Document:

Exhibit 10.21

 

 

STOCK OPTION GRANT PURSUANT TO THE 
 MOSYS, INC. 2010 EQUITY INCENTIVE PLAN

 

Date of Grant (“Grant Date”):  December 21, 2011

 

Thomas Riordan (the “Optionee”):

 

MoSys, Inc., a Delaware corporation (the “Company”), has granted to Optionee, an option (“Option”) to purchase a total of 400,000 fully paid, nonassessable shares (“Shares”) of common stock of the Company, par value $0.01 per share (“Common Stock”), at the price set forth herein, and in all respects subject to the terms, definitions and provisions of the Company’s 2010 Equity Incentive Plan (“Plan”).  The terms and provisions of the Plan are incorporated herein by reference and all capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Plan, and in the event of any conflict between the terms and provisions herein and those of the Plan, the terms and provisions of the Plan, including, without limitation, the powers of the Committee thereunder, shall prevail and be controlling.

 

THE DETAILS OF YOUR OPTION ARE AS FOLLOWS:

 

1.                                       Nature Of The Option

 

The Option is intended to be a Nonstatutory Option.

 

2.                                       Option Price

 

The exercise price of the Option (“Option Price”) is $2.99 for each Share.

 

3.                                       Vesting And Exercise Of Option

 

a.                                       Subject to the Optionee’s continued employment or other association with the Company, the Option will vest and become exercisable as to one-fourth (1/4) of the Shares on the one-year anniversary of December 21, 2011 (“the Vesting Commencement Date”) and as to one thirty-sixth (1/36) of the remaining Shares monthly thereafter (with January 21, 2013 being the first such date) until all of the Shares are vested; provided that if within two years following the occurrence of a Corporate Transaction, Optionee terminates employment with the Company for “Good Reason,” then, one year of the remaining unvested Shares as of the date of such termination shall immediately become vested.

 

b.                                      “Corporate Transaction” means the occurrence of any of the following:

 

MoSys, Inc.   3301 Olcott Street, Santa Clara, CA 95054    Tel: 408.418.7500   Fax: 408.418.7501  www.mosys.com

 

1

 

(i) an acquisition after the Grant Date by an individual, an entity or a group in one or more related transactions (excluding the Company or an employee benefit plan of the Company or a corporation controlled by the Company’s stockholders) of 45 percent or more of the outstanding shares of Common Stock or the Company’s voting securities; or

 

(ii) the consummation of a complete liquidation or dissolution of the Company or a merger, consolidation, reorganization or sale of all or substantially all of the Company’s assets (collectively, a “Business Combination”) other than a Business Combination in which (i) the stockholders of the Company receive 50 percent or more of the stock of the corporation resulting from the Business Combination, (ii) at least a majority of the board of directors of such resulting corporation were incumbent directors of the Company immediately prior to the consummation of the Business Combination, and (iii) after which no individual, entity or group (excluding any corporation or other entity resulting from the Business Combination or any employee benefit plan of such corporation or of the Company) who did not own 45 percent or more of the stock of the resulting corporation or other entity immediately before the Business Combination owns 45 percent or more of the stock of such resulting corporation or other entity.

 

c.                                       “Good Reason” means, without the Optionee’s prior written consent or acquiescence:

 

(i)  assignment to the Optionee of duties incompatible with the Optionee’s position, failure to maintain the Optionee in this position and its reporting relationship or a substantial diminution in the nature of the Optionee’s authority or responsibilities;

 

(ii)  reduction in the Optionee’s then current base salary or in the bonus or incentive compensation opportunities or benefits coverage available during the term of this Option, except pursuant to an across-the-board reduction similarly affecting all senior executives of MoSys;

 

(iii) termination of the Optionee’s employment, for any reason other than death, disability, voluntary termination or Misconduct (as defined below);

 

(iv)  relocation of the Optionee’s principal place of business to a location more than 30 miles from the location of such office on the date of this Agreement;

 

(v) MoSys’s failure to pay the Optionee any material amounts otherwise vested and due the Optionee hereunder or under any plan, program or policy of MoSys; or

 

(vi) failure of a successor to MoSys following a Corporate Transaction to expressly assume or affirm MoSys’ obligations under this Option as specified in Section 6.

