Document:

Letter Agreement by and between The Company and Richard P. Bryce

 Exhibit 10.1 

 
 

 
 May 2, 2012 
 Richard Paul Bryce, M.D. 
  

	Re:	EMPLOYMENT OFFER LETTER 

 Dear Richard: 
 Puma Biotechnology, Inc., a Delaware corporation (the
“Company”) is pleased to offer you the position of Senior Vice President, Clinical Research and Development of the Company on the following terms, effective as of June 20, 2012 (the “Effective Date”):

 1. POSITION, DUTIES AND RESPONSIBILITIES.
As of the Effective Date, the Company will employ you as its Senior Vice President, Clinical Research and Development. In such capacity, you will have such duties and responsibilities as are normally associated with such position. Your duties may be
changed from time to time by the Company in its discretion. You will report to the Chief Executive Officer or such other individual as the Company may designate, and will work at the Company’s offices located in San Francisco, California, or
such other location as the Company may designate, except for travel to other locations as may be necessary to fulfill your responsibilities. At the Company’s request, you will serve the Company and/or its subsidiaries and affiliates in other
offices and capacities in addition to the foregoing without additional compensation. 
 2. BASE
COMPENSATION. During your employment with the Company, the Company will pay you a base salary of $315,000 per year (the “Base Salary”), less payroll deductions and all required withholdings, payable
in installments in accordance with the Company’s normal payroll practices (but in no event less often than monthly) and prorated for any partial pay period of employment. Your Base Salary may be subject to adjustment pursuant to the
Company’s policies as in effect from time to time. 
 3. ANNUAL BONUS.
In addition to the Base Salary set forth above, you will be eligible to receive an annual discretionary cash bonus (pro-rated for any partial year of service), based on the attainment of performance metrics and/or individual performance objectives,
in each case, established and evaluated by the Company in its sole discretion (the “Annual Bonus”). Your target Annual Bonus shall be 35% of your Base Salary, but the actual amount of your Annual Bonus may be more or less (and may
equal zero), depending on the attainment of applicable performance criteria. Payment of any Annual Bonus(es), to the extent any Annual Bonus(es) become payable, will be contingent upon your continued employment through the applicable payment date.

  
 10880 Wilshire Blvd. Suite 2150 Los Angeles,
California 90024 
 424.248.6500 Phone 424.248-6501 Fax 

 4. SIGNING BONUS. In connection with
entering into this offer letter, you will be paid a signing bonus equal to $50,000 (the “Signing Bonus”) within fifteen days after the Effective Date. You and the Company acknowledge and agree that the Signing Bonus will not be
earned to any extent prior to the second anniversary of the Effective Date and will only be earned on the second anniversary of the Effective Date if you remain actively employed by the Company through such second anniversary. In the event that your
employment with the Company terminates for any reason (a) prior to or on the first anniversary of the Effective Date, you hereby agree to repay to the Company the Signing Bonus, in full, on the date of termination; or (b) after the first
anniversary of the Effective Date but prior to the second anniversary of the Effective Date, you hereby agree to repay to the Company, on the date of termination, 50% of the Signing Bonus. 

5. RELOCATION EXPENSES. In conjunction with the relocation of your residence to the
Los Angeles, California greater metropolitan area, the Company will pay or reimburse you for all reasonable moving expenses (including without limitation packing, shipping, insurance, airfare for residence site visits with family and temporary
housing), in a total amount not to exceed $15,000, incurred by you no later than December 31, 2012 in connection with such relocation (the “Relocation Expenses”). To the extent that any payments or reimbursements provided to
you under this offer letter (including this Section 5) are deemed to constitute compensation to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, in no event will such payments or reimbursements be made later than
December 31 of the year following the year in which the expense was incurred. The amount of any such payments eligible for reimbursement in one year will not affect the payments or expenses that are eligible for payment or reimbursement in any
other taxable year, and your right to such payments or reimbursement will not be subject to liquidation or exchange for any other benefit. Subject to the foregoing, the Relocation Expenses will be paid within ten (10) business days of your
delivery to the Company of receipts evidencing such expenses. In the event that your employment with the Company terminates for any reason (a) prior to or on the first anniversary of the Effective Date, you hereby agree to repay in full, on the
date of termination, to the Company any Relocation Expenses paid or reimbursed by the Company prior to such date of termination; or (b) after the first anniversary of the Effective Date but prior to the second anniversary of the Effective Date,
you hereby agree to repay to the Company, on the date of termination, 50% of the Relocation Expenses paid or reimbursed by the Company prior to such date of termination. 

