Document:

EXHIBIT 10.11

 

 

September 12,
2003

 

Mr. Jim Butler

914 Oak Ridge Drive

Linville, NC 28646

 

Dear Jim:

 

Reliant
Pharmaceuticals, LLC, a Delaware limited liability company (“Reliant”) with
primary offices at 110 Allen Road in Liberty Corner, New Jersey 07938, is
pleased to extend this “Offer of Employment” to you.

 

The following
is an outline of the terms of this employment offer:

 

	
  •      Start Date:

  	
  September
  15, 2003.  Employment is full-time.

  
	
   

  	
   

  
	
  •      Job Title:

  	
  Executive
  Director, Field Force Strategies

  
	
   

  	
   

  
	
  •     Base
  Salary:

  	
  Your
  semi-monthly salary is $2250.00, payable the 15th and last day of
  each month, and is annualized to $54,000.00, minus the appropriate taxes and
  withholdings.

  
	
   

  	
   

  
	
  •     Incentive
  Eligibility:

  	
  As an
  employee, you will be eligible to participate in our incentive compensation
  program.  Definable objectives are/will
  be established and communicated to you.

  
	
   

  	
   

  
	
  •     Equity
  Participation:

  	
  You will be
  eligible to participate in the Company’s Equity Incentive Option Plan
  pursuant to which you may be granted an option to purchase 15,000 Class One
  Common Units of the Company which will be subject to automatic vesting upon a
  change of control of the company pursuant to a separate Change of Control
  Agreement.  The Company will also
  recommend an additional grant of an option to purchase 25,000 Class One
  Common Units.  This grant will not be
  subject to automatic vesting upon a change of control.  Any grant of such options is solely in the
  discretion of the Company and subject to approval of the Compensation
  Committee of the Company’s Board of Managers. 
  The options will be granted at fair market value (as determined by the
  Company’s Board of Managers) as of the date of the grant, will vest annually
  over a four (4) year period from your date of hire and be subject to the
  other terms and conditions of the Company’s Equity Incentive

  

 

 

	
   

  	
  Option Plan.

  
	
   

  	
   

  
	
  •     Benefits:

  	
  During your
  employment with Reliant, you will be eligible for Reliant’s current employee
  benefits program applicable to your position, subject to all plan terms and
  eligibility.  The benefits for which
  you may be eligible are more fully described in the applicable plan summaries
  and related documents.  The benefits
  currently offered to full-time employees include group medical, dental,
  vision and prescription coverage, group life and AD&D insurance,
  long-term and short-term disability insurance, 401(k) plan, flexible spending
  account, optional life insurance and select holidays.  You will be eligible for a Combined-Time
  Off of eighteen (18) days.  Additional
  information pertaining to benefits can be found in the enclosed employee
  packet.

  
	
   

  	
   

  
	
  •     Contingencies:

  	
  This offer
  is contingent upon the following:

  
	
   

  	
   

  
	
   

  	
  1.     Our
  satisfactory completion of a reference check, including a criminal history
  record information background check.

  
	
   

  	
   

  
	
   

  	
  2.     Satisfactory
  results of your successful completion of testing for drug abuse.

  
	
   

  	
   

  
	
   

  	
  3.     Your
  furnishing us with proof of your identity and authorization to work in the
  United States.

  
	
   

  	
   

  
	
   

  	
  4.     Your
  execution of a Confidentiality, Non-Compete and Assignment Agreement.

  
	
   

  	
   

  
	
   

  	
  5.     Your
  completion of all other appropriate forms provided to you during the hiring
  process.

  
	
   

  	
   

  
	
   

  	
  Failure to
  meet any of these contingencies will make you ineligible for employment.

  

 

Although we
hope that your employment with us is mutually satisfactory, please note that
your employment at Reliant is “at will.”  This means that you may resign from Reliant at
any time with or without cause, and Reliant has the right to terminate this
employment relationship with or without cause at any time.  Neither this letter nor any other
communication, either written or oral, should be construed as a contract of
employment for any particular duration.

