Document:

EXHIBIT 10.5(b)

 

UNANIMOUS WRITTEN
CONSENT

OF THE
BOARD OF MANAGERS OF

RELIANT
PHARMACEUTICALS, LLC

 

The undersigned,
being all of the members of the Board of Managers (the “Board”)
of Reliant Pharmaceuticals, LLC, a Delaware limited liability company (the “Company”), in lieu of a meeting of the Board, and pursuant
to the authority of Section 18-404(d) of the Delaware Limited Liability Company
Act, as amended and Section 8.5 of the Second Amended and Restated Limited
Liability Company Operating Agreement of the Company, hereby consent to,
authorize and adopt the following resolutions with the same force and effect as
if the undersigned were personally present at a meeting of the Board and had
voted for the same:

 

Amendment
of Equity Plan

 

WHEREAS, this Company has adopted the Reliant
Pharmaceuticals, LLC Equity Incentive Plan, as amended prior to the date hereof
(the “ Equity Plan”);
and

 

WHEREAS, the Equity Plan may be amended by this Board
at anytime; and

 

WHEREAS, it is deemed desirable to amend the Equity
Plan to clarify that service with a parent of the Company, or subsidiary of the
Company or a subsidiary of a parent company to the Company shall be treated as
service with the Company for purposes of the Equity Plan.

 

RESOLVED, that the Equity Plan is hereby amended by
adding the following Section 19 thereto:

 

“19. Service with Parent or Subsidiaries. Notwithstanding
anything contained herein to the contrary, employees of, consultants to and
members of the board of directors or board of managers of any Parent (as
defined below) or Subsidiary (as defined below) shall be eligible to
participate in this Plan, and shall be treated as a Service Provider under the
Plan. All service with a Parent or Subsidiary shall count as service with the
Company for purposes of vesting in any Option and/or Restricted Unit. Transfer
of employment or service as a consultant or manager from the Company to
employee, consultant, manager or director of any Parent or Subsidiary shall not
be treated as a termination as a Service Provider for any purposes of the Plan
and for so long as an individual provides services to the Company, a Parent or
a Subsidiary, as an employee,

 

 

consultant or manager or director in such capacity
that if such services were being performed for the Company that such individual
would be treated as an Employee, Consultant and Manager as defined in this
Plan, then such individual shall continue to be a Service Provider for all
purposes of the Plan. For purposes of this Section 19, “Parent” shall mean any entity, whether now
or hereafter existing (other than the Company) in an unbroken chain of entities
ending with the Company if each of the entities other than the last entity in
the unbroken chain owns more than fifty percent of the total combined voting
power of all equity securities in one of the other entities in such chain, and “Subsidiary” shall mean any corporation,
limited partnership, limited liability company or any other entity of which the
Company or a Parent owns more than 50% of the voting stock or equity or a
controlling interest.”

 

FURTHER RESOLVED, that the Equity Plan shall be
conformed to reflect the amendment authorized hereby.

 

Adoption
of 2002 Equity Plan

 

WHEREAS, it is desirable to adopt the Reliant
Pharmaceuticals, LLC 2002 Non-Qualified Option Plan (the “2002 Plan”) in substantially the form
attached hereto as Exhibit A.

 

RESOLVED, that the 2002 Plan is hereby adopted and
approved and that up to 2,256,148 Class One Common Units may be issued pursuant
to and in accordance with the 2002 Plan.

 

FURTHER RESOLVED, that the Compensation Committee be
and hereby is appointed to act as the administrator of the 2002 Plan.

 

Amendment
of 401(k) Plan

 

WHEREAS, the Company has previously adopted the
Reliant Pharmaceuticals 401(k) Plan (the “401(k)
Plan”) effective as of January 1, 2001; and

 

WHEREAS, the Company desires to amend the 401(k) Plan.

