Document:

Unassociated Document

    Exhibit
      10.1

    

    

    Description
      of 2008 Short Term Incentive Plan

    

    Establish
      a short term incentive plan with target cash payouts for the Chief Executive
      Officer and other executive officers. The key performance measure for the plan
      is net income. Under the plan, the Chief Executive Officer and other executive
      officers are eligible to earn incentive payouts in the form of cash, dependent
      upon 2008’s reported net income. The
      plan
      establishes the annual budgeted net income for 2008 as the target level of
      performance. Cash payouts eligible upon achievement of the targeted earnings
      are
      20% of base salary for the Chief Executive Officer and other executive officers.
      Eligible payouts under the plan would increase on a pro-rata basis for earnings
      in excess of the budgeted net income or
      decrease on a pro-rata basis for earnings lower than the budgeted net
      income.Unassociated Document

    Exhibit
      10.31

    

    

    Dated
      12th
      July
      1996  
      
        

      

    

    

    

    

    

    Columbia
      Laboratories

    (Bermuda)
      Limited

    

    

    

    -
      and - 

    

    

    

    Fleet
      Laboratories Limited

    

    

    ________________________

    

    AGREEMENT

    ________________________

    

    

    

    D.
      Fisher
& Co

    40
      High
      Street

    Borough
      Green

    Kent
      TN15
      8BJ

    

    

    

    Solicitors

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    THIS
      AGREEMENT
      is made
      the 12th
      day of
      July 1996
      BETWEEN COLUMBIA LABORATORIES (BERMUDA) LIMITED a
      Bermuda
      Corporation (No. 18683) having its principal place of business at Rosebank
      Centre 14 Bermudiana Road Pembroke HM08 Bermuda (hereinafter called “Columbia”)
      of the one part and FLEET
      LABORATORIES LIMITED
      a
      company incorporated in England (No. 463025) whose registered office is at
      94
      Rickmansworth Road Watford Herts WD1 7JJ (hereinafter called “Fleet”) of the
      other part

    WHEREAS:
      

    
      	(A)  	
              Columbia
                has developed and is the owner of an intra vaginal hormone replacement
                therapy treatment generally referred to as “Crinone” (hereinafter called
                “the Product”) 

            

    

    
      	(B)  	
              Columbia
                wishes to place orders with Fleet for the manufacture of the Product
                in
                accordance with the formulae and specifications provided by Columbia
                as
                may be amended by written notification by Columbia to Fleet from
                time to
                time (hereinafter called “the Know-how”) details of which are set out in
                the First Schedule hereto

            

    

    
      	(C)  	
              Fleet
                has agreed with Columbia to manufacture the Product and to build
                a
                dedicated hormone suite (hereinafter called “the Suite”) at its premises
                at 94 Rickmansworth Road as aforesaid in accordance with Plans and
                Specifications agreed between Fleet and Columbia and to the installation
                in the Suite of manufacturing equipment (hereinafter called “the
                Equipment”) details of which are set out in the Second Schedule hereto
                subject to the terms and conditions hereinafter
                contained

            

    

    
      	(D)  	
              Columbia
                has obtained Product Licenses (No.PL/11764/004 and PL/11764/0005)
                issued
                by the UK Medicine Control Agency in respect of the product (hereinafter
                referred to as the “Product License”) and has obtained an endorsement to
                the Product License authorizing the manufacture of the Product in
                the UK
                by Fleet 

            

    

    NOW
      THIS AGREEMENT WITNESSETH
      as
      follows: -

    
      	1.  	
              FLEET
                shall build the Suite and use its best endeavours to complete the
                Suite by
                15th
                February 1997.

            

    

    
      	2.  	
              FLEET
                shall purchase the Equipment and install the same in the Suite and
                use its
                best endeavours to complete such purchase and installation by
                15th
                January 1997

            

    

    
      	3.  	
              COLUMBIA
                shall pay to Fleet

            

    

    
      	(a)  	
              a
                sum of £275,000 as a capital contribution towards the construction of a
                dedicated hormone suite in recognition of the discounted price of
                the
                Product being £8 per kg referred to in Clause 8 hereof such sum to be paid
                by way of installments as follows:-

            

    

    (i)   
      £137,500 on the date hereof 

    (ii)  
      £68,750 within 7 days of receiving notice in writing from Fleet
      that Fleet has commenced the building of the Suite

    (iii) 
      £68,750 within 7 days of receiving notice in writing from Fleet
      of
      the completion of the installation of the Equipment

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (iv) 
      a sum equal to 50% of the cost of building the Suite and the purchase
      and installation of the Equipment in excess of £550,000
      (including professional fees and expenses incurred  in
      respect thereof) save that Columbia’s liability for such payment
      shall not exceed £27,500.

