Document:

exv10w1

 

Exhibit 10.1

Adopted May 2, 2006 by the Compensation Committee

Amended September 21, 2006 by the Compensation Committee

Alkermes Amended Fiscal 2007 Named Executive Bonus Plan

The Alkermes Fiscal 2007 Named Executive Bonus Plan (the “Plan”) includes the following elements:

	 	•	 	Our Philosophy

	 	•	 	Eligibility

	 	•	 	Performance Period Company Objectives

	 	•	 	Size of Company Bonus Pool

	 	•	 	Individual Bonus Targets

	 	•	 	Individual Performance Factor

Our Philosophy

We believe in a pay-for performance approach that combines individual and Company performance with
compensation to reward employees for the work they do to achieve Company goals. This Plan is
designed to:

	 	•	 	provide upside reward for outstanding Company and individual performance

	 	•	 	motivate named executives to focus on and work together toward achieving Company and
individual goals

	 	•	 	be competitive within our industry

Eligibility

Company named executives are eligible to participate in the plan. As of April 1, 2006, the
following named executives have been approved for participation in the Plan:

	 	•	 	CEO

	 	•	 	President and COO

	 	•	 	Vice President and CFO

	 	•	 	Vice President Corporate Development

	 	•	 	Vice President, General Counsel and Secretary

As of September 21, 2006, the following executives have been approved for participation in the Plan
as a result of their becoming named executive officers of the Company as of such date:

	 	•	 	Vice President, Science and Development and Chief Medical Officer

	 	•	 	Vice President, Operations

The performance period under the Plan will consist of the twelve month period from April 1,
2006 to March 31, 2007 (the “Performance Period”). Bonuses will be paid within two and one half
months of the end of the period for which they are being paid.

 

 

Performance Period Company Objectives

The following are the overall Company objectives for the Performance Period:

Objective 1

Drive robust supply of Risperdal Consta sales

Objective 2

Launch and successfully commercialize VivitrolTM

Objective 3

Achieve key development program milestones

Objective 4

Financial performance against budget

The Compensation Committee of the Board of Directors reserves the right to modify the above
objectives at any time during the course of the Performance Period in response to changing business
goals, needs and operations.

Individual Bonus Targets

Individual bonus targets as a percentage of base salary are established by the Compensation
Committee for each of the named executive officers. First year employees’ bonuses are to be
prorated based on the number of days employed in the Performance Period both for purposes of
determining the size of the bonus pool and individual bonus payments.

Size of Plan Bonus Pool

The Compensation Committee of the Board of Directors of the Company will determine the size of the
overall bonus pool under all bonus plans of the Company based on Company performance against the
above objectives and the target bonus figures. The size of the overall bonus pool shall be
determined in the absolute discretion of the Compensation Committee.

Individual Performance Factor

Individual performance against individual objectives affects the bonus payout by increasing or
decreasing by an individual performance factor the individual bonus targets. The precise individual
performance factor for each employee eligible to receive a bonus under the Plan will be determined
by the Compensation Committee of the Board of Directors of the Company. Individual bonus payouts
will be determined in light of the overall bonus pool set by the Compensation Committee.Table of Contents
Exhibit
4.8

XENI FINANCIAL SERVICES, CORP.

PROMISSORY
NOTE

	U.S. $55,000	August 24, 2006

THIS
PROMISSORY NOTE (this ‘‘Note’’) is made as
of this 24th day of August, 2006 by Xeni Financial Services, Corp., a
corporation incorporated under the laws of State of Florida
(‘‘Maker’’), in favor of Frank Grenier or his
assigns (‘‘Payee’’).

RECITALS

WHEREAS, Payee has loaned to the
Maker the principal sum of Fifty Five Thousand Dollars ($55,000).

NOW, THEREFORE, for and in consideration of the mutual
agreements herein contained, and for and in consideration of other good
and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Maker and Payee hereby covenant and agree as set
forth below. All capitalized terms used herein and not otherwise
defined shall have the meaning ascribed to such terms in the Purchase
Agreement.

 

FOR VALUED RECEIVED, Maker
hereby promises to pay to the order of Payee, the principal sum of
FIFTY FIVE THOUSAND DOLLARS ($55,000), or such lesser amount as may
from time to time be otherwise owing from Maker to Payee under this
Note, together with interest on the principal amount from time to time
outstanding hereunder accrued from the date hereof at the rate and in
the manner set forth below. All payments of principal or interest or
both shall be paid as set forth below, and each such payment shall be
made in lawful money of the United States of America.

