Document:

Exhibit
10.1

 

Acknowledgement
and Waiver

 

Having received
sufficient consideration and by signing below, I acknowledge and agree that the
Compensation Committee of the Board of Directors of Key Energy Services, Inc.
has rescinded my option grant, originally made as of June 3, 2004, under the
Key Energy Group, Inc. 1997 Incentive Plan (the “Plan”).  I hereby waive any claim to that option and
any claim that the rescission breaches the terms of my employment agreement
with Key Energy Services, Inc.  I understand
that the Committee intends to provide replacement incentives, in the form of
equity-related incentives, cash or a combination thereof, but I acknowledge
that there is currently no binding agreement to do so.

 

 

	
   

  	
  March 25, 2005

  	
   

  	
  /s/ Richard J.
  Alario

  
	
   

  	
  Date Signed

  	
   

  	
  Richard J.
  Alario

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  March 25, 2005

  	
   

  	
  Signed: 

  	
  /s/ Gregory L.
  Silva

  
	
   

  	
  Date Signed

  	
   

  	
  Name:

  	
  Gregory L. SilvaExhibit 10.2

 

Acknowledgement
and Waiver

 

Having received
sufficient consideration and by signing below, I acknowledge and agree that the
Compensation Committee of the Board of Directors of Key Energy Services, Inc.
has rescinded my option grant, originally made as of January 24, 2005, under
the Key Energy Group, Inc. 1997 Incentive Plan (the “Plan”).  I hereby waive any claim to that option and
any claim that the rescission breaches the terms of my employment agreement
with Key Energy Services, Inc.  I understand
that the Committee intends to provide replacement incentives, in the form of
equity-related incentives, cash or a combination thereof, but I acknowledge
that there is currently no binding agreement to do so.

 

 

	
   

  	
  March 25, 2005

  	
   

  	
  /s/ Newton W.
  Wilson  III

  
	
   

  	
  Date Signed

  	
   

  	
  Newton W. Wilson
  III

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  March 25, 2005

  	
   

  	
  Signed: 

  	
  /s/ Gregory L.
  Silva

  
	
   

  	
  Date Signed

  	
   

  	
  Name:

  	
  Gregory L. SilvaExhibit 10.29

 

 

 

 

 

January 31, 2005

 

 

 

 

Federal Express

 

Mr. Michael W. Aguiar

 

Dear Michael:

 

On behalf of Theravance, Inc. (the “Company”), I am pleased to offer
you the position of Senior Vice President and Chief Financial Officer at a
starting salary of $325,000 per year. 
You will be eligible to receive a bonus up to 30% of your salary, based
on performance. However, your bonus for 2005 will be guaranteed at the 30%
level. In addition, on your first day of employment you will receive a signing
bonus in an amount equal to two times your expected 2004 bonus from your
current employer.  It is our
understanding that you expect your 2004 bonus to be approximately $120,000.

 

Subject
to the approval of the Compensation Committee of the Company’s Board of Directors,
you will be granted an option to purchase shares of Common Stock of the Company
at a purchase price equal to the fair market value of our Common Stock on the
date of grant, which we anticipate will be the date of the first Compensation
Committee meeting following your date of hire. Your option grant will be for 175,000
shares. The vesting and exercise details of your option will be set forth in
your stock option paperwork, but in general your option will vest over the
first four years of your employment measured from the date of grant, with a
special “cliff” provision that prevents it from being exercised before the GSK “put”
date, which is expected to be in late 2007. The option shall be fully vested
and exercisable on the 4-year anniversary of the date of grant provided you
have remained in continuous service through such date. The option granted to
you will be contingent on your execution of the Company’s Stock Option
Agreement and will be subject to all terms of the Company’s 2004 Equity
Incentive Plan (the “Plan”).

 

Subject to the approval of
the Compensation Committee of the Company’s Board of Directors, you will also be
granted 50,000 shares of the Company’s Common Stock in a “restricted stock
grant,” in consideration of services to be rendered by you.  The shares will be subject to the terms and
conditions applicable to shares awarded under the Plan, as described in the
Plan and the applicable Restricted Stock Agreement. The shares will be issued
to you in a series of installments as you vest in the shares.  You will vest in 50% of the shares on the
date immediately following the GSK “put” date, 25% of the shares

 

 

1

 

on the first anniversary of
such date, and 25% of the shares on the second anniversary of such date, as will
be described in the applicable Restricted Stock Agreement.

