Document:

EXHIBIT 10.27

 

RELIANT PHARMACEUTICALS, INC.

 

2004 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK AGREEMENT

 

Unless
otherwise specified herein, all capitalized terms shall have the same meanings
as set forth in the Reliant Pharmaceuticals, Inc. 2004 Equity Incentive Plan
(as amended from time to time, the “Plan”).

 

I.                                         NOTICE OF GRANT

 

Bradley
T. Sheares

[to his last known address as shown on the records
of the Company]

 

You
(the “Participant”) are hereby granted Common
Stock (the “Shares”) in Reliant Pharmaceuticals,
Inc. (the “Company”), subject to the terms
and conditions of the Plan and this Restricted Stock Agreement (as amended from
time to time, the “Agreement”). The
terms of your grant are set forth below:

 

	
  Grant Date:

  	
   

  	
  February 14, 2007

  
	
   

  	
   

  	
   

  
	
  Vesting Commencement
  Date:

  	
   

  	
  January 15, 2007

  
	
   

  	
   

  	
   

  
	
  Restricted Shares
  Granted:

  	
   

  	
  200,000

  

 

Vesting
Schedule:

 

The
Shares subject to this Agreement (the “Restricted
Shares”) shall vest according to the following schedule:

 

Participant
shall vest in twenty-five percent (25%) of the Two Hundred Thousand (200,000)
Restricted Shares Granted or Fifty Thousand (50,000) Restricted Shares on each
anniversary of the
Vesting Commencement Date, so that all of the Restricted Shares Granted
shall be vested and no longer subject to the restrictions of and forfeiture
under this Agreement on the fourth (4th) anniversary of the Vesting Commencement Date. Notwithstanding
the foregoing, (1) upon a “Change of Control”
(as defined in the Participant’s Employment Agreement dated January 13, 2007, as
amended from time to time, the “Employment Agreement”),
Participant shall become one hundred percent (100%) fully vested in all of the
Restricted Shares Granted and no longer subject to the restrictions of and
forfeiture under this Agreement, and (2) if the Employment Agreement is
terminated (a) by the Company without “Cause” (as
defined in the Employment Agreement), (b) by Participant for “Good Reason” (as defined in the Employment Agreement), (c)
by reason of his death, or (d) by reason of his “Disability”
(as defined in the Employment Agreement), Participant shall become vested on
his “Termination Date” (as

 

 

defined in the Employment Agreement) in the Restricted
Shares Granted to the extent the Participant would have been vested had the
Participant remained continuously employed by the Company through the second
(2nd) anniversary of such Termination Date.

 

Except
as provided above, Restricted Shares shall vest only for so long as Participant
remains an Employee, Director or Consultant with the Company and its
Subsidiaries.

 

II.                                     AGREEMENT

 

1.             Grant
of Restricted Shares. Effective on the Grant Date, the Company hereby
grants to the Participant the number of Restricted Shares set forth in the
Notice of Grant.

 

2.             Notwithstanding
anything to the contrary anywhere else in this Agreement, this grant of
Restricted Shares is subject to the terms, definitions and provisions of the
Plan, the Employment Agreement and the Stockholders’ Agreement dated April 1,
2004 (as amended from time to time, the “Stockholder’s Agreement”)
which are incorporated herein by reference.

 

3.             Vesting.
Participant shall vest in the Restricted Shares as set forth in the Notice of
Grant. For purposes of this Agreement, the Restricted Shares shall vest based
upon Participant’s continued status as an Employee, Consultant or Director of
the Company and its Subsidiaries and as otherwise provided herein. Upon
termination of Participant’s status as an Employee, Consultant and Director,
the unvested portion of the Restricted Shares (“Unvested Shares”)
shall be forfeited. The vested portion of the Restricted Shares (“Vested Shares”) shall be subject to the Company’s Right of
First Refusal and Call Right under Sections 5 and 6 hereof.

 

4.             Rights
and Obligations as a Stockholder. The Participant shall have all rights of
a “Stockholder” (as defined in the
Stockholders’ Agreement) with respect to the Restricted Shares as provided in
the Stockholders’ Agreement. By executing this Agreement, Participant, without
further action on his or her part, agrees to be deemed a party to, a signatory
of and bound by the Stockholders’ Agreement, and the Restricted Shares shall be
subject to such rights and restrictions as contained therein. Participant shall
enjoy rights as a Stockholder and shall be subject to all of the limitations,
restrictions and obligations contained in the Stockholders’ Agreement as a
Stockholder, until such time as Participant is no longer the holder of the
Shares or the Company and/or its assignee(s) exercises the Right of First
Refusal or the Call Right provided in this Agreement or otherwise in the
Stockholders’ Agreement. Upon such exercise, Participant shall have no further
rights as a holder of the Shares so purchased except the right to receive
payment for the Shares so purchased in accordance with the provisions of this
Agreement and the Stockholders’ Agreement. This Agreement shall not affect in
any way the ownership, voting rights or other rights or duties of Participant,
except as specifically provided herein.

 

5.             Participant’s
Rights to Transfer Restricted Shares.

 

(a)           Limitations
on Transfer. The Unvested Shares or any interest or right therein or part
thereof may not be disposed of by transfer, alienation, anticipation, pledge,
hypothecation, encumbrance, assignment or any other means, whether such
disposition be voluntary or involuntary or by operation of law by judgment,
levy, attachment, garnishment or any other legal or equitable proceedings
(including bankruptcy), and any attempted disposition thereof shall be null and
void and of no effect. Participant may transfer Vested Shares subject to

 

2

 

the restrictions contained in this Section 5 and the Stockholders’
Agreement; provided however no Shares may be transferred (i) to a direct
competitor of the Company and its Subsidiaries as determined by the Board of
Directors or (ii) for consideration other than cash.

 

(b)           Company’s
Right of First Refusal. Before any Vested Shares held by Participant or any
permitted transferee (each, a “Holder”) may be
sold, pledged, assigned, hypothecated, transferred or otherwise disposed of
(including transfer by gift or operation of law, collectively a “Transfer” or “Transferred”),
the Company or its assignee(s) shall have a right of first refusal to purchase
the Vested Shares on the terms and conditions set forth in this Section (the “Right of First Refusal”).

