Document:

Exhibit
10.1

 

EURAND
N.V.

1999 STOCK OPTION PLAN

AS AMENDED AND RESTATED

ON DECEMBER 12, 2006

1.                                       Purpose

The
purpose of the Plan is to provide a means through which the Company may attract
qualified persons to enter and remain in the employ or service of the Company
and its Subsidiaries and to provide a means whereby they can acquire shares in
the Company, thereby strengthening their commitment to the welfare of the
Company and promoting an identity of interest between shareholders of the
Company and these employees.  This Plan
is intended to cover the grant of Options to employees and directors of the
Company and/or employees of the Company’s U.S., Italian, French and Irish
Subsidiaries.  So that the appropriate
incentive can be provided, and to insure that any applicable provisions of
local law are complied with, Exhibits A, B, C and D to the Plan provide for any
specific terms applicable to the granting of options to employees of the U.S., Italian,
French and Irish subsidiaries respectively.

2.                                       Definitions

The
following definitions shall be applicable throughout the Plan.

(a)                                  “Board” means
the Management Board of the Company or the general meeting of shareholders of
the Company whichever corporate body is authorized to issue shares or grant the
right to subscribe for shares.

(b)                                 “Cause” means
the Company or a Subsidiary (as the case may be) having cause to terminate an
Optionee’s employment or service in accordance with the provisions of any
existing employment, consulting or any other agreement between the Optionee and
the Company or a Subsidiary (as the case may be) or, in the absence of such an
employment, consulting or other agreement, upon (i) the determination by the
Company or a Subsidiary (as the case may be) that the Optionee has ceased to
perform his duties to the Company or a Subsidiary (as the case may be) (other
than as a result of his incapacity due to physical or mental illness or
injury), which failure amounts to intentional and extended neglect of his
duties, (ii) the Board’s determination that the Optionee has engaged in or is
about to engage in conduct materially injurious to the Company or any act of
fraud or embezzlement against the Company, or (iii) the Optionee having
pled no contest or guilty to a charge of a felony or having been convicted of a
felony.

(c)                                  “Company” means
Eurand N.V., a private company with limited liability duly organized under the
laws of the Netherlands, or any successor entity.

(d)                                 “Change of
Control” shall have the meaning attributed thereto in Section 11 herein.

 

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(e)                                  “Disability”
means that the Optionee has been determined by the Board, in its discretion, or
pursuant to any provision of applicable law, to meet the requirements for
payment of long-term disability benefits by reason of total disability.

(f)                                    “Eligible
Person” means any (i) person regularly employed by the Company or a Subsidiary
or (ii) director of the Company.

(g)                                 “Fair Market
Value” on a given date means (i) if the Shares are listed on a national securities
exchange, the closing price on the primary exchange with which the Shares are
listed and traded on the date prior to such date, or, if there is no such sale
on that date, then on the last preceding date on which such a sale was
reported; (ii) if the Shares are not listed on any national securities exchange
but are quoted in the NASDAQ National Market System on a last sale basis, the
closing price reported on the date prior to such date, or, if there is no such
sale on that date, then on the last preceding date on which a sale was
reported; (iii) if the Shares are not listed on a national securities exchange
nor quoted in the NASDAQ National Market System on a last sale basis, the
amount determined by the Board to be the fair market value based upon a good
faith attempt to value the Shares accurately; or (iv) notwithstanding clauses
(i) - (iii) above, with respect to Options granted as of the consummation of
the IPO, the price at which Shares are initially offered to the public in the
IPO.

(h)                                 “IPO” means the
initial underwritten offering of Shares in the capital of the Company to the
public through an effective registration statement.

(i)                                     “Normal
Termination” means termination of employment or service with the Company or a
Subsidiary:

(i)                                     Upon retirement
pursuant to the retirement plan of the Company or a Subsidiary (as the case may
be), as may be applicable at the time to the Optionee in question;

(ii)                                  On account of
Disability;

(iii)                               By the Company
or a Subsidiary (as the case may be) without Cause; or

(iv)                              With the
specific written consent of the Board.

(j)                                     “Option” means
an option issued pursuant to this Plan.

(k)                                  “Optionee”
means the holder of an Option.

(l)                                     “Option
Agreement” means the agreement between the Company and an Optionee who has been
granted an Option which defines the rights and obligations of the parties with
respect to such Option.

 

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(m)                               “Option Period”
means the period of time set by the Board after which time an Option will
expire.

(n)                                 “Option Price”
means the exercise price set for an Option.

(o)                                 “Shares” means
the ordinary shares of the Company.

(p)                                 “Plan” means
this Amended and Restated 1999 Stock Option Plan of the Company, including
Exhibits A, B, C and D hereto, as applicable.

(q)                                 “Subsidiary”
means a subsidiary (“dochtermaatschappij”) of the Company, within the meaning
given to it by Article 2:24c of the Netherlands Civil Code.

3.                                       Effective Date, Duration

The
Plan is effective as of December 12, 2006, the date of adoption of the Plan by
the Board further to approval of the Plan by the shareholders of the Company
(to the extent such approval is required pursuant to the Company’s Articles of
Association or any applicable law) on November 29, 2006.  The expiration date of the Plan, after which
no Options may be granted hereunder, shall be December 12, 2016; provided,
however, that the administration of the Plan shall continue in effect
until all matters relating to the settlement of Options previously granted have
been settled.

4.                                       Administration

The
Board shall administer the Plan.  The
acts of a majority of the members present at any meeting at which a quorum of
the Board is present or acts approved in writing by a majority of the Board
shall be deemed the acts of the Board. 
Subject to the provisions of the Plan, the Board shall have exclusive
power to:

(a)                                  Select the
Eligible Persons to participate in the Plan;

(b)                                 Determine the
nature and extent of the Options to be granted to each Optionee;

(c)                                  Determine the
time or times when Options will be granted to Optionees;

(d)                                 Determine the
duration of each Option Period;

(e)                                  Determine the
vesting schedule, if any, for each Option;

(f)                                    Determine all
conditions to which Options may be subject;

(g)                                 Prescribe the
form of Option Agreement;

(h)                                 Cause records
to be established in which there shall be entered, from time to time as Options
are granted to Optionees, the date of each Option grant, the number of Options
granted by the Board to each Optionee, the expiration date and the duration of
each Option Period, the number of Shares underlying each Option and the date on
which Options are exercised, which records shall be provided to the

 

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Subsidiaries
as necessary in order to enable the Subsidiaries to comply with any applicable
reporting requirements with respect to the granting and exercise of Options;
and

(i)                                     At any time
prior to or in connection with any termination of employment or service of an
Optionee with the Company or its Subsidiaries, provide for a longer
post-termination exercise or survival period with respect to any Option (not to
exceed the earlier of the Expiration Date and a date that is 360-days after the
date of an initial public offering of the Company’s shares) or modify any
forfeiture provisions with respect to any Option; provided, however,
that an Incentive Stock Option (as defined in Exhibit A to the Plan) issued to
a U.S. resident cannot be exercised more than three months following such
Optionee’s Normal Termination or one year following such Optionee’s death or
Disability.

The
Board shall have the authority, subject to the provisions of the Plan, to
establish, adopt, and revise such rules and regulations and to make all such
determinations relating to the Plan as it may deem necessary or advisable for
the administration of the Plan.  The
Board’s interpretation of the Plan or any documents evidencing Options granted
pursuant thereto and all decisions and determinations by the Board with respect
to the Plan shall be final, binding, and conclusive on all parties unless
otherwise determined by the Board.

5.                                       Grant of Options; Shares Subject to the Plan

The
Board may, from time to time, grant Options to one or more Eligible Persons; provided,
however, that:

a)                                      Subject to
Section 10, the aggregate maximum number of Shares, with respect to which
Options may be granted, may not exceed 7,735,224 The maximum number of shares
underlying un-issued Options and therefore available for grant at any one time
is determined in accordance with the following formula:

Shares Available for grant =
S — x-y

                            where:

                            “S” means the
aggregate maximum number of Shares subject to the Plan;

                            “x” means the
number of Shares underlying issued and outstanding Options (i.e. options that
have been granted but not exercised, excluding Options which prior to exercise
expired, terminated, were cancelled or otherwise lapsed); and

                            “y” means the
number of Shares issued as the result of the exercise of Options;

                            provided  that
the number of Options granted to any one Optionee in any one year or in
aggregate in any one year shall not exceed the limitations on such grants set
out in the Plan, if any.

b)                                     Such shares
shall be deemed to have been used in payment of Options whether

 

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they
are actually delivered or the Fair Market Value equivalent of such shares is
paid in cash;

c)                                      In the event
any Option shall be surrendered, terminate, expire, or be forfeited, the number
of Shares no longer subject thereto shall thereupon be released and shall
thereafter be available for new Options under the Plan;

d)                                     Shares
delivered by the Company in settlement of Options under the Plan may be
authorized and unissued Shares or Shares held in the treasury of the Company or
acquired by private purchase all in accordance with applicable law;

e)                                      Following the
date that the exemption from the application of Section 162(m) of the Code
described in Section 8 to Exhibit A (or any other
exemption having similar effect) ceases to apply to Options, no individual may
receive Options under the Plan with respect to more than 500,000 Shares in any
one year.  For this purpose, such shares
shall be deemed to have been used in payment of Options whether they are
actually delivered or where the Fair Market Value equivalent of such shares for
a stock appreciation right is paid in cash; and

6.                                       Eligibility

Participation
shall be limited to Eligible Persons who have received written notification
from the Board, or from a person designated by the Board, that they have been
selected to participate in the Plan.