6. STOCK OPTION. In connection with entering into this
offer letter, following the commencement of your employment with the Company and provided that you are employed by the Company on the date of grant, the Company will grant you an option to purchase 105,000 shares of the Company’s common stock
(the “Stock Option”) at a per share exercise price equal to the Fair Market Value of a share of the Company’s common stock on the date of grant (as determined in accordance with the Company’s 2011 Incentive Award Plan).
Subject to your continued employment with the Company through the applicable vesting date, 1/3rd of the shares underlying the Stock Option will vest on the first anniversary of the Effective Date and 1/36th of the shares underlying the Stock Option will vest on each monthly anniversary of the Effective Date thereafter.
Subject to the foregoing, the terms and conditions of the Stock Option will be set forth in a separate award agreement in such form as is prescribed by the Company, to be entered into by the Company and you. 

  
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 7. BENEFITS AND VACATION.
You will be eligible to participate in all health, welfare, savings and retirement plans, practices, policies and programs maintained or sponsored by the Company from time to time for the benefit of its similarly situated employees, subject to the
terms and conditions thereof. To the extent that you properly elect to participate in the Company’s applicable medical, dental and/or prescription benefit plans, the Company will pay the premiums for you and your dependents under such plans
while you remain employed by the Company, provided, however, that the Company shall have no obligation to pay any such premiums if doing so would result in a violation of law and/or the imposition of penalty or excise taxes on the Company. In
addition, you will be eligible for other standard benefits, such as sick leave, vacations and holidays, in each case, to the extent available under, and in accordance with, Company policy applicable generally to other similarly situated employees of
the Company; provided, however, that you shall be entitled to take up to four (4) weeks’ vacation per calendar year. Notwithstanding the foregoing, nothing contained in this Section 7 shall, or shall be construed so as to,
obligate the Company or its affiliates to adopt, sponsor, maintain or continue any benefit plans or programs at any time. 
 8.
CONFIDENTIAL AND PROPRIETARY INFORMATION. This offer of employment is contingent upon your execution of the Proprietary Information and Inventions Agreement, attached
hereto as Exhibit A. 
 9. NON-SOLICITATION. You further agree that
during the term of such employment and for one (1) year after your employment is terminated, you will not directly or indirectly solicit, induce, or encourage any employee, consultant, agent, customer, vendor, or other parties doing business
with the Company to terminate their employment, agency, or other relationship with the Company or to render services for or transfer their business from the Company and you will not initiate discussion with any such person for any such purpose or
authorize or knowingly cooperate with the taking of any such actions by any other individual or entity. 
 10.
AT-WILL EMPLOYMENT; AMENDMENT. Your employment with the Company is “at-will,” and either you or the Company may terminate your employment for any reason
whatsoever (or for no reason) upon written notice of such termination to the other party. This at-will employment relationship cannot be changed except in a writing signed by you and an authorized representative of the Company. This agreement may
not be amended except by a signed writing executed by the parties hereto. 
 11. COMPANY RULES
AND REGULATIONS. As an employee of the Company, you agree to abide by all Company rules, regulations and policies as set forth in the Company’s employee handbook or as otherwise promulgated.

 12. WITHHOLDING. The Company may withhold from any amounts payable under this offer
letter such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 13. ENTIRE AGREEMENT. As of the Effective Date, this offer letter, together with the Stock Option Agreement and Proprietary Information and Inventions
Agreement, comprises the 

  
 3 

 
final, complete and exclusive agreement between you and the Company with respect to the subject matter hereof and replaces and supersedes any and all other agreements, offers or promises, whether
oral or written, made to you by any representative of the Company. You agree that any such agreement, offer or promise between you and any representative of the Company is hereby terminated and will be of no further force or effect, and you
acknowledge and agree that upon your execution of this offer letter, you will have no right or interest in or with respect to any such agreement, offer or promise. 
 14. CHOICE OF LAW. This offer letter shall be interpreted and construed in accordance with California law without regard to any conflicts
of laws principles. 
 15. PROOF OF RIGHT TO
WORK. As required by law, this offer of employment is subject to satisfactory proof of your right to work in the United States. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 Please confirm your agreement to the foregoing by signing and dating the enclosed duplicate
original of this offer letter in the space provided below for your signature and returning it to the Company’s President and Chief Executive Officer. Please retain one fully-executed original for your files. 

