Document:

Amended and Restated Employment Agreement

 Exhibit 10.267 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (hereinafter the “Agreement”), made this 19th day of May, 2009, to be effective as
of July 1, 2009 (the “Effective Date”) by and between Pharmaceutical Product Development, Inc., a North Carolina corporation (hereinafter “PPD”), and Fredric N. Eshelman (hereinafter “Employee”). 
 RECITALS: 
 WHEREAS, PPD and Employee are
parties to that certain Employment Agreement dated June 17, 1997 (the “Original Agreement”); and 
 WHEREAS, the Board of
Directors of PPD has appointed Employee to the position of Executive Chairman of the Board of Directors of PPD effective July 1, 2009; and 
 WHEREAS, PPD and Employee now desires to amend and restate the Original Agreement. 
 NOW, THEREFORE, in consideration of the mutual
promises, covenants and considerations contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Employment. Effective on the Effective Date, PPD hereby employs Employee and Employee hereby accepts such employment on a full time basis as
Executive Chairman of the Board of Directors (“Executive Chairman”) of PPD upon the terms and conditions hereinafter set forth. 
 2. Term. The term of this Agreement shall be for one year, beginning July 1, 2009 and ending July 1, 2010, unless sooner terminated as provided herein. Thereafter, this Agreement shall be automatically renewed for
successive one-year terms upon the terms and conditions herein set forth and subject to salary adjustments as provided for in paragraphs 3 and 7 below, unless either party gives notice as herein provided to the other of said party’s intent not
renew this Agreement not less than 60 days prior to the expiration of the one-year term then in effect. 
 3. Salary. For all services
rendered by Employee under this Agreement, PPD shall pay to employee an annual salary of $740,000.00 for the initial one-year term hereof. Salary for any successive one-year terms shall be agreed upon not less than 75 days before commencement of
each one-year term unless such a requirement is waived by the parties. 

 4. Duties. Employee shall have overall responsibility for and decision making authority necessary
to fulfill his duties as Executive Chairman. Employee’s duties shall include but not be limited to (a) providing and overseeing implementation of strategic direction to PPD, (b) supervising PPD’s Chief Executive Officer,
(c) overseeing PPD’s senior executive management team, and (d) such other duties as may be reasonably assigned from time to time by PPD’s Board of Directors. Employee shall carry out his duties and responsibilities under the
general supervision of PPD’s Board of Directors. Employee shall undertake such travel as required to perform the duties prescribed herein. During the term of this Agreement, Employee shall devote substantially all of his working time, attention
and energies to the business of PPD. 
 5. Working Facilities. PPD shall furnish Employee with office space, equipment, technical,
secretarial and clerical assistance and such other facilities, services, support and supplies as may be reasonably needed to perform the duties herein prescribed in an efficient and professional manner. 
 6. Termination. Notwithstanding any other provision of this Agreement, PPD may terminate Employee’s employment hereunder upon the occurrence
of any of the following events: 
 a. Death of Employee. 
 b. A determination by the Board of Directors of PPD, acting in good faith but made in the sole discretion of the Board of Directors, that Employee has failed to substantially perform his duties under this Agreement.

 c. A determination by the Board of Directors of PPD, acting in good faith but made in the sole discretion of the Board of Directors, that
Employee (i) has become physically or mentally incapacitated and is unable to perform his duties under this Agreement as a result of such disability, which inability continues for a period of ninety (90) consecutive calendar days,
(ii) has breached any of the material terms of this Agreement, (iii) has demonstrated gross negligence or willful misconduct in the execution of his duties, or (iv) has been convicted of a felony. 
 Employee may voluntarily terminate this Agreement upon thirty (30) days written notice if his duties hereunder are substantially reduced or his
compensation is significantly reduced, in which case he shall be paid his base salary for a period of twelve months after the date of termination. 
 7. Benefits. During the term thereof, Employee shall be entitled to participate in all benefits provided by PPD to its employees generally, including but not limited to health insurance, disability insurance and retirement plans, all
of which are currently provided to employees of PPD, subject to the eligibility requirements of any plan(s) establishing same. Employee shall be subject to PPD’s policies applicable to other executive employees of PPD with respect to periodic
reviews and increases in 

 
salary, and shall be considered for and eligible to participate in benefits, if any, provided generally by PPD to its executive employees, including but not
limited to the issuance of stock options and equity awards under PPD’s 1995 Equity Compensation Plan and cash bonuses pursuant to PPD’s Employee Incentive Compensation Plan, as such Plans are amended from time to time. For 2009,
Employee’s bonus range and target bonus will equal the bonus range and target set by category I of the Employee Incentive Compensation Plan. Employee shall be entitled to six weeks paid vacation during each one-year term hereof. 
 8. Expenses. PPD shall pay all expenses of Employee which are directly related to Employee’s duties hereunder. 
 9. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and may not be
altered or amended except by agreement in writing signed by the parties. 
 10. Waiver of Breach. Waiver by either party of a breach
of any provision of this Agreement by the other party shall not operate as a waiver of any subsequent breach by the other party. No waiver shall be valid unless in writing and signed by the party against whom the waiver is sought. 
 11. Severability. If any portion of this Agreement shall be declared invalid by a court of competent jurisdiction, the remaining portion shall
continue in full force and effect as if this Agreement has been executed with the invalid portion eliminated and this Agreement shall be so construed. 
 12. Benefit. This Agreement shall inure to the benefit of and be binding upon PPD, its successors and assigns, and Employee, his heirs, successors, assigns and personal representatives. 
 13. Applicable Law. This Agreement shall be governed by the laws of the State of North Carolina. 
 14. Assignment. Neither party hereto may assign said party’s rights or obligations hereunder without the prior written consent of the other.

