Document:

exv10w19

EXHIBIT 10.19

Bonuses
for Fiscal Year 2008 and Base Salaries for Fiscal Year 2009 for
Executive Officers

	 	 	 	 	 	 	 	 	 
	 	 	2008	 	 	2009	 
	Name and Title	 	Bonus	 	 	Salary	 
	 
	N. Anthony Coles, M.D.

President and Chief Executive Officer
	 	$	625,000	 	 	$	650,000	 
	 
	 	 	 	 	 	 	 	 
	Matthew K. Fust

Executive Vice President and Chief Financial Officer
	 	$	—	(1)	 	$	420,000	
	 
	 	 	 	 	 	 	 	 
	Laura A. Brege

Executive Vice President and Chief Operating Officer
	 	$	187,425	 	 	$	452,600	 
	 
	 	 	 	 	 	 	 	 
	Juergen Lasowski

Senior Vice President of Corporate Development
	 	$	88,592	 	 	$	376,000	 
	 
	 	 	 	 	 	 	 	 
	Judy Batlin

Vice President of Organizational Development,
Learning and Human Resources
	 	$	93,033	 	 	$	318,000	 
	 
	 	 	 	 	 	 	 	 
	Gregory W. Schafer

Former Vice President and Chief Financial Officer
	 	$	102,900      	 	 	$	300,000	(2)
	 
	 	 	 	 	 	 	 	 

 

			
	(1)	 	Mr. Fust was appointed Executive Vice President and Chief Financial Officer effective
January 5, 2009.
	 
	(2)	 	As previously disclosed, Mr. Schafer resigned as Vice President and Chief Financial
Officer effective January 5, 2009. His annualized salary for
2009 is the same as for 2008.exv10w20xiiy

Exhibit
10.20(ii)

Amendment To

Executive Employment Agreement 

for 

N. Anthony Coles, M.D.

     This Amendment To Executive Employment Agreement for N. Anthony Coles, M.D. (the
“Amendment”) is made and entered into, as of March 12, 2009 (the “Effective Date”), by and between
Onyx Pharmaceuticals, Inc., a Delaware corporation (“Company”), and N. Anthony Coles,
M.D. (“Executive”). As of the Effective Date, the Company and Executive hereby amend that
certain Executive Employment Agreement for N. Anthony Coles between them entered into as
of February 22, 2008 (the “Employment Agreement”), a copy of which is attached hereto as Exhibit A,
as follows:

     1. Amendment of Section 2.6(d). Section 2.6(d) of the Employment Agreement is hereby
amended and restated in full:

          (d) Housing Allowance and Restricted Stock Award. Executive will be eligible to receive the
following additional relocation benefits from the Company, which additional relocation benefits
shall not be subject to further modification or negotiation by the parties:

               (i) Housing Allowance. For up to thirty (30) months after the Start Date, Executive will be
eligible to receive a monthly temporary housing allowance of $10,000 (the “Housing Allowance”),
contingent upon his continued employment, the after-tax amount of which shall be used for
Executive’s rental or lease payments. The Housing Allowance payments will cease immediately upon
the closing date of Executive’s purchase of a residence in the San Francisco Bay Area. The Housing
Allowance will be subject to required payroll deductions and withholdings, and will not be
considered by the Company part of Executive’s Base Salary, including but not limited to for such
purposes as determination of the Annual Bonus, the Severance Benefits (described in Section
5.2(b)), or for the purposes of the Change in Control Agreement (described in Section 5.5).

               (ii) Restricted Stock Award. Effective as of March 12, 2009, Executive was granted a new
special restricted stock award for twenty thousand (20,000) shares of the Company’s Common Stock
(the “Housing Stock Award”) which will vest in full, subject to Executive’s continued employment,
on March 12, 2010 if, as of that date, Executive has purchased a residence in the San Francisco Bay
Area which shall serve as the primary residence for Executive. If Executive has not purchased a
primary residence in the San Francisco Bay Area as of March 12, 2010, then the Housing Stock Award
will vest in full upon the closing date of his subsequent purchase of a primary residence in the
San Francisco Bay Area if such closing date is no later than September 12, 2010. If Executive has
not purchased a primary residence house in the San Francisco Bay Area by September 12, 2010, or if
his employment with the Company terminates for any reason prior to such date and the Housing Stock
Award has not vested as of Executive’s termination date, then the Housing Stock Award lapses
entirely and will not vest regardless of any subsequent residential purchase by Executive.
Notwithstanding any language to the contrary in the Employment Agreement, the Change in Control
Agreement, the

 

 

Company’s equity incentive plan, or otherwise, the Housing Stock Award shall not be subject to any
acceleration of vesting, and will vest only in accordance with this Section 2.6(d).

