF

 

LIMITED LIABILITY COMPANY AGREEMENT

 

FOR

 

AKORN-STRIDES, LLC

 

A DELAWARE LIMITED LIABILITY COMPANY

 

THIS SUPPLEMENT TO AND AMENDMENT OF LIMITED LIABILITY COMPANY AGREEMENT (the “Amendment”) is made and entered into on this 29th day of December, 2010 by and among Akorn, Inc., a Louisiana corporation (“Akorn”), and Strides, Inc., a New Jersey corporation (“Strides”) as all the Members of Akorn-Strides, LLC (“the “Company”).

 

The background and purpose of this Amendment are summarized as follows:

A. Akorn and Strides Arcolab Limited entered into that certain Limited Liability Company Agreement dated September 22, 2004, as amended by that certain First Amendment to Limited Liability Company Agreement dated January 2006 (collectively, the “Operating Agreement”) in connection with the formation of a joint venture between the Members to be carried on by the Company whose business was to develop and market Grandfathered, Patent Challenging and ANDA Products to the U.S. hospital and retail markets;

 

B. Strides Arcolab Limited assigned its membership interest in the Company to Strides;

 

C. The Company proposes to enter into an Asset Purchase Agreement to be signed after the execution of this Agreement to, among other things, sell certain of the Company’s assets (the “Sales Agreement”);

 

D. The Members have reached separate understandings as to the distribution of proceeds from the sale of assets, the allocation of items of income and expense, and the sharing of obligations that result from or arise out of the sale of assets contemplated by the Sales Agreement, which understandings differ from the terms currently set forth in the Operating Agreement;

 

E. Thus, the parties wish to supplement and, to the extent required, amend and restate certain of their respective rights, duties, covenants, and obligations as they relate to the understandings reached by the Members with respect to the distribution of proceeds, the allocation of items of income and expense, the sharing of obligations that result from or arise out, and such other matters set forth herein that result from or relate to the sale of assets contemplated by the Sales Agreement.

 

Except to the extent expressly amended by the terms and provisions set forth in this Amendment, the Operating Agreement remains in full force and effect.  Capitalized terms used in this Amendment shall have the meanings specified herein and when not so specified, shall have the meanings set forth in the Operating Agreement.  In consideration of the above premises, and the covenants and agreements set forth herein, and in consideration of the agreements, covenants, mutual promises and undertakings reached by the Members in connection with and with respect to the sale of assets contemplated by the Sales Agreement, and for such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, with the intent to be obligated legally and equitably, Akorn and Strides hereby agree as follows:

 

  

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1)            Notwithstanding anything to the contrary in Article XI of the Operating Agreement, Akorn and Strides agree that the transaction contemplated by the Sales Agreement when consummated shall not constitute a Dissolution Event.  Akorn and Strides agree, however, that upon satisfaction of the Company’s obligations under the “Transition Services Agreement” (as defined in the Sales Agreement) Akorn and Strides will mutually agree on the future of the Company.

2)           Article 7, other than Section 7.6, of the Operating Agreement notwithstanding, the gross proceeds to be realized from the sale of assets as contemplated under the Sales Agreement, before reduction for any expenses or costs associated with the Sales Agreement, shall be distributed to the Members as follows:

 

	Akorn	 	55.3797%
	 	 	 
	Strides	 	44.6203%

 

3)           All legal, accounting, and other costs, fees or expenses arising out of or relating to the transaction set forth in the Sales Agreement shall be paid for by the Members from the amount of gross proceeds a Member is entitled under Section 2 above as follows:  55.3797% by Akorn and 44.6203% by Strides.