 

			
	Sincerely,	 	
	
	 Puma Biotechnology, Inc.
 a Delaware corporation

  

			
	By: 	 	   /s/ Alan H. Auerbach

	Name:	 	Alan H. Auerbach
	Title:	 	President and Chief Executive Officer

  

			
	 Accepted and Agreed,

this 3rd day of May, 2012

  

			
	By:	 	 /s/ Richard Paul Bryce

		 	  Richard Paul Bryce, M.D.Royal Standard Minerals Inc.: Exhibit 4.1 - Filed by newsfilecorp.com

Exhibit 4.1

ROYAL STANDARD MINERALS INC. 

2011 AMENDED AND RESTATED STOCK OPTION PLAN 

	1. 	
      Purpose of Plan

The purpose of this plan (the "Plan") is to develop the
interest of bona fide Officers, Directors, Employees, Management Company
Employees, and Consultants of Royal Standard Minerals Inc. and its subsidiaries
(collectively, the "Corporation") in the growth and development of the
Corporation by providing them with the opportunity through stock options to
acquire an increased proprietary interest in the Corporation. 

	2. 	
      Administration

The Plan shall be administered by the Board of Directors of the
Corporation, or if appointed, by a special committee of Directors appointed from
time to time by the Board of Directors of the Corporation (such committee, or if
no such committee is appointed, the Board of Directors of the Corporation, is
hereinafter referred to as the "Committee") pursuant to rules of
procedure fixed by the Board of Directors. 

	3. 	
      Granting of Options

The Committee may from time to time designate bona fide
Directors, Officers, Employees, Management Company Employees and Consultants of
the Corporation (or in each case their personal holding companies)
(collectively, the "Optionees"), to whom options ("Options") to
purchase common shares ("Common Shares") of the Corporation may be
granted, and the number of Common Shares to be optioned to each, provided that:

	 	(a) 	
      the total number of Common Shares issuable pursuant to
      the Plan shall not exceed 16,770,765 Common Shares, subject to adjustment
      as set forth in section 10 hereof, and further subject to the applicable
      rules and regulations of all regulatory authorities to which the
      Corporation is subject, including the TSX Venture Exchange (the "TSX
      Venture");

	 	 	 
	 	(b) 	
      the number of Common Shares reserved for issuance, within
      a one-year period, to any one Optionee shall not exceed 5% of the
      Outstanding Common Shares;

	 	 	 
	 	(c) 	
      the number of Common Shares reserved for issuance, within
      a one-year period, to any one Consultant of the Corporation may not exceed
      2% of the Outstanding Common Shares;

	 	 	 
	 	(d) 	
      the aggregate number of Common Shares reserved for
      issuance, within a one-year period, to Employees or Consultants conducting
      Investor Relations Activities may not exceed 2% of the Outstanding Common
      Shares; and

	 	 	 
	 	(e) 	
      In the case of Options granted to Employees, Consultants,
      or Management Company Employees, the Corporation represents that the
      Optionee is a bona fide Employee, Consultant or Management Company
      Employee, as the case may be.

- 2 - 

	4. 	
      Vesting

The Committee may, in its sole discretion, determine the time
during which Options shall vest and the method of vesting. 

	5. 	
      Exercise Price

The exercise price (the "Exercise Price") of any Option
shall be fixed by the Committee when such Option is granted, provided that such
price shall not be less than the Discounted Market Price of the Common Shares,
or such other price as may be determined under the applicable rules and
regulations of all regulatory authorities to which the Corporation is subject,
including the TSX Venture. In the event that the Corporation proposes to reduce
the Exercise Price of Options granted to an Optionee who is an Insider of the
Corporation at the time of the proposed amendment, such amendment shall not be
effective until disinterested shareholder approval has been obtained in respect
of such Exercise Price reduction. 