 

(i)            Notice
of Proposed Transfer. The Holder of the Vested Shares shall deliver to the
Company a written notice (the “Notice”)
stating:  (i) the Holder’s bona fide
intention to sell or otherwise Transfer such Shares; (ii) the name of each
proposed transferee (“Proposed Transferee”);
(iii) the Vested Shares to be Transferred to each Proposed Transferee; and
(iv) the bona fide cash price for which the Holder proposes to Transfer
the Shares (the “Offered Price”), and the Holder
shall offer the Shares at the Offered Price to the Company or its assignee(s).

 

(ii)           Exercise
of Right of First Refusal. Within thirty (30) days after receipt of the
Notice, the Company and/or its assignee(s) may elect in writing to purchase
all, but not less than all, of the Shares proposed to be Transferred to any one
or more of the Proposed Transferees. The purchase price will be determined in
accordance with subsection (iii) below.

 

(iii)          Purchase
Price. The purchase price (“Purchase Price”)
for the Vested Shares repurchased under this Section shall be the Offered
Price.

 

(iv)          Payment.
Payment of the Purchase Price shall be made, at the option of the Company or
its assignee(s), in cash (by check), by cancellation of all or a portion of any
outstanding indebtedness of the Holder to the Company (or, in the case of
repurchase by an assignee, to the assignee), or by any combination thereof
within thirty (30) days after receipt of the Notice or in the manner and at the
times set forth in the Notice.

 

(v)           Holder’s
Right to Transfer. If all of the Vested Shares proposed in the Notice to be
transferred to a given Proposed Transferee are not purchased by the Company
and/or its assignee(s) as provided in this Section, then subject to any rights
of first refusal and other restrictions on transfer contained in the
Stockholders’ Agreement, the Holder may sell or otherwise Transfer such Shares
to that Proposed Transferee at the Offered Price or at a higher price, provided
that such sale or other Transfer is consummated within one hundred twenty (120)
days after the date of the Notice and provided further that any such sale or
other Transfer is effected in accordance with any applicable securities laws
and the Proposed Transferee agrees in writing that the provisions of this
Section and this Agreement, as applicable, shall continue to apply to the
Vested Shares in the hands of such Proposed Transferee. If the Shares described
in the Notice are not Transferred to the Proposed Transferee within such
period, a new Notice shall be given to the Company, and the Company and/or its
assignees shall again be offered the Right of First Refusal as provided herein
before any Vested Shares held by the Holder may be sold or

 

3

 

otherwise Transferred. The Company’s Right of First Refusal as
contained herein shall be in addition to and arise prior to any rights of first
refusal contained in the Stockholders’ Agreement.

 

(c)           Exception
for Certain Family Transfers. Anything to the contrary contained in this
Section notwithstanding, the Transfer of any or all of the Restricted Shares
during the Participant’s lifetime or on the Participant’s death by will or
intestacy to the Participant’s Immediate Family shall be exempt from the Right
of First Refusal. Participant’s Immediate Family includes Participant’s and
Participant’s Immediate Family’s trusts, foundations, partnerships and other
family entities. In such case, the transferee or other recipient shall receive
and hold the Restricted Shares so Transferred subject to the provisions of this
Section, Section 3, Section 6 and this Agreement, as applicable, and there
shall be no further Transfer of such Restricted Shares except in accordance
with the terms of this Section.

 

(d)           Termination
of Right of First Refusal. The Right of First Refusal shall terminate as to
all Restricted Shares ninety (90) days after a sale of common stock of the
Company to the general public pursuant to a registration statement filed with
and declared effective by the Securities and Exchange Commission under the
Securities Act of 1933, as amended (a “Public Offering”).

 

6.             Company
Call Right.

 

(a)           If
Participant incurs a Termination of Service, the Company shall have the right
to purchase any or all of the Vested Shares of the Participant at a price equal
to the Fair Market Value of the Vested Shares on the date the Participant has a
Termination of Service (the “Call Right”).

 

(b)           The
Company may exercise the Company Call Right by delivering personally or by
registered mail to the Participant within ninety (90) days of the date on which
Participant has a Termination of Service, a notice in writing indicating the
Company’s intention to exercise the Company Call Right and setting forth a date
for closing not later than thirty (30) days from the mailing of such notice. The
closing shall take place at the Company’s office.

 

(c)           At
its option, the Company may elect to make payment for the Vested Shares to a bank
selected by the Company. The Company shall avail itself of this option by a
notice in writing to the Participant stating the name and address of the bank,
date of closing, and waiving the closing at the Company’s office.

 

(d)           If
the Company does not elect to exercise the Company Call Right conferred above
by giving the requisite notice within ninety (90) days following the date on
which Participant has a Termination of Service, the Company Call Right shall
terminate.

 

(e)           The
Company Call Right shall terminate as to all Shares ninety (90) days after a
Public Offering.

 

7.             Lock-Up
Period. Participant hereby agrees that if so requested by the Company (any
successor thereto) or any representative of the underwriters (the “Managing Underwriter”) in connection with any registration
of the offering of any securities of the Company under the Securities Act of
1933, as amended (the “Securities Act”),
Participant shall not sell or otherwise

 

4

 

transfer any Shares or other securities of the Company during the
180-day period (or such longer period as may be requested in writing by the
Managing Underwriter and agreed to in writing by the Company) (the “Market Standoff Period”) following the effective date of a
registration statement of the Company filed under the Securities Act; provided, however, that such restriction shall apply only to
the first registration statement of the Company to become effective under the
Securities Act that includes securities to be sold on behalf of the Company to
the public in an underwritten public offering under the Securities Act. The
Company may impose stop-transfer instructions with respect to securities
subject to the foregoing restrictions until the end of such Market Standoff
Period.

 

8.             Refusal
to Transfer. The Company shall not be required (i) to transfer on its
books any Restricted Shares that have been sold or otherwise transferred in
violation of any of the provisions of this Agreement or the Stockholders’
Agreement or (ii) to treat as owner of such Restricted Shares or to accord
the right to vote or pay dividends to any Participant or other transferee to
whom such Restricted Shares shall have been so transferred.

 

9.             Successors
and Assigns. The Company may assign any of its rights under this Agreement
to single or multiple assignees, and this Agreement shall inure to the benefit
of the successors and assigns of the Company. Subject to the restrictions on
transfer herein set forth, this Agreement shall be binding upon Participant and
his or her heirs, executors, administrators, successors and assigns.

