Document:

<PAGE>

                                                                   EXHIBIT 10.34

                                                                  EXECUTION COPY

                       LIMITED LIABILITY COMPANY AGREEMENT

                                       OF

                               PCAA MISSOURI, LLC

                      A DELAWARE LIMITED LIABILITY COMPANY

                                October 29, 2004

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                                TABLE OF CONTENTS

<TABLE>
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                                                                                     Page
                                                                                     ----
<S>                                                                                  <C>
ARTICLE I GENERAL DEFINITIONS ......................................................  1

   1.1  Definitions ................................................................  1
   1.2  Interpretation .............................................................  2

ARTICLE II ORGANIZATION ............................................................  3

   2.1  Formation ..................................................................  3
   2.2  Name .......................................................................  3
   2.3  Principal Place of Business ................................................  3
   2.4  Registered Office and Registered Agent .....................................  3
   2.5  Term .......................................................................  3

ARTICLE III MEMBER .................................................................  3

   3.1  Member .....................................................................  3
   3.2  Assignments ................................................................  3
   3.3  Resignation ................................................................  4
   3.4  Admission of Additional Members ............................................  4

ARTICLE IV Purpose .................................................................  4

ARTICLE V CAPITAL Account and CAPITAL CONTRIBUTIONS ................................  4

   5.1  Capital Account and Capital Contributions ..................................  4
   5.2  Additional Capital Contributions ...........................................  4
   5.3  Membership Interest ........................................................  4
   5.4  Interest ...................................................................  4

ARTICLE VI ALLOCATIONS AND DISTRIBUTIONS ...........................................  5

   6.1  Allocations of Income, Gain, Loss, Deduction and Credit From Operations ....  5
   6.2  Distributions ..............................................................  5

ARTICLE VII RIGHTS, POWERS AND OBLIGATIONS OF THE MEMBERS ..........................  5

   7.1  Authority; Liability to Third Parties; Dealings With Third Parties .........  5

ARTICLE VIII MANAGEMENT OF THE COMPANY .............................................  5

   8.1  Management of Business .....................................................  5
   8.2  Duties of the Member .......................................................  5
   8.3  Limitations on Powers ......................................................  6
   8.4  Standard of Care; Liability ................................................  6
   8.5  Other Businesses ...........................................................  6
   8.6  Proprietary Information and Inventions Agreement ...........................  6

ARTICLE IX OWNERSHIP OF COMPANY PROPERTY ...........................................  6

ARTICLE X FISCAL MATTERS; BOOKS AND RECORDS ........................................  6

   10.1 Bank Accounts; Investments .................................................  6
</TABLE>

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<TABLE>
<S>                                                                                   <C>
   10.2   Books and Records of Account .............................................  7

ARTICLE XI INDEMNIFICATION AND INSURANCE ...........................................  7

ARTICLE XII DISSOLUTION AND WINDING UP .............................................  7

   12.1   Events Causing Dissolution ...............................................  7
   12.2   Winding Up of the Company ................................................  7

ARTICLE XIII MISCELLANEOUS PROVISIONS ..............................................  8

   13.1   Counterparts .............................................................  8
   13.2   Entire Agreement .........................................................  8
   13.3   Partial Invalidity .......................................................  8
   13.4   Amendment ................................................................  8
   13.5   Binding Effect ...........................................................  8
   13.6   Governing Law ............................................................  8
   13.7   Effect of Waiver or Consent ..............................................  8
   13.8   Further Assurances .......................................................  8
   13.9   Survival of Rights .......................................................  9
   13.10  Paragraph Headings .......................................................  9
   13.11  Interpretation ...........................................................  9
   13.12  Validity .................................................................  9
   13.13  Authority ................................................................  9
</TABLE>

                                       ii
<PAGE>

                       LIMITED LIABILITY COMPANY AGREEMENT

                                       OF

                               PCAA MISSOURI, LLC

                      A DELAWARE LIMITED LIABILITY COMPANY

      THE LIMITED LIABILITY COMPANY INTERESTS DESCRIBED IN THIS AGREEMENT HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY APPLICABLE STATE
SECURITIES LAWS ("STATE ACTS") AND ARE RESTRICTED SECURITIES AS THAT TERM IS
DEFINED IN RULE 144 UNDER THE SECURITIES ACT OF 1933. THE SECURITIES MAY NOT BE
OFFERED FOR SALE OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
OR QUALIFICATION UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE ACTS OR
PURSUANT TO AN EXEMPTION FROM REGISTRATION OR QUALIFICATION UNDER THE ACT AND
APPLICABLE STATE ACTS. THE AVAILABILITY OF WHICH IS ESTABLISHED TO THE
SATISFACTION OF THE COMPANY.

      THIS LIMITED LIABILITY COMPANY AGREEMENT is entered into and effective
this 29th day of October, 2004 (the "Agreement"), between the Company and PCAA
Parent, LLC (the "Member"). In consideration of the mutual covenants herein
contained and for other good and valuable consideration, the Member, each person
who shall hereinafter execute this Agreement as a Member of the Company and the
Company hereby agree as follows:

                                    ARTICLE I

                              GENERAL DEFINITIONS

      1.1 DEFINITIONS. All capitalized terms used in this Agreement and not
otherwise defined herein shall each have the meaning set forth in this Article I
(unless the context otherwise requires).

      "ACT" shall mean the Delaware Limited Liability Company Act (6 Del.
C. Section 18-101 et seq.), as it may be amended from time to time, and any
successor to such Act.

      "AFFILIATE" shall mean when used with reference to any Person, any other
Person that, directly or indirectly, through one or more intermediaries,
controls, is controlled by or is under common control with such specific Person.