 

We hope that
you accept this offer of employment and look forward to you joining us.  Please sign and date where indicated and
return this letter to me to evidence your understanding of these

 

2

 

terms and acceptance of this
offer.  This offer shall expire September
12, 2003 if we have not received your written acceptance by then.

 

	
  Sincerely

  	
   

  
	
   

  	
   

  
	
  /s/

  	
   

  	
   

  
	
   

  	
   

  
	
  Ernest Mario

  	
   

  
	
  Chairman and
  CEO

  	
   

  
	
   

  	
   

  
	
  Accepted:

  	
  /s/

  	
     Date:

  	
  9/17/03

  	
   

  
						

 

3EXHIBIT
10.12

 

Reliant
Pharmaceuticals, Inc. Letterhead

 

March 30, 2007

 

PERSONAL AND CONFIDENTIAL

 

Eric P. Pomerantz, Esq.

2 Dorchester Lane

Newtown, PA 18940

 

Dear Eric:

 

Reliant Pharmaceuticals,
Inc., a Delaware corporation (“Reliant” or the “Company”), with
primary offices at 110 Allen Road in Liberty Corner, New Jersey 07938, is
pleased to extend this “Offer of Employment” to you.

 

The following is an
outline of the terms of this employment offer:

 

	
  •

  	
  Start Date:

  	
  On
  or before May 7, 2007.

  
	
   

  	
   

  	
   

  
	
  •

  	
  Job Title/Status:

  	
  General
  Counsel. Full time.

  
	
   

  	
   

  	
   

  
	
  •

  	
  Reporting:

  	
  You
  will report directly to the Chief Executive Officer of the Company. In the
  event that there is no CEO, you will report to the Board of Directors of the
  Company or such other senior executive as is designated by the Board of
  Directors.

  
	
   

  	
   

  	
   

  
	
  •

  	
  Base Salary:

  	
  Your
  semi-monthly salary is $14,583.33, payable the 15th and last day
  of each month, and is annualized to $350,000.00, minus the appropriate taxes
  and withholdings.

  
	
   

  	
   

  	
   

  
	
  •

  	
  Incentive Eligibility

  	
  As
  an employee, you will be eligible to participate in our incentive
  compensation program, as in effect from time to time, up to 75% of your base
  salary. You must be employed by Reliant at the end of a given calendar year
  in order to be eligible, and you must also meet specific incentive objectives
  that will be established and communicated to you.

  
	
   

  	
   

  	
   

  
	
  •

  	
  Equity Participation:

  	
  You
  will be eligible to participate in the Company’s Incentive Award Plan, as in
  effect from time to time, pursuant to which you will be granted an option to
  purchase up to 90,000 shares of common stock of the Company at an exercise
  price equal to the fair market value of the common stock of the Company as
  determined by the Compensation Committee of the Company’s Board of Directors
  (the “Comp Committee”) at the time of grant. You will also receive a
  grant of 10,000 shares of restricted stock on the same terms and conditions
  as other vice presidents of the Company. Such options and restricted stock
  will vest annually over a four (4) year period and be subject to the other
  terms and conditions of the Company’s 2007 Incentive Award Plan and the
  related agreements pursuant to which such grants are made. Any additional
  grants of options and restricted stock are solely in the 

  

 

 

	
   

  	
   

  	
  discretion
  of the Company and subject to approval of the Comp Committee.

  
	
   

  	
   

  	
   

  
	
  •

  	
  Benefits:

  	
  During
  your employment with Reliant, you will be eligible for Reliant’s employee
  benefits program applicable to your position, in effect from time to time,
  subject to all plan terms and eligibility. The benefits for which you may be
  eligible are more fully described in the applicable plan summaries and
  related documents. The benefits currently offered to full-time employees
  include group medical, dental, vision and prescription coverage, group life
  and AD&D insurance, long-term and short-term disability insurance, 401(k)
  plan, flexible spending account, and select holidays. You will be eligible
  for a Combined-Time Off of eighteen (18) days which will accrue at the rate
  of 1.5 days per month. Additional information pertaining to benefits can be
  found in the enclosed employee packet.

