Document:

February 29, 2000

 

 

July 17, 2001

 

Mr. George P. Rose

4 Bouton Lane

Darien, CT  06820

Dear George:

I am pleased to offer you the position of Vice President, Human Resources for Alpharma Inc.  In this capacity you will be reporting directly to me, be a member of Alpharma's Operating Committee and elected an officer of the company.  I look forward to having you on our team.

I would like to confirm the following compensation with the related fringe benefits, as a beginning of what I am confident will be a fruitful relationship.  As an employee of Alpharma you will:

     *Receive an initial annual salary of $ 260,000.  In accordance with our current practice, your base salary will be reviewed for possible adjustment at the end of each calendar year.  Your first performance review for possible salary adjustment will be in December 2000 with any adjustment effective January 1, 2001.

     *Receive a taxable auto allowance of $15,000/year and be reimbursed for auto maintenance expenses of up to $2,000/year for vehicles up to five years old and up to $1,000/year for vehicles more than five years old.  You will also be reimbursed for auto insurance (grossed-up), including a million-dollar umbrella policy.

     *Be eligible to participate in the Company's Performance Incentive Plan beginning for the year 2001 on a pro rata basis.  Under the current plan, at the Vice President, Human Resources and Operating Committee level, your incentive target is 50% of your annual base earnings.  Any actual incentive payment is contingent upon both Company and your individual performance.  For 2001, we guarantee a bonus of $ 90,000.

     *Be granted 20,000 options to purchase shares of Alpharma, Inc. Class "A" stock effective on your first day of employment with Alpharma.  In addition, you will be eligible to receive stock options under the normal terms of the Company's Stock Option Plan.  (Currently options granted become exercisable at 25% of the total granted, one, two, three and four years from the date of the grant.  Option expires seven (7) years after grant).  Historically, options have been granted in March/April of each year based on the Company's performance and individual performance.  You will first be eligible for additional options for grants expected to be issued in early 2002.  

     *Be entitled to a benefit of $ 175,000 in the Alpharma supplemental savings plan vesting according to the attached schedule.

     *Be entitled to four (4) weeks vacation per year.  (Per Alpharma policy, your vacation will be earned on a pro rata basis each pay period.)  You will also be given 12 holidays per calendar year (six of which are designated as floating holidays).  

     *Be entitled to receive an annual $3,000 allowance (taxable) for tax and or financial planning and tax return preparation.

Additionally, you will be entitled to the Alpharma fringe benefit package, which includes the following:

     *A Savings Plan to which the employee can save either on a pre and/or post tax basis and contribute up to 15% of base pay.  The Company provides a service-weighted match on the first 6% of employee contributions.  Based on length of service, the Company match begins at 40% and increases over time to 100%.  Enrollment is subject to plan provisions.

     *A Stock Purchase Plan in which employees can elect to contribute up to four (4) percent of salary for the purchase of Alpharma's stock, and the Company will match 50% of the employee's contribution.  The Company's match is vested at the end of each quarter.  Enrollment is subject to plan provisions.

     *A Defined Benefit Pension Plan fully paid by the Company in which qualified employees vest 100% after 5 years employment.                         

     *A group health and medical plan for which the employee pays $11.54 for single coverage or $27.69 for family coverage, for each two-week period.  The Company pays for the remainder of the premium.  You become eligible for this coverage on your date of hire.

     *Life insurance for three times your annual salary with the premium paid by the Company.

     *A disability program that pays sixty percent of your base salary integrated with social security until age seventy.  The Company pays the premium.

     *A tuition assistance program which pays for job related studies provided the course is passed with a "C" or better.

Because of the extremely important role you will have in the Company, if you resign for any reason, you will give 90 days notice.  In the event that you are terminated without cause or within six (6) months after a change in control of the Company or a change in the Company's Chief Executive Officer, you will continue to receive your base salary, continue vesting on stock options granted and will continue to participate in the Alpharma group health plan (i.e. medical, dental) paying the same premium as an employee for twelve (12) months following the termination of your employment by Alpharma.

The salary continuation payments and health benefit participation are subject to you signing the Company's standard release from liability.

George, I truly believe that Alpharma is poised for an exciting and rewarding future.  I am excited about you joining Alpharma and the role I believe you can play in the success of the Company.

In anticipation that this offer is satisfactory I kindly ask you to return one countersigned copy of this letter.

 

I look forward to welcome you on September 3!

 

 

Sincerely yours,

 

/s/ Ingrid Wiik

Ingrid Wiik

President and Chief Executive Officer

 

 

	
Agreed and accepted:
	 
	 	 
	 	 
	
/s/George P. Rose
	
July 17, 2001

	
George P. Rose
	
DateOctober 17, 2002

October 17, 2002

 
AGREEMENT Between

ALPHARMA AS

Harhitzallen 3

0275 Oslo

- (in the following referred to as "The Company")

And

Carl-Aake Carlsson

Born March 10, 1963

- (in the following referred to as "THE PRESIDENT")

1.      EMPLOYMENT

THE PRESIDENT, who has been employed by THE COMPANY in various positions since September 17, 1986, was appointed THE PRESIDENT For the Human Pharmaceuticals International Division and EXECUTIVE VICE PRESIDENT of ALPHARMA INC., September 1, 2001.

2.     SCOPE OF WORK

2.1.     It is the duty of THE PRESIDENT to apply his full capacity of work and all his abilities in the service of THE COMPANY and attend to the interests of THE COMPANY in the best way.