      "AGREEMENT" shall mean this Limited Liability Company Agreement, as
originally executed and as subsequently amended from time to time in accordance
with the provisions hereof.

      "CAPITAL ACCOUNT" shall have the meaning set forth in Section 5.1(a).

<PAGE>

      "CAPITAL CONTRIBUTION" shall mean the amount of any cash and the fair
market value of any property contributed to the Company by the Member.

      "CERTIFICATE OF FORMATION" shall mean the Certificate of Formation of the
Company described in Section 2.1, as amended from time to time.

      "CODE" shall mean the Internal Revenue Code of 1986, as now in effect or
as hereafter amended.

      "COMPANY" shall mean PCAA Missouri, LLC, a Delaware limited liability
company.

      "COMPANY PROPERTY OR PROPERTIES" shall mean all assets (real or personal,
tangible or intangible, including cash) of the Company, owned or held by the
Company, whether owned or held by the Company at the date of its formation or
thereafter acquired.

      "MEMBER" shall mean PCAA Parent, LLC, a Delaware limited liability
company, as the initial member of the Company, and includes any Person admitted
as an additional member of the Company or a substitute member of the Company
pursuant to the provisions of this Agreement, each in its capacity as a member
of the Company.

      "MEMBERSHIP INTEREST" shall mean, with respect to the Member, at any time
the entire interest of such Member in the Company at such time. Such interest
includes, without limitation, (a) all rights of the Member to receive
distributions of revenues, allocations of income and loss and distributions of
liquidation proceeds under this Agreement and (b) all management rights, voting
rights or rights to consent.

      "PERSON" shall mean any general partnership, limited partnership,
corporation, limited liability company, joint venture, trust, business trust,
governmental agency, cooperative, association, individual or other entity, and
the heirs, executors, administrators, legal representatives, successors and
assigns of such person, as the context may require.

      "TREASURY REGULATIONS" shall mean the regulations promulgated by the U.S.
Treasury Department pursuant to the Code.

      1.2 INTERPRETATION. Each definition in this Agreement includes the
singular and the plural, and reference to the neuter gender includes the
masculine and feminine where appropriate. References to any statute or Treasury
Regulations means such statute or regulations as amended at the time and include
any successor legislation or regulations. The headings to the Articles and
Sections are for convenience of reference and shall not affect the meaning or
interpretation of this Agreement. Except as otherwise stated, reference to
Articles, Sections and Schedules mean the Articles, Sections and Schedules of
this Agreement. The Exhibits are hereby incorporated by reference into and
shall be deemed a part of this Agreement.

                                       2
<PAGE>

                                   ARTICLE II

                                  ORGANIZATION

      2.1 FORMATION. On September 27, 2004, Danielle Marinez organized a limited
liability company pursuant to the Act by executing and delivering a Certificate
of Formation to the Delaware Secretary of State in accordance with and pursuant
to the Act. The Company and the Member hereby forever discharge the organizer
from any liability or obligation to the Member, and the organizer shall be
indemnified by the Company and the Member from and against any expense or
liability actually incurred by the organizer, by reason of having been the
organizer of the Company.

      2.2 NAME. The name of the Company is PCAA Missouri, LLC. To the extent
permitted by the Act, the Company may conduct its business under one or more
assumed names deemed advisable by the Member.

      2.3 PRINCIPAL PLACE OF BUSINESS. The principal place of business of the
Company shall be 11101 Lakewood Boulevard, Downey, California 90241. The Company
may locate its place or places of business at any other place or places as the
Member may from time to time deem advisable.

      2.4 REGISTERED OFFICE AND REGISTERED AGENT. The registered agent of  the
Company in the State of Delaware shall be the initial registered agent named in
the Certificate of Formation or such other Person or Persons as the Member may
designate in the manner provided by the Act. The registered office of the
Company in the State of Delaware shall be the initial registered office named in
the Certificate of Formation or such other place as the Member may designate in
the manner provided by the Act.

      2.5 TERM. The Company shall continue in existence until the Company is
dissolved and its affairs wound up in accordance with the Act or this Agreement.

                                   ARTICLE III

                                     MEMBER

      3.1 MEMBER. The name and address of the Member is set forth on EXHIBIT A.
As of the date hereof, there are no other Members of the Company and no other
Person has any right to take part in the ownership of the Company.

      3.2 ASSIGNMENTS. The Member may assign in whole or in part its limited
liability company interest in the Company. If the Member transfers all of its
limited liability company interest in the Company pursuant to this Section, the
transferee shall be admitted to the Company as a member of the Company upon its
execution of an instrument signifying its agreement to be bound by the terms and
conditions of this Agreement, which instrument may be a counterpart signature
page to this Agreement. Such admission shall be deemed effective immediately
prior to the transfer and, immediately following such admission, the transferor
Member shall cease to be a member of the Company.

                                       3
<PAGE>

      3.3 RESIGNATION. If the Member resigns pursuant to this Section, an
additional member of the Company shall be admitted to the Company, upon its
execution of an instrument signifying its agreement to be bound by the terms and
conditions of this Agreement, which instrument may be a counterpart signature
page to this Agreement. Such admission shall be deemed effective immediately
prior to the resignation and, immediately following such admission, the
resigning Member shall cease to be a member of the Company.

      3.4 ADMISSION OF ADDITIONAL MEMBERS. One or more additional members of the
Company may be admitted to the Company with the written consent of the Member.

                                   ARTICLE IV

                                    PURPOSE

      The purpose of the Company shall be to engage in any activity and to
exercise any powers permitted to a limited liability company under the laws of
the State of Delaware that are incidental to the foregoing and necessary,
convenient or advisable to accomplish the foregoing.

