Exhibit
10.26


 


BRUKER BIOSCIENCES CORPORATION


 


STOCK OPTION AGREEMENT


 


UNDER STOCK OPTION PLAN


 


INCENTIVE STOCK OPTION


 


AGREEMENT entered
into DATE by and between Bruker
BioSciences Corporation, a Delaware corporation with a principal place of
business in Billerica, Massachusetts (the “Company” ), and the undersigned
employee (the “Employee”) of the Company or one of its subsidiaries (the
Company and its subsidiaries herein together referred to as the “Company”).


 


1.             The Company desires
to grant the Employee an incentive stock option under the Company’s Amended and
Restated 2000 Stock Option Plan (the “Plan”) to acquire shares of the Company’s
common stock, $.01 par value per share (the “Shares”).


 


2.             Section 6 of the Plan
provides that each option is to be evidenced by an option agreement, setting
forth the terms and conditions of the option.


 


ACCORDINGLY, in
consideration of the premises and of the mutual covenants and agreements
contained herein, the Company and the Employee hereby agree as follows:


 


1.             Grant of Option.  The Company hereby irrevocably grants under
the Plan and subject to the terms and conditions of the Plan to the Employee an
incentive stock option (the “Option”) to purchase all or any part of an
aggregate of # OF  Shares
on the terms and conditions hereinafter set forth.


 


2.             Purchase Price.  The purchase price (“Purchase Price”) for
the Shares covered by the Option shall be PRICE
per Share.


 


3.             Time of Exercise
of Option.


 


(a)           The Option shall not be
exercisable prior to one (1)  year from grant.  Thereafter, the Option shall only be exercisable as follows:


 


	
   

  	
   

  	
  Percentage
  of

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Shares
  Becoming

  	
   

  	
  Cumulative

  	
   

  
	
   

  	
   

  	
  Available
  for

  	
   

  	
  Percentage

  	
   

  
	
  On or
  After

  	
   

  	
  Exercise

  	
   

  	
  Available

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12 months

  	
   

  	
  20

  	
  %

  	
  20

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  24 months

  	
   

  	
  20

  	
  %

  	
  40

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  36 months

  	
   

  	
  20

  	
  %

  	
  60

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  48 months

  	
   

  	
  20

  	
  %

  	
  80

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  60 months

  	
   

  	
  20

  	
  %

  	
  100

  	
  %

  



 

















 


4.             Term
of Options; Exercisability.


(a)  Term.


 


(1)           Each
Option shall expire not more than ten (10) years from the date of the granting
thereof, but shall be subject to earlier termination as herein provided.


 


(2)           Except as otherwise
provided in this Section 4, if the Employee ceases to be an employee of the
Company, the Option granted to the Employee hereunder shall terminate on the
day the Employee ceases to be an employee of the Company, or on the date on
which the Option expires by its terms, whichever occurs first, and such Option
shall not be exercisable after such date.


 


(3)           If such termination of
employment is because the Employee has become permanently disabled (within the
meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended
(the “Code”)), such Option shall terminate thirty (30) days from the date the
Employee ceases to be an employee, or on the date on which the Option expires
by its terms, whichever occurs first.


 


(4)           In the event of the
death of the Employee, the Option granted to the Employee shall terminate
ninety (90) days from the date of death, or on the date on which the Option
expires by its terms, whichever occurs first.


 


(b)           Exercisability.


 


(1)           If the Employee ceases
to be an employee of the Company, the Option granted to the Employee hereunder
shall be exercisable only to the extent that the right to purchase Shares under
such Option has accrued and is in effect on the date such Employee ceases to be
an employee of the Company.


 


(2)           No partial exercise may
be made for less than fifty (50) full Shares.


 


(3)           In the event of the
death of the Employee, the Option granted to such Employee may be exercised by
the estate of such Employee, or by any person or persons who acquired the right
to exercise such Option by will or pursuant to the laws of descent and
distribution as a result of the death of such Employee.


