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Stock Option Plan

 

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Title:

Stock Option Plan

Entities:

Medarex, Inc.

Date:

2001

Size:

Preview shows 6KB of 52KB total

Price:

$49

ID:

#318868

 

 

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                                 MEDAREX, INC.

2000 NON-DIRECTOR/OFFICER EMPLOYEE
STOCK OPTION PLAN


Section 1. Purpose of the Plan. The purpose of the Non-
Director/Officer Employee Stock Option Plan (the "Plan") is to aid Medarex, Inc.
(the "Corporation") and its subsidiaries in securing and retaining employees and
consultants of outstanding ability and to motivate such persons to exert their
best efforts on behalf of the Corporation and its subsidiaries. In addition,
the Corporation expects that it will benefit from the added interest which the
respective optionees and participants will have in the welfare of the
Corporation as a result of their ownership or increased ownership of the Common
Stock of the Corporation (the "Stock").

Section 2. Administration. (a) the Board of Directors of the
Corporation (the "Board") shall designate a Committee of not less that two (2)
Directors (the "Committee") who shall serve at the pleasure of the Board. Each
member of the Committee shall be a "non-employee" director within the meaning of
Rule 16b-3(b) (3)(i) under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), as such Rule or any other comparable rule may be in effect from
time to time, while serving on the Committee. The Board shall fill any
vacancies on the Committee and may remove any member of the Committee at any
time with or without cause. The Committee shall select its chairman and hold
its meetings at such times and places as it may determine. A majority of the
whole Committee present at a meeting at which a quorum is present, or an act
approved in writing by all members of the Committee, shall be an act of the
Committee. The Committee shall have full power and authority, subject to such
resolutions not inconsistent with the provisions of the Plan as may from time to
time be issued or adopted by the Board (provided the entire Board acting on the
matter are Disinterested Persons), to grant to Eligible Persons (as defined
herein) pursuant to the provisions of the Plan (i) stock options to purchase
shares, (ii) stock appreciation rights, (iii) restricted stock, (iv) deferred
stock, or (v) other Stock-based awards permitted hereunder (each of the
foregoing being an "AWARD" and collectively, the "AWARDS"). The Committee shall
also interpret the provisions of the Plan and any AWARD issued under the Plan
(and any agreements relating thereto) and supervise the administration of the
Plan.

(b) The Committee shall: (i) select the employees and/or consultants
of the Corporation and its subsidiaries to whom AWARDS may from time to time be
granted hereunder; (ii) determine whether nonqualified stock options, stock
appreciation rights, restricted stock, deferred stock, or other Stock-based
awards, or a combination of the foregoing, are to be granted hereunder; (iii)
determine the number of shares to be covered by each AWARD granted hereunder;
(iv) determine the terms and conditions, not inconsistent with the provisions of
the Plan, of any AWARD granted hereunder (including but not limited to any
restriction and forfeiture condition on such AWARD and/or the shares of Stock
relating thereto); (v) determine whether, to what extent and under what
circumstances AWARDS may be settled in cash; (vi) determine whether, to what
extent, and under what circumstances Stock and other amounts payable with
respect to an AWARD under this Plan shall be deferred either automatically or at
the
{PAGE}

election of the participant; and (vii) determine whether, to what extent, and
under what circumstances option grants and/or other AWARDS under the Plan are to
be made, and operate, on a tandem basis.

(c) All decisions made by the Committee pursuant to the provisions of
the Plan and related orders or resolutions of the Board (as and to the extent
permitted hereunder) shall be final, conclusive and binding on all persons,
including the Corporation, its shareholders, employees and Plan participants.

(d) No member of the Committee shall be liable for any action or
determination made in good faith with respect to the Plan or any AWARD
thereunder.

(e) Anything herein to the contrary notwithstanding, the Committee, by
resolution may delegate to management of the Corporation the right to grant
AWARDS with respect to up to 50,000 shares to any one participant without any
further action being required by the Committee.

Section 3. Stock Subject to the Plan. Except as otherwise provided
by this Section 3, the total number of shares of Stock available for
distribution under the Plan is 150,000/1/. The total number of shares of stock
with respect to which AWARDS may be granted to any participant in any calendar
year is 100,000/1/ shares. Such shares may consist, in whole or in part, of
authorized and unissued shares or treasury shares, except that treasury shares
must be used in the case of restricted stock. If any shares that have been
optioned cease to be subject to option because the option has expired or has
been deemed to have expired or has been surrendered pursuant to the Plan, or if
any shares of restricted stock are forfeited or such AWARD otherwise terminates
without the actual or deemed delivery of such shares, such shares shall again be
subject to an AWARD under the Plan.

In the event of any merger, reorganization, consolidation,

 

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