	6. 	
      Option Terms

The period during which an Option is exercisable shall, subject
to the provisions of the Plan requiring acceleration of rights of exercise, be
such period as may be determined by the Committee at the time of grant, but
subject to the rules of any stock exchange or other regulatory body having
jurisdiction (presently restricted to five years). Each Option shall, among
other things, contain provisions to the effect that the Option shall be personal
to the Optionee and shall not be assignable or transferable. In addition, each
Option shall provide that: 

	 	(a) 	
      upon the death of the Optionee, the Option shall
      terminate on the date determined by the Committee, which date shall not be
      later than the earlier of the expiry date of the Option and one year from
      the date of death (the "Termination Date");

	 	 	 
	 	(b) 	
      if the Optionee shall no longer be a Director or Officer
      of, be in the employ of, or be providing ongoing management or consulting
      services to the Corporation, the Option shall terminate on the earlier of
      the expiry date of the Option and the expiry of the period (the
      "Termination Date"), not in excess of 90 days prescribed by the
      Committee at the time of grant, following the date that the Optionee
      ceases to be a Director, Officer or Employee of the Corporation, or ceases
      to provide ongoing management or consulting services to the Corporation,
      as the case may be; and

	 	 	 
	 	(c) 	
      if the Option is granted to an Optionee who is engaged in
      Investor Relations Activities on behalf of the Corporation, the Option
      shall terminate on the earlier of the expiry date of the Option and the
      expiry of the period (the "Termination Date"), not in excess of 30
      days prescribed by the Committee at the time of grant, following the date
      that the Optionee ceases to provide ongoing Investor Relations
      Activities;

provided that the number of Common Shares that the Optionee (or
his heirs or successors) shall be entitled to purchase until the Termination
Date shall be the number of Common Shares which the Optionee was entitled to
purchase on the date of death or the date the Optionee ceased to be an Officer,
Director or Employee of, or ceased providing ongoing management or consulting
services to, the Corporation, as the case may be. 

- 3 - 

	7. 	
      Exercise of Option

Subject to the provisions of the Plan, an Option may be
exercised from time to time by delivery to the Corporation at its head office,
or such other place as may be specified by the Corporation, of a written notice
of exercise specifying the number of Common Shares with respect to which the
Option is being exercised and accompanied by payment in full of the purchase
price of the Common Shares then being purchased. 

If the Corporation is required under the Income Tax
Act (Canada) or any other applicable law to remit to any governmental
authority an amount on account of tax on the value of any taxable benefit
associated with the exercise or disposition of Options by an Optionee, then the
Optionee shall, concurrently with the exercise or disposition: 

	 	(a) 	
      pay to the Corporation, in addition to the exercise price
      for the Options, if applicable, sufficient cash as is determined by the
      Corporation to be the amount necessary to fund the required tax
      remittance;

	 	 	 
	 	(b) 	
      authorize the Corporation, on behalf of the Optionee, to
      sell in the market on such terms and at such time or times as the
      Corporation determines such portion of the Shares being issued upon
      exercise of the Options as is required to realize cash proceeds in the
      amount necessary to fund the required tax remittance; or

	 	 	 
	 	(c) 	
      make other arrangements acceptable to the Corporation to
      fund the required tax remittance.

	8. 	
      Mergers, Amalgamation and
Sale

If the Corporation shall become merged (whether by plan of
arrangement or otherwise) or amalgamated within or with another corporation or
shall sell the whole or substantially the whole of its assets and undertakings
for shares or securities of another corporation, the Corporation shall, subject
to this Section 8, make provision that, upon exercise of an Option during its
un-expired period after the effective date of such merger, amalgamation or sale,
the Optionee shall receive such number of shares of the continuing successor
corporation in such merger or amalgamation or the securities or shares of the
purchasing corporation as the Optionee would have received as a result of such
merger, amalgamation or sale if the Optionee had purchased the shares of the
Corporation immediately prior thereto for the same consideration paid on the
exercise of the Option and had held such shares on the effective date of such
merger, amalgamation or sale and, upon such provision being made, the obligation
of the Corporation to the Optionee in respect of the Common Shares subject to
the Option shall terminate and be at an end and the Optionee shall cease to have
any further rights in respect thereof. 