                                    ARTICLE V

                   CAPITAL ACCOUNT AND CAPITAL CONTRIBUTIONS

      5.1 CAPITAL ACCOUNT AND CAPITAL CONTRIBUTIONS.

            (a) The Member shall have a beginning Capital Account as set forth
on EXHIBIT A attached hereto.

            (b) The Member's Capital Account shall be increased by: (i) the
amount of any cash and the fair market value of any property (net of any
liabilities secured by the property that the Company assumes or takes subject
to) that the Member contributes; and (ii) by any income or gain of the company.
The Member's Capital Account shall be decreased by: (i) the amount of any cash
and the fair market value of any property (net of any liabilities secured by the
property that the Member assumes or takes subject to) distributed to the Member;
and (ii) by any losses and deductions of the Company.

            (c) If the Member's Membership Interest, or any portion thereof, is
transferred in accordance with this agreement, the transferee shall succeed to
the Capital Account of the Member or to any portion that is transferred.

      5.2 ADDITIONAL CAPITAL CONTRIBUTIONS. The Member shall not be required to
make any additional capital contributions to the Company.

      5.3 MEMBERSHIP INTEREST. The Member shall be entitled to the Membership
Interest set forth opposite the Member's name on EXHIBIT A.

      5.4 INTEREST. No interest shall be paid by the Company on the Member's
Capital Account.

                                       4
<PAGE>

                                   ARTICLE VI

                         ALLOCATIONS AND DISTRIBUTIONS

      6.1 ALLOCATIONS OF INCOME, GAIN, LOSS, DEDUCTION AND CREDIT FROM
OPERATIONS. Because the Company is a business entity that has a single owner and
is not a corporation, it is disregarded as an entity separate from its owner for
federal income tax purposes under Section 301.7701-2(c)(2)(i) of the Treasury
Regulations and comparable provisions of state and local law. Accordingly, all
items of income, gain, loss, deduction and credit of the Company for all taxable
periods will be treated for federal income tax purposes, and for state and local
income and other tax purposes to the extent permitted by applicable law, as
realized or incurred directly by the Member.

      6.2 DISTRIBUTIONS. The Company shall make distributions of cash or
property to the Member at such times and in such amounts as determined by the
Member in its sole discretion.

                                  ARTICLE VII

                  RIGHTS, POWERS AND OBLIGATIONS OF THE MEMBERS

      7.1 AUTHORITY; LIABILITY TO THIRD PARTIES; DEALINGS WITH THIRD PARTIES.
Subject to Article VIII, the Member has the authority or power to act for or on
behalf of the Company to do any act that would be binding on the Company, and to
incur any expenditures on behalf of the Company. Except as otherwise provided in
the Act, the debts, obligations and liabilities of the Company shall be solely
the debts, obligations and liabilities of the Company, and the Member shall not
be personally liable for the debts, obligations or liabilities of the Company,
including under a judgment decree or order of a court. Any Person dealing with
the Company or the Member may rely upon a certificate signed by the Member as to
the identity of the Member or the Persons who are authorized to execute and
deliver any instrument or document of the Company.

                                  ARTICLE VIII

                           MANAGEMENT OF THE COMPANY

      8.1 MANAGEMENT OF BUSINESS. Except as otherwise expressly provided in this
Agreement, the powers of the Company shall be exercised by or under the
authority of, and the business and affairs of the Company shall be managed by,
the Member. The Member's powers shall extend to any transaction or business
operation participated in by the Company or affecting any Company Property.

      8.2 DUTIES OF THE MEMBER. The Member shall perform all of the duties and
obligations required by this Agreement or necessary to carry on the business of
the Company. The Member shall have the duty to do, or cause to be done, each of
the following:

            (a) File, record and/or publish all certificates, notices,
statements or other instruments required by law for the formation and operation
of the Company in all appropriate jurisdictions in which the Company owns or
acquires property or conducts business;

                                       5
<PAGE>

            (b) Maintain or cause to be maintained, at the expense of the
Company, books and records of the Company and prepare annual financial
statements; and

            (c) Conduct or cause to be conducted the operations of the Company
in conformity with such requirements as may be imposed by law or applicable
governmental agencies, including, but not limited to, preparing and filing all
governmental reports.

      8.3 LIMITATIONS ON POWERS. The enumeration of powers in this Agreement
shall not limit the general or implied powers of the Member or any additional
powers provided by law.

      8.4 STANDARD OF CARE; LIABILITY. The Member shall in no event be liable to
the Company for any act or omission performed or omitted in good faith and
consistent with its fiduciary duties in pursuance of the authority granted
herein or under the Act, except that the Member shall be liable for fraud, gross
negligence and bad faith misconduct. In no event shall the Member be liable to
the Company for any of its acts or omissions taken (or omitted) in reliance on
the advice of counsel, public accountants, or other professionals to the
Company.

      8.5 OTHER BUSINESSES. The Member may engage in or possess an interest in
one (1) or more other business ventures (unrelated to the Company) of any kind
and description, independently or with others. The Company shall not have any
rights in or to such independent ventures or the income or profits therefrom by
virtue of this Agreement.

      8.6 PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT. The Member shall
cause each officer and employee of, and each consultant to, the Company or any
Company subsidiary with access to material confidential or proprietary
information of the Company to enter into a proprietary information and
inventions agreement. The Company may not disclose any material proprietary or
confidential information to any current or future employee, officer or
consultant of the Company unless and until such person executes the proprietary
information and inventions agreement.

                                   ARTICLE IX

                          OWNERSHIP OF COMPANY PROPERTY

      Company Property shall be deemed to be owned by the Company as an entity,
and the Member shall not have any ownership interest in such Company Property or
any portion thereof. Title to any or all Company Property may be held in the
name of the Company. All Company Property shall be recorded as the property of
the Company on its books and records, irrespective of the name in which legal
title to such Company Property is held.