    
      	(b)  	
              the
                sum of £3,000 each month of the term of this Agreement such sum to be
                payable on the date hereof and then on the 15th
                day of each succeeding month

            

    

    
      	(c)  	
              the
                sum of £9,850 on the date hereof being the balance of the costs associated
                with the initial development costs as set out in Fleet’s letter to
                Columbia dated 14th
                February 1996 which Columbia has agreed to
                meet.

            

    

    
      	(d)  	
              The
                sums payable pursuant to this Clause are not subject to value added
                tax.

            

    

    
      	4.  	
              COLUMBIA
                hereby agrees with Fleet to supply to Fleet

            

    

    
      	(a)  	
              the
                Know-how

            

    

    
      	(b)  	
              Progesterone
                and noveon being two of the ingredients required for the manufacture
                of
                the Product details of which are set out in the First Schedule at
                the cost
                of Columbia 

            

    

    
      	(c)  	
              the
                Intermediate Bulk Containers in which the Product is to be filled
                details
                of which are set out in the First Schedule at the cost of
                Columbia

            

    

    the
      cost
      of Columbia use its best endeavours to obtain a Product License from the
U.S.
      Federal Drug Administration (hereinafter called “the FDA License”) and to obtain
      an endorsement to the FDA License to authorize the manufacture of the Product
      by
      Fleet for sale in the United States of America and Fleet agrees with Columbia
      to
      give such support and assistance as may be required to obtain the
      same.

    6. 
      FLEET
      hereby
      agrees with Columbia  

    
      	(a)  
	to maintain the Suite and the Equipment to a standard
              which will enable Fleet to manufacture the
              Product

    

    
      	(b)  	
              to
                manufacture the Product in accordance with

            

    

    
      	(i)  
               	
              such
                process or processes as may be agreed between Columbia and Fleet
                from time
                to time

            

    

    
      	(ii) 
               	
              good
                manufacturing practices and

            

    

    
      	(iii)  	
              the
                requirement of the UK Medicine Control Agency and if applicable of
                the
                U.S. Federal Drug Administration and any
                statute

            

    

    
      	(c)  	
              to
                employ such staff as may be necessary to comply with its obligations
                to
                manufacture hereunder

            

    

    
      	(d)  	
              to
                fill the Product in the said Intermediate Bulk
                Containers

            

    

    
      	(e)  	
              to
                permit Columbia during Fleet’s normal working hours to inspect the Suite
                and the Equipment.

            

    

    
      	(f)  	
              to
                give Columbia not less than 60 days notice in writing of the date
                on which
                Fleet anticipates it will be in a position to commence manufacturing
                the
                Product in accordance with this Agreement (hereinafter called “the
                Commencement Date”)

            

    

     

    
      
        
        

      

      
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      	(g)  	
              to
                issue with each batch of the Product manufactured by Fleet a Certificate
                of Analysis in respect of such
                batch

            

    

    
      	 7.                 
               (a)  	
              Columbia
                shall supply to Fleet in writing not less than 30 days prior to Commencement
                Date Columbia’s estimation of the amount of the Product
                to be manufactured by Fleet for the twelve month period Commencing
                with the Commencement Date and the amount of the Product
                to be manufactured by Fleet referred to therein for the first 3
                months in such estimation shall constitute a firm order for the
                Product
                by Columbia and shall be binding on the parties
                hereto

            

    

    
      	(b)  	
              Columbia
                shall each month after the submission of the first estimation as
                aforesaid
                supply to Fleet in writing Columbia’s then estimation for the relevant
                subsequent twelve month period of the amount of the Product to be
                manufactured by Fleet and the amount of the Product to be manufactured
                by
                Fleet referred to therein for the third month in such estimation
                shall
                constitute a firm order for the Product by Columbia and shall be
                binding
                on the parties hereto

            

    

    
      	(c)  	
              Notwithstanding
                the provisions of paragraphs (a) and (b) of this Clause unless otherwise
                agreed in writing by Fleet the maximum monthly production amount
                of the
                Product to be manufactured shall be 7,200 kg and the minimum amount
                of the
                Product shall be 800 kg.

