Exhibit (10) (a)
Execution Copy
THIS
IS A CHANGE-IN-CONTROL AGREEMENT (the “Agreement”) dated as of May 1,
2003 (the “Effective Date”) between West Pharmaceutical, Services, Inc.,
a Pennsylvania corporation, (the “Company”) and Xxxxxx X. Xxxxxx
(“Executive”).
Background
The
Board of Directors of the Company and the Compensation Committee of the Board have
determined that it is in the best interests of the Company and its shareholders for the
Company to make the following arrangements with Executive. These arrangements provide for
compensation in the event Executive should leave the employment of the Company under the
circumstances described in this Agreement.
Agreement
In
consideration of the foregoing and each intending to be legally bound, the Company and
Executive agree as follows:
1.
Definitions. As used in this Agreement, the
following terms will have the meanings set forth below:
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(a) |
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An “Affiliate” of any Person means any Person directly or
indirectly controlling, controlled by or under common control with such Person. |
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(b) |
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“
Change in Control” means a change in control of a nature that would be
required to be reported in response to Item 1 of a Current Report on Form 8-K
as in effect on the Effective Date pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934, as amended, (the “Act”)
provided, that, without limitation, a Change in Control shall be deemed to have
occurred if: |
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(i) |
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Any Person, other than: |
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(2) |
any
Person who on the date hereof is a director or officer of the Company, or |
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(3) |
a
trustee or fiduciary holding securities under an employee benefit plan of the
Company,
is or becomes the “beneficial owner” (as defined in Rule
13-d3 under the Act), directly or indirectly, of securities of the Company
representing more than 50% of the combined voting power of the Company’s
then outstanding securities; or |
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(ii) |
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During
any period of two consecutive years during the term of this Agreement, individuals who at
the beginning of such period constitute the Board of Directors of the Company cease for
any reason to constitute at least a majority thereof, unless the election of each
director who was not a director at the beginning of such period has been approved in
advance by directors representing at least two-thirds of the directors then in office who
were directors at the beginning of the period; or |
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(iii) |
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The shareholders of the Company approve: (A) a plan of complete liquidation of
the Company; or (B) an agreement for the sale or disposition of all or
substantially all of the Company’s assets; or (C) a merger, consolidation,
or reorganization of the Company with or involving any other corporation, other
than a merger, consolidation, or reorganization (collectively, a “Transaction”)
that would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of
the surviving entity) at least 50% of the combined voting power of the voting
securities of the Company (or the surviving entity, or an entity which as a
result of the Transaction owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries)
outstanding immediately after the Transaction. |
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(c) |
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“Code” means
the Internal Revenue Code of 1986, as amended. |
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(d) |
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The
“Company’s Business” means: (i) the manufacture and sale
of stoppers, closures, containers, medical device components and assemblies
made from elastomers, metal and plastic for the health-care and
consumer-products industries; (ii) the clinical trial business carried on by
the Company’s GFI Research Center; (iii) the development of proprietary
drug-delivery technologies that provide optimized therapeutic effects for
challenging drug molecules, such as peptides and proteins, carbohydrates,
oligonucleotides, as well as systems for vaccines, gene therapy and diagnostic
applications; and (iv) any other business conducted by the Company or any of
its Subsidiaries or Affiliates during the term of this Agreement and in which
Executive has have been actively involved. |
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(e) |
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“Constructive
Termination” means the occurrence of any of the following events: |
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(i) |
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The Company requires Executive to assume any duties inconsistent with, or the
Company makes a significant diminution or reduction in the nature or scope
of Executive’s authority or duties from, those assigned to or held by
Executive on the Effective Date; |
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(ii) |
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A
material reduction in Executive’s annual salary or incentive compensation
opportunities; |
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(iii) |
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A
relocation of Executive’s site of employment to a location more than 50
miles from Executive’s site of employment on the Effective Date; |
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(iv) |
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The
Company fails to provide Executive with substantially the same fringe