 

10.           Arbitration. Except as provided in Section 15 hereof, in the event that there
shall be a dispute among the parties arising out of or relating to this
Agreement, or the breach thereof, the parties agree that such dispute shall be
resolved by final and binding arbitration in Newark, New Jersey, administered
by the American Arbitration Association (the “AAA”),
in accordance with AAA’s Commercial Arbitration Rules, to which shall be added
the provisions of the Federal Rules of Civil Procedure relating to the
Production of Evidence, and the parties agree that the arbitrators may impose
sanctions in their discretion to enforce compliance with discovery and other
obligations. Such arbitration shall be presided over by a single arbitrator. If
the Participant, on the one hand, and the Company, on the other hand, do not
agree on the arbitrator within fifteen (15) days after a party requests
arbitration, the arbitrator shall be selected by the Executive and the Company
from a list of five (5) potential arbitrators provided by AAA. Such list shall
be provided within twenty five (25) days of the request of any party for
arbitration. The party requesting arbitration shall delete one name from the
list. The other party shall delete one name from the list. This process shall
then be repeated in the same order, and the last remaining person on the list
shall be the arbitrator. This selection process shall take place within the two
(2) business days following both parties’ receipt of the list of five (5)
potential arbitrators. Hearings in the arbitration proceedings shall commence
within twenty (20) days of the selection of the arbitrator or as soon
thereafter as the arbitrator is available. The arbitrator shall deliver his or
her opinion within twenty (20) days after the completion of the arbitration
hearings. The arbitrator’s decision shall be final and binding upon the
parties, and may be entered and enforced in any court of competent jurisdiction
by either of the parties. The arbitrator shall have the power to grant
temporary, preliminary and permanent relief, including without limitation,
injunctive relief and specific performance. The arbitrator’s fees and expenses
shall be paid by the Company.

 

5

 

11.           Attorney’s
Fees. Without limiting Section 10 above, if any arbitration, proceeding, or other
action is brought under this Agreement, each party shall pay their own
attorneys’ fees and costs in that arbitration, proceeding, or action

 

12.           Notices.
Any notice required or permitted hereunder shall be given in writing and shall
be deemed effectively given upon personal delivery or upon deposit in the
United States mail by certified mail, with postage and fees prepaid, addressed
to the other party at its address as shown below beneath its signature, or to
such other address as such party may designate in writing from time to time to
the other party. Participant further agrees to notify the Company upon any
change in the residence address indicated below.

 

13.           Further
Instruments. The parties agree to execute such further instruments and to
take such further action as may be reasonably necessary to carry out the
purposes and intent of this Agreement.

 

14.           Entire
Agreement. The Plan, Stockholders’ Agreement, and Employment Agreement are
incorporated herein by reference. This Agreement, the Plan, the Stockholders’
Agreement, the Employment Agreement, and the Investment Representation
Statement attached as Exhibit A to this Agreement constitute the entire
agreement of the parties and supersede in their entirety all prior undertakings
and agreements of the Company and Participant with respect to the subject
matter hereof.

 

15.           Governing
Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of
Delaware applicable to contracts executed in and to be performed entirely
within that state. The parties irrevocably agree that all actions to enforce an
arbitrator’s decision pursuant to Section 10 of this Agreement shall be
instituted and litigated only in federal, state or local courts sitting in
Newark, New Jersey and each of such parties hereby consents to the exclusive
jurisdiction and venue of such court and waives any objection based on forum non conveniens.

 

16.           WAIVER OF JURY TRIAL. THE PARTIES HEREBY WAIVE,
RELEASE AND RELINQUISH ANY AND ALL RIGHTS THEY MAY HAVE TO A TRIAL BY JURY WITH
RESPECT TO ANY ACTIONS TO ENFORCE AN ARBITRATOR ‘S DECISION PURSUANT TO
SECTION 10 OF THIS AGREEMENT.

 

17.           Spousal
Consent. As a further condition to the Company’s and Participant’s
obligations under this Agreement, the spouse of the Participant, if any, shall
execute and deliver to the Company the Consent of Spouse attached hereto as Exhibit B.

 

18.           Severability. Should any provision of this
Agreement be determined by a court of law to be illegal or unenforceable, the
other provisions shall nevertheless remain effective and shall remain
enforceable.

 

19.           No Right to Employment. PARTICIPANT
ACKNOWLEDGES AND AGREES THAT THE RESTRICTED SHARES HEREIN GRANTED CONTINUE TO
VEST IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT. PARTICIPANT ALSO
ACKNOWLEDGES AND AGREES THAT NEITHER THE TERMS AND PROVISIONS OF (A) THIS
AGREEMENT, NOR (B) THE COMPANY’S

 

6

 

2004 EQUITY INCENTIVE PLAN (AS AMENDED), WHICH IS
INCORPORATED BY REFERENCE HEREIN, SHALL EITHER (X) CONFER UPON PARTICIPANT ANY
RIGHT WITH RESPECT TO CONTINUATION OF EMPLOYMENT OR CONSULTANCY BY THE COMPANY,
OR (Y) INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE COMPANY’S RIGHT TO
TERMINATE PARTICIPANT’S EMPLOYMENT OR CONSULTANCY AT ANY TIME, WITH OR WITHOUT
CAUSE OR NOTICE.

 

20.           Representations
of Participant. Participant acknowledges that he or she has received, read
and understood the Plan, the Stockholders’ Agreement, this Agreement and is
familiar with their terms and provisions. Participant hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the
Committee upon any questions arising under this Agreement.

 

21.           Dividends
and Voting. Participant shall be entitled to receive all dividends paid on
and will be entitled to vote the Restricted Shares.

 

22.           Withholding.
The Company has the authority to deduct or withhold, or require you to remit to
the Company, an amount sufficient to satisfy applicable federal, state, local
and foreign taxes arising from this Agreement. You may satisfy your tax
obligation, in whole or in part, by either: 
(i) direct payment in cash; (ii) electing to have the Company withhold
shares of Restricted Shares otherwise deliverable with a Fair Market Value
equal to the minimum amount of the tax withholding obligation; (iii)
surrendering to the Company previously owned Shares with a Fair Market Value
equal to the minimum amount of the tax withholding obligation; or (iv) through
such other means as may be approved by the Committee.

