Document:

Exhibit 10.1
    

    

    

    
      SUCAMPO PHARMACEUTICALS, INC.
    

    

    

    
      Compensation Program for Non-Employee Directors
(Adopted on
      October 7, 2009)

    

    

    

    

    

    
                Each of the directors of Sucampo Pharmaceuticals, Inc. (the
      Company”) who is not an employee of the Company or any of its
      subsidiaries, not a spouse of such an employee, and not the beneficial
      owner, directly or indirectly, of more than 5% of the Company’s common
      stock (each referred to as a “Non-Employee Director”) shall receive the
      following compensation in respect of his or her service on the Company’s
      board of directors (the “Board”) and its committees:
    

    

    

    
      1.  Annual Fees.
    

    

    

    	
        Each Non-Employee Director will receive an annual fee of $55,000.
      
	
        Each Non-Employee Director will also receive an annual fee of $12,500
        for serving on the Audit Committee, $10,000 for serving on the
        Compensation Committee, $6,000 for serving on the Nominating and
        Corporate Governance Committee and, unless otherwise specified by the
        Board, $12,500 for serving on any other committee of the Board.
      
	
        The chair of the Audit Committee will receive an additional annual fee
        of $12,500, the chair of the Compensation Committee will receive an
        additional annual fee of $5,000, the chair of the Nominating and
        Corporate Governance Committee shall receive an additional annual fee
        of $4,000 and, unless otherwise specified by the Board, the chair of
        any other committee of the Board will receive an additional annual fee
        of $12,500.
      
	
        The Lead Director, if there shall be one, shall receive an additional
        annual fee of $10,000.
      
	
        Each annual fee shall be payable in monthly installments to each
        Non-Employee Director who is serving on the Board or in the respective
        role described above on the date of the payment.
      
	
        The Non-Employee Directors shall not be entitled to any additional
        compensation on a per-meeting basis.
      

    
      2.  Reimbursement of Expenses.  Each
      Non-Employee Director will be reimbursed for reasonable travel and other
      expenses in connection with attending meetings of the Board and any
      committee on which he or she serves.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      3.  Initial Stock Option Grant.  Each Non-Employee
      Director will receive an option to purchase 30,000 shares of the
      Company’s Class A Common Stock on the day on which he or she is
      initially elected to the Board or, in the case of the existing
      Non-Employee Directors serving on the date this compensation program for
      non-employee directors is adopted, on such date.  Subject to the
      Non-Employee Director’s continued service as a director, the option will
      vest in 12 equal installments at the end of each successive three-month
      period following the grant date through the third anniversary of the
      grant date.  The exercise price of the option will be equal to the fair
      market value of the Class A Common Stock on the date of grant.
    

    

    

    
      4.  Annual Stock Option Grant. On the date of each
      annual meeting of stockholders of the Company, each Non-Employee
      Director who is elected as a director at such meeting will receive an
      option to purchase 20,000 shares of the Company’s Class A Common
      Stock.  Subject to the Non-Employee Director’s continued service as a
      director, the option will vest in 12 equal installments at the end of
      each successive one-month period following the grant date through the
      first anniversary of the grant date.  The exercise price of the option
      will be equal to the fair market value of the Class A Common Stock on
      the date of grant.
    

    

    

    
      5.  Other Option Terms.  All of the options described
      in paragraphs 3 and 4 shall be granted under the Company’s 2006 Stock
      Incentive Plan and shall be on the form of Nonstatutory Stock Option
      Agreement for Non-Employee Directors approved from time to time by the
      Board and filed with the Securities and Exchange Commission, which form
      shall provide among other things that the options will vest immediately
      in full upon a change of control of the Company and that the exercise
      period will extend for one year following the end of the director’s
      service.Exhibit 10.2
    

    

    

    
      Nonstatutory Stock Option Agreement
for Non-Employee Directors
Granted
      Under 2006 Stock Incentive Plan

    

    
      Grant of Option.
    

