Document:

exv10w50

 

Exhibit 10.50

CONFIDENTIAL TREATMENT REQUESTED

BY LSI LOGIC CORPORATION

CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE STAFF
OF THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT
TO THE OMITTED PORTIONS. OMITTED INFORMATION HAS BEEN REPLACED BY [*].

 

	 	 	 
	Notice of Grant of Stock Options

	 	LSI LOGIC CORPORATION

ID: 94-2712976

1621 BARBER LANE

MILPITAS, CALIFORNIA 95035

 

	 	 	 
	Abhijit Y. Talwalkar

	 	Option Number:
	 

	 	Plan: 2003 Equity Incentive Plan

 

Effective June 1, 2005, you have been granted a nonstatutory stock option to buy 2,000,000 shares
of LSI LOGIC CORPORATION (the “Company”) common stock at an exercise price of $7.38 per share.

The total option price of the shares granted is $14,760,000.

The number of shares indicated in the table below are scheduled to become vested on the respective
dates shown below if and only if both: (1) the performance criteria shown below are satisfied and
(2) you continue to be an employee of the Company on each such date.

The latest this option will expire is the Expiration Date shown below; however, if your employment
with the Company is terminated, this option may expire sooner, as described in the attached Stock
Option Agreement (the “Agreement”). Capitalized terms that are not defined in this Notice of Grant
or the Agreement have the same meaning as in the referenced stock option plan.

Subject to the provisions of Section 3 of the Agreement, this option is scheduled to vest according
to the schedule set forth in this Notice of Grant assuming that the Company’s yearly performance
goals set forth below are met (with appropriate adjustments to be made for acquisitions and
divestitures). The targets listed below for the Company’s Annual Percentage Growth of Revenue and
Annual Operating Profit (“OP”) as Percentage of Revenue for a particular year and the Company’s
cumulative targets (with such cumulative targets through and including that year) for Percentage
Growth and Weighted Average OP Percentage must be met before any vesting occurs in that particular
year. “Annual Percentage Growth of Revenue” shall mean the percentage growth of Company revenue
year to year, starting with a [*] as projected at the May meeting of the Company’s Board of
Directors. OP shall be determined per the Company’s internal reporting standard [*]. “Cumulative
Percentage Growth” shall be determined per the cumulative percentage growth of Company revenue with
a [*] (and [*] at the May meeting of the Company’s Board of Directors). The “Cumulative

 

 

Weighted Average OP Percentage” shall be determined per the cumulative weighted average of OP as a
percentage of Company revenue beginning with [*].

If the Company’s performance goals are not met in a particular year and therefore there is no
vesting of the shares associated with such targets, then such shares shall vest in a subsequent
year if the cumulative goals for both revenue and weighted average of OP are met in a subsequent
year. By means of example only, if the Company does not achieve the Annual Percentage Growth of
Revenue Target in [*], then no shares shall vest on [*]. If [*] the Company then achieves the
Cumulative Percentage Growth and Cumulative Weighted Average OP Percentage [*], then the shares
originally scheduled to vest on [*] instead shall fully vest and become exercisable on [*]. The
vesting of shares described in the preceding sentence shall not affect the vesting of the shares
otherwise scheduled to vest on [*], which shares may or may not actually vest on such date,
depending on whether or not the [*] actually are met.

Any questions of interpretation and determination relating to the achievement of the performance
goals set forth in this Agreement (including, but not limited to, adjustments for any Company
mergers, acquisitions, dispositions or other transactions) shall be decided by the Compensation
Committee of the Company’s Board of Directors in its sole discretion.

In general, the Committee expects not to adjust the performance goals for acquisitions because in
all events, the Cumulative Weighted Average OP Percentage targets must be satisfied, whether or not
an acquisition occurs. The Committee expects to adjust the performance goals for any dispositions
that specifically are reported in the Company’s Securities and Exchange Commission filings or
described in a press release. In the event of such a disposition, an adjustment will be made to
remove historical revenue of the disposed business(es) for both the Annual and Cumulative Growth of
Revenue goals. For purposes of computing both the OP and Cumulative Weighted Average OP Percentage
targets, Operating Profit in the year of disposition will exclude profit or loss for the disposed
business(es). The Cumulative Weighted Average OP Percentage calculated through the year prior to
year of the disposition will remain unchanged and be weighted into the current year calculation
without historical adjustment. In the case of a disposition not described in the second sentence
of this paragraph, no adjustment will be made to the reported actual or historical results and the
applicable goals also will remain unchanged.

Notwithstanding the foregoing, any remaining unvested shares shall fully vest and become
exercisable on June 1, 2011, subject to your continued employment on such date.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Annual	 	 	 	Cumulative	 	Cumulative
	 	 	 	 	Percentage	 	Annual OP as	 	Percentage	 	Weighted
	 	 	Number of	 	Growth of	 	Percentage of	 	Growth of	 	Average OP
	Vesting Date	 	Shares	 	Revenue1	 	Revenue	 	Revenue	 	Percentage
	December 31, 2006
	 	666,666	 	[*]	 	[*]	 	[*]	 	[*]
	December 31, 2007
	 	666,667	 	[*]	 	[*]	 	[*]	 	[*]
	December 31, 2008
	 	666,667	 	[*]	 	[*]	 	[*]	 	[*]
	December 31, 2009
	 	—	 	[*]	 	[*]	 	[*]	 	[*]
	December 31, 2010
	 	—	 	[*]	 	[*]	 	[*]	 	[*]
	December 31, 2011
	 	Remaining unvested shares
	 	—	 	—	 	—	 	—

 

			
	1	 	The revenue growth percentage [*]

-2-

 

Expiration Date of Option: June 1, 2012

 

By your signature below, you agree that this option is granted under and governed by the terms and
conditions of the Agreement (and the stock option plan referenced therein), which is attached and
made a part of this document. You acknowledge that you have received, read and understand this
Notice of Grant, the Agreement and the referenced stock option plan, and that you have had an
opportunity to obtain the advice of counsel prior to signing below. You agree to accept as
binding, conclusive and final all decisions or interpretations of the Administrator regarding any
questions relating to the referenced stock option plan, this Notice of Grant and the Agreement.

