EX-10.14




 Exhibit 10.14 

 

OMNIAB, INC. 

2022 INCENTIVE AWARD PLAN 


STOCK OPTION GRANT NOTICE 

Capitalized terms not specifically defined in this Stock Option Grant Notice (the “Grant Notice”) have the meanings
given to them in the 2022 Incentive Award Plan (as amended from time to time, the “Plan”) of OmniAb, Inc. (the “Company”). 

The Company hereby grants to the participant listed below (“Participant”) the stock option described in this Grant
Notice (the “Option”), subject to the terms and conditions of the Plan and the Stock Option Agreement attached hereto as Exhibit A (the “Agreement”), both of which are incorporated into this
Grant Notice by reference. 
  

			
	 Participant:
	    	 [Insert Participant Name]

		
	 Grant Date:
	    	 [Insert Grant Date]

		
	 Exercise Price per Share:
	    	 [Insert Exercise Price]

		
	 Shares Subject to the Option:
	    	 [Insert Number of Options]

		
	 Final Expiration Date:
	    	 [Insert Tenth Anniversary of Grant Date]

		
	 Vesting Commencement Date:
	    	 [Insert Vesting Commencement Date]

		
	 Vesting Schedule:
	    	 [Insert Vesting Schedule]

		
	 Type of Option (select one):
	    	 ☐ Incentive Stock Option

 
 ☐
Non-Qualified Stock Option


 If the Company uses an electronic capitalization table system (such as E*Trade, Shareworks or Carta) and the
fields in this Grant Notice are blank or the information is otherwise provided in a different format electronically, the blank fields and other information will be deemed to come from the electronic capitalization system and is considered part of
this Grant Notice. 
 By accepting (whether in writing, electronically or otherwise, including an acceptance through an electronic
capitalization table system used by the Company) the Option, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has
received a copy of the prospectus for the Plan, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby
agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement. 

Internet Availability of Plan Materials. The Company will furnish Plan materials (including the Plan, prospectus, annual report on Form
10-K and proxy statement and other information provided to the Company’s stockholders) relating to the Plan to Participant 











 
electronically, instead of mailing printed copies of these materials to each person eligible to participate in the plans. This process is designed to expedite Participant’s receipt of the
plan materials, reduce the costs of printing and distributing these materials, and help conserve natural resources. These materials are available through the Company’s electronic capitalization table system (such as E*Trade, Shareworks or
Carta) and the annual report on Form 10-K and proxy statement and other information provided to our stockholders is also available on the Company’s website at [insert location]. However, if
Participant would prefer to receive printed copies of the Plan materials or information provided to the Company’s stockholders without charge, please contact: OmniAb, Inc., Attn: Secretary, [Address], Telephone: [Phone], Email: [Email]. 

 

									
	OMNIAB, INC.	 		 	 PARTICIPANT 

					
	By:	 	     
	 		 	By:	 	     

	Print Name:	 	     
	 		 	Print Name:	 	     

	Title:	 	     
	 		 		 	












 EXHIBIT A 

STOCK OPTION AGREEMENT 

Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant
Notice, in the Plan. 
 ARTICLE I. 

GENERAL 

1.1    Grant of Option. The Company has granted to Participant the Option effective as of the grant date set forth
in the Grant Notice (the “Grant Date”). 
 1.2    Incorporation of Terms of Plan. The
Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 

ARTICLE II. 
 PERIOD OF
EXERCISABILITY 
 2.1    Commencement of Exercisability. The Option will vest and become exercisable
according to the vesting schedule in the Grant Notice (the “Vesting Schedule”), except that any fraction of a Share as to which the Option would be vested or exercisable will be accumulated and will vest and become
exercisable only when a whole Share has accumulated. The Option will not be exercisable with respect to fractional Shares. Notwithstanding anything in the Grant Notice, the Plan or this Agreement to the contrary, unless the Administrator otherwise
determines, the Option will immediately expire and be forfeited as to any portion that is not vested and exercisable as of Participant’s Termination of Service for any reason. 

2.2    Duration of Exercisability. The Vesting Schedule is cumulative. Any portion of the Option which vests and
becomes exercisable will remain vested and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration. 