 

Performance
and merit reviews will be conducted annually and will be calculated on a
prorated basis, based on date of hire. However, if your employment start date
is on or before March 7, 2005, your 2005 bonus and equity compensation will not
be prorated. The Company’s current guidelines provide that you, as a Senior Vice
President, will be eligible to receive annual replenishment stock option
grants, based on performance, at up to 33% of your new hire grant. These
guidelines may be changed from time to time by the Compensation Committee of
the Board of Directors.

 

As
a regular employee of Theravance, Inc., you will be eligible for a number of
Company-sponsored benefits.  These are
described in the Summary Plan Description that you will receive when you begin
work; however, they include enrollment in our Aetna PPO or HMO plan and in our
Vision and Dental plans for you and your family.  The Company also provides life, LTD and AD&D
insurance, and you will be able to participate in our 401(k) program.  In addition to the Company’s generous
allotment of standard holidays, you will be eligible for three weeks of paid
vacation per year. As an officer of the Company you
will also participate in the Company’s “Change in Control Severance Plan.”

 

Your
employment pursuant to this offer is contingent on you executing the Company’s
standard form of Proprietary Information and Inventions Agreement.  Also, the United States Immigration and Naturalization
Service requires that employers establish the eligibility of each employee as a
U.S. citizen, permanent resident or individual authorized for employment in the
United States.

 

While we hope that your
employment with the Company will be mutually satisfactory, employment with
Theravance, Inc. is for no specific period of time.  As a result, either you or the Company is
free to terminate your employment relationship at any time for any reason, with
or without cause.  This is the full and
complete agreement between us on this term. 
Although your job duties, title, compensation and benefits, as well as
the Company’s personnel policies and procedures, may change from time-to-time,
the “at-will” nature of your employment may only be changed in an express
writing signed by you and the Chief Executive Officer or Chairman of the Board of
the Company.

 

This letter sets forth the
terms of your employment with us and supersedes any prior representations or
agreements, whether written or oral.  A
duplicate original of this offer is enclosed for your records.  To accept this offer, please sign and return
this letter to me, in which event your employment will begin on a date mutually
agreed to, currently expected to be March 7, 2005 but in any event no later than
March 31, 2005.

 

This offer is expressly
contingent on completion of reference checks and related due diligence to
Theravance’s satisfaction. We will start that process immediately and I will
advise you when the process is complete.

 

 

2

 

Michael, we look forward to having you join us.  If you have any questions, please call me at (650)
808-6000.

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  /s/ RICK E WINNINGHAM

  	
   

  	
   

  
	
   

  	
  Rick
  E Winningham

  	
   

  	
   

  
	
   

  	
  Chief
  Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  I have read and accept this employment offer:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ MICHAEL W. AGUIAR

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Michael
  W. Aguiar

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date: February 3, 2005

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
								

 

 

3EXHIBIT 10.30

 

THERAVANCE, INC. 2004
EQUITY INCENTIVE PLAN

 

NOTICE OF STOCK OPTION
GRANT

 

You have been granted the following option to purchase
shares of the Common Stock of Theravance, Inc. (the “Company”):

 

	
  Name of Optionee:

  	
   

  	
  «First» «Last»

  
	
   

  	
   

  	
   

  
	
  ID Number:

  	
   

  	
  «ID»

  
	
   

  	
   

  	
   

  
	
  Total Number of Shares:

  	
   

  	
  «Shares»

  
	
   

  	
   

  	
   

  
	
  Type of Option:

  	
   

  	
  Nonstatutory Stock Option

  
	
   

  	
   

  	
   

  
	
  Grant Number:

  	
   

  	
  «Number»

  
	
   

  	
   

  	
   

  
	
  Exercise Price Per Share:

  	
   

  	
  «Price»

  
	
   

  	
   

  	
   

  
	
  Date of Grant:

