Document:

exv10w44

Exhibit 10.44

PENSON WORLDWIDE, INC.

EXECUTIVE BONUS PLAN

I. PURPOSE AND ADMINISTRATION OF THE PLAN

     The Penson Worldwide, Inc. Executive Bonus Plan (the “Plan”) is hereby established to promote
the interests of the Corporation by creating an incentive program to (i) attract and retain
employees, (ii) provide a link between compensation and performance and (iii) provide the
opportunity for long-term financial gain through share ownership. The Plan shall be in effect for
the Corporation’s fiscal year ending on December 31, 2011, and thereafter until amended by the
Board and/or the Compensation Committee. The Plan shall be administered by the Compensation
Committee, which shall have full authority to establish such rules as it deems appropriate for
administration of the Plan, to make all determinations and to interpret the provisions of the Plan.
Decisions of the Compensation Committee shall be final and binding on all parties who have an
interest in the Plan.

II. ELIGIBILITY

     The Compensation Committee shall determine, in its sole discretion, the persons eligible to
become Participants. A Participant shall be eligible to receive an award (whether in the form of
cash or RSUs) under the Plan, provided the Participant remains in Service through the payment date
of the award.

III. BONUS COMPENSATION

	A.	 	Bonus Potential

     The target bonus for the relevant year for each Participant shall be determined by the
Compensation Committee. Generally, no more than 25% of the target bonus will be payable in cash,
with the balance payable in the form of a grant of RSUs. The actual amount of the cash bonus and
the number of RSUs awarded will be calculated pursuant to the criteria below. In addition, the
RSUs will be subject to the vesting schedule specified below.

	B.	 	Cash Payments

          1. The cash bonus opportunity will be based on the Corporation’s attainment of its
pre-established revenue and earnings per share targets for the relevant year. One-half of each
Participant’s cash bonus opportunity will be based upon the Corporation’s achievement of its
pre-established revenue target and the other half will be based upon the Corporation’s achievement
of its pre-established earnings per share goal. At least 70% of the revenue goal must be attained
in order to receive any cash bonus for that goal. Cash bonus payments will generally be earned on
a pro-rata basis for achievement of between 70% and 100% of the revenue goal. The actual level at
which each goal is achieved will determine the cash bonus amount payable to the Participant. For
example, for most Participants, if the Participant’s target bonus is $40,000, then the cash portion
of the targeted bonus would be $10,000. If the Corporation achieves 100% of its earnings per share
goal and 90% of its revenue goal, actual cash bonus payments would be as follows:

	 	o	 	Earnings per share — 100% of the financial goal achieved equates to
a 50% payment of the total cash bonus target.
	 
	 	o	 	Revenues — 90% of the financial goal achieved equates to a 33%
payment of the total cash bonus target.
	 
	 	o	 	Total — 83% of targeted cash bonus (i.e., $8,300) would be
paid.

     2. Following the close of the relevant year, the Compensation Committee shall determine the
actual level at which each performance target for that year has been attained and the amount of the
cash bonus payable to each Participant. The actual cash bonus payments to which a Participant
becomes entitled will be made after such determination but no later than February 15, of the
following year, provided the Participant has continued in Service through such date. No
Participant shall earn or accrue

 

 

any right to any portion of the cash bonus prior to such payment date. Any bonus payments
shall be subject to the Corporation’s collection of all applicable taxes.

	C.	 	RSU Awards

          1. The number of target RSUs (the “Target RSUs”) allocated to each Participant shall be
determined by dividing the RSU portion of the Participant’s target bonus by the Fair Market Value
per share of Common Stock on the last trading day prior to the determination of the actual number
of RSUs that will be awarded (rounded down to the nearest whole number of RSUs). Each RSU grant
will be subject to the vesting schedule set forth in subparagraph 3 below. In most cases, the
number of actual RSUs granted will be based upon the following criteria:

	 	o	 	Up to 25% of the Target RSUs will be granted without regard
to attainment of any performance goals.
	 
	 	o	 	The remaining portion of the Target RSUs shall be granted
based upon (i) the level of the Corporation’s achievement of its established
financial goals, and determined in the same manner as set forth for receiving
the cash bonus described above; (ii) attainment of a pre-established specific
client or balance growth target or expense containment applicable to the
Participant’s employer entity for the relevant year; and (iii) a subjective
evaluation of the Participant’s attainment of pre-established individual
objectives. The percentage of the Target RSU for each Participant associated
with these criteria will be determined by the Compensation Committee on an
individual basis.

          2. Following the close of the relevant year, the Compensation Committee shall determine the
actual level at which each of the performance goals for the year has been attained and the number
of RSUs to be granted to each Participant; provided, that under no circumstances shall any such
award include units representing fractional shares of Common Stock, and in lieu of any such
fractional shares the Participant shall receive the cash value thereof (based on the Fair Market
Value on the grant date of the award).

