Document:

Ex-10.37 Summary of 2005 Bonus Plan

 

Exhibit 10.37

Summary of 2005 Bonus Plan

     The Compensation Committee of the Board of Directors of Idenix Pharmaceuticals, Inc. (the
“Company”) may grant a discretionary bonus to each of the Company’s executive officers for services
rendered by such officer during 2005 (the “2005 Bonus”). In accordance with the terms of such
officers’ employment agreements (each of which have been filed as exhibits to the Company’s
Registration Statement on Form S-1 (No. 333-111157)), target bonus amounts have been established as
a percentage of 2005 base salary. The actual bonus earned by each officer can range from zero to
200% above the target amount and will be determined based on, among other things, the Company’s
overall performance, as well as the individual officer’s performance during 2005. The Company’s
overall performance will be evaluated at the end of the year on the basis of goals and criteria
that will include continued development of the Company’s product candidates in a successful and
timely manner and effective management of the Company’s operations. The target bonus amount and
target percentage for each named executive officer (as defined in Regulation S-K item 402(a)(3))
who is currently serving as an executive officers of the Company is set forth in the table below.

	 	 	 	 	 	 	 	 	 
	Named Executive Officer	 	2005 Target Bonus
	 	 	% of Base Salary	 	Amount
	Jean-Pierre Sommadossi

Chairman of the Board

President and Chief Executive
Officer
	 	 	60	%	 	$	285,000	 
	David A. Arkowitz

Chief Financial Officer and

Treasurer
	 	 	40	%	 	$	119,480	 
	Guy Macdonald

Executive Vice President,
Operations
	 	 	40	%	 	$	119,480	 
	Nathaniel A. Brown

Chief Medical Officer,

Executive Vice President,
Clinical Research
	 	 	40	%	 	$	116,000	 
	Andrea J. Corcoran

Executive Vice President,
Legal
and Administration
	 	 	35	%	 	$	93,730EX-4.1 Second Supplemental Indenture dated 4-29-05

 

SECOND SUPPLEMENTAL INDENTURE

     SECOND SUPPLEMENTAL INDENTURE, dated as of April 29, 2005 (this “Second Supplemental
Indenture”), by and between Fisher Scientific International Inc., a Delaware corporation (the
“Company”), having its principal office at Liberty Lane, Hampton, New Hampshire 03842, and
J.P. Morgan Trust Company, National Association, a national banking association organized and
existing under the laws of the United States, as Trustee (the “Trustee”) to the Indenture
(as defined below), having its principal corporate trust office at 4 New York Plaza,
15th Floor, New York, New York 10004.

W I T N E S S E T H:

     WHEREAS, the Company and the Trustee have heretofore executed and delivered an Indenture,
dated as of April 24, 2002, as supplemented by the First Supplemental Indenture, dated as of March
7, 2003 (as so supplemented, the “Original Indenture”), pursuant to which the
Company has $304 million aggregate principal amount of 8
1/8% Senior Subordinated Notes due 2012 (the “Notes”) outstanding;

     WHEREAS, Section 9.2 of the Original Indenture provides that the Company and the Trustee may,
with certain exceptions, amend the Indenture and the Notes with the consent of the Holders (as
defined in the Original Indenture) of a majority in principal amount of the Notes then outstanding;

     WHEREAS, the Company has distributed an Offer to Purchase and Consent Solicitation Statement,
dated as of April 14, 2005 (the “Solicitation Statement”), and accompanying Consent and
Letter of Transmittal, dated as of April 14, 2005, to the Holders of the Notes in connection with
certain proposed amendments to the Indenture as described in the Solicitation Statement (the
“Proposed Amendments”);

     WHEREAS, the Holders of at least a majority of the outstanding principal amount of the Notes
have duly consented to the Proposed Amendments;

     WHEREAS, the Board of Directors of the Company has determined that it is in the best interests
of the Company to authorize and approve the Proposed Amendments; and

     WHEREAS, the execution and delivery of this Second Supplemental Indenture have been duly
authorized by all necessary corporate action on the part of the Company and all conditions and
requirements necessary to make this instrument a valid and binding agreement have been duly
performed and complied with.

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the
Trustee mutually covenant and agree, for the equal and ratable benefit of the Holders of the Notes,
as follows:

 

 

ARTICLE I — AMENDMENTS

     Section 1.1. Amendments to the Definitions in the Original Indenture and the Notes.

          (a) Upon the effective date of this Supplemental Indenture certain definitions shall be deemed
deleted when references to such definitions would be eliminated as a result of the amendments
described herein.

          (b) Any definitions used exclusively in the provisions of the Notes that are deleted as
described in the Solicitation Statement, and any definitions used exclusively within such
definitions, are hereby deleted in their entirety from the Notes, and all references in the Notes
to paragraphs, Sections, Articles or other terms or provisions of the Original Indenture that have been otherwise deleted pursuant to this Second Supplemental
Indenture are hereby deleted in their entirety or revised to conform herewith.

     Section 1.2. Amendments to Article IV – Covenants. The following Sections of the
Original Indenture, and any corresponding provisions in the Notes, are hereby deleted in their
entirety and replaced with “Intentionally Omitted.”:

	 	 	 
	Existing Section Number	 	Caption
	Section 4.2.

	 	Limitation on Liens
	Section 4.3.

	 	Limitation on Incurrence of Additional Indebtedness
	Section 4.4.