7.                                       Option Terms

The
Board is authorized to grant one or more Options to any Eligible Person,
subject to any applicable specific provisions set forth in Exhibits A, B, C and
D attached hereto.  Each Option so
granted shall be subject to the following conditions, or to such other
conditions as may be reflected in the applicable Option Agreement.

(a)                                  Option
price.  The Option Price per Shares
for each Option shall be set by the Board at the time of grant but shall not be
less than the Fair Market Value of a Share at the date of grant.

 

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(b)                                 Manner
of exercise and form of payment.  Options which have become exercisable may be
exercised by delivery of written notice of exercise to the Board accompanied by
payment of the Option Price.  The Option
Price shall be payable in cash pursuant to clause (i) or, at the Board’s
discretion, by a cashless exercise pursuant to clause (ii) below.

(i)                                     The Option
Price shall be payable by check drawn on a bank acceptable to the Board in (A) Euro
or (B) U.S. Dollars (for Eligible Persons employed by the U.S. Subsidiary).  In the event the Option Price is not paid in Euro,
then the Board shall determine, as of the date of exercise, the exchange rate for
Euro and the currency with which the Option Price is paid (based upon the
exchange rate set forth in the Wall Street Journal for the relevant day) and
file with the Netherlands Chamber of Commerce and Industry a statement setting
forth the exchange rate on such date.

(ii)                                  At the
discretion of the Board, the Option Price may be paid in (A) Shares valued at
the Fair Market Value at the time the Option is exercised, (B) other property
having a fair market value on the date of exercise equal to the Option Price,
or (C) any other manner permitted by the Board, provided that any
non-cash exercise of an Option shall be subject to applicable requirements of
Netherlands’ law, including, but not limited to, a declaration by an accountant
that the value of the property contributed at least equals the par value of the
Shares received by the Optionee, and the filing of such declaration with the
trade register of the Netherlands Chamber of Commerce and Industry where the
Company is registered.

(c)                                  Option Period and Vesting.  Options shall vest and become exercisable in
such manner and on such date or dates as shall be determined by the Board.  The Board shall also establish an Option
Period which shall not exceed ten years. 
Notwithstanding any dates set by the Board for vesting and
exercisability, the Board may in its sole discretion accelerate the vesting and
exercisability of any Option.  If an
Option is exercisable in installments, exercise of one installment shall not
affect the Optionee’s ability to exercise unexercised installments in
accordance with the terms of the Plan and the applicable Option Agreement.  Unless otherwise determined by the Board or
stated in the applicable Option Agreement, the Option shall expire upon an
Optionee’s termination of employment with the Company or a Subsidiary at such
times as are set forth in Section 8.

(d)                                 Other
Terms and Conditions.  Each Option
granted under the Plan shall be evidenced by an Option Agreement, which (i)
shall contain such provisions as may be determined by the Board, (ii) shall,
with respect to Eligible Persons employed by the U.S., Italian, French or Irish
Subsidiaries, be deemed to contain the provisions set forth in Exhibits A, B, C
and D, respectively, and (iii) except as may be specifically stated otherwise in
such Option Agreement, be subject to the following terms and conditions:

 

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(i)                                     Each Option or
portion thereof that is exercisable shall be exercisable for the full amount or
for any part thereof.

(ii)                                  Each Share
purchased through the exercise of an Option shall be paid for in full at the
time of the exercise.  Each Option shall
cease to be exercisable, as to any Share, when the Optionee purchases such
share or when the Option expires.

(iii)                               Unless otherwise
determined by the Board, Options shall not be transferable by the Optionee
except by will or the laws of descent and distribution, subject to any
restrictions thereon in the Company’s Articles of Association, and shall be
exercisable during the Optionee’s lifetime only by the Optionee.

(iv)                              Each Option
shall vest and become exercisable by the Optionee in accordance with the
vesting schedule established by the Board and set forth in the Option
Agreement.

(v)                                 Unless the
Board determines otherwise, each Option Agreement shall provide that as a
condition to receiving an Option under the Plan the Optionee shall agree that,
if the Option is exercised prior to the Initial Public Offering, he or she
shall enter into a shareholders agreement in such form as approved by the Board
at the time such Option is exercised.

(vi)                              Shares issued
upon exercise of an Option shall be subject to the transfer restrictions set
forth in the Company’s Articles of Association, which restrictions include,
among other things, the requirement that a notarial deed of transfer be
executed by the transferor in the Netherlands and that the Board approve the
proposed transfer.

(vii)                           Each Option
Agreement may contain such other provisions (whether or not applicable to an
Option granted to any other Optionee) as the Board determines to be appropriate
including, without limitation, provisions to assist the Optionee in financing
the purchase of Shares upon the exercise of Options (if permitted by the
Company’s Articles of Association and applicable law, provisions giving the
Company the right to repurchase Shares acquired under any Option in the event
the Optionee elects to dispose of such shares or terminates employment with the
Company and its Subsidiaries, and provisions to comply with applicable
securities laws and tax withholding requirements.  Any such provisions shall be reflected in the
applicable Option Agreement.

8.                                       Expiration of Option upon Termination of
Employment

Except
as otherwise determined by the Board and set forth in an Option Agreement, the
following provisions will apply to all Options upon an Optionee’s termination
of employment or consultancy with the Company or a Subsidiary.

 

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(a)                                  If prior to the
end of the Option Period the Optionee shall undergo a Normal Termination, all
unvested Options then held by such Optionee shall expire on the date of Normal
Termination and all vested Options then held by such Optionee shall expire on
the earlier of the last day of the respective Option Period or the date that is
three months after the date of such Normal Termination.  All vesting with respect to Options shall
cease on the date of Normal Termination and all Options which are vested as of
such date shall remain exercisable by the Optionee until their expiration as
provided above.

(b)                                 If the Optionee
dies prior to the end of the Option Period and while still in the employ or
service of the Company or a Subsidiary or within three months of Normal
Termination, all unvested Options then held by such Optionee shall expire on
the date of death and all other Options then held by such Optionee shall expire
on the earlier of the last day of the respective Option Period or the date that
is one year after the date of death of the Optionee.  All vesting with respect to Options shall
cease on the earlier of the date of Normal Termination or the date of death and
all such Options which are vested as of such date shall remain exercisable by
the person or persons to whom the Optionee’s rights under the Options pass by
will or the applicable laws of descent and distribution until their expiration
as provided above.

(c)                                  If an Optionee
ceases employment or service with the Company or a Subsidiary for any reason
other than Normal Termination or death, all Options then held by such Optionee,
whether vested or unvested, shall expire immediately upon such cessation of
employment or service.

9.                                       General

(a)                                  Privileges
of Share Ownership.  Except as
otherwise specifically provided in the Plan, no person shall be entitled to the
rights attached to Shares which are subject to Options hereunder until such
shares have been issued to that person.

(b)                                 Government
and Other Regulations.  The
obligation of the Company to deliver Shares upon the exercise of Options shall
be subject to all applicable laws, rules, and regulations, and to such
approvals by governmental agencies as may be required.  Notwithstanding any terms or conditions of
any Option to the contrary, the Company shall be under no obligation to offer
to sell or to sell and shall be prohibited from offering to sell or selling any
Shares pursuant to an Option unless such shares have been properly registered
for sale pursuant to applicable securities laws or unless the Company has
received an opinion of counsel, satisfactory to the Company, that such shares
may be offered or sold without such registration pursuant to an available
exemption therefrom and the terms and conditions of such exemption have been
fully complied with.  The Company shall
be under no obligation to register for sale under any applicable securities
laws any of the Shares to be offered or sold under the Plan.  If the Shares offered for sale or sold under
the Plan are offered or sold pursuant to an exemption from registration under
applicable securities laws, the Company may restrict the transfer of such

 

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shares in such manner as it
deems advisable to ensure the availability of any such exemption.

(c)                                  Tax
Withholding.  It is the
obligation of the Optionee or other person receiving Shares upon the exercise
of an Option to pay to the Company of a Subsidiary, as appropriate, the amount
necessary to satisfy the Company’s or a Subsidiary’s, as appropriate,
obligation to withhold taxes as required under Netherlands, U.S. federal, state
and local, Italian, French and Irish law, or the law of any other jurisdiction
which is or becomes applicable to an Optionee. 
The Company or a Subsidiary, as appropriate, shall have the right to
deduct from the number of Shares issued upon the exercise of an Option such
number of Shares, valued at Fair Market Value on the date of payment, in an
amount necessary to satisfy all taxes as required by law to be withheld with
respect to such Options.  In the
alternative, at the sole discretion of the Board, an Optionee or other person
receiving Shares upon exercise of an Option may be required to pay to the
Company or a Subsidiary, as appropriate, prior to delivery of such Shares, the
amount of any such taxes which the Company or a Subsidiary, as appropriate, is
required to withhold, if any, with respect to such Shares.  Subject in particular cases to the
disapproval of the Board and compliance with applicable provisions of
Netherlands law, the Company may accept Shares of equivalent Fair Market Value
in payment of such withholding tax obligations if the Optionee elects to make
payment in such manner.