     2. Miscellaneous. This Amendment constitutes the complete, final and exclusive
embodiment of the entire agreement between the Company and Executive with regard to amendment of
the Employment Agreement. It is entered into without reliance on any promise or representation,
written or oral, other than those expressly contained herein, and it supersedes any other such
promises, warranties or representations. Any provisions of the Employment Agreement contrary to
this Amendment are hereby superseded and replaced, and the remaining portions of the Employment
Agreement remain in full force and effect. This Amendment cannot be modified or amended except in
writing approved by the Company’s Board of Directors and signed by a duly authorized officer or
director of the Company and Executive. This Amendment will bind the heirs, personal
representatives, successors and assigns of both Executive and the Company, and inure to the benefit
of both Executive and the Company, their heirs, successors and assigns. If any provision of this
Amendment is determined to be invalid or unenforceable, in whole or in part, this determination
shall not affect any other provision of this Amendment and the provision in question shall be
modified so as to be rendered enforceable in a manner consistent with the intent of the parties
insofar as possible under applicable law. This Amendment shall be construed and enforced in
accordance with the laws of the State of California without regard to conflicts of law principles.
Any ambiguity in this Amendment shall not be construed against either party as the drafter. Any
waiver of a breach of this Amendment, or rights hereunder, shall be in writing and shall not be
deemed to be a waiver of any successive breach or rights hereunder. This Amendment may be executed
in counterparts which shall be deemed to be part of one original, and facsimile signatures and
signatures transmitted via PDF shall be equivalent to original signatures.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written
above.

	 	 	 	 	 	 	 	 	 	 	 
	Onyx Pharmaceuticals, Inc.	 	 	 	N. Anthony Coles, M.D.  
	A Delaware Corporation	 	 	 	An Individual
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	/s/ Paul Goddard	 	 	 	/s/ N. Anthony Coles	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Name:	 	Paul Goddard	 	 	 	 	 	 
	 

	 	Title:
	 	
Lead
Director of Board of Directors	 	 	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 	 

 

 

Exhibit A

EXECUTIVE EMPLOYMENT AGREEMENT

FOR

N. ANTHONY COLES, M.D.exv10w28xiy

Exhibit 10.28(i)

April 28, 2008

Dr. Juergen Lasowski

3 Rockwell Court

Mendham, NJ 07945

Dear Juergen:

On behalf of Onyx Pharmaceuticals, it is a great pleasure to extend you an offer of employment as
Senior Vice President, Corporate Development reporting to me. In making this offer, we are
expressing our enthusiastic support for the skills and commitment you will bring to our team. We
are pleased to offer you the following:

Salary: Your semi-monthly salary will be $15,208.33 totaling $365,000 per year. Future
increases will be awarded on the basis of performance.

Sign-On: You will receive a sign-on bonus of $40,000. If you separate from the company
voluntarily within two years from your date of hire, you will be expected to repay the sign-on
bonus back in full.

Bonus: You are eligible, at the end of each year to receive an annual target bonus amount
of 40% of your base salary if Onyx achieves its corporate objectives and you achieve the
performance objectives set for you. If you leave at any time during a year, you are not eligible
for any pro-rata amount of your unearned target bonus for that year. Bonus payments will be
subject to required deductions and withholdings. The Company shall have the sole discretion to
determine whether you have earned any bonus set forth in this paragraph and, if so, the amount of
any such bonus.

At Onyx, our salary merit increases and potential bonus amounts are based upon the assumption that
an employee has provided services to the Company for the entire calendar year. Therefore, if you
join Onyx at any time between January 1 and October 1 of any calendar year, your potential salary
merit increase and potential bonus, if either is awarded, will be pro-rated for the actual amount
of service you provide during that calendar year.

Stock: The Compensation Committee of the Board of Directors has approved a grant of 84,000
options to purchase Onyx shares at the market price on your start date. The options will be issued
pursuant to the Company’s standard Option Agreement. These options will be exercisable in
installments based upon your continued employment as follows: 25% after the first twelve months,
1/48th per month thereafter, for a total of a four year vesting period. In addition, a restricted
grant of 12,000 shares has been approved. The shares subject to the award shall vest in a series
of three (3) successive equal annual installments over the three-year period commencing from the
grant date; provided that your continuous service has not terminated prior to each vesting date. In
addition to these options, Onyx employees are eligible for annual option grants. Your 2009
performance grant will have a target of 50,000 options, which is within the range that has been
approved by the Compensation Committee for 2008. The options will be granted consistent with the
plan as options and restricted shares. The actual number of options/shares granted will be based
on your own individual performance. Executive performance grants require Compensation Committee
approval. Any future stock grants will be based on targets consistent with the stock plan in place
at that time.