 

23.           Certificates.
The Company shall cause the Restricted Shares to be issued and a stock
certificate or certificates representing the Restricted Shares to be registered
in your name or held in book entry form promptly upon execution of this
Agreement, but if a stock certificate or certificates are issued, they shall be
delivered to, and held in custody by the Company until the shares of Restricted
Shares vest and the applicable restrictions lapse at the times specified above,
or such shares of Restricted Shares are otherwise forfeited. If issued, each
such certificate will bear the following legend:

 

The shares of stock represented by this certificate are
subject to forfeiture and the transferability of this certificate and the
shares of stock represented hereby are subject to the restrictions, terms and
conditions (including restrictions against transfer) contained in  the Reliant Pharmaceuticals, Inc. 2004
Equity Award Plan (as amended) and a Restricted Stock Agreement dated February
14, 2007 entered into between the registered owner of such shares and Reliant
Pharmaceuticals, Inc. A copy of the Agreement is on file in the office of the
Secretary of Reliant Pharmaceuticals, Inc.  110 Allen Road, Liberty Corner, New Jersey 07938.

 

7

 

Following the vesting of any shares of Restricted
Shares, the Company will cause to be issued and delivered to you certificates
evidencing such shares, free of the legend provided above.

 

[Signature Page to Follow]

 

8

 

IN
WITNESS WHEREOF, this Agreement is deemed made as of the date first set forth
above.

 

 

	
   

  	
  RELIANT
  PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  110 Allen Road

  
	
   

  	
   

  	
  Liberty Corner, New Jersey 07938

  
	
   

  	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Bradley T. Sheares

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
  [to his
  last known address as

  shown on the records of Company]

  
					

 

9

 

EXHIBIT A

 

INVESTMENT REPRESENTATION STATEMENT

 

	
  PARTICIPANT:

  	
   

  	
  BRADLEY T. SHEARES

  
	
   

  	
   

  	
   

  
	
  COMPANY

  	
  :

  	
  RELIANT
  PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
  SECURITY

  	
  :

  	
  COMMON STOCK

  
	
   

  	
   

  	
   

  
	
  AMOUNT

  	
  :

  	
  200,000 Shares

  
	
   

  	
   

  	
   

  
	
  DATE

  	
  :

  	
  February 14, 2007

  

 

In connection with the purchase of the above-listed
Securities, the undersigned Participant represents to the Company the
following:

 

(a)           Participant is aware
of the Company’s business affairs and financial condition and has acquired
sufficient information about the Company to reach an informed and knowledgeable
decision to acquire the Securities. Participant has received and read the
financial information provided by the Company and has had an opportunity to
discuss the Company’s business, management and financial affairs with the
managers, officers and other management personnel of the Company. Participant
has also had the opportunity to ask questions of and receive answers from, the
Company and its management regarding the risks, terms and conditions of this
investment.

 

(b)           Participant
(i) has such knowledge and experience in financial and business matters
that it is capable of evaluating the merits and risks of its investment in
these Securities, (ii) is able to bear the complete loss of his investment
in these Securities, and (iii) is an “accredited investor” as that term is
defined in Rule 501(a)(3) under the Securities Act of 1933, as amended (the “Securities Act”).

 

(c)           Participant is
acquiring these Securities for investment purposes for Participant’s own
account only and not with a view to distributing or resale of all or any part
thereof in any transaction which would constitute a “distribution” within the meaning of the Securities Act. Participant
acknowledges that none of the Securities have been registered under the
Securities Act and, except as may be specifically agreed to by the Company, the
Company is under no obligation to file a registration statement with the
Securities and Exchange Commission with respect to all or any part of such Securities.

 

Participant acknowledges and understands that the Securities constitute
“restricted securities”  under the Securities Act and have not been
registered under the Securities Act in reliance upon a specific exemption
therefrom, which exemption depends upon, among other things, the bona fide
nature of Participant’s investment intent as expressed herein. In this
connection, Participant understands that, in the view of the Securities and
Exchange Commission, the statutory basis for such exemption may be unavailable
if Participant’s representation was predicated solely upon a present intention
to hold these Securities for the minimum capital gains period specified under
tax statutes, for a deferred sale, for or until an

 

 

increase
or decrease in the market price of the Securities, or for a period of one year
or any other fixed period in the future. Participant further understands that
the Securities must be held indefinitely unless they are subsequently
registered under the Securities Act or an exemption from such registration is
available. Participant has been advised or is aware of the provisions of Rule
144 promulgated under the Securities Act, which permits limited resale of
securities purchased in a private placement subject to the satisfaction of certain
conditions, including, among other things: 
the availability of certain current public information about the
Company, the resale occurring not less than one year after a party has
purchased and paid for the security to be sold, the sale being through an
unsolicited “broker’s transaction”
or in transactions directly with a market maker (as said term is defined under
the Securities Exchange Act of 1934, as amended) and the number of shares being
sold during any three-month period not exceeding specified limitations.

 

	
   

  	
  Signature
  of Participant:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Bradley
  T. Sheares

  
	
   

  	
   

  
	
   

  	
  Date:
  February 14, 2007

  

 

2

 

EXHIBIT B

 

CONSENT OF SPOUSE

 

I,              ,
spouse of Bradley T. Sheares, have read and approve the foregoing Restricted
Stock Agreement (the “Agreement”). In
consideration of granting Common Stock of Reliant Pharmaceuticals, Inc. to my
spouse as set forth in the Agreement, I hereby appoint my spouse as my
attorney-in-fact in respect to the exercise of any rights under the Agreement
and agree to be bound by the provisions of the Agreement insofar as I may have
any rights in said Agreement or any shares issued pursuant thereto under the
community property laws or similar laws relating to marital property in effect
in the state of our residence as of the date of the signing of the foregoing
Agreement.

 

	
   

  	
   

  
	
   

  	
   

  
	
  Dated:
  February     , 2007.EXHIBIT 10.28

 

SEPARATION
AGREEMENT

 

FOR AND IN CONSIDERATION
of the mutual promises, covenants and agreements made in this agreement (this “Agreement”)
by and between JOSEPH S. ZAKRZEWSKI (“Employee”, a term which includes
Employee himself, Employee’s spouse, and all assigns, heirs, and successors in
interest) and RELIANT PHARMACEUTICALS, INC.  (“Reliant”,
a term which for the purposes of this Agreement includes Reliant, any and all
parent, subsidiary, and affiliate corporations), the parties agree as follows:

 

1.                                                              Termination
of Employment

 

Employee’s employment
with Reliant will terminate effective at 12:01 am on April 30, 2007 (“Termination
Date”), whereupon all benefits and privileges related thereto will cease,
except as expressly set forth herein.  

