Document:

Exhibit
10.15

 

RESTRICTED STOCK AWARD AGREEMENT

 

THIS
RESTRICTED STOCK AWARD AGREEMENT (“Agreement”),
dated as of                        
(“Grant Date”), is entered into between
NovaMed, Inc., a Delaware corporation (the “Company”),
and                                   
(“Participant”), an employee of NovaMed Management Services, LLC, a
Delaware limited liability company (“Employer”),
a wholly owned subsidiary of the Company.

 

RECITALS:

 

WHEREAS, the Company has adopted the NovaMed, Inc.
2005 Stock Incentive Plan  (the “Plan”); and

 

WHEREAS, pursuant to the Plan the Company desires
to grant to the Participant shares of its Common Stock, $0.01 par value per
share (“Shares”), subject to certain
restrictions set forth in this Agreement, effective as of the Grant Date;

 

WHEREAS, the Committee has duly made all
determinations necessary or appropriate to the grants hereunder.

 

NOW,
THEREFORE, in
consideration of the premises and the mutual covenants set forth in this
Agreement and for other good and valuable consideration, the receipt of which
is hereby acknowledged, the parties agree as follows:

 

1.             Definitions. 
Any capitalized term used in this Agreement that is not defined in this
Agreement will have the same meaning as that given to it in the Plan.

 

2.             Grant of Restricted Stock.

 

(a)           Subject to the terms and conditions of
the Plan, and the additional terms and conditions set forth in this Agreement,
the Company hereby grants to Participant, as a matter of separate agreement and
not in lieu of salary or any other compensation for services,                               
(                    )
Shares (the “Restricted Stock”).

 

(b)           Except
as provided in Section 2(c), until the
Participant incurs a Termination of Employment, (i) one-eighth (1/8) of
the Restricted Stock will vest on the six month anniversary of the Grant Date  and (ii) an additional three-forty-eighths (3/48ths)
of the Restricted Stock will vest on each subsequent three month anniversary of
the Grant Date, until fully vested.  Upon
the Participant’s Termination of Employment for any reason, all unvested shares
of Restricted Stock shall be cancelled and forfeited except as provided in Section 2(c).

 

(c)           Notwithstanding Section 2(b),
all of the Restricted Stock shall become vested immediately upon a Change in
Control if the Participant is employed by the Company at the time of such
Change in Control.

 

1

 

3.             Certificates. 
Shares of Restricted Stock awarded under Section 2 will be
evidenced by one or more certificates bearing a legend referring to the terms,
conditions and restrictions applicable to such Restricted Stock.  The Company will retain physical possession
of such certificates, and Participant shall be required upon demand to execute
and deliver one or more stock powers to the Company, endorsed in blank,
relating to such shares or Restricted Stock for so long as such shares remain
unvested and subject to a risk of forfeiture. 
Neither unvested shares of Restricted Stock, nor the right to vote such
shares and receive dividends thereon, may be sold, assigned, transferred,
exchanged, pledged, hypothecated or otherwise encumbered; provided, however,
that Participant may grant to another person a revocable proxy to vote unvested
shares of Restricted Stock at a Company stockholder meeting.

 

4.             Rights.  Participant
will have full voting rights with respect to shares of Restricted Stock issued
hereunder.  Participant will be entitled
to receive dividends on shares of Restricted Stock if and when dividends are
payable on Shares to shareholders of record after the Grant Date; provided, however, that any
dividends with respect to unvested shares of Restricted Stock will be subject
to forfeiture and held by the Company in escrow or constructive trust for the
Participant.  Any such dividends held in
escrow or constructive trust (i) will be forfeited immediately if the
shares of unvested Restricted Stock to which they are attributable are
forfeited and (ii) will cease to be subject to forfeiture when the shares
of Restricted Stock to which they are attributable become vested and be paid to
the Participant, subject to withholding, within ten days after the applicable
vesting date.  Dividends held by the
Company in escrow or constructive trust for the Participant may be commingled
with the general assets of the Company until paid.

 

5.             Delivery and Withholding. 
Subject to satisfaction of any tax withholding obligation as described
below, shares of Restricted Stock that are no longer subject to forfeiture will
be transferred and delivered to Participant as soon as practicable after the
date on which they vest in accordance with Section 2(b).  Upon the vesting of shares of Restricted
Stock, the prohibition against the sale or transfer of such shares will be
lifted and such shares may be treated as any other Shares, subject to any
restrictions on transfer that may be applicable under federal securities
laws.  In the absence of an effective
election under Section 83(b) of the Code, the payment to Participant
and transfer of such shares of Restricted Stock upon vesting will be subject to
withholding by the Company of amounts sufficient to cover withholding
obligations applicable to such payment and transfer.  In the event that any required tax
withholding upon the settlement of such Restricted Stock exceeds Participant’s
regular compensation available to satisfy such withholding, Participant agrees
to remit to the Company, as a condition of settlement of the Restricted Stock,
such additional amounts as are necessary to satisfy such required
withholding.  Any withholding obligation
may be settled either in cash or with Shares, including by withholding Shares
that are otherwise deliverable hereunder upon vesting of Restricted Stock.