  
	
   

  	
   

  	
   

  
	
  •

  	
  Sign-on Bonus:

  	
  You
  will receive a sign on bonus of $50,000.00 within fifteen days after your
  start date. This payment will be minus the appropriate taxes and withholdings.
  Should your employment terminate with the Company within six (6) months of
  the start date, you will be obligated to repay the sign-on bonus, which
  repayment may be effected by the Company by way of offset against other
  amounts owed to you to the extent permitted by applicable law.

  
	
   

  	
   

  	
   

  
	
  •

  	
  Non-Solicitation:

  	
  You
  agree that Reliant has invested substantial time and effort in assembling its
  present workforce. Accordingly, you covenant and agree that during the term
  of your employment and for a period of twelve (12) months following the
  termination, for any reason, of your employment with the Company, you will
  not, directly or indirectly, entice or solicit or seek to induce or influence
  any of the Company’s executives or other key employees to leave their
  employment with the Company.

  
	
   

  	
   

  	
   

  
	
  •

  	
  Termination:

  	
  If
  your employment with the Company is terminated by Reliant without “Cause” and
  you execute a general release of claims in a form reasonably satisfactory to
  Reliant, you will be entitled to one year base salary (subject to certain
  conditions) and certain medical benefits (such medical benefits to be subject
  to mitigation in the event you secure medical benefits following your
  separation from the Company). Following such one year period you will be
  entitled to enroll in ‘COBRA’ in accordance with applicable law.

  
	
   

  	
   

  	
   

  
	
  •

  	
  Contingencies:

  	
  This
  offer is contingent upon the following:

   

  1.               our satisfactory
  completion of a reference check, including a criminal history record
  information background check.

   

  2.               satisfactory
  results of your successful completion of drug testing.

  

 

 

	
   

  	
   

  	
  3.               your furnishing
  us with proof of your identity and authorization to work in the United
  States.

   

  4.               your execution of
  the Company’s standard form of Confidentiality, Non-Compete and Assignment
  Agreement.

   

  5.               your completion
  of all other appropriate forms provided to you by the Company during the
  hiring process.

   

  Failure
  to meet any of these contingencies will render you ineligible for employment.

  

 

Although we hope that your
employment with us is mutually satisfactory, please note that your employment
at Reliant is “at will.”  This means that
you may resign from Reliant at any time with or without cause, and Reliant has
the right to terminate this employment relationship with or without cause at
any time. Neither this letter nor any other communication, either written or
oral, should be construed as a contract of employment for any particular
duration.

 

We hope that you accept
this offer of employment and look forward to you joining us. Please sign and
date where indicated and return this letter to me to evidence your
understanding of these terms and acceptance of this offer. By execution of this
letter you are representing and warranting to the Company that your execution
and delivery of this letter and performance of all of the terms of this letter
and the performing of services for the Company in connection with your
employment do not and will not breach of conflict with any agreement with a
third party, including an agreement to keep in confidence any proprietary
information of another entity acquired by you in confidence or in trust prior
to the date of this agreement.

 

This offer shall expire
at 5:00 pm (ET) on Friday, April 6, 2007 if we have not received your written
acceptance of this offer by then.

 

	
  Sincerely,

  	
   

  
	
   

  	
   

  
	
  RELIANT
  PHARMACEUTICALS, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Bradley T. Shears

  	
   

  
	
   

  	
  Bradley T. Sheares,
  Ph.D.

  
	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed to and Accepted:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ E. Pomerantz

  	
   

  	
   

  
	
  Eric Pomerantz

  	
   

  
	
   

  	
   

  
	
  Date: 4/4, 2007

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