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EX-10.1 - EX-10.1 - CEPHALON INCa11-12504_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)  May 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 Road

 

 

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:

 

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

 

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

 

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

 

o            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.

 

(a)                                  At the Cephalon, Inc. (the “Company”) Annual Meeting of Stockholders held on May 10, 2011 (the “Annual Meeting”), the stockholders of the Company approved an amendment and restatement of the Company’s 2011 Equity Compensation Plan (the “2011 Plan”) that would, among other items, (1) extend the term of the 2011 Plan for an additional ten years so that the 2011 Plan will terminate on January 31, 2021, as opposed to February 4, 2014 and (2) increase by 1,000,000 shares the total number of shares of common stock authorized for issuance under the 2011 Plan from 16,450,000 shares to 17,450,000 shares, providing that no more than 700,000 shares of common stock from the 2011 Plan increase may be issued pursuant to stock awards that are granted under the 2011 Plan on or after May 10, 2011.  The Board also amended the 2011 Plan to (1) provide that the Company’s “2004 Equity Compensation Plan” will be renamed as the Company’s “2011 Equity Compensation Plan”; (2) provide the Board authority to grant stock awards (in addition to nonqualified stock options) under the 2011 Plan to non-employee members of the Board; (3) permit the grant of stock awards in the form of stock units, which represent the right of a grantee to receive shares of common stock or a cash amount based on the fair market value of shares of common stock, and allow payment of dividend equivalents with respect to stock units; (4) increase the number of shares of common stock subject to annual stock option grants for non-employee directors from 10,000 to 15,000; (5) revise the definition of a “Change in Control” to eliminate the requirement that an acquisition of more than 30% of the combined voting power of the Company’s outstanding securities be pursuant to a tender or exchange offer made directly to the Company’s stockholders which the Board does not recommend such stockholders to accept; (6) provide the Board with discretion to determine the grants for non-employee directors; and (7) update the 2011 Plan to comply with current best practices, and applicable law and regulations.

 

Item 5.07               Submission of Matters to a Vote of Security Holders

 

The following matters were considered at the Annual Meeting of stockholders of Cephalon held in Frazer, Pennsylvania on May 10, 2011:

 

I.              For the election of the following persons as directors:

 

NUMBER OF VOTES

 

 

 

FOR

 

AGAINST

 

ABSTAIN

 

BROKER
NON-VOTES

 

J. Kevin Buchi

 

53,703,611

 

6,249,993

 

166,250

 

3,561,504

 

William P. Egan

 

51,886,077

 

8,067,627

 

166,150

 

3,561,504

 

Martyn D. Greenacre

 

52,418,754

 

7,524,823

 

176,277

 

3,561,504

 

Dr. Charles J. Homcy

 

53,743,638

 

6,211,113

 

165,103

 

3,561,504

 

Vaughn M. Kailian

 

53,033,956

 

6,919,623

 

166,275

 

3,561,504

 

Kevin E. Moley

 

52,507,441

 

7,436,036

 

176,377

 

3,561,504

 

Dr. Gail R. Wilensky

 

52,524,341

 

7,432,656

 

162,857

 

3,561,504

 

Dennis L. Winger

 

52,433,853

 

7,509,824

 

176,177

 

3,561,504

 

 

2



 

II.                                     To approve the amendment and restatement of the 2011 Equity Compensation Plan:

 

NUMBER OF VOTES

 

FOR

 

AGAINST

 

ABSTAIN

 

BROKER NON-
VOTES

 

52,097,034

 

7,815,943

 

206,877

 

3,561,504

 

 

III.                                 To ratify the appointment of PricewaterhouseCoopers LLP as independent registered public accountants for the year ending December 31, 2011:

 

NUMBER OF VOTES

 

FOR

 

AGAINST

 

ABSTAIN

 

61,137,160

 

2,340,218

 

203,980

 

 

IV.                                 To approve an advisory resolution regarding executive compensation

 

FOR

 

AGAINST

 

ABSTAIN

 

BROKER NON-
VOTES

 

58,259,596

 

1,657,976

 

202,282

 

3,561,504

 

 

V.            To approve an advisory resolution regarding the frequency of voting on executive compensation:

 

One Year

 

Two Years

 

Three Years

 

Abstain

 

46,526,130

 

6,290,197

 

7,088,027

 

215,500

 

 

Item 9.01               Financial Statements and Exhibits.

 

(d)

Exhibits.

 

 

 

Exhibit No.

 

Description of Document

 

 

 

 

 

10.1

 

Cephalon, Inc. 2011 Equity Compensation Plan, effective as of February 1, 2011.

 

3



 

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: May 16, 2011

By:

/s/ Gerald J. Pappert

 

 

Gerald J. Pappert

 

 

Executive Vice President, General Counsel and Secretary

 

4



 

EXHIBIT INDEX

 

Exhibit

 

 

Number

 

Description

 

 

 

10.1

 

Cephalon, Inc. 2011 Equity Compensation Plan, effective as of February 1, 2011.

 

5