 


5.             Manner of Exercise
of Option.


 


(a)           To the extent that the
right to exercise the Option has accrued and is in effect, the Option may be
exercised in full or in part by giving written notice to the Company stating
the number of Shares exercised and accompanied by payment in full for such
Shares.  Payment shall be wholly in cash
or by check payable to the order of the Company.  Upon such exercise, delivery of a certificate for paid-up,
non-assessable Shares shall be made at the principal office of the Company to
the person exercising the Option, not more than thirty (30) days from the date
of receipt of the notice by the Company.


 


(b)           The Company shall at
all times during the term of the Option reserve and keep available such number
of Shares of its common stock as will be sufficient to satisfy the


 


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requirements of the Option.  The
Employee shall not have any of the rights of a stockholder of the Company in
respect of the Shares until one or more certificates for such Shares shall be
delivered to him or her upon the due exercise of the Option.


 


6.             Non-Transferability.  The right of the Employee to exercise the
Option shall not be assignable or transferable by the Employee otherwise than
by will or the laws of descent and distribution, and the Option may be
exercised during the lifetime of the Employee only by him or her.  The Option shall be null and void and
without effect upon the bankruptcy of the Employee or upon any attempted
assignment or transfer, except as hereinabove provided, including without
limitation any purported assignment, whether voluntary or by operation of law,
pledge, hypothecation or other disposition contrary to the provisions hereof,
or levy of execution, attachment, divorce, trustee process or similar process,
whether legal or equitable, upon the Option.


 


7.             (a)           Representation Letter and Investment
Legend.


 


(i)            In the event that for
any reason the Shares to be issued upon exercise of the Option shall not be
effectively registered under the Securities Act of 1933, upon any date on which
the Option is exercised in whole or in part, the person exercising the Option
shall give a written representation to the Company in the form attached hereto
as Exhibit 1 and the Company shall place an “investment legend”,
so-called, as described in Exhibit 1, upon any certificate for the
Shares issued by reason of such exercise.


 


(ii)           The Company shall be
under no obligation to qualify Shares or to cause a registration statement or a
post-effective amendment to any registration statement to be prepared for the
purpose of covering the issue of Shares.


 


(b)           Holding of Incentive
Stock Option Shares; Legend.  In
order to enable the Company to determine when it is entitled to a tax deduction
upon the disposition of any Shares issued upon exercise of this Option, for the
periods during which such a disposition would entitle the Company to such a
deduction (generally, a disposition within two years from the date of grant of
the Option or within one year from the date of exercise of the Option will
entitle the Company to a deduction), all stock certificates of such Shares
shall be held by the Employee in his or her name and not in the name of a
broker, nominee or other person or entity, and shall bear a legend reflecting
that such Shares were obtained upon exercise of an incentive stock option.  The Employee acknowledges that the Company
may send a Form W-2, W-2c or substitute therefor, as appropriate, to the
Employee with respect to any income recognized by the Employee upon a
disposition of the Shares for the periods during which such a disposition would
entitle the Company to such a deduction. 
Nothing in this Section 7(b) shall restrict the Employee from selling,
transferring or otherwise disposing of such Shares at any time, but only from
holding such Shares in other than his or her own name.


 


8.             Adjustments on
Changes in Recapitalization, Reorganization and the Like. Adjustments on
changes in recapitalization, reorganization and the like shall be made in
accordance with Section 12 of the Plan, as in effect on the date of this
Agreement.


 


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9.             No Special
Employment Rights.  Nothing
contained in the Plan or this Agreement shall be construed or deemed by any
person under any circumstances to bind the Company to continue the employment
of the Employee for the period within which this Option may be exercised.


 


10.           Rights as a
Shareholder.  The Employee shall
have no rights as a shareholder with respect to any Shares which may be
purchased by exercise of this Option unless and until a certificate or
certificates representing such Shares are duly issued and delivered to the
Employee.  Except as otherwise expressly
provided in the Plan, no adjustment shall be made for dividends or other rights
for which the record date is prior to the date such stock certificate is
issued.


 


ll.             Withholding Taxes.  Whenever Shares are to be issued upon
exercise of this Option, the Company shall have the right to require the
Employee to remit to the Company an amount sufficient to satisfy all Federal,
foreign, state and local withholding tax requirements prior to issuance of the
Shares and the delivery of any certificate or certificates for such Shares.