2.2     During his employment by THE COMPANY, THE PRESIDENT is not entitled to have any other position, employment or assignment - neither paid nor unpaid - without THE COMPANY's Chief Executive Officer's written consent.

2.3     It is the duty of THE PRESIDENT to keep his superior carefully informed about all conditions within his field of responsibility, which may be assumed to be of interest to THE COMPANY.

2.4     It is the duty of THE PRESIDENT loyally to comply with all guidelines and directions, which THE COMPANY might otherwise impose.

3.     SECRECY

3.1.     It is the duty of THE PRESIDENT during his employment by THE COMPANY and for a period of three years after termination of employment, to observe absolute secrecy about the conditions of THE COMPANY and about other information he may acquire as a consequence of this position, and which should not, in the nature of the circumstances, be brought to the knowledge of a third party.

 

4.     REMUNERATION

4.1.1.      THE PRESIDENT shall receive an annual salary as October 1, 2002 of NOK 2200.000, - per year with monthly payments in accordance with THE COMPANY's pay schedule.

4.1.2.     TILE PRESIDENT's salary will be reviewed for adjustment on April 1 of each year and at other times, based on special situations, as determined by THE COMPANY's Chief Executive Officer.

4.2.     THE PRESIDENT will be included in Alpharma Inc.'s prevailing incentive scheme at the President and Executive Vice President participation level, according to the rules established by Alpharma Inc.'s Compensation Committee of the Board of Directors.

4.3.     THE PRESIDENT will be included in Alpharma Inc.'s stock options scheme, and other similar long-term incentive schemes that may later be offered, at the President and Executive Vice President participation level, according to the rules established by Alpharma Inc.'s Compensation Committee of the Board of Directors.

4.4.      THE PRESIDENT will participate in THE COMPANY's Pension and Employee Insurance schemes according to THE COMPANY's Policies and Guidelines in Norway and prevailing Norwegian law.

4.5.     THE COMPANY will provide an automobile and related expenses according to THE COMPANY's policy and guidelines in Norway at THE PRESIDENT level.

4.6      THE COMPANY will pay for THE PRESIDENT's home telephone and cell phone expenses, and applicable expenses for business news and journals subscriptions.

4.7     The tax consequences for THE PRESIDENT arising out of the agreement shall be the responsibility of THE PRESIDENT.

 

5.     ABSENCE DUE TO SICKNESS

5.1.     Pay during sick leave will be according to THE COMPANY's Policies and Guidelines in Norway and prevailing Norwegian Law.

6.     WORKING HOURS AND VACATIONS

6.1.     THE PRESIDENT hereby agrees to work more than normal office hours (37.5 hours per week) as the salary mentioned in 5.1.1. covers all such work.

6.2.     THE PRESIDENT is entitled to vacation and paid holidays according to Norwegian Law ("Ferieloven") and guidelines of THE COMPANY. Vacation should be taken after agreement with THE COMPANY.

 

7.     EMPLOYMENT TERMINATION PROVISIONS

7.1.     Should either THE COMPANY wish to terminate THE PRESIDENT'S employment for any reason other than "for cause" or THE PRESIDENT wish to resign from THE COMPANY, both parties agree to provide the other with a 90 day notice period before such actions take effect.

7.2.     Should THE PRESIDENT's employment be terminated by THE COMPANY, for any reasons other than "for cause" or due to certain changes to THE COMPANY's ownership structure, THE PRESIDENT will receive 24 months of salary continuation plus the annual target incentive award amount . During the salary continuation period THE PRESIDENT will continue to receive automobile, telephone, insurance, pension contribution and other similar allowances that were being provided prior to the termination. Additionally, THE PRESIDENT's vested stock options will remain exercisable for 30 days following the termination date and all unvested stock options will be forfeited on the termination date.

7.3.     Should certain changes to Alpharma Inc.'s ownership structure occur ("Change of Control"), and for a two-year period following that change, THE PRESIDENT's position is subsequently eliminated without cause, or there is a diminution of job responsibilities or the PRESIDENT's job is relocated more than 50 miles away, then THE PRESIDENT will receive a total of 24 months salary continuation, target incentive award payments, automobile, telephone, insurance, pension contribution and other similar allowance. THE PRESIDENT's unvested stock options will become exercisable should a Change of Control and the subsequent changes to THE PRESIDENT's position occurs and, along with the currently vested stock options, will remain exercisable for the remaining stock option periods.

7.4.     If, at his own request, THE PRESIDENT obtains approval to be relieved of his duties prior to the retirement date, THE PRESIDENT's claims for salary, and other benefits and allowances from THE COMPANY shall lapse as from the actual date of termination.

8.     RETIREMENT

8.1.     THE PRESIDENT shall retire without notice at the end of the month in which THE PRESIDENT attains the required retirement age under Norwegian law.

 

9.     APPLICABLE LAW

9.1.     Any disagreements arising out of or in connection with this Agreement shall be resolved by the Norwegian Courts under the Norwegian law. Disputes, if any, shall be settled within the jurisdiction of the Norwegian law only.

10.   COPIES OF THE AGREEMENT

This present agreement has been drawn up in two signed copies, one of which be retained by THE COMPANY the other by THE PRESIDENT.

for THE COMPANY

 

/s/ Ingrid Wiik

Ingrid Wiik

President and Chief Executive Officer

 

THE PRESIDENT

 

/s/ Carl-Aake Carlsson

Carl-Aake Carlsson

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