AMENDMENT 2012-1 TO SENIOR MANAGEMENT AGREEMENT
Exhibit 10.13
AMENDMENT 2012-1
TO
THIS AMENDMENT 2012-1 (the “Amendment”), dated as of December 14, 2012 (the “Effective Date”), is entered into by and between Antares Pharma, Inc., a Delaware corporation (the “Company”), and Xxxxxx X. Apple (“Executive”).
RECITALS
WHEREAS, the Company and Executive previously entered into a Senior Management Agreement, dated February 9, 2006, as amended November 12, 2008 (the “Existing Agreement”);
WHEREAS, the Company and Executive desire to amend the Existing Agreement to clarify that the actual annual bonus paid to Executive may be greater than Executive’s target annual bonus; and
WHEREAS, Section 11.15 of the Existing Agreement provides that the Existing Agreement may be amended pursuant to a written agreement executed by both parties.
NOW, THEREFORE, the Company and Executive hereby agree that, effective as of the Effective Date, the Existing Agreement shall be amended as follows:
1. Section 2.2 of the Existing Agreement is hereby amended and restated in its entirety to read as follows:
“2.2. Bonuses. In addition to the Executive’s Base Salary, the Executive shall be eligible to receive a bonus for each calendar year during the Employment Period, based on attainment of certain individual and corporate performance goals and targets (the “Annual Bonus”). The target amount of the Executive’s Annual Bonus shall be 40% of Base Salary; provided, however, that a reduction in the Executive’s target annual bonus of 40% of the Executive’s Base Salary for any calendar year during the Employment Period shall constitute a failure by the Company to materially comply with the terms of this Agreement. The performance goals and targets shall be determined by the Compensation Committee in consultation with the CEO. Once determined, the applicable performance goals and targets shall be communicated to the Executive as soon as reasonably practicable following the Compensation Committee’s determination of the applicable goals and targets. The actual Annual Bonus amount paid will be based upon the Compensation Committee’s determination, in its sole discretion, whether and to what extent the applicable performance goals and targets have been achieved, and such amount may be more or less than the target amount, as determined by the Compensation Committee in its sole discretion. Any Annual Bonus earned and payable to the Executive hereunder shall be paid on or after January 1 but not later than March 15 of the calendar year following the calendar year for which the Annual Bonus is earned.”
2. In all respects not amended, the Existing Agreement is hereby ratified and confirmed.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the Company and Executive agree to the terms of the foregoing Amendment, effective as of the Effective Date.
| ANTARES PHARMA, INC. | ||
| By: | /s/ Xxxx X. Xxxxxx | |
| Name: | Xx. Xxxx X. Xxxxxx | |
| Title: | President and Chief Executive Officer | |
| EXECUTIVE | ||
| /s/ Xxxxxx X. Apple | ||
| Xxxxxx X. Apple | ||
2
