Document:

EX-10.40

 Exhibit 10.40 
 Igloo Holdings Corporation 
 32 Crosby Drive 

Bedford, MA 01730 

December 18, 2012 
 Mason Slaine

 310 E 53rd Street, Apt. 20C 
 New York, NY 10022 
 Re: Option Adjustment for 2012 Extraordinary
Dividend  
 Dear Mason: 
 Reference is made to the Employment Agreement by and among Igloo Holdings Corporation (“Holdings”), Interactive Data Corporation and you, dated August 4, 2010 (the
“Employment Agreement”) and the Option Grant Notice and Agreement between you and Holdings, dated August 4, 2010 (the “Option Agreement”). The Board of Directors of Holdings (the “Board”)
declared an extraordinary cash dividend on December 18, 2012 (the “Dividend”). The Board specified December 19, 2012 as the record date for determining stockholders of record entitled to the Dividend (the “Record
Date”). In connection with its declaration of the Dividend, the Board made a determination of, and approved, an equitable adjustment to outstanding stock options granted under the Igloo Holdings Corporation 2010 Stock Incentive Plan (the
“Plan”) pursuant to Section 11(a) of the Plan. With regard to your stock options outstanding as of the Record Date, you and Holdings hereby agree as follows: 

 

	 	1.	Solely with respect to the Dividend, Section 4(c) of the Employment Agreement and the “Dividends” section of the Option Agreement shall not apply.

  

	 	2.	In lieu of the treatment provided in Section 4(c) of the Employment Agreement and the “Dividends” section of the Option Agreement, the following
adjustments shall apply: 

  

	 	a.	As of the Record Date, all stock options granted pursuant to the Option Agreement shall be adjusted by reducing the per share exercise price of such options by $0.20,
which is equal to two-thirds (2/3) of the per share equitable adjustment approved by the Board with respect to outstanding performance-based stock options; 

 

	 	b.	 You will be entitled to a cash payment of $4,126,427 (the “Option Adjustment Payment”). A pro rata portion of the Option Adjustment
Payment will vest and become non-forfeitable on each monthly anniversary of July 29, 2010, subject to 

	 	
your continued employment on each such date; provided, that the vesting of the Option Adjustment Payment will be accelerated on the date on which the stock options subject to your Option
Agreement first become vested, such that the total amount of the Option Adjustment Payment that shall be vested following such acceleration shall be equal to the percentage of the options vesting on such date. The portion of the Option Adjustment
Payment that is vested on the Record Date (which amount is $1,925,666) will be paid to you in a single lump sum as soon as practicable following such date. The remaining portion of the Option Adjustment Payment (which amount is $2,200,761) will be
paid to you following the vesting of each installment thereof on the earliest to occur of the following: (i) the first payroll date following the last day of the fiscal quarter in which the vesting date occurs, (ii) as soon as reasonably
practicable following the date of your termination of employment on or following the applicable vesting date, but in no event later than ten (10) business days following your date of termination, or (iii) as soon as reasonably practicable
following a Change in Control (as defined in the Plan), but in no event later than ten (10) business days following the Change in Control, until the Option Adjustment Payment has been made in full. 

 

	 	3.	Except as modified herein with respect to the Dividend, all other provisions of the Employment Agreement and the Option Agreement shall remain in full force and effect.

  

			
	Igloo Holdings Corporation
		
	By:	 	/s/ Vincent Chippari
		 	 Name: Vincent Chippari

Title: Treasurer

 Agreed to and accepted: 
 Mason Slaine 
 /s/ Mason
Slaine                                 

  
 2Amendment 2012-1 to Senior Management Agreement

 Exhibit 10.13 
 AMENDMENT 2012-1 
 TO 

SENIOR MANAGEMENT AGREEMENT 
 THIS AMENDMENT 2012-1 (the “Amendment”), dated as of December 14, 2012 (the “Effective Date”), is entered into by and between Antares Pharma, Inc., a Delaware
corporation (the “Company”), and Robert F. Apple (“Executive”). 
 RECITALS 

WHEREAS, the Company and Executive previously entered into a Senior Management Agreement, dated February 9, 2006, as amended
November 12, 2008 (the “Existing Agreement”); 
 WHEREAS, the Company and Executive desire to amend the
Existing Agreement to clarify that the actual annual bonus paid to Executive may be greater than Executive’s target annual bonus; and 
 WHEREAS, Section 11.15 of the Existing Agreement provides that the Existing Agreement may be amended pursuant to a written agreement executed by both parties. 

