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EX-10.1 - EX-10.1 - CEPHALON INCa11-6174_1ex10d1.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 


 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported) February 10, 2011

 

Cephalon, Inc.

(Exact Name of Registrant as Specified in Charter)

 

Delaware

 

0-19119

 

23-2484489

(State or Other Jurisdiction

 

(Commission

 

(IRS Employer

of Incorporation)

 

File Number)

 

Identification No.)

 

41 Moores Rd.

 

 

Frazer, Pennsylvania

 

19355

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code (610) 344-0200

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 1.01               Entry into a Material Definitive Agreement

 

On February 10, 2011, Cephalon, Inc. (the “Company”) and Peter E. Grebow, Ph.D., the Company’s Executive Vice President, Cephalon Ventures, executed a consulting agreement (the “Agreement”) for a term beginning March 1, 2011 and ending on February 28, 2012.  During the term of the Agreement, Dr. Grebow will assist with the establishment of Cephalon Ventures and will be paid an hourly rate of $750 for each hour of service performed, not to exceed 20 hours a week, with a maximum of 1,000 hours per year.  Dr. Grebow intends to retire on February 28, 2011.

 

Item 5.02               Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

On February 1, 2011, the Stock Option and Compensation Committee of the Board of Directors (the “Board”) of the Company determined the recommended annual cash bonus awards to be made to executive officers of the Company for fiscal year 2010 as determined pursuant to the Company’s MICP for 2010.  These award recommendations were presented to and approved by the independent members of the Board on February 1, 2011.  The awards were approved subject to the finalization of financial results for the year ended December 31, 2010, which were released on February 10, 2011.

 

The awards earned in 2010, which will be paid in late February 2011, are as follows:

 

Name:

 

Cash Bonus

 

Frank Baldino, Jr., Ph.D.

 

$

2,113,200

 

J. Kevin Buchi

 

$

665,000

 

Alain Aragues

 

304,900

 (or approximately $413,588)

Valli F. Baldassano

 

$

229,100

 

Peter E. Grebow, Ph.D.

 

$

274,600

 

Wilco Groenhuysen

 

$

300,000

 

Gerald J. Pappert

 

$

330,000

 

Lesley Russell, MB.Ch.B., MRCP.

 

$

329,800

 

Carl A. Savini

 

$

297,500

 

Jeffry L. Vaught, Ph.D.

 

$

229,300

 

 

The cash bonus for Dr. Baldino, who passed away in December 2010, will be paid to his estate.

 

Item 9.01               Financial Statements and Exhibits.

 

(d)           Exhibits.

 

Exhibit No.

 

Description of Document

 

 

 

10.1

 

Consulting Agreement effective March 1, 2011 by and between Peter E. Grebow and Cephalon, Inc.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

CEPHALON, INC.

 

 

 

 

 

 

Date: February 16, 2011

By:

/s/ Gerald J. Pappert

 

 

Gerald J. Pappert

 

 

Executive Vice President & General Counsel

 

3



 

EXHIBIT INDEX

 

Exhibit No.

 

Description of Document

 

 

 

10.1

 

Consulting Agreement effective March 1, 2011 by and between Peter E. Grebow and Cephalon, Inc.

 

4