 

2

 

d.                                      “Misconduct” means the commission of any act of fraud, embezzlement or dishonesty or other violation of MoSys’ Code of Business Conduct and Ethics for Employees, Executive Officers and Directors by the Optionee, any unauthorized use or disclosure by the Optionee of confidential information or trade secrets of MoSys or other breach by the Optionee of a material agreement between the Company and the Optionee, or any other intentional misconduct by the Optionee adversely affecting the business affairs of MoSys in a material manner.

 

e.                                       “MoSys” when used herein shall be deemed to refer to MoSys and any entity or entities that succeed to the assets and properties of MoSys following a Corporate Transaction, or any other corporation or other entity which is a subsidiary or parent of such successor entity or entities for whom the Optionee is employed at any time within two years following the Corporate Transaction.

 

f.                                         In the event of the Optionee’s death, disability or other termination of employment, the Option shall be exercisable in the manner and to the extent provided in Section 6.3 of the Plan.

 

g.                                      No fraction of a Share shall be purchasable or deliverable upon exercise, but in the event any adjustment of the number of Shares covered by the Option shall cause such number to include a fraction of a Share, such number of Shares shall be adjusted to the nearest smaller whole number of Shares.

 

h.                                      In order to exercise any portion of this Option which has vested, the Optionee should complete the transaction through their on-line ETRADE.com account.  For exercises transacted through a different brokerage account, Optionee shall notify the Company in writing of the election to exercise the Option and the number of Shares in respect of which the Option is being exercised, by executing and delivering the Notice of Exercise of Stock Option in the form attached hereto as Appendix I.  The certificate or certificates representing Shares as to which this Option has been exercised shall be registered in the name of the Optionee.

 

4.                                       Non-Transferability Of Option

 

This Option may not be transferred other than by will or by the laws of descent and distribution;  provided, however, that the Optionee may transfer the Option to a family member if the transfer has first been approved by the Committee, acting in its sole discretion, is without payment and otherwise complies with the terms and conditions set forth in Section 6.4 of the Plan.  The terms of this Option shall be binding upon the executors, administrators, heirs and successors of the Optionee.

 

5.                                       Method Of Payment

 

Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of the Optionee:

 

a.                                       cash;

 

b.                                      check, cashier’s check, certified check or wire transfer;

 

3

 

c.                                       as long as there is a public market for the Common Stock on the date of exercise, by delivery of a sell order to a broker for the shares being purchased and an agreement to pay (or have the broker remit payment for) the purchase price of the shares being purchased on or before the settlement date for the sale of such shares to the broker; or

 

d.                                      as long as there is a public market for the Common Stock on the date of exercise, by surrender of shares of Common Stock, provided that if such shares were acquired upon exercise of an Incentive Option, the Optionee must have first satisfied the holding period requirements under Section 422(a)(1) of the Internal Revenue Code of 1986, as amended (the “Code”).  In this case payment shall be made as follows:

 

i.                                          The Optionee shall deliver to the Secretary of the Company a written notice which shall set forth the portion of the purchase price the Optionee wishes to pay with Common Stock, and the number of shares of such Common Stock the Optionee intends to surrender pursuant to the exercise of this Option, which shall be determined by dividing the aforementioned portion of the purchase price by the closing price per share of the Common Stock of the Company, as reported on the Nasdaq Global Market (or on any other national securities exchange or other established market on which the Common Stock is then listed), on the last business day immediately preceding the date of exercise of the Option, as determined by the Committee;

 

ii.                                       Fractional shares shall be disregarded and the Optionee shall pay in cash an amount equal to such fraction multiplied by the price determined under subparagraph (i) above;

 

iii.                                    The written notice shall be accompanied by a duly endorsed blank stock power with respect to the number of Shares set forth in the notice, and the certificate(s) representing said Shares shall be delivered to the Company at its principal offices within three working days from the date of the notice of exercise;

 

iv.                                   The Optionee hereby authorizes and directs the Secretary of the Company to transfer so many of the Shares represented by such certificate(s) as are necessary to pay the purchase price in accordance with the provisions herein; and

 

v.                                      Notwithstanding any other provision herein, the Optionee shall only be permitted to pay the purchase price with shares of Common Stock owned by him as of the exercise date in the manner and within the time periods allowed under 17 CFR Section 240.16b-3 promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as such regulation is presently constituted, as it is amended from time to time, and as it is interpreted now or hereafter by the Securities and Exchange Commission.

