Document:

exv10w22

 

Exhibit 10.22

AMENDMENT NO. 2 TO THE

MEDICIS PHARMACEUTICAL CORPORATION

1998 STOCK OPTION PLAN

     This Amendment No. 1 (this “Amendment”) to the Medicis Pharmaceutical Corporation 1998 Stock
Option Plan (the “1998 Plan”) is adopted by Medicis Pharmaceutical Corporation, a Delaware
corporation (the “Company), effective as of September 30, 2005.

RECITALS

     A. The Board of Directors of the Company desires to amend the 1998 Plan to provide that each
Outside Director shall be granted a Non-ISO to purchase 15,000 shares of Stock on the last business
days of each September during the term of the 1998 Plan.

     B. Pursuant to Section 15 of the 1998 Plan, the Board of Directors of the Company has the
authority to amend the 1998 Plan, subject to certain limitations.

AMENDMENT

     1. Effective with respect to all grants made to Outside Directors on or after September 30,
2005, Section 7.3 of the 1998 Plan is hereby amended to read in its entirety as follows:

     “7.3 Grants of Non-ISOs to Outside Directors. (a) On the last business day of
each September during the term of this Plan each then Outside Director shall be
granted; without any further action on the part of the Committee, a Non-ISO
hereunder to purchase 15,000 shares of Stock at the Fair Market Value of such Stock
on the date of grant. If an Outside Director is first elected a director before or
after, but not on, the last business day of September, upon such election, such
Outside Director shall be automatically granted a non-qualified option to purchase
1,250 shares of Class A Common Stock for each full month remaining until the last
business day in September following the date of the Outside Director’s election.
Each such Option shall be exercisable in whole or in part one year after the date of
grant, provided that such Outside Director has continued as an Outside Director for
one year (or until his or her date of death, if earlier), and shall remain
exercisable until the tenth anniversary of the date such Option is granted. The
aforementioned grants of options to Outside Directors shall be in lieu of any and
all further grants of options to Outside Directors after the last business day of
September 1998 pursuant to the Medicis Pharmaceutical Corporation 1988 Stock Option
Plan, the Medicis Pharmaceutical Corporation 1990 Stock Option Plan, the Medicis
Pharmaceutical Corporation 1992 Stock Option Plan, the Medicis Pharmaceutical
Corporation 1995 Stock Option Plan, or the Medicis Pharmaceutical Corporation 1996
Stock Option Plan. In all respects, a Non-ISO grant to an Outside Director
hereunder shall conform to the terms and conditions of a Non-ISO under this Plan
and, except as otherwise permitted with respect to Outside Directors who are Key
Consultants or as otherwise provided in Section 7.4(b), Outside Directors shall only
be eligible to receive options under this Plan as provided in this Section 7.3(a).”

     2. Capitalized terms used in this Amendment without definition shall have the respective
meanings ascribed thereto in the 1998 Plan.

     3. Except as otherwise expressly set forth in this Amendment, the 1998 Plan shall remain in
full force and effect in accordance with its terms.

 

 

     4. This Amendment shall be governed by, interpreted under, and construed and enforced in
accordance with the internal laws, and not the laws relating to conflicts or choice of laws, of the
State of Arizona applicable to agreements made and to be performed wholly within the State of
Arizona.

 

 

     I hereby certify that this Amendment was duly adopted by the Board on September 30, 2005.

     Executed this 30th day of September, 2005.

	 	 	 
	 

	 	MEDICIS PHARMACEUTICAL CORPORATION
	 

	 	 
	 

	 	/s/ MARK A. PRYGOCKI, SR.
	 

	 	 
	 

	 	Mark A. Prygocki, Sr.
	 

	 	Executive Vice President, Chief Financial Officer,
	 

	 	Corporate Secretary and Treasurer<PAGE>

                                                                   Exhibit 10.23

                                AMENDMENT NO. 1
                                     TO THE
                       MEDICIS PHARMACEUTICAL CORPORATION
                             1996 STOCK OPTION PLAN

     WHEREAS, the Board of Directors of Medicis Pharmaceutical Corporation (the
"BOARD") adopted a resolution as of August 1, 2005, authorizing the Board to
amend the Medicis Pharmaceutical Corporation 1996 Stock Option Plan (the
"PLAN").