2.3    Expiration of Option. Subject to Section 5.3 of the Plan, the Option may not be exercised to any extent
by anyone after, and will expire on, the first of the following to occur: 
 (a)    The final expiration date in the
Grant Notice, which will in no event be more than ten (10) years from the Grant Date; 
 (b)    If this Option is
designated as an Incentive Stock Option and Participant, at the time the Option was granted, was a Greater Than 10% Stockholder, the expiration of five (5) years from the Grant Date; 

(c)    Except as the Administrator may otherwise approve, the expiration of three (3) months from the date of
Participant’s Termination of Service, unless Participant’s Termination of Service is for Cause or by reason of Participant’s death or Disability; 

  
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 (d)    Except as the Administrator may otherwise approve, the expiration
of one (1) year from the date of Participant’s Termination of Service by reason of Participant’s death or Disability; 

(e)    Except as the Administrator may otherwise approve, the date of Participant’s Termination of Service for Cause;
and 
 (f)    Except as otherwise provided in clauses (c) or (d) above, with respect to any unvested portion of the
Option, the date that is thirty (30) days following Participant’s Termination of Service by reason of Participant’s death or Disability, or such shorter period as may be determined by the Administrator. 

ARTICLE III. 
 EXERCISE
OF OPTION 
 3.1    Person Eligible to Exercise. During Participant’s lifetime, only Participant may
exercise the Option, unless it has been disposed of, with the consent of the Administrator, pursuant to a domestic relations order. After Participant’s death, any exercisable portion of the Option may, prior to the time when the Option becomes
unexercisable under Section 2.3 hereof, be exercised by Participant’s Designated Beneficiary or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution. 

3.2    Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised solely by delivery to
the Secretary of the Company or the Secretary’s office, or such other place as may be determined by the Administrator, of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under
Section 2.3, except that the Option may only be exercised for whole Shares: 
 (a)    An exercise notice in such
form as is prescribed by the Administrator, which may be an electronic form (the “Exercise Notice”); and 

(b)    Subject to Section 5.5 of the Plan, full payment for the Shares with respect to which the Option or portion
thereof is exercised, which payment may be made by Participant, by: 
 (i)    Cash, wire transfer of
immediately available funds or check, payable to the order of the Company; or 
 (ii)    With the consent
of the Administrator, surrender to or withholding by the Company of a net number of vested Shares issuable upon the exercise of the Option valued at their fair market value; or 

(iii)    With the consent of the Administrator, delivery (either by actual delivery or attestation) of
Shares owned by Participant for the requisite period necessary to avoid a charge to the Company’s earnings for financial reporting purposes and valued at the fair market value on the exercise date; or 

  
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 (iv)    If there is a public market for the Shares at
the time of exercise, unless the Company or the Administrator otherwise determines, through the (A) delivery (including electronically or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by
a broker acceptable to the Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) delivery by Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to
the Company to deliver promptly to the Company cash or a check sufficient to pay the exercise price, provided in either case, that such amount is paid to the Company at such time as may be required by the Administrator; or 

(v)    With the consent of the Administrator, any other form of payment permitted under Section 5.5 of
the Plan; or 
 (vi)    Any combination of the above permitted forms of payment; and 

(c)    Subject to Section 9.5 of the Plan, full payment for any applicable Tax Withholding Obligation (as defined
below) as provided in Section 3.3 below; and 
 (d)    In the event the Option or portion thereof will be exercised
pursuant to Section 3.1 by any person or persons other than Participant, appropriate proof of the right of such person or persons to exercise the Option. 

3.3    Taxes; Tax Withholding. 

(a)    The Company shall not be obligated to deliver any certificate representing Shares issuable with respect to the
Option to Participant or his or her legal representative unless and until Participant or his or her legal representative will have paid or otherwise satisfied in full the amount of all federal, state, local and foreign taxes required by Applicable
Law to be withheld in connection with the vesting, exercise or settlement of the Option, the distribution of the Shares issuable with respect thereto, or any other taxable event related to the Option (the “Tax Withholding
Obligation”). The Company will have the authority and the right to deduct or withhold, or require Participant to remit to the Company, an amount sufficient to satisfy any Tax Withholding Obligation, including, without limitation, the
authority to deduct such amounts from other compensation payable to Participant by the Company. 
 (b)     Unless
Participant elects to satisfy the Tax Withholding Obligation by some other means in accordance with Section 9.5 of the Plan, the Company will have the right, but not the obligation, with respect to the Tax Withholding Obligation arising as a
result of the vesting, exercise or settlement of the Option, to treat Participant’s failure to provide timely payment in accordance with Section 9.5 of the Plan as Participant’s election to satisfy the Tax Withholding Obligation by
requesting the Company to withhold a net number of vested Shares otherwise issuable pursuant to the Option having a then-current fair market value not exceeding the amount necessary to satisfy the Tax Withholding Obligation (provided that if
Participant is subject to Section 16 of the Exchange Act, any such action by the Company will require the approval of the Administrator). 