 

6.             Plan. 
Participant hereby acknowledges receipt of a copy of the Plan.  Notwithstanding any other provision of this
Agreement, the Restricted Stock is granted pursuant to the Plan, as in effect
on the date of the Agreement, and is subject to the terms and conditions of the
Plan, as the same may be amended from time to time; provided, however, that
except as otherwise provided by the Plan no amendment to either the Plan or
this Agreement will deprive the Participant, without the Participant’s consent,
of any shares of Restricted Stock or of Participant’s

 

2

 

rights under this
Agreement.  The interpretation and
construction by the Committee of the Plan, this Agreement, the Restricted
Stock, and such rules and regulations as may be adopted by the Committee
for the purpose of administering the Plan, will be final and binding upon the
Participant.

 

7.             No Employment Rights. 
No provision of this Agreement or of the Restricted Stock will give
Participant any right to continue in the employ of the Company or any of its Affiliates, create
any inference as to the length of employment of the Participant, affect the
right of the Company or its Affiliates to terminate the employment of the
Participant, with or without Cause, or give Participant any right to
participate in any employee welfare or benefit plan or other program (other
than the Plan) of the Company or any of its Affiliates.

 

8.             Changes in Company’s
Capital or Organizational Structure.  The existence
of the Restricted Stock shall not affect in any way the right or authority of
the Company or its shareholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the Company’s capital
structure or its business, or any merger or consolidation of the Company, or
any issue of preferred Shares ahead of or affecting the Shares or the rights
thereof, or the dissolution or liquidation of the Company, or any sale or
transfer of all or any part of its assets or business, or any other act or
proceeding, whether of a similar character or otherwise.

 

9.             Delays. 
In accordance with the terms of the Plan, the Company shall have the
right to suspend or delay any time period prescribed in this Agreement or in
the Plan for any action if the Committee shall determine that the action may
constitute a violation of any law or result in any liability under any law to
the Company, an Affiliate or a shareholder in the Company until such time as
the action required or permitted will not constitute a violation of law or
result in liability to the Company, an Affiliate or a shareholder of the
Company.

 

10.          Governing Law; Construction. 
This Agreement and the Restricted Stock will be governed by, and
construed and enforced in accordance with, the laws of the State of Illinois
without regard to conflicts of law principles. 
Common nouns and pronouns shall be deemed to refer to the masculine,
feminine, neuter, singular and plural, as the context requires.

 

11.          Entire Agreement. 
This Agreement, together with the Plan and any other agreements
incorporated herein by reference, constitutes the entire obligation of the
parties with respect to the subject matter of this Agreement and supersedes any
prior written or oral expressions of intent or understanding with respect to
such subject matter.

 

12.          Amendment.  Any amendment
to this Agreement must be in writing and signed by the Company.

 

13.          Waiver; Cumulative Rights. 
The failure or delay of either party to require performance by the other
party of any provision of this Agreement will not affect its right to require
performance of such provision unless and until such performance has been waived
in writing.  Each right under this
Agreement is cumulative and may be exercised in part or in whole from time to
time.

 

3

 

14.          Counterparts.  This
Agreement may be signed in two counterparts, each of which will be an original,
but both of which will constitute one and the same instrument.

 

15.          Notices.  Any notices
required or permitted under this Agreement must be in writing and may be
delivered personally or by mail, postage prepaid, addressed to (a) the
Company at 980 North Michigan Avenue, Suite 1620, Chicago, Illinois  60611, 
Attention: General Counsel and (b) the Participant at the
Participant’s address as shown on the Company’s payroll records, or to such
other address as the Participant, by notice to the Company, may designate in
writing from time to time.

 

16.          Headings.  The headings
in this Agreement are for reference purposes only and will not affect the
meaning or interpretation of this Agreement.

 

17.          Severability.  If any
provision of this Agreement is for any reason held to be invalid or
unenforceable, such invalidity or unenforceability will not affect any other
provision of this Agreement, and this Agreement will be construed as if such
invalid or unenforceable provision were omitted.

 

18.          No Strict Construction. 
The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rule of
strict construction will be applied against any party.

 

19.          Remedies.  Each of the
parties to this Agreement will be entitled to enforce its rights under this
Agreement specifically, to recover damages by reason of any breach of any
provision of this Agreement, and to exercise all other rights existing in its
favor.  The Participant agrees and
acknowledges that money damages will not be an adequate remedy for any breach
of the provisions of this Agreement and that the Company will be entitled to
specific performance and injunctive relief in order to enforce or prevent any
violations of the provisions of this Agreement.

 

20.          Successors and Assigns. 
This Agreement will inure to the benefit of and be binding upon each
successor and assign of the Company.  All
obligations imposed upon the Participant or a representative, and all rights
granted to the Company under this Agreement, will be binding upon the
Participant’s or the representative’s heirs, legal representatives and
successors.

 

21.          Tax Consequences.             The
Participant agrees to determine and be responsible for all tax consequences to
the Participant with respect to the Restricted Stock.

