Document:

Employment agreement between Thomas Oberdorf and Getty Images, Inc.

 Exhibit 10.1 
  
 

 
  
 EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT, effective as of the 12th day of June, 2006, by and between GETTY IMAGES, INC., a Delaware corporation (the “Company”), whose principal executive offices are located at
601 N. 34th Street, Seattle, WA 98103, and Thomas Oberdorf, an individual (the “Executive”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Executive has been hired into the position of Senior Vice President, Chief Financial Officer of the Company; and 
  
 WHEREAS, both parties desire that the terms and conditions of the
Executive’s employment with the Company be governed by the terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained, the parties hereto hereby agree as follows: 
  
 1. Employment and Duties. 
  
 (a) General. With effect from the date set forth above (the
“Effective Date”), Executive agrees upon the terms and conditions herein set forth to serve as Senior Vice President, Chief Financial Officer of the Company and shall perform all duties customarily appurtenant to such
position. In such capacity, the Executive shall report directly and only to the Chief Executive Officer of the Company. The Executive’s principal place of business shall be 601 N. 34th Street, Seattle, Washington 98103. 
  
 (b) Services and Duties. For so long as the Executive is employed by the Company hereunder, and except as otherwise expressly provided in Section 1(c)
below, the Executive shall devote Executive’s full business time to the performance of Executive’s duties hereunder; shall faithfully serve the Company; shall in all material respects conform to and comply with the lawful and good faith
directions and instructions given to Executive by Executive’s direct supervisor and shall use Executive’s best efforts to promote and serve the interests of the Company. 
  
 (c) No Other Employment. For so long as Executive is employed by the Company, Executive shall not, directly or indirectly,
render services to any other person or organization for which he receives compensation without the prior approval of the Executive’s direct supervisor. No such approval will be required if the Executive seeks to perform inconsequential services
without direct compensation therefore in connection with the management of personal investments or in connection with the 

  

					
	Thomas Oberdorf	 	12 June 2006	 	Page 1 of 13

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performance of charitable and civic activities, provided that such activities do not contravene the provisions of Section 6 hereof. The Company does recognize
that the Executive is on the Board of Directors for UFP Technologies. 
  
 (d) Payment for Services to be Performed; Obligations. Compensation to be paid under this Agreement shall be made with regard to all the Executive’s services to be provided to the Company globally. 
  
 2. Term of Employment. The term of the Executive’s employment under this
Agreement (the “Term”) shall commence on the Effective Date and continue until it is terminated by either party giving the other written notice of termination. All severance obligations of the Company on the termination of
this Agreement, if any, are set forth in Section 4 below. 
  
 3. Compensation and Other Benefits. Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for all services
rendered hereunder: 
  
 (a) Salary. The Company shall pay to
the Executive an annual salary (the “Salary”) at the initial rate of Four Hundred Thousand Dollars ($400,000.00), payable to the Executive in accordance with the normal payroll practices of the Company for its executive
officers as are in effect from time to time. The amount of the Executive’s Salary shall be reviewed annually by Executive’s supervisor on or about April 1 of each year during the Term beginning in the 2007 calendar year. 

 
 (b) Annual Bonus. The Executive shall be eligible for each calendar year
thereafter that begins with the Term to participate in an annual incentive bonus program established by the Company in accordance with the policies of the Company and subject to such terms, conditions and performance targets as may be recommended by
the Chief Executive Officer (“CEO”) and approved annually by the Compensation Committee of the Board (the “Compensation Committee”). Under the terms of the annual bonus program, the Executive shall be
eligible to earn a target bonus of forty percent (40%) of Executive’s Salary (the “Bonus”) in effect for the applicable calendar year. For 2006, Executive shall receive a minimum Bonus of Ninety Thousand Dollars
($90,000.00), provided Executive remains an employee through December 31, 2006. 
  
 (c) Restricted Stock. Getty Images will recommend that the Board of Directors grant you 20,000 restricted stock units on July 3, 2006 and 20,000 restricted stock units on May 1, 2007 (subject to continued
employment). Each award will vest 

  

					
	Thomas Oberdorf	 	12 June 2006	 	Page 2 of 13

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over a 4-year period; 25% vesting on each anniversary of the grant date. Restricted stock agreements will be provided to you at the time of your grant dates.

  
 (d) Expenses. The Company acknowledges that the successful
operation of its business may require Executive to incur reasonable business expenses while rendering services to the Company for such things as business travel, lodging, meals and other business expenses. Executive shall be reimbursed by the
Company for such expenses after presentation of appropriate receipts and statements, according to the procedures established by the Company. 
  
 (e) Vacation. The Company shall provide Executive with twenty (20) days of vacation with pay during each year of Executive’s employment under this
Agreement. In the event Executive ceases to be an employee of the Company for any reason, Executive shall not be paid for accrued but untaken vacation days. 
  
 (f) Other Specific Benefits and Perquisites. Executive and the CEO shall agree to any benefits to be provided to Executive
pursuant to this Section 3(f), subject to approval by the Compensation Committee. Any such benefits will be comparable to those provided to other Executive’s residing in the U.S. For the avoidance of doubt, Executive will be covered by the
Company’s Directors’ & Officers’ insurance program. 
  
 (g) Medical and Other Related Benefits. The Company shall provide Executive with Company disability and health insurance benefits consistent with those granted to other senior executives of the Company. Executive will be eligible to
participate in any long-term incentive plan adopted by the Company for its senior executives. 
  
 4. Termination of Employment. Subject to the notice and other provisions of this Section 4, the Company shall have the right to terminate Executive’s employment hereunder, and Executive shall have the right to
resign, at any time for any reason or for no stated reason. 
  
 (a)
Termination for Cause; Resignation Without Good Reason. 
  
 (i) If
the Executive’s employment is terminated by the Company for Cause (as defined in Section 4(a)(ii) below) or if the Executive resigns from Executive’s employment hereunder other than for Good Reason (as defined in Section 4(b)(ii)
below), Executive shall be entitled to payment of Executive’s Salary through and including the date of termination or resignation as well as any un-reimbursed expenses. Except to the extent required by the terms of any applicable compensation
or benefit plan or program or as otherwise required by applicable law, the Executive shall have no 

  

					
	Thomas Oberdorf	 	12 June 2006	 	Page 3 of 13

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rights under this Agreement or otherwise to receive any other compensation or to participate in any other plan, program or arrangement after such termination or
resignation of employment with respect to the year of such termination or resignation and later years. 
  
 (ii) Termination for “Cause” shall mean termination of the Executive’s employment with the Company because of (A) willful,
material or repeated non-performance of the Executive’s duties to the Company (other than by reason of the incapacity of the Executive due to physical or mental disability) after notice of such failure and the Executive’s non-performance
and continued, willful, material or repeated non-performance after such notice, (B) the indictment of the Executive for a felony offense, (C) the commission by the Executive of fraud against the Company or any willful misconduct that
brings the reputation of the Company into serious disrepute or causes the Executive to cease to be able to perform Executive’s duties, or (D) any other material breach by the Executive of any material term of this Agreement. 
  