 

2.                                                              No
Admissions

 

Reliant and Employee
agree that the entry of the parties into this Agreement, and the agreements
contained herein, are not and shall not be construed to be an admission of
liability on the part of any party hereto or any parties hereby released or
held harmless.

 

3.                                                              Adequacy
of Consideration

 

The parties agree that
Reliant has no obligation to Employee to make the payments or arrangements set
forth herein independent of this Agreement. 
The parties further acknowledge the adequacy of the “additional
consideration” provided herein by each to the other, that this is a legally
binding document, and that they intend to comply with and be faithful to its
terms.  Employee acknowledges that he has
received payment for all salary and reimbursement for all reimbursable business
expenses accrued and payable through the date that this Agreement is executed
by Employee (other than reasonable and documented business expenses incurred in
the ordinary course of business by Employee through the Termination Date, all
of which will be submitted to Reliant by Employee within ten (10) days
following the Termination Date and shall be reimbursed by Reliant in accordance
with Reliant’s regular expense reimbursement practices), and except for the
payments under this Agreement, or benefits in which he is vested under Reliant’s
employee benefit plans, and that he has received all amounts to which he is
otherwise entitled. 

 

4.                                                              Payments
to Employee

 

In partial consideration
for the promises of Employee set forth herein, Reliant agrees to pay Employee
the amounts set forth in Sections 4(a), 4(b), 4(c) and 4(d) below subject to
and on the terms described in this Section 4:

 

	
  Initials:

  	
   

  	
   

  	
  Initials:

  	
   

  

 

 

1

 

a.               Five Hundred
Thousand Dollars and No Cents ($500,000.00) to be paid over a twelve (12 month
period in twenty four (24) equal installments of Twenty Thousand Eight Hundred
Thirty Three Dollars and 33/100 ($20,833.33) beginning with the first regularly
scheduled pay period following the Termination Date and continuing thereafter
on each subsequently scheduled pay period until paid in full.

 

b.              Three Hundred Fifty Thousand Dollars and No
Cents ($350,000.00) to be paid in two equal installments of One Hundred Seventy
Five Thousand Dollars and No Cents ($175,000.00) each, with the first
installment payable on May 15, 2007 and the second installment payable in
August 1, 2007. 

 

c.               One Hundred Fifteen Thousand Dollars and No
Cents ($115,000.00) to be paid in one lump sum payment no later than March 15,
2008.

 

d.              All accrued and unpaid salary through the
Termination Date and Eleven Thousand Five Hundred Thirty Eight Dollars and No
Cents ($11,538.00) representing accrued and unused CTO days as of the
Termination Date to be paid in accordance with Reliant’s normal payroll
processes.  

 

e.               The payments made
pursuant to this Section 4, (i) shall be reduced by statutorily required
deductions, (ii) shall be made in accordance with Reliant’s normal payroll
practices and (iii) are contingent upon execution
and delivery by Employee to the Company of a letter substantially in the form
of Exhibit A attached hereto on a date that is after the Termination
Date but prior to the last business day of May 2007.

 

f.                 Reliant will make the above-described payments
to Employee notwithstanding any set-off agreements which may have previously
existed between Reliant and Employee and regardless of whether he obtains any
employment or income from any other source after the Termination Date.

 

g.              The payments made
pursuant to this Section 4 shall not be matched by Reliant or otherwise
considered compensation to Employee for purposes of Reliant’s 401(k) or other
benefit plans.

 

h.              Other than as set
forth herein, Reliant is not obligated to pay Employee any other compensation.

 

i.                  Reliant shall
not be obligated to make any of the payments set forth herein if Employee
breaches this Agreement in any material
way or revokes this Agreement pursuant to Section 28 herein.  If Employee materially breaches the
provisions of Sections 6, 7, 10 or 11 of this Agreement or the sections of the
Offer Letter (as defined below) that are listed in Section 24 hereof, Employee
shall be obligated to repay Reliant all amounts paid under this Section 4,
other than $100 thereof.

 

	
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2

 

j.                  Employee’s right
(and the right of his heirs and personal representatives, if applicable) to
receive payments pursuant to this Agreement shall not be affected by (i) the
death, disability or incapacity of Employee prior to the Termination Date, or
(ii) the involuntary termination of Employee’s employment with Reliant prior to
the Termination Date (unless Employee materially breaches the terms of this
Agreement).

 

5.                                                              Other Benefits

 

In further consideration
for the promises of Employee set forth herein, Reliant agrees as follows:

 

a.               Reliant shall continue to provide to Employee
and his dependents medical and dental coverage under Reliant’s group plan
subject to the terms of the applicable policies that Reliant may have in place
from time to time, all at no cost to Employee. Reliant’s obligation to provide
such coverage shall expire on the earlier of (i) April 30, 2008  and (ii) the date Employee becomes covered under any other
primary health plan or policy. 
Reliant shall make all premium payments on behalf of Employee and his
dependants directly to the insurance provider.  Upon expiration of Reliant’s
obligation under (i) above, Employee shall be entitled to elect to continue
medical and/or dental insurance coverage under Reliant’s group plan then in
effect at the time at his own expense pursuant to the Consolidated
Omnibus Budget Reconciliation Act of 1985 (“COBRA”).

 

b.              As of the
Termination Date, Employee will have a total of (i) 150,000 vested options to
purchase Reliant common stock (the “Vested Options”), all of which have
an exercise price of $20.00/share and (ii) 1,250 vested shares of restricted
stock.  All of Employee’s options and
shares of restricted stock shall continue to be governed by the Reliant
Pharmaceuticals, Inc. 2004 Equity Incentive Plan (as amended), and the
agreements pursuant to which such options and restricted stock was granted,
except as otherwise provided in this Agreement. 
In accordance with such Plan and relevant agreements, (i) all of
Employee’s unvested options (150,000) shall terminate effective as of the
Termination Date and (ii) all of Employee’s unvested shares of restricted stock
(3,750) shall be forfeited on the Termination Date.  In the event that Reliant certificates shares
of restricted stock issued to employees, the Company will use commercially
reasonable efforts to deliver certificates to Employee for his vested shares of
restricted stock.

 

c.               Reliant hereby
amends the Vested Options held by Employee as follows:

 

i.                  The exercise
period for Fifty Thousand (50,000) of the Vested Options shall be amended to be
exercisable at any time during the remainder of their ten (10) year term, and
shall not expire if unexercised after 30 days of the Termination Date.