 

22.          Restrictive Covenants.
By signing this Agreement, Participant agrees, and the Company agrees, to be
bound by the terms of the various covenants (the “Restrictive Covenants”)
contained in Annex A hereto. 
Nothing contained in this Agreement shall limit the Company’s or
Employer’s right to protect its legitimate business interests, including, but
not limited to, its trade secrets or confidential information, or to enforce
any agreements with its employees, former employees or third parties,
including, without limitation any employment agreement between Employer and
Participant.  In addition, nothing
contained herein shall be construed as prohibiting the Company or Employer from
pursuing any other remedies available to it for a breach or 

 

4

 

threatened
breach of any of the Restrictive Covenants, including the recovery of any
damages which it is able to prove.

 

* * * *

 

5

 

IN WITNESS WHEREOF, the Company and the Participant have executed this
Agreement as of the date first written above.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  NOVAMED, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [name]

  

 

6

 

Annex A

 

RESTRICTIVE
COVENANTS

 

1. Participant’s
Acknowledgment.  Participant acknowledges that:

 

(a)           The
Company is engaged in the business of:  (i) owning,
operating and/or managing ambulatory surgery centers and other outpatient
surgical facilities, optical dispensaries, wholesale optical laboratories, an
optical supplies and equipment purchasing organization, and a marketing
services and products company that provides marketing services and products to
eye care providers as well as marketing and lead-tracking software, websites,
call center services and other marketing services to health care providers and
manufacturers; and (ii) providing comprehensive services to eye care
providers and businesses ancillary thereto, including, without limitation,
providing financial, administrative, information technology, marketing and
managed care services and ophthalmic surgical equipment to ophthalmic and
optometric providers (collectively, the “Business”);

 

(b)           the
Company is and will be engaged in the Business during the Participant’s
employment with the Company and thereafter;

 

(c)           Participant
is one of a limited number of persons who will be developing the Business;

 

(d)           Participant
will occupy a position of trust and confidence with the Company after the date
of this Agreement, and during such period and Participant’s employment,
Participant will become familiar with the Company’s trade secrets and with
other proprietary and confidential information concerning the Company and the
Business;

 

(e)           the
agreements and covenants contained in this Annex A are
essential to protect the Company and the goodwill of the Business and are a
condition precedent to the Company entering into this Agreement;

 

(f)            Participant’s
employment with the Company has special, unique and extraordinary value to the
Company and the Company would be irreparably damaged if Participant were to
provide services to any person or entity in violation of the provisions of this
Agreement;

 

(g)           Participant
has means to support himself or herself and his or her dependents other than by
engaging in the Business, or a business similar to the Business, and the
provisions of this Annex A will
not impair such ability; and

 

(h)           for
purposes of this Annex A, the term “Company” shall
include the Company, the Employer and any of their respective subsidiaries and
affiliates.

 

2. Non-Compete.  Participant hereby agrees that for a period
commencing on the date hereof and ending on the date of termination of his or
her employment with the Company (the “Termination Date”),
and thereafter, through the later of (a) the
period ending on the first anniversary of the Termination Date or (b) as
applicable, the period ending at the conclusion of 

 

7

 

the Severance Period as defined in the Participant’s employment agreement
(collectively, the  “Restrictive
Period”), Participant shall not, directly or indirectly, as
employee, agent, consultant, stockholder, director, co-partner or in any other
individual or representative capacity, own, operate, manage, control, engage
in, invest in or participate in any manner in, act as a consultant or advisor
to, render services for (alone or in association with any person, firm,
corporation or entity), or otherwise assist any person or entity (other than
the Company) that engages in or owns, invests in, operates, manages or controls
any venture or enterprise that directly or indirectly engages or proposes to
engage in any element of the Business anywhere within a 100-mile radius of the
Chicago metropolitan area or within a 100-mile radius of any area (or in the
event such area is a major city, the metropolitan area relating to such city)
in which the Company on the Termination Date engages in any element of the
Business (the “Territory”); provided, however,
that nothing contained herein shall be construed to prevent Participant from
investing in the stock of any competing corporation listed on a national
securities exchange or traded in the over-the-counter market, but only if
Participant is not involved in the business of said corporation and if
Participant and his or her associates (as such term is defined in Regulation 14(A) promulgated
under the Securities Exchange Act of 1934, as in effect on the date hereof),
collectively, do not own more than an aggregate of 3% of the stock of such
corporation.  With respect to the
Territory, Participant specifically acknowledges that the Company intends to
expand the Business into and throughout the United States.

