PHARMACEUTICAL PRODUCT DEVELOPMENT INC
EQUITY COMPENSATION PLAN FOR EXECUTIVE OFFICERS
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<TYPE>EX-10.236
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<FILENAME>dex10236.htm
<DESCRIPTION>EQUITY COMPENSATION PLAN FOR EXECUTIVE OFFICERS
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<TITLE>Equity Compensation Plan for Executive Officers</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.236 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>FORM OF RESTRICTED STOCK AWARD AGREEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>UNDER THE EQUITY COMPENSATION PLAN FOR EXECUTIVE OFFICERS
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">THIS RESTRICTED STOCK AWARD AGREEMENT is made and entered into as of the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(the &#147;Effective Date&#148;), by and between Pharmaceutical Product Development, Inc. (the &#147;Company&#148;), and
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(the &#147;Participant&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">WHEREAS, the Participant is a valuable and trusted employee of the Company; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Committee
considers it desirable and in the best interests of the Company that the Participant be given an opportunity to acquire a proprietary interest in the Company as an incentive to advance the interests of the Company and to perform future services that
will contribute materially to the successful operation of the Company; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Committee desires to grant the Participant a
Restricted Stock Award consisting of common stock of the Company (the &#147;Common Stock&#148;), in accordance with the Equity Compensation Plan of the Company (the &#147;Plan&#148;). Capitalized terms used herein which are not otherwise defined
herein shall have the meanings ascribed to them under the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW, THEREFORE, in consideration of the premises, it is agreed by and
between the parties as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <U>Grant of Restricted Stock Award</U>. The Company hereby grants Participant a Restricted Stock Award
of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>shares (the &#147;Restricted Stock&#148;) of Common Stock of the Company, subject to the restrictions and other terms and conditions contained herein and in the Plan.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Restriction Period and Vesting</U>. The Restricted Stock shall be unvested and shall be subject to the restrictions set forth in
this Award Agreement during the period starting on the Effective Date and ending on the third anniversary of the Effective Date (the &#147;Restriction Period&#148;). Unless sooner forfeited in accordance with Section&nbsp;4, all shares of the
Restricted Stock shall vest one-third on each anniversary of the Effective Date for three consecutive years. In the event of the Disability of the Participant prior to the expiration of the Restriction Period, then a number of shares of the
Restricted Stock (rounded down to the nearest whole number of shares) shall vest as of the date of Disability of the Participant determined by multiplying the total number of shares of Restricted Stock subject to this Award Agreement by a fraction,
the numerator of which is the number of full months included in the period from the date of this Award Agreement through the date of Disability and the denominator of which is total number of months included in the Restriction Period. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Issuance and Deliverer of Restricted Stock</U>. A certificate representing the Restricted Stock shall be registered in the name of the Participant
and deposited by the Participant, together with a blank stock power in the form attached as <U>Exhibit A</U>, with the Company. If and when any of the shares of Restricted Stock vest in accordance with this Award </FONT>
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<FONT FACE="Times New Roman" SIZE="2">Agreement, then the Company shall cause to be delivered to the Participant a certificate representing the number of vested shares of Restricted Stock of the
Participant together with a check for all dividends and distributions held by the Company for the account of the Participant in respect of such vested shares of Restricted Stock. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. <U>Forfeiture of Restricted Stock</U>. In the event of Termination of Employment of Participant for any reason (including Disability) prior to the
expiration of the Restriction Period, any shares of the Restricted Stock which are not vested (together with all dividends and distributions held by the Company for the account of the Participant in respect of such unvested shares of Restricted
Stock) shall be forfeited immediately and automatically to the Company as of the date of Termination of Employment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. <U>Certain Tax
Matters</U>. The Participant acknowledges that the Participant understands the federal, state and local income tax consequences of the Restricted Stock award, and the issuance, vesting and forfeiture provisions relating to the Restricted Stock,
including, if applicable, the consequences of making (or not making) a timely election under Section&nbsp;83(b) of the Internal Revenue Code of 1986, as amended, with respect to the Restricted Stock. In addition, the Participant fully understands
that, at the time that the Participant realizes any compensation income in respect of the Restricted Stock, the Company will be required to withhold federal, state and local taxes on the full amount of the compensation income realized by the
Participant. Accordingly, at or prior to the time that the Participant realizes any compensation income in respect of the Restricted Stock, the Participant shall provide the Company with cash funds equal to the total federal, state and local taxes
required to be withheld by the Company in respect of such compensation income, or make other arrangements reasonably satisfactory to the Company regarding such payment. It is understood that all matters with respect to the total amount of taxes to
be withheld in respect of such compensation income shall be determined by the Committee in its reasonable discretion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. <U>Rights Prior
to Vesting</U>. The Participant shall have, with respect to the shares of Restricted Stock (whether vested or unvested), all rights as a shareholder of the Company, including the right to vote the shares and the right to receive dividends; provided,
however, that all dividends and other distributions in respect of the Restricted Stock shall be paid to the Company for the account of the Participant until vesting or forfeiture of the Restricted Stock. Any securities of the Company issued in
respect of the Restricted Stock by reason of a stock split, stock dividend or similar event shall constitute and be held by the Company as part of the Restricted Stock and subject to the vesting and other restrictions of this Award Agreement.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. <U>Investment Representation</U>. The Participant represents and warrants to the Company that the Participant has read this Award
Agreement carefully, and to the extent believed necessary, has discussed the Award Agreement and its impact and limitations upon the Participant with counsel. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">8. <U>Transferability</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) During the Restriction Period, no shares of unvested Restricted Stock may be
sold, exchanged, transferred, pledged, hypothecated, encumbered or otherwise disposed of. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) The Company shall have the right to assign to any of its affiliates any of its rights, or to delegate
to any of its affiliates any of its obligations under this Award Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. <U>Binding Effect</U>. This Award Agreement shall inure to
the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10.