 

Furthermore, in all events, the Optionee’s selection of means of payment of the exercise price is subject to the Optionee’s compliance with the Company’s Insider Trading Policy.

 

4

 

6.                                       Adjustments Upon Changes in Capitalization and Corporate Transactions

 

The number of Shares covered by this Option, and the per share Option Price of this Option, are subject to adjustment in accordance with the provisions of Section 8 of the Plan in the event of certain changes in the capitalization or organization of the Company.  In the event of a Corporate Transaction, the Committee, in its sole and absolute discretion, may take any one or more of the actions set forth in Section 8.4 of the Plan with respect to the Option.

 

7.                                       Term Of Option

 

This Option may not be exercised more than six years from the date of grant of this Option, as set forth above, and may be exercised during such term only in accordance with the Plan and the terms of this Option.

 

8.                                       No Employment Contract

 

Nothing in this Agreement or in the Plan shall confer upon the Optionee any right to continue in the employ or other service with the Company or any Affiliate or shall interfere with or restrict in any way the rights of the Company (or any Affiliate), which are hereby expressly reserved, to discharge the Optionee at any time for any reason whatsoever, with or without cause, subject to the provisions of applicable law.  This is not an employment contract.

 

9.                                       Income Tax Withholding

 

a.                                       The Optionee authorizes the Company to withhold in accordance with applicable law from any compensation payable to him or her any taxes required to be withheld by Federal, state or local laws as a result of the exercise of this Option in accordance with Section 9.7 of the Plan.  The Optionee further authorizes the Company to satisfy the applicable withholding requirement upon such an exercise, in whole or in part, by having the Company withhold a number of Shares having a Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction and sell those Shares into the public market through a broker transaction with the net proceeds remitted to the Company.  All elections shall be irrevocable, made in writing, signed by the Optionee, and shall be subject to any restrictions or limitations that the Committee deems appropriate. The Optionee agrees to notify the Company immediately in the event of any disqualifying disposition (within the meaning of Section 421(b) of the Code) of the shares acquired upon exercise of an Incentive Option.  Furthermore, in the event of any determination that the Company has failed to withhold a sum sufficient to pay all withholding taxes due in connection with the exercise of this Option, or a disqualifying disposition of the shares acquired upon exercise of an Incentive Option, the Optionee agrees to pay the Company the amount of such deficiency in cash within five days after receiving a written demand from the Company to do so, whether or not Optionee is an employee of the Company at that time.

 

b.                                      At such time as the Optionee is required to pay to the Company an amount with respect to tax withholding obligations as set forth in Section 9.7, the Optionee may elect prior to the date the amount of such withholding tax is determined to make such payment, or such increased payment as the Optionee elects to make up to the maximum federal, state and local marginal tax rates (including any related FICA obligation) applicable to the Optionee and the particular transaction in accordance with the provisions of Section 9.7 of the Plan.

 

5

 

c.                                       Any adverse consequences incurred by an Optionee with respect to the use of shares of Common Stock to pay any part of the Option Price or of any tax in connection with the exercise of the Option, including, without limitation, any adverse tax consequences arising as a result of a disqualifying disposition within the meaning of Section 422 of the Code, shall be the sole responsibility of the Optionee.