NOW, THEREFORE, the Company and Executive hereby agree that, effective as of the Effective Date, the Existing Agreement shall be amended
as follows: 
 1. Section 2.2 of the Existing Agreement is hereby amended and restated in its entirety to read as follows:

 “2.2. Bonuses. In addition to the Executive’s Base Salary, the Executive shall be eligible to
receive a bonus for each calendar year during the Employment Period, based on attainment of certain individual and corporate performance goals and targets (the “Annual Bonus”). The target amount of the Executive’s Annual Bonus shall
be 40% of Base Salary; provided, however, that a reduction in the Executive’s target annual bonus of 40% of the Executive’s Base Salary for any calendar year during the Employment Period shall constitute a failure by the Company to
materially comply with the terms of this Agreement. The performance goals and targets shall be determined by the Compensation Committee in consultation with the CEO. Once determined, the applicable performance goals and targets shall be communicated
to the Executive as soon as reasonably practicable following the Compensation Committee’s determination of the applicable goals and targets. The actual Annual Bonus amount paid will be based upon the Compensation Committee’s determination,
in its sole discretion, whether and to what extent the applicable performance goals and targets have been achieved, and such amount may be more or less than the target amount, as determined by the Compensation Committee in its sole discretion. Any
Annual Bonus earned and payable to the Executive hereunder shall be paid on or after January 1 but not later than March 15 of the calendar year following the calendar year for which the Annual Bonus is earned.” 

2. In all respects not amended, the Existing Agreement is hereby ratified and confirmed. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the Company and Executive agree to the terms of the foregoing Amendment,
effective as of the Effective Date. 
  

			
	ANTARES PHARMA, INC.
		
	By:	 	/s/ Paul K. Wotton
	Name:	 	Dr. Paul K. Wotton
	Title:	 	President and Chief Executive Officer
	
	 EXECUTIVE

	
	/s/ Robert F. Apple
	 Robert F. Apple

  
 2Amendment 2012-1 to Amended and Restated Employment Agreement

 Exhibit 10.16 
 AMENDMENT 2012-1 
 TO 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 THIS AMENDMENT 2012-1 (the “Amendment”), dated as of December 14, 2012 (the “Effective Date”), is entered into by and between Antares Pharma, Inc., a Delaware
corporation (the “Company”), and Dr. Paul K. Wotton (“Executive”). 
 RECITALS

 WHEREAS, the Company and Executive previously entered into an Amended and Restated Employment Agreement, dated
November 12, 2008 (the “Existing Employment Agreement”); 
 WHEREAS, the Company and Executive desire to
amend the Existing Employment Agreement to clarify that the actual annual bonus paid to Executive may be greater than Executive’s target annual bonus; and 
 WHEREAS, Section 11 of the Existing Employment Agreement provides that the Existing Employment Agreement may be amended pursuant to a written agreement approved by the Board of Directors of the
Company (the “Board”) and executed on its behalf by a duly authorized officer (other than Executive) and Executive. 
 NOW, THEREFORE, the Company and Executive hereby agree that, subject to Board approval, effective as of the Effective Date, the Existing Employment Agreement shall be amended as follows: 

1. Section 2.2 of the Existing Employment Agreement is hereby amended and restated in its entirety to read as follows: 

“(b) Bonus. In addition to the Executive’s Base Salary, the Executive shall be eligible to receive a bonus for each
calendar year during the Term, based on attainment of certain individual and corporate performance goals and targets (the “Annual Bonus”). The target amount of the Executive’s Annual Bonus shall be 55% of Base Salary.
The performance goals and targets shall be determined by the Compensation Committee in consultation with the Executive. Once determined, the applicable performance goals and targets shall be communicated to the Executive as soon as reasonably
practicable following the Compensation Committee’s determination of the applicable goals and targets. The actual Annual Bonus amount paid will be based upon the Compensation Committee’s determination, in its sole discretion, whether and to
what extent the applicable performance goals and targets have been achieved, and such amount may be more or less than the target amount, as determined by the Compensation Committee in its sole discretion. Any Annual Bonus earned and payable to the
Executive hereunder shall be paid on or after January 1 but not later than March 15 of the calendar year following the calendar year for which the Annual Bonus is earned.” 

2. In all respects not amended, the Existing Employment Agreement is hereby ratified and confirmed. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, subject to Board approval, the Company and Executive agree to the terms
of the foregoing Amendment, effective as of the Effective Date. 
  

			
	ANTARES PHARMA, INC.
		
	By:	 	/s/ Anton Gueth
	Name:	 	Anton Gueth
	Title:	 	Chairman of the Compensation Committee
	
	EXECUTIVE
	
	/s/ Paul K. Wotton
	Dr. Paul K. Wotton

  
 2

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