            

    

    
      	(d)  	
              Notwithstanding
                that the amount for the Product shall be specifically designated
                it shall
                not be a breach of the conditions of this Agreement if the actual
                amount
                of manufacture by Fleet is either 10 per cent in excess or below
                the
                designated amount and the price of manufacture shall be adjusted
                either up
                or down as the case may be

            

    

    
      	(e)  	
              Columbia
                shall supply to Fleet such quantity of progesterone and noveon for
                the
                manufacture of the Product and Intermediate Bulk Containers by such
                date
                as Fleet shall notify Columbia in writing that Fleet will require
                the
                same

            

    

    
      	(f)  	
              Fleet’s
                estimation of loss in manufacture of the Product is less than 5 per
                cent
                of bulk and Fleet agrees to endeavour to ensure that such loss will
                not
                exceed such percentage although it is understood between the parties
                hereto that such percentage loss may vary from time to time because
                of a
                number of factors

            

    

    8.
      SUBJECT
      to the
      provisions of Clause 9 hereof the cost of manufacture of the Product shall
      be at
      a rate of £8 per kg and in addition to such cost Columbia shall be responsible
      for the cost of delivery of the same provided that such cost may be increased
      by
      Fleet as follows:

    
      	(a)  	by giving not less than 3 month’s notice in writing to
              Columbia in respect of any increase in the cost of the price of materials
              provided by Fleet in the manufacture of the
              Product

    

    
      	(b)  	by giving not less than 1 month’s notice in writing to
              Columbia in respect of any increase in the cost of labour and overheads
              of
              Fleet in the manufacture of the Product provided that any increase
              pursuant to this paragraph shall only be by way of annual review and
              shall
              not be earlier than the anniversary of the date of commencement of
              manufacture of the Product by Fleet pursuant to this Agreement and
              each
              successive anniversary of such date

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	9.  	
              IF
                Columbia shall wish Fleet to manufacture by volume in excess of 7,200
                kg
                in any
                one month Fleet shall be entitled to charge Columbia at a rate per
                kg of
                the Product so manufactured in excess of 7,200 kg an amount equal
                to the
                aggregate of £8 and the cost of payment of overtime by Fleet in respect of
                its employees for each kg and Fleet will use its reasonable endeavours
                to
                meet with Columbia’s wishes in relation to such
                excess.

            

    

    
      	10.  	
              Columbia
                shall effect and maintain adequate product liability insurance in
                relation
                to the Product being not less than £2,000,000 and in the event of the
                Product being sold in the United States of America at not less than
                US
                $15,000,000 and shall at the date hereof supply a copy of the same
                to
                Fleet and at such other time or times within 14 days of a request
                in
                writing for the same by Fleet to
                Columbia.

            

    

    
      	11.  	
              Columbia
                agrees to indemnify and hold harmless Fleet from any claim against
                Fleet
                arising from death or loss or injury sustained by any person firm
                or
                company as a result or consequence of formulation of the Product
                and any
                receptacle or packaging in which the Product is placed and shall
                procure
                Fleet’s interest to be noted on the policy referred to in Clause
                10.

            

    

    
      	12.  	
              Fleet
                shall not be liable for errors in the manufacture of the Product
                unless
                such error was occasioned by the neglect or omission of Fleet and
                provided
                that Columbia shall have notified Fleet in writing of the same within
                14
                days of delivery of the Product and in any event any claim by Columbia
                shall be limited to the value of the progesterone and noveon and
                the
                Intermediate Bulk Containers supplied by Columbia and no liability
                shall
                arise in respect of any consequential loss of
                Columbia.

            

    

    
      	13.  	
              Columbia
                shall pay the cost of the manufacture of the Product and filling
                thereof
                in the Intermediate Bulk Containers together with the cost of delivery
                within 30 days of the date of Fleet’s
                invoice.

            

    

    
      	14.  	
              All
                references in this Agreement to sums due or payable hereunder are
                to be
                interpreted as net of Value Added Tax (“VAT”). If it is determined at any
                time that VAT should apply to any such sums currently or in the future
                or
                in retrospect each party hereto agrees to make such additional VAT
                payments as may be necessary according to those of its payment obligations
                where VAT is applicable provided each such party first receives a
                VAT
                invoice.

            

    

    
      	15.  	
              Each
                of the parties hereto agrees with the other of them that it shall
                keep in
                confidence any commercial or technical information received by it
                from the
                other pursuant to this Agreement or otherwise during the subsistence
                of
                this Agreement and thereafter, except to the extent that the same
                is
                already in the public domain, enter the public domain in the future
                through no improper act on its part, are required to be disclosed
                in
                confidence to government agencies or by law or were previously known
                or
                become known to it from literature or
                otherwise.