  	
   

  	
  February 10, 2005

  
	
   

  	
   

  	
   

  
	
  Vesting Schedule:

  	
   

  	
  This option becomes
  exercisable for the first time on the earlier of the Put Date or January 1,
  2008 (as applicable, the “First Exercise Date”) provided you have remained in
  continuous Service from the Date of Grant through the First Exercise Date. On
  the First Exercise Date, this option may be exercised and shall be vested as
  to that number of Shares subject to the option equal to 1/48th
  times the number of months that have elapsed from the Date of Grant through
  the First Exercise Date. Thereafter, this option may be exercised and shall
  be vested as to an additional 1/48th of the Shares subject to this
  option when you complete each month of continuous Service following the
  First Exercise Date. The option shall be fully vested and exercisable on the 4-year
  anniversary of the Date of Grant provided you have remained in
  continuous Service through such date.

  
	
   

  	
   

  	
   

  
	
  Expiration Date:

  	
   

  	
  February 9, 2015. This
  option expires earlier if your Service terminates earlier, as described in
  the Stock Option Agreement.

  

 

You and the Company agree that this option is granted under and
governed by the terms and conditions of the Stock Option Agreement, which is
attached to and made a part of this document, and the 2004 Equity Incentive
Plan (the “Plan”).

 

You further agree that the Company may deliver by
email all documents relating to the Plan or this option (including, without
limitation, prospectuses required by the Securities and Exchange Commission)
and all other documents that the Company is required to deliver to its security
holders (including, without limitation, annual reports and proxy
statements).  You also agree that the
Company may deliver these documents by posting them on a web site maintained by
the Company or by a third party under contract with the Company.  If the Company posts these documents on a web
site, it will notify you by email.

 

 

THERAVANCE, INC. 2004
EQUITY INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

	
  Tax Treatment

  	
   

  	
  This option is a nonstatutory stock option.

  
	
   

  	
   

  	
   

  
	
  Vesting

  	
   

  	
  This option becomes exercisable in installments, as
  shown in the Notice of Stock Option Grant.

   

  This option shall become exercisable in full if not
  assumed or a new option substituted pursuant to Section 11.3 of the
  Plan. In addition, this option becomes exercisable in full if the Company is
  subject to a “Change in Control” (as defined
  in the Plan) before your Service terminates, and you are subject to an
  Involuntary Termination (as defined below) within three months prior or 24
  months after the Change in Control. Should the exercisability of this option
  accelerate as a result of the occurrence of a Change in Control prior to the
  First Exercise Date, the right to exercise this option shall be deferred as
  to the additional shares until the First Exercise Date, provided and only
  if this option is assumed by the surviving corporation or its parent
  or the surviving corporation or its parent substitutes its own option
  for this option.

   

  For purposes of this Agreement, “Cause”
  shall mean (i) the unauthorized use or disclosure of the confidential
  information or trade secrets of the Company, which use causes material harm
  to the Company, (ii) conviction of a felony under the laws of the United
  States or any state thereof, (iii) gross negligence or (iv) repeated failure
  to perform lawful assigned duties for thirty days after receiving written
  notification from the Board of Directors.

   

  For purposes of this Agreement, “Involuntary Termination” means the termination of your
  Service by reason of:

   

  (a)  an involuntary dismissal or discharge by the
  Company for reasons other than for Cause; or

   

  (b) your voluntary resignation following (i) a
  change in your position with the Company (or Parent or Subsidiary employing
  you) which materially reduces your level of responsibility, (ii) a reduction
  in your level of compensation (including base salary, fringe benefits and
  participation in corporate-performance based bonus or incentive programs) or
  (iii) a relocation of your workplace more than fifty miles away from the
  workplace designated by the Company on your initial date of service,

   

  

 

 

	
   

  	
   

  	
  provided and only if
  such change, reduction or relocation is effected by the Company without your
  consent.

   

  For purposes of this Agreement, “Put Date” shall mean the day after the final day of the
  Put Period, as such term is defined in the Restated Certificate of
  Incorporation of Theravance, Inc. or, if earlier, the consummation of a
  Qualified Change in Control as defined in the Restated Certificate of
  Incorporation of Theravance, Inc.