                                    ARTICLE X

                        FISCAL MATTERS; BOOKS AND RECORDS

      10.1 BANK ACCOUNTS; INVESTMENTS. Capital Contributions, revenues and any
other Company funds shall be deposited by the Company in a bank account
established in the name of the Company. Any amount of funds that are held in
reserve, will be held in an account that bears interest. No other funds shall be
deposited into Company bank accounts or commingled with

                                       6
<PAGE>

Company investments. Funds deposited in the Company's bank accounts may be
withdrawn only to be invested in furtherance of the Company's purposes, to pay
Company debts or obligations or to be distributed to the Member pursuant to this
Agreement.

      10.2 BOOKS AND RECORDS OF ACCOUNT. The Company shall maintain adequate
books and records of account that shall be maintained on a basis consistent with
appropriate provisions of the Code.

                                   ARTICLE XI

                         INDEMNIFICATION AND INSURANCE

      The Company shall indemnify and hold harmless the Member and each officer,
director, shareholder, employee, consultant or agent of the Member, and each of
their Affiliates (hereinafter "indemnitees") from and against any debts,
liabilities or obligations of the Company, and any, loss, expense, damage or
injury suffered or sustained by any indemnitees by reasons of any acts,
omissions or alleged acts or omissions (even if such acts or omissions
constituted the simple negligence of the indemnitees) arising out of their
activities on behalf of the Company or in furtherance of the interests of the
Company, including but not limited to, any judgment, award, settlement, actual
attorneys' fees and other costs or expenses incurred in connection with the
defense of any actual or threatened action, proceeding or claim if the acts,
omissions or alleged acts or omissions upon which such actual or threatened
action, proceeding or claim is based were for a purpose reasonably believed by
such indemnitee to be in or not opposed to the best interests of the Company and
were not performed or omitted fraudulently or in bad faith or in violation of a
fiduciary duty owed to the Company or as a result of gross negligence by such
indemnitee. A judgment, order or settlement shall not create a presumption that
any indemnitee acted fraudulently, in bad faith, or in violation of a fiduciary
duty owed to the Company absent a specific finding thereon.

                                   ARTICLE XII

                           DISSOLUTION AND WINDING UP

      12.1 EVENTS CAUSING DISSOLUTION. The Company shall be dissolved upon the
first of the following events to occur:

            (a) The written consent of the Member at any time to dissolve and
wind up the affairs of the Company; or

            (b) The occurrence of any other event that causes the dissolution of
a limited liability company under the Act, including the entry of a decree of
judicial dissolution under Section 18-802 of the Act.

      12.2 WINDING UP OF THE COMPANY. In the event of dissolution, the Company
shall conduct only such activities as are necessary to wind up its affairs
(including the sale of the assets of the Company in an orderly manner), and the
assets of the Company shall be applied in the manner, and in the order of
priority, set forth in Section 18-804 of the Act.

                                       7
<PAGE>

                                  ARTICLE XIII

                            MISCELLANEOUS PROVISIONS

      13.1 COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which will be deemed an original but all of which will constitute one
and the same.

      13.2 ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
with respect to the subject matter hereof. This Agreement supersedes any and all
other agreements, either oral or written, of the Members with respect to the
subject matter hereof.

      13.3 PARTIAL INVALIDITY. Wherever possible, each provision hereof shall be
interpreted in such manner as to be effective and valid under applicable law,
but in case any one or more of the provisions contained herein shall, for any
reason, be held to be invalid, illegal or unenforceable in any respect, such
provision shall be ineffective to the extent, but only to the extent, of such
invalidity, illegality or unenforceability without invalidating the remainder of
such invalid, illegal or unenforceable provision or provisions or any other
provisions hereof, unless such a construction would be unreasonable.

      13.4 AMENDMENT. This Agreement may not be amended at any time and in any
respect unless such amendment is in writing and consistent with the Act.

      13.5 BINDING EFFECT. Subject to the provisions of this Agreement relating
to transferability, this Agreement will be binding upon and shall inure to the
benefit of the Members and their distributees, heirs, successors and assigns.

      13.6 GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the local, internal laws of the State of Delaware. In
particular, this Agreement is intended to comply with the requirements of the
Act and the Certificate of Formation. In the event of a direct conflict between
the provisions of this Agreement and the mandatory provisions of the Act or any
provision of the Certificate of Formation, the Act and the Certificate of
Formation, in that order of priority, will control. The Member hereby consents
to (i) the non-exclusive jurisdiction of any court of the State of Delaware or
Federal court of the United States sitting in Wilmington, Delaware, and (ii)
service of process by certified mail. The foregoing shall not be construed to
limit the bringing of any action in any other jurisdiction or the serving of
process by any other legal means.

      13.7 EFFECT OF WAIVER OR CONSENT. A waiver or consent, express or implied,
to or of any breach or default by any Person in the performance by that Person
of its obligations with respect to the Company is not a consent or waiver to or
of any other breach or default in the performance by that Person of the same or
any other obligations of that Person with respect to the Company. Failure on the
part of a Person to complain of any act of any Person or to declare any Person
in default with respect to the Company, irrespective of how long that failure
continues, does not constitute a waiver by that Person of its rights with
respect to that default until the applicable statute-of-limitations period has
run.

      13.8 FURTHER ASSURANCES. In connection with this Agreement and the
transactions contemplated hereby, the Members shall execute and deliver any
additional documents and

                                       8
<PAGE>

instruments and perform any additional acts that may be necessary or appropriate
to effectuate and perform the provisions of this Agreement and such
transactions.

