Exhibit 10.2

 

SERACARE LIFE SCIENCES, INC.

2001 STOCK INCENTIVE PLAN

INCENTIVE STOCK OPTION AGREEMENT

 

THIS INCENTIVE STOCK OPTION AGREEMENT (this “Option Agreement”) by and between
SeraCare Life Sciences, Inc., a California corporation (the “Corporation”), and
Craig A. Hooson (the “Participant”) evidences the incentive stock option (the
“Option”) granted by the Corporation to the Participant as to the number of
shares of the Corporation’s Common Stock, no par value, first set forth below.

 

Number of Shares of Common Stock:1 100,000

   Award Date:                     

Exercise Price per Share:1                     $                     

   Expiration Date:1,2 7th anniversary of the Award Date

 

Vesting1,2 One-fourth of the total number of shares subject to the Option shall
vest on each of the first, second, third and fourth anniversaries of the Award
Date.

 

The Option is granted under the SeraCare Life Sciences, Inc. 2001 Stock
Incentive Plan (the “Plan”) and subject to the Terms and Conditions of Option
(the “Terms”) attached to this Option Agreement (incorporated herein by this
reference) and to the Plan. The Option has been granted to the Participant in
addition to, and not in lieu of, any other form of compensation otherwise
payable or to be paid to the Participant. The Option is intended as an incentive
stock option within the meaning of Section 422 of the Code (an “ISO”).
Capitalized terms are defined in the Plan if not defined herein. The parties
agree to the terms of the Option set forth herein, and the Participant
acknowledges receipt of a copy of the Terms and the Plan.

 

“PARTICIPANT”   

“SERACARE LIFE SCIENCES, INC.”

(a California corporation)

 

--------------------------------------------------------------------------------

         Signature         

Craig A. Hooson

--------------------------------------------------------------------------------

Print Name

   By:  

 

--------------------------------------------------------------------------------

        

 

--------------------------------------------------------------------------------

Address

   Its:  

 

--------------------------------------------------------------------------------

        

 

--------------------------------------------------------------------------------

City, State, Zip Code

        

 

CONSENT OF SPOUSE

 

In consideration of the Corporation’s execution of this Option Agreement, the
undersigned spouse of the Participant agrees to be bound by all of the terms and
provisions hereof and of the Plan.

 

 

--------------------------------------------------------------------------------

  

 

--------------------------------------------------------------------------------

Signature of Spouse    Date

 

--------------------------------------------------------------------------------

1 Subject to adjustment under Section 5.2 of the Plan.

2 Subject to early termination under Sections 2.6, 5.2 or 5.3 of the Plan.

--------------------------------------------------------------------------------

TERMS AND CONDITIONS OF OPTION

 

1. Vesting; Limits on Exercise.

 

As set forth in the Option Agreement, the Option shall vest and become
exercisable in percentage installments of the aggregate number of shares of
Common Stock subject to the Option. The Option may be exercised only to the
extent the Option is vested and exercisable.

 

  •   Cumulative Exercisability. To the extent that the Option is vested and
exercisable, the Participant has the right to exercise the Option (to the extent
not previously exercised), and such right shall continue, until the expiration
or earlier termination of the Option.

 

  •   No Fractional Shares. Fractional share interests shall be disregarded, but
may be cumulated.

 

  •   Minimum Exercise. No fewer than 100 shares of Common Stock may be
purchased at any one time, unless the number purchased is the total number at
the time exercisable under the Option.

 

  •   ISO Value Limit. If the aggregate fair market value of the shares with
respect to which ISOs (whether granted under the Option or otherwise) first
become exercisable by the Participant in any calendar year exceeds $100,000 as
measured on the applicable Award Dates, the limitations of Section 2.3 of the
Plan shall apply and to such extent the Option will be rendered a Nonqualified
Stock Option.

 

2. Continuance of Employment Required; No Employment Commitment.

 

The vesting schedule requires continued service through each applicable vesting
date as a condition to the vesting of the applicable installment of the Option
and the rights and benefits under this Option Agreement. Partial service, even
if substantial, during any vesting period will not entitle the Participant to
any proportionate vesting or avoid or mitigate a termination of rights and
benefits upon or following a termination of employment or services as provided
in Section 4 below or under the Plan.

 

Nothing contained in this Option Agreement or the Plan constitutes an employment
commitment by the Company, affects the Participant’s status as an employee at
will who is subject to termination without cause, confers upon the Participant
any right to remain employed by the Company or any Subsidiary, interferes in any
way with the right of the Company or any Subsidiary at any time to terminate
such employment, or affects the right of the Company or any Subsidiary to
increase or decrease the Participant’s other compensation.