 

ii.               The exercise period
for One Hundred Thousand (100,000) of the Vested Options shall be extended and
shall not expire if unexercised after 30 days of the Termination Date as
follows:

 

i.                  Twenty-Five
Thousand (25,000) of the Vested Options must be exercised,

 

	
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3

 

if at all, on or
after January 1, 2008 but on or before December 31, 2008, and if such Vested
Options are not exercised by December 31, 2008, they shall expire on December
31, 2008 and shall no longer be exercisable;

 

ii.               Twenty-Five
Thousand (25,000) of the Vested Options must be exercised, if at all, on or
after January 1, 2009 but on or before December 31, 2009, and if such Vested
Options are not exercised by December 31, 2009, they shall expire on December
31, 2009 and shall no longer be exercisable; 

 

iii.            Twenty-Five Thousand
(25,000) of the Vested Options must be exercised, if at all, on or after
January 1, 2010 but on or before December 31, 2010, and if such Vested Options are
not exercised by December 31, 2010, they shall expire on December 31, 2010 and
shall no longer be exercisable; and

iv.           Twenty-Five Thousand
(25,000) of the Vested Options must be exercised, if at all, on or after
January 1, 2011 but on or before December 31, 2011, and if such Vested Options
are not exercised by December 31, 2011, they shall expire on December 31, 2011
and shall no longer be exercisable.

 

Notwithstanding the
foregoing, if applicable law, including, without limitation, the rules and regulations
promulgated by the United States Securities and Exchange Commission, precludes
Employee from exercising any Vested Options as of the day such Vested Option
would otherwise expire (“Blackout Period”), Employee may exercise such Vested
Options within thirty (30) days after the end of the Blackout Period.  Reliant represents and warrants that it has
taken all corporate action necessary to effectuate the amendment of the Vested
Options described herein.

 

d.              Except as expressly
set forth in this Agreement, nothing in this Agreement is intended to
accelerate, alter or reduce any other vested or accrued benefits (if any) to
which Employee may be entitled under Reliant’s 401(k) Plan or any other
employee benefit plan in which the employee participates. 

 

e.               In the event that
Employee materially breaches any of the provisions of this Agreement, then (i)
Employee’s entitlements under Section 5(a) shall terminate and be of no force
and effect, and (ii) all vested and unexercised options then held by Employee
shall automatically terminate and no longer be exercisable. 

 

f.                 Reliant will not
oppose Employee’s efforts to obtain unemployment benefits so long as Employee
is in compliance with the terms of this Agreement and his other obligations to
Reliant; provided that the foregoing shall in no way prevent Reliant from
responding truthfully to inquiries from or investigations by governmental
authorities with respect to Employee’s application for such unemployment (or
similar) benefits.

 

	
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4

 

6.                                                              Full
Release of All Claims

 

In consideration for the
undertakings and promises of Reliant set forth in this Agreement, Employee
unconditionally releases, discharges, and holds harmless Reliant, its officers,
directors, shareholders, employees, agents, attorneys, suppliers and
contractors (herein collectively referred to as “Releasees”), from each
and every claim, cause of action, right, liability or demand of any kind and
nature, and from any claims which may be derived therefrom (collectively
referred to as “Claims”), that Employee had, has, or might claim to have
against Releasees at the time Employee executes this Agreement (other than
Claims brought by Employee against Reliant for breach of this Agreement),
including but not limited to any and all claims:

 

a.               arising from
Employee’s employment, pay, bonuses, commissions, vacation, sick leave, stock
options, or any other Employee benefits, and other terms and conditions of
employment or employment practices of Reliant other than Claims with respect to
any vested or accrued benefits under any employee benefit plan in which
Employee participated;

 

b.              relating to the
termination of Employee’s employment with Reliant, the surrounding
circumstances thereof, or any communications about the termination of Employee’s
employment;

 

c.               relating to payment
of any attorney’s fees for Employee;

 

d.              based on
discrimination on the basis of race, color, religion, sex, national origin,
handicap, disability, age or any other category protected by law under Title
VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, Executive
Order 11246, the Equal Pay Act, the Americans With Disabilities Act, the
Rehabilitation Act of 1973, the Age Discrimination in Employment Act of 1967,
the Older Workers Benefits Protection Act, COBRA, the Employee Retirement
Income Security Act of 1974, the New Jersey Law Against Discrimination, the
Family Medical Leave Act, the Uniformed Services and Redeployment Rights Act of
1994, the New Jersey Law Against Discrimination, the New Jersey Conscientious
Employee Protection Act, the New Jersey Family Leave Act, the New Jersey Wage
Payment Law (as any of these laws may have been amended) or any other similar
labor, employment or anti-discrimination laws;

 

e.               based on any
contract, tort, whistleblower, personal injury, or wrongful discharge theory;
and

 

f.                 based on any
other federal, state or local constitution, regulation, law (statutory or
common), or legal theory.

 

	
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5

 

7.             Covenant Not to Sue or Accept Recovery; No Prior
Assignment

 

Employee covenants not to
sue Reliant or any Releasees on account of any Claim released hereby.  Employee further covenants not to accept,
recover or receive any monetary damages or any other form of relief which may
arise out of or in connection with any administrative remedies which may be
filed with or pursued independently by any governmental agency or agencies,
whether federal, state or local.  Employee
represents and warrants that he has not assigned or transferred, in any manner,
including by subrogation or operation of law, any portion of any claim, action,
complaint, charge or suit encompassed by the releases set forth in this
Agreement.

 

8.                                                              On
The Job Illness or Injury At The Time of Execution

 

Employee has no knowledge
or claim of any condition, symptom or events that could give rise to or be the
result of any on the job illness or injury.

 

9.                                                              Return
of Property

 

Employee agrees that he
has not removed any Reliant property from Reliant’s premises, except as
authorized by Reliant in writing, or that Employee will return all of Reliant’s
property immediately upon the execution of this Agreement; provided that
Employee may retain his Company issued Blackberry and laptop computer until the
Termination Date (when such items will be returned to the Company).  Such property includes, but is not limited
to, the original and any copies of any confidential information or trade
secrets, all Reliant-issued vehicles, computers, PDA’s keys, pass cards,
customer lists, files, brochures, documents or computer disks or printouts,
equipment and any other item relating to Reliant and its business.  Further, Employee agrees that he has not
taken, procured, or copied any property of Reliant on or after the Termination
Date.