      13.9 SURVIVAL OF RIGHTS. Except as herein otherwise provided to the
contrary, this Agreement shall be binding upon and inure to the benefit of the
parties signatory hereto, their personal representatives, and assigns.

      13.10 PARAGRAPH HEADINGS. The article and section headings in no way
define, limit, or extend or interpret the scope of this Agreement or of any
particular article or section.

      13.11 INTERPRETATION. When the context in which words are used in this
Agreement indicates that such is the intent, words in the singular number shall
include the plural and vice versa, and words in the masculine gender shall
include the feminine and neuter gender and vice versa.

      13.12 VALIDITY. In the event that any provisions of this Agreement shall
be held to be invalid, the same shall not affect, in any respect whatsoever, the
validity of the remainder of, this Agreement.

      13.13 AUTHORITY. The Member represents and warrants that it possesses all
necessary capacity and authority to sign and enter this Agreement. All
individuals signing this Agreement for a Member that is a corporation, a
company, or other legal entity, or signing under a power of attorney or as a
trustee, guardian, conservator, or in any other legal capacity, represent and
warrant that they have the necessary capacity and authority to act for, sign,
and bind the respective entity or principal on whose behalf they are signing.

                                       9
<PAGE>

      IN WITNESS WHEREOF, the Member has executed this Agreement effective as of
the date first above written.

                    THE COMPANY:

                    PCAA Missouri, LLC

                    By:  PCAA Parent, LLC,
                            a Delaware limited liability company
                    Its: Sole Member

                         By:  Parking Company of America Airports Holdings, LLC,
                                a Delaware limited liability company
                         Its: Managing Member

                              By:  Macquarie Americas Parking Corporation,
                                     a Delaware corporation
                              Its: Managing Member

                                   By: /s/ Gregory Andrews
                                       --------------------------------
                                         Gregory Andrews, President

                    MEMBER:

                    PCAA Parent, LLC

                    By:  Parking Company of America Airports Holdings, LLC
                           a Delaware limited liability company
                    Its: Managing Member

                         By:  Macquarie Americas Parking Corporation,
                                a Delaware limited liability company
                         Its: Managing Member

                              By:  /s/ Gregory Andrews
                                   ---------------------------------
                                     Gregory Andrews, President

                                       10
<PAGE>

                                    EXHIBIT A

                  CAPITAL CONTRIBUTION AND MEMBERSHIP INTEREST

<TABLE>
<CAPTION>
                                          CAPITAL                    MEMBERSHIP
    MEMBER                              CONTRIBUTION                  INTEREST
----------------                        ------------                 ----------
<S>                                     <C>                          <C>
PCAA Parent, LLC                          $1,000                         100%
</TABLE>EX-10.01

 

Exhibit 10.01

Form of [Replacement]* Option Agreement and

Notice of Grant of [Replacement]* Options for Directors and Named

Executive Officers of Regeneron Pharmaceuticals, Inc.

	 	 	 
	

	 	Regeneron Pharmaceuticals, Inc.
	

	 	ID: [          ]
	Notice of Grant of Stock Options

	 	777 Old Saw Mill River Road
	Option Agreement for [Replacement]*

	 	Tarrytown, New York 10591
	Option Awards
	 	 

	 	 	 
	[OPTIONEE NAME]

	 	Option Number: [          ]
	[OPTIONEE ADDRESS]

	 	Plan:                          2004
	

	 	ID                               [          ]

Effective <date> (the Grant Date) you have been granted a(n)
[Incentive][Non-Qualified] Stock Option to buy [     ] shares of Regeneron
Pharmaceuticals, Inc. (the Company) stock at [$     ] per share.

The total option price of the shares granted is [$     ].

[Shares in each period will become fully vested on the date shown.

	 	 	 	 	 	 	 
	[Shares
	 	Vest Type
	 	Full Vest
	 	Expiration Date

	**

	 	On Vest Date
	 	[_/_/_]**
	 	[10 years from Grant
	Date]
	 	 	 	 	 	 
	**

	 	On Vest Date
	 	[_/_/_]**
	 	[10 years from Grant
	Date]
	 	 	 	 	 	 
	**

	 	On Vest Date
	 	[_/_/_]**
	 	[10 years from Grant
	Date]

**

	 	On Vest Date
	 	[_/_/_]**
	 	[10 years from Grant
	Date] ]
	 	 	 	 	 	 

[The Non-Qualified Stock Option becomes fully vested with respect to all shares
underlying the option on the date the Company’s Products (as defined below)
have achieved aggregate, worldwide gross sales of at least US$100 million
during any consecutive twelve-month period (as determined by the Board in
accordance with GAAP) based on sales directly by the Company and/or its
licensees, affiliates, and distributors (the “Milestone Date”), unless the
Milestone Date occurs before the third anniversary of the Grant Date, in which
case all of the shares underlying the option becomes fully vested on the third
anniversary of the Grant Date. The date of such vesting is referred to in the
enclosed Option Agreement as the “Full Vest Date.” As used above, the term
“Products” shall mean the VEGF Trap, IL-1 Trap, IL-4/13 Trap, AXOKINE and any
other pharmaceutical or diagnostic product(s) of the Company that result from
the Company’s research and development programs. Sales of the Company’s
Products outside the United States shall be converted to dollars using the
month-end spot rates published by The Wall Street Journal, Eastern Edition and
a method of conversion consistent with the Company’s (or its licensee’s, as
applicable) customary and usual procedures for currency conversion.]*

5

 

[The Non-Qualified Stock Option expires on [          ]*** (the “Expiration Date”).]*

	 	 	You and the Company agree that these options are granted under and governed by
the terms and conditions of the Company’s 2000 Long-Term Incentive Plan as
amended and the enclosed Option Agreement, both of which are attached and made
a part of this document.

