Document:

exv10w1

 

EXHIBIT 10.1

AMENDMENT

     THIS AMENDMENT is made as of the 29th day of December 2004 to the
Executive Employment Agreement between Martine A. Rothblatt (“Executive”) and
United Therapeutics Corporation dated April 2, 1999, as previously amended (the
“Agreement”).

     WHEREAS, the parties desire to amend the Agreement as provided below.

     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereby amend the
Agreement as follows:

1. Extension of Stock Option Exercise Period. A new Section 4.2(g) shall be
added to the Agreement as follows:

	 	 	Exercise Term of Stock Options. The exercise period for each
stock option granted to Executive prior to Executive’s Date
of Termination shall be the full remaining duration of the
term of each such option

2. Compensation Upon Termination Without Cause. A new Section 4.4 shall be
added to the Agreement as follows:

	 	 	Notwithstanding any other provision of this Agreement to the
contrary, in the event that Executive chooses to resign for
any reason other than as result of a reason constituting
termination for Cause then, in such event, at the option of
the Executive, Executive may state in her letter of
resignation that she wishes to serve as a Senior Advisor to
the Company, which continuing service shall be on the
following terms: (i) Executive shall be employed on a
full-time basis as a Senior Advisor to the Company for up to
fifteen years from the date of resignation, for so long as
Executive is willing and able to provide advisory services to
the Company; (ii) Executive shall report to the Company’s
General Counsel and shall at all times be diligent in
responding to informational or discussion requests and
project assignments from the General Counsel or his/her
designee; (iii) Executive shall receive compensation of
$50,000 per year without increase, bonus or other adjustment
for each year of service, payable semi-monthly or in such
other installments as shall be consistent with the Company’s
payroll procedures, less all necessary withholding; (iv)
unless otherwise agreed to by the Company, Executive shall
provide such advisory services from Executive’s personal
offices not located at Company facilities; (v) Executive
shall continue to abide by his or her obligations of
confidentiality and non-competition as provided in this
Agreement; and (vi) Executive shall receive compensation
termination as if Executive’s employment had been terminated
without Cause.

 

 

3. Effect. No other provisions of the Agreement shall be affected by this
Amendment, and all other provisions of the Agreement shall remain in full force
and effect.

     In witness whereof, the parties have executed this Amendment effective as
of the date first written above.

	 	 	 
	

	 	UNITED THERAPEUTICS CORPORATION
	 
	 	 
	/s/ Martine Rothblatt

	 	/s/ Roger A. Jeffs
	
 

	 	
 
	Martine A. Rothblatt, Ph.D.

	 	Roger Jeffs, Ph.D.exv10w2

 

EXHIBIT 10.2

AMENDMENT

     THIS AMENDMENT is made as of the 29th day of December 2004 to the
Employment Agreement between Roger Jeffs, Ph.D. (“Executive”) and United
Therapeutics Corporation dated November 29, 2000, as previously amended (the
“Agreement”).

     WHEREAS, the parties desire to amend the Agreement as provided below.

     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereby amend the
Agreement as follows:

1. Term of the Agreement. Section 2 of the Agreement presently provides as
follows:

	 	 	The employment of the Executive by the Company will commence
immediately upon the retirement of James W. Crow, Ph.D. from
his position as President and COO of the Company and end on
the fifth anniversary of such date (the “Initial Term”), and
thereafter shall continue from year to year for additional
one-year terms (the “Additional Terms”), unless and until
either party shall give notice of such party’s intent to
terminate not less than 30 days prior to the end of the
then-current Initial Term or Additional Term, which
termination shall be effective at the expiration of said
term, or until sooner terminated as hereinafter set forth.

   The foregoing Section 2 provision shall be replaced in its entirety with the
following provision:

	 	 	The employment of the Executive by the Company will commence
upon execution of this Agreement for a term of five (5) years
continuing to and including January 31, 2010. The term (as
herein extended) shall automatically be extended by one (1)
additional year at the end of each year unless at least six
(6) months prior to the end of the term or any anniversary
thereof, the Company shall deliver to Executive or Executive
shall deliver to the Company written notice that the term
shall not be so extended.

