Document:

Restricted Stock Agreement - Levine

 

Exhibit 10.27

SFBC INTERNATIONAL, INC.

RESTRICTED STOCK AGREEMENT

     This Restricted Stock Agreement (this “Agreement”) entered into as of January 19, 2006, sets
forth the terms and conditions of an award (this “Award”) of restricted stock granted by SFBC
International, Inc., a Delaware corporation (“SFBC”), to Jack Levine (the “Recipient”) under the
SFBC International, Inc. 1999 Stock Plan (the “Plan”).

     1. The Plan. This Award is made pursuant to the Plan, the terms of which are
incorporated in this Agreement. Capitalized terms used in this Agreement that are not defined in
this Agreement have the meanings as used or defined in the Plan.

     2. Award. The number of shares of restricted stock subject to this Agreement is
20,000.

     3. Vesting/Forfeiture.

          (a) The shares of restricted stock shall vest in equal increments of 5,000 shares on April 19,
2006, July 19, 2006, October 19, 2006 and January 19, 2007, as long as the Recipient is still a
director or SFBC on the applicable vesting date.

          (b) Notwithstanding the foregoing, if the Recipient is removed as a director by the vote or
written consent of the stockholders, or if he is not re-elected a director at the next meeting of
stockholders at which directors are elected, all unvested shares of restricted stock shall vest
immediately prior to such event.

          (c) Notwithstanding any other provision of this Agreement, at the option of the Board of
Directors, all RSUs, whether vested or unvested, shall be immediately forfeited in the event of:

	 	(i)	 	Purchasing or selling securities of SFBC in violation of the
SFBC’s inside information guidelines then in effect;
	 
	 	(ii)	 	Breaching any duty of confidentiality including that required
by SFBC’s inside information guidelines then in effect;
	 
	 	(iii)	 	Competing with SFBC; or
	 
	 	(iv)	 	Recruitment of SFBC personnel before or after termination of
services as a director.

     4. Notices and Addresses. All notices, offers, acceptance and any other acts under
this Award Agreement (except payment) shall be in writing, and shall be sufficiently given if
delivered

 

 

to the addressees in person, by Federal Express or similar overnight next business day delivery, or
by facsimile delivery followed by overnight next day delivery, as follows:

	 	 	 
	To the Company:

	 	SFBC International, Inc.

504 Carnegie Center

Princeton, NJ 08540-6242

Facsimile: (609) 951-6823
	 
	 	 
	With a copy to:

	 	Michael D. Harris, Esq.

Harris Cramer, LLP

1555 Palm Beach Lakes Blvd., Suite 310

West Palm Beach, FL 33401

Facsimile: (561) 659-0701
	 
	 	 
	To the Recipient:

	 	Jack Levine

16855 NE 2nd Avenue

Suite 303

North Miami Beach, FL 33162

Facsimile: (305) 651-0611

or to such other address as either of them, by notice to the other may designate from time to time.
The transmission confirmation receipt from the sender’s facsimile machine shall be evidence of
successful facsimile delivery. Time shall be counted to, or from, as the case may be, the delivery
in person or by mailing.

     5. Counterparts. This Award Agreement may be executed in one or more counterparts,
each of which shall be deemed an original but all of which together shall constitute one and the
same instrument. The execution of this Award Agreement may be by actual or facsimile signature.

     6. Attorney’s Fees. In the event that there is any controversy or claim arising out
of or relating to this Award Agreement, or to the interpretation, breach or enforcement thereof,
and any action or proceeding is commenced to enforce the provisions of this Award Agreement, the
prevailing party shall be entitled to a reasonable attorney’s fee, costs and expenses.

     7. Severability. If any term or condition of this Award Agreement shall be invalid or
unenforceable to any extent or in any application, then the remainder of this Award Agreement, and
such term or condition except to such extent or in such application, shall not be affected hereby
and each and every term and condition of this Award Agreement shall be valid and enforced to the
fullest extent and in the broadest application permitted by law.

     8. Entire Agreement. This Agreement represents the entire agreement and understanding
between the parties and supersedes all prior negotiations, understandings, representations (if
any), and agreements made by and between the parties. Each party specifically acknowledges,
represents and warrants that they have not been induced to sign this Agreement

2

 

     9. Governing Law. This award shall be governed by and construed in accordance with the
laws of the State of Delaware, without regard to principles of conflicts of laws.

     10. Headings. The headings in this Agreement are for the purpose of convenience only
and are not intended to define or limit the construction of the provisions hereof.

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed and
delivered as of the date aforesaid.

	 	 	 
	 	 	
SFBC INTERNATIONAL, INC.
	 
 

Witness	 	 
	 
 

Witness	 	
By:
 

Jeffrey P. McMullen, Chief Executive Officer
	 	 	
RECIPIENT
	 
 

Witness	 	 
	 
 

Witness	 	
By:
 

Jack Levine

3New Drug Services Amended Agreement

 

Exhibit 10.28

11190 Biscayne Blvd.

Miami, FL 33181

November 11, 2005

Drug Research Services Sub, Inc.