     NOW, THEREFORE, effective as of August 1, 2005, the definition of Change
of Control in Section 2.2 of the Plan is hereby amended and restated in its
entirety as follows with respect to all awards granted on or after the date
hereof:

          (a)  the acquisition, other than from the Company, by any individual,
entity or group (within the meaning of Section 13(d) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended from time to time) (the "EXCHANGE
ACT"), of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 25% or more of either (i) the then outstanding shares
of Stock (the "OUTSTANDING COMPANY STOCK") or (ii) the combined voting power of
the then outstanding voting securities of the Company entitled to vote generally
in the election of directors (the "COMPANY VOTING SECURITIES"), provided,
however, that any acquisition by (x) the Company or any of its subsidiaries, or
any employee benefit plan (or related trust) sponsored or maintained by the
Company or any of its subsidiaries or (y) any corporation with respect to which,
following such acquisition, more than 50% of, respectively, the then outstanding
shares of common stock of such corporation and the combined voting power of the
then outstanding voting securities of such corporation entitled to vote
generally in the election of directors is then beneficially owned, directly or
indirectly, by all or substantially all of the individuals and entities who were
the beneficial owners, respectively, of the Outstanding Company Stock and
Company Voting Securities immediately prior to such acquisition in substantially
the same portion as their ownership, immediately prior to such acquisition of
the Outstanding Company Stock and Company Voting Securities, as the case may be,
shall not constitute a Change of Control of the Company; or

          (b)  individuals who, as of the Effective Date, constitute the Board
(the "INCUMBENT BOARD") cease for any reason to constitute at least a majority
of the Board, provided that any individual becoming a director subsequent to
the Effective Date, whose election or nomination for election by the Company's
shareholders was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such
individual whose initial assumption of office is in connection with an actual
or threatened election contest relating to the election of the Directors of the
Company (as such terms are used in Rule 14a-11 of Regulation 14A promulgated
under the Exchange Act); or

          (c)  consummation of a reorganization, merger or consolidation (a
"BUSINESS COMBINATION"), in each case, with respect to which all or
substantially all of the individuals and entities who were the respective
beneficial owners of the Outstanding Company Stock and

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<PAGE>

Company Voting Securities immediately prior to such Business Combination do
not, following such Business Combination, beneficially own, directly or
indirectly, more than 50% of, respectively, the then outstanding shares of
common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case
may be, of the corporation resulting from such Business Combination in
substantially the same proportion as their ownership immediately prior to such
Business Combination or the Outstanding Company Stock and Company Voting
Securities, as the case may be; or

          (d)  (i) a complete liquidation or dissolution of the Company or (ii)
a sale or other disposition of all or substantially all of the assets of the
Company other than to a corporation with respect to which, following such sale
or disposition, more than 50% of, respectively, the then outstanding shares of
common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors is then owned
beneficially, directly or indirectly, by all or substantially all of the
individuals and entities who were the beneficial owners, respectively, of the
Outstanding Company Stock and Company Voting Securities immediately prior to
such sale or disposition in substantially the same proportion as their ownership
of the Outstanding Company Stock and Company Voting Securities, as the case may
be, immediately prior to such sale or disposition.

          (e)  Notwithstanding the foregoing and any other provision contained
in the Plan, the transaction contemplated by the Agreement and Plan of Merger,
dated as of March 20, 2005, by and among Medicis Pharmaceutical Corporation,
Inamed Corporation, and Masterpiece Acquisition Corp., as it may be amended
from time to time, shall not constitute a Change of Control for purposes of the
Plan.

Except as provided herein, the Plan shall remain in full force and effect.