This Note
is subject to the following terms and conditions:

1.    Payments of Principal and
Interest.

(a)    Repayment.    Unless
otherwise repaid as provided herein, the entire unpaid principal
balance of this Note, together with all accrued but unpaid interest
thereon, shall be due and payable in full on the date that is One
Hundred Fifty (150) days following the date hereof (the
‘‘Maturity Date’’), except that if such date is
not a day on which commercial banks or governmental offices are open
for business in the State of Florida (a ‘‘Business
Day’’) then the Maturity Date shall be the next day that is
a Business Day. The Maker of the note shall be entitled to one (1)
sixty (60) day extension of the Maturity Date.

(b)    Late
Fee Upon Failure To Repay.    If Maker fails to repay this Note
on or prior to the Maturity Date or such earlier date resulting from
the acceleration of the date upon which the principal amount of this
Note shall be payable in accordance with the terms of this Note (due to
an Event of Default or otherwise), the interest rate on the outstanding
principal amount, accrued and unpaid interest and all other amounts due
hereunder shall increase to a rate of twelve percent (12%) per
annum, until all amounts owing on this Note are repaid in full.

(c)    Optional Prepayment.    Maker shall be entitled,
at its option, to prepay part of or all the outstanding principal
amount of this Note, and accrued interest thereon free of any
prepayment penalties or charges (the ‘‘Outstanding
Balance’’).

(d)    Manner of
Payment.    Maker shall make payment in accordance with the
terms of this Note no later than 5:30 p.m. (New York City time) on the
date when due, in immediately available funds. Each payment of
principal and of interest shall be paid by Maker without setoff or
counterclaim to Payee at Payee's address set forth in the
Purchase Agreement, or to such other location or accounts within the
United States as Payee may specify in writing to Maker from time to
time, in immediately available funds or as otherwise explicitly
provided for herein.

(e)    Cancellation.    After
all amounts owed on this Note have been paid in full Payee shall
surrender this Note to Maker for cancellation and this Note will not be
reissued.

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2.    Interest
Rate.

(a)    Subject to Section 1(b), this Note will
bear interest at the rate equal to ten percent (10%) per annum,
commencing the date hereof to and including the date of payment of the
Outstanding Balance of this Note. Interest on this Note shall be
calculated on the basis of actual days elapsed in a 365-day year.

(b)    Interest on this Note shall be due and payable in arrears
on the Maturity Date.

3.    Events of
Default.    The following are ‘‘Events of
Default’’ hereunder:

(a)    any failure by Maker
to pay when due the Outstanding Balance;

(b)    if Maker shall
(i) apply for or consent to the appointment of a receiver, trustee,
custodian or liquidator or any of its property, (ii) admit in writing
its inability to pay its debts as they mature, (iii) make a general
assignment for the benefit of creditors, (iv) be adjudicated bankrupt
or insolvent or be the subject of an order for relief under Title 11 of
the United States Bankruptcy Code, (v) file a voluntary petition in
bankruptcy or a petition for bankruptcy, reorganization, insolvency,
readjustment of debt, dissolution or liquidation, or an answer
admitting the material allegations of a petition filed against it in
any proceeding under any such law and such petition or proceeding shall
remain undismissed or unstayed for thirty (30) days, or (vi) take or
permit to be taken any action in furtherance of or for the purpose of
effecting any of the foregoing;

(c)    any dissolution,
liquidation or winding up of Maker or any substantial portion of its
business; and

(d)    any cessation of operations by Maker or
Maker is otherwise generally unable to pay its debts as such debts
become due.

4.    Remedies on
Default.    If any Event of Default shall occur and be
continuing, then the entire Outstanding Balance shall become
immediately due and payable, without notice or demand.

5.    Certain Waivers.    Except as
otherwise expressly provided in this Note, Maker hereby waives
diligence, demand, presentment for payment, protest, dishonor,
nonpayment, default and notice of any and all of the foregoing.

6.    No Impairment.    Maker will not,
by amendment of its articles of incorporation, bylaws, or through
reorganization, consolidation, merger, dissolution, sale of assets, or
another voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Note, but will at all times in
good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order
to protect the rights of Payee against impairment.