 (iii) Termination of the Executive’s employment for Cause shall be communicated by
delivery to the Executive of a written notice from the Company stating that the Executive has been terminated for Cause, specifying the particulars thereof and the effective date of such termination. The date of a resignation by the Executive
without Good Reason shall be the date specified in a written notice of resignation from the Executive to the Company. The Executive shall provide at least 30 days’ advance written notice of resignation without Good Reason. 
  
 (b) Involuntary Termination. 
  
 (i) If the Company terminates the Executive’s employment for any reason other than
Disability or Cause or Executive resigns from Executive’s employment hereunder for Good Reason (collectively hereinafter referred to as an “Involuntary Termination”), the Company shall pay to the Executive
Executive’s Salary and Accrued Bonus through and including the date of termination or resignation as well as any un-reimbursed expenses. For purposes of this Agreement, “Accrued Bonus” shall be determined based on the
target amount for which the Executive is eligible as described in Section 3(b) above using the number of days in the applicable calendar year that the Executive was employed by the Company (through the date of termination or resignation). In
addition, the Company shall pay to the Executive as severance (the “Severance Payments”) within thirty (30) days after the date of termination a lump-sum payment in an amount equal to the sum of Executive’s Salary
at the rate in effect immediately prior to such Involuntary Termination plus fifty percent (50%) of the Executive’s Bonus based on the target amount for which the Executive is eligible as described in Section 3(b) above. 

 

					
	Thomas Oberdorf	 	12 June 2006	 	Page 4 of 13

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 (ii) Resignation for “Good
Reason” shall mean resignation by Executive because of (A) an adverse and material change in the Executive’s duties, (B) a material breach by the Company of a material term of this Agreement, (C) the failure of the
Company to pay the Executive any material amount of compensation when due, (D) a change in control, (E) a relocation of the Executive’s principal place of business that exceeds 35 miles, without Executive’s prior written consent,
or (F) the failure of the Company to award the restricted stock grants referenced in section 3(c). The Company shall have 30 business days from the date of receipt of such notice to effect a cure of the material breach described therein and,
upon cure thereof by the Company to the reasonable satisfaction of the Executive, such material breach shall no longer constitute Good Reason for purposes of this Agreement. 
  
 (iii) The date of termination of employment without Cause shall be the date specified in a written notice of termination to the
Executive. The date of resignation for Good Reason shall be the date specified in a written notice of resignation from the Executive to the Company; provided, however, that no such written notice shall be effective unless the cure
period specified in Section 4(b)(ii) above has expired without the Company having corrected, to the reasonable satisfaction of the Executive, the event or events subject to cure. 
  
 (c) Termination following a Change in Control. Within thirty (30) calendar days following a Change of Control (as the term
“Change of Control” is defined in the Getty Images, Inc. 1998 Stock Incentive Plan, as amended from time to time), the Executive shall have the right to resign Executive’s employment with the Company. In such an event,
the Company shall pay to the Executive Executive’s Salary and Accrued Bonus through and including the date of resignation as well as any un-reimbursed expenses. Executive also will be entitled to receive within thirty (30) days of the
resignation date a lump-sum payment in an amount equal to two times Executive’s Salary at the rate in effect immediately prior to the Change of Control, plus one times the Executive’s Bonus based on the target amount for which the
Executive is eligible as described in Section 3(b) above. As per the terms of the Company’s Stock Option Plan, in the event of a Change in Control, (i) all Stock Options or Stock Appreciation Rights then outstanding shall become fully
exercisable as of the date of the Change in Control, whether or not then exercisable, (ii) all restrictions and conditions of all Stock Awards then outstanding shall lapse as of the date of the Change in Control, and (iii) all Performance
Share Awards shall be deemed to have been fully earned as of the date of the Change in Control. In each instance, no award shall be exercisable after the expiration of ten (10) years after the date the award was granted (or any earlier
expiration period as stated in the applicable award agreement). 
  
 (d)
Termination Due to Disability. In the event of the Executive’s Disability (as hereinafter defined), the Company shall be entitled to terminate 

  

					
	Thomas Oberdorf	 	12 June 2006	 	Page 5 of 13

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Executive’s employment on providing the Executive with six months’ prior written notice. In addition to payment of Salary through and including the date of
termination and any un-reimbursed business expenses, Executive will be entitled to receive within thirty (30) days of the termination date a lump-sum payment in an amount equal to Executive’s Salary at the rate in effect immediately prior
to the Disability, less any amounts paid to the Executive under any disability plan of the Company. As used in this Agreement, the term “Disability” shall mean a physical or mental incapacity that substantially prevents the
Executive from performing Executive’s duties hereunder and that has continued for at least six of the last twelve months and that can reasonably be expected to continue indefinitely. Any dispute as to whether or not the Executive is disabled
within the meaning of the preceding sentence shall be resolved by a physician reasonably satisfactory to the Executive and the Company, and the determination of such physician shall be final and binding upon both the Executive and the Company.

  
 (e) Beneficiary. For purposes of this Agreement,
“Beneficiary” shall mean the person or persons designated in writing by the Executive to receive benefits under a plan, program or arrangement or to receive the balance of the Severance Payments, if any, in the event of the
Executive’s death, or, if no such person or persons are designated by the Executive, the Executive’s estate. No beneficiary designation shall be effective unless it is in writing and received by the Company prior to the date of the
Executive’s death. 
  
 5. Limitation on Payments. 
  
 Notwithstanding any other provisions of this Agreement, if either the Company or the
Executive receives confirmation from the Company’s independent tax counsel or its certified public accounting firm (the “Tax Advisor”), that any termination benefit granted by the Company to the Executive under this
Agreement or otherwise would be considered to be an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor statute then in effect (the
“Code”), then the following rules shall apply: 
  
 (a) The Company shall compute the net value to the Executive of all such termination benefits after reduction of the excise taxes imposed by Section 4999 of the Code and for any income taxes that would be imposed on Executive if such
termination benefits constituted Executive’s sole taxable income. 
  
 (b) The Company shall next compute the maximum amount of termination benefits that can be provided without any benefits being characterized as Excess Parachute Payments and reduce the result by the amount of any income taxes that would be
imposed on Executive if such reduced termination benefits constituted Executive’s sole taxable income. 
  

					
	Thomas Oberdorf	 	12 June 2006	 	Page 6 of 13

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 If the result derived in subparagraph
(i) is greater than the result derived in subparagraph (ii), then the Company shall provide Executive the full amount of termination benefits without reduction. If the result derived from subparagraph (i) is not greater than the result
derived in subparagraph (ii), then the Company shall provide the Executive the maximum amount of termination benefits that can be provided without any termination benefits being characterized as “excess parachute payments.” 
  