<U>Gender and Number</U>. All terms used in this Award Agreement shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the context may require. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11. <U>Terms and Conditions of Plan</U>. The terms and conditions included in the Plan are incorporated by reference herein, and to the extent that any
conflict may exist between any term or provision of this Award Agreement and any term or provision of the Plan as in effect from time to time, such term or provision of the Plan shall control. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12. <U>Certain Remedies</U>. Without intending to limit the remedies available to the Company, the Participant agrees that damages at law will be an
insufficient remedy in the event the Participant violates the terms of this Award Agreement. The Participant agrees that the Company may apply for and have injunctive or other equitable relief in any court of competent jurisdiction to restrain the
breach or threatened breach of, or otherwise specifically to enforce, any of the provisions hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">13. <U>Notices</U>. All notices and
communications provided for herein shall be in writing and shall be delivered by hand or sent by certified mail, return receipt requested, postage prepaid, addressed, if to the Participant, to his/her attention at the mailing address set forth at
the foot of this Award Agreement (or to such other address as the Participant shall have specified to the Company in writing) and, if to the Company, to it at 3151 South 17th Street, Wilmington, North Carolina 28412, Attention: General Counsel (or
to such other address as the Company shall have specified to the Participant in writing). All such notices shall be conclusively deemed to be received and shall be effective if sent by hand delivery, upon receipt, or if sent by registered or
certified mail, on the fifth day after the day on which such notice is mailed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">14. <U>Waiver</U>. The waiver by either party of compliance
with any provision of this Award Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Award Agreement, or of any subsequent breach by such party of a provision of this Award Agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">15. <U>No Restriction on Right of Company to Effect Corporate Changes</U>. Neither the Plan nor this Award Agreement shall affect in any way the right
or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital structure or business of the Company, or any merger or consolidation of the Company, or any
issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or
exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the assets or business of the Company, or any other corporate act or proceeding, whether of a similar character or
otherwise. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">16. <U>Entire Agreement</U>. This Award Agreement (including the Plan which is incorporated herein by
reference and all additional riders incorporated herein) sets forth all of the promises, agreements, conditions and understandings between the parties hereto with respect to the Restricted Stock Award, and there are no promises, agreements,
conditions, understandings, warranties or representations, oral or written, express or implied, between them with respect to the Restricted Stock Award other than as set forth therein or herein. This Award Agreement supersedes and replaces any and
all prior agreements between the parties hereto with respect to the shares of Restricted Stock. This Award Agreement is, and is intended by the parties to be, an integration of any and all prior agreements or understandings, oral or written, with
respect to the shares of Restricted Stock. No modification, amendment or waiver of any of the provisions of this Agreement shall be effective unless approved in writing by both parties. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">17. <U>Invalid or Unenforceable Provision</U>. The invalidity or unenforceability of any particular provision of this Award Agreement shall not affect
the other provisions hereof, and this Award Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">18. <U>Governing Law</U>. This Award Agreement shall be construed and enforced in accordance with the laws of North Carolina, without giving effect to principles of conflicts of laws. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">19. <U>Miscellaneous</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Neither the
granting or vesting of the shares of Restricted Stock nor any other provision of this Award Agreement shall be construed as conferring upon the Participant any right to continue in the employment of the Company, or as interfering with or restricting
in any way the right of the Company to terminate such employment at any time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) The Company, the Committee and any employees or agents
thereof are relieved from any liability for the non-issuance or non-transfer, or any delay in the issuance or transfer, of any of the Restricted Stock which results from the inability of the Company to obtain, or in any delay in obtaining, from each
regulatory body having jurisdiction all requisite authority to issue or transfer the Common Stock of the Company in satisfaction of this Restricted Stock Award if counsel for the Company deems such authorization necessary for the lawful issuance or
transfer of any of the Restricted Stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(c) No shares of Restricted Stock shall be sold or otherwise disposed of in violation of any
federal or state securities law or regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) All decisions of the Committee with respect to the interpretation, construction and
application of the Plan and/or this Award Agreement shall be conclusive and binding upon the Participant and all other persons. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the parties hereby have caused this Restricted Stock Award Agreement to be executed
as of the day and year first above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">(CORPORATE SEAL)</FONT></TD>
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<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">PHARMACEUTICAL PRODUCT DEVELOPMENT, INC.</FONT></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
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<TD VALIGN="top" COLSPAN="5"><FONT FACE="Times New Roman" SIZE="2">ELIGIBLE PARTICIPANT:</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Name</FONT></P></TD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>EXHIBIT A </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>IRREVOCABLE STOCK POWER </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">FOR VALUE RECEIVED, I,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, the undersigned, hereby irrevocably sell, assign and transfer to PHARMACEUTICAL PRODUCT DEVELOPMENT, INC.,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of the Common Stock of PHARMACEUTICAL PRODUCT DEVELOPMENT, INC., a North Carolina corporation, standing in my name on the books of said Corporation and
represented by the attached Certificate No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> herewith, and I do hereby irrevocably constitute and appoint the Secretary of the Corporation attorney to transfer the said
stock on the books of said Corporation with full power of substitution in the premises. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Signature of Participant</FONT></TD>
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