Re: Amendment to Stock Option Agreement
May
11,
2007
Xxxxx
Xxxxxx
Re:
|
Amendment
to Stock Option Agreement
|
(s)
/Restricted Stock Award Agreement(s)
and
Employment Agreement
Dear
Xxxxx:
As
you
know, inVentiv Health, Inc. (the “Corporation”) has previously granted to you
certain options (the “Options”) to purchase shares of common stock, $0.001 par
value, of the Corporation. As of the date hereof, you are the owner of the
following Options:
Option
Number
|
Option
Grant Date
|
Number
of Option Shares
|
00001750
|
12/10/2003
|
5,500
|
00001918
|
11/1/2004
|
15,000
|
00002585
|
1/22/2007
|
10,960
|
Additionally,
you have been awarded restricted shares of common stock, par value $.001 per
share, of the Corporation (the “Restricted Stock”).
As of
this date hereof, you have been awarded the following Restricted Stock
grants:
Award
Number
|
Award
Date
|
Number
of Restricted Shares
|
00002215
|
1/3/2006
|
2,750
|
00002602*
|
1/22/2007
|
5,015
|
00002623
|
1/22/2007
|
5,015
|
*
denotes
a performance based grant.
We
hereby
confirm the following:
1.
Section 1(c) of each option agreement/notice of grant relating to the Options
listed above is hereby amended to provide that such Options and the shares
of
common stock subject thereto shall immediately vest in the event that your
employment with the Corporation is terminated by the Corporation “Without Cause”
(as defined in Section 5(d) of the Employment Agreement dated January 1, 2003
between you and the Corporation (the “Employment Agreement”)) within six (6)
months following a “Change of Control” (as defined in Section 5(f) of the
Employment Agreement) of the Corporation.
2.
Section 3 of each of the notices of grant relating to award numbers 00002215
and
00002623 is hereby amended to provide that the shares of Restricted Stock
subject thereto shall immediately vest in the event that your employment with
the Corporation is terminated by the Corporation “Without Cause” within six (6)
months following a “Change of Control” (in each case as so
defined).
3. Section
3
of the notice of grant relating to award number 00002602 is hereby amended
to
provide that in the event your employment with the Corporation is terminated
by
the Corporation “Without Cause” within six (6) months following a “Change of
Control” (in each case as so defined), a number of shares of Restricted Stock
subject thereto equal to the Target Number (as defined in such notice of grant)
shall immediately vest.
4. All
future grants of Options and Restricted Shares will provide that the shares
shall immediately vest in the event that your employment with the Corporation
is
terminated by the Corporation “Without Cause” within six (6) months following a
“Change of Control”.
2. |
Continuing
Effectiveness of Stock Option Agreements/ Restricted Stock
Awards
|
Except
as
modified herein, the above-referenced award documentation remains in full force
and effect.
3. |
Amendment
to Employment Agreement
|
This
letter shall serve to amend the January 1, 2003 Employment Agreement between
you
and the Company, as amended by the Amendment thereto dated April 1, 2003 (the
"Employment Agreement"), in accordance with the following:
a. |
Duties.
|
The
first
sentence of Section 2 of the Employment Agreement is hereby amended to read
as
follows:
The
Executive shall serve as the Company’s Chief Financial Officer and shall perform
such duties, functions and responsibilities as are associated with and incident
to that position and as the Company may, from time to time, require of
him.
b. |
Fringe
Benefits.
|
A
sentence shall be added at the end of Paragraph 3 (b) to
read
as follows:
In
addition to the benefits described above, the Company shall pay for the annual
Country Club Membership dues on behalf of the Executive. Such annual dues shall
be approximately $8,000.00 per annum, adjusted for reasonable annual increases
by the Country Club..
c. Base
Salary.
The
first
sentence of Section 3 (a) of the Employment Agreement is hereby amended to
read
as follows:
The
Company shall pay the Executive a base salary at an annual rate of $290,000
payable at such times and in accordance with the Company's customary payroll
practices as they may be adopted or modified from time to time.
d. Bonus.
Section
3
(c) of
the
Employment Agreement is hereby amended to read as follows:
The
Executive shall be eligible for a bonus in each calendar year, based on the
Executive’s success in reaching or exceeding performance objectives as
determined by the Chief Executive Officer or his/her designee, the amount of
such bonus, if any, to be determined in the discretion of the Company, and
subject to the Executive remaining employed by the Company through the bonus
payout date. Such bonus payout will be paid at the same time bonuses are paid
to
executive officers generally. The bonus range shall be 0 - 100% (50% target)
of
the Executive’s then current base salary, with the amount of such bonus, if any,
that is awarded remaining subject to the discretion of the Company.
d.
Car
allowance.
Section
3(g) of the Employment Agreement is hereby amended to read as
follows”
During
the period of the Executive’s employment by the Company shall pay to the
Executive as a car allowance the gross amount of $800 per month.
e. Additional
Pay.
The
first
sentence of Section 3(h) of the Employment Agreement is hereby amended to read
as follows:
If
there
is a Change in Control (as defined in paragraph 5(e) herein), and the Executive
is employed by the Company upon the Change in Control, and, the Executive has
satisfactorily performed all assigned duties, including using his best efforts
to facilitate a Change in Control, the Company shall award the Executive
fifty-two (52) weeks base pay (subject to the provisions of the next sentence),
minus such deductions as may be required by law or reasonably requested by
the
Executive.
f. Continuing Effectiveness
of Employment Agreement
Except
as
modified herein, the Employment Agreement shall remain in full force and effect
in accordance with its terms.
Very
truly yours,
INVENTIV
HEALTH, INC.
By:_/s/
Eran Broshy_________________
Xxxx
Xxxxxx
Chairman
& CEO
Accepted
and agreed to by:_/s/
Xxxxx Bassin_____________ Dated:______________ Xxxxx
Xxxxxx