4)           Section 6.1 of the Operating Agreement notwithstanding, all gain resulting from, arising out of, or otherwise relating to the sale of assets contemplated in the Sales Agreement, whether characterized as capital gain or ordinary income or gain, shall be allocated to each Member in the proportion that each Member’s share of gross proceeds set forth in 1 above bears to the total gross proceeds realized by the Company from the sale of assets under the Sales Agreement (i.e., 55.3797% to Akorn and 44.6203% to Strides); provided, however, to the extent applicable, Sections 6.2 through 6.6 shall be applied in determining the allocation of such gain to the Members.  All legal, accounting, and other costs, fees or expenses allocated to the Members under Section 3 above shall be treated as a deduction in computing Net Profits or Net Losses from the sale of assets contemplated in the Sales Agreement and shall be allocated as provided in Section 3 above.

5)           Any obligation of the Company arising under Article VIII of the Sales Agreement shall be borne by the Members in proportion to the Members’ Percentage Interests and shall be treated in the same manner as any other item of cost or expense (i.e., in proportion to the Members’ Percentage Interests) in determining the Net Profits or Net Losses of the Company in such Fiscal Year such obligation arises.

6)           Akorn and Strides acknowledge that the piperacillin/tazobactam (“Pip/Taz”) ANDA is among the assets to be transferred to the buyer pursuant to the Sales Agreement, and further that Pip/Taz will be conveyed by the buyer to Strides subsequent to the execution of the Sales Agreement.  Strides hereby represents that it will not commercially launch Pip/Taz before January 1, 2012.  However, in the event Strides commercially launches Pip/Taz before January 1, 2012, then all Net Profit or Net Loss in relation to Pip/Taz sales during the period beginning with the commercial launch date and ending on December 31, 2011, shall be shared between Strides and Akorn in the same manner as set forth in the Operating Agreement.

7)           Akorn agrees that it will not purchase any additional raw or packaging materials used in the manufacture or production of Sterile Vancomycin HC1 USP (“Materials”), unless Strides consent is otherwise first obtained, and Akorn will sell to the Company any Materials, which are required by the Company in meeting its obligations under the Transition Services Agreement, only from Akorn’s current stock of inventory.  Strides agrees that it will purchase from Akorn all remaining Materials in Akorn’s inventory as of the close of the Transition Period (as defined in the Transition Services Agreement), provided that, individually and not collectively, each such item of Materials has an acceptable expiration date that can be used to manufacture product with an industry accepted expiration date, which the parties agree is twelve months.

 

  

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8)           Akorn and Strides agree that the contents of any press release, or other announcement or communication, intended for dissemination to the public with respect to the transactions contemplated in the Sales Agreement shall, prior to release to the public, be shared with and agreed to by the other party; provided further, however, that the failure to reach agreement as to the content of such release, or announcement or communication, shall not preclude the parties from making such release, or announcement or communication, in compliance with applicable law or exchange rules.

9)           Akorn and Strides agree that Bryan Cave LLP shall serve as counsel to and represent the Company in connection the transactions contemplated in the Sales Agreement (including the Transaction Documents as defined in the Sales Agreement) and that Bryan Cave LLP also shall serve as counsel to and represent Akorn in connection with Akorn’s interests in connection with the transactions contemplated in the Sales Agreement (including the Transaction Documents as defined in the Sales Agreement), and that Strides hereby consents to such representation of Akorn by Bryan Cave LLP and waives any conflict or potential conflict of interest that may arise as a result of such representation of Akorn by Bryan Cave LLP.  Further, Strides hereby acknowledges that it has been represented by counsel (other than Bryan Cave LLP) in connection with Stride’s interests in connection with the transactions contemplated in the Sales Agreement (including the Transaction Documents as defined in the Sales Agreement).

[THIS SPACE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

  

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written and each of the individuals signing below warrants that he or she has the authority to sign for and on behalf of the respective Member.

 

	 	 
MEMBERS:

	 	 
	 	 
AKORN, INC.,

	 	 
a Louisiana corporation

	 	 
	 	By:
	 	Name:
	 	 
 
Title:   __________________

	 	 
	 	 
	 	 
STRIDES, INC.,

	 	 
a company organized under the laws of the State of New Jersey

	 	 
	 	By:
	 	Name:
	 	 
Title:   __________________

 

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