(d)                                 Claim
to Options and Employment Rights.  No employee or other person shall have any
claim or right to be granted an Option under the Plan or, having been selected
for the grant of an Option, to be selected for a grant of any other
Option.  Neither the Plan nor any action
taken hereunder shall be construed as giving any Optionee any right to be
retained in the employ or service of the Company or any Subsidiary.

(e)                                  No
Liability of Board Members.  No member of the Board shall be personally
liable by reason of any contract or other instrument executed by such member or
on his behalf in his capacity as a member of the Board nor for any mistake of
judgment made in good faith, and the Company shall indemnify and hold harmless
each member of the Board and each other employee, officer or director of the
Company to whom any duty or power relating to the administration or
interpretation of the Plan may be allocated or delegated, against any cost or
expense (including counsel fees) or liability (including any sum paid in
settlement of a claim) arising out of any act or omission to act in connection
with the Plan unless arising out of such person’s own fraud or willful bad
faith; provided, however, that approval of the Board shall be
required for the payment of any amount in settlement of a claim against any
such person.  The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification
to which such persons may be entitled under the Company’s Articles of
Association, as a matter of law, or otherwise, or any power that the Company
may have to indemnify them or hold them harmless.

 

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(f)                                    Governing
law.  The Plan shall be governed by
and construed in accordance with the laws of the Netherlands, provided,
however, that Option Agreements with respect to Options granted to Eligible
Persons who are employed by the Company’s U.S., Italian, French or Irish
Subsidiaries may, at the Board’s discretion, specify that such Option grants
are governed by U.S., Italian, French or Irish law, respectively.

(g)                                 Reliance
on Reports.  Each member
of the Board shall be fully justified in relying, acting or failing to act, and
shall not be liable for having so relied, acted or failed to act in good faith,
upon any report made by the independent public accountant of the Company and
its Subsidiaries and upon any other information furnished in connection with
the Plan by any person or persons other than himself.

(h)                                 Relationship
to Other Benefits.  No payment
under the Plan shall be taken into account in determining any benefits under
any pension, retirement, profit sharing, group insurance or other benefit plan
of the Company except as otherwise specifically provided in such other plan.

(i)                                     Expenses.  The expenses of administering the Plan shall
be borne by the Company.

(j)                                     Pronouns.  Masculine pronouns and other words of
masculine gender shall refer to both men and women.

(k)                                  Titles
and Headings.  The titles
and headings of the sections in the Plan are for convenience of reference only,
and in the event of any conflict, the text of the Plan, rather than such titles
or headings shall control.

10.                                 Changes in Capital Structure

Options
granted under the Plan and any agreements evidencing such Options shall be
subject to equitable adjustment or substitution, as determined by the Board in
its sole discretion, as to the number of shares, the exercise price, the price
of Shares or other consideration subject to such Options (i) in the event of
changes in the outstanding Shares or in the capital structure of the Company by
reason of stock dividends, stock splits, reverse stock splits,
recapitalizations, reorganizations, mergers, consolidations, combinations,
exchanges, spin-offs, split-ups or other relevant changes in capitalization
occurring after the date of grant of any such Option, (ii) in the event of any
change in applicable laws or any change in circumstances which results in or
would result in any substantial dilution or enlargement of the rights granted
to, or available for, Optionees in the Plan, or (iii) upon the occurrence of
any other event which otherwise warrants equitable adjustment because it interferes
with the intended operation of the Plan. 
In addition, upon any such event, the aggregate number of Shares
available under the Plan shall be appropriately adjusted by the Board (after
due authorization by the general meeting of shareholders, all in accordance
with the Company’s Articles by Association and applicable law), whose
determination shall be conclusive, subject to any required amendment of the
Company’s Articles of Association.  The
Company shall give each Optionee notice of an adjustment hereunder and, upon
notice, such adjustment shall be conclusive and binding for all purposes.

 

10

 

Notwithstanding
the above, in the event of any of the following:

(a)                                  The Company is
merged or consolidated with another corporation or entity;

(b)                                 All or
substantially all of the assets of the Company are acquired by another person;

(c)                                  The
reorganization or liquidation of the Company; or

(d)                                 The Company
shall enter into a written agreement to undergo an event described in clauses
(a), (b) or (c) above,

then
the Board may, in its sole discretion and upon at least 10 days advance notice
to the affected persons, cancel any outstanding Options and pay to the
Optionees thereof, in cash, the value of such Options based upon the price per
Share received or to be received by other shareholders of the Company in the
event.  The terms of this Section 10 may
be varied by the Board in any particular Option Agreement.

11.                                 Change of Control

Immediately
prior to a Change of Control (as defined below) all outstanding unvested
options shall become immediately fully vested and exercisable.  Unless otherwise determined by the Board
prior to the occurrence of such event, a “Change of Control” shall be deemed to
have taken place if:

(a)                                  any person,
corporation or entity, or group of persons corporations or entities acting in
concert, is or becomes a beneficial owner, directly or indirectly, of
securities of the Company representing 50% or more of the combined voting power
of the Company’s then outstanding securities eligible to vote for the election
of members of the Board (the “Voting Securities”); provided, however,
that the event described in this paragraph (a) shall not be deemed to be a
Change of Control by virtue of any of the following acquisitions: (i) by the
Company or any Subsidiary, (ii) by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any Subsidiary, (iii) by any
underwriter temporarily holding the Company’s Voting Securities pursuant to an offering
of such Voting Securities, or (iv) by any Current Shareholder (as defined
below);

(b)                                 a sale of all
or substantially all of the Company’s assets is consummated; or

(c)                                  there occurs
such other event or events as the Board may designate.

Notwithstanding
the foregoing, a Change of Control of the Company shall not be deemed to occur
solely because any person acquires beneficial ownership of more than 50% of the
Company’s Voting Securities as a result of the acquisition of the Company’s
Voting Securities by the Company which reduces the number of the Company’s
Voting Securities outstanding; provided, that if after such
acquisition by the Company such person becomes the beneficial owner of
additional Company Voting Securities that increases the percentage of
outstanding Company Voting Securities beneficially owned by such person, a
Change of Control of the

 

11

 

Company shall then
occur.  A “Current Shareholder” shall
mean any person, corporation or entity holding 10% or more of the Shares as of
the effective date of the Plan.

12.                                 Non-exclusivity of the Plan

Neither
the adoption of this Plan by the Board nor the submission of this Plan to the
shareholders of the Company for approval (to the extent such approval is
required under the Company’s Articles of Association or any applicable law)
shall be construed as creating any limitations on the power of the Board to
adopt such other incentive arrangements as it may deem desirable, including,
without limitation, the granting of stock options otherwise than under this
Plan, and such arrangements may be either applicable generally or only in
specific cases, in accordance with the Company’s Articles of Association and
applicable law.

13.                                 Amendments and Termination

The
Board may at any time terminate the Plan. 
Except as otherwise permitted without regard to an Optionee’s consent,
the Board may cancel or reduce or otherwise alter outstanding Options with the
express written consent of an individual Optionee.  The Board may, at any time, or from time to
time, amend or suspend and, if suspended, reinstate, the Plan in whole or in
part; provided, however, that no amendment which requires shareholder approval
under applicable law shall be effective unless the same shall be approved by
the requisite vote of the shareholders of the Company.

*                              *                              *

 

(Signature page follows)

 

12

 

As adopted by the Board of Eurand N.V. on December 12, 2006.

 

THE MANAGEMENT BOARD OF EURAND N.V.

 

 

	
  /s/ G. Faherty

  	
   

  	
  /s/ N. Lowcock

  
	
  Mr. G. Faherty

  	
  Mr. N. Lowcock

  
	
   

  	
   

  
	
  /s/ A. Erdeljan

  	
   

  	
  /s/ W. Jenkins

  
	
  Mr. A. Erdeljan

  	
  Mr. W. Jenkins

  

 

 

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EXHIBIT
A

RULES APPLICABLE TO

ELIGIBLE PERSONS EMPLOYED BY
EURAND, INC.

UNDER THE

EURAND N.V.

1999 STOCK OPTION PLAN

AS AMENDED AND RESTATED ON DECEMBER
12, 2OO6

 

1.                                       Purpose

The
following provisions apply to Option grants under the Eurand N.V. 1999 Stock
Option Plan as Amended and Restated on December 12, 2006 (the “Plan”) to Eligible
Persons residing in the U.S.  These
provisions are intended to supplement and supersede the provisions of the Plan
with respect to U.S. residents. 
Capitalized terms not defined herein shall have the meaning attributed
to them in the Plan.  In the event of a
conflict or inconsistency between the terms and provisions of the Plan and the
express provisions of these U.S. Rules, the provisions of these U.S. Rules
shall govern and control.  Otherwise, the
terms and provisions of the Plan shall govern and control the grant of Options
under the Plan.

2.                                       Definitions

The
following definitions shall be applicable.

(a)                                  “Code” means
the Internal Revenue Code of 1986, as amended. 
Reference to any section of the Code shall be deemed to include any
amendments or successor provisions to such section and any regulations under
such section.