* This language will only be included in an option agreement or notice of
grant for replacement options granted to eligible “named executive officers”
(which are executive vice president and senior vice presidents) to the extent
such individuals exchange options in the Option Exchange Program commenced
December 3, 2004. All replacement options granted to a named executive officer
will be nonqualified stock options. Directors who are not also eligible named
executives officers and the president and chief executive officers are not
eligible to participate in the Option Exchange Program.

** Options for executive officers will vest in approximately equal annual 25%
installments. Full Vest Dates will occur on the first, second, third and fourth
anniversaries of the Grant Date. Options for non-employee directors will vest
in approximately equal annual 33-1/3% installments. Full Vest Dates will occur
on the first, second, and third anniversaries of the Grant Date.

*** Date to be the later of (i) the remaining term of the tendered option this
replacement option replaces, and (ii) 6 years from the Grant Date.

6

 

REGENERON PHARMACEUTICALS, INC.

OPTION AGREEMENT

PURSUANT TO THE

2000 LONG-TERM INCENTIVE PLAN

          THIS AGREEMENT, made as of the date on the Notice of Grant of Stock
Options, by and between Regeneron Pharmaceuticals, Inc., a New York corporation
(the “Company”), and the employee named on the Notice of Grant of Stock Options
(the “Grantee”);

          WHEREAS, the Grantee is an employee of the Company and the Company desires
to afford the Grantee the opportunity to acquire or enlarge the Grantee’s stock
ownership in the Company so that the Grantee may have a direct proprietary
interest in the Company’s success; and

          WHEREAS, the Committee administering the 2000 Long-Term Incentive Plan
(the “Plan”) has granted (as of the effective date of grant specified in the
Notice of Grant of Stock Options) to the Grantee a Stock Option to purchase the
number of shares of the Company’s Common Stock ($.001 par value) (the “Common
Stock”) as set forth in the Notice of Grant of Stock Options.

          NOW, THEREFORE, in consideration of the covenants and agreements herein
contained, the parties agree as follows:

     1. Grant of Award. Pursuant to Section 7 of the Plan, the Company grants
to the Grantee, subject to the terms and conditions of the Plan and subject
further to the terms and conditions set forth here, the option to purchase from
the Company all or any part of an aggregate of shares of Common Stock at the
purchase price per share (the “Option”) as shown on the Notice of Grant of
Stock Options. [The Option is intended to be an Incentive Stock Option under
Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).
Notwithstanding the foregoing, the Option will not qualify as an Incentive
Stock Option, among other events, (i) if the Grantee disposes of the Common
Stock acquired pursuant to the Option at any time during the two year period
following the date of this Agreement or the one year period following the date
on which the Option is exercised, or (ii) if the Grantee is not employed by the
Company or a subsidiary of the Company within the meaning of Section 424 of the
Code (a “Subsidiary”) at all times during the period beginning on the date of
this Agreement and ending on the day three months before the date of exercise
of the Option, or (iii) to the extent the aggregate fair market value
(determined as of the time the Option is granted) of the stock subject to
Incentive Stock Options which become exercisable for the first time in any
calendar year exceeds $100,000. To the extent that the Option does not qualify
as an Incentive Stock Option, it shall constitute a separate Non Qualified
Stock Option.]1 [No part of the Option granted hereby is intended to qualify
as an Incentive Stock Option under Section 422 of the Internal Revenue Code of
1986, as amended (the “Code”).]2.

     2. Vesting. (a) The Option is exercisable as provided on the Notice of
Grant of Stock Options. To the extent that the Option has become exercisable
as provided on the Notice of Grant of Stock Options and subject to the terms
and conditions of the Plan, including without limitation, Section 7(c)(1) &
(2), the Option may thereafter be exercised by the Grantee, in whole or in
part, at any time or from time to time prior to the expiration of the Option in
accordance with the requirements set forth in Section 7(c)(3) of the Plan,
including, without limitation, the filing of such written form of exercise
notice as may be

	 
	

	1 This text will appear in agreements for options that are intended to be
incentive stock options under Section 422 of the Internal Revenue Code of 1986,
as amended.

	 

	2 This text will appear in agreements for options that are not intended to be
incentive stock options under Section 422 of the Internal Revenue Code of 1986,
as amended. All replacement options granted to eligible “named executive
officers” will be nonqualified stock options. Directors who are not employees
are only eligible to receive nonqualified stock options.

7

 

promulgated by the Committee, and in accordance with applicable tax and
other laws. The Company shall have the right to require the Grantee in
connection with the exercise of the Option to remit to the Company in cash an
amount sufficient to satisfy any federal, state and local withholding tax
requirements related thereto.

     (b) The Notice of Grant of Stock Options describes the date (the “Full
Vest Date”) upon which the Grantee shall be entitled to exercise the Option
provided that the Grantee has not incurred a termination of employment or
service with the Company and all Subsidiaries (collectively, the Company and
all Subsidiaries shall be referred to herein as the “Employer” and no
termination of employment or service shall be deemed to take place unless the
Grantee is no longer employed by or providing service to the Employer) prior to
such date. There shall be no proportionate or partial vesting prior to the
Full Vest Date specified in the Notice of Grant of Stock Options and all
vesting shall occur only on the Full Vest Date. Except as otherwise provided in
any employment agreement, consulting agreement, change in control agreement or
similar agreement in effect between the Employer and the Grantee on the date
specified in the Notice of Grant of Stock Options, no vesting shall occur after
such date as the Grantee ceases to be employed by the Employer (or serve as a
member of the Board of Directors, as the case may be) and all unvested Options
shall be forfeited at such time.