 

3. Method of Exercise of Option.

 

The Option shall be exercisable by the delivery to the Secretary of the
Corporation of a written notice stating the number of shares of Common Stock to
be purchased pursuant to the Option and accompanied by:

 

  •   delivery of an executed Exercise Agreement in substantially the form
attached hereto as Exhibit A or such other form as from time to time may be
required by the Committee (the “Exercise Agreement”);

 

1

--------------------------------------------------------------------------------

  •   payment in full for the Exercise Price of the shares to be purchased, by
check or electronic funds transfer to the Corporation, subject to such specific
procedures or directions as the Committee may establish;

 

  •   satisfaction of the tax withholding provisions of Section 5.5 of the Plan;
and

 

  •   any written statements or agreements required pursuant to Section 5.4 of
the Plan.

 

The Committee also may but is not required to authorize a non-cash payment
alternative specified below at or prior to the time of exercise. In which case,
the Exercise Price and/or applicable withholding taxes, to the extent so
authorized, may be paid in full or in part by shares of Common Stock already
owned by the Participant, valued at their Fair Market Value on the exercise
date, provided, however, that any shares acquired upon exercise of a stock
option or otherwise directly from the Corporation must have been owned by the
Participant for at least six (6) months before the date of such exercise.

 

4. Early Termination of Option.

 

The Option, to the extent not previously exercised, and all other rights
hereunder, whether vested and exercisable or not, shall terminate and become
null and void prior to the Expiration Date in the event of:

 

  •   the Participant’s termination of employment or services as provided in
Sections 2.6 and 5.3 of the Plan, or

 

  •   the termination of the Option pursuant to Section 5.2 of the Plan.

 

Notwithstanding anything to the contrary in the Plan, the Option shall not
continue to vest during any leave of absence of the Participant, unless the
Committee otherwise expressly provides in connection with the leave or unless
continued vesting is required as a matter of law in respect of the nature of the
leave.

 

Notwithstanding any post-termination exercise period provided for herein or in
the Plan, the Option will qualify as an ISO only if it is exercised within the
applicable exercise periods for ISOs under, and meets all of the other
requirements of, the Code. If the Option is not exercised within the applicable
exercise periods for ISOs or does not meet such other requirements, the Option
will be rendered a Nonqualified Stock Option.

 

5. Non-Transferability and Other Restrictions.

 

The Option and any other rights of the Participant under this Option Agreement
or the Plan are nontransferable and exercisable only by the Participant, except
as set forth in Section 1.8 of the Plan.

 

6. Notices.

 

Any notice to be given under the terms of this Option Agreement or the Exercise
Agreement shall be in writing and addressed to the Corporation at its principal
office to

 

2

--------------------------------------------------------------------------------

the attention of the Secretary, and to the Participant at the address given
beneath the Participant’s signature hereto, or at such other address as either
party may hereafter designate in writing to the other. Any such notice shall be
given only when received, but if the Participant is no longer an Eligible
Person, shall be deemed to have been duly given when enclosed in a properly
sealed envelope addressed as aforesaid, registered or certified, and deposited
(postage and registry or certification fee prepaid) in a post office or branch
post office regularly maintained by the United States Government.

 

7. Plan.

 

The Option and all rights of the Participant under this Option Agreement are
subject to, and the Participant agrees to be bound by, all of the terms and
conditions of the Plan, incorporated herein by this reference. In the event of a
conflict or inconsistency between the terms and conditions of this Option
Agreement and of the Plan, the terms and conditions of the Plan shall govern.
The Participant acknowledges receipt of a copy of the Plan and agrees to be
bound by the terms thereof. The Participant acknowledges reading and
understanding the Plan. Unless otherwise expressly provided in other sections of
this Option Agreement, provisions of the Plan that confer discretionary
authority on the Board or the Committee do not and shall not be deemed to create
any rights in the Participant unless such rights are expressly set forth herein
or are otherwise in the sole discretion of the Board or the Committee so
conferred by appropriate action of the Board or the Committee under the Plan
after the date hereof.

 

8. Entire Agreement.

 

This Option Agreement (together with the form of Exercise Agreement attached
hereto) and the Plan together constitute the entire agreement and supersede all
prior understandings and agreements, written or oral, of the parties hereto with
respect to the subject matter hereof. The Plan, this Option Agreement and the
Exercise Agreement may be amended pursuant to Section 5.6 of the Plan. Such
amendment must be in writing and signed by the Corporation. The Corporation may,
however, unilaterally waive any provision hereof or of the Exercise Agreement in
writing to the extent such waiver does not adversely affect the interests of the
Participant hereunder, but no such waiver shall operate as or be construed to be
a subsequent waiver of the same provision or a waiver of any other provision
hereof.