 6. Protection of the Company’s Interests. 
  
 (a) No Competing Employment. For so long as the Executive is employed by the
Company and continuing for six (6) months following the date on which the Executive’s employment ends (such period being referred to hereinafter as the “Restricted Period”), the Executive shall not, without the
prior written consent of the CEO, directly or indirectly, own an interest in, manage, operate, join, control, lend money or render financial or other assistance to or participate in or be connected with, as an officer, executive, partner,
stockholder, consultant or otherwise, any individual, partnership, firm, corporation or other business organization or entity that competes with the Company by providing any goods or services provided or under development by the Company at the
effective date of the Executive’s termination of employment under this Agreement; provided, however, that this Section 6(a) shall not proscribe the Executive’s ownership, either directly or indirectly, of either less
than five percent of any class of securities which are listed on a national securities exchange or quoted on the automated quotation system of the National Association of Securities Dealers, Inc. or any limited partnership investment over which the
Executive has no control. For the avoidance of doubt, as at the effective date of this Agreement, the following categories of companies are not considered to be competitors of the Company: (i) companies which may sell images off of the
Company’s platform or through partnership deals, such as MLBAM, GM or Amazon (although image partners whose companies are primarily in the business of producing or licensing imagery, such as Agence France Presse, are considered competitors),
(ii) companies that offer images as part of search for free, non-commercial uses, such as Google or Yahoo!, or (iii) companies which provide marketplace services such as Ebay which may have image and film products for sale as a limited and
secondary part of their business. If the Company were to expand into these categories (i) – (iii) at any time while Executive is employed by the Company or during the Restricted Period, then companies within these categories would be
considered competitors of the Company for purposes of this Agreement. If any companies in the above categories change their product or service offerings, then the Company at its sole and reasonable discretion will determine whether those companies
would then be considered competitors of the Company. 
  
 (b)
Non-Solicitation. Executive undertakes to the Company that Executive will not, directly or indirectly at any time during the period of six (6) calendar months 

  

					
	Thomas Oberdorf	 	12 June 2006	 	Page 7 of 13

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from date of termination solicit or entice away, or endeavor to solicit or entice away from the Company or offer employment to or offer to conclude a contract of
services with any person who is at the date of this Agreement an employee, contractor or service provider to the Company. 
  
 While the undertakings in Clause 6(b) are considered by the parties to be reasonable in all the circumstances as at the date of this Agreement, it is hereby agreed and declared
that the Company may by notice in writing at any time to Executive, reduce in whole or in part, the extent of the restrictions in the above covenants in such manner and to such extent as the Company in its absolute discretion determines and
thereupon Executive agrees to be bound by such covenants as reduced and the validity of any other covenant or provision in this Agreement shall not be affected. 
  

(c) No Interference. During the Restricted Period, the Executive shall not, whether for his own account or for the account of any other individual,
partnership, firm, corporation or other business organization (other than the Company), intentionally solicit, endeavor to entice away from the Company or otherwise interfere with the relationship of the Company with, any key person or team who is
employed by or otherwise engaged to perform services for the Company or any key person or team or entity who is, or was within the then most recent twelve-month period, a customer, client or supplier of the Company. 
  
 (d) Secrecy. The Executive recognizes that the services to be performed by him
hereunder are special, unique and extraordinary in that, by reason of Executive’s employment hereunder, Executive may acquire Confidential Information concerning the operation of the Company, the use or disclosure of which could cause the
Company substantial losses and damages which could not be readily calculated and for which no remedy at law would be adequate. Accordingly, the Executive covenants and agrees with the Company that Executive will not at any time, except in
performance of the Executive’s obligations to the Company hereunder or with the prior written consent of the CEO, directly or indirectly disclose to any person any Confidential Information that Executive may learn or has learned by reason of
Executive’s association with the Company. The term “Confidential Information” means any information not previously disclosed to the public or to the trade by the Company with respect to the Company’s, or any of its
affiliates’ or subsidiaries’, products, services, facilities and methods, trade secrets and other intellectual property, systems, procedures, manuals, confidential reports, product price lists, customer lists, financial information
(including the revenues, costs or profits associated with any of the Company’s services or products), and business results, plans, prospects or opportunities. 
  

					
	Thomas Oberdorf	 	12 June 2006	 	Page 8 of 13

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 (e) Exclusive Property. The Executive
confirms that all Confidential Information is and shall remain the exclusive property of the Company. All business records, papers and documents kept or made by the Executive relating to the business of the Company shall be and remain the property
of the Company. Upon the termination of his employment with the Company or upon the request of the Company at any time, the Executive shall promptly deliver to the Company, and shall not without the written consent of the CEO retain copies of, any
written materials not previously made available to the public, or records and documents made by the Executive or coming into Executive’s possession concerning the business or affairs of the Company; provided, however, that
subsequent to any such termination, the Company shall provide the Executive with copies (the cost of which shall be borne by the Executive) of any documents which are requested by the Executive and which the Executive has determined in good faith
are (i) required to establish a defense to a claim that the Executive has not complied with his duties hereunder or (ii) necessary to the Executive in order to comply with applicable law. 
  
 (f) Assignment of Developments. All Developments (as defined hereinafter) that
were or are at any time made, conceived or suggested by Executive, whether acting alone or in conjunction with others, during Executive’s employment with the Company shall be the sole and absolute property of the Company, free of any reserved
or other rights of any kind on the part of Executive. During Executive’s employment and, if such Developments were made, conceived or suggested by Executive during Executive’s employment with the Company, thereafter, Executive shall
promptly make full disclosure of any such Developments to the Company and, at the Company’s cost and expense, do all acts and things (including, among others, the execution and delivery under oath of patent and copyright applications and
instruments of assignment) deemed by the Company to be necessary or desirable at any time in order to effect the full assignment to the Company of Executive’s right and title, if any, to such Developments. For purposes of this Agreement, the
term “Developments” shall mean all data, discoveries, findings, reports, designs, inventions, improvements, methods, practices, techniques, developments, programs, concepts, and ideas, whether or not patentable, relating to
the activities of the Company of which Executive is as of the date of this Agreement aware or of which Executive becomes aware at any time during the Term, excluding any Development for which no equipment, supplies, facilities or Confidential
Information of the Company was used and which was developed entirely on Executive’s own time, unless (i) the Development relates directly to the business of the Company, (ii) the Development relates to actual or demonstrably
anticipated research or development of the Company, or (iii) the Development results from any work performed by Executive for the Company (the foregoing is agreed to satisfy the written notice and other requirements of Section 49.44.140 of
the Revised Code of Washington). 
  

					
	Thomas Oberdorf	 	12 June 2006	 	Page 9 of 13

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 (g) Injunctive Relief. Without intending
to limit the remedies available to the Company, the Executive acknowledges that a breach of any of the covenants contained in this Section 6 may result in material irreparable injury to the Company for which there is no adequate remedy at law,
that it will not be possible to measure damages for such injuries precisely and that, in the event of such a breach or threat thereof, the Company shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction
restraining the Executive from engaging in activities prohibited by this Section 6 or such other relief as may be required to specifically enforce any of the covenants in this Section 6. Without intending to limit the remedies available to
the Company, the Company shall be entitled to seek specific performance of the Executive’s obligations under this Agreement. 
  
 (h) Compliance with Applicable Securities Laws. The Executive shall during the continuance of Executive’s employment (and shall procure that
Executive’s spouse or partner and Executive’s minor children shall comply) with all applicable rules of law, stock exchange regulations and codes of conduct applicable to employees, officers and directors of the Company and the Company for
the time being in force in relation to dealings in the shares, debentures and other securities of the Company or any unpublished share price sensitive information affecting the securities of any other company with which the Company has dealings.