 

 

2. Compensation Upon Termination Without Cause. Section 8(d) of the Agreement
presently provides as follows:

	 	 	If (i) the Company terminates the Executive’s employment
without Cause, or (ii) the Executive’s employment is
terminated as a result of the transfer of control of the
Company by acquisition, merger, hostile takeover or for any
other reason whatsoever, or (iii) Executive’s authority and
responsibilities are materially diminished without cause
relating to the performance of Executive’s services hereunder
and Executive terminates this Agreement as a result of such
unjustified diminution of authority, then should any of the
foregoing events occur, the Company shall pay to Executive a
lump-sum amount equal to the amount Executive would have been
entitled to receive in Base Salary for the time remaining in
Executive’s then current term of employment (either Initial
Term or Additional Term), or 2 times the Executive’s then
current salary, whichever is greater. Such payment shall be
fully due and payable to Executive in a lump sum upon
Executive’s Date of Termination. Additionally, in the event
of termination contemplated in this Section 8(d), all options
granted to Executive pursuant to Section 4(c) shall
immediately vest in Executive.

   The foregoing Section 8(d) provision shall be replaced in its entirety with
the following provision:

	 	 	If (i) the Company terminates Executive’s employment without
Cause, or (ii) the Executive’s employment is terminated as a
result of the transfer of control of the Company by
acquisition, merger, hostile takeover or for any other reason
whatsoever, or (iii) Executive’s authority and
responsibilities are materially diminished without cause
relating to the performance of Executive’s services hereunder
and Executive terminates this Agreement as a result of such
unjustified diminution of authority, then should any of the
foregoing events occur, the Company shall pay to Executive a
lump-sum amount equal to two times (i) Executive’s current
annual rate of Base Salary, plus (ii) the greater of the
bonus and/or other incentive payments awarded to executive
for the immediately preceding year or the average bonus
and/or other inventive payments awarded to the Executive for
the previous two years. Such payment shall be fully due and
payable to Executive in a lump sum upon Executive’s Date of
Termination. Additionally, in the event of termination
contemplated in this Section 8(d), all unvested options
granted to Executive prior to Executive’s Date of Termination
shall immediately vest in Executive upon Executive’s Date of
Termination, and the exercise period for each such
previously-granted option shall be the full remaining
duration of the term of each such option.

 

 

3. Compensation Upon Termination Without Cause. A new Section 8(e) shall be
added to the Agreement as follows:

	 	 	Notwithstanding any other provision of this Agreement to the
contrary, in the event that Executive chooses to resign for
any reason other than as result of a reason constituting
termination for Cause then, in such event, at the option of
the Executive, Executive may state in his letter of
resignation that he wishes to serve as a Senior Advisor to
the Company, which continuing service shall be on the
following terms: (i) Executive shall be employed on a
full-time basis as a Senior Advisor to the Company for up to
fifteen years from the date of resignation, for so long as
Executive is willing and able to provide advisory services to
the Company; (ii) Executive shall report to the Company’s
General Counsel and shall at all times be diligent in
responding to informational or discussion requests and
project assignments from the General Counsel or his/her
designee; (iii) Executive shall receive compensation of
$50,000 per year without increase, bonus or other adjustment
for each year of service, payable semi-monthly or in such
other installments as shall be consistent with the Company’s
payroll procedures, less all necessary withholding; (iv)
unless otherwise agreed to by the Company, Executive shall
provide such advisory services from
Executive’s personal offices not located at Company
facilities; (v) Executive shall continue to abide by his or
her obligations of confidentiality and non-competition as
provided in this Agreement; and (vi) Executive shall receive
compensation termination as if Executive’s employment had
been terminated without Cause.

4.  Effect. No other provisions of the Agreement shall be affected by this
Amendment, and all other provisions of the Agreement shall remain in full force
and effect.

     In witness whereof, the parties have executed this Amendment effective as
of the date first written above.

	 	 	 
	

	 	UNITED THERAPEUTICS CORPORATION
	 
	 	 
	/s/ Roger A. Jeffs

	 	/s/ Martine Rothblatt
	
 

	 	
 
	Roger Jeffs, Ph.D.

	 	Martine A. Rothblatt, Ph.D.exv10w3

 

EXHIBIT 10.3

AMENDMENT

     THIS AMENDMENT is made as of the 29th day of December 2004 to the
Employment Agreement between Fred Hadeed (“Executive”) and United Therapeutics
Corporation dated January 3, 2000, as previously amended (the “Agreement”).

     WHEREAS, the parties desire to amend the Agreement as provided below.

     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereby amend the
Agreement as follows:

1. Term of the Agreement. Section 3 of the Agreement presently provides as
follows:

	 	 	The employment of the Executive by United Therapeutics will
commence on January 31, 2000 and end on the second
anniversary of such date (the “Initial Term”), and thereafter
shall continue for two additional two-year terms (the
“Additional Terms”), unless and until either party shall give
notice of such party’s intent to terminate not less than 60
days prior to the end of the then-current Initial Term or
Additional Term, which termination shall be effective at the
expiration of said term, or until sooner terminated as
hereinafter set forth.