 

9. Governing Law; Limited Rights.

 

9.1. California Law. This Option Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of California without
regard to conflict of law principles thereunder.

 

9.2. Limited Rights. The Participant has no rights as a shareholder of the
Corporation with respect to the Option as set forth in Section 5.7 of the Plan.
The Option does not place any limit on the corporate authority of the
Corporation as set forth in Section 5.15 of the Plan.

 

10. Representations by the Participant.

 

The Participant by executing this Option Agreement hereby makes the following
representations to the Corporation and acknowledges that the Corporation’s
reliance on

 

3

--------------------------------------------------------------------------------

securities law exemptions from qualification in the State of California is
predicated, in substantial part, upon the accuracy of these representations:

 

  •   The Participant is acquiring the Option and if and when he/she exercises
the Option will acquire the shares of Common Stock solely for the Participant’s
own account, for investment purposes only, and not with a view to or an intent
to sell, or to offer for resale in connection with any unregistered
distribution, all or any portion of the shares within the meaning of the
Securities Act, the California Corporate Securities Law, or other applicable
state securities laws.

 

  •   The Participant is knowledgeable about the Corporation and has a
preexisting personal or business relationship with the Corporation. As a result
of such relationship, he/she is familiar with, among other characteristics, its
business and financial circumstances and has access on a regular basis to or may
request the Corporation’s condensed consolidated balance sheet and condensed
consolidated income statement setting forth information material to the
Corporation’s financial condition, operations and prospects.

 

  •   At no time was an oral representation made to the Participant relating to
the Option or the purchase of shares of Common Stock and the Participant was not
presented with or solicited by any promotional meeting or material relating to
the Option or the Common Stock.

 

[Remainder of Page Intentionally Left Blank]

 

4

--------------------------------------------------------------------------------

EXHIBIT A

 

SERACARE LIFE SCIENCES, INC.

2001 STOCK INCENTIVE PLAN

OPTION EXERCISE AGREEMENT

 

The undersigned (the “Purchaser”) hereby irrevocably elects to exercise his/her
right, evidenced by that certain Incentive Stock Option Agreement dated as of
                             (the “Option Agreement”) under the SeraCare Life
Sciences, Inc. 2001 Stock Incentive Plan (the “Plan”), as follows:

 

  •   the Purchaser hereby irrevocably elects to purchase                     
shares of Common Stock, no par value per share (the “Shares”), of SeraCare Life
Sciences, Inc., a California corporation (the “Corporation”), and

 

  •   such purchase shall be at the price of $                     per share,
for an aggregate amount of $                     (subject to applicable
withholding taxes pursuant to Section 5.5 of the Plan).

 

Capitalized terms are defined in the Plan if not defined herein.

 

Delivery of Share Certificate. The Purchaser requests that a certificate
representing the Shares be registered to Purchaser and delivered to:
                            

 

                                                                               
                                        
                                        
                                               .

 

Plan and Option Agreement. The Purchaser acknowledges that all of his/her rights
are subject to, and the Purchaser agrees to be bound by, all of the terms and
conditions of the Plan and the Option Agreement, both of which are incorporated
herein by this reference. If a conflict or inconsistency between the terms and
conditions of this Exercise Agreement and of the Plan or the Option Agreement
shall arise, the terms and conditions of the Plan and/or the Option Agreement
shall govern. The Purchaser acknowledges receipt of a copy of all documents
referenced herein and acknowledges reading and understanding these documents and
having an opportunity to ask any questions that he/she may have had about them.

 

Notice of Sale. Upon any sale or other transfer of the Shares within either one
year of the date that they are acquired by the Purchaser or two years after the
Award Date set forth in the Option Agreement, the Purchaser agrees to provide
the notice required under the terms of the Plan.

 

“PURCHASER”

 

 

--------------------------------------------------------------------------------

  

ACCEPTED BY:

SERACARE LIFE SCIENCES, INC.

(a California corporation)

Signature

 

 

--------------------------------------------------------------------------------

  

 

By:

  

 

 

--------------------------------------------------------------------------------

Print Name

 

 

--------------------------------------------------------------------------------

   Print Name:   

 

--------------------------------------------------------------------------------

Address

 

 

--------------------------------------------------------------------------------

   Title:   

 

--------------------------------------------------------------------------------

City, State, Zip Code    (To be completed by the Corporation after the price
(including applicable withholding taxes), value (if applicable) and receipt of
funds is verified.)

 

1