benefits that were provided to Executive as of the Effective Date, or with
a package of fringe benefits that, although one or more of such benefits
may vary from those in effect as of the Effective Date, is substantially
at least as beneficial to Executive in all material respects as such
fringe benefits taken as a whole; or |
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(v) |
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A successor of the Company does not assume the Company’s obligations under
this Agreement, expressly or as a matter of law. |
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Notwithstanding
the foregoing, no Constructive Termination will be deemed to have occurred under any of
the following circumstances: |
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(1) |
Executive
will have consented in writing or given a written waiver to the occurrence of any of the
events enumerated in clauses (i) through (v) above; |
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(2) |
Executive will
have failed to give the Company written notice stating Executive’s
intention to claim Constructive Termination and the basis for that claim at
least 10 days in advance of the effective date of Executive’s resignation;
or |
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(3) |
The
event constituting a Constructive Termination has been cured by the Company
prior to the effective date of Executive’s resignation. |
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(i) |
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any amount due or paid to Executive under this Agreement, |
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(ii) |
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any amount that is due or paid to Executive under any plan, program or
arrangement of the Company and any of its Subsidiaries, and |
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(iii) |
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any amount or benefit that is due or payable to Executive under this Agreement
or under any plan, program or arrangement of the Company and any of its
Subsidiaries not otherwise covered under clause (i) or (ii) hereof which
must reasonably be taken into account under Section 280G of the Code and
the Regulations in determining the amount of the “parachute payments” received
by Executive, including, without limitation, any amounts which must be
taken into account under the Code and Regulations as a result of (1) the
acceleration of the vesting of any option, restricted stock or other
equity award granted under any equity plan of the Company or otherwise,
(2) the acceleration of the time at which any payment or benefit is
receivable by Executive or (3) any contingent severance or other amounts
that are payable to Executive. |
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(g) |
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“Person” means
an individual, a corporation, a partnership, an association, a trust or other
entity or organization. |
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(h) |
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“Regulations” means
the proposed, temporary and final regulations under Section 280G of the Code or
any successor provision thereto. |
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(i) |
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“Restrictive
Period” means the period of time that commences on the Effective Date
hereof and ends on the first anniversary of the Termination Date. |
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(j) |
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“Retirement
Plan” means the West Pharmaceutical Services, Inc. Employees’ Retirement
Plan and any successor plan thereto. |
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(k) |
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“Savings/Deferred
Comp Plan” means The Company’s Salaried Employees’ Savings
Plan, The Company’s Non-Qualified Deferred Compensation Plan for
Designated Executive Officers and any other similar plan established from time
to time that may allow executive officers to defer taxation of compensation. |
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(l) |
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“Subsidiary” has
the meaning ascribed to the term by Section 425(f) of the Code. |
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(m) |
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“Termination
Date” means the date on which Executive ceases to be employed by
the Company or any of its Subsidiaries or Affiliates for any reason. |
2. |
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Termination
Following a Change in Control. |
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(a) |
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Executive
will be entitled to the benefits specified in Section 3 (Benefits
Payable Upon Termination of Employment) if, |
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(i) |
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at
any time within two years after a Change in Control has occurred, Executive’s
employment by the Company is terminated: |
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(1) |
by
the Company, other than by reason of death, disability, continuous willful
misconduct to the detriment of the Company, or retirement at Executive’s
normal retirement date under the Retirement Plan, or |
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(2) |
as a result of Executive’s resignation at any time following
Executive’s Constructive Termination; or |
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(ii) |
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Executive
resigns for any reason within 30 days following the first anniversary of a
Change in Control. |
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Except
as otherwise set forth in Section 2(b) Executive will not be entitled to the benefits