   

  For purposes of this Agreement, “Service” means your service as an Employee, Outside
  Director or Consultant.

   

  No additional shares will
  vest after your Service has terminated for any reason, except to the extent
  set forth above if you are subject to an Involuntary Termination
  within three months prior to a Change in Control.

  
	
   

  	
   

  	
   

  
	
  Term

  	
   

  	
  This option expires in any event at the close of
  business at Company headquarters on the day before the 10th
  anniversary of the Date of Grant, as shown in the Notice of Stock Option
  Grant. (It will expire earlier if your Service terminates, as described
  below.) You may exercise this option at any time before its expiration under
  the preceding sentence, but only to the extent that this option had become
  exercisable before your Service terminated (giving effect where necessary to
  any deferred acceleration on Change in Control as set forth under the heading
  “Vesting” above).

  
	
   

  	
   

  	
   

  
	
  Regular Termination

  	
   

  	
  If your Service terminates for any reason except
  death or total and permanent disability, then this option will expire at the
  close of business at Company headquarters on the date three months after the
  later of your termination date or the First Exercise Date. The Company
  determines when your Service terminates for this purpose.

  
	
   

  	
   

  	
   

  
	
  Death

  	
   

  	
  If you die before your Service terminates, then this
  option will expire at the close of business at Company headquarters on the
  later of the date that is three months after the First Exercise Date or 12
  months after the date of death.

  
	
   

  	
   

  	
   

  
	
  Disability

  	
   

  	
  If your Service terminates because of your total and
  permanent disability, then this option will expire at the close of business
  at Company headquarters on the date 12 months after your termination date. 

   

  For all purposes under this Agreement, “total and
  permanent disability” means that you are unable to engage in any substantial
  gainful activity by reason of any medically determinable physical or mental
  impairment which can be expected to result in death or which has lasted, or
  can be 

   

   

  

 

4

 

	
   

  	
   

  	
  expected to last, for a continuous period of not
  less than one year.

  
	
   

  	
   

  	
   

  
	
  Leaves of Absence and Part-Time
  Work

  	
   

  	
  For purposes of this option, your Service does not
  terminate when you go on a military leave, a sick leave or another bona fide leave of absence, if the leave was approved by
  the Company in writing. But your Service terminates when the approved leave
  ends, unless you immediately return to active work.

   

  If you go on a leave of absence, then the vesting
  schedule specified in the Notice of Stock Option Grant may be adjusted in accordance
  with the Company’s leave of absence policy or the terms of your leave. If you
  commence working on a part-time basis, then the vesting schedule specified in
  the Notice of Stock Option Grant may be adjusted in accordance with the
  Company’s part-time work policy or the terms of an agreement between you and
  the Company pertaining to your part-time schedule.

  
	
   

  	
   

  	
   

  
	
  Restrictions on Exercise

  	
   

  	
  The Company will not permit you to exercise this
  option if the issuance of shares at that time would violate any law or
  regulation.

  
	
   

  	
   

  	
   

  
	
  Notice of Exercise

  	
   

  	
  When you wish to
  exercise this option, you must notify the Company by filing the proper
  “Notice of Exercise” form at the address given on the form. Your notice must
  specify how many shares you wish to purchase. Your notice must also specify
  how your shares should be registered. The notice will be effective when the
  Company receives it.

   

  If someone else wants
  to exercise this option after your death, that person must prove to the
  Company’s satisfaction that he or she is entitled to do so.

  
	
   

  	
   

  	
   

  
	
  Form of Payment

  	
   

  	
  When you submit your notice of exercise, you must
  include payment of the option exercise price for the shares that you are
  purchasing. To the extent permitted by applicable law, payment may be made in
  one (or a combination of two or more) of the following forms:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •   Your personal check, a
  cashier’s check or a money order.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •    Certificates for shares of Company stock that you own, along
  with any forms needed to effect a transfer of those shares to the Company.
  The value of the shares, determined as of the effective date of the option
  exercise, will be applied to the option exercise price. Instead of
  surrendering shares of Company stock, you may attest to the ownership of
  those shares on a form provided by the Company and have the same number of
  shares subtracted from the option shares issued to you. However, you may not
  surrender, or attest to the ownership of, shares of Company stock in payment
  of 