  
 (i) Compliance with Company Policy. During the continuance of
Executive’s employment, Executive shall observe the terms of any policy issued by the Company in relation to payments, rebates, discounts, gifts, entertainment or other benefits from any third party in respect of any business transacted or
proposed to be transacted (whether or not by Executive) by or on behalf of the Company or any member of the Company. 
  
 7. General Provisions. 
  
 (a) Source of Payments. All payments provided under this Agreement, other than payments made pursuant to a plan which provides otherwise, shall be paid in
cash from the general funds of the Company, and no special or separate fund shall be established, and no other segregation of assets made, to assure payment. Executive shall have no right, title or interest whatever in or to any investments which
the Company may make to aid the Company in meeting its obligations hereunder. To the extent that any person acquires a right to receive payments from the Company hereunder, such right shall be no greater than the right of an unsecured creditor of
the Company; provided, however, that this provision shall not be deemed to waive or abrogate any preferential or other rights to payment accruing to the Executive under applicable bankruptcy laws by virtue of the Executive’s
status as an executive of the Company. 
  

					
	Thomas Oberdorf	 	12 June 2006	 	Page 10 of 13

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 (b) No Other Severance Benefits. Except
as specifically set forth in this Agreement, the Executive covenants and agrees that Executive shall not be entitled to any other form of severance benefits from the Company, including, without limitation, benefits otherwise payable under any of the
Company’s regular severance policies, in the event Executive’s employment hereunder ends for any reason and, except with respect to obligations of the Company expressly provided for herein, the Executive unconditionally releases the
Company and its subsidiaries and affiliates, and their respective directors, officers, executives and stockholders, or any of them, from any and all claims, liabilities or obligations under this Agreement or under any severance or termination
arrangements of the Company or any of its subsidiaries or affiliates for compensation or benefits in connection with Executive’s employment or the termination thereof. 
  
 (c) Tax Withholding and Gross-Up. Payments to the Executive of all compensation contemplated under this Agreement shall be
subject to all applicable tax withholding. If it is determined that any payment made or benefit provided to Executive pursuant to Section 3(d) or 3(g) is subject to any income tax payable under any United States federal, state, local or other
law, then Executive may receive a tax gross-up payment with respect to such taxes. The tax gross-up payment, if any, will be an amount such that, after payment of taxes on such payment, there remains a balance sufficient to pay the taxes being
reimbursed. Any such tax gross-up payments will be made at the time Executive’s US federal income tax return for the applicable calendar year is filed. 
  
 (d) Notices. Any notice hereunder by either party to the other shall be given in writing by personal delivery, or certified mail, return receipt requested,
or (if to the Company) by facsimile, in any case delivered to the applicable address set forth below: 
  

			
	    (i) To the Company:            
	 	 Getty Images, Inc.
 Attn: Chief Executive Officer
 601 N. 34th Street
 Seattle, Washington 98103
 Facsimile 1-206-925-5623

		
	      (ii) To the Executive:
	 	Thomas Oberdorf

  
 or to such other persons or other addresses as
either party may specify to the other in writing. 
  

					
	Thomas Oberdorf	 	12 June 2006	 	Page 11 of 13

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 (e) Representation by Executive.
Executive represents and warrants that Executive’s entering into this Agreement does not, and that Executive’s performance under this Agreement and consummation of the transactions contemplated hereby will not, violate the provisions of
any agreement or instrument to which the Executive is a party, or any decree, judgment or order to which the Executive is subject, and that this Agreement constitutes a valid and binding obligation of the Executive in accordance with its terms.
Breach of this representation will render all of the Company’s obligations under this Agreement void ab initio. 
  
 (f) Limited Waiver. The waiver by the Company or Executive of a violation of any of the provisions of this Agreement, whether express or implied, shall not
operate or be construed as a waiver of any subsequent violation of any such provision. 
  
 (g) Assignment; Assumption of Agreement. No right, benefit or interest hereunder shall be subject to assignment, encumbrance, charge, pledge, hypothecation or setoff by Executive in respect of any claim, debt, obligation
or similar process. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to assume expressly and to agree to perform
this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 
  
 (h) Amendment; Actions by the Company. This Agreement may not be amended, modified or canceled except by written agreement of Executive and the Company. Any
and all determinations, judgments, reviews, verifications, adjustments, approvals, consents, waivers or other actions of the Company required or permitted under this Agreement shall be effective only if undertaken by the CEO. 
  
 (i) Severability. If any term or provision hereof is determined to be invalid or
unenforceable in a final court or arbitration proceeding, (i) the remaining terms and provisions hereof shall be unimpaired and (ii) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is
valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision. 
  
 (j) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Washington (determined without regard to the
choice of law provisions thereof). 
  

					
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 (k) Entire Agreement. This Agreement
sets forth the entire agreement and understanding of the parties hereto with respect to the matters covered hereby and supersedes all prior agreements and understandings of the parties with respect to the subject matter hereof. 
  
 (l) Headings. The headings and captions of the sections of this Agreement are
included solely for convenience of reference and shall not control the meaning or interpretation of any provisions of this Agreement. 
  
 (m) Counterparts. This Agreement may be executed by the parties hereto in counterparts, each of which shall be deemed an original, but both such counterparts
shall together constitute one and the same document. 
  
 IN WITNESS WHEREOF,
the parties have executed this Agreement effective as of the day and year first written above. 
  

			
	GETTY IMAGES, INC.
		
	By:	 	/s/ JONATHAN D. KLEIN
	 	 	

	Name:	 	Jonathan D. Klein
	Title:	 	Chief Executive Officer

  
  

			
	EXECUTIVE
		
	By:	 	 /s/ THOMAS  OBERDORF

	 	 	

	Name:	 	 Thomas  Oberdorf

	Title:	 	SVP, Chief Financial Officer

  

					
	Thomas Oberdorf	 	12 June 2006	 	Page 13 of 13Employment Agreement

 Exhibit 10.28 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of
July 31, 2006 (the “Effective Date”) between Abraxis BioScience Inc., a Delaware corporation (the “Company”) and Lisa Gopalakrishnan (the “Executive”). 
 RECITAL 
 The Company desires to employ the Executive, and the Executive desires
to be so employed by the Company, on the terms and subject to the conditions set forth in this Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and the mutual promises set forth in this Agreement, the Company and the Executive hereby agree as
follows: 
  

	 	1.	Definitions. Unless otherwise defined herein, the capitalized terms defined in Exhibit A shall have the meanings therein specified for all purposes of this Agreement.

  

	 	2.	Employment 

  

	 	(a)	Subject to the terms and conditions contained herein, the Company hereby agrees to employ the Executive, and the Executive accepts such employment, on the Effective Date until the
Termination Date. 