specified in Section 3 hereof if Executive’s employment terminates for any other
reason or if, at any time thereafter, Executive is in breach of any of Executive’s
obligations under this Agreement. |
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(b) |
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If
the Company executes an agreement, the consummation of which would result in
the occurrence of a Change in Control, then, with respect to a
termination: |
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(i) |
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by
the Company, other than by reason of death, disability, continuous willful
misconduct to the detriment of the Company, or retirement at Executive’s
normal retirement date under the Retirement Plan, or |
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(ii) |
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as
a result of Executive’s resignation at any time following Executive’s
Constructive Termination occurring after the date of such agreement (and,
if such agreement expires or is terminated prior to consummation, prior to
the expiration or termination of such agreement) |
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a
Change in Control shall be deemed to have occurred as of the date of the execution of
such agreement and Executive will be entitled to the severance compensation specified in
Section 3 hereof. |
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Benefits
Payable Upon Termination of Employment. Upon termination of
employment as set forth in Section 2 (Termination Following a Change
in Control) Executive will be entitled to the following
benefits: |
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(a) |
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Severance
Compensation. Executive will be entitled to severance compensation in
an amount equal to three times the sum of |
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(i) |
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Executive’s
highest annual base salary rate in effect during the year of the
termination of Executive’s employment, plus |
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(ii) |
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the
aggregate amount of the annual bonuses paid or payable to Executive for the
three fiscal years immediately preceding a Change in Control divided by
the number of fiscal years as to which such bonuses were paid or payable; |
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provided,
however, that if at any time before the third anniversary of the Termination Date,
Executive either (x) elects retirement under the Retirement Plan, or (y) could have been
compelled to retire under the Retirement Plan if Executive had remained employed by the
Company, Executive’s severance compensation under this Section 3(a) will be reduced
by an amount equal to the product obtained by multiplying such severance compensation by
a fraction the numerator of which is the number of days elapsed from the Termination Date
until the date on which either of the events described in clauses (x) or (y) first
occurs, and the denominator of which is 1095. |
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The
severance compensation paid hereunder will not be reduced to the extent of any other
compensation for Executive’s services that Executive receives or is entitled to
receive from any other employment consistent with the terms of this Agreement. |
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(b) |
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Equivalent
of Vested Savings/Deferred Comp Plan Benefit. The Company will pay to
Executive the difference, if any, between |
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(i) |
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the
benefit Executive would be entitled to receive under the Savings/Deferred
Comp Plan if the Company’s contributions to the Savings/Deferred Comp
Plan were fully vested upon the termination of Executive’s
employment, and |
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(ii) |
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the
benefit Executive is entitled to receive under the terms of the
Savings/Deferred Comp Plan upon termination of Executive’s
employment. |
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Any
such benefit will be payable at such time and in such manner as benefits are payable to
Executive under the Savings/Deferred Comp Plan. |
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(c) |
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Unvested
Equity Awards. All stock options, other equity-based awards and shares of
the Company’s stock granted or awarded to Executive pursuant to any
Company compensation or benefit plan or arrangement, but which are unvested,
will vest immediately upon termination of Executive’s employment. The
provisions of this Section 3(c) will supersede the terms of any such grant or
award made to Executive under any such plan or arrangement to the extent there
is an inconsistency between the two. |
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(d) |
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Employee
and Executive Benefits.Executive will be entitled to a
continuation of all hospital, major medical, medical, dental, life and other
insurance benefits not otherwise addressed in this Agreement in the same manner
and amount to which Executive was entitled on the date of a Change in Control
or on the date of Constructive Termination of Executive’s employment
(whichever benefits are more favorable to Executive) until the earlier of |
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(i) |
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a
period of 36 months after the Termination Date, |
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(ii) |
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Executive’s
