Exhibit 10.1






Exhibit 10.1




AMENDMENT NO. 1

TO THE

CELGENE CORPORATION

2008 STOCK INCENTIVE PLAN




(AMENDED AND RESTATED AS OF JUNE 17, 2009)




WHEREAS, Celgene Corporation (the “Company”) maintains the Celgene Corporation 2008
Stock Incentive Plan (Amended and Restated as of June 17, 2009) (the “Plan”);



WHEREAS, pursuant to Article 14 of the Plan, the Board of Directors of the Company (the
“Board”) may at any time, and from time to time, amend, in whole or in part, any or all of
the provisions of the Plan; and



WHEREAS, the Board desires to amend the Plan, effective April 13, 2011, with certain
amendments subject to stockholder approval as provided herein.




NOW, THEREFORE, the Board takes the following action with regard to the Plan:




I. Pursuant to Article 14 of the Plan, the Plan is hereby amended as follows:




1. Subject to stockholder approval, the first sentence of Section 4.1(a) of the Plan is
amended in its entirety to read as follows:




“The aggregate number of shares of Common Stock which may be issued or used for reference
purposes under this Plan or with respect to which all Awards may be granted shall not exceed
81,981,641 shares (subject to any increase or decrease pursuant to Section 4.2).”




2. Subject to stockholder approval, the second sentence of Section 4.1(a) of the Plan is
deleted in its entirety.




3. Section 6.3(i) of the Plan is amended in its entirety to read as follows:




“(i) Repricing or Repurchase of Stock Options Prohibited. Notwithstanding any
other provision of the Plan to the contrary, an outstanding Stock Option may not be (a)
modified to reduce the exercise price thereof nor may a new Stock Option at a lower price be
substituted for a surrendered Stock Option (other than adjustments or substitutions in
accordance with Section 4.2), or (b) repurchased by the Company if the per share option price
of the Stock Option is less than the Fair Market Value of a share of Common Stock (other than
a cancellation for no value in accordance with Section 4.2(d), unless such action is approved
by the stockholders of the Company.”




4. Section 11.1 of the Plan is amended in its entirety to read as follows:




“11.1 Grants to Non-Employee Directors. The Committee may grant Non-Qualified
Stock Options and Restricted Stock Units to Non-Employee Directors from time to time as
determined in its sole and absolute discretion.”


 


 









 






5. Section 11.3(a) of the Plan is amended in its entirety to read as follows:




“(a) Options. With respect to Non-Qualified Stock Options granted to a
Non-Employee Director:




(i) Any grant made to a Non-Employee Director upon the date of the Non-Employee
Director’s initial election or appointment as a member of the Board (an “Initial Option
Grant”) shall vest in four (4) equal annual installments, with the first (1st)
installment vesting on the first (1st) anniversary of the date of grant; provided that the
holder thereof has been a Non-Employee Director of the Company at all times through such
date. Notwithstanding the forgoing, if a Non-Employee Director fails to stand for election at
an Annual Meeting and such Annual Meeting occurs prior to the vesting date for the annual
installment that otherwise would have vested in the year of such Annual Meeting, then such
installment shall vest on the day preceding such Annual Meeting; provided that the holder
thereof has been a Non-Employee Director of the Company at all times through such date.




(ii) Any grants made on and after an Annual Meeting to the Non-Employee Directors who
were elected at such Annual Meeting and are continuing as members of the Board as of the
completion of such Annual Meeting (an “Annual Option Grant”) shall vest in full on
the earlier of (i) the day preceding the date of the first (1st) Annual Meeting held
following the date of grant; and (ii) the first (1st) anniversary of the date of grant of the
Award, provided that, in each case, the holder thereof has been a Non-Employee Director of
the Company at all times through such date.




(iii) Notwithstanding the foregoing, any Initial Option Grant and Annual Option Grant
made to a Non-Employee Director shall become fully vested and exercisable effective upon the
occurrence of the Non-Employee Director’s Disability or death.”