  

	 	(b)	During the Executive’s employment under this Agreement, the Executive shall render services to the Company in the position of Executive Vice-President of Finance and subject to
Board of Director approval the Executive shall be appointed Executive Vice-President Chief Financial Officer, effective August 10, 2006. The Executive will be responsible for the overall financial plans and accounting practices of the Company.
The Executive will oversee the treasury, accounting, budget, tax and internal and external audit activities of the organization and its subsidiaries. Furthermore the Executive will oversee the financial and accounting system controls and standards
including but not limited to Company’s compliance with the Sarbanes-Oxley Act of 2002, as amended, and ensure the timely preparation and filing of all financial and statistical reports for management, the Board and any State or Federal agency.
The Executive will report to the Chairman and Chief Executive Officer of the Company. 

  

	 	(c)	In performing her services hereunder, the Executive shall abide by the rules, regulations, and practices as adopted or modified from time to time in the Company’s sole
discretion. 

  

	 	(d)	 The Executive will devote her entire business time, energy, attention and skill to the services of the Company and to the promotion of its interests. So long as

  

 1 

	 	 
the Executive is employed by the Company, the Executive shall not, without the written consent of the Company: 

  

	 	(i)	engage in any other activity for compensation, profit or other pecuniary advantage, whether received during or after the term of this Agreement; 

  

	 	(ii)	render or perform services of a business, professional, or commercial nature other than to or for the Company, either alone or as an employee, consultant, director, officer, or
partner of another business entity (including serving on boards of directors), whether or not for compensation; or 

  

	 	(iii)	plan or otherwise take any preliminary steps, either alone or in concert with others, to establish or engage in any business or activity that would compete with the current or
proposed business of the Company; 

 provided, that it shall not be a violation of this Agreement for the Executive to
(i) serve on civic or charitable boards or committees, (ii) deliver lectures or fulfill speaking engagements, (iii) manage personal investments and (iv) perform such other activities as the Chief Executive Officer may approve, so
long as such activities do not interfere materially with the performance of the Executive’s responsibilities as the Chief Financial Officer of the Company. 
  

	 	(e)	Prior to or concurrently with the execution of this Agreement, the Executive has executed an Executive Proprietary Information, Trade Secret and Confidentiality Agreement (the
“Confidentiality Agreement”). 

  

	 	3.	Location of Employment: The Executive’s principal place of employment shall be at the principal executive office of the Company (currently located in Los Angeles,
California); provided that at the reasonable direction of the Chief Executive Officer the Executive may, from time to time, be required to travel to various domestic and foreign locations for purposes consistent with her duties hereunder.

  

	 	4.	Compensation. 

  

	 	(a)	In exchange for full performance of the Executive’s obligations and duties under this Agreement, the Company shall pay the Executive a salary at the rate of Four Hundred
Thousand ($400,000) per year (“Base Salary”). The Base Salary shall be paid in accordance with the Company’s regularly established payroll practice. The Base Salary will be reviewed from time to time in accordance with the established
procedures of the Company for adjusting salaries for similarly situated employees and may be adjusted in the sole discretion of the Chief Executive Officer. 

  

	 	(b)	 The Base Salary hereof is a gross amount, and the Company shall be required to withhold from such amount deductions with respect to Federal, state and 

  

 2 

	 	 
local taxes, FICA, unemployment compensation taxes and similar taxes, assessments or withholding requirements. 

  

	 	(c)	During the Executive’s employment under this Agreement, the Executive shall also be reimbursed by the Company for reasonable business expenses actually incurred or paid by the
Executive, consistent with the policies established by the Board, in rendering to the Company the services provided for in this Agreement. 

  

	 	(d)	The Executive shall be entitled to vacation and sick leave on terms equivalent to those of other executive officers of the Company. 

  

	 	(e)	The Executive shall be entitled to participate in all benefit plans (including but not limited to any medical, dental, life insurance, retirement and disability plans) which shall
be available from time to time to the executive officers of the Company generally including any stock option, stock purchase or other plan relating to shares of capital stock of the Company or its affiliates. The Executive acknowledges and agrees
that the Company may, in its discretion, terminate at any time or modify from time to time any such benefit plans. 

  

	 	(f)	Commencing in 2007 (for stock option awards determined by the Board with respect to the 2006 fiscal year), the Executive shall be entitled to receive annual grants of stock options
(at the same time such grants are made to the other executive officers of the Company), in such amounts and subject to such terms as may be determined in the sole discretion of the Board or the Company’s Compensation Committee.

  

	 	(g)	The Executive shall be entitled to receive an annual bonus in such amount, and subject to such performance targets and other factors, as may be determined in the sole discretion of
the Board of Directors or Compensation Committee. The target bonus amounts and performance targets for the Executive shall be established at the same time such amounts and targets are established for the other executive officers of the Company, and
any bonuses earned shall be paid at the same time as bonuses for other executive officers. The Executive acknowledges that her target bonus for the 2006 fiscal year will be a minimum of fifty percent (50%) of her Base Salary prorated for the
partial year as determined by the Company pursuant to its standard policy. 

  

	 	(h)	Within thirty (30) days of the Effective Date the Company shall pay the Executive a one time sign on bonus of One Hundred Thousand Dollars ($100,000) in cash, (the “Sign
On Bonus”), in lieu of any other up front payments including reimbursement for relocation costs and expenses. If the Executive voluntarily terminates her employment with the Company pursuant to Section 6(e) on or before one (1) year
from the Effective Date the Executive will repay the Company the Sign On Bonus in cash within thirty (30) days of her Termination Date. 

  

 3 

	 	(i)	Subject to Board of Director approval, the Company will provide the Executive with an option to purchase thirty-five thousand (35,000) shares of the Company common stock, which
option (a) shall have an exercise price equal to the trading price of the Company common stock at the grant date, (b) shall vest in equal installments of 8,750 over a four year period, (c) shall be evidenced by the Company’s
standard form of stock option agreement for its officers and shall otherwise be subject to the terms and conditions of the Company’s stock incentive plan. 

  

	 	(j)	Other than as expressly set forth in this Section 4, the Executive shall not receive any other compensation or benefits except to the extent provided by the Board.

  

	 	5.	Term. The Executive’s employment hereunder shall commence on the Effective Date and shall continue in effect until terminated pursuant to Section 6 below.

  

	 	6.	Termination. The Executive’s employment hereunder may be terminated as follows: 

  

	 	(a)	The employment of the Executive under this Agreement shall terminate on the date of the Executive’s death. 

  

	 	(b)	The employment of the Executive under this Agreement may be terminated by the Company immediately upon giving the Executive notice if the Executive becomes Disabled.

  

	 	(c)	The employment of the Executive under this Agreement may be terminated by the Company immediately upon giving the Executive notice upon the occurrence of Cause.

  

	 	(d)	In addition to the circumstances described in subsection (c) above, the Company may terminate the Executive’s employment at any time (immediately upon giving notice to the
Executive) for any reason or no reason, with or without Cause or prior notice. 

  

	 	(e)	(i) The Executive may voluntarily terminate her employment under this Agreement by giving the Chief Executive Officer written notice of her resignation signed by the Executive or,
if no notice is given, on the date on which the Executive voluntarily terminates her employment relationship with the Company; (ii) Such voluntary termination shall be deemed for purposes hereof to have occurred for “Good Reason” only
if (1) the Executive provides written notice to the Company within twenty (20) days after the Executive becomes aware of the circumstances giving rise to “Good Reason”, (2) the Company fails to correct the circumstances
giving rise to “Good Reason” within thirty (30) days following receipt of such notice and (3) the Executive resigns within fifteen (15) days following such thirty (30) day period. 