	9. 	
      Termination of Option in the Event of Take-Over
      Bid

In the event a take-over bid (as defined in the Securities
Act (British Columbia), which is not exempt from the take-over bid
requirements of Part 13 of the Securities Act (British Columbia) (or its
replacement or successor provisions) shall be made for the Common Shares of the
Corporation, the Corporation may in the agreement providing for the grant of
Options herein provide that the Corporation may require the disposition by the
Optionee and the termination of any obligations of the Corporation to the
Optionee in respect of any Options granted by paying to the Optionee in cash the
difference between the exercise price of unexercised Options and the fair market
value of the securities to which the Optionee would have been entitled upon
exercise of the unexercised Options on such date, which determination of fair
market value shall be conclusively made by the Committee, subject to approval by
the stock exchanges upon which the Common Shares are then listed, if required by such exchanges. Upon payment as
aforesaid, the Options shall terminate and be at an end and the Optionee shall
cease to have any further rights in respect thereof. 

- 4 - 

	10. 	
      Alterations in Shares

Appropriate adjustments in the number of Common Shares optioned
and in the Exercise Price, as regards Options granted or to be granted, may be
made by the Committee in its discretion to give effect to adjustments in the
number of Common Shares of the Corporation resulting subsequent to the approval
of the Plan by the Committee from subdivisions, consolidations or
reclassifications of the Common Shares of the Corporation, the payment of stock
dividends by the Corporation, or other relevant changes in the capital of the
Corporation. 

	11. 	
      Option Agreements

A written agreement will be entered into between the
Corporation and each Optionee to whom an Option is granted hereunder, which
agreement will set out the number of Common Shares subject to Option, the
Exercise Price, provisions as to vesting and expiry, and any other terms
approved by the Committee, all in accordance with the provisions of this Plan.
The agreement will be in such form as the Committee may from time to time
approve, or authorize the officers of the Corporation to enter into, and may
contain such terms as may be considered necessary in order that the Option will
comply with this Plan, any provisions respecting Options in the income tax or
other laws in force in any country or jurisdiction of which the person to whom
the Option is granted may from time to time be a resident or citizen, and the
rules of any regulatory body having jurisdiction over the Corporation. 

	12. 	
      Regulatory Authorities
Approvals

The Plan shall be subject to the approval, if required, of any
stock exchange on which the Common Shares are listed for trading. Any Options
granted prior to such approval shall be conditional upon such approval being
given, and no such Options may be exercised unless such approval, if required,
is given. 

	13. 	
      Amendment or Discontinuance of the
  Plan

The Committee may amend or discontinue the Plan at any time,
provided that no such amendment may, without the consent of the Optionee, alter
or impair any Option previously granted to an Optionee under the Plan, and
provided further that any amendment to the Plan will require the prior consent
of the TSX Venture Exchange, or such other or additional stock exchange on which
the Common Shares are listed for trading.

	14. 	
      Common Shares Duly Issued

Common Shares issued upon the exercise of an Option granted
hereunder will be validly issued and allotted as fully paid and non-assessable
upon receipt by the Corporation of the Exercise Price therefor in accordance
with the terms of the Option, and the issuance of Common Shares thereunder will
not require a resolution or approval of the Board of Directors of the
Corporation. 

	15. 	
      Prior Plans

This Plan entirely replaces and supersedes prior share option
plans enacted by the Board of Directors of the Corporation, or its predecessor
corporations. 

- 5 - 

	16. 	
      Definitions

	 	 	 
		(a) 	
      In this Plan, capitalized terms used herein that are not
      otherwise defined herein shall have the meaning ascribed thereto in the
      Corporate Finance Manual of the TSX Venture Exchange, and in particular,
      in policies 1.1 and 4.4 of the Corporate Finance Manual.

	 	 	 
		(b) 	
      "Outstanding Common Shares" at the time of any
      share issuance or grant of Options means the number of Common Shares that
      are outstanding immediately prior to the share issuance or grant of
      Options in question on a non-diluted basis, or such other number as may be
      determined under the applicable rules and regulations of all regulatory
      authorities to which the Corporation is subject, including the TSX Venture
      Exchange.

	 	 	 
	17. 	
      Effective Date

This Plan, as originally affirmed by the shareholders of the
Corporation on June 27, 2003, was amended and approved by the directors of the
Corporation effective December 12, 2011 and approved by the shareholders on
January 11, 2012.

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