   The foregoing Section 3 provision shall be replaced in its entirety with the
following provision:

	 	 	The employment of the Executive by the Company will commence
on execution of this Agreement for a term of five (5) years
continuing to and including January 31, 2005. The term (as
herein extended) shall automatically be extended by one (1)
additional year at the end of each year unless at least six
(6) months prior to the end of the term or any anniversary
thereof, the Company shall deliver to Executive or Executive
shall deliver to the Company written notice that the term
shall not be so extended.

 

 

2. Compensation Upon Termination Without Cause. Section 9(e) of the Agreement
presently provides as follows:

	 	 	If (i) the Company terminates Executive’s employment without
Cause, or (ii) the Executive’s employment is terminated as a
result of the transfer of control of the Company by
acquisition, merger, hostile takeover or for any other reason
whatsoever, or (iii) Executive’s authority and
responsibilities are materially diminished without cause
relating to the performance of Executive’s services hereunder
and Executive terminates this Agreement as a result of such
unjustified diminution of authority, then should any of the
foregoing events occur, the Company shall pay to Executive a
lump-sum amount equal to the greater of either: (a) the
amount Executive would have been
entitled to receive in current Base Salary for the time
remaining in Executive’s then current term of employment, or
(b) an amount equal to two years of current Base Salary.
Such payment shall be fully due and payable to Executive in a
lump sum upon Executive’s Date of Termination. Additionally,
in the event of termination contemplated in this Section
8(e), all options granted to Executive shall immediately vest
in Executive.

   The foregoing Section 9(e) provision shall be replaced in its entirety with
the following provision:

	 	 	If (i) the Company terminates Executive’s employment without
Cause, or (ii) the Executive’s employment is terminated as a
result of the transfer of control of the Company by
acquisition, merger, hostile takeover or for any other reason
whatsoever, or (iii) Executive’s authority and
responsibilities are materially diminished without cause
relating to the performance of Executive’s services hereunder
and Executive terminates this Agreement as a result of such
unjustified diminution of authority, then should any of the
foregoing events occur, the Company shall pay to Executive a
lump-sum amount equal to two times (i) Executive’s current
annual rate of Base Salary, plus (ii) the greater of the
bonus and/or other incentive payments awarded to executive
for the immediately preceding year or the average bonus
and/or other inventive payments awarded to the Executive for
the previous two years. Such payment shall be fully due and
payable to Executive in a lump sum upon Executive’s Date of
Termination. Additionally, in the event of termination
contemplated in this Section 8(d), all unvested options
granted to Executive prior to Executive’s Date of Termination
shall immediately vest in Executive upon Executive’s Date of
Termination, and the exercise period for each such
previously-granted option shall be the full remaining
duration of the term of each such option.

 

 

3. Compensation Upon Termination Without Cause. A new Section 9(f) shall be
added to the Agreement as follows:

	 	 	Notwithstanding any other provision of this Agreement to the
contrary, in the event that Executive chooses to resign for
any reason other than as result of a reason constituting
termination for Cause then, in such event, at the option of
the Executive, Executive may state in his letter of
resignation that he wishes to serve as a Senior Advisor to
the Company, which continuing service shall be on the
following terms: (i) Executive shall be employed on a
full-time basis as a Senior Advisor to the Company for up to
fifteen years from the date of resignation, for so long as
Executive is willing and able to provide advisory services to
the Company; (ii) Executive shall report to the Company’s
General Counsel and shall at all times be diligent in
responding to informational or discussion requests and
project assignments from the General Counsel or his/her
designee; (iii) Executive shall receive compensation of
$50,000 per year without increase, bonus or other adjustment
for each year of service, payable semi-monthly or in such
other installments as shall be consistent with the Company’s
payroll procedures, less all necessary withholding; (iv)
unless otherwise agreed to by the Company, Executive shall
provide such advisory services from Executive’s personal
offices not located at Company facilities; (v) Executive
shall continue to abide by his or her obligations of
confidentiality and non-competition as provided in this
Agreement; and (vi) Executive shall receive compensation
termination as if Executive’s employment had been terminated
without Cause.

4. Effect. No other provisions of the Agreement shall be affected by this
Amendment, and all other provisions of the Agreement shall remain in full force
and effect.

     In witness whereof, the parties have executed this Amendment effective as
of the date first written above.

	 	 	 
	

	 	UNITED THERAPEUTICS CORPORATION
	 
	 	 
	/s/ Fred Hadeed

	 	/s/ Martine Rothblatt
	
 

	 	
 
	Fred Hadeed

	 	Martine A. Rothblatt

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