 

10.                                 Conditions Upon Issuance of Shares

 

Shares shall not be issued with respect to the Option unless the exercise of the Option and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange or public trading market upon which the Shares may then be listed, and may be further subject to obtaining an opinion of counsel for the Company with respect to such compliance. As a condition to the exercise of the Option, the Company may require the Optionee to render such representations and warranties as the Company may deem necessary or appropriate for compliance with applicable securities laws, rules and regulations, including but not limited to the representation that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares.  All certificates for shares of Common Stock or other securities delivered under the Plan shall be subject to such stock transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of any stock exchange upon which the Stock is then listed, and any applicable federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.  If the Company so requests in connection with any underwritten public offering of securities, the Optionee (a) shall not sell, make any short sale of, loan, grant any option for the purchase of, pledge or otherwise encumber, or otherwise dispose of any Shares during a period not to exceed 180 days commencing on the effective date of the registration statement relating to such offering, without the prior written consent of the Company or the managing underwriter of the offering, and (b) shall agree in writing to the foregoing restrictions in one or more written instruments as the Company may request from time to time.

 

6

 

11.                                 Notices and Other Communications

 

Any notice, demand, request or other communication hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or duly sent by first class registered, certified or overnight mail, postage prepaid, or telecopied with a confirmation copy by regular, certified or overnight mail, addressed or telecopied, as the case may be, (i) if to the Optionee, at his or her residence address last filed with the Company and (ii) if to the Company, at its principal place of business, addressed to the attention of its Chief Financial Officer, or to such other address or telecopier number or electronic mail address, as the case may be, as the addressee may have designated by written notice to the addressor. All such notices, requests, demands and other communications shall be deemed to have been received: (i) in the case of personal delivery, on the date of such delivery; (ii) in the case of mailing, when received by the addressee; (iii) in the case of facsimile transmission, when confirmed by facsimile machine report; and (iv) in the case of electronic mail, when directed to an electronic mail address at which the receiving party has consented to receive notice, provided, that such consent is deemed revoked if the sender is unable to deliver by electronic transmission two consecutive notices and such inability becomes known to the secretary or assistant secretary of the Company or to the transfer agent, or other person responsible for giving notice.

 

	
 
    	
MoSys, Inc.
    
	
 
    	
 
    
	
 
    	
/s/   James Sullivan
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   James Sullivan
    
	
 
    	
Its:   Chief Financial Officer
    
	
 
    	
Duly   authorized on behalf of the Board of Directors
    

 

The Optionee acknowledges receipt of copies of the Plan  and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions of the Plan and this Option grant.  The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan.

 

	
 
    	
/s/   Thomas Riordan
    
	
 
    	
Optionee
    

 

Date: January 4, 2012

 

7Exhibit 10.1

 

	

    	
Pacira Pharmaceuticals, Inc.

10450 Science Center Drive

San Diego, CA 92121

Phone: (858) 625-2424

FAX: (858) 625-2439
    

 

AMENDED AND RESTATED CONSULTING AGREEMENT

 

	
RECIPIENT:
    	
Gary   Pace , Ph.D
    
	
 
    	
 
    
	
EFFECTIVE DATE:
    	
April   3, 2012
    

 

 

This Consulting Agreement (the “Agreement”) is entered into this day, April 3, 2012, by and between Pacira Pharmaceuticals, Inc., a California corporation, having its principal place of business at 10450 Science Center Drive, San Diego, California 92121 (“Company”), and Gary Pace located at the address listed above (the “Consultant”), and is made with respect to the following recitals and agreements:

 

WHEREAS, WHEREAS, as of June 2, 2011 (the Effective Date ) the Company and Consultant entered into a Consulting Agreement; (the “Original Agreement” ); and

 

WHEREAS, the Company and Consultant wish to amend and restate the Original Agreement to read as set forth herein.

 

NOW, THEREFORE, in consideration of the mutual covenants and promises described below, the Original Agreement is hereby amended and restated to read, and the company and Consultant agree, as follows:

 

1.                                      Services; Fees.

 

a)                                     Consultant is hereby retained as an independent contractor to provide the services described in Exhibit A hereto (the “Services”). Consultant shall receive fees for such Services and reimbursement for expenses as set forth in Exhibit A hereto. Such Services shall be performed as requested from time to time by Company’s chief executive officer, or as otherwise set forth on Exhibit A.