 

3. Interference
with Relationships.  Without limiting the generality of the
provisions of Section 2 hereof, Participant
hereby agrees that, during the Restrictive Period, Participant will not,
directly or indirectly, solicit or encourage, or participate as employee,
agent, consultant, stockholder, director, partner or in any other individual or
representative capacity, in any business which solicits or encourages (a) any
person, firm, corporation or other entity which has executed, or proposes to
execute, a management services agreement or other services agreement with the
Company at any time during the term of this Agreement, or from any successor in
interest to any such person, firm, corporation or other entity, for the purpose
of securing business or contracts related to any element of the Business, or (b) any
present or future customer or patient of the Company or any of its affiliated
practices or facilities to terminate or otherwise alter his, her or its
relationship with the Company or such affiliated practice or facility;
provided, however, that nothing contained herein shall be construed to prohibit
or restrict Participant from soliciting business from any such parties on
behalf of the Company in performance of his or her duties as an employee of the
Company, and, as applicable, duties required under and as specifically
contemplated by Section 1.2 of his or her
employment agreement with the Company. 
In addition, at all times from and after the Termination Date, Participant
shall not contact or communicate in any manner with any of the Company’s
suppliers or vendors, or any other third party providing services to the
Company, regarding the Company or any Company-related matter (which suppliers,
vendors or third party service providers will include, without limitation, any
third party with whom the Company was, during the term of Participant’s
employment with the Company, contemplating engaging, or negotiating with, for
the future provision of products or services).

 

4. Nonsolicitation.  Other than in the performance of his or her
duties hereunder, during the Restrictive Period, Participant shall not,
directly or indirectly, as employee, agent, consultant, stockholder, director,
co-partner or in any other individual or representative capacity, employ or 

 

8

 

engage, recruit or
solicit for employment or engagement, any person who is or becomes employed or
engaged by the Company or any of its affiliated practices during the Restrictive
Period, or otherwise seek to influence or alter any such person’s relationship
with the Company.

 

5. Confidential
Information.  Other than in the performance of his or her
duties hereunder, during the Restrictive Period and thereafter, Participant shall
keep secret and retain in strictest confidence, and shall not, without the
prior written consent of the Company, furnish, make available or disclose to
any third party or use for the benefit of himself or herself or any third
party, any Confidential Information.  As
used in this Agreement, “Confidential Information”
shall mean any information relating to the business or affairs of the Company
or the Business, including but not limited to any technical or non-technical
data, formulae, compilations, programs, devices, methods, techniques, designs,
processes, procedures, improvements, models, manuals, financial data,
acquisition strategies and information, information relating to operating
procedures and marketing strategies, and any other proprietary information used
by the Company in connection with the Business, irrespective of its form;
provided, however, that Confidential Information shall not include any
information which is in the public domain or becomes known in the industry
through no wrongful act on the part of Participant.  Participant acknowledges that the
Confidential Information is vital, sensitive, confidential and proprietary to
the Company.

 

6.  Inventions
and Discoveries.

 

(a) Participant
understands and agrees that all inventions, discoveries, ideas, improvements,
whether patentable, copyrightable or not, pertaining to the Business of the
Company or relating to the Company’s actual or demonstrably anticipated
research, development or inventions (collectively, “Inventions
and Discoveries”) that result from any work performed by Participant
solely or jointly with others for the Company which Participant, solely or
jointly with others, conceives, develops, or reduces to practice during the
course of Participant’s employment with the Company, are the sole and exclusive
property of the Company.  Participant
will promptly disclose all such matters to the Company and will assist the
Company in obtaining legal protection for Inventions and Discoveries.  Participant hereby agrees on behalf of himself
or herself, his or her executors, legal representatives and assignees that
Participant will assign, transfer and convey to the Company, its successors and
assigns the Inventions and Discoveries.

 

(b) THE
COMPANY AND PARTICIPANT ACKNOWLEDGE AND AGREE THAT SECTION 6(a) SHALL
NOT APPLY TO AN INVENTION OF PARTICIPANT FOR WHICH NO EQUIPMENT, SUPPLIES,
FACILITY OR TRADE SECRET INFORMATION OF THE COMPANY WAS USED AND WHICH WAS
DEVELOPED ENTIRELY ON PARTICIPANT’S OWN TIME, UNLESS (A) THE INVENTION
RELATED (I) TO THE BUSINESS OF THE COMPANY OR (II) TO THE COMPANY’S
ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT, OR (B) THE
INVENTION RESULTS FROM ANY WORK PERFORMED BY PARTICIPANT FOR THE COMPANY.  PARTICIPANT AND THE COMPANY FURTHER
ACKNOWLEDGE AND AGREE THAT SECTION 6(a) SHALL
NOT APPLY TO ANY INVENTIONS OR WORK PRODUCT DEVELOPED OR VESTED BY PARTICIPANT
PRIOR TO THE EFFECTIVE DATE.

 

9

 

(c) PARTICIPANT
ACKNOWLEDGES THAT PARTICIPANT HAS READ THIS SECTION 6
AND FULLY UNDERSTANDS THE LIMITATIONS WHICH IT IMPOSES UPON HIM OR
HER AND HAS RECEIVED A DUPLICATE COPY OF THIS AGREEMENT FOR HIS OR HER RECORDS.

 

7. Blue-Pencil.  If any court of competent jurisdiction shall
at any time deem the term of this Agreement or any particular Restrictive
Covenant (as defined) too lengthy or the Territory too extensive, the other
provisions of this Annex A shall
nevertheless stand, the Restrictive Period herein shall be deemed to be the
longest period permissible by law under the circumstances and the Territory
herein shall be deemed to comprise the largest territory permissible by law
under the circumstances.  The court in
each case shall reduce the time period and/or Territory to permissible duration
or size.