6. Section 13.1 of the Plan is amended in its entirety to read as follows:




“13.1 Benefits. In the event of a Change in Control of the Company (as defined
below), except as otherwise provided by the Committee upon the grant of an Award:




(a) Awards granted to Participants prior to April 13, 2011, shall be treated in accordance
with the terms of the Plan as in effect prior to such date; and




(b) Awards granted to Participants on or after April 13, 2011, shall not vest upon a Change
in Control and upon the Change in Control a Participant’s Awards shall be treated in accordance
with one of the following methods as determined by the Committee in its sole discretion:




(i) Awards, whether or not then vested, shall be continued, assumed, have new rights
substituted therefor or be treated in accordance with Section 4.2(d) hereof, as determined by
the Committee in its sole discretion, and restrictions to which any shares of Restricted
Stock or any other Award granted prior to the Change in Control are subject shall not lapse
upon a Change in Control and the Restricted Stock or other Award shall, where appropriate in
the sole discretion of the Committee, receive the same distribution as other Common Stock on
such terms as determined by the Committee; provided that, the Committee may, in its sole
discretion, decide to award additional Restricted Stock or other Award in lieu of any cash
distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive
Stock Options, any assumed or substituted Stock Option shall comply with the requirements of
Treasury Regulation § 1.424-1 (and any amendments thereto).




(ii) The Committee, in its sole discretion, may provide for the purchase of any Awards
by the Company or an Affiliate for an amount of cash equal to the excess of the Change in
Control Price (as defined below) of the shares of Common Stock covered by such Awards, over
the aggregate exercise price of such Awards. For purposes of this Section 13.1(b)(ii),
“Change in Control Price” shall mean the highest price per share of Common Stock paid
in any transaction related to a Change in Control of the Company; provided, however, that
such price shall not exceed the fair market value of the Common Stock at the time of purchase
as determined in accordance Section 409A of the Code.




(iii) The Committee may, in its sole discretion, provide for the cancellation of any
Appreciation Awards (as defined below) without payment, if the Change in Control Price is
less than the exercise price of such Appreciation Award. “Appreciation Award” shall
mean any Award under this Plan of any Stock Option, Stock Appreciation Right or Other
Stock-Based Award, provided that such Other Stock-Based Award is based on the appreciation in
value of a share of Common Stock in excess of an amount equal to at least the Fair Market
Value of the Common Stock on the date such Other Stock-Based Award is granted.




(iv) Notwithstanding anything else herein, the Committee may, in its sole discretion,
provide for accelerated vesting or lapse of restrictions, of an Award at any time.




 


 









 








(c) Notwithstanding anything herein to the contrary, if a Participant has an involuntary
Termination without Cause at any time during the two (2) year period commencing on a Change in
Control, then all outstanding Awards of such Participant that were granted to the Participant on
or after April 13, 2011 and prior to the Change in Control (including any Award granted to the
Participant in substitution of any such Award pursuant to Section 13.1(b)(i) above) shall be
fully vested on the date of such Termination and any such Awards that provide for Participant
elected exercise (i.e. Stock Options) shall be immediately exercisable in their entirety on the
date of such Termination.




7. Subject to stockholder approval, Article 18 of the Plan is amended in its entirety to
read as follows:



“Article 18.




TERM OF PLAN




No Award shall be granted pursuant to the Plan on or after April 13, 2021, but Awards granted
prior to such date may, and the Committee’s authority to administer the terms of such Awards,
extend beyond that date; provided, however, that no Award (other than a Stock Option or Stock
Appreciation Right) that is intended to be “performance-based” under Section 162(m) of the Code
shall be granted on or after the first meeting of the stockholders in the fifth year following the
year in which the stockholders approve the Performance Goals set forth on Exhibit A unless the
Performance Goals set forth on Exhibit A are reapproved (or other designated performance goals are
approved) by the stockholders no later than the first stockholder meeting that occurs in the fifth
year following the year in which stockholders approve the Performance Goals set forth on Exhibit A.
Without limiting the foregoing, effective upon, and subject to, the approval of the Company’s
stockholders at the Company’s 2011 Annual Stockholders’ Meeting, no Award shall be granted to an
Eligible Employee or Non-Employee Director who is a resident of France or subject to the social
security scheme in France (a “French Participant”) on or after the fifth anniversary of the
Company’s 2011 Annual Stockholders’ Meeting, unless: (i) the stockholders approve a new term for
Awards to French Participants after such five year term; or (ii) this limitation is not required
under applicable French law, regulation or other authority.”



II. Except as specifically amended hereby, the Plan is hereby ratified and confirmed in all
respects and remains in full force and effect.