Document:

Exhibit 10.34

 Exhibit 10.34 
 Summary of MeadWestvaco Corporation 2010 Long-Term Incentive Plan under 2005 
 Performance Incentive Plan, as amended 
 Under the MeadWestvaco Corporation Long-Term
Incentive Plan (the “Plan”), which is a part of the 2005 Performance Incentive Plan, the Compensation and Organization Development Committee (the “Committee”) of the Board of Directors awards each executive a long-term incentive
award that is payable entirely in equity, with no cash component. The size of each executive officer’s long-term incentive award is determined after review of external competitive market data, peer group and general industry trends. 

For 2010, approximately 50% of a senior executive’s long-term award is payable in the form of performance-accelerated restricted stock units
(“PARSUs”) and approximately 50% in the form of non-qualified stock options. 
 The PARSU award will be front loaded in an amount
approximating a three-year grant, with no future award of restricted stock units anticipated to be made in either 2011 or 2012. The PARSU includes retention features relating to the settlement of shares described below. PARSUs vest based on
continued service, a pre-established performance threshold level for earnings before interest and tax (“EBIT”) in 2010, 2011 or 2012, as well as on improvement in enterprise economic profit (“EP”) over a five-year period (January
1, 2010 to December 31, 2014). No PARSUs are eligible for vesting until after the second anniversary of the grant date. Beginning in 2012 (assuming the EBIT performance threshold is achieved), PARSUs may vest based on improvement in EP. PARSUs
that vest because of enterprise EP performance up to 125% of target will be settled and paid immediately after the close of the year in which earned. PARSUs earned because of performance above 125% of target will be deferred and settled at the end
of the five year performance period. If goals are not achieved within 5 years, no PARSUs vest. Vesting of PARSUs is also subject to a maximum payout of 200% of the original award with a performance driven threshold equal to 50% of the original
award. In the event of below target performance relative to improvement in EP, the Committee retains discretion to make smaller awards to reflect progress made towards target performance levels; provided that no award shall vest in the event of
performance below a threshold EBIT level to be achieved in either 2010, 2011 or 2012. During the vesting period, dividends on unvested restricted stock unit awards are credited to an executive’s award in the form of additional units, but are
only delivered when and to the extent that the underlying award vests. 
 EBIT is full year net sales less the cost of goods sold and selling,
general and administrative expenses, excluding interest income and expense, corporate income taxes, extraordinary items, discontinued operations, restructuring charges and certain one-time costs and the cumulative effect of accounting changes.

 Enterprise EP is a measure of performance that is defined as after-tax EBIT, less the company’s
weighted average cost of capital applied to the capital employed (net debt plus total equity) subject to certain adjustments. 
 Stock options
awarded under the plan generally are subject to a three-year pro rata vesting expiring on the third anniversary of the grant date. While there is no performance-based prerequisite to the vesting of stock options, in the event the market value of the
common stock does not appreciate over the exercise price, the options will have no value. The exercise price for stock options is not less than the “fair market value” of the common stock underlying the awards on the grant date. “Fair
market value” is defined as the closing price of such common stock as reflected on the New York Stock Exchange on the grant date and is a term and condition of all stock option awards approved by the Committee. No dividend rights attach to
non-qualified stock options. 
 Both awards of PARSUs and stock options are subject to automatic forfeiture in the event of termination for
gross misconduct and are subject to the company’s Recoupment Policy.Exhibit 10.35

 Exhibit 10.35 
 Summary of MeadWestvaco Corporation 2010 Annual Incentive Plan under 2005 
 Performance Incentive Plan, as amended 
 Under the MeadWestvaco Corporation Annual
Incentive Plan (the “Plan”), which is a part of the 2005 Performance Incentive Plan, the Compensation and Organization Development Committee (the “Committee”) of the Board of Directors annually awards each executive an annual
incentive award that is payable in cash. The size of each executive officer’s annual award is determined by application of his or her annual incentive target expressed as a percentage of base salary, which the Committee examines annually to
confirm that the target is reasonable when viewed against external competitive market data, peer group and general industry trends. 
 For 2010,
the Committee established a performance-based incentive pool for certain executive officers equal to a designated percentage of actual earnings before interest and tax (“EBIT”) achieved. EBIT is defined as full year net sales less the cost
of goods sold and selling, general and administrative expenses, excluding interest income and expense, corporate income taxes, extraordinary items, discontinued operations, restructuring charges and certain one-time costs and the cumulative effect
of accounting changes. 
 Funding of the performance-based incentive pool under this formula permits the Committee to pay annual cash incentives
to all executive officers based on the attainment of additional key financial and/or operational metrics. These additional objectives for executive officers are also set by the Committee, and generally include such goals as enterprise economic
profit (“EP”), defined as EBIT less the company’s weighted average cost of capital applied to total capital employed, (net debt plus total equity), subject to certain adjustments and EP actions, which include profitable revenue
growth, productivity, selling, general and administrative expense reduction and cash cycle improvement For each of these additional performance objectives, the Committee sets performance driven threshold, target and stretch payout levels reflecting
a suggested payout curve ranging from 50% of the target incentive to 200% of the target incentive. Annual incentives are subject to an individual maximum payout in accordance with the terms of the Plan. The Committee may adjust award values to
reflect progress made towards target performance levels for EP related goals, provided no awards are payable in the event the designated percentage for threshold EBIT (which funds the incentive pool) is not achieved. 
 Annual incentive awards are subject to the company’s Recoupment Policy.Amendment # 1 to the Employment Agmt - Dr. Leonard Bell