retirement under the Retirement Plan, or |
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(iii) |
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Executive’s
eligibility for similar benefits with a new employer. |
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Assistance
in finding new employment will be made available to Executive by the Company if Executive
so requests. Upon termination of Executive’s employment, Company cars must be
returned to the Company. |
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(a) |
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Gross-Up
Payment. Notwithstanding anything herein to the contrary, if it is
determined that any Payment would be subject to the excise tax imposed by
Section 4999 of the Code or any interest or penalties with respect to such
excise tax (such excise tax, together with any interest or penalties thereon,
is herein referred to as an “Excise Tax”) then Executive shall
be entitled to an additional payment (a “Gross-Up Payment”) in
an amount that will place Executive in the same after-tax economic position
that Executive would have enjoyed if the Excise Tax had not applied to the
Payment. |
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(b) |
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Determination
of Gross-Up Payment. Subject to the provisions of Section 4(c) all
determinations required under this Section 4, including whether a Gross-Up
Payment is required, the amount of the Payments constituting excess parachute
payments, and the amount of the Gross-Up Payment, shall be made by the
accounting firm that was the Company’s independent auditors immediately
prior to the Change in Control (or, in default thereof, an accounting firm
mutually agreed upon by the Company and Executive) (the “Accounting
Firm”) which shall provide detailed supporting calculations both to
Executive and the Company within fifteen days of the Change in Control, the
Termination Date or any other date reasonably requested by Executive or the
Company on which a determination under this Section 4 is necessary or
advisable. The Company shall pay to Executive the initial Gross-Up Payment
within 5 days of the receipt by Executive and the Company of the Accounting Firm’s
determination. If the Accounting Firm determines that no Excise Tax is payable
by Executive, the Company shall cause the Accounting Firm to provide Executive
with an opinion that the Accounting Firm has substantial authority under the
Code and Regulations not to report an Excise Tax on Executive’s federal
income tax return. Any determination by the Accounting Firm shall be binding
upon Executive and the Company. If the initial Gross-Up Payment is insufficient
to cover the amount of the Excise Tax that is ultimately determined to be owing
by Executive with respect to any Payment (hereinafter an “Underpayment”)
the Company, after exhausting its remedies under Section 4(c) below, shall
promptly pay to Executive an additional Gross-Up Payment in respect of the
Underpayment. |
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(c) |
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Procedures.
Executive shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company
of a Gross-Up Payment. Such notice shall be given as soon as practicable after
Executive knows of such claim and shall apprise the Company of the nature of
the claim and the date on which the claim is requested to be paid. Executive
agrees not to pay the claim until the expiration of the thirty-day period
following the date on which Executive notifies the Company, or such shorter
period ending on the date the Taxes with respect to such claim are due (the
“Notice Period”). If the Company notifies Executive in writing
prior to the expiration of the Notice Period that it desires to contest the
claim, Executive shall: (i) give the Company any information reasonably
requested by the Company relating to the claim; (ii) take such action in
connection with the claim as the Company may reasonably request, including,
without limitation, accepting legal representation with respect to such claim
by an attorney reasonably selected by the Company and reasonably acceptable to
Executive; (iii) cooperate with the Company in good faith in contesting the
claim; and (iv) permit the Company to participate in any proceedings relating
to the claim. Executive shall permit the Company to control all proceedings
related to the claim and, at its option, permit the Company to pursue or forgo
any and all administrative appeals, proceedings, hearings, and conferences with
the taxing authority in respect of such claim. If requested by the Company,
Executive agrees either to pay the tax claimed and xxx for a refund or contest
the claim in any permissible manner and to prosecute such contest to a
determination before any administrative tribunal, in a court of initial
jurisdiction and in one or more appellate courts as the Company shall
determine; provided, however, that, if the Company directs Executive to pay
such claim and pursue a refund, the Company shall advance the amount of such
payment to Executive on an after-tax and interest-free basis (the
“Advance”). The Company’s control of the contest related
to the claim shall be limited to the issues related to the Gross-Up Payment and
Executive shall be entitled to settle or contest, as the case may be, any other
issues raised by the Internal Revenue Service or other taxing authority. If the
Company does not notify Executive in writing prior to the end of the Notice
Period of its desire to contest the claim, the Company shall pay to Executive
an additional Gross-Up Payment in respect of the excess parachute payments that
are the subject of the claim, and Executive agrees to pay the amount of the
Excise Tax that is the subject of the claim to the applicable taxing authority
in accordance with applicable law. |
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(d) |
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Repayments.