 

RESOLVED, that the 401(k) Plan be, and it hereby is,
amended and restated, effective as of May 1, 2002, in the form of the Fidelity
Prototype Advisor Retirement Connection – 401K Premium Service Program Basic
Plan document and the terms set forth in the Adoption Agreement related
thereto, a summary of which is set forth on Exhibit B hereto; and

 

RESOLVED, that Joseph J. Krivulka and A. Steven
Franchak are hereby removed as Trustee(s) of the 401(k) Plan and that Fidelity
Management Trust Company is hereby appointed as the successor Trustee of the
401(k) Plan;

 

RESOLVED, that the Company is hereby designated as
Plan Administrator of the 401(k) Plan;

 

2

 

RESOLVED, the Company reserves the authority to amend
the 401(k) Plan by filing with the Trustee either (a) an amended Adoption
Agreement, executed by the Company only, on which the Company has indicated a
change or changes in provisions previously elected by it or (b) amending and
restating the 401(k) Plan into such other form as it deems desirable. The Board
of Managers or other individual specified in this resolution shall act on
behalf of the Company in amending the 401(k) Plan; and

 

RESOLVED, that the proper officers of this Company are
hereby authorized and directed to take such actions as may be necessary or
desirable to obtain a favorable determination letter from the Internal Revenue
Service regarding the tax qualified status of the 401(k) Plan.

 

General

 

FURTHER RESOLVED, that the proper officers of the
Company be, and each of them hereby is, authorized and directed to execute and
deliver, in the name and on behalf of the Company, and any and all agreements,
documents or instruments, and take such actions as may be necessary or
advisable to effect the intent of the resolutions set forth herein;

 

FURTHER RESOLVED, that for the purposes of these
resolutions, the “proper officers” of the Company shall be the Chairman of the
Board, the Vice Chairman of the Board, the President, any Vice President
(regardless of designation), the Secretary, any Assistant Secretary and the
Treasurer of the Company; and

 

FURTHER RESOLVED, this Consent may be executed in
counterparts, each of which shall be deemed an original all of which, taken
together, shall constitute one and the same instrument.

 

(Signature page follows)

 

 

3

 

(Signature Page to Unanimous Written Consent amending
Equity Incentive Plan)

 

Dated as of April
29, 2002

 

	
   

  	
   

  
	
   

  	
  Jack
  L. Bowman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Herbert
  Conrad

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Fred
  B. Craves

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Joseph
  Krivulka

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Irwin
  Lerner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  David
  V. Milligan

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Gerald
  L. Cohn

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Mark
  S. Hoplamazian

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thomas
  J. Pritzker

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Richard
  F. Pops

  
	
   

  	
   

  
	
   

  	
  BEING ALL OF THE MEMBERS OF

  THE BOARD OF MANAGERS OF

  RELIANT PHARMACEUTICALS, LLC

  

 

4

 

EXHIBIT A

 

RELIANT PHARMACEUTICALS, LLC

2002 NON-QUALIFIED OPTION PLAN

 

 

EXHIBIT B

 

 

2EXHIBIT 10.5(c)

 

WRITTEN CONSENT

OF THE
BOARD OF MANAGERS OF

RELIANT
PHARMACEUTICALS, LLC

 

The undersigned,
being at least a majority of all of the members of the Board of Managers (the “Board”) of Reliant Pharmaceuticals, LLC, a Delaware limited
liability company (the “Company”), in
lieu of a meeting of the Board, and pursuant to the authority of Section
18-404(d) of the Delaware Limited Liability Company Act, as amended and Section
8.5 of the Second Amended and Restated Limited Liability Company Operating
Agreement of the Company, hereby consent to, authorize and adopt the following
resolutions with the same force and effect as if the undersigned were
personally present at a meeting of the Board and had voted for the same:

 

Amendment
of Equity Plan

 

WHEREAS, the Company has adopted the Reliant
Pharmaceuticals, LLC Equity Incentive Plan, as amended prior to the date hereof
(the “ Equity Plan”);
and

 

WHEREAS, the Equity Plan may be amended by this Board
at anytime; and

 

WHEREAS, it is deemed desirable to amend the Equity
Plan to clarify that options, may if so provided in the agreement evidencing
the grant of such option, continue to vest and be exercised following the
termination of the participant as a Service Provider, as defined in the Equity
Plan.