 Exhibit 10.2 
 AMENDMENT NO. 1 TO THE EMPLOYMENT AGREEMENT 
 This
AMENDMENT NO. 1 TO THE EMPLOYMENT AGREEMENT, dated as of December 23, 2009, is by and between Alexion Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Leonard Bell, M.D. (the “Employee”). 
 WHEREAS, the Company and Employee are parties to that certain Employment Agreement dated as of February 14, 2006 (the “Employment
Agreement”); 
 WHEREAS, the Company and the Employee desire to enter into Amendment No. 1 to the Employment Agreement; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the parties hereto agree as follows: 

 

	1.	To add to the following sentence to the end of Section 3(b) to read as follows: “Payment of the annual performance bonus will be made as soon as practicable
after the right to payment vests and in all events by March 15 of the calendar year following the calendar year in which the right to payment vests. For purposes of the foregoing sentence, a right to payment will be treated as having vested
when it is no longer subject to a substantial risk of forfeiture for purposes of Section 1.409A-1(d) of the Treasury Regulations.” 

  

	2.	To add to the following sentence to the end of Section 3(d) to read as follows: 

 “provided that (i) the amount of expenses eligible for reimbursement during any calendar year may not affect the expenses eligible for reimbursement in any other taxable year,
(ii) reimbursement is made not later than December 31 of the calendar year following the calendar year in which the expense was incurred, and (iii) the right to reimbursement is not subject to liquidation or exchange for any other
benefit.” 
  

	3.	The last sentence of Section 9(c)(i) shall be deleted and replaced with the following sentence: “Such Severance Payment will be paid to the Employee
immediately upon such Separation from Service in a cash lump sum. For purposes of this Agreement, the Severance Period shall be two years.” 

  

	4.	The first sentence of both Section 9(c)(ii) and 9(d)(ii) shall be amended to conclude with the following proviso: “provided that all such payments shall
comply with the reimbursement rules of Treasury Regulations Sections 1.409A-1(b)(9)(v) or 1.409A-3(i)(1)(iv).” 

  

	5.	To amend Sections 3(c), 6(a), 6(b), 9(c)(iii) and 9(d)(iii) to provide that following Change in Control under Section 3(c) and following termination pursuant to
Sections 6(a), 6(b), 9(c) and 9(d), all Time-Vesting Equity Awards granted to the Employee shall remain exercisable for such periods as provided under the terms of the Company’s applicable stock option or incentive plan and any individual award
agreements under which such stock options or equity awards were granted. 

  

 1 

	6.	To add Sections 9(g)and 9(h) to the Employment Agreement to read as follows: 

 “(g) Termination of Employment and Separation From Service. All references in the Agreement to termination of employment, a termination, retirement, cessation of employment, separation from service,
and correlative terms, that result in the payment or vesting of any amounts or benefits that constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code shall be construed to require a Separation
from Service, and the date of such termination in any such case shall be construed to mean the date of the Separation from Service.” 
 “(h) Payment to a “Specified Employee”: to the extent any payment hereunder that is payable by reason of termination of the Employee’s employment constitutes “nonqualified deferred compensation” subject to
Section 409A and would otherwise have been required to be paid during the six (6)-month period following such termination of employment, it shall instead (unless at the relevant time the Employee is no longer a Specified Employee) be delayed
and paid, without interest, in a lump sum on the date that is six (6) months and one day after the Employee’s termination (or, if earlier, the date of the Employee’s death).” 
  

	7.	To add Sections 14(d), 14(e) and 14(f) to the Employment Agreement to read as follows: 

 “(d) “Code” means the Internal Revenue Code of 1986, as amended.” 
 “(e) “Separation from Service” shall mean a “separation from service” (as that term is defined at
Section 1.409A-1(h) of the Treasury Regulations under Section 409A of the Code) from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single “service recipient” with the
Company under Section 1.409A-1(h)(3) of such Treasury Regulations. In the case of a separation from service due to disability, a separation from service will be determined pursuant to Section 1.409A-1(h)(1)(i) of the Treasury Regulations.
The Board of Directors or the Compensation Committee of the Board of Directors may, but need not, elect in writing, subject to the applicable limitations under Section 409A, any of the special elective rules prescribed in
Section 1.409A-1(h) of the Treasury Regulations for purposes of determining whether a “separation from service” has occurred. Any such written election shall be deemed part of the Agreement.” 
 “(f) “Specified Employee” shall mean an individual determined by the Board of Directors, Compensation Committee of the Board
of Directors or their delegate to be a specified employee as defined in subsection (a)(2)(B)(i) of Section 409A. The Committee may, but need not, elect in writing, subject to the applicable limitations under Section 409A, any of the
special elective rules prescribed in Section 1.409A-1(i) of the Treasury Regulations for purposes of determining “specified employee” status. Any such written election shall be deemed part of the Agreement.” 
  

 2 

	8.	To add Section 19(f) to the Employment Agreement to read as follows: 

 “This Agreement is intended to comply with the applicable requirements of Section 409A of the Code and shall be construed accordingly.” 
  

	9.	Unless otherwise specifically defined in this Amendment No. 1, each term used herein that is defined in the Employment Agreement shall have the meaning assigned to
such term in the Employment Agreement. 

  

	10.	Except as set forth expressly herein, all terms of the Employment Agreement shall remain in full force and effect without change. 

  

	11.	This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, and all of which, when taken together, shall constitute one and
the same instrument. 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1, effective as of
December 23, 2009. 
  

					
	ALEXION PHARMACEUTICALS, INC.
			
	By:	 	 	 	/s/ Thomas I.H. Dubin
		 	Name:	 	Thomas I.H. Dubin
		 	Title:	 	Senior Vice President and General Counsel
			
	By:	 	 	 	/s/ Leonard Bell
		 	Leonard Bell, M.D.

  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}]]