7.    Amendments.    This Note may not be
changed orally, but only by an agreement in writing and signed by the
party against whom enforcement of any waiver, change, modification or
discharge is sought.

8.    Governing Law;
Jurisdiction; Waiver Of Jury Trial.

THIS NOTE
SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF
FLORIDA AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF FLORIDA. MAKER HEREBY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE
NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF FLORIDA
SITTING IN THE COUNTY OF BROWARD AND OF THE UNITED STATES DISTRICT
COURT OF THE SOUTHERN DISTRICT OF FLORIDA, AND ANY APPELLATE COURT FROM
ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS NOTE, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE
HEARD AND DETERMINED IN SUCH FLORIDA OR, TO THE EXTENT PERMITTED BY
LAW, IN SUCH FEDERAL COURT. NOTHING IN THIS NOTE OR ANY OTHER LOAN
DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS NOTE TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. MAKER HEREBY WAIVES
THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING FOR THE
ENFORCEMENT OR COLLECTION OF THIS NOTE.

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9.    Notices.    Any
notice, request, demand or other communication permitted or required to
be given hereunder shall be in writing and shall be deemed to have been
given hereunder when it (a) shall have been sent by certified or
registered United States mail, postage pre-paid, or (b) shall have been
delivered, in either case, if to the Maker, to its principal executive
offices at 1020 NW 6th Street, Suite I, Deerfield Beach, FL
33442, and if to the payee to 55 Old Muskett Lane, Danbury, Connecticut
06810, or such other address as shall hereafter be designated by notice
in writing.

10.    Transaction and Enforcement
Costs.    In the event that Payee shall, after the
occurrence and during the continuance of an Event of Default (and
provided that Payee shall be permitted, at such time, to enforce its
rights hereunder and retain payments received hereunder), turn this
Note over to an attorney for collection, Maker shall further be
obligated to Payee for Payee's reasonable attorneys' fees
and expenses incurred in connection with such collection as well as any
other reasonable costs incurred by Payee in connection with the
collection of all amounts due hereunder.

11.    Loss, Theft, Destruction or Mutilation of
Note.    Upon notice by Payee to Maker of the loss, theft,
destruction or mutilation of this Note, and upon surrender and
cancellation of this Note, if mutilated, Maker, as its expense, will
make and deliver a new note of like tenor, in lieu of this Note;
provided, however, prior to issuance of a new Note,
Maker may require Payee to provide Maker an affidavit and indemnity
regarding any lost or mutilated Note.

12.    Successors and Assigns.    This
Note and the obligations and rights of Maker hereunder, shall be
binding upon and inure to the benefit of Maker, the Payee, and their
respective successors and assigns.

13.    Severability.    In the event that
any provision of this Note becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable or void, this Note
will continue in full force and effect without said provision and the
parties agree to replace such provision with a valid and enforceable
provision that will achieve, to the extent possible, the economic,
business and other purposes of such provisions; provided,
however, that no such severability will be effective against a
party if it materially and adversely changes the economic benefits of
this Note to such party.

14.    Further
Assurances.    Maker and its agents shall each cooperate
with Payee and use (or cause its agents to use) its commercially
reasonable best efforts to promptly (i) take or cause to be taken all
necessary actions, and do or cause to be done all things necessary,
proper or advisable under this Note and applicable laws to consummate
and make effective all transactions contemplated by this Note as soon
as practicable following the request of Payee, and (ii) obtain all
approvals required to be obtained from any third party necessary,
proper or advisable to the transactions contemplated by this Note.

15.    Usury.    Notwithstanding any
provision to the contrary contained in this Note, or any and all other
instruments or documents executed in connection herewith, Maker and
Payee intend that the obligations evidenced by this Note conform
strictly to the applicable usury laws from time to time in force. If,
under any circumstances whatsoever, fulfillment of any provisions
thereof or any other document, at the time performance of such
provisions shall be due, shall involve transcending the limit of
validity prescribed by law, then, ipso facto, the obligation to
be fulfilled shall be reduced to the limit of such validity.

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IN WITNESS WHEREOF, Maker has duly
caused this Note to be signed on its behalf, in its company name and by
its duly authorized officer as of the date first set forth above.

XENI FINANCIAL SERVICES, CORP.

By: /s/ Vincent
Colangelo                            

 Name:
Vincent Colangelo
 Title: Chief Financial
Officer

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