                                       3<PAGE>
                                                                   Exhibit 10.24

                                AMENDMENT NO. 1
                                     TO THE
                       MEDICIS PHARMACEUTICAL CORPORATION
                             1998 STOCK OPTION PLAN

     WHEREAS, the Board of Directors of Medicis Pharmaceutical Corporation (the
"BOARD") adopted a resolution as of August 1, 2005, authorizing the Board to
amend the Medicis Pharmaceutical Corporation 1998 Stock Option Plan (the
"PLAN").

     NOW, THEREFORE, effective as of August 1, 2005, the definition of Change
of Control in Section 2.2 of the Plan is hereby amended and restated in its
entirety as follows with respect to all awards granted on or after the date
hereof:

          (a)  the acquisition, other than from the Company, by any individual,
entity or group (within the meaning of Section 13(d) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended from time to time) (the "EXCHANGE
ACT"), of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 25% or more of either (i) the then outstanding shares
of Stock (the "Outstanding Company Stock") or (ii) the combined voting power of
the then outstanding voting securities of the Company entitled to vote generally
in the election of directors (the "COMPANY VOTING SECURITIES"), provided,
however, that any acquisition by (x) the Company or any of its subsidiaries, or
any employee benefit plan (or related trust) sponsored or maintained by the
Company or any of its subsidiaries or (y) any corporation with respect to which,
following such acquisition, more than 50% of, respectively, the then outstanding
shares of common stock of such corporation and the combined voting power of the
then outstanding voting securities of such corporation entitled to vote
generally in the election of directors is then beneficially owned, directly or
indirectly, by all or substantially all of the individuals and entities who were
the beneficial owners, respectively, of the Outstanding Company Stock and
Company Voting Securities immediately prior to such acquisition in substantially
the same portion as their ownership, immediately prior to such acquisition of
the Outstanding Company Stock and Company Voting Securities, as the case may be,
shall not constitute a Change of Control of the Company; or

          (b)  individuals who, as of the Effective Date, constitute the Board
(the "INCUMBENT BOARD") cease for any reason to constitute at least a majority
of the Board, provided that any individual becoming a director subsequent to the
Effective Date, whose election or nomination for election by the Company's
shareholders was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as though such individual
whose initial assumption of office is in connection with an actual or threatened
election contest relating to the election of the Directors of the Company (as
such terms are used in Rule 14a-11 of Regulation 14A promulgated under the
Exchange Act); or

          (c)  consummation of a reorganization, merger or consolidation (a
"BUSINESS COMBINATION"), in each case, with respect to which all or
substantially all of the individuals and entities who were the respective
beneficial owners of the Outstanding Company Stock and Company Voting
Securities immediately prior to such Business Combination do not, following

                                       1

<PAGE>
such Business Combination, beneficially own, directly or indirectly, more than
50% of, respectively, the then outstanding shares of common stock and the
combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination in substantially the same proportion as
their ownership immediately prior to such Business Combination or the
Outstanding Company Stock and Company Voting Securities, as the case may be; or

          (d)  (i) a complete liquidation or dissolution of the Company or (ii)
a sale or other disposition of all or substantially all of the assets of the
Company other than to a corporation with respect to which, following such sale
or disposition, more than 50% of, respectively, the then outstanding shares of
common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors is then owned
beneficially, directly or indirectly, by all or substantially all of the
individuals and entities who were the beneficial owners, respectively, of the
Outstanding Company Stock and Company Voting Securities immediately prior to
such sale or disposition in substantially the same proportion as their ownership
of the Outstanding Company Stock and Company Voting Securities, as the case may
be, immediately prior to such sale of disposition.

          (e)  Notwithstanding the foregoing and any other provision contained
in the Plan, the transaction contemplated by the Agreement and Plan of Merger,
dated as of March 20, 2005, by and among Medicis Pharmaceutical Corporation,
Inamed Corporation, and Masterpiece Acquisition Corp., as it may be amended
from time to time, shall not constitute a Change of Control for purposes of the
Plan.

Except as provided herein, the Plan shall remain in full force and effect.

                                       2

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