(b)                                 “Incentive
Stock Option” means an Option granted by the Board to an Eligible Person under
the Plan which is designated by the Board as an Incentive Stock Option pursuant
to Section 422 of the Code.

3.                                       Administration

                Unless otherwise determined by
the Board, following the date that the exemption from the application of
Section 162(m) of the Code described in Section 8 to this Exhibit A (or any other exemption having similar effect) ceases to
apply to Options, any Options granted to persons subject to Section 162(m) of
the Code shall be approved by a committee of the Board comprised solely of “outside
directors” within the meaning of Section 162(m) of the Code.

4.                                       Incentive Stock Option Grants

The
following provisions apply to grants of Incentive Stock Options.

(a)                                  No Incentive
Stock Option may be granted unless the Plan and these U.S. Rules are approved
by the stockholders of the Company within 12 months of the adoption of the Plan
by the Board.

 

14

 

(b)                                 Incentive Stock
Options may be granted only to employees of the Company or any subsidiary of
the Company within the meaning of Section 424(f) of the Code.

(c)                                  If an Incentive
Stock Option is granted to an Eligible Person who owns stock representing more
than 10% of the voting power of all classes of stock of the Company or of a
Subsidiary, the Option Period shall not exceed five years from the Date of
Grant of such Option and the Option Price shall be at least 110% of the Fair
Market Value (on the Date of Grant) of the Shares subject to the Option.

(d)                                 To the extent
the aggregate Fair Market Value (determined as of the Date of Grant) of the
Shares for which Incentive Stock Options are exercisable for the first time by
any Participant during any calendar year (under all plans of the Company and
its Subsidiaries) exceeds $100,000, such excess Incentive Stock Options shall
be treated as ordinary Options.

(e)                                  Each Incentive
Stock Option Agreement shall contain a provision requiring the Holder to notify
the Company in writing immediately after the Holder makes a disqualifying
disposition of any Shares acquired pursuant to the exercise of such Incentive
Stock Option.  A disqualifying
disposition is any disposition (including any sale) of such Shares before the
later of (a) two years after the Date of Grant of the Incentive Stock Option or
(b) one year after the date the Holder acquired the Shares by exercising the
Incentive Stock Option.

5.                                       Investment Representation

Each
Stock Option Agreement may contain a provision that, upon demand by the Board
for such a representation, the Holder shall deliver to the Board at the time of
any exercise of an Option issued pursuant the Plan a written representation
that the shares to be acquired upon such exercise are to be acquired for
investment and not for resale or with a view to the distribution thereof.  Upon such demand, delivery of such
representation prior to the delivery of any Shares issued upon exercise of an
Option be a condition precedent to the right of the Holder or such other person
to purchase any shares.  In the event
certificates for Shares are delivered under the Plan with respect to which such
investment representation has been obtained, the Committee may cause a legend
or legends to be placed on such certificates to make appropriate reference to
such representation and to restrict transfer in the absence of compliance with
applicable federal or state securities laws.

6.                                       Governing Law

The
Plan as applied to U.S. residents shall be governed by and construed in
accordance with the internal laws of the Netherlands, provided, however,
that Option Agreements entered into by U.S. residents shall incorporate the
provisions of the Rules contained in this Exhibit A and shall be governed by
the internal laws of the State of Nevada without regard to the principles of
conflicts of law thereof.

 

15

 

7.                                       Amendments

The Board may not without shareholder approval make any amendment to
the Plan which would:

(a)                                  Materially increase the
maximum number of Shares which may be issued pursuant to Options;

(b)                                 Extend the
maximum Option Period for Incentive Stock Options;

(c)                                  Extend the
termination date of the Plan; or

(d)                                 Change the
class of persons eligible to receive Incentive Stock Options under the Plan.

8.                                       Effect of Section 162(m) of the Code

                The Plan, and all Options issued
thereunder, are intended to be exempt from the application of Section 162(m) of
the Code, which restricts under certain circumstances the Federal income tax
deduction for compensation paid by a public company to named executives in
excess of $1 million per year.  The
exemption is based on Treasury Regulation Section 1.162-27(f) with the
understanding that such regulation generally exempts from the application of
Section 162(m) of the Code compensation paid pursuant to a plan that existed
before a company becomes publicly held. 
Under such Treasury Regulation, this exemption is available to the Plan
for the duration of the period that lasts until the earlier of (i) the
expiration or material modification of the Plan, (ii) the exhaustion of the
maximum number of Shares available for Options under the Plan, as set forth in
Section 5(a), or (iii) the year 2004 annual meeting of shareholders of the
Company.  To the extent that the
Committee determines as of the date of grant of an Option that (i) the Option
is intended to comply with Section 162(m) of the Code and (ii) the exemption
described above is no longer available with respect to such Option, such Option
shall not be effective until any required shareholder approval and required
modifications to the Plan, if any, under Section 162(m) of the Code have been
obtained.

 

16

 

EXHIBIT B

RULES APPLICABLE TO

ELIGIBLE PERSONS EMPLOYED BY
EURAND S.P.A.

UNDER THE

EURAND N.V.

1999 STOCK OPTION PLAN

AS AMENDED AND RESTATED ON DECEMBER
12, 2OO6

 

1.                  Purpose

The following provisions
apply to Option grants under the Eurand N.V. 1999 Stock Option Plan as Amended
and Restated on December 12, 2006 (the “Plan”) to Eligible Persons employed by
the Italian Subsidiary (the “Italian Employees”).  These provisions are intended to supplement
and supersede the provisions of the Plan with respect to Italian Employees and,
in the event of a conflict or inconsistency between the terms and provisions of
the Plan and the express provisions of these Italian Rules, the provisions of
these Italian Rules shall govern and control. 
Otherwise, the terms and provisions of the Plan shall govern and control
the grant of Options under the Plan. 
Capitalized terms not defined herein shall have the meaning attributed
to them in the Plan.

2.                  Definitions

                            With regard to
employment, “Cause” means the Italian Subsidiary having cause to terminate an
Optionee’s employment agreement pursuant to the provisions of Article 2119 of
the Italian Civil Code (“giusta causa”)
or of Article 3, first sentence of Law n. 604 of 15 July 1966 (“notevole inadempimento”).

3.                  Shares
subject to the Plan

                            In settlement
of the Options, Italian Optionees will exclusively receive authorized and
unissued Shares.

4.                  Taxes
and contributions

                            By signing the
Option Agreement, the Optionee recognizes and agrees that the difference
between the Fair Market Value of the Shares and the Option Price which might
exist at the time of exercise of each Option, is to be considered gross of
social security taxes, personal income taxes and deductions as may be provided
from time to time by the Italian laws, and that such amount will not be
considered with respect to the calculation of the severance indemnity (“Trattamento di Fine Rapporto”), supplementary monthly
installments and all other contractual provisions.

                            Notwithstanding
the definition of Fair Market Value as provided for by Section 2(g) of the
Plan, for Italian tax purposes, the Fair Market Value on a given date is
determined as follows:

 

17

 

1.                             If the Shares
are listed on a regulated market, Fair Market Value shall be calculated on the
basis of the average price of the last month;

2.                             If the Shares
are not listed on a regulated market, Fair Market Value shall be calculated in
proportion to the net worth of the Company (or, for newly incorporated companies,
to the total amount of the transfer to the capital);

3.                             For bonds and
securities other than those indicated in subparagraph (1) and (2) above, Fair
Market Value shall be calculated by comparison with securities having similar
characteristics listed on a regulated market and, if there are none, on the
basis of other precise factors.

5.                  Governing
Law

                            Manner of
Exercise — A written notice of exercise of the Options must be delivered to the
Italian Subsidiary.

                            Tax Withholding
— The Italian Subsidiary shall have the right to withhold from the employment
income of the Optionee the sum necessary to satisfy all taxes as required by
law to be withheld with respect to such Options.

                            The Plan as
applied to Italian Employees and the Option Agreements shall be governed by and
construed in accordance with the internal laws of the Netherlands, provided,
however, that Option Agreements entered into by Italian Employees shall
incorporate the provisions of the Rules contained in this Exhibit B.

 

18

 

EXHIBIT C

RULES
APPLICABLE TO ELIGIBLE PERSONS

EMPLOYED BY EURAND FRANCE S.A.S.

UNDER THE

EURAND N.V.

1999 STOCK OPTION PLAN*

AS AMENDED AND RESTATED ON DECEMBER
12, 2006

 

Purpose

                The following provisions apply to Option grants under
the Eurand N.V. 1999 Stock Option Plan as Amended and Restated on December 12,
2006 (the “Plan”) to Eligible Persons residing in France.  These provisions are intended to supplement
and supersede the provisions of the Plan with respect to French residents.  Capitalized terms not defined herein shall
have the meaning attributed to them in the Plan.  In the event of a conflict or inconsistency
between the terms and provisions of the Plan and the express provisions of
these French Rules, the provisions of these French Rules shall govern and
control.  Otherwise, the terms and
provisions of the Plan shall govern and control the grant of Options under the
Plan.

Definitions

                “French
Tax Code” means the Code Général des Impôts.

                “French Eligible Person” means any Eligible Person employed by Eurand
France S.A.S. who is a holder of Options.