     (c) [If Grantee makes payment upon exercise of the Option by delivering
shares of Common Stock owned by the Grantee for at least six months prior to
the date of exercise, the Grantee shall be granted a new option (a “Reload
Option”) on the date of exercise for a number of shares equal to the number of
shares surrendered by the Grantee upon exercise, subject to the availability of
shares of Common Stock under the Plan at the time of such exercise. Such
Reload Option shall be granted at an exercise price equal to the Fair Market
Value (as defined in the Plan) of a share of Common Stock on the date of grant,
shall expire on the date on which the original Option would have expired, and
shall be fully vested; provided, however, that the Reload Option may not be
exercised until the date that is six months after the date of grant. The
Reload Option shall otherwise be subject to the same terms and conditions as
the original Option; provided, however, that the exercise of the Reload Option
shall not entitle the Grantee to any further Reload grant.]3

     (d) Notwithstanding anything herein (except the following sentence) or in
the Notice of Grant of Stock Options to the contrary, the Option shall be fully
vested if the Grantee’s employment with the Employer (or serve as a member of
the Board of Directors, as the case may be) is terminated on or within two
years after the occurrence of a Change in Control by the Employer (other than
for Cause) or by the Grantee for Good Reason. Except as otherwise provided in
any employment agreement, consulting agreement, change in control agreement or
similar agreement in effect between the Employer and the Grantee on the date of
grant specified in the Notice of Grant of Stock Options, if the application of
the provision in the foregoing sentence, similar provisions in other stock
option or restricted stock grants, and other payments and benefits payable to
the Grantee upon termination of employment (collectively, the “Company
Payments”) would result in the Grantee being subject to excise tax payable
under Internal Revenue Code Section 4999 (the Excise Tax”), the amount of any
Company Payments shall be automatically reduced to an amount one dollar less
than an amount that would subject the Grantee to the Excise Tax; provided,
however, that the reduction shall occur only if the reduced Company Payments
received by the Grantee (after taking into account further reductions for
applicable federal, state and local income, social security and other taxes)
would be greater than the unreduced Company Payments to be received by the
Grantee minus (i) the Excise Tax payable with respect to such Company Payments
and (ii) all applicable federal, state and local income, social security and
other taxes on such Company Payments. If the Company Payments are to be
reduced in accordance with the foregoing, the Company Payments shall be reduced
as mutually agreed between the Employer and the Grantee or, in the event the
parties cannot agree, in the following order (1) acceleration of vesting of any
option where the exercise price exceeds the fair market value of the underlying
shares at the time the acceleration would otherwise occur, (2) any lump sum
severance based on a multiple of base salary or bonus, (3) any other cash
amounts payable to the

	3 This text will only appear in replacement options granted in exchange for
options which currently have these “reload” provisions and in future option
grants.

8

 

Grantee, (4) any benefits valued as parachute payments, and (5) acceleration of
vesting of any equity not covered by (1) above.

     3. Option Term. (a) Except as otherwise provided in the next sentence or
in the Plan, the Option shall expire on the Expiration Date shown on the Notice
of Grant of Stock Options. In the event of termination of employment or
service with the Employer (including, by way of example, termination of service
as a member of the Board of Directors), except as set forth in any employment
agreement, consulting agreement, change in control agreement or similar
agreement in effect between the Employer and the Grantee on the date of grant
specified in the Notice of Grant of Stock Option, the vested portion of the
Option shall expire on the earlier of (i) the Expiration Date, or (ii)(A)
subject to (E) below, three months after such termination if such termination
is for any reason other than death, retirement, or long-term disability, (B)
two years after such termination if such termination is due to the Grantee’s
retirement, (C) one year after the termination if such termination is due to
the Grantee’s death or long-term disability, (D) the occurrence of the Cause
event if such termination is for Cause or Cause existed at the time of such
termination (whether then known or later discovered) or (E) one year after such
termination if such termination is at any time within two years after the
occurrence of a Change in Control and is by the Employer without Cause or by
the Grantee for Good Reason.

     (b) For purposes of this Agreement, “Cause” shall mean (i) in the case
where there is no employment agreement, consulting agreement, change in control
agreement or similar agreement in effect between the Company and the Grantee on
the date of grant specified in the Notice of Grant of Stock Options (or where
there is such an agreement but it does not define “cause” (or words of like
import)) (A) the willful and continued failure by the Grantee substantially to
perform his or her duties and obligations to the Employer, including without
limitation, repeated refusal to follow the reasonable directions of the
Employer, knowing violation of law in the course of performance of the duties
of the Grantee’s employment with the Employer, repeated absences from work
without a reasonable excuse, and intoxication with alcohol or illegal drugs
while on the Employer’s premises during regular business hours (other than any
such failure resulting from his or her incapacity due to physical or mental
illness); (B) fraud or material dishonesty against the Employer; or (C) a
conviction or plea of guilty or nolo contendere to a felony or a crime
involving material dishonesty or (ii) in the case where there is an employment
agreement, consulting agreement, change in control agreement or similar
agreement in effect between the Employer and the Grantee on the date of grant
specified in the Notice of Grant of Stock Options that defines “cause” (or
words of like import), as defined under such agreement. For purposes of this
Section 3(b), no act, or failure to act, on a Grantee’s part shall be
considered “willful” unless done, or omitted to be done, by the Grantee in bad
faith and without reasonable belief that his or her action or omission was in
the best interest of the Employer. Any determination of Cause made prior to a
Change in Control shall be made by the Committee in its sole discretion.