 

b)                                     Consultant shall diligently perform the Services in full compliance with the highest professional standards of practice in the industry and applicable laws.  Anything to the contrary contained in this Agreement notwithstanding, Consultant agrees and acknowledges that during the Term there is neither a minimum amount of Services for which Company is obligated to engage Consultant, nor shall this Agreement be construed as limiting in any way Company’s right to contract for similar services with any other party.  In no event shall this Agreement be construed as obligating Company to pay any amounts for Services performed under this Agreement unless (i) Company actually engages Consultant to perform Services pursuant to this Agreement, and Consultant actually performs such Services, and (ii) each such engagement to perform Services is evidenced by Exhibit A or other written agreement between the parties prior to the commencement of such Services.

 

1

 

c)                                      In consideration of the Services, Consultant shall receive the fees set forth on Exhibit A (the “Consulting Fees”).  Consultant represents that the compensation: (i) is payment in full for the Services, and (ii) reflects the fair market value of the services described herein, commensurate with the fees charged by Consultant for providing similar services to other entities.

 

2.                                      Term. The initial term of this Agreement shall commence on the date hereof and continue for a period of one (1) year. Consultant’s services shall be rendered as requested by Company and in a manner satisfactory to Company. This Agreement may be cancelled by either party upon giving thirty (30) days prior written notice.  Upon expiration or termination of this Agreement, Consultant shall only be entitled and Company only obligated to pay for any Consulting Fee(s) due to Consultant for Services actually rendered and non-cancellable expenses incurred up to that point in accordance with the terms and conditions of this Agreement, and nothing more.  Notwithstanding the foregoing, in the event Company terminates this Agreement as a result of Consultant’s failure to comply with the representations and warranties set forth herein, Company shall be entitled to withhold payment for Services previously rendered.  Sections  4, 5, 7, 9, and 10 shall survive termination or expiration of this Agreement for any reason.

 

3.                                      Representations and Warranties of Consultant. Consultant represents and warrants that Consultant has the requisite expertise, ability and legal right to render the consulting services, and will perform the consulting services in an efficient manner and in accordance with the terms of this Agreement. Consultant shall abide by all laws, rules and regulations that apply to the performance of the consulting services and when on Company premises, will comply with Company’s policies with respect to conduct of visitors.  Consultant represents and warrants that Consultant is not and has not been: (i) excluded from participation in, or otherwise ineligible to participate in a “Federal Health Care Program” (as defined in 42 U.S.C. § 1320a-7b(f)) or in any other government payment program; (ii) listed on the General Services Administration’s List of parties Excluded from Federal Procurement and Nonprocurement Programs; or (iii) debarred under the Generic Drug Enforcement Act of 1992 (the “GDE Act”) (21 U.S.C. § 335(a) and (b)). To the best of Consultant’s knowledge, Consultant represents and warrants that Consultant has not engaged in any activity that could lead Consultant to become excluded or debarred as set forth above. Consultant further represents and warrants that Consultant does not and will not use in any capacity the services of any person excluded or debarred as set forth above. If Consultant is debarred or excluded as set forth above, during the Term, Consultant agrees to immediately notify Company, and this Agreement shall automatically terminate as of the date of such exclusion or debarment, without the requirement of notice from Company.  Consultant further represents and warrants that in providing the Services, Consultant shall be responsible for Consultant’s own compliance with all applicable local, state and federal laws and regulations.

 

4.                                      Confidentiality.

 

(a)                                 Consultant recognizes that in performing services under this Agreement it will have contact with information of substantial value to Company, which is not generally known and which gives Company an advantage over its competitors who do not know or use it, including, but not limited to, improvements to the Company’s technology, techniques, drawings, processes, inventions, developments, sales and customer information, and business and financial information, relating to the business, products, practices or techniques of Company and of any other corporation or entity that may be a party to a particular transaction with the Company (hereinafter referred to as “Confidential Information”). Confidential Information shall also include information belonging to a third party which Company is obligated to keep confidential from others.