            

    

    
      	16.  	
              Neither
                of the parties hereto have any liability whatsoever or be deemed
                to be in
                default for any delays or failures in performance under this Agreement
                resulting from acts beyond the control of that party, including but
                not
                limited to acts of God, acts of regulations or any governmental or
                supra-national authority, war or national emergency, accident, fire,
                riot,
                strikes, lock-outs, industrial disputes or
                epidemics.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	17.  	
              Subject
                to the provisions for termination hereinafter contained the rights
                granted
                hereunder shall subsist for a period commencing with the date hereof
                until
                the tenth anniversary of the first day of the month in which manufacture
                of the Product is commenced pursuant to this Agreement and thereafter
                provided that either party hereto may terminate the rights granted
                hereunder by giving to the other of them not less than twelve months’
                notice in writing of such termination expiring on or after the tenth
                anniversary of the first day of the month as
                aforesaid.

            

    

    
      	18.  	
              In
                the event of a material breach or substantial violation by either
                party of
                any of its obligations under this Agreement the other party shall
                have the
                right to terminate the rights granted pursuant to this Agreement
                upon
                giving the party committing the breach or violation ninety (90) days’
                written notice of its intention to do so but if the party in breach
                or
                violation shall remedy such breach or violation within ninety (90)
                days
                after receipt of such notice, then such notice shall be without further
                effect and this Agreement shall continue in full force and effect.
                Notwithstanding any termination as aforesaid such termination shall
                not
                affect the obligations which will remain subsisting between the parties
                hereto including without prejudice to the generality of the foregoing
                financial obligations

            

    

    
      	19.  	
              If
                Columbia is desirous of terminating its contractual obligations with
                Maropack AG of Briseck CH - 6144 Zell Switzerland in connection with
                the
                filling of the Product from bulk into applicators Columbia shall
                give
                notice in writing to Fleet of such desire and such notice shall contain
                an
                offer by Columbia to Fleet to take over the filling of the Product
                from
                bulk into applicators on terms as to price specified by Columbia
                and Fleet
                shall give notice in writing to Columbia of acceptance or rejection
                of
                such offer within 60 days of the date of receipt of such offer and
                if
                Fleet shall fail to give such notice the offer shall be deemed to
                have
                been rejected PROVIDED ALWAYS that if the offer is rejected by Fleet
                Columbia undertakes with Fleet that if Columbia within a period of
                12
                months of the date of the said notice from Columbia to Fleet shall
                wish to
                contract the filling of the Product into applicators at a price in
                excess
                of that offered by Columbia to Fleet. Columbia shall first offer
                such
                contract to Fleet and the provisions above shall mutatis mutandis
                apply
                during such 12 month period.

            

    

    
      	20.  	
              Any
                notice or other information to be given by either party pursuant
                to this
                Agreement to the other of them shall be in writing and shall be deemed
                to
                be properly served by registered mail, three (3) days after being
                placed
                in the post, postage paid or forthwith when delivered by hand to
                the other
                party at the address shown in the preamble of this Agreement or to
                such
                other address shown in the preamble of this Agreement or to such
                other
                address as such party may have designated by written notice given
                in
                accordance with the provisions of this paragraph or forthwith by
                facsimile
                provided that if such facsimile shall be transmitted outside normal
                working hours (being 9 a.m. to 5 p.m.) or on a day which is not a
                business
                day then such service shall be deemed to be served at 9
                a.m. on the next business
                day

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	21.  	
              This
                Agreement shall be binding upon and shall inure to the benefit of
                the
                parties hereto and their respective successors and neither party
                hereto
                may assign this Agreement or any rights hereunder without the prior
                written consent of the other party.

            

    

    
      	22.  	
              If
                Columbia wishes to dispose of its interest in the Product it shall
                notify
                Fleet in writing of such wish and Columbia undertakes with Fleet
                to
                procure the purchaser of such interest to enter into an agreement
                with
                Fleet in similar terms to this Agreement including this Clause save
                that
                the period of such agreement shall be equal to the unexpired period
                of
                this Agreement.

            

    

    
      	23.  	
              This
                Agreement shall be governed by the construed in accordance with the
                laws
                of England and be subject to the jurisdiction of the English
                Courts.

            

    

    

    IN
      WITNESS WHEREOF
      the
      parties hereto have caused this Agreement to be executed as of the day and
      year
      first above written.

    

    Signed
      By

    

    /S/
      M.
      Chambers                            

    M.
      Chambers

    

    For
      an on
      behalf of 

    COLUMBIA
      LABORATORIES 

    (BERMUDA)
      LIMITED

    

    Signed
      By

    

    /S/
      M.J.
      Hawkes                             

    M.J.
      Hawkes

    

    For
      and
      on behalf of

    FLEET
      LABORATORIES 

    LIMITED

     

    

    

    SCHEDULES
      INTENTIONALLY OMITTED

    

    
      
        
        

      

      
        7

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