 

8. Remedies.  Participant acknowledges and agrees that the
covenants set forth in this Annex A (collectively,
the “Restrictive Covenants”) are reasonable
and necessary for the protection of the Company’s business interests, that
irreparable injury will result to the Company if Participant breaches any of
the terms of said Restrictive Covenants, and that in the event of Participant’s
actual or threatened breach of any such Restrictive Covenants, the Company will
have no adequate remedy at law. 
Participant accordingly agrees that in the event of any actual or
threatened breach by him or her of any of the Restrictive Covenants, the
Company shall be entitled to immediate temporary injunctive and other equitable
relief, without bond and without the necessity of showing actual monetary
damages, subject to hearing as soon thereafter as possible.  Nothing contained herein shall be construed
as prohibiting the Company from pursuing any other remedies available to it for
such breach or threatened breach, including the recovery of any damages which
it is able to prove.

 

9. Covenant
Not to Disparage.  During the Restrictive Period and thereafter,
Participant shall not disparage, denigrate or derogate in any way, directly or
indirectly, any of the Company, its agents, officers, directors, employees,
parent, subsidiaries, affiliates, affiliated practices, affiliated doctors,
representatives, attorneys, executors, administrators, successors and assigns
(collectively, the “Protected Parties”),
nor shall Participant disparage, denigrate or derogate in any way, directly or
indirectly, his or her experience with any Protected Party, or any actions or
decisions made by any Protected Party.

 

*   *   *  
*   *

 

10Exhibit 10.21

 

PONIARD PHARMACEUTICALS, INC.

AMENDED AND RESTATED 2004 INCENTIVE COMPENSATION PLAN

 

RESTRICTED STOCK UNIT AWARD NOTICE

 

Poniard Pharmaceuticals, Inc. (the “Company”)
hereby grants to you (“Participant”)
a Restricted Stock Unit Award (the “Award”).  The Award is subject to all the terms and
conditions set forth in this Restricted Stock Unit Award Notice (the “Award Notice”) and the Restricted
Stock Unit Award Agreement (the “Agreement”)
and the Poniard Pharmaceuticals, Inc. Amended and Restated 2004 Incentive
Compensation Plan (the “Plan”),
which are incorporated into the Award Notice in their entirety.

 

	
  Participant:

  	
   

  	
  Ron
  Martell

  
	
   

  	
   

  	
   

  
	
  Grant
  Date:

  	
   

  	
  October 6,
  2009

  
	
   

  	
   

  	
   

  
	
  Number
  of Restricted Stock Units Subject to Award (the “Units”):

  	
   

  	
  

  100,000

  
	
   

  	
   

  	
   

  
	
  Vesting
  Schedule:

  	
   

  	
  The Award will vest twenty-five percent (25%) on each of the four
  anniversaries of the Grant Date, subject to your continued employment or
  service to the Company on each anniversary date; provided, however, that the
  annual vesting on the next occurring anniversary(ies) will be accelerated
  such that (a) up to fifty percent (50%) of the Award will be vested upon
  the first achievement of a Milestone Event (as defined in the Agreement) and
  (b) thereafter one hundred percent (100%) of the Award will be vested
  upon the achievement of the second Milestone Event. The Award will become
  fully vested immediately prior to a Corporate Transaction. An example of this
  vesting is set forth in the Agreement.

  

 

Additional Terms/Acknowledgement: 
You acknowledge receipt of, and understand and agree to, the Award
Notice, the Agreement and the Plan.  You
further acknowledge that as of the Grant Date, the Award Notice, the Agreement
and the Plan set forth the entire understanding between you and the Company regarding
the Award and supersede all prior oral and written agreements on the
subject.  In addition to the Award
Notice, please also sign and return the attached Election Regarding Tax
Withholding to the Company by no later than January 6, 2010.

 

	
  PONIARD PHARMACEUTICALS, INC.

  	
   

  	
  PARTICIPANT

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ GREGORY WEAVER

  	
   

  	
  /s/ RONALD A. MARTELL

  
	
   

  	
  Its: Chief Financial Officer and Senior Vice President

  	
   

  	
  Ronald A. Martell

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attachments: 

  	
   

  	
   

  
	
  1. Agreement 

  	
   

  	
   

  
	
  2. Election Regarding Tax Withholding 

  	
   

  	
   

  
	
  3. Plan Summary for the Plan

  	
   

  	
   

  

 

 

PONIARD PHARMACEUTICALS, INC.

AMENDED AND RESTATED 2004 INCENTIVE COMPENSATION PLAN

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

Pursuant to your Restricted Stock Unit Award
Notice (the “Award Notice”) and this
Restricted Stock Unit Award Agreement (this “Agreement”),
Poniard Pharmaceuticals, Inc. (the “Company”)
has granted you a Restricted Stock Unit Award (the “Award”)
under its Amended and Restated 2004 Incentive Compensation Plan (the “Plan”) for the number of Restricted
Stock Units indicated in your Award Notice. 
Capitalized terms not explicitly defined in this Agreement or the Award
Notice but defined in the Plan have the same definitions as in the Plan.