 

 

Dr. Juergen Lasowski

Page 2

Additionally, you will receive performance based restricted stock of 5,000 shares upon successful
completion of a business development transaction. Specific performance criteria will be
established within your first month of employment.

Relocation: You will receive a lump sum totaling $300,000 for expenses involved in
relocating to the San Francisco Bay Area. This relocation payment will be subject to required
deductions and withholdings. One-third of this payment ($100,000) will be made available upon your
request and the remaining two-thirds ($200,000) upon purchase of a home in California, which we
expect to be happen within 12 months. In addition, Onyx will pay for costs associated with a
house-hunting trip for you and your family which includes round trip coach airfare, car rental, and
lodging for up to four nights, the actual movement of household goods, and the family’s travel to
the Bay Area when they move. Onyx has also retained Crossroads Relocation to assist you in your
relocation. If you separate from the company voluntarily within two years from your date of hire,
you will be expected to repay costs associated with relocation back in full.

Housing Assistance: For the first 3 years of employment, Onyx will provide you with
monthly housing assistance in the amount of $3,250 per month for the 1st year; $2,200
per month for the 2nd year and $1,100 per month for the 3rd year. Your
housing assistance will be included in your regular payroll and will be subject to required
deductions and withholdings. Should you leave Onyx at any time during this three-year period, your
monthly housing assistance will cease.

Lastly, you have requested that you spend time in New Jersey until your family relocates to
California. We are willing to accommodate you working from your home in New Jersey no more than
five days per month during the first 12 months of your employment or until your family moves as
long as business needs are met and you have established a residence in the Bay Area.

Benefits: You will be eligible to participate in the Company’s medical, dental, vision,
EAP, life insurance, short and long-term disability insurance programs pursuant to the terms of
these plans and our vacation, sick and holiday programs in accordance with company policy. You may
also sign up to participate in our 401(k) Retirement Savings Plan and our Employee Stock Purchase
Plan. In addition, you may choose to have additional Voluntary Term Life for you and your eligible
dependents.

This offer is contingent upon your signing our Employee Confidential Information and Inventions
Assignment Agreement and providing legally required evidence of your right to work in the United
States, as well as, Onyx’s successful completion of your background check. We ask that you return
one signed copy of both the enclosed Employee Confidential Information and Inventions Assignment
Agreement. In consideration of your employment, you also agree to conform to the rules and
standards of the Company.

In accordance with Federal Law, all new employees are required to present evidence of their
eligibility to be employed in the United States. Accordingly, we request that you provide us with
a copy of an appropriate document for this purpose within 72 hours of your employment date. This
may be a birth certificate, a passport, a visa or driver’s license and social security card.

Your employment is “at will.” You or Onyx may terminate your employment at any time, with or
without cause, with or without notice. This letter when signed by you, will constitute the
agreement between Onyx and you respecting the position, and supersedes all prior negotiations and
agreements pertaining to the position whether written or oral. No employee or representative of
the Company, other than its CEO (or designee), has the authority to make any express or implied
agreement contrary to the foregoing. Further,

 

 

Dr. Juergen Lasowski

Page 3

the CEO at Onyx may not alter the at-will nature of the employment relationship or enter into any
employment agreement for a specific time unless the CEO (or designee) and you both sign a written
agreement that clearly expressly specifies the intent of doing so.

We are very enthusiastic about the prospect of having you on the Onyx team and we are confident
that you will make a valuable contribution to the success of the company.

If this arrangement is acceptable to you, please indicate your acceptance of the terms of this
employment offer by signing and dating one copy and returning it, along with the signed
Confidential Information and inventions Assignment Agreement to Judy Batlin.

Should you have any questions regarding the provisions of employment, please contact me (510)
597-6543 or Judy Batlin (510) 597-6544.

	 	 	 	 	 
	Sincerely,	 	 
	 	 	 	 

	/s/ N. Anthony Coles	 	 	 
	 	 	 	 
	N. Anthony Coles, M.D.	 	 	 
	President and Chief Executive Officer	 	 	 
	 

I accept Onyx Pharmaceutical’s offer of employment on the terms stated.

	 	 	 	 	 
	/s/ Juergen Lasowksi

	 	May 19, 2008
	 	May 19, 2008
	 
	Accepted (signature)

	 	Date
	 	Start Date

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