	 	Limitation on Restricted Payments
	Section 4.5.

	 	Limitation on Dividends and Other Payment
Restrictions Affecting Subsidiaries
	Section 4.7.

	 	Limitation on Transactions with Affiliates
	Section 4.9.

	 	Prohibition on Incurrence of Senior Subordinated
Debt
	Section 4.10.

	 	Limitation on Preferred Stock of Subsidiaries
	Section 4.11.

	 	Limitation on Guarantees By Restricted Subsidiaries
	Section 4.14.

	 	Corporate Existence
	Section 4.15.

	 	Payment of Taxes and Other Claims
	Section 4.16.

	 	Maintenance of Properties and Insurance
	Section 4.18.

	 	Additional Information

     Section 1.3. Amendments to Article V – Successor Company. Paragraph (a) of Section 5.1
of the Original Indenture is hereby amended by deleting clauses (ii) and (iii) thereof.

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     Section 1.4. Amendments to Article VI – Events of Default. Section 6.1 of the
Original Indenture is hereby amended by deleting paragraphs (3), (4), (5), (6), (7) and (8)
thereof.

ARTICLE II — MISCELLANEOUS

     Section 2.1. Effect of Supplemental Indenture. From and after the effective date of
this Supplemental Indenture, the Original Indenture and the Notes shall be supplemented in
accordance herewith, and this Second Supplemental Indenture shall form a part of the Original
Indenture and the Notes for all purposes, and every Holder of Notes heretofore or hereafter
authenticated and delivered under the Original Indenture shall be bound thereby.

     Section 2.2. Indenture Remains in Full Force and Effect. Except as supplemented by
this Second Supplemental Indenture, all provisions in the Original Indenture and the Notes shall
remain in full force and effect.

     Section 2.3. References to Supplemental Indenture. Any and all notices, requests,
certificates and other instruments executed and delivered after the execution and delivery of this
Second Supplemental Indenture may refer to the Original Indenture without making specific reference
to this Second Supplemental Indenture, but nevertheless all such
references shall include this Second Supplemental Indenture unless the context requires
otherwise.

     Section 2.4. Conflict with Trust Indenture Act. The Company will comply with the
provisions of the TIA. If any provision of this Second Supplemental Indenture limits, qualifies or
conflicts with any provision of the TIA that is required under the TIA to be part of and govern any
provision of this Second Supplemental Indenture, the provision of the TIA shall control. If any
provision of this Second Supplemental Indenture modifies or excludes any provision of the TIA that
may be so modified or excluded, the provision of the TIA shall be deemed to apply to the Indenture
as so modified or to be excluded by this Second Supplemental Indenture, as the case may be.

     Section 2.5. Severability. If any court of competent jurisdiction shall determine that
any provision in this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

     Section 2.6. Terms Defined in the Original Indenture. All capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the Original Indenture.

     Section 2.7. Headings. The Article and Section headings of this Second Supplemental
Indenture have been inserted for convenience of reference only, are not to be considered a part of
this Second Supplemental Indenture and shall in no way modify or restrict any of the terms or
provisions hereof.

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     Section 2.8. Benefits of Second Supplemental Indenture. Nothing in this Second
Supplemental Indenture or the Notes, express or implied, shall give to any Person, other than the
parties hereto and thereto and their successors hereunder and thereunder and the Holders of the
Notes any benefit of any legal or equitable right, remedy or claim under the Original Indenture,
this Second Supplemental Indenture or the Notes.

     Section 2.9. Successors. All agreements of the Company in this Second Supplemental
Indenture shall bind their respective successors. All agreements of the Trustee in this Second
Supplemental Indenture shall bind its successors.

     Section 2.10. Trustee Not Responsible for Recitals. The recitals contained herein
shall be taken as the statements of the Company and the Trustee assumes no responsibility for their
correctness.

     Section 2.11. Certain Duties and Responsibilities of the Trustee. In entering into
this Second Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision
of the Original Indenture and the Notes relating to the conduct or affecting the liability or
affording protection to the Trustee, whether or not elsewhere herein so provided.

     Section 2.12. Governing Law. This Second Supplemental Indenture shall be governed by,
and construed in accordance with, the laws of the State of New York but without giving effect to
applicable principles of conflicts of law to the extent that the application of the laws of another
jurisdiction would be required thereby.

     Section 2.13. Counterpart Originals. The parties may sign any number of copies of this
Second Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement.

     Section 2.14. Effectiveness. This Second Supplemental Indenture shall become effective
upon execution and delivery by the Company and the Trustee.

     Section 2.15. Confirmation. Each of the Company and the Trustee hereby confirms and
reaffirms the Original Indenture in every particular except as amended and supplemented by this
Second Supplemental Indenture.

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     IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed as of the date first above written.

	 	 	 	 	 
	 	FISHER SCIENTIFIC INTERNATIONAL INC.

 	 
	 	By:  	/s/ Kevin P. Clark
 	 
	 	 	Name:  	Kevin P. Clark 	 
	 	 	Title:  	Vice President and Chief Financial Officer 	 
	 

	 	 	 	 	 	 	 
	J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,  
as Trustee
	 
	 	 	 	 	 	 
	By:	 	/s/ Francine Springer	 	 
	 	 	 	 	 
	

	 	Name:
	 	Francine Springer	 	 
	

	 	Title:
	 	Vice President	 	 

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