 

The details of the Award are as
follows:

 

1.                                      Definition of Milestone
Event

 

For purposes of the Award, “Milestone Event” means either of the
following events that the Company achieves during your employment or service to
the Company: (a) a transaction in which the Company grants an unrelated
third party(ies) the exclusive rights for the United States and Europe to sell,
or co-promote with the Company, Picoplatin for all indications in exchange for
payments to the Company consisting of upfront and milestone payments and
royalties and/or profit sharing or (b) FDA approval of the Company’s NDA
for Picoplatin.

 

Satisfaction of each Milestone Event will be determined independently
of the other.  The Equity Awards
Subcommittee of the Compensation Committee of the Board retains the discretion
to determine achievement of Milestone Events and any such determinations will
be binding on you.

 

2.                                      Vesting

 

The Award will vest as set forth in the Award Notice (the “Vesting Schedule”).

 

By way of example, in the event that thirteen (13) months after the
Grant Date a Milestone Event is achieved and the second Milestone Event is
never achieved, the Award will vest as follows: 
one (1) year anniversary of the Grant Date — twenty-five percent
(25%); thirteen (13) months after the Grant Date — fifty percent (50%); second
(2nd) anniversary of the Grant Date — no additional vesting; third (3rd)
anniversary of the Grant Date — seventy-five percent (75%); and fourth (4th)
anniversary of the Grant Date — one hundred percent (100%).  If, in the preceding example, the first
Milestone Event was achieved more than two (2) years after the Grant Date,
then no accelerated vesting will occur because the Award was fifty percent
(50%) vested at the second (2nd) anniversary of the Grant Date.

 

One share of the Company’s Common Stock will be issuable for each
Restricted Stock Unit that vests. 
Restricted Stock Units that have vested and are no longer subject to

 

 

forfeiture according to the Vesting Schedule are referred to herein as
“Vested Units.”  Restricted Stock Units that have not vested
and remain subject to forfeiture under the Vesting Schedule are referred to
herein as “Unvested Units.”  The Unvested Units will vest (and to the
extent so vested cease to be Unvested Units remaining subject to forfeiture) in
accordance with the Vesting Schedule (the Unvested and Vested Units are
collectively referred to herein as the “Units”).

 

As soon as practicable after Unvested Units become Vested Units, but in
no event later than 45 days after vesting, the Company will settle the Vested
Units by issuing to you one share of the Company’s Common Stock for each Vested
Unit.

 

3.                                      Automatic
Forfeiture of Units upon Termination of Employment or Service

 

If you terminate employment or service to the Company for any reason,
including by reason of death, disability or retirement, or if the Company
terminates your employment or service for any reason, any Unvested Units will
automatically be forfeited to the Company without payment of any consideration
to you.  You will have no further rights,
and the Company will have no further obligations to you, with respect to such
Unvested Units.

 

4.                                      Corporate
Transaction

 

In the event of a Corporate Transaction, any Unvested Units will
accelerate in vesting and become Vested Units immediately prior to such
Corporate Transaction.

 

5.                                      Securities Law
Compliance

 

5.1                               You represent and
warrant that you (a) have been furnished with a copy of the Plan and the
prospectus for the Plan and all information which you deem necessary to
evaluate the merits and risks of receipt of the Award, (b) have had the
opportunity to ask questions and receive answers concerning the information
received about the Award and the Company, and (c) have been given the
opportunity to obtain any additional information you deem necessary to verify
the accuracy of any information obtained concerning the Award and the Company.

 

5.2                               You hereby agree that
you will in no event sell or distribute all or any part of the Company’s Common
Stock that you may receive pursuant to settlement of the Units (the “Shares”) unless (a) there is an
effective registration statement under the Securities Act of 1933, as amended
(the “Securities Act”), and
applicable state securities laws covering any such transaction involving the
Shares or (b) the Company receives an opinion of your legal counsel (concurred
in by legal counsel for the Company) stating that such transaction is exempt
from registration or the Company otherwise satisfies itself that such
transaction is exempt from registration. 
You understand that the Company has no obligation to you to register the
Shares with the Securities and Exchange Commission and has not represented to
you that it will so register the Shares.

 

2

 

5.3                               You
confirm that you have been advised, prior to your receipt of the Shares, that
neither the offering of the Shares nor any offering materials have been
reviewed by any administrator under the Securities Act or any other applicable
securities act (the “Acts”) and
that the Shares cannot be resold unless they are registered under the Acts or
unless an exemption from such registration is available.

 

5.4                               You hereby agree to
indemnify the Company and hold it harmless from and against any loss, claim or
liability, including attorneys’ fees or legal expenses, incurred by the Company
as a result of any breach by you of, or any inaccuracy in, any representation,
warranty or statement made by you in this Agreement or the breach by you of any
terms or conditions of this Agreement.