If, after receipt by Executive of an Advance, Executive becomes entitled to a
refund with respect to the claim to which such Advance relates, Executive shall
pay the Company the amount of the refund (together with any interest paid or
credited thereon after Taxes applicable thereto). If, after receipt by
Executive of an Advance, a determination is made that Executive shall not be
entitled to any refund with respect to the claim and the Company does not
promptly notify Executive of its intent to contest the denial of refund, then
the amount of the Advance shall not be required to be repaid by Executive and
the amount thereof shall offset the amount of the additional Gross-Up Payment
then owing to Executive. |
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(e) |
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Further
Assurances. The Company shall indemnify Executive and hold Executive
harmless, on an after-tax basis, from any costs, expenses, penalties, fines,
interest or other liabilities (“Losses”) incurred by Executive
with respect to the exercise by the Company of any of its rights under this
Section 4, including, without limitation, any Losses related to the Company’s
decision to contest a claim or any imputed income to Executive resulting from
any Advance or action taken on Executive’s behalf by the Company
hereunder. The Company shall pay all legal fees and expenses incurred under
this Section 4 and shall promptly reimburse Executive for the reasonable
expenses incurred by Executive in connection with any actions taken by the
Company or required to be taken by Executive hereunder. The Company shall also
pay all of the fees and expenses of the Accounting Firm, including, without
limitation, the fees and expenses related to the opinion referred to in Section
4(b). |
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Payment
of Severance Compensation. |
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(a) |
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The
severance compensation set forth in Section 3 (a) shall be payable in 36 equal
monthly installments commencing on the first day of the month following the
month in which Executive’s employment terminates. However, Executive may
elect in writing, in accordance with the provisions of this Section, to receive
Executive’s severance compensation in a lump sum at a later time or in
installments in amounts and at times elected by Executive, but Executive’s
election will not entitle Executive to receive severance compensation sooner
than permitted by the preceding sentence. |
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(b) |
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Executive
must elect to receive amounts in installments or to defer payments by filing a
written election with the Company, which specifies the time at which payments
are to be made and the amounts of such payments. Executive’s election to
receive installment payments or to defer payments will not be valid unless it
is made prior to the time Executive is entitled to receive any payments under
this Agreement. The last such election in effect on the day before a
termination of employment will be controlling. No election may be made on or
after termination of employment. |
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(c) |
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The
payment of deferred amounts must commence no earlier than the first business
day of the calendar year following the termination of Executive’s
employment and no later than the third calendar year following the attainment
of normal retirement age under the Retirement Plan. |
6. |
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Non-Disclosure
and Confidentiality. |
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(a) |
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Executive
agrees that Executive will keep secret and maintain in confidence all
confidential information of the Company and will not use such information other
than for the Company’s benefit or disclose such information to anyone
outside of the Company, either during or after Executive’s employment with
the Company. |
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(b) |
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Executive
will promptly deliver to the Company on the termination of Executive’s
employment with the Company, or at any time the Company requests, all
memoranda, notes, records and other documents (and all copies thereof) relating
to the Company’s business or confidential matters which Executive then has
or controls. |
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(c) |
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All
inventions, improvements, new ideas and techniques which relate to the Company’s
business which Executive makes or conceives during Executive’s employment
with the Company or within six months thereafter will be the Company’s
property. Without additional compensation to Executive, Executive will promptly
inform the Company of such inventions, improvements, ideas and techniques, and