 

(b)                                 Consultant agrees, at all times, to (i) regard and preserve as confidential such Confidential Information using the same standard of care as it uses to protect its own confidential information, (ii) not use the Confidential Information for any purpose other than as necessary to perform the Services, and (iii) to refrain from publishing, distributing, or disclosing any part of such Confidential Information to a third party without prior written consent of Company. Consultant further agrees, at all times, to refrain from any other acts or omissions that would reduce the value of such Confidential Information to Company.  Consultant will immediately notify Company if it learns that Confidential Information has been disclosed or is about to be disclosed in violation of this Agreement, whether by 

 

2

 

Consultant’s acts, acts of third parties, law, regulation or court order, and shall cooperate with Company’s efforts to prevent or limit unauthorized disclosure of Confidential Information.

 

(c)                                  Upon termination of this Agreement, Consultant agrees to promptly surrender to Company all documents or items which are the property of Company or which contain or comprise such Confidential Information.

 

(d)                                 Consultant’s duties of confidence to Company and other duties pursuant to this Agreement, shall survive the termination of this Agreement for any reason.

 

5.                                      Inventions and Works of Authorship.

 

(a)                                 Consultant agrees to promptly and fully disclose in writing to Company any invention, discovery, development, improvement, method or product, know-how and data (collectively, “Inventions”), whether or not patentable, which are made, conceived or reduced to practice by Consultant during the term of this Agreement that result from any work performed by Consultant for Company pursuant to this Agreement.  Consultant agrees that such inventions shall be the sole property of Company and does hereby assign to Company all right, title, and interest in and to such inventions.

 

(b)                                 Any reports, specifications or other materials (collectively, “Works”) prepared by Consultant for the purpose of or pursuant to this Agreement shall be the sole property of Company exclusively and shall be maintained in confidence by Consultant as a trade secret of the Company.  To the extent that Works originated, developed or perfected constitutes an original work of authorship by Consultant, which is protectable by copyright, Consultant acknowledges that such work is a “work made for hire” as defined by the U.S. Copyright Act (17 U.S.C. §101 et seq.).

 

(c)                                  The Consultant agrees that if in the course of performing the Services, the Consultant incorporates into any Invention developed hereunder any invention, improvement, development, concept, discovery or other proprietary information owned by the Consultant or in which the Consultant has an interest, (i) the Consultant shall inform Company, in writing before incorporating such  invention, improvement, development, concept, discovery or other proprietary information into any Invention; and (ii) the Company is hereby granted and shall have a nonexclusive, royalty-free, perpetual, irrevocable, worldwide license to fully use, utilize, commercialize and otherwise exploit the Inventions, including any such invention, improvement, development, concept, discovery or other proprietary information owned by the Consultant or in which the Consultant has an interest that is incorporated therein, and all rights necessary to make, have made, use, sell, offer to sell, develop, have developed, make derivative works, distribute, display, import, lease or otherwise dispose of Company products embodying, incorporating, or otherwise based on the Inventions.  The Consultant shall not incorporate any invention, improvement, development, concept, discovery or other proprietary information owned by any third party into any Invention without Company’s prior written permission.

 

(d)                                 All of Company’s patents, copyrights, trade secrets and other intellectual property rights relating to the subject matter of this Agreement  that were developed by Company prior to this Agreement or independent thereof shall be owned by Company and Consultant shall have no ownership, license, or other use rights therein except as set forth in this Agreement.

 

(e)                                  Consultant hereby assigns to the Company all of Consultant’s intellectual property rights (including copyrights, patents, and trademarks embodied in any Inventions or Works) that may arise from Consultant’s engagement by the Company.  Consultant shall cooperate in executing any documents required to further confirm the foregoing assignment.  The Consultant agrees that if the Company is unable because of the Consultant’s unavailability, dissolution, mental or physical incapacity, or for any other reason, to secure the Consultant’s signature to apply for or to pursue any application for any United States or foreign patents or mask work or copyright registrations covering the Inventions and Works assigned to the Company above, then the Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Consultant’s agent and attorney in fact, to act for and in the Consultant’s behalf 

 

3

 

and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyright and mask work registrations thereon with the same legal force and effect as if executed by the Consultant.

 

6.                                      Independent Contractor. Consultant’s relationship with Company is and shall be that of an independent contractor, and neither party is authorized to nor shall act as the agent of the other. Consultant agrees that he or she will be solely responsible for the payment of all taxes relating to the compensation paid pursuant to this Agreement.