  

 4 

	 	7.	Consequences of Termination. 

  

	 	(a)	If the employment of the Executive under this Agreement is terminated pursuant to Section 6(d) (Termination Without Cause); Section 6(e)(ii) (Voluntary Termination for
Good Reason) or a Covered Termination then the Executive shall not be entitled to any compensation or benefits from the Company, under this Agreement or otherwise, except for the following: 

  

	 	(i)	The Company shall pay to the Executive all Accrued Compensation; 

  

	 	(ii)	The Company shall pay the Executive, for the duration of the Severance Period, severance payments at an annual rate (pro rated over the Severance Period) equal to (1) the Base
Amount plus (2) the Bonus Amount, which severance payments will be payable in arrears in monthly installments. Such monthly installments will be delayed to the minimum extent necessary to meet the requirements of Internal Revenue Code
Section 409A, as amplified by any applicable Internal Revenue Service or U.S. Treasury Department guidance. The Company and the Executive shall reasonably cooperate with each other to avoid the imposition of any additional taxes, interest
and/or penalty to the executive under Internal Revenue Code Section 409A; 

  

	 	(iii)	The vesting of the stock options granted to the Executive under subsection 4(i) above shall accelerate so that such options shall have vested to the same extent as would if the
Executive were terminated on the last day of the Severance Period; 

 provided, that the Executive shall not be entitled to
receive any post-termination benefits described in clause (i), (ii) and (iii) of this subsection (a) unless, within twenty-one (21) days following the Termination Date, she executes and delivers to the Company a Release of Claims
in the form attached as Exhibit B hereto. 
  

	 	(b)	The Executive agrees that all property (including, without limitation, all equipment, tangible proprietary information, documents, records, notes, contracts and computer-generated
materials) furnished to or created or prepared by Executive incident to Executive’s employment belongs to the Company and shall be promptly returned to the Company upon termination of the Executive’s employment. 

 

	 	(c)	Upon termination of the Executive’s employment, the Executive shall be deemed to have resigned from all offices and directorships then held with the Company. Following any
termination of employment, the Executive shall reasonably cooperate with the Company (i) in the winding up of pending work on behalf of the Company and the orderly transfer of work to other employees and (ii) in the defense of any action
brought by any third party against the Company that relates to the Executive’s employment by the Company; provided, that in each case the Company shall reimburse the executive for any out-of-pocket fees and expenses incurred by the Executive in
connection with such cooperation. 

  

 5 

	 	8.	Additional Post-Termination Obligations. 

  

	 	(a)	In the event that Executive receives severance payments pursuant to Section 7(a), the Executive agrees that for a period of eighteen months (18) following the Termination
Date, the Executive will not, directly or indirectly, engage in any business activity that is or may reasonably be found to be in competition with the business of the Company and its subsidiaries as such business may exist at any time from the
Effective Date through the Termination Date; provided, that nothing in this Agreement shall be deemed to prohibit Executive from owning not more than one percent (1%) of any class of publicly traded securities of a competitor.

  

	 	(b)	The Executive further agrees that for a period of eighteen months (18) following the Termination Date the Executive will not, directly or indirectly: 

 

	 	(i)	Solicit, raid, entice or induce any employee of the Company to be employed by any competitor of the Company (except to the extent that such employee has first responded to a general
advertisement or general employment search by Executive’s place of employment at the time); 

  

	 	(ii)	Solicit business for any competitor from, or transact such business for any competitor with, any person, firm or corporation which was, at any time during Executive’s
employment hereunder, a customer of the Company; or 

  

	 	(iii)	Assist a competitor in taking such action. 

  

	 	(c)	Executive agrees that she will not disparage, or otherwise communicate to anyone, information which may be harmful to the Company’s business or the business reputation of the
Company, its affiliates or their respective employees, officers, directors, customers, suppliers, successors, and assigns, including without limitation, negative comments about the Company, its management methods, policies and/or practices.
Notwithstanding the foregoing, Executive may respond accurately and fully to any question, inquiry or request made in connection with any governmental inquiry, investigation, review, audit, or proceeding, or as otherwise required by law.

  

	 	(d)	 If the Executive fails to perform her obligations under this Section 8, then the Company may, in addition to any rights and remedies then available to the
Company (under Section 11 hereof or otherwise), cease providing the payments and benefits described in Section 7(a) so long 

  

 6 

	 	 
as such failure, if reasonably capable of being cured, is not cured by the Executive within thirty (30) days following a written notice from the Company
of such failure to perform. 

  

	 	9.	Representations. 

  

	 	(a)	The Executive represents that she has full authority to enter into this Agreement and is not under any contractual restraint which would prohibit the Executive from satisfactorily
performing her duties to the Company under this Agreement. 

  

	 	(b)	The Executive hereby agrees to indemnify and hold harmless the Company, its officers, directors and stockholders from and against any losses, liabilities, damages or costs
(including reasonable attorney’s fees) arising out of a material breach of any of the representations, warranties and covenants of the Executive set forth in this Agreement. 

  

	 	(c)	The Executive acknowledges that she is free to seek advice from independent counsel with respect to this Agreement. The Executive has either obtained such advice or, after carefully
reviewing this Agreement, has decided to forego such advice. The Executive is not relying on any representation or advice from the Company or any of its officers, directors, attorneys or other representatives regarding this Agreement, its content or
effect. 

  

	 	10.	Arbitration. Subject to Section 11 below, the parties acknowledge and agree to the provisions of the Arbitration Agreement attached hereto as Exhibit C and incorporated
by this reference. 

  

	 	11.	Equitable Relief. Notwithstanding Section, 10 above, the Executive acknowledges that the Company is relying for its protection upon the existence and validity of the
provisions of this Agreement, that the services to be rendered by the Executive are of a special, unique and extraordinary character, and that irreparable injury will result to the Company from any violation or continuing violation of the provisions
of Section 8(b) for which damages may not be an adequate remedy. Accordingly, the Executive hereby agrees that in addition to the remedies available to the Company by law or under this Agreement, the Company shall be entitled to obtain such
equitable relief as may be permitted by law in a court of competent jurisdiction including, without limitation, injunctive relief from any violation or continuing violation by the Executive of any term or provision of Section 8(b). If the
Company seeks to enforce its rights under this Section 11, the prevailing party or parties shall be entitled to recover reasonable fees, costs and expenses incurred in connection therewith including, without limitation, the fees, costs and
expenses of attorneys, accountants and experts, whether or not litigation is instituted, and including such fees, costs and expenses of appeals. 

  

 7 

	 	12.	Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the internal substantive laws (and not the laws of conflicts) of the State of
California. 

  

	 	13.	Entire Agreement. This Agreement (including the Exhibits hereto) constitutes the whole agreement of the parties hereto in reference to any employment of the Executive by the
Company and in reference to any of the matters or things herein provided for or hereinabove discussed or mentioned in reference to such employment; all prior agreements, promises, representations and understandings relative thereto being herein
merged. 