 

6.                                      Transfer
Restrictions

 

The Units may not be sold, transferred, assigned, encumbered, pledged
or otherwise disposed of, whether voluntarily or by operation of law.

 

7.                                      No Rights as
Shareholder

 

You will not have any voting or other rights as a shareholder of the
Company with respect to the Units.

 

8.                                      Independent Tax
Advice

 

You acknowledge that determining the actual tax consequences to you of
receiving or disposing of the Units and Shares may be complicated.  These tax consequences will depend, in part,
on your specific situation and may also depend on the resolution of currently
uncertain tax law and other variables not within the control of the
Company.  You are aware that you should
consult a competent and independent tax advisor for a full understanding of the
specific tax consequences to you of receiving the Units and receiving or
disposing of the Shares.  Prior to
executing this Agreement, you either have consulted with a competent tax
advisor independent of the Company to obtain tax advice concerning the receipt
of the Units and the receipt or disposition of the Shares in light of your
specific situation or you have had the opportunity to consult with such a tax
advisor but chose not to do so.

 

9.                                      Book
Entry Registration of Shares

 

The Company will issue the Shares by registering the Shares in book
entry form with the Company’s transfer agent in your name and the applicable
restrictions will be noted in the records of the Company’s transfer agent and
in the book entry system.

 

10.                               Withholding

 

10.1                        You
are ultimately responsible for all taxes owned in connection with this Award
(e.g., at vesting and/or upon receipt of the Shares), including any domestic or
foreign tax withholding obligation required by law, whether national, federal,
state or local, including FICA or any other social tax obligation (the “Tax Withholding Obligation”),
regardless of

 

3

 

any action the Company or any Related Corporation takes with respect to
any such Tax Withholding Obligation that arises in connection with this
Award.  The Company may refuse to issue
any Shares to you until you satisfy the Tax Withholding Obligation.

 

10.2                        In
connection with your acceptance of this Agreement, you may elect no later than three (3) months from the Grant
Date of the Award to satisfy your Tax Withholding Obligation by delivery of
cash or check payable to the Company in an amount that the Company determines
is sufficient to satisfy the Tax Withholding Obligation.  This Tax Withholding Obligation generally
will be due each time a portion of the Award vests.  If you elect to pay the Tax Withholding
Obligation by cash or check, Section 10.3 will not apply to your
Award.  You may make this election on the
Election Regarding Tax Withholding attached to this Agreement as Exhibit A.

 

10.3                        If you do not elect to pay Tax
Withholding Obligations by cash or check within three
(3) months from the Grant Date of the Award, in order to
satisfy your obligations set forth in Section 10.1, you hereby irrevocably
appoint any brokerage firm acceptable to the Company for such purpose (the “Agent”) as your Agent, and authorize
the Agent, to:

 

(a)                                  Sell on the
open market at the then prevailing market price(s), on your behalf, as soon as
practicable on or after the settlement date for any Vested Unit, the minimum
number of Shares (rounded up to the next whole number) sufficient to generate
proceeds to cover the withholding taxes that you are required to pay pursuant
to Section 10.1 upon the settlement of a Vested Unit and all applicable
fees and commissions due to, or required to be collected by, the Agent;

 

(b)                                 Remit directly
to the Company the cash amount necessary to cover the payment of all taxes
required to be withheld with respect to the settlement of a Vested Unit, as of
such date;

 

(c)                                  Retain the
amount required to cover all applicable fees and commissions due to, or
required to be collected by, the Agent, relating directly to the sale of Shares
referred to in clause (a) above; and

 

(d)                                 Remit any
remaining funds to you.

 

If you make this election under Section 10.3, you hereby represent
and warrant that as of the date of your execution of the attached Election
Regarding Tax Withholding, you are not aware of any material, nonpublic
information with respect to the Company or any securities of the Company, are
not subject to any legal, regulatory or contractual restriction which would
prevent the Agent from conducting sales as provided herein, do not have, and
will not attempt to exercise, authority, influence or control over any sales of
Shares effected pursuant to this Section 10.3, and are entering into this
Agreement in good faith and not as part of a plan or scheme to evade the
prohibitions of Rule 10b5-1 (regarding trading of the Company’s securities
on the basis of material nonpublic information) under the Exchange

 

4

 

Act. 
It is the intent of the parties that this Agreement complies with the
requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act and
this Agreement will be interpreted to comply with the requirements of Rule 10b5-1(c) of
the Exchange Act.

 

You understand that the Agent may effect sales as provided in clause (a) above
jointly with sales for other employees of the Company and that the average
price for executions resulting from bunched orders will be assigned to your
account.  In addition, you acknowledge
that it may not be possible to sell Shares as provided by this Section 10.3
due to (i) a legal or contractual restriction applicable to you or the
Agent, (ii) a market disruption, or (iii) rules governing order
execution priority on the exchange where the Shares may be traded.  In the event of the Agent’s inability to sell
Shares, you will continue to be responsible for payment to the Company of all
federal, state, local and foreign taxes that are required by applicable laws
and regulations to be withheld.