 

10.                                                       Cooperation
in Legal Matters

 

In consideration
for the promises and payments by Reliant pursuant to this Agreement, at the
request of Reliant, Employee agrees to provide reasonable cooperation with
respect to legal matters involving Releasees about which Employee has or may
have personal knowledge (other than Employee termination or any other claim he
may bring against Releasees), including any such matters which may arise after
the termination of Employee employment. 
Reliant will reimburse Employee for properly documented out-of-pocket
expenses, including, reasonable attorney’s fees, actually incurred by Employee
in providing such requested cooperation, but only to the extent such expense
are approved in writing and in advance by Reliant. 

 

11.                                                       Cooperation
in Professional Transition of Business Affairs

 

In consideration
for the promises and payments by Reliant pursuant to this Agreement, Employee
agrees, for a period of six (6) months after the Termination Date, to provide

 

	
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6

 

reasonable
cooperation in the professional transition of those matters for which he was
responsible and involved in during Employee’s employment with Reliant;
provided, however, that Employee shall not be obligated to provide more than
five (5) hours of assistance per week.  

 

12.                                                       No
Interest in Reinstatement

 

Employee hereby
acknowledges that Employee has no interest in reinstatement, reemployment or employment
with Reliant, and Employee forever waives any interest in or claim of right to
any future employment by Reliant. 
Employee further covenants not to apply for future employment with
Reliant.

 

13.                                                       Confidentiality
Regarding This Agreement

 

Except as otherwise
expressly provided in this Section 13, the parties agree that the terms and
conditions of this Agreement are and shall be deemed to be confidential and
hereafter shall not be disclosed to any other person or entity.  The only disclosures excepted by this Section
13 are (a) as may be required by law; (b) the parties may tell prospective
employers the dates of Employee’s employment, positions held, evaluations
received, Employee’s duties and responsibilities and salary history with
Reliant; (c) the parties may disclose the terms and conditions of this
Agreement to their attorneys, accountants and/or tax advisors; (d) Reliant may
disclose this Agreement, its terms and conditions to financing sources,
investment bankers, advisors to such persons and in connection with an organic
transaction; provided that the receiving party is subject to an obligation of
confidentiality and (e) the parties may disclose the terms and conditions of
this Agreement to their respective spouses, if any, provided, however, that
Employee makes Employee’s spouse aware of the confidentiality provisions of
this paragraph and Employee’s spouse agrees to keep the terms of this Agreement
confidential. 

 

14.                                                       Resignations

 

Employee hereby resigns
as of the Termination Date as an officer of Reliant and each of its
subsidiaries. 

 

15.                                                       Assignment

 

This Agreement shall be binding upon Employee and shall not be subject
to assignment or delegation by Employee without Reliant’s express written
consent.  This Agreement shall likewise
be binding upon Reliant and its successors and assigns, and shall be subject to
assignment by Reliant, without Employee’s consent, (a) to any affiliate of
Reliant or (b) to any third party in connection with (i) the sale of all
or substantially all of the assets of Reliant or (ii) a merger, consolidation,
change of control or similar transaction involving Reliant.  This Agreement shall inure to the benefit of
and be enforceable by the parties hereto, and their respective heirs, personal
representatives, successors and assigns. 

 

	
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7

 

16.                                                       Severability

 

If any provision of this
Agreement is held to be invalid, illegal or unenforceable, such provision shall
be severed and enforced to the extent possible or modified in such a way as to
make it enforceable, and the invalidity, illegality or unenforceability thereof
shall not affect the validity, legality or enforceability of the remaining
provisions of this Agreement; provided, however, that both parties acknowledge
and agree that the general release in Section 6, and the covenants in Sections
7 and 24 hereof are essential terms of this Agreement.  If any of Section 6 or Sections 7 and 24 is
held to be unenforceable by an arbitrator pursuant to Section 22 or a court of
competent jurisdiction, the remaining provisions of this Agreement shall be
enforceable at Reliant’s sole discretion. 

 

17.                                                       Governing Law

 

This Agreement shall be governed by and interpreted and construed in
accordance with the laws of the State of New Jersey without reference to its
internal conflict of law principles.

 

18.                                                       Expenses

 

Each of Reliant and Employee shall bear its/his own costs and expenses
in connection with the negotiation and documentation of this Agreement. 

 

19.                                                       Counterparts

 

This Agreement may be executed in counterparts, each of which shall be
an original, but all of which shall constitute one and the same instrument.

 

20.                                                       Jurisdiction and Venue

 

The parties irrevocably agree that all actions to enforce an arbitrator’s
decision pursuant to Section 22 of this Agreement may be instituted and
litigated in federal, state or local courts sitting in Newark, New Jersey and
each of such parties hereby consents to the jurisdiction and venue of such
court, waives any objected based on forum non conveniens
and any right to a jury trial as set forth in Section 21 of this Agreement.

 

21.                                                       Waiver of Jury Trial

 

EMPLOYEE HEREBY WAIVES, RELEASES
AND RELINQUISHES AND ALL RIGHTS HE MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO
ANY ACTIONS ARISING DIRECTLY OR INDIRECTLY AS A RESULT OR IN CONSEQUENCE OF
THIS AGREEMENT, INCLUDING, WITHOUT LIMITATIONS, ANY CLAIM OR ACTION TO REMEDY
ANY BREACH OR ALLEGED BREACH HEREOF, TO ENFORCE ANY TERM HEREOF, OR IN
CONNECTION WITH ANY RIGHT, BENEFIT OR OBLIGATION ACCORDED OR IMPOSED BY THIS
AGREEMENT.