  

	 	14.	Assignability. 

  

	 	(a)	This Agreement is personal in nature and the Executive shall not, without the written consent of the Company, assign or transfer this Agreement or any rights or obligations
hereunder. 

  

	 	(b)	Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give to any person, other than the parties to this Agreement, any right, remedy or
claim under or by reason of this Agreement or of any term, covenant or condition of this Agreement. 

  

	 	15.	Amendments; Waivers. This Agreement may be amended, modified, superseded, canceled, renewed or extended and the terms or covenants of this Agreement may be waived only by a
written instrument executed by the parties to this Agreement or, in the case of a waiver, by the party waiving compliance. Any such written instrument must be approved by the Company to be effective as against the Company. The failure of any party
at any time or times to require performance of any provision of this Agreement shall in no manner affect the right at a later time to enforce the same. No waiver by any party of the breach of any term or provision contained in this Agreement,
whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement.

  

	 	16.	Notice. All notices, requests or consents required or permitted under this Agreement shall be made in writing and shall be given to the other parties by personal delivery,
registered or certified mail (with return receipt), overnight air courier (with receipt signature) or facsimile transmission (with “answerback” confirmation of transmission), sent to such party’s addresses or telecopy numbers as are
set forth below such party’s signatures to this Agreement, or such other addresses or telecopy numbers of which the parties have given notice pursuant to this Section 16. Each such notice, request or consent shall be deemed effective upon
the date of actual receipt, receipt signature or confirmation of transmission, as applicable (or if given by registered or certified mail, upon the earlier of (i) actual receipt or (ii) three days after deposit thereof in the United States
mail). 

  

 8 

	17.	Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  

	18.	Survival. The representations and agreements of the parties set forth in Sections 7, 8, 9, 10, 11, and 19 of this Agreement shall survive the expiration or termination of
this Agreement (irrespective of the reason for such expiration or termination). 

  

	19.	IN WITNESS WHEREOF, the parties to this Agreement have executed this Employment Agreement as of the date first above written. 

  

			
	Abraxis BioScience, Inc.
	
	/s/ Patrick Soon-Shiong
	By:	 	Patrick Soon-Shiong, M.D.
	Its:	 	Chief Executive Officer

  

			
	Address for Notices:	 	2730 Wilshire Blvd., Suite 500
		 	Santa Monica, California 90403

  

	
	
	/s/ Lisa Gopalakrishnan
	Lisa Gopalakrishnan
	
	Address for Notices:

  

 9 

 EXHIBIT A 
 DEFINITIONS 
 “Accrued Compensation” shall mean (i) all base salary and vacation pay accrued
through the Termination Date and (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date. 
 “Base Amount” shall mean the amount of Executive’s annual base salary at the rate in effect on the Termination Date. 
 “Board” means the Board of Directors of the Company. 
 “Severance Bonus Amount” shall mean (i) if the Termination Date occurs after the payment to the Executive of the annual incentive payment under the Company’s cash bonus incentive plan with respect to 2007, an
amount equal to the average of the last two annual incentive payments paid or payable to the Executive prior to the Termination Date, pro rated over the number of days of employment in the calendar year in which the Termination Date occurs
(ii) if the Termination Date occurs after the payment to the Executive of the annual incentive payment under the Company’s cash bonus incentive plan with respect to 2006 (but prior to the payment with respect to 2007), an amount equal to
such payment, pro rated over the number of days of employment in the calendar year in which the Termination Date occurs and (iii) if the Termination Date occurs prior to the payment to the Executive of the annual incentive payment under the
Company’s cash bonus incentive plan with respect to 2006, an amount equal to [50% of her Base Salary for 2006], pro rated over the number of days of employment in the calendar year in which the Termination Date occurs 
 “Cause” shall mean any of the following (i) Executive commits a material breach of this Agreement, the Confidentiality Agreement, or any policy of
the Company; which breach is not cured to the satisfaction of the Board within twenty days after written notice to Executive from the Company; (ii) the Executive fails (other than a failure resulting from a Disability) to substantially perform
her duties hereunder, or to implement or follow a lawful policy or directive of the Company, and such failure continues for a period of twenty days after written notice to Executive from the Company; (iii) the Executive is indicted for a crime
involving dishonesty, breach of trust, physical harm to any person or serious moral turpitude, (iv) the Executive engages in dishonesty, gross negligence or willful misconduct in the performance of her duties, as reasonably determined by the
Board, (v) the Executive engages in conduct which is materially injurious to the Company (monetarily or otherwise) or which constitutes a material violation of federal or state law relating to the Company or its business. 
 “Common Stock” shall mean the Company’s Common Stock 
 “Covered Termination” means a termination of the Executive’s employment by the Company without Cause within twelve months following the date on which (i) the Company engages in a transaction (including a merger,
consolidation, reorganization or recapitalization) pursuant to which the holders of the voting capital stock of the Company immediately prior to such transaction cease to beneficially own more than fifty percent (50%) of voting capital stock of
the Company or its successor (or, if there is a parent of the Company following such transaction, of 

  

 1 

 
the ultimate parent) immediately following such transaction or (ii) the Company sells all or substantially all of its assets to a third party. For
purposes of applying this definition a termination of the Executive’s employment will not be deemed to have occurred if, in connection with a sale of all or substantially all of the assets of the Company, the Executive is offered employment
(whether or not you accept such offer) with the purchaser of any of the assets of the Company. 
 “Disability” means (i) the Executive
becomes eligible for the Company’s long term disability benefits or (ii) in opinion of the Board, Executive has been unable to carry out the responsibilities and functions of the position held by Executive by reason of any physical or
mental impairment for more than ninety consecutive days or more than one hundred and twenty days in any twelve-month period. 
 “Good
Reason” means, without the Executive’s express written consent, the occurrence of any of the following circumstances: (i) there is a change in the Executive’s status or responsibilities which represents a material and adverse
change from the Executive’s overall status or responsibilities, taken as a whole; or (ii) the Executive is required to be based at any place outside a fifty (50) mile radius from the Executive’s then-current principal office
without her written consent, except for travel that is reasonably necessary in connection with the Company’s business; (iii) a reduction in your base salary or benefits (unless, in the case of a reduction in benefits only, such reduction
in benefits applies to all officers of the Company); or (iv) any failure by the successor to the Company to assume and agree to perform the company’s obligations hereunder. 
 “Severance Period” shall mean the period commencing on the Termination Date and ending on the eighteenth month anniversary of such Termination Date. 
 “Termination Date” means the date on which the Executive’s employment is terminated pursuant to Section 6 hereof. 
  