                “French Optionee” means a French
Eligible Person who is a holder of an Option.

Option
period and vesting

                Options granted to French
Eligible Persons shall not become exercisable prior to a two-year period
(the “Two-Year Period”) following the date on which the Options have been
granted to such Eligible Persons.

*      French law applicable to French Optionees
may change in 2001 and further obligations may be imposed on French Optionees.

19

 

Other terms and conditions

                Each share of Shares purchased by a French Optionee
through the exercise of an Option shall not be transferable prior to a three-year period following
the date on which the Options have been exercised by such Optionee, except in
the cases and according to the conditions listed under Section 91 of Appendix
II of the French Tax Code.

Expiration of Option upon
Termination of Employment before the end of
the Two-Year Period

If,
prior to the end of the Two-Year Period, a French Optionee shall (i) undergo a
Normal termination or (ii) die, all unvested Options held by such Optionee
shall expire on the date of Normal Termination or death and all vested Options
then held by such Optionee shall expire on the date that is six months after
the date on which such Options have become exercisable.

 

20

 

EXHIBIT
D

RULES APPLICABLE TO IRISH
EMPLOYEES

UNDER THE

EURAND N.V.

1999 STOCK OPTION PLAN

AS AMENDED AND RESTATED ON DECEMBER
12, 2006

DRAFT
— TO BE REVIEWED BY TAX ADVISORS

1.                  Purpose

The following provisions
apply to Option grants under the Eurand N.V. 1999 Stock Option Plan as Amended
and Restated on DECEMBER 12, 2006 (the “Plan”) to Eligible Persons employed by
the Irish Subsidiary (the “Irish Employees”). 
These provisions are intended to supplement and the provisions of the
Plan with respect to Irish Employees and, in the event of a conflict or
inconsistency between the terms and provisions of the Plan and the express
provisions of these Irish Rules, the provisions of these Irish Rules shall
govern and control.  Otherwise, the terms
and provisions of the Plan shall govern and control the grant of Options under
the Plan.  Capitalized terms not defined
herein shall have the meaning attributed to them in the Plan.

2.                  Definitions

                            The Plan is deemed
by the Irish Revenue Commission to be an Unapproved Share Option Scheme.  As such, Options granted to Irish employees
in accordance with the Plan, are subject to taxation under Section 128 of the
Taxes Consolidation Act 1997, as amended. Share Options arise when an employee
or a director, by reason of his/her office or employment, is granted a right to
acquire shares in his/her employer’s company or its parent company at a favourable
price at some time in the future.  Where
such a right need not be exercised for more than seven years, such rights are
known as Long Options;  Short Options
are rights that must be exercised within seven years of being granted.  The Options granted under the Plan are Long
Options to the extent that the rights conferred do not expire until the tenth
anniversary of the date of grant unless the Optionee terminates his/her
employment with the Irish subsidiary or dies before that date.  The Market  Value of the shares underlying Options, as defined in
Section 548, Taxes Consolidation Act 1997, is the quoted price per share on the
relevant date in the case of shares traded on a stock exchange, and in the case
of shares that are unquoted, the price they might reasonably be expected to
fetch on a sale in the open market.

3.                  Relevant
Tax on Share Options

3.1           Chargeable
Gain

                            By signing the
Option Agreement, the Optionee recognizes and agrees that any gain on the
exercise, assignment or release of each Option shall give rise to a charge to
income tax in the year the Option is exercised, assigned or released.  The amount of the gain chargeable is the
excess of the Market Value of the shares on the date of exercise, assignment or
release, over the cost of the acquisition of the shares (the Option Price).  Furthermore, with regard to

 

21

 

Long Options, a charge to income tax will arise also in the year
the Option is granted in the event that the Market Value of the shares
underlying the Options is greater than the Option Price on the date of grant.  Any income tax charged on the grant of the
Option is deductible from any income tax which is subsequently charged when the
Option is exercised, assigned or released.

 

3.2             Payment
of RTSO

                            Section 8 of
the Finance Act, 2003, introduced a new scheme for the payment of this income
tax liability, known as Relevant Tax on Share
Options  (RTSO).  RTSO must be paid to the
Collector-General not later than 30 days after the date on which the Option is granted
and/or exercised using form RTSO1 available on the website of the Irish Revenue
Commission.  RTSO is calculated at the
higher rate of income tax applicable for the year in which the option is
granted and/or exercised (currently, 42%). 
If an Optionee considers that his/her entire income tax liability for
the relevant year will be charged at the standard rate of income tax (currently
20%) a written application can be made to the Inspector of Taxes dealing with
the Optionee’s tax affairs seeking approval to pay RTSO at the standard rate of
income tax.  This approval must be
obtained in advance of making a payment of RTSO calculated at the standard
rate.

                            Failure to pay
RTSO or to pay on time can result in enforced collection through the Sheriff,
Court proceedings or a Notice of Attachment under Section 1002 Taxes
Consolidation Act 1997.  Enforcement
carries additional costs to any interest penalty charged.

                            RTSO may be
deferred in circumstances where, at the date the income tax is due for payment,
the market value of the shares acquired upon exercise of an Option is less than
the income tax chargeable on the shares acquired.

3.3           Return
of Income

                            A Return of
Income must be completed for the tax year in which an Option has been granted
and/or exercised, giving rise to the payment of RTSO.  The Irish Revenue Commission will issue the
Return form where RTSO is paid in a given year. 
The RTSO already paid will be offset against the total income tax
liability for the year.

4.                  Capital
Gains Tax

                            The ordinary capital
gains tax rules apply to the calculation of gains and losses on the disposal of
Shares acquired through the exercise of an Option. The cost of the Shares for
the purposes of capital gains tax is: i) the cost of the Option right, if any,
(ii) the Option Price paid for the shares upon exercise and (iii) any amount
charged to income tax.

5.                  Optionees
no longer resident in Ireland

                            The liability
to RTSO is determined by the residence position of the Optionee at the time the
Option is granted.  If the Optionee is
resident in Ireland at the date the Option is granted, the Optionee is liable
to income tax under Section 128 Taxes Consolidation Act 1997, at the date of
grant, if appropriate, and at the date of exercise of the option even if the
Optionee is no longer resident in the Republic of Ireland at that time.  An Optionee who is neither

 

22

 

resident nor ordinarily resident in Ireland at the date of disposal of
shares acquired on the exercise of an option is only liable to capital gains
tax if the shares disposed of constitute an asset for the purposes of Section
29(3) of TCA 1997

                            The Plan as
applied to Irish Employees and the Option Agreements shall be governed by and
construed in accordance with the internal laws of the Netherlands, provided,
however, that Option Agreements entered into by Irish Employees shall
incorporate the provisions of the Rules contained in this Exhibit D.

 

23Exhibit 10.2

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement, dated as of                     , 2007 is made by and
between Eurand, N.V., a public company with limited liability, organized and
existing under the laws of the Netherlands (the “Company”),
EA Acquisitions Corp., a Delaware corporation and wholly owned subsidiary of
the Company (the “Guarantor”) and
                       
(the “Indemnitee”).

 

RECITALS

 

A.           The
Company recognizes that competent and experienced persons are increasingly reluctant
to serve or to continue to serve as directors and officers of corporations
unless they are protected by comprehensive liability insurance or
indemnification, or both, due to increased exposure to litigation costs and
risks resulting from their service to such corporations, and due to the fact
that the exposure frequently bears no reasonable relationship to the
compensation of such directors.

 

B.            The
Company’s amended and restated articles of association (the “Articles of Association”) require the Company to indemnify
its directors and officers to the fullest extent permitted by applicable law. The
Articles of Association expressly provide that the indemnification provisions
set forth therein are not exclusive, and contemplate that contracts may be entered
into between the Company and its directors and officers with respect to
indemnification.

 

C.            The
Company’s board of directors (the “Board of Directors”)
has determined that contractual indemnification as set forth herein is not only
reasonable and prudent but also promotes the best interests of the Company and
its shareholders.

 

D.            In
connection with Indemnitee’s continued service on the Board of Directors, the
Company and Indemnitee agree that the Company will furnish Indemnitee the
indemnity provided for herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth below, and other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto, intending to be
legally bound, hereby agree as follows:

 

Section 1.           Certain
Definitions. For purposes of this Agreement, the following definitions
shall apply:

 

(a)           The term “action, suit or proceeding” shall be
broadly construed and shall include, without limitation, the investigation,
preparation, prosecution, defense, settlement, arbitration and appeal of, and
the giving of testimony in, any threatened, pending or completed claim, action,
suit or proceeding, whether civil, criminal, administrative or investigative,
including any inquiry, investigation, or examination, whether made, instituted,
or conducted by

 

 

 

the Company or
any other person, including without limitation any federal, state or other
governmental entity, that Indemnitee determines might lead to the institution
of any such action, suit or proceeding. For the avoidance of doubt, the Company
intends indemnity to be provided hereunder in respect of acts or failure to act
prior to, on, or after the date hereof.

 

(b)           The term “by reason of the fact that Indemnitee is or was a
director, officer, employee or agent of the Company, or while serving as a
director or officer of the Company, is or was serving or has agreed to serve at
the request of the Company as a director, officer, employee or agent of or in
any other capacity with another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise” shall be broadly
construed and shall include, without limitation, any actual or alleged act or
omission to act.