 


12.           Qualification under
Section 422.  It is understood and
intended that the Option granted hereunder shall qualify as an “incentive stock
option” as defined in Section 422 of the Code. 
Accordingly, the Employee understands that in order for the Employee to
obtain the benefits of an incentive stock option under Section 421 of the Code,
no sale or other disposition may be made of any Shares acquired upon exercise
of the Option within the one-year period beginning on the day after the day of
the transfer of such Shares to him or her, nor within the two-year period
beginning on the day after the grant of the Option.  If the Employee intends to dispose or does dispose (whether by
sale, gift, transfer or otherwise) of any such Shares within said periods, he
or she will notify the Company within thirty (30) days after such disposition.


 


13.           Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the Commonwealth of Massachusetts.


 


IN WITNESS
WHEREOF, the Company has caused this Agreement to be executed and its corporate
seal to be hereto affixed by its officer thereunto duly authorized, and the
Employee has hereunto set his or her hand and seal, all as of the day and year
first above written.


 


	
  EMPLOYEE

  	
  BRUKER BIOSCIENCES
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
  Address:

  	
   

  
	
   

  	
   

  
	
  Social Security No.:

  	
   

  
	
   

  	
   

  
	
  Accept:      o             Decline:      o

  	
   

  
						



 


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EXHIBIT 1


 


TO STOCK OPTION AGREEMENT


 


 


Ladies and Gentlemen:


 


In connection with
the exercise by me as to # OF
shares of common stock, par value $.01 per share, of Bruker BioSciences Corporation
(the “Company”) under the incentive stock option dated DATE granted to me under the Amended and
Restated 2000 Stock Option Plan, I hereby acknowledge that I have been informed
as follows:


 


1.             The shares of common
stock of the Company to be issued to me pursuant to the exercise of said option
have not been registered under the Securities Act of 1933, as amended (the
“Act”), and accordingly, must be held indefinitely unless such shares are
subsequently registered under the Act, or an exemption from such registration
is available.


 


2.             Routine sales of
securities made in reliance upon Rule 144 under the Act can be made only after
the holding period and in limited amounts in accordance with the terms and
conditions provided by that Rule, and in any sale to which that Rule is not
applicable, registration or compliance with some other exemption under the Act
will be required.


 


3.             The Company is under
no obligation to me to register the shares or to comply with any such
exemptions under the Act.


 


4.             The availability of
Rule 144 is dependent upon adequate current public information with respect to
the Company being available and, at the time that I may desire to make a sale
pursuant to the Rule, the Company may neither wish nor be able to comply with
such requirement.


 


In consideration
of the issuance of certificates for the shares to me, I hereby represent and
warrant that I am acquiring such shares for my own account for investment, and
that I will not sell, pledge or transfer such shares in the absence of an
effective registration statement covering the same, except as permitted by the
provisions of Rule 144, if applicable, or some other applicable exemption under
the Act.  In view of this representation
and warranty, I agree that there may be affixed to the certificates for the
shares to be issued to me, and to all certificates issued hereafter
representing such shares (until in the opinion of counsel, which opinion must
be reasonably satisfactory in form and substance to counsel for the Company, it
is no longer necessary or required) a legend, as follows:


 

















 


“The shares of common stock represented by this
certificate have not been registered under the Federal Securities Act of 1933,
as amended, and were acquired by the registered holder pursuant to a representation
and warranty that such holder was acquiring such shares for his own account and
for investment, with no intention to transfer or dispose of the same, in
violation of the registration requirements of that Act.  These shares may not be sold, pledged or
transferred in the absence of an effective registration statement under the
Securities Act of 1933, as amended, or an opinion of counsel, which opinion is
reasonably satisfactory to counsel to the Company, to the effect that
registration is not required under said Act.


 


In the event that the shares of common stock
represented by this certificate are transferred within the two year period
commencing on the date of this certificate, contemporaneous notice of such
transfer must be provided to the Company.”


 


I further agree
that the Company may place a stop order with its Transfer Agent, prohibiting
the transfer of such shares, so long as the legend remains on the certificates
representing the shares.


 


Very truly yours,


 


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