 

	 	 	 
	/s/ Abhijit Y. Talwalkar                    

	 	August 9, 2005                    
	ABHIJIT Y. TALWALKAR

	 	DATE

-3-exv10w1

 

Exhibit 10.1

AMENDMENT NO. 2 TO JPPLP INTELLECTUAL PROPERTY TRANSFER

AND LICENSE AGREEMENT

This Amendment No. 2 (the “2nd JPPLP Amendment”) is made and entered into as of
May 12, 2005 by and between Janssen Pharmaceutica Products, L.P., a New Jersey limited partnership
having a principal place of business at 1123 Trenton-Harbourton Road, Titusville, New Jersey 08628
(hereinafter referred to as “JPPLP”) and Barrier Therapeutics, Inc., a Delaware corporation
having an address at 600 College Road East, Suite 3200, Princeton, New Jersey 08540 (hereinafter
referred to as “Barrier”).

WHEREAS, JPPLP and Barrier are parties to that certain Intellectual Property Transfer and License
Agreement dated May 6, 2002, as amended by an Amendment No. 1 between JPPLP and Barrier dated
September 7, 2004 (collectively, the “JPPLP Agreement”);

WHEREAS, Barrier and Johnson & Johnson Consumer Companies, Inc., an Affiliate of JPPLP
(“JJCC”), are parties to a certain Intellectual Property Transfer and License Agreement
between Barrier and JJCC dated May 6, 2002, as amended by an Amendment No. 1 between JJCC and
Barrier dated September 7, 2004 (collectively, the “JJCC Agreement”) under which Barrier obtained
exclusive rights to the ‘683 Product (as defined in the JJCC Agreement) containing ketoconazole;

WHEREAS, JPPLP and JJCC believe that neither the JPPLP Agreement nor the JJCC Agreement require
JPPLP or JJCC to provide Barrier with authorization to cross-reference JPPLP’s NDAs or INDs for
Barrier’s development of a Ketoconazole USP 2% Topical Gel;

WHEREAS, Barrier believes that one or both of the JPPLP Agreement and JJCC Agreement, require JPPLP
and/or JJCC to provide Barrier with authorization to cross-reference JPPLP’s NDAs or INDs for
Barrier’s development of a Ketoconazole USP 2% Topical Gel; and

WHEREAS, in order to amicably resolve this disagreement, JPPLP and Barrier desire to make further
modifications to the JPPLP Agreement pursuant to the terms of this 2nd JPPLP Amendment.

NOW, THEREFORE, in consideration of the above premises and the covenants contained herein, the
parties agree as follows:

1. Definitions. Capitalized terms used herein and not otherwise defined shall have the
meanings given to them in the JPPLP Agreement.

2. A new Section 3.3(g) is hereby added to the JPPLP Agreement to read in its entirety as follows:

 

 

     “(g) JPPLP shall provide Barrier with a letter authorizing the FDA (or if requested, Health
Canada) to reference the information contained in JPPLP’s NDA Nos. 19-927, 19-084, 19-576, 19-648
and 18-533, and IND 31,783 (and any foreign equivalents thereof in Canada) for preclinical,
clinical, and chemistry and manufacturing controls information on behalf of an IND No. 67,820 for
the Ketoconazole USP 2% Topical Gel set forth therein and the NDA (or DIN) in connection therewith.
Barrier acknowledges and agrees that JPPLP and its Affiliates have no further obligation to
provide any additional authorization to reference their NDAs or INDs for any other product
containing ketoconazole (other than Barrier’s combination product containing ketoconazole and
desonide).

3. Except as expressly amended herein, all terms and conditions of the JPPLP Agreement shall remain
in full force and effect.

4. All matters affecting the interpretation, validity, and performance of this JPPLP Amendment
shall be governed by the laws of the State of New York, USA, without regard to its choice or
conflict of law principles.

5. This 2nd JPPLP Amendment may be executed in one or more counterparts, each of which
shall for all purposes be deemed to be an original and all of which shall constitute the same
instrument. This 2nd JPPLP Amendment may be executed by facsimile signature which shall
have the same force and effect as the original signatures.

     IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have caused this
JPPLP Amendment to be executed by their duly authorized representatives as of the date first set
forth above.

JANSSEN PHARMACEUTICA PRODUCTS, L.P.

	 	 	 	 	 
	By:

	 	/s/ JANET VERGIS
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Print Name: Janet Vergis	 	 
	 
	 	 	 	 
	Print Title: President	 	 

BARRIER THERAPEUTICS, INC.

	 	 	 	 	 
	By:

	 	/s/ AL ALTOMARI
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Print Name: Al Altomari	 	 
	 
	 	 	 	 
	Print Title: Chief Commercial Officer	 	 

2

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