 2 

 EXHIBIT B 
 RELEASE 
 In consideration for the payments described in Section 7 of the Agreement, the
Executive hereby releases and discharges Abraxis BioScience, Inc., and any subsidiaries or affiliates thereof (collectively the “Company”), and their respective directors, officers, employees, benefit plans and administrators, successors
and assigns from any and all claims, obligations, and liabilities, whether known or unknown, at law or in equity, arising out of the Executive’s employment with the Company and the termination thereof. This Release is to be broadly construed so
as to resolve all pending or potential disputes including, but without limiting the generality of the foregoing, any and all claims under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act of 1990, Title
VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974, the Equal Pay Act, the Family and Medical Leave Act, the discrimination and wage payment laws of the State of California,
and any other statute, regulation, or ordinance, and any and all claims based upon alleged wrongful or retaliatory discharge, negligence, intentional infliction of emotional distress, defamation, invasion of privacy, other torts, harassment,
employment discrimination or breach of contract (express or implied). Notwithstanding the foregoing, Executive does not waive any rights Executive may have to enforce the terms of the Transition Agreement, if any, to benefits available after
termination under any Company-sponsored employee benefit plan, to insurance protection and/or indemnification for actions taken by the Executive while an employee, officer and/or director of the Company or to make any claims for workers’
compensation. 
 Executive acknowledges and agrees that: (a) Executive has read and understands this Release in its entirety;
(b) Executive has been advised in writing to consult with an attorney concerning this Release before signing it. This subparagraph constitutes such written advice; (c) Executive has twenty-one (21) calendar days after receipt of this
Release to consider its terms before signing it; (d) nothing contained in this Release waives any claim that may arise after the date of its execution; and (e) Executive executes this Release knowingly and voluntarily, without duress or
reservation of any kind, and after having given the matter full and careful consideration. 
 Executive has the right to revoke this Release
in full within seven (7) calendar days of executing it. Any revocation must be personally delivered to the Chief Executive Officer of the Company or his designee, or mailed to AbraxisBioScience, Inc., 2730 Wilshire Blvd., Suite 500, Santa
Monica, California 90403 and postmarked within seven (7) calendar days of the date of execution of this Release. None of the terms and provisions of this Release shall become effective or be enforceable until such revocation period has expired.

  

 3 

 EXHIBIT C 
 ARBITRATION AGREEMENT 
  

	1.	In addition to the Employment Agreement of which this Arbitration Agreement is made an Exhibit, Company and Executive hereby agree that, to the fullest extent permitted by law, any
and all controversies or claims between them (or between Executive and any present or former officer, director, agent, or employee of the Company or any parent, subsidiary, or other entity affiliated with the Company) relating in any manner to the
employment or the termination of employment of Executive shall be resolved by final and binding arbitration. Except as specifically provided herein, any arbitration proceeding shall be conducted in accordance with the National Rules for the
Resolution of Employment Disputes of the American Arbitration Association (“the AAA Rules”) and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 

  

	2.	It is the express agreement of the parties that the provisions of this Section, including the rules of the AAA, shall govern the arbitration of any disputes arising pursuant to this
Agreement. In the event of any conflict between the law of the State of California, the law of the arbitral location, and the U.S. Arbitration Act (Title 9, U.S. Code), with respect to any arbitration conducted pursuant to this Agreement, to the
extent permissible, it is the express intent of the parties that the law of California, shall prevail. Either party (the “Initiating Party”) may commence an arbitration by submitting a Demand for Arbitration under the AAA Rules and by
notice to the other Party (the “Respondent”) in accordance with Section 16. Such notice shall set forth in reasonable detail the basic operative facts upon which the Initiating Party seeks relief and specific reference to the clauses
of this Agreement, the amount claimed, if any, and any non-monetary relief sought against the Respondent. After the initial list of issues to be resolved has been submitted, the arbitrators shall permit either party to propose additional issues for
resolution in the pending proceedings. 

  

	3.	The place of arbitration shall be Los Angeles, California, or any other place selected by mutual agreement. 

  

	4.	A neutral and impartial arbitrator shall be chosen by mutual agreement of the Parties; however, if the Parties are unable to agree upon an arbitrator within a reasonable period of
time, then a neutral and impartial arbitrator shall be appointed in accordance with the arbitrator nomination and selection procedure set forth in the AAA Rules. An award rendered in connection with arbitration pursuant to this Arbitration
Agreement) shall be final and binding upon the parties, and any judgment upon such an award may be entered and enforced in any court of competent jurisdiction. 

  

	5.	The parties agree that the award of the arbitral tribunal will be the sole and exclusive remedy between them regarding any and all claims between them with respect to the subject
matter of the arbitrated dispute. The parties hereby waive all jurisdictional defenses in connection with any arbitration hereunder or the enforcement of any order or award rendered pursuant thereto (assuming that the terms and conditions of this
arbitration clause have been complied with). 

  

 4 

	6.	With respect to any award issued by the arbitrators pursuant to this Agreement, the parties expressly agree (i) that such order shall be conclusive proof of the validity of the
determinations) of the arbitrators underlying such order; and (ii) any federal court sitting in Los Angeles, California, or any other court having jurisdiction, may enter judgment upon and enforce such order, whether pursuant to the U.S.
Arbitration Act, or otherwise. 

  

	7.	The arbitrators shall issue a written explanation of the reasons for the award and a full statement of the facts as found and the rules of law applied in reaching their decision to
both parties. Any provisional remedy which would be available to a court of law shall be available from the arbitrators pending arbitration of the dispute. Either party may make an application to the arbitrators seeking injunctive or other interim
relief, and the arbitrators may take whatever interim measures they deem necessary in respect of the subject matter of the dispute, including measures to maintain the status quo until such time as the arbitration award is rendered or the controversy
is otherwise resolved. The arbitrator shall have the authority to award any remedy or relief that a court of the State of California could order or grant, including, without limitation, specific performance of any obligation created under this
Agreement, the issuance of an injunction, or the imposition of sanctions for abuse or frustration of the arbitration process, but specifically excluding punitive damages (the parties specifically agree that punitive damages shall not be available in
the event of any dispute). 

  

	8.	Each party shall pay its own costs and attorney’s fees, unless a party prevails on a statutory claim, and the statute provides that the prevailing party is entitled to a
payment of its attorney’s fees. In that case, the arbitrator may award reasonable attorney’s fees and costs to the prevailing party as provided by law. The costs and fees of the arbitrator shall be paid by Company.

  

	9.	Nothing in this Arbitration Agreement prohibits either party from seeking injunctive or provisional relief from a court of competent jurisdiction to prevent irreparable harm,
pursuant to Section 1281.8 of the California Code of Civil Procedure. 

  

	10.	THE PARTIES ALSO UNDERSTAND AND AGREE THAT THIS AGREEMENT CONSTITUTES A WAIVER OF THEIR RIGHT TO A TRIAL BY JURY OF ANY CLAIMS OR CONTROVERSIES COVERED BY THIS AGREEMENT. THE
PARTIES AGREE THAT NONE OF THOSE CLAIMS OR CONTROVERSIES SHALL BE RESOLVED BY A JURY TRIAL. 

  

	11.	THE PARTIES FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS THIS AGREEMENT WITH THEIR LEGAL COUNSEL AND HAVE AVAILED THEMSELVES OF THAT OPPORTUNITY TO THE
EXTENT THEY WISH TO DO SO. 

  

	
	Abraxis BioScience, Inc.
	
	   
	 By: Patrick Soon-Shiong, M.D.
 Its Chairman

  

 5 

			
	Address for Notices:	 	2730 Wilshire Blvd., Suite 500
		 	Santa Monica, California 90403

  

	
	
	   
	Lisa Gopalakrishnan
	
	Address for Notices:

  

 6

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