          3. Each RSU will represent the right to receive one share of Common Stock following vesting of
the RSU. The RSU award will vest in three (3) equal annual installments upon the Participant’s
completion of each year of Service measured from the grant date of the award. All unvested RSUs
held by a Participant shall immediately vest in full upon the termination of such Participant’s
Service (i) by the Corporation (or any Subsidiary employing such person) for any reason other than
Cause, or (ii) by the Participant for Good Reason. The shares subject to vested RSUs shall be
issued upon such vesting or as soon as practicable thereafter but in no event later than March 15
of the year following the year in which the vesting occurs. Any such issuance shall be subject to
the Corporation’s collection of all applicable taxes. The remaining terms of each RSU award shall
be subject to the Stock Incentive Plan and the form RSU agreement thereunder.

          4. Nothing herein shall be deemed an amendment to any term or provision of the Stock Incentive
Plan.

III. MISCELLANEOUS

          1. The Compensation Committee or the Board shall have complete and exclusive power to amend or
modify the Plan in any and all respects; provided, that in no event may the Board or the
Compensation Committee amend or modify the Plan in a manner requiring approval by the stockholders
of the Corporation without obtaining stockholders’ approval.

          2. Nothing in the Plan shall confer upon any Participant any right to continue in employment
for any period or restrict in any way the rights of the Corporation (or any Subsidiary employing
such person) or of the Participant, which rights are hereby expressly reserved by each, to
terminate such person’s employment at any time for any reason, with or without cause.

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          3. No amounts awarded or accrued under this Plan shall actually be funded, set aside or
otherwise segregated prior to payment. The obligation to pay the bonuses awarded hereunder shall
at all times be an unfunded and unsecured obligation of the Corporation. Participants shall have
the status of general creditors and shall look solely to the general assets of the Corporation for
the payment of their bonus awards.

          4. No Participant shall have the right to alienate, pledge or encumber his/her interests in
this Plan, and such interest shall not (to the extent permitted by law) be subject in any way to
the claims of the employees creditors or to attachment, execution or other process of law.

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APPENDIX I

DEFINITIONS

     The following definitions shall be in effect under the Plan:

     A. Board means the board of directors of the Corporation, as such shall be constituted from
time to time.

     B. Cause means (in addition to any definition given such term in any employment agreement
between the Corporation or a Subsidiary, on the one hand, and the Participant, on the other hand,
which definition is incorporated herein by reference with respect to such Participant): (i) a
conviction or plea of nolo contendre by the Participant to a felony offense or any crime that could
have an adverse effect on the Corporation or a Subsidiary or on the Participant’s job performance;
or (ii) the Corporation’s good faith determination that (a) the Participant has engaged in theft,
fraud, embezzlement or dishonest conduct with respect to any property or funds of the Corporation
or a Subsidiary, or of any vendor, partner, employee or customer of the Corporation or a
Subsidiary, or (b) the Participant has engaged in a significant act of misconduct which has had an
adverse effect on the business, operations, reputation or business prospects of the Corporation or
any Subsidiary.

     C. Common Stock means the common stock, par value $0.01 per share, of the Corporation.

     D. Compensation Committee means the compensation committee of the Board, as such shall be
constituted from time to time.

     E. Corporation means Penson Worldwide, Inc., a Delaware corporation.

     F. Fair Market Value per share of Common Stock on any relevant date means the closing selling
price per share of Common Stock on the date in question, as such price is reported on the Nasdaq
National Market or any successor system and in The Wall Street Journal. If there is no closing
selling price for the Common Stock on the date in question, then the Fair Market Value shall be the
closing selling price on the last preceding date for which such quotation exists.

     G. Good Reason means, solely for the purpose of the Plan (and specifically shall not apply to
any employment agreement between the Corporation or a Subsidiary, on the one hand, and the
Participant, on the other hand, which definition shall remain unchanged with respect to such
employment agreement), without the Participant’s express written consent; the occurrence of one or
both of the following: (i) a material change in the location of the Participant’s regular place of
employment (for this purpose a relocation of such Participant’s regular place of employment by more
than fifty (50) miles shall be deemed to be material) or (ii) a material diminution in the
Participant’s authority, duties or responsibilities provided that the Participant must (a) provide
written notice to the Company of the existence of the condition constituting Good Reason within
sixty (60) days of the initial existence of such condition and (b) provide the Company with thirty
(30) days after receipt of such notice to cure such condition. If the Company fails to remedy such
condition, the Participant’s termination for Good Reason will occur on the expiration of the cure
period; if the Company cures such condition within the applicable cure period, a termination for
Good Reason will not be deemed to have occurred.