 

	
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8

 

22.                                                       Arbitration

 

Notwithstanding anything herein to the contrary, in the event that
there shall be a dispute among the parties arising out of or relating to this
Agreement, or the breach thereof, the parties agree that such dispute shall be
resolved by final and binding arbitration in Newark, New Jersey, administered
by the American Arbitration Association (the “AAA”), in accordance with
the New Jersey Alternative Procedure for Dispute Resolution Act, AAA’s National
Rules for the Resolution of Employment Disputes (the “Rules”) and the Federal
Rules of Civil Procedure relating to the production of evidence. The parties
agree that the arbitrator may impose sanctions in his or her discretion to
enforce compliance with discovery and other obligations.  Such arbitration shall be presided over by a
single arbitrator.  If Employee, on the
one hand, and Reliant, on the other hand, do not agree on the arbitrator within
fifteen (15) days after a party requests arbitration, the arbitrator shall be
selected by Reliant and employee from a list of five (5) potential arbitrators
provided by AAA.  Such list shall be provided
within ten (10) days of the request of any party for arbitration.  The party requesting arbitration shall delete
one name from the list.  The other party
shall delete one name from the list. 
This process shall then be repeated in the same order, and the last
remaining person on the list shall be the arbitrator.  This selection process shall take place
within the two (2) business days following both parties’ receipt of the list of
five (5) potential arbitrators.  Hearings
in the arbitration proceedings shall commence within thirty (30) days of the
selection of the arbitrator or as soon thereafter as the arbitrator is
available.  The arbitrator shall deliver
his or her opinion within twenty (20) days after the completion of the
arbitration hearings.  The arbitrator’s
decision shall be final and binding upon the parties, and may be entered and
enforced in any court of competent jurisdiction by either of the parties.  The arbitrator shall have the power to grant
temporary, preliminary and permanent relief, including without limitation,
injunctive relief and specific performance. 
Unless otherwise ordered by the arbitrator pursuant to this Agreement or
as otherwise set forth in the Rules, the arbitrator’s fees and expenses shall
be shared equally by the parties.

 

23.                                                       No
Reliance Upon Other Statements

 

This Agreement is entered
into without reliance upon any statement or representation of any party hereto
or parties hereby released other than the statements and representations
contained in writing in this Agreement.

 

24.                                                       Survival
of Certain Covenants 

 

The parties recognize that the section of Employee’s Offer Letter,
dated January 15, 2005 (the “Offer Letter”), entitled “No-Solicitation”
is intended to survive Employee’s termination. To the extent that any conflicts
may arise between this Agreement and the surviving sections of the Offer
Letter, this Agreement shall be deemed controlling.  In addition, Employee reaffirms the terms of
the Confidentiality and Assignment Agreement effective as of February 1, 2005
between Employee and the Company (the “Confidentiality Agreement”), and agrees
that the such agreement and the terms thereof survive the termination of
Employee’s employment with the Company. 
The parties acknowledge and agree that Sections Two (Non-Solicitation)
and

 

	
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9

 

Three (Non-Compete) of the Confidentiality Agreement were intentionally
deleted by the parties and are intended not to be a part of the Confidentiality
Agreement.

 

25.                                                       Entire
Understanding

 

The parties acknowledge
that this Agreement contains the entire understanding of the parties and that
it may not be modified without the express written consent of the parties
hereto.

 

26.                                                       No
Waiver

 

Any failure by any party
to enforce any of their rights and privileges under this Agreement shall not be
deemed to constitute waiver of any rights and privileges contained herein.

 

27.                                                       Full
and Knowing Waiver

 

By signing this
Agreement, Employee certifies that:

 

a.                                       Employee
carefully read and fully understands the provisions of this Agreement;

 

b.                                      Employee
was advised by Reliant in writing, via this Agreement, to consult with an
attorney before signing this Agreement;

 

c.                                       Reliant
allows Employee twenty-one (21) days from its initial presentation to Employee
to consider this Agreement before signing it; and,

 

d.                                      Employee
agrees to its terms knowingly, voluntarily and without intimidation, coercion
or pressure.

 

28.                                                       Revocation of Agreement

 

Employee may revoke this
Agreement within seven (7) calendar days after signing it.  To be effective, such revocation must be
received in writing by Bradley T. Sheares, Ph.D. personally at Reliant
Pharmaceutical, Inc., 110 Allen Road Liberty Corner, New Jersey 07938.  Revocation can be made by hand delivery,
telegram, facsimile, or postmarking before the expiration of this seven (7)
days period.  None of the obligations of
Reliant under this Agreement shall be effective in the event that Employee
revokes this Agreement pursuant to this Section 28.

 

	
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29.                                                       Section 409A

 

Employee acknowledges that the extension of the exercise period of the
Vested Options under Section 5(c) may result in the Vested Options being
considered nonqualified deferred compensation under Section 409A of the
Internal Revenue Code of 1986, as amended (“Section 409A”).  Employee releases the Company from any and
all claims relating to the extension of the exercise period of the Vested
Options and the tax treatment of the Vested Options under Section 409A.  Employee acknowledges and agrees that he will
cooperate with the Company regarding any tax withholding or reporting
obligations that the Company may have regarding the Vested Options under
Section 409A or otherwise.

 

[Signature
Page Follows]

 

	
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11

 

IN WITNESS WHEREOF the
undersigned hereunto set their hands to this Agreement on the dates written
below.

 

 

	
   

  	
   

  	
  RELIANT PHARMACEUTICALS,
  INC.  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:  March            ,
  2007

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Joseph S. Zakrzewski

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:  March 12, 2007

  

 

	
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12

 

EXHIBIT A

 

                     ,
2007

 

Reliant Pharmaceuticals,
Inc.

110 Allen Road

Liberty Corner, NJ

 

Attention: Bradley T.
Sheares, Ph.D., Chief Executive Officer

 

Re:  Separation Agreement

 

Dear Dr. Sheares:

 

Reference is made to the
Separation Agreement (the “Separation Agreement”) between Reliant
Pharmaceuticals, Inc. (“Reliant”) and the undersigned (“Employee”),
which agreement was executed by Reliant on March      ,
2007 and by Employee on March 12, 2007. 
Capitalized terms used but not otherwise defined in this letter have the
meanings ascribed to them in the Separation Agreement.

 

This letter is being
delivered pursuant to Section 4(e) of the Separation Agreement.

 

Employee hereby (a)
reaffirms the provisions of the Separation Agreement, (b) acknowledges that he
has received payment for all salary, accrued but unused vacation and reimbursement
for all reimbursable business expenses accrued through the Termination Date,
and except for the payments under the Separation Agreement, or benefits in
which he is vested under Reliant’s employee benefit plans, he has received all
amounts to which he is otherwise entitled through the Termination Date, (c)
agrees that the provisions of Section 6 of the Separation Agreement shall also
cover the period from the date the Separation Agreement was executed by
Employee through and including the Termination Date, (d) agrees that the
provisions of Section 7 shall apply to any claims or other matters released
pursuant to the preceding clause (c), and (e) agrees that the provisions of
Sections 17, 20, 21, and 22 of the Separation Agreement apply to this letter.

 

 

	
  Sincerely,

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Joseph S. Zakrzewski

  

 

 

	
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