will assist the Company in preserving them and will not disclose them to anyone
else without the Company’s consent. |
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(d) |
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Executive
understands that, as used in this Section, the phrase “confidential
information of the Company” includes all information of a technical,
commercial or other nature of or about the Company (such as formulae, trade
secrets, customer lists and know-how) not made available to the general public. |
7. |
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Legal
Fees. The Company will pay all legal fees and expenses which
Executive may incur as a result of the Company’s contesting the validity
or enforceability of this Agreement. |
8. |
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Payments
Final. In the event of a termination of Executive’s
employment under the circumstances described in this Agreement, the
arrangements provided for by this Agreement, and any other agreement between
the Company and Executive in effect at that time and by any other applicable
plan of the Company in which Executive then participates, will constitute the
entire obligation of the Company to Executive, and performance of that
obligation will constitute full settlement of any claim that Executive might
otherwise assert against the Company on account of such termination. The
Company’s obligation to pay Executive under this Agreement will be
absolute and unconditional and will not be affected by any circumstance,
including without limitation, any set-off, counterclaim, defense or other
rights the Company may have against Executive or anyone else as long as
Executive is not in beach of Executive’s obligations under this Agreement. |
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(a) |
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During
the Restrictive Period, Executive will not, and will not permit any of Executive’s
Affiliates, or any other Person, directly or indirectly, to: |
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(b) |
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engage
in competition with, or acquire a direct or indirect interest or an option to
acquire such an interest in any Person engaged in competition with, the Company’s
Business in the United States (other than an interest of not more than 5
percent of the outstanding stock of any publicly traded company); |
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(i) |
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serve
as a director, officer, employee or consultant of, or furnish information to,
or otherwise facilitate the efforts of, any Person engaged in competition with
the Company’s Business in the United States; |
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(ii) |
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solicit,
employ, interfere with or attempt to entice away from the Company any employee
who has been employed by the Company or a Subsidiary in an executive or
supervisory capacity in connection with the conduct of the Company’s
Business within one year prior to such solicitation, employment, interference
or enticement; or |
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(iii) |
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approach,
solicit or deal with in competition with the Company or any Subsidiary any
Person which at any time during the 12 months immediately preceding the
Termination Date: |
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(1) |
was
a customer, client, supplier, agent or distributor of the Company or any
Subsidiary; |
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(2) |
was
a customer, client, supplier, agent or distributor of the Company or any
Subsidiary with whom employees reporting to or under the direct control of
Executive had personal contact on behalf of the Company or any Subsidiary; or |
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(3) |
was
a Person with whom Executive had regular, substantial or a series of business
dealings on behalf of the Company or any Subsidiary (whether or not a customer,
client, supplier, agent or distributor of the Company or any Subsidiary). |
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(c) |
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For
the avoidance of doubt, Executive agrees that the phrase “Person engaged
in competition with the Company’s Business” as used in this Section
includes, without limitation, the companies listed on Schedule “A” to
this Agreement, their Affiliates and subsidiaries. |
10. |
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Vesting
in the Event of a Change in Control. In the event of a Change in
Control, all stock options, equity-based awards and shares of the Company’s
stock granted or awarded to Executive pursuant to any Company compensation or
benefit plan or arrangement, but which are unvested at that time, will vest
immediately upon such Change in Control. The provisions of this Section 10 will