     (c) For purposes of this Agreement, “Good Reason” shall mean (i) in the
case where there is no employment agreement, consulting agreement, change in
control agreement or similar agreement in effect between the Employer and the
Grantee on the date of grant specified in the Notice of Grant of Stock Options
(or where there is such an agreement but it does not define “good reason” (or
words of like import)) a termination of employment or services by the Grantee
within one hundred twenty (120) days after the occurrence of one of the
following events after the occurrence of a Change in Control unless such events
are fully corrected in all material respects by the Employer within thirty (30)
days following written notification by the Grantee to the Employer that Grantee
intends to terminate his employment hereunder for one of the reasons set forth
below: (A) (1) any material diminution in the Grantee’s duties and
responsibilities from that which exists immediately prior to a Change in
Control (except in each case in connection with the termination of the
Grantee’s employment or services for Cause or as a result of the Grantee’s
death, or temporarily as a result of the Grantee’s illness or other absence),
or (2) the assignment to the Grantee of duties and responsibilities materially
inconsistent with the position held by the Grantee; (B) any material breach by
the Employer of any material provision of any written agreement with the
Grantee or failure to timely pay any compensation obligation to the Grantee;
(C) a reduction in the Grantee’s annual base salary or target bonus opportunity
(if any) from that which exists immediately prior to a Change in Control; or
(D) if the Grantee is based at the Employer’s principal executive office, any
relocation therefrom or, in any event, a relocation of the Grantee’s primary
office of more than fifty (50) miles from the location immediately prior to a
Change in Control; or (ii) in the case where there is an

9

 

employment agreement, consulting agreement, change in control agreement or similar
agreement in effect between the Employer and the Grantee on the date of grant
specified in the Notice of Grant of Stock Options that defines “good reason”
(or words of like import), as defined under such agreement.

     4. Restrictions on Transfer of Option. The Option granted hereby shall
not be transferable other than by will or by the laws of descent and
distribution. During the lifetime of the Grantee, this Option shall be
exercisable only by the Grantee. In addition, except as otherwise provided in
this Agreement, the Option shall not be assigned, negotiated, pledged or
hypothecated in any way (whether by operation of law or otherwise), and the
Option shall not be subject to execution, attachment or similar process. Upon
any other attempt to transfer, assign, negotiate, pledge or hypothecate the
Option, or in the event of any levy upon the option by reason of any execution,
attachment, or similar process contrary to the provisions hereof, the Option
shall immediately become null and void. Notwithstanding the foregoing
provisions of this Section 4, subject to the approval of the Committee in its
sole and absolute discretion and to any conditions that the Committee may
prescribe, the Grantee may, upon providing written notice to the Company, elect
to transfer the Option to members of his or her immediate family, including,
but not limited to, children, grandchildren and spouse or to trusts for the
benefit of such immediate family members or to partnerships in which such
family members are the only partners; provided, however, that no such transfer
may be made in exchange for consideration.

     5. Rights of a Stockholder. The Grantee shall have no rights as a
stockholder with respect to any shares of Common Stock subject to this Option
prior to the date of issuance to the Grantee of a certificate or certificates
for such shares. No adjustment shall be made for dividends in cash or other
property, distributions, or other rights with respect to such shares for which
the record date is prior to the date upon which the Grantee shall become the
holder of record therefor.

     6. Compliance with Law and Regulations. This award and any obligation of
the Company hereunder shall be subject to all applicable federal, state and
local laws, rules and regulations and to such approvals by any government or
regulatory agency as may be required. The Company shall be under no obligation
to effect the registration pursuant to federal securities laws of any interests
in the Plan or any shares of Common Stock to be issued hereunder or to effect
similar compliance under any state laws. The Company shall not be obligated to
cause to be issued or delivered any certificates evidencing shares of Common
Stock pursuant to this Agreement unless and until the Company is advised by its
counsel that the issuance and delivery of such certificates is in compliance
with all applicable laws, regulations of governmental authority and the
requirements of any securities exchange on which shares of Common Stock are
traded. The Committee may require, as a condition of the issuance and delivery
of certificates evidencing shares of Common Stock pursuant to the terms hereof,
that the recipient of such shares make such agreements and representations, and
that such certificates bear such legends, as the Committee, in its sole
discretion, deems necessary or desirable. Except to the extent preempted by
any applicable federal law, this Agreement shall be construed and administered
in accordance with the laws of the State of New York without reference to its
principles of conflicts of law.

     7. Grantee Bound by Plan. The Grantee acknowledges receipt of a copy of
the Plan and agrees to be bound by all the terms and provisions thereof. The
Plan is incorporated herein by reference, and any capitalized term used but not
defined herein shall have the same meaning as in the Plan. To the extent that
this Agreement is silent with respect to, or in any way inconsistent with, the
terms of the Plan, the provisions of the Plan shall govern and this Agreement
shall be deemed to be modified accordingly.

     8. Notices. Any notice or communication given hereunder shall be in
writing and shall be deemed given when delivered in person, or by United States
mail, at the following addresses: (i) if to the Employer, to: Regeneron
Pharmaceuticals, Inc., 777 Old Saw Mill River Road, Tarrytown, NY 10591,
Attention: Secretary, and (ii) if to the Grantee, to: the Grantee at
Regeneron Pharmaceuticals, Inc., 777 Old Saw Mill River Road, Tarrytown, NY
10591, or, if the Grantee has terminated employment, to the last address for
the Grantee indicated in the records of the Employer, or such other address as
the relevant party shall specify at any time hereafter in accordance with this
Section 8.

     9. No Obligation to Continue Employment. This Agreement does not
guarantee that the Employer will employ the Grantee for any specified time
period, nor does it modify in any respect the Grantee’s employment or
compensation.

10

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