 

(c)           The term “expenses” shall be broadly and reasonably
construed and shall include, without limitation, all direct and indirect costs
of any type or nature whatsoever actually and reasonably incurred by Indemnitee
in connection with either the investigation, defense or appeal of a proceeding
(including serving as a witness in or participating in (including on appeal),
or preparing to investigate, defend, be a witness in or participate in
(including on appeal), a proceeding, or establishing or enforcing a right to
indemnification under this Agreement, applicable law or otherwise). For the
avoidance of doubt, the term “expenses” shall include, without limitation, all
reasonable attorneys’ fees and related disbursements and costs of attachment or
similar bonds, appeal bonds, and other out-of-pocket costs.

 

(d)           The term “judgments, fines and amounts paid in settlement”
shall be broadly construed and shall include, without limitation, all direct
and indirect payments of any type or nature whatsoever (including, without
limitation, all penalties and amounts required to be forfeited or reimbursed to
the Company), as well as any penalties or excise taxes assessed on a person
with respect to an employee benefit plan.

 

(e)           The term “Company” shall include, without limitation
and in addition to the resulting corporation, any constituent corporation
(including any constituent of a constituent) absorbed in a consolidation or
merger which, if its separate existence had continued, would have had power and
authority to indemnify its directors, officers, and employees or agents, so
that any person who is or was a director, officer, employee or agent of such
constituent corporation, or is or was serving at the request of such
constituent corporation as a director, officer, employee or agent of or in any other
capacity with another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise, shall stand in the same position under the
provisions of this Agreement with respect to the resulting or surviving
corporation as he or she would have with respect to such constituent
corporation if its separate existence had continued.

 

(f)            The term “other enterprises” shall include, without
limitation, employee benefit plans and administrative committees thereof.

 

(g)           The term “serving at the request of the Company”
shall include, without limitation, any service as a director, officer, employee
or agent of the Company which imposes duties on, or involves services by, such
director, officer, employee or agent with respect to an employee benefit plan,
its participants or beneficiaries.

 

1

 

(h)           A person who acted
in good faith and in a manner such person reasonably believed to be in the
interest of the participants and beneficiaries of an employee benefit plan
shall be deemed to have acted in a manner “not
opposed to the best interests of the Company” as referred to in this
Agreement.

 

Section 2.           Generally.

 

To the fullest extent permitted by law:

 

(a)           The Company shall
indemnify Indemnitee if Indemnitee was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, by reason
of the fact that Indemnitee is or was or has agreed to serve at the request of
the Company as a director, officer, employee or agent of the Company or, while
serving as a director or officer of the Company, is or was serving or has
agreed to serve at the request of the Company as a director, officer, trustee,
employee or agent of or in any other capacity with any of the Company’s
subsidiaries or with another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise, or by reason of any action alleged
to have been taken or omitted in such capacity. For the avoidance of doubt, the
foregoing indemnification obligation includes, without limitation, (i) claims
related to any subsequent lawsuits, United States Securities and Exchange
Commission (“SEC”) examinations or
investigations or tax examinations, (ii) claims for monetary damages against
Indemnitee in respect of an alleged breach of fiduciary duties, to the fullest
extent permitted under applicable law as in existence on the date hereof, and
(iii) any shareholder derivative action on behalf of the Company or any similar
action or proceeding.

 

(b)           The indemnification
provided by this Section 2 shall be from and against expenses (including
attorneys’ fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with
such action, suit or proceeding and any appeal therefrom, but shall only be
provided if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in or not opposed to the best interests of the
Company, and, with respect to any criminal action, suit or proceeding, had no
reasonable cause to believe Indemnitee’s conduct was unlawful.

 

(c)           Notwithstanding the
foregoing provisions of this Section 2, in the case of any threatened, pending
or completed action or suit by or in the right of the Company to procure a
judgment in its favor by reason of the fact that Indemnitee is or was a
director, officer, employee or agent of the Company, or while serving as a
director or officer of the Company, is or was serving or has agreed to serve at
the request of the Company as a director, officer, trustee, employee or agent
of or in any other capacity with another corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise, no indemnification
shall be made in respect of any claim, issue or matter as to which Indemnitee
shall have been adjudged to be liable to the Company unless, and only to the
extent that, a court of competent jurisdiction shall determine upon application
that, despite the adjudication of liability but in view of all the
circumstances of the case, Indemnitee is fairly and reasonably entitled to
indemnity for such expenses which such court shall deem proper.

 

(d)           The termination of
any action, suit or proceeding by judgment, order,

 

2

 

settlement,
conviction, or upon a plea of nolo contendere or its equivalent shall not, of
itself, create a presumption that Indemnitee did not act in good faith and in a
manner which Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that Indemnitee’s conduct was
unlawful.

 

Section 3.           Successful
Defense; Partial Indemnification. To the extent that Indemnitee has been
successful on the merits or otherwise in defense of any action, suit or
proceeding referred to in Section 2 hereof or in defense of any claim, issue or
matter therein, Indemnitee shall be indemnified against expenses (including
attorneys’ fees) actually and reasonably incurred in connection therewith. For
purposes of  this Agreement and without
limiting the foregoing, if any action, suit or proceeding is disposed of, on
the merits or otherwise (including a disposition without prejudice), without
(i) the disposition being adverse to Indemnitee, (ii) an adjudication that
Indemnitee was liable to the Company, (iii) a plea of guilty or nolo contendere
by Indemnitee, (iv) an adjudication that Indemnitee did not act in good faith
and in a manner Indemnitee reasonably believed to be in or not opposed to the
best interests of the Company, or (v) with respect to any criminal proceeding,
an adjudication that Indemnitee had reasonable cause to believe Indemnitee’s
conduct was unlawful, Indemnitee shall be considered for the purposes hereof to
have been wholly successful with respect thereto.

 

If Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of the expenses (including
attorneys’ fees), judgments, fines or amounts paid in settlement actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with
any action, suit, proceeding or investigation, or in defense of any claim,
issue or matter therein, and any appeal therefrom but not, however, for the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such expenses (including attorneys’ fees), judgments, fines or
amounts paid in settlement to which Indemnitee is entitled.

 

Section 4.           Determination
That Indemnification Is Proper. Any indemnification hereunder shall (unless
otherwise ordered by a court) be made by the Company unless a determination is
made that indemnification of such person is not proper in the circumstances
because he or she has not met the applicable standard of conduct set forth in
Section 2(b) hereof. Any such determination shall be made by one of the
following methods, at the election of Indemnitee: (i) by a majority vote of the
directors who are not parties to the action, suit or proceeding in question (“Disinterested Directors”), even if less than a quorum, (ii)
by a majority vote of a committee of Disinterested Directors designated by
majority vote of Disinterested Directors, even if less than a quorum, (iii) by
a majority vote of a quorum of the outstanding shares of all classes entitled
to vote on the matter, voting as a single class, which quorum shall consist of
shareholders who are not at that time parties to the action, suit or proceeding
in question, (iv) by independent legal counsel mutually agreed upon by the
Company and Indemnitee in a written opinion addressed to the Board of
Directors, a copy of which shall be delivered to Indemnitee, or (v) by a court
of competent jurisdiction. Indemnitee shall cooperate with reasonable requests
of the persons making such standard of conduct determination, including
providing to such persons documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to such determination without incurring any
unreimbursed cost in

 

3

 

connection therewith. The
Company shall indemnify and hold harmless Indemnitee against and, if requested
by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within
five business days of such request accompanied by supporting documentation for
specific costs and expenses to be reimbursed or advanced, any and all costs and
expenses (including attorneys’ and experts’ fees and expenses) incurred by
Indemnitee in connection with making this standard of conduct determination.

 

Section 5.           Advance
Payment of Expenses; Notification and Defense of Claim. 

 

(a)           Expenses (including
attorneys’ fees) incurred by Indemnitee in defending a threatened or pending
civil, criminal, administrative or investigative action, suit or proceeding, or
in connection with an enforcement action pursuant to Section 6(b), shall
be paid by the Company in advance of the final disposition of such action, suit
or proceeding within five business days after receipt by the Company of (i) a
statement or statements from Indemnitee requesting such advance or advances from
time to time, and (ii) an undertaking by or on behalf of Indemnitee to repay
such amount or amounts, only if, and to the extent that, it shall ultimately be
determined that Indemnitee is not entitled to be indemnified by the Company as
authorized by this Agreement or otherwise. Such undertaking shall be accepted
without reference to the financial ability of Indemnitee to make such repayment.
Advances shall be unsecured and interest-free. Without limiting the generality
or effect of the foregoing, the Company shall indemnify and hold harmless
Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee
for, or advance to Indemnitee, within five business days of such request
accompanied by supporting documentation for specific expenses to be reimbursed
or advanced, any and all expenses paid or incurred by Indemnitee or which
Indemnitee determines in good faith are reasonably likely to be paid or
incurred by Indemnitee in connection with any claim made, instituted or
conducted by Indemnitee for (x) indemnification or reimbursement or advance
payment of expenses by the Company under any provision of this Agreement or the
Articles of Association, and (y) recovery under any directors’ and officers’
liability insurance policies maintained by the Company, regardless in each case
of whether Indemnitee ultimately is determined to be entitled to such
indemnification, reimbursement, advance or insurance recovery, as the case may
be; provided, however, that Indemnitee shall return, without interest, any such
advance of expenses (or portion thereof) which remains unspent at the final
disposition of the claim to which the advance related.