supersede the terms of any such grant or award made to Executive under any such
plan or arrangement to the extent there is an inconsistency between the two. |
11. |
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Duration
of Agreement. This Agreement shall commence on the Effective
Date and shall continue until terminated as provided in this Section. This
Agreement may be terminated only under the following circumstances: |
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(i) |
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At
any time by the mutual written consent of Executive and the Company; and |
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(ii) |
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By
the Company at the end of each successive two-year period commencing on the
Effective Date by giving Executive written notice at least one year in advance
of such termination, except that such termination and written notice will not
be effective unless Executive will be employed by the Company on the date of
termination. |
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(a) |
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In
consideration for the benefit of having the protection afforded by this
Agreement, Executive agrees that the provisions of Section 6 (Non-Disclosure
and Confidentiality) and Section 9 (Non-Competition) of this
Agreement apply to Executive, and Executive will be bound by them, whether or
not a Change in Control occurs or Executive actually receives the benefits
specified in Section 3 hereof. |
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(b) |
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This
Agreement will be binding upon and inure to the benefit of Executive, Executive’s
personal representatives and heirs and the Company and any successor of the
Company, but neither this Agreement nor any rights arising hereunder may be
assigned or pledged by Executive. |
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(c) |
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Executive
acknowledges that a breach of the covenants contained in Section 6 (Non-Disclosure
and Confidentiality) and Section 9 (Non-Competition)
will cause the Company immediate and irreparable harm for which the Company’s
remedies at law (such as money damages) will be inadequate. The Company shall
have the right, in addition to any other rights it may have, to obtain an
injunction to restrain any breach or threatened breach of such Sections. The
Company may contact any Person with or for whom Executive works after Executive’s
employment by the Company ends and may send that Person a copy of this
Agreement. |
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(d) |
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Should
any provision of this Agreement be adjudged to any extent invalid by any
competent tribunal, that provision will be deemed modified to the extent
necessary to make it enforceable. |
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(e) |
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This
Agreement will be governed and construed in accordance with the laws of the
Commonwealth of Pennsylvania. |
|
|
(f) |
|
This
Agreement constitutes the entire agreement and understanding between the
Company and Executive with respect to the subject matter hereof and merges and
supersedes all prior discussions, agreements and understandings between the
Company and Executive with respect to such matters. |
|
|
(g) |
|
This
Agreement may be executed in one or more counterparts, which together shall
constitute a single agreement. |
IN |
|
WITNESS
WHEREOF, the parties have duly executed this Agreement as of the date first written above. |
By:
Xxxxxx X. Xxxxxx
WEST |
|
PHARMACEUTICAL
SERVICES, INC. |
By:
Xxxxxx X. Xxxxx, Xx., Ph.D.
President and Chief Executive Officer
Schedule “A”
List of Persons
Engaged in Competition with the Company’s Business
3-M Drug Delivery Systems Division
Aerogen, Inc.
Alcoa, Inc.
Alkermes, Inc.
Alcan, Inc
ALZA Corporation (subsidiary of Xxxxxxx and Xxxxxxx
American Stelmi Corp. (division of Stelmi, SA)
Andrx Corporation
Antares Pharma, Inc. (f/k/a Medi-Ject)
Aradigm Corporation
Bentley Pharmaceuticals, Inc.
Blackhawk/Nepco
The Bespak Group
Biovail Corporation
Cardinal Health, Inc.
CIMA Labs, Inc.
Comar, Inc.
Elan Corporation, Plc
Elite Pharmaceuticals, Inc.
Emisphere Technologies, Inc.
Ethypharm SA
Erie Plastics Corp.
Xxxxx- Xxxxxxxxxx Laboratories, Inc.
Flamel Technologies, Inc.
Focus Inhalation Oy
Guilford Pharmaceutical, Inc.
Helvoet Pharma (division of Xxxxxxxx Holding)
Innovative Drug Delivery Systems, Inc.
In-Site Vision, Inc.
Xxxx Group, Inc.
Lavipharm Corporation
Nastech Pharmaceutical Company, Inc.
Nektar Therapeutics
Penwest Pharmaceuticals Company
Phasex Corporation
Plastech Molding and Fabricating, Inc.
Rehxam Corporation
XX Xxxxxxx, Inc. (subsidiary of Cardinal Health)
Rx Kinetix, Inc.
Sheffield Pharmaceuticals, Inc.
SkyePharma Plc
Stelmi S.A.
Tech Industries, Inc.
Unigene Laboratories, Inc
Wheaton Science Products (an Alcan Packaging company)
A-1