 

You acknowledge that regardless of any other term or condition of this
Agreement, the Agent will not be liable to you for (a) special, indirect,
punitive, exemplary, or consequential damages, or incidental losses or damages
of any kind, or (b) any failure to perform or for any delay in performance
that results from a cause or circumstance that is beyond its reasonable
control.

 

You hereby agree
to execute and deliver to the Agent any other agreements or documents as the
Agent reasonably deems necessary or appropriate to carry out the purposes and
intent of this Section 10.3.  The
Agent is a third party beneficiary of this Section 10.3.

 

10.4                        Notwithstanding
the forgoing, to the maximum extent permitted by law, the Company has the right
to retain without notice from Shares issuable under the Award or from salary or
other amounts payable to you, Shares or cash having a value sufficient to
satisfy the Tax Withholding Obligation.

 

11.                               General Provisions

 

11.1                        Notices.  Whenever
any notice is required or permitted hereunder, such notice must be in writing
and personally delivered or sent by mail. 
Any notice required or permitted to be delivered hereunder will be
deemed to be delivered on the date on which it is personally delivered, or,
whether actually received or not, on the third business day after it is
deposited in the United States mail, certified or registered, postage prepaid,
addressed to the person who is to receive it at the address that such person
has theretofore specified by written notice delivered in accordance
herewith.  You or the Company may change,
by written notice to the other, the address previously specified for receiving
notices.  Notices delivered to the
Company should be addressed as follows:

 

Poniard
Pharmaceuticals, Inc.

Attn:  Chief Financial Officer

7000 Shoreline Court, Suite 270

South San Francisco, California 94080

 

5

 

11.2                        Assignment.  The Company may assign its rights under this
Agreement at any time, whether or not such rights are then exercisable, to any
person or entity selected by the Company’s Board.

 

11.3                        No Waiver.  No waiver of any provision of this Agreement
will be valid unless in writing and signed by the person against whom such
waiver is sought to be enforced, nor will failure to enforce any right
hereunder constitute a continuing waiver of the same or a waiver of any other
right hereunder.

 

11.4                        Undertaking.  You hereby agree to take whatever additional
action and execute whatever additional documents the Company may deem necessary
or advisable in order to carry out or effect one or more of the obligations or
restrictions imposed on either you or the Units pursuant to the express
provisions of this Agreement.

 

11.5                        Agreement
Is Entire Contract.  This Agreement,
the Award Notice and the Plan constitute the entire contract between the
parties hereto with regard to the subject matter hereof and supersede all prior
oral or written agreements on the subject. 
This Agreement and the Award Notice are made pursuant to the provisions
of the Plan will in all respects be construed in conformity with the express
terms and provisions of the Plan.

 

11.6                        Successors
and Assigns.  The provisions of this
Agreement and the Award Notice will inure to the benefit of, and be binding on,
the Company and its successors and assigns and you and your legal
representatives, heirs, legatees, distributees, assigns and transferees by
operation of law, whether or not any such person will have become a party to
this Agreement or the Award Notice and agreed in writing to join herein and be
bound by the terms and conditions hereof.

 

11.7                        No
Employment or Service Contract. 
Nothing in this Agreement or the Award Notice will affect in any manner
whatsoever the right or power of the Company, or Related Corporations, to
terminate your employment or services on behalf of the Company, for any reason,
with or without Cause.

 

11.8                        Section 409A
Compliance.  Payments made pursuant
to this Agreement, the Award Notice and the Plan are intended to qualify for an exemption from or comply with Section 409A
of the Code.  Notwithstanding any other
provision in this Agreement, the Award Notice and the Plan to the contrary, the
Company, to the extent it deems necessary or advisable in its sole discretion,
reserves the right, but will not be required, to unilaterally amend or modify
this Agreement or the Award Notice so that the Award qualifies for exemption
from or complies with Section 409A of the Code; provided, however, that
the Company makes no representations that the Award will be exempt from or
comply with Section 409A of the Code and makes no undertaking to preclude Section 409A
of the Code from applying to the Award. 
No provision of this Agreement or the Award Notice will be interpreted
or construed to transfer any liability for failure to comply with Section 409A
of the Code from you or any other individual to the Company.  By executing the Award Notice, you agree that
you will be deemed to have waived any claim against the Company with respect to
any such tax consequences.

 

6

 

11.9                        Counterparts.  This Agreement may be executed in two or more
counterparts, each of which will be deemed an original, but which, upon execution,
will constitute one and the same instrument.

 

7

 

EXHIBIT A

 

ELECTION REGARDING TAX WITHHOLDING

 

Please complete and sign this Election
Regarding Tax Withholding for the Award and return it to the Company by no
later than three months from the Grant Date (January 6, 2010).

 

Withholding
Taxes:  Please indicate below the method of
withholding desired for the Units.  This
selection is subject to the terms of the Agreement:

 

o            Withholding
pursuant to Section 10.2 of the Agreement.

 

o            Withholding pursuant to Section 10.3 of the
Agreement.

 

 

	
   

  	
   

  
	
  Ronald A. Martell

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date

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