|
|
|
|
Document Preview Stock Incentive Plan [2002] |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Stock Incentive Plan [2002] |
|||
|
Entities: |
||||
|
Date: |
2002 |
|||
|
Size: |
Preview shows 13KB of 76KB total |
|||
|
Price: |
$43 |
|||
|
ID: |
#254190 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
MARTEK BIOSCIENCES CORPORATION
2002 STOCK INCENTIVE PLAN
------------------------------------------------------------------
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
{S} {C}
1. PURPOSE................................................................1
2. DEFINITIONS............................................................1
3. ADMINISTRATION OF THE PLAN.............................................4
3.1. Board.........................................................4
3.2. Committee.....................................................4
3.3. Terms of Awards...............................................5
3.4. Deferral Arrangement..........................................6
3.5. No Liability..................................................6
4. STOCK SUBJECT TO THE PLAN..............................................6
5. EFFECTIVE DATE, DURATION AND AMENDMENTS................................6
5.1. Effective Date................................................6
5.2. Term..........................................................6
5.3. Amendment and Termination of the Plan.........................7
6. AWARD eligibility AND LIMITATIONS......................................7
6.1. Company or Subsidiary Employees; Service Providers;
Other Persons...............................................7
6.2. Successive Awards.............................................7
6.3. Limitation on Shares of Stock Subject to Awards...............7
6.4. Limitations on Incentive Stock Options........................7
6.5. Stand-Alone, Additional, Tandem, and Substitute Awards........7
7. AWARD AGREEMENT........................................................8
8. TERMS AND CONDITIONS OF OPTIONS........................................8
8.1. Option Price..................................................8
8.2. Vesting.......................................................8
8.3. Term..........................................................9
8.4. Termination of Service........................................9
8.5. Limitations on Exercise of Option.............................9
8.6. Method of Exercise............................................9
8.7. Rights of Holders of Options..................................9
8.8. Delivery of Stock Certificates................................9
8.9. Reload Options................................................10
9. TRANSFERABILITY OF OPTIONS.............................................10
9.1. Transferability of Options....................................10
9.2. Family Transfers..............................................10
10. RESTRICTED STOCK.......................................................10
10.1. Grant of Restricted Stock.....................................10
10.2. Restrictions..................................................10
10.3. Restricted Stock Certificates.................................11
10.4. Rights of Holders of Restricted Stock.........................11
10.5. Termination of Service........................................11
10.6. Purchase of Restricted Stock..................................11
10.7. Delivery of Stock.............................................11
{/TABLE}
-i-
{PAGE}
{TABLE}
{S} {C}
11. FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK.......................12
11.1. General Rule..................................................12
11.2. Surrender of Stock............................................12
11.3. Cashless Exercise.............................................12
11.4. Promissory Note...............................................12
11.5. Other Forms of Payment........................................12
12. Performance and Annual Incentive Awards................................13
12.1. Performance Conditions........................................13
12.2. Performance or Annual Incentive Awards Granted to
Designated Covered Employees................................13
12.2.1.Performance Goals Generally............................13
12.2.2.Business Criteria......................................13
12.2.3.Timing For Establishing Performance Goals..............14
12.2.4.Performance or Annual Incentive Award Pool.............14
12.2.5.Settlement of Performance or Annual Incentive
Awards; Other Terms.........................................14
12.3. Written Determinations........................................14
12.4. Status of Section 14.2 Awards Under Code Section 162(m).......14
13. PARACHUTE LIMITATIONS..................................................15
14. REQUIREMENTS OF LAW....................................................15
14.1. General.......................................................15
14.2. Rule 16b-3....................................................16
15. EFFECT OF CHANGES IN CAPITALIZATION....................................16
15.1. Changes in Stock..............................................16
15.2. Reorganization in Which the Company Is the Surviving
Entity Which does not Constitute a Corporate Transaction....17
15.3. Corporate Transaction.........................................17
15.4. Adjustments...................................................18
15.5. No Limitations on Company.....................................18
16. general provisions.....................................................18
16.1. Disclaimer of Rights..........................................18
16.2. Nonexclusivity of the Plan....................................18
16.3. Withholding Taxes.............................................19
16.4. Captions......................................................19
16.5. Other Provisions..............................................19
16.6. Number And Gender.............................................19
16.7. Severability..................................................19
16.8. Governing Law.................................................19
{/TABLE}
-ii-
{PAGE}
MARTEK BIOSCIENCES CORPORATION
2002 STOCK INCENTIVE PLAN
Martek Biosciences Corporation, a Delaware corporation (the
"Company"), sets forth herein the terms of its 2002 Stock Incentive Plan (the
"Plan"), as follows:
1. PURPOSE
The Plan is intended to enhance the Company's and its Affiliates' (as
defined herein) ability to attract and retain highly qualified officers,
directors, key employees, and other persons, and to motivate such persons to
serve the Company and its Affiliates and to expend maximum effort to improve
the business results and earnings of the Company, by providing to such persons
an opportunity to acquire or increase a direct proprietary interest in the
operations and future success of the Company. To this end, the Plan provides
for the grant of stock options and restricted stock. These awards may, but
need not, be made as performance incentives to reward attainment of annual or
long-term performance goals in accordance with the terms hereof. Stock options
granted under the Plan may be non-qualified stock options or incentive stock
options, as provided herein.