 15. Notice. Any notice required or permitted hereunder shall be delivered in person or mailed certified mail, return receipt
requested, to either party at PPD’s principal office in Wilmington, North Carolina and shall be deemed received when actually received. Any notice from Employee to PPD shall be addressed to the Lead Independent Director of the Board of
Directors, with a copy to the General Counsel of PPD. 
 16. Arbitration. Any dispute, controversy or claim arising out of or relating
to this Agreement, including but not limited to any breach, or as to its existence, 

 
validity, interpretation, performance or non-performance, breach or damages, including claims in tort, shall be decided by a single neutral arbitrator in
Wilmington, North Carolina in binding arbitration pursuant to the commercial Arbitration Rules of the American Arbitration Association then in effect. The parties to any such arbitration shall be limited to the parties to this Agreement or any
successor thereof. The arbitration shall be conducted in accordance with the procedural laws of the United States Federal Arbitration Act, as amended. The written decision of the arbitrator shall be final and binding, and may be entered and enforced
in any court of competent jurisdiction and each party specifically acknowledges and agrees to waive any right to a jury trial in any such forum. Each party to the arbitration shall pay its fees and expenses, unless otherwise determined by the
arbitrator. 
 17. Amendment; Modification. No amendment or modification of this Agreement and no waiver by any party of the breach of
any covenant contained herein shall be binding unless executed in writing by party against whom enforcement of such amendment, modification or waiver is sought. No waiver shall be deemed a continuing waiver or a waiver in respect of any subsequent
breach or deferral, either of a similar or different nature, unless expressly so stated in writing. 
 18. Counterparts. This
Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same Agreement. 
 19. Descriptive Headings: Interpretation. The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation
of this Agreement. 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first hereinabove set forth.

  

									
	PPD	 		 	PHARMACEUTICAL PRODUCT DEVELOPMENT, INC.
				
		 		 	By:	 	 /s/ B. Judd Hartman

		 		 	Title:	 	 General Counsel

				
	EMPLOYEE	 		 	 /s/ Fredric N. Eshelman
	 	(SEAL)
		 		 	Fredric N. EshelmanCorporate Aircraft Policy Amended and Restated

 Exhibit 10.268 
 Pharmaceutical Product Development, Inc. 
 Corporate Aircraft Policy 
 Amended and Restated May 19, 2009 
 Policy
Statement: 
 This policy is implemented as a guideline for the use of any corporate aircraft owned, leased or operated by Pharmaceutical Product
Development, Inc. (the “Company”) to ensure the efficient operation of the aircraft and to avoid conflicts concerning its use by the Company’s directors, Executive Officers, other employees and any other third parties (such as
customers of the Company) who fly on the aircraft. As used herein, “Executive Officers” shall mean Executive Chairman of the Board (“Executive Chairman”), Chief Executive Officer (“CEO”), Chief Operating Officer
(“COO”), Executive Vice Presidents (“EVP”), Chief Financial Officer (“CFO”), Chief Legal Officer (“CLO”) and Senior Vice Presidents (or their equivalents). 
 General Guidelines: 
 1. The Company shall insure that the aircraft is
used and operated in accordance with all applicable laws and regulations including but not limited to Federal Aviation Administration (“FAA”) and Internal Revenue Service (“IRS”) regulations. 
 2. The Company shall also verify that the manner in which the aircraft is used shall be in conformity with all rules, regulations and guidelines necessary to procure and
maintain appropriate insurance as determined by the Company’s Board of Directors. 
 3. The final decision concerning whether or not to fly the aircraft
at any given time will be made by the pilot charged with flying the aircraft at that time. 
 4. The CEO may from time to time designate one or more
employees of the Company to assist in the administration of and compliance with this policy. 
 5. The CEO shall make periodic reports to the Company’s
Board of Directors on the use of the aircraft. 
 Company Use: 
  

	1.	Priorities. 

  

			
	First:	  	Executive Chairman, CEO and Lead Independent Director
	Second:	  	Other Executive Officers
	Third:	  	Appropriate Designees of Executive Officers

 In the event of any conflict over the use of the aircraft, the Executive Chairman shall determine use of
the aircraft. In the Executive Chairman’s absence, the CEO shall determine the use of the aircraft. 
  

	2.	Multiple Board Members and Executives on Same Flight. 

 The Company prefers that no more than three members of the Board of Directors or three Executive Officers be on the same flight. Exceptions to this preference must be approved by the CEO. 
  

	3.	Personal Use. 

 No Executive Officer or other
person may use the aircraft for personal use without the consent of the Executive Chairman or CEO. The Executive Chairman, CEO, Lead Independent Director and each Executive Officer of the Company who at the time would qualify as an executive officer
under Item 402(a)(3) of Regulation S-K (promulgated pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934) shall be permitted maximum personal use of the aircraft in any calendar year as follows: (a) 30,000 miles
flown for the Executive Chairman; (b) 35,000 miles flown for the CEO; (b) 15,000 miles flown for the Lead Independent Director; (c) 10,000 miles flown for the COO; and (d) 5,000 miles flown for each other qualifying Executive
Officer. The value of any personal use of the aircraft shall be included in taxable income attributed to the user of Company aircraft using the SIFL rates in effect from time to time under applicable IRS regulations.  
  

	4.	Amendment. 

 This policy may be amended from time to
time by the Board of Directors. 
  

 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]