 

(b)           Promptly, and in any
event within twenty business days, after receipt by Indemnitee of notice of the
commencement of any action, suit or proceeding, Indemnitee shall, if a claim
thereof is to be made against the Company hereunder, notify the Company of the
commencement thereof. The failure to notify the Company promptly and in any
event within twenty business days of the commencement of the action, suit or
proceeding, or Indemnitee’s request for indemnification, will not relieve the
Company from any liability that it may have to Indemnitee hereunder, except to
the extent the Company is prejudiced in its defense of such action, suit or
proceeding as a result of such failure.

 

(c)           In the event the
Company shall be obligated to pay the expenses of Indemnitee with respect to an
action, suit or proceeding, as provided in this Agreement, the Company, if
appropriate, shall be entitled to assume the defense of such action, suit or
proceeding, with counsel reasonably acceptable to Indemnitee, upon the delivery
to Indemnitee

 

4

 

of written
notice of its election to do so within twenty business days after the Company’s
receipt of the notice of the commencement of an action, suit or proceeding
provided by Indemnitee to the Company pursuant to Section 5(b) above. After
delivery of such notice, approval of such counsel by Indemnitee (which approval
will not be unreasonably withheld) and the retention of such counsel by the
Company, the Company will not be liable to Indemnitee under this Agreement for
any fees of counsel subsequently incurred by Indemnitee with respect to the
same action, suit or proceeding, provided that (1) Indemnitee shall have the
right to employ Indemnitee’s own counsel in such action, suit or proceeding at
Indemnitee’s expense and (2) if (i) the employment of counsel by Indemnitee has
been previously authorized in writing by the Company, (ii) counsel to the
Company or Indemnitee shall have reasonably concluded that there may be a
conflict of interest or position, or reasonably believes that a conflict is
likely to arise, on any significant issue between the Company and Indemnitee in
the conduct of any such defense or (iii) the Company shall not, in fact, have
employed counsel to assume the defense of such action, suit or proceeding (or
fails to diligently conduct such defense), then the fees and expenses of
Indemnitee’s counsel shall be at the expense of the Company. The Company shall
not be entitled, without the consent of Indemnitee, to assume the defense of
any claim brought by or in the right of the Company or as to which counsel for
the Company or Indemnitee shall have reasonably made the conclusion or formed
the belief provided for in clause (ii) above. In the event the Company assumes
the defense of an action, suit or proceeding pursuant to this Section 5(c), the
Company shall keep the Indemnitee reasonably informed of such defense and
shall, as promptly as practical, respond to any reasonable requests for
information made by Indemnitee.

 

(d)           Notwithstanding any
other provision of this Agreement to the contrary, to the extent that
Indemnitee is, by reason of Indemnitee’s current, future or former corporate
status with respect to the Company or any corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise which Indemnitee is
or was serving or has agreed to or may otherwise in the future serve at the
request of the Company, a witness or otherwise participates in any action, suit
or proceeding at a time when Indemnitee is not a party in the action, suit or
proceeding, the Company shall indemnify Indemnitee against all expenses
(including attorneys’ fees) actually and reasonably incurred by Indemnitee or
on Indemnitee’s behalf in connection therewith.

 

Section 6.           Procedure
for Indemnification

 

(a)           To obtain
indemnification, Indemnitee shall promptly submit to the Company a written
request, including therein or therewith such documentation and information as
is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification. The
Company shall, promptly upon receipt of such a request for indemnification,
advise the Board of Directors in writing that Indemnitee has requested
indemnification.

 

(b)           The Company’s
determination whether to grant Indemnitee’s indemnification request shall be
made promptly, and in any event within 10 business days following receipt of a
request for indemnification pursuant to Section 6(a). The right to
indemnification as granted by Section 2 of this Agreement shall be enforceable
by Indemnitee in any court of competent jurisdiction if the Company denies such
request, in whole or in part, or fails to respond within such 10-business day
period. It shall only be a defense to any such action

 

5

 

(other than an
action brought to enforce a claim for the advance of costs, charges and
expenses under Section 5 hereof where the required undertaking, if any, has
been received by the Company) that Indemnitee has not met the standard of
conduct set forth in Section 2 hereof, but the burden of proving such defense
by clear and convincing evidence shall be on the Company. Neither the failure
of the Company (including its Board of Directors or one of its committees, its
independent legal counsel, or its shareholders) to have made a determination
prior to the commencement of such action that indemnification of Indemnitee is
proper in the circumstances because Indemnitee has met the applicable standard
of conduct set forth in Section 2 hereof, nor the fact that there has been an
actual determination by the Company (including its Board of Directors or one of
its committees, its independent legal counsel, or its shareholders) that
Indemnitee has not met such applicable standard of conduct, shall be a defense
to the action or create a presumption that Indemnitee has or has not met the
applicable standard of conduct. The Indemnitee’s expenses (including attorneys’
fees) incurred in connection with successfully establishing Indemnitee’s right
to indemnification, in whole or in part, in any such proceeding or otherwise
shall also be indemnified by the Company.

 

(c)           The Indemnitee shall
be presumed to be entitled to indemnification under this Agreement upon
submission of a request for indemnification pursuant to this Section 6, and the
Company shall have the burden of proof in overcoming that presumption in
reaching a determination contrary to that presumption. Such presumption shall
be used as a basis for a determination of entitlement to indemnification unless
the Company overcomes such presumption by clear and convincing evidence.

 

Section 7.           Insurance
and Subrogation. 

 

(a)           For the duration of
Indemnitee’s service as a director, officer, employee, or agent of the Company
and for not less than six years thereafter or, if later, for so long as
Indemnitee is subject to any possible action, suit or proceeding described in
Section 2(a) above, the Company shall provide directors’ and officers’
liability insurance coverage for Indemnitee that is at least as favorable in
scope and amount as that provided as of such time for the Company’s directors
and other executive officers. Upon request, the Company shall provide
Indemnitee or his counsel with a copy of all directors’ and officers’ liability
insurance applications, binders, policies, declarations, endorsements and other
related materials. In all policies of directors’ and officers’ liability
insurance obtained by the Company, Indemnitee shall be named as an insured in
such a manner as to provide Indemnitee the same rights and benefits, subject to
the same limitations, as are accorded to the Company’s directors and officers
most favorably insured by such policy.

 

(b)           In the event of any
payment by the Company under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee with
respect to any insurance policy, who shall execute all papers required and take
all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Company to bring suit to enforce such
rights in accordance with the terms of such insurance policy. The Company shall
pay or reimburse all expenses actually and reasonably incurred by Indemnitee in
connection with such subrogation.

 

(c)           The Company shall
not be liable under this Agreement to make any

 

6

 

payment of
amounts otherwise indemnifiable hereunder (including, but not limited to,
judgments, fines, ERISA excise taxes or penalties, and amounts paid in
settlement) if and to the extent that Indemnitee has otherwise actually
received such payment under this Agreement or any insurance policy, contract,
agreement or otherwise.

 

Section 8.           Limitation
on Indemnification. Notwithstanding any other provision herein to the
contrary, the Company shall not be obligated pursuant to this Agreement:

 

(a)           Claims Initiated
by Indemnitee. To indemnify or advance expenses to Indemnitee with respect
to an action, suit or proceeding (or part thereof) initiated by Indemnitee
unless such action, suit or proceeding (or part thereof) was authorized or
consented to by the Board of Directors of the Company.

 

(b)           Action for
Indemnification. To indemnify Indemnitee for any expenses incurred by
Indemnitee with respect to any action, suit or proceeding instituted by
Indemnitee to enforce or interpret this Agreement, unless Indemnitee is
successful in establishing Indemnitee’s right to indemnification in such
action, suit or proceeding, in whole or in part, or unless and to the extent
that the court in such action, suit or proceeding shall determine that, despite
Indemnitee’s failure to establish the right to indemnification, Indemnitee is
entitled to indemnity for such expenses; provided, however, that nothing in
this Section 8(b) is intended to limit the Company’s obligation with respect to
the advancement of expenses to Indemnitee in connection with any such action,
suit or proceeding instituted by Indemnitee to enforce or interpret this
Agreement, as provided in Section 5 and Section 12 hereof.

 

Section 9.           Certain
Settlement Provisions. The Company shall have no obligation to indemnify
Indemnitee under this Agreement for amounts paid in settlement of any action,
suit or proceeding without the Company’s prior written consent, which shall not
be unreasonably withheld. The Company shall not settle any action, suit or
proceeding in any manner that would impose any fine or other obligation on
Indemnitee without Indemnitee’s prior written consent, which shall not be
unreasonably withheld.

 

Section 10.         Savings
Clause. If any provision or provisions of this Agreement shall be
invalidated on any ground by any court of competent jurisdiction, then the
Company shall nevertheless indemnify Indemnitee as to costs, charges and
expenses (including attorneys’ fees), judgments, fines and amounts paid in
settlement with respect to any action, suit or proceeding, whether civil,
criminal, administrative or investigative, including an action by or in the
right of the Company, to the fullest extent permitted by any applicable portion
of this Agreement that shall not have been invalidated and to the fullest
extent permitted by applicable law. 