415 McFarlan Road, Suite 201

Kennett Square, PA 19348

Attention: Dr. Michael Adams, President

     Re: Asset Purchase Agreement

Dear Dr. Adams:

     In connection with our discussions regarding the Earn-Out contained in the Asset Purchase
Agreement dated September 6, 2002, by and among SFBC International, Inc. (“SFBC”), SFBC New Drug
Services, Inc. and New Drug Services, Inc., as amended on March 13, 2004 (the “Asset Purchase
Agreement”), SFBC has agreed to offer Drug Research Services Sub, Inc., the successor to New Drug
Services, Inc. the following terms and conditions in connection with the Earn-Out contained in the
Asset Purchase Agreement. We each have determined that due to recent changes in the corporate
structure of SFBC and its subsidiaries due to the acquisition of PharmaNet and the corresponding
changes in operational control of NDS and personnel, it has become a practical impossibility to
accurately determine whether the Earn-Out, as originally contemplated in the Asset Purchase
Agreement, has been achieved. Therefore, the achievement and calculation of the Earn-Out shall be
based upon the terms and conditions set forth herein. If these terms and conditions reflect our
discussions and are acceptable to DRSS, please execute a copy of this letter agreement (the “Second
Amendment”), and return it to SFBC at the above address. Capitalized terms herein shall have the
same meaning ascribed to them as in the Asset Purchase Agreement.

     The Level 1 Earn-Out contained in Section 4.03 (a) of the Asset Purchase Agreement is deleted
and replaced with the following: Seller shall be entitled to an Earn-Out of up to $2,000,000
calculated as follows: If Clinical Pharmacology Services (“CPS”), which has been operating as a
division of Miami with its stand alone results of operations and other P&L accounting, achieves net
pre-tax earnings, on a stand-alone basis, of $1,000,000 or more for the period April 1, 2005
through December 31, 2005, CPS shall be paid an Earn-Out equal to its net pre-tax earnings for the
period multiplied by 1.33, less any amounts previously paid for Level 1 Earn-Out. If CPS achieves
net pre-tax earnings of less than $1,000,000 for the period, no Earn-Out shall be paid. To the
extent CPS is entitled to an Earn-Out, it shall be paid concurrently with the filing of SFBC’s
report on Form 10-K for the year ending December 31, 2005.

 

 

Drug Research Services Sub, Inc.

November 11, 2005

Page 2

     With the exception of the advance payments, the Level 2 Earn-Out referenced in Section 4.03
(b) of the Asset Purchase Agreement is deleted.

     Except as otherwise provided herein, the Asset Purchase Agreement is not otherwise amended,
and is hereby confirmed and ratified in all respect by the SFBC and DRSS. All payments made to
DRSS under the Asset Purchase Agreement, as amended, shall be made subject to applicable
withholding requirements as may be required by law. DRSS agrees to indemnify the Company and hold
the Company harmless from any and all taxes, penalties, and other assessments that the Company is,
or may become, obligated to pay on account of any payments made to DRSS under the Asset Purchase
Agreement, as amended.

     This Second Amendment sets forth the entire agreement between the Company and DRSS and
supersedes any and all prior and contemporaneous oral and written agreements and understandings
between the Company and DRSS concerning its subject matter. This Second Amendment shall be
governed by and construed in accordance with the laws of the State of Florida, without regard to
conflict of laws principles.

     This Second Amendment may be executed in separate counterparts and by facsimile, and each such
counterpart shall be deemed an original, and together one agreement.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	 	 
	 	Arnold Hantman 	 
	 	Chief Executive Officer 	 
	 

ACCEPTED AND AGREED TO,

This ___day of November, 2005

Drug Research Services Sub, Inc.

 

Dr. Michael Adams, Presidentexv10w27w1

 

Exhibit 10.27.1

March 27, 2006

Linda Rubinstein

c/o Solexa, Inc.

25861 Industrial Boulevard

Hayward, CA 94545

     Re: Modification of Bonus Terms

Dear Linda:

As you know, you may be eligible to receive a bonus under the Solexa, Inc. Company 2005-2006 Bonus
Plan (the “Plan”). Your target bonus under the Plan is thirty percent (30%) of all base salary
earned by you for the period from January 1, 2005 through June 30, 2006 (the “Bonus Period”).

By your signature below, you hereby understand and agree that the Plan sets forth all terms and
conditions of any bonus payable to you for your services to the Company during the Bonus Period.
Any and all performance bonus terms set forth in your written Offer Letter with Solexa, Inc. (the
“Company”) dated March 23, 2005, and any amendments thereto (the “Offer Letter”) will be superseded
and replaced by the Plan with respect to your services during the entire Bonus Period.
Accordingly, you will not be eligible for, or entitled to receive, any bonus earnings for your
services during the Bonus Period except as provided for under the Plan.

Effective July 1, 2006, the bonus provisions set forth in your Offer Letter will become effective.
At that time, you will become eligible to receive a performance bonus for your services in 2006 on
the terms and conditions set forth in your Offer Letter; provided, however, that any such 2006
bonus will be pro-rated to reflect your partial year service from July 1, 2006 through December 31,
2006 the period not covered by the Plan).

Eligible employees in director and senior director level positions and executive-level positions
will be paid bonuses on or after August 31, 2006 based on SBS Revenues received during the Bonus
Period, and on or after November 30, 2006 for amounts based on SBS Revenues received during the
Backlog Period on a “rolling basis”, paid out of the Company’s incremental positive net cash flow
in any positive cash flow month.

 

 

Except as expressly modified herein, your employment will continue to be governed by all terms and
conditions set forth in the Offer Letter. Nothing in this letter should be construed as limiting
or altering any of Solexa’s rights under the Offer Letter, including its right to modify your
compensation and benefits.

Please sign and date below to confirm your understanding and acceptance of the terms set forth
above.

Sincerely,

	 	 	 	 	 
	/s/ Kathy
San Roman 	 	 
	Kathy San Roman 	 	 	 
	Vice President Human Resources and Administration

Solexa, Inc.
	 
	 

Understood and Agreed:

	 	 	 	 	 	 
	/s/
Linda Rubenstein

	 	Dated:	 	3/27/06
	 

	 	 	 	 
	Linda Rubinstein

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