(c)    Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection
with the Option, regardless of any action the Company 

  
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or any Subsidiary takes with respect to any Tax Withholding Obligations that arise in connection with the Option. Neither the Company nor any Subsidiary makes any representation or undertaking
regarding the tax treatment to Participant in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Company and its Subsidiaries do not commit and are under no obligation to structure the Option to
reduce or eliminate Participant’s tax liability. 
 (d)    Participant represents to the Company that Participant
has reviewed with Participant’s own tax advisors the tax consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on such advisors and not on any statements or
representations of the Company and/or the Trustee or any of their agents. 
 ARTICLE IV. 

OTHER PROVISIONS 

4.1    Award Not Transferable; Other Restrictions. Without limiting the generality of any other provision hereof,
the Award will be subject to the restrictions on transferability set forth in Section 9.1 of the Plan. Without limiting the generality of any other provision hereof, Participant hereby expressly acknowledges that Section 10.8 (“Lock-Up Period”) and Section 10.13 (“Clawback Provisions”) of the Plan are expressly incorporated into this Agreement and are applicable to the Shares issued pursuant to this
Agreement. 
 4.2    Adjustments. Participant acknowledges that the Option is subject to adjustment, modification
and termination in certain events as provided in this Agreement and the Plan. 
 4.3    Notices. Any notice to be
given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address or facsimile
number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant (or, if Participant is then deceased, to the person entitled to exercise the Option) at Participant’s last known
mailing address, email address or facsimile number in the Company’s personnel files. By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed
duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service, when
delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation. 

4.4    Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation
or construction of this Agreement. 
 4.5    Conformity to Securities Laws. Notwithstanding any other
provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional limitations set forth in any applicable exemptive
rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. Participant


  
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acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed
amended to the extent necessary to conform to such Applicable Laws or any such exemptive rule described in the preceding sentence. 

4.6    Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple
assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs,
legatees, legal representatives, successors and assigns of the parties hereto. 
 4.7    Entire Agreement. The
Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. This Agreement
may be amended by the Company in accordance with Section 9.6 of the Plan. 
 4.8    Agreement Severable. In
the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining
provisions of the Grant Notice or this Agreement. 
 4.9    Limitation on Participant’s Rights.
Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the
Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and
rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereof. 

4.10    Rights as a Stockholder. Neither Participant nor any person claiming under or through Participant will have
any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book-entry form) will have been issued and recorded on the records
of the Company or its transfer agents or registrars, and delivered to Participant (including through electronic delivery to a brokerage account). Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will
have all the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares. 

4.11    Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon
Participant any right to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or
terminate the services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 

  
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 4.12    Counterparts. The Grant Notice may be executed in one or
more counterparts, including by way of any electronic signature, subject to Applicable Laws, each of which will be deemed an original and all of which together will constitute one instrument. 

4.13    Governing Law. The provisions of the Plan and all Awards made thereunder, including the Option, will be
governed by and interpreted in accordance with the laws of the State of Delaware, disregarding choice-of-law principles of the law of any state that would require the
application of the laws of a jurisdiction other than such state. 
 4.14    Incentive Stock Options. If the
Option is designated as an Incentive Stock Option, the following provisions, in addition to the terms set forth in Section 5.6 of the Plan, will apply to the Option: 

(a)    Participant acknowledges that to the extent the aggregate fair market value of shares (determined as of the time
the option with respect to the shares is granted) with respect to which stock options intended to qualify as “incentive stock options” under Section 422 of the Code, including the Option, are exercisable for the first time by
Participant during any calendar year exceeds $100,000 or if for any other reason such stock options do not qualify or cease to qualify for treatment as “incentive stock options” under Section 422 of the Code, such stock options
(including the Option) will be treated as non-qualified stock options. Participant further acknowledges that the rule set forth in the preceding sentence will be applied by taking the Option and other stock
options into account in the order in which they were granted, as determined under Section 422(d) of the Code. Participant acknowledges that amendments or modifications made to the Option pursuant to the Plan that would cause the Option to
become a Non-Qualified Stock Option will not materially or adversely affect Participant’s rights under the Option, and that any such amendment or modification will not require Participant’s consent.
Participant also acknowledges that if the Option is exercised more than three (3) months after Participant’s Termination of Service as an Employee, other than by reason of death or Disability, the Option will be taxed as a Non-Qualified Stock Option. If the Option is an Incentive Stock Option and Participant is a Greater Than 10% Stockholder as of the Grant Date, the term of the Option will not exceed five (5) years from the
Grant Date. 
 (b)    Participant will give prompt written notice to the Company of any disposition or other transfer of
any Shares acquired under this Agreement if such disposition or other transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after the transfer of such Shares to Participant. Such notice will
specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer. 

  
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