 

7.                                      Indemnification.  Consultant shall indemnify and hold harmless Company and its affiliates, officers, directors, employees, and agents from and against all liabilities, losses, costs and expenses (including reasonable attorneys’ fees) and damages arising out of or resulting from (i) any willful misconduct or negligent act or omission of Consultant, (ii) any breach of this Agreement by Consultant, or (iii) any violation by Consultant of any local, state, or federal law, rule, or regulation applicable to the performance of Consultant’s obligations under this Agreement.  This Section 8 shall survive any termination or expiration of this Agreement.

 

8.                                      Notices. Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given upon personal delivery to the party to be notified or upon deposit with the United States Post Office, by registered or certified mail, or by Federal Express postage prepaid and addressed to the party to be notified at the address for such party set forth in the introductory paragraph above, or at such other address as such party may designate by ten (10) days advance written notice to the other parties.

 

9.                                      Remedies. Consultant acknowledges that any disclosure or unauthorized use of Confidential Information will constitute a material breach of this Agreement and cause substantial harm to Company for which damages would not be a fully adequate remedy, and, therefore, in the event of any such breach, in addition to other available remedies, Company shall have the right to obtain injunctive relief.

 

10.                               Attorneys’ Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to other relief to which such party may be entitled.

 

11.                               Successors and Assigns. This Agreement shall be binding upon Consultant, and inure to the benefit of, the parties hereto and their respective heirs, successors, assigns, and personal representatives; provided, however, that it shall not be assignable by Consultant.

 

12.                               Amendment and Modification. No amendment, modification or supplement of this Agreement shall be binding unless executed in writing and signed by all of the parties hereto.

 

13.                               Entire Agreement; Governing Law. This Agreement contains the entire understanding of the parties with respect to the matters contained herein. This Agreement shall supersede any and all previous and existing Consulting Agreements between Company and Consultant. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey, without regard to principles of conflicts of law.

 

 

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

 

 

	
By:
    	
/s/   Gary Pace
    	
 
    	
Consultant
    	
 
    	
April 3, 2012
    
	
 
    	
Name
    	
   Title
    	
 
    	
Date           
    

 

4

 

PACIRA PHARMACEUTICALS, INC., a California Corporation

 

	
By:
    	
/s/   Dave Stack
    	
 
    	
CEO
    	
 
    	
April 19, 2012
    
	
 
    	
Name
    	
Title
    	
 
    	
Date   
    

 

5

 

EXHIBIT A

 

Scope of Services of Consultant:

 

The scope of consulting work contemplated by this Agreement shall be as follows:  Consultant will have the title of Technical Advisor to the CEO and BOD.  Consultant will drive a central process for technical analysis and scientific data based decision making in addition to his role as the project lead for the Spray Process.

 

Consulting Fees:

 

Consultant shall be compensated at the rate of $10,000 per month, to be billed monthly via invoice. Invoices shall be paid within thirty (30) days of receipt at Pacira.  Invoices must be sent electronically to Accountspayable@pacira.com.  In addition, Consultant is eligible for an option to purchase 20,000 shares of Company stock subject to approval by the Compensation Committee of the Board of Directors.

 

Payments shall be by wire-transfer, automatic clearing house (ACH) or by check as follows:

 

Address:

 

Electronic payment

 

name:

Bank name:

Account number:

Routing ABA#

If paid by ACH remittance can be emailed to                                   .

 

Reimbursement of Expenses:

 

·                  Pacira Pharmaceuticals will reimburse consultant for all pre-approved travel and related expenses.

·                  The consultant is responsible for making all travel arrangements through his/her travel agent, unless otherwise instructed.

·                  Expense reports should be submitted to Pacira with corresponding receipts within five (5) days of the completed travel.

 

Pacira Pharmaceuticals Contact:

 

Name Dave Stack

Title Chief Executive Officer
 Pacira Pharmaceuticals, Inc.

5 Sylvan Way
 Parsippany, NJ 07054

Tel: 973-254-3560

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}]]