 

RESOLVED, that the Equity Plan is hereby amended as
follows:

 

1. By substituting the following for Section 8(a):

 

“(a)         Vesting;
Fractional Exercises. Options granted hereunder shall be vested and
exercisable according to the terms hereof at such times and under such
conditions as determined by the Committee and set forth in the Option
Agreement. Unless otherwise specifically provided in the Option Agreement, if,
on the date of termination, the Holder is not vested as to his or her entire
Option, the Units covered by the unvested portion of the Option shall
immediately cease to be issuable under the Option. An Option may not be
exercised for a fraction of an Unit.”

 

 

2. By substituting the following for Section 8(d), (e)
and (f):

 

“(d)  Termination
of Relationship as a Service Provider. If the Participant ceases to be a
Service Provider other than for Cause or by reason of the Participant’s
Disability or death, the Holder of such Participant’s Options may exercise the
Option within such period of time as is specified in the Option Agreement (but
in no event later than the expiration of the term of the Option as set forth in
the Option Agreement). In the absence of a specified time in the Option
Agreement, the Option shall remain exercisable for three (3) months following
the Participant’s termination. Unless otherwise specified in the Participant’s
Option Agreement, Options may be exercised following termination as a Service
Provider only to the extent vested on the date of termination, and any portion
of an Option in which the Participant is not vested upon such termination shall
be forfeited and terminated.

 

(e)  Disability
of Participant. If a Participant ceases to be a Service Provider as a
result of Disability, the Holder of such Participant’s Option may exercise such
Option within such period of time as is specified in the Option Agreement (but
in no event later than the expiration of the term of such Option as set forth
in the Option Agreement). In the absence of a specified time in the Option
Agreement, the Option shall remain exercisable for twelve (12) months
following the Participant’s termination. Unless otherwise specified in the
Participant’s Option Agreement, Options may be exercised following termination
as a Service Provider only to the extent vested on the date of termination, and
any portion of an Option in which the Participant is not vested upon such
termination shall be forfeited and terminated.

 

(f)  Death of
Participant. If a Participant dies while a Service Provider, the Option may
be exercised within such period of time as is specified in the Option Agreement
by the executor of the Participant’s estate or by a person who acquires the
right to exercise the Option by bequest, inheritance, or the laws of descent or
distribution. In the absence of a specified time in the Option Agreement, the
Option shall remain exercisable for twelve (12) months following the
Participant’s termination (but in no event later than the expiration of the
term of such Option as set forth in the Option Agreement). Unless otherwise
specified in the Participant’s Option Agreement, Options may be exercised
following termination as a Service Provider only to the extent vested on the
date of termination, and any portion of an Option in which the Participant is
not vested upon such termination shall be forfeited and terminated.”

 

In all other
respects the Equity Plan shall remain in full force and effect.

 

FURTHER RESOLVED, that the Equity Plan shall be
conformed to reflect the amendment authorized hereby.

 

 

2

 

General

 

FURTHER RESOLVED, that the proper officers of the
Company be, and each of them hereby is, authorized and directed to execute and
deliver, in the name and on behalf of the Company, and any and all agreements,
documents or instruments, and take such actions as may be necessary or
advisable to effect the intent of the resolutions set forth herein;

 

FURTHER RESOLVED, that for the purposes of these
resolutions, the “proper officers” of the Company shall be the Chairman of the
Board, the Vice Chairman of the Board, the President, any Vice President
(regardless of designation), the Secretary, any Assistant Secretary and the
Treasurer of the Company; and

 

FURTHER RESOLVED, this Consent may be executed in
counterparts, each of which shall be deemed an original all of which, taken
together, shall constitute one and the same instrument.

 

(Signature page follows)

 

3

 

(Signature Page to Written Consent amending Equity
Incentive Plan)

 

Dated as of
September 24, 2002

 

	
   

  	
   

  
	
   

  	
  Jack
  L. Bowman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Gerald
  L. Cohn

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Herbert
  Conrad

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Fred
  B. Craves

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Joseph
  Krivulka

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Irwin
  Lerner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Ernest
  Mario

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  David
  V. Milligan

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Mark
  S. Hoplamazian

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Richard
  Pops

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thomas
  J. Pritzker

  
	
   

  	
   

  
	
   

  	
  BEING AT LEAST A MAJORITY OF

  ALL OF THE MEMBERS OF THE

  BOARD OF MANAGERS OF RELIANT

  PHARMACEUTICALS, LLC

  

 

4

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