     H. Participant means any person in Service of the Corporation or any Subsidiary that the
Compensation Committee determines, in its sole and absolute discretion, is permitted to participate
in the Plan.

     I. Plan means the Corporation’s 2010 Executive Bonus Plan.

     J. RSU means restricted stock units awarded pursuant to the Corporation’s Stock Incentive Plan.

     K. Service means serving as an employee, consultant or director with the Corporation or a Subsidiary.

     L. Stock Incentive Plan means the Corporation’s Amended and Restated 2000 Stock Incentive
Plan, as amended.

 

 

     M. Subsidiary means, except to the extent otherwise determined by the Plan administrator, any
company (other than the Corporation) in an unbroken chain of companies beginning with the
Corporation, provided each company (other than the last in such chain) in the unbroken chain owns,
at the time of the determination, stock possessing fifty (50) percent or more of the total combined
voting power of all classes of equity interests in one of the other entities in such chain.

2exv10w57

Exhibit 10.57

AMENDMENT TO THE

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     This AMENDMENT TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Amendment”) is
entered into by and between Santarus, Inc., a Delaware corporation (the “Company”), and E.
David Ballard, II, M.D. (“Executive”), and shall be effective as of February 14, 2011.

     WHEREAS, the Company and Executive are parties to that certain Amended and Restated Employment
Agreement (the “Agreement”), dated effective as of December 5, 2007.

     WHEREAS, the Company and Executive desire to amend the Agreement in certain respects.
WHEREAS, Executive further desires to consent to the changes in Executive’s position, duties and
responsibilities.

     NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree as
follows:

     1. Section 1 of the Agreement is hereby amended to add the following new Section 1(i) at the
end thereof:

     (i) “Designated Officer” means the officer designated by the CEO in writing to
Executive from time to time.

     2. Section 2 of the Agreement is hereby amended to read in its entirety as follows:

     2. Services to Be Rendered.

          (a) Duties and Responsibilities. Executive shall serve as Senior Vice
President, Medical Affairs and Pharmacovigilance of the Company. In the performance of such
duties, Executive shall report to the Chief Executive Officer (the “CEO”) of the
Company (or the Designated Officer) and shall be subject to the direction of the CEO (or the
Designated Officer) and to such limits upon Executive’s authority as the Board or the CEO
(or the Designated Officer) may from time to time impose. Executive hereby consents to
serve as an officer and/or director of the Company or any subsidiary or affiliate thereof
without any additional salary or compensation, if so requested by the Board. Executive
shall be employed by the Company on a full time basis. Executive’s primary place of work
shall be the Company’s facility in San Diego, California, or such other location within San
Diego County as may be designated by the CEO (or the Designated Officer) from time to time.
Executive shall also render services at such other places within or outside the United
States as the CEO (or the Designated Officer) may direct from time to time, however,
Executive’s primary place of work shall not be relocated more than fifty (50) miles from his
or her primary place of work as of the

 

 

Effective Date or outside San Diego County without
Executive’s prior consent. Executive shall be subject to and comply with the policies and
procedures generally
applicable to senior executives of the Company to the extent the same are not inconsistent
with any term of this Agreement.

          (b) Exclusive Services. Executive shall at all times faithfully, industriously
and to the best of his or her ability, experience and talent perform to the satisfaction of
the Board and the CEO (or the Designated Officer) all of the duties that may be assigned to
Executive hereunder and shall devote substantially all of his or her productive time and
efforts to the performance of such duties. Subject to the terms of the Employee
Confidentiality and Invention Assignment Agreement referred to in Section 5(b), this shall
not preclude Executive from devoting time to personal and family investments or serving on
community and civic boards, or participating in industry associations, provided such
activities do not interfere with his or her duties to the Company, as determined in good
faith by the CEO (or the Designated Officer). Executive agrees that he or she will not join
any boards, other than community and civic boards (which do not interfere with his or her
duties to the Company), without the prior approval of the CEO (or the Designated Officer).

     3. Executive hereby consents to any changes in Executive’s position, duties and
responsibilities (including, without limitation, any changes in Executive’s title and reporting
relationship) (a) made on or prior to the date hereof, or (b) arising from or relating to the
amendments made by Sections 1 and 2 of this Amendment.

     4. The Agreement, as amended herein, shall remain in force and effect in accordance with the
terms and conditions thereof.

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

	 	 	 	 	 
	 	SANTARUS, INC.

 	 
	 	By:  	/s/ Gerald T. Proehl
 	 
	 	 	Name:  	Gerald T. Proehl 	 
	 	 	Title:  	President and CEO 	 
	 

/s/ E. David Ballard, II, M.D.                          

E. David Ballard, II, M.D.

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