 

Section 11.         Contribution.
In order to provide for just and equitable contribution in circumstances in
which the indemnification provided for herein is held by a court of competent
jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed
that, in such event, the Company shall, to the fullest extent permitted by law,
contribute to the payment of Indemnitee’s costs, charges and expenses
(including attorneys’ fees), judgments, fines and amounts paid in settlement
with respect to any action, suit or proceeding, whether civil, criminal,
administrative or investigative, in an amount that is just and equitable in the
circumstances, taking into account, among other things, contributions by other
directors and officers of the

 

7

 

Company or others pursuant to
indemnification agreements or otherwise; provided, that, without limiting the
generality of the foregoing, such contribution shall not be required where such
holding by the court is due to (i) the failure of Indemnitee to meet the
standard of conduct set forth in Section 2 hereof, or (ii) any limitation on
indemnification set forth in Section 7(c), 8 or 9 hereof.

 

Section 12.         Reimbursement
of Legal Fees and Expenses. It is the intent of the Company that Indemnitee
not be required to incur legal fees and or other expenses associated with the
interpretation, enforcement or defense of Indemnitee’s rights under this
Agreement by litigation or otherwise because the cost and expense thereof would
substantially detract from the benefits intended to be extended to Indemnitee
hereunder. Accordingly, without limiting the generality or effect of any other
provision hereof, if it should reasonably appear to Indemnitee that the Company
has failed to comply with any of its obligations under this Agreement or in the
event that the Company or any other person takes or threatens to take any
action to declare this Agreement void or unenforceable, or institutes any
litigation or other action or proceeding designed to improperly deny, or to
improperly recover from, Indemnitee the benefits provided or intended to be
provided to Indemnitee hereunder, the Company irrevocably authorizes the Indemnitee
from time to time to retain counsel of Indemnitee’s choice, at the expense of
the Company, to advise and represent Indemnitee in connection with any such
interpretation, enforcement or defense, including without limitation the
initiation or defense of any litigation or other legal action, whether by or
against the Company or any director, officer, employee, shareholder or other
person affiliated with the Company, in any jurisdiction. Without limiting the
generality or effect of any other provision hereof or respect to whether
Indemnitee prevails, in whole or in part, in connection with any of the
foregoing, the Company will pay and be solely financially responsible for any
and all attorneys’ and related fees and expenses actually and reasonably
incurred by Indemnitee in connection with any of the foregoing.

 

Section 13.         Form and
Delivery of Communications. Any notice, request or other communication
required or permitted to be given to the parties under this Agreement shall be
in writing and either delivered in person or sent by telecopy, overnight mail
or courier service, or certified or registered mail, return receipt requested,
postage prepaid, to the parties at the following addresses (or at such other
addresses for a party as shall be specified by like notice):

 

If to the Company:

 

Eurand N.V.

Olympic Plaza

Fred. Roeskestraat 123

1076 EE Amsterdam

The Netherlands 

Attn: Legal Counsel

Facsimile: [                            ]

 

8

 

with a copy to:

 

Manya S. Deehr

Chief Legal Officer

Eurand, Incorporated

(845) Center Drive

Vandalia, Ohio 45377-3129

Facsimile: [                       ]

 

If to Indemnitee, to the address set forth
below Indemnitee’s name on the signature page hereto or to such other address provided
in writing from time to time by Indemnitee.

 

Section 14.         Scope. The
Company hereby agrees to indemnify Indemnitee to the fullest extent permitted
by law, notwithstanding that such indemnification is not specifically
authorized by statute. In the event of any change after the date hereof of any
applicable law that expands further the indemnification permitted to directors
or officers, then the Company shall indemnify Indemnitee to the fullest extent
permitted by such law, as so amended.

 

Section 15.         Guarantee.
The Guarantor hereby fully, irrevocably and unconditionally guarantees all
obligations of the Company set forth in this Agreement. This is an
unconditional guarantee of payment and not of collection. The Guarantor
acknowledges that the Indemnitee may, in his or her sole discretion, bring and
prosecute a separate action or actions against the Guarantor regardless of
whether any action is brought against the Company.

 

Section 16.         Nonexclusivity.
The provisions for indemnification and advancement of expenses set forth in
this Agreement shall not be deemed exclusive of any other rights which
Indemnitee may have under any provision of law, the Articles of Association, in
any court in which a proceeding is brought, the vote of the Company’s
shareholders or Disinterested Directors, other agreements or otherwise, and
Indemnitee’s rights hereunder shall continue after Indemnitee has ceased acting
as an agent of the Company and shall inure to the benefit of the heirs,
executors and administrators of Indemnitee. However, no amendment or alteration
of the Articles of Association or any other agreement shall adversely affect
the rights provided to Indemnitee under this Agreement.

 

Section 17.         Enforcement.
The Company and the Guarantor shall be precluded from asserting in any
judicial proceeding that the procedures and presumptions of this Agreement are
not valid, binding and enforceable. Each of the Company and the Guarantor agrees
that its execution of this Agreement shall constitute a stipulation by which it
shall be irrevocably bound in any court of competent jurisdiction in which a
proceeding by Indemnitee for enforcement of his rights hereunder shall have
been commenced, continued or appealed, that its obligations set forth in this
Agreement are unique and special, and that failure of the Company or the
Guarantor to comply with the provisions of this Agreement will cause
irreparable and irremediable injury to Indemnitee, for which a remedy at law
will be inadequate. As a result, in addition to any other right or remedy
Indemnitee may have at law or in equity with respect to breach of this
Agreement, Indemnitee shall be entitled to injunctive or mandatory relief
directing specific performance by the Company of its obligations under this
Agreement.

 

Section 18.         Interpretation
of Agreement. It is understood that the parties hereto intend this
Agreement to be interpreted and enforced so as to provide indemnification to
Indemnitee to

 

9

 

the fullest extent now or
hereafter permitted by law.

 

Section 19.         Entire
Agreement. This Agreement and the documents expressly referred to herein
constitute the entire agreement between the parties hereto with respect to the
matters covered hereby, and any other prior or contemporaneous oral or written
understandings or agreements with respect to the matters covered hereby are
expressly superseded by this Agreement.

 

Section 20.         Modification
and Waiver. No supplement, modification, waiver or amendment of this
Agreement shall be binding unless executed in writing by both of the parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provision hereof (whether or not
similar) nor shall such waiver constitute a continuing waiver.

 

Section 21.         Successor
and Assigns. All of the terms and provisions of this Agreement shall be
binding upon, shall inure to the benefit of and shall be enforceable by the
parties hereto and their respective successors, assigns, heirs, executors,
administrators and legal representatives. The Company shall require and cause
any direct or indirect successor (whether by purchase, merger, consolidation or
otherwise to all or substantially all of the business or assets of the Company),
by written agreement in form and substance reasonably satisfactory to
Indemnitee, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if
no such succession had taken place.

 

Section 22.         Service of
Process and Venue. Each of the parties hereto (i) consents to submit itself
to the personal jurisdiction of the Court of Chancery of the State of Delaware
or any court of the United States located in the State of Delaware in the event
any dispute arises out of this Agreement, (ii) agrees that it will not attempt
to deny or defeat such personal jurisdiction by motion or other request for
leave from any such court, (iii) agrees that it will not bring any action
relating to this Agreement in any court other than the Court of Chancery of the
State of Delaware or if, under applicable law exclusive jurisdiction over such
matter is vested in the United States federal courts, any court of the United
States located in the State of Delaware and (iv) consents to service being made
through the notice procedures set forth in Section 13 hereof. Each of the
parties hereto hereby agrees that service of any process, summons, notice or
document by U.S. registered mail to the respective addresses set forth in
Section 13 hereof shall be effective service of process for any suit or
proceeding in connection with this Agreement.

 

Section 23.         Supersedes
Prior Agreement. This Agreement supersedes any prior indemnification
agreement between Indemnitee and the Company or its predecessors.

 

Section 24.         Governing
Law. This Agreement shall be governed exclusively by and construed
according to the law of the State of Delaware (USA). If a court of competent
jurisdiction shall make a final determination that the provisions of the law of
any other jurisdiction govern indemnification by the Company of its officers
and directors, then the indemnification provided under this Agreement shall in
all instances be enforceable to the fullest extent permitted under such law,
notwithstanding any provision of this Agreement to the contrary.

 

10

 

Section 25.         Employment
Rights. Nothing in this Agreement is intended to create in Indemnitee any
right to employment or continued employment.

 

Section 26.         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall
be deemed to be an original and all of which together shall be deemed to be one
and the same instrument, notwithstanding that both parties are not signatories
to the original or same counterpart.

 

Section 27.         Headings.
The section and subsection headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

 

11

 

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered
to be effective as of the date first above written.

 

 

	
   

  	
  EURAND N.V.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Manya S. Deehr

  	
   

  
	
   

  	
  Title: Chief Legal Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EA ACQUISITIONS CORP.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INDEMNITEE:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for Notices:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Facsimile:

  	
   

  

 

12

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