2. DEFINITIONS
For purposes of interpreting the Plan and related documents (including
Award Agreements), the following definitions shall apply:
2.1 "AFFILIATE" means, with respect to the Company, any company
or other trade or business that controls, is controlled by or is under common
control with the Company within the meaning of Rule 405 of Regulation C under
the Securities Act, including, without limitation, any Subsidiary.
2.2 "ANNUAL INCENTIVE AWARD" means an Award made subject to
attainment of performance goals (as described in SECTION 12) over a
performance period of up to one year (the fiscal year, unless otherwise
specified by the Committee).
2.3 "AWARD" means a grant of an Option or Restricted Stock under
the Plan.
2.4 "AWARD AGREEMENT" means the written agreement between the
Company and a Grantee that evidences and sets out the terms and conditions of
an Award.
2.5 "BENEFIT ARRANGEMENT" shall have the meaning set forth in
SECTION 13 hereof.
2.6 "BOARD" means the Board of Directors of the Company.
2.7 "CAUSE" means, as determined by the Board and unless
otherwise provided in an applicable agreement with the Company or an
Affiliate, (i) gross negligence or willful misconduct in connection with the
performance of duties; (ii) conviction of a criminal offense (other than minor
traffic offenses); or (iii) material breach of any term of any employment,
consulting or other services, confidentiality, intellectual property or
non-competition agreements, if any, between the Service Provider and the
Company or an Affiliate.
{PAGE}
2.8 "CODE" means the Internal Revenue Code of 1986, as now in
effect or as hereafter amended.
2.9 "COMMITTEE" means a committee of, and designated from time
to time by resolution of, the Board, which shall be constituted as provided in
SECTION 3.2.
2.10 "COMPANY" means Martek Biosciences Corporation.
2.11 "CORPORATE TRANSACTION" means (i) the dissolution or
liquidation of the Company or a merger, consolidation, or reorganization of
the Company with one or more other entities in which the Company is not the
surviving entity, (ii) a sale of substantially all of the assets of the
Company to another person or entity, or (iii) any transaction (including
without limitation a merger or reorganization in which the Company is the
surviving entity) which results in any person or entity (other than persons
who are shareholders or Affiliates immediately prior to the transaction)
owning 50% or more of the combined voting power of all classes of stock of the
Company.
2.12 "COVERED EMPLOYEE" means a Grantee who is a Covered Employee
within the meaning of Section 162(m)(3) of the Code.
2.13 "DISABILITY" means the Grantee is unable to perform each of
the essential duties of such Grantee's position by reason of a medically
determinable physical or mental impairment which is potentially permanent in
character or which can be expected to last for a continuous period of not less
than 12 months; provided, however, that, with respect to rules regarding
expiration of an Incentive Stock Option following termination of the Grantee's
Service, Disability shall mean the Grantee is unable to engage in any
substantial gainful activity by reason of a medically determinable physical or
mental impairment which can be expected to result in death or which has lasted
or can be expected to last for a continuous period of not less than 12 months.
2.14 "EFFECTIVE DATE" means January 24, 2002, the date the Plan
|
End of Preview |
Home Intelligence Services Subscriptions News About Us