  

 

5

 

	
   

  	
   

  	
  the exercise price if
  your action would cause the Company to recognize compensation expense (or
  additional compensation expense) with respect to this option for financial
  reporting purposes.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •   Irrevocable
  directions to a securities broker approved by the Company to sell all or part
  of your option shares and to deliver to the Company from the sale proceeds an
  amount sufficient to pay the option exercise price and any withholding taxes.
  (The balance of the sale proceeds, if any, will be delivered to you.) The
  directions must be given by signing a special “Notice of Exercise” form
  provided by the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •    Irrevocable directions to a securities broker or lender
  approved by the Company to pledge option shares as security for a loan and to
  deliver to the Company from the loan proceeds an amount sufficient to pay the
  option exercise price and any withholding taxes. The directions must be given
  by signing a special “Notice of Exercise” form provided by the Company.

  
	
   

  	
   

  	
   

  
	
  Withholding Taxes and Stock Withholding

  	
   

  	
  You will not be allowed
  to exercise this option unless you make arrangements acceptable to the
  Company to pay any withholding taxes that may be due as a result of the
  option exercise. With the Company’s consent, these arrangements may include
  withholding shares of Company stock that otherwise would be issued to you
  when you exercise this option. The value of these shares, determined as of
  the effective date of the option exercise, will be applied to the withholding
  taxes.

  
	
   

  	
   

  	
   

  
	
  Restrictions on Resale

  	
   

  	
  You agree not to sell any option shares at a time
  when applicable laws, Company policies or an agreement between the Company
  and its underwriters prohibit a sale. This restriction will apply as long as
  your Service continues and for such period of time after the termination of
  your Service as the Company may specify.

  
	
   

  	
   

  	
   

  
	
  Transfer of Option

  	
   

  	
  Prior to your death, only you may exercise this
  option. You cannot transfer or assign this option. For instance, you may not
  sell this option or use it as security for a loan. If you attempt to do any
  of these things, this option will immediately become invalid. You may,
  however, dispose of this option in your will or a beneficiary designation.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Regardless of any marital property settlement
  agreement, the Company is not obligated to honor a notice of exercise from
  your former spouse, nor is the Company obligated to recognize your former
  spouse’s interest in your option in any other way.

  
	
   

  	
   

  	
   

  
	
  Retention Rights

  	
   

  	
  Your option or this Agreement does not give you the right
  to be retained by the Company or a subsidiary of the Company in any capacity.
  The Company and its subsidiaries reserve the right to terminate your Service at

  

 

6

 

	
   

  	
   

  	
  any time, with or without cause.

  
	
   

  	
   

  	
   

  
	
  Stockholder Rights

  	
   

  	
  You, or your estate or heirs, have no rights as a
  stockholder of the Company until you have exercised this option by giving the
  required notice to the Company and paying the exercise price. No adjustments
  are made for dividends or other rights if the applicable record date occurs
  before you exercise this option, except as described in the Plan.

  
	
   

  	
   

  	
   

  
	
  Adjustments

  	
   

  	
  In the event of a stock split, a stock dividend or a
  similar change in Company stock, the number of shares covered by this option
  and the exercise price per share may be adjusted pursuant to the Plan.

  
	
   

  	
   

  	
   

  
	
  Applicable Law

  	
   

  	
  This Agreement will be interpreted and enforced
  under the laws of the State of Delaware (without regard to their
  choice-of-law provisions).

  
	
   

  	
   

  	
   

  
	
  The Plan and Other Agreements

  	
   

  	
  The text of the Plan is
  incorporated in this Agreement by reference.

   

  This Agreement and the
  Plan constitute the entire understanding between you and the Company
  regarding this option. Any prior agreements, commitments or negotiations
  concerning this option are superseded. This Agreement may be amended only by
  another written agreement between the parties.

  

 

BY
ACCEPTING THIS STOCK OPTION GRANT, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS
DESCRIBED ABOVE AND IN THE PLAN.

 

7

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