    
      This agreement evidences the grant by Sucampo Pharmaceuticals, Inc., a
      Delaware corporation (the “Company”), on __________, 200__
      (the “Grant Date”) to ___________, a director of the Company (the
      “Participant”), of an option to purchase, in whole or in part, on the
      terms provided herein and in the Company’s 2006 Stock Incentive Plan
      (the “Plan”), a total of ________ shares (the “Shares”) of Class A
      common stock, $0.01 par value per share, of the Company (“Common
      Stock”) at $_____ per Share.  Unless earlier terminated, this option
      shall expire at 5:00 p.m., Eastern time, on the tenth anniversary of the
      Grant Date (the “Final Exercise Date”).
    

    
      It is intended that the option evidenced by this agreement shall not be
      an incentive stock option as defined in Section 422 of the Internal
      Revenue Code of 1986, as amended, and any regulations promulgated
      thereunder (the “Code”).  Except as otherwise indicated by the context,
      the term “Participant”, as used in this option, shall be deemed to
      include any person who acquires the right to exercise this option
      validly under its terms.
    

    
      Vesting Schedule.
    

    
      This option will become exercisable (“vest”) [initial
      grants:  as to one twelfth (1/12) of the Shares (rounded up the
      nearest whole number of Shares) at the end of every three-month period
      following the Grant Date, becoming fully vested on the third anniversary
      of the Grant Date] [annual grants: as to one twelfth (1/12) of
      the Shares (rounded up the nearest whole number of Shares) at the end of
      every one-month period following the Grant Date, becoming fully vested
      on the first anniversary of the Grant Date].  Notwithstanding the
      foregoing, this option shall vest in full immediately prior to the
      occurrence of a Change of Control Event (as defined in Section 8) with
      respect to the Company.
    

    
      The right of exercise shall be cumulative so that to the extent the
      option is not exercised in any period to the maximum extent permissible
      it shall continue to be exercisable, in whole or in part, with respect
      to all Shares for which it is vested until the earlier of the Final
      Exercise Date or the termination of this option under Section 3 hereof
      or the Plan.
    

    
      Exercise of Option.
    

    
      Form of Exercise.  Each election to
      exercise this option shall be in writing, signed by the Participant, and
      received by the Company at its principal office, accompanied by this
      agreement, and payment in full in the manner provided in the Plan.  The
      Participant may purchase less than the number of shares covered hereby,
      provided that no partial exercise of this option may be for any
      fractional share.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      Continuous Relationship with the Company Required.  Except
      as otherwise provided in this Section 3, this option may not be
      exercised unless the Participant, at the time he or she exercises this
      option, is, and has been at all times since the Grant Date, a director
      of the Company or any parent or subsidiary of the Company as defined in
      Section 424(e) or (f) of the Code (an “Eligible Participant”).
    

    
      Termination of Relationship with the Company. If
      the Participant ceases to be an Eligible Participant for any reason,
      then the right to exercise this option shall terminate one year after
      such cessation (but in no event after the Final Exercise Date), provided
      that this option shall be exercisable only to the extent that the
      Participant was entitled to exercise this option on the date of such
      cessation.  
    

    
      Agreement in Connection with Public Offering.
    

    
      The Participant agrees, in connection with any underwritten public
      offering of the Company’s securities pursuant to a registration
      statement under the Securities Act, (i) not to sell, make short sale of,
      loan, grant any options for the purchase of, or otherwise dispose of any
      shares of Common Stock held by the Participant (other than those shares
      included in the offering) without the prior written consent of the
      Company or the underwriters managing such initial underwritten public
      offering of the Company’s securities for a period of 90 days from the
      effective date of such registration statement, and (ii) to execute any
      agreement reflecting clause (i) above as may be requested by the Company
      or the managing underwriters at the time of such offering.
    

    
      Withholding.  
    

    
      No Shares will be issued pursuant to the exercise of this option unless
      and until the Participant pays to the Company, or makes provision
      satisfactory to the Company for payment of, any federal, state or local
      withholding taxes required by law to be withheld in respect of this
      option.
    

    
      Nontransferability of Option.
    

    
      This option may not be sold, assigned, transferred, pledged or otherwise
      encumbered by the Participant, either voluntarily or by operation of
      law, except by will or the laws of descent and distribution, and, during
      the lifetime of the Participant, this option shall be exercisable only
      by the Participant.
    

    
      Provisions of the Plan.
    

    
      This option is subject to the provisions of the Plan, a copy of which is
      furnished to the Participant with this option.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      8.        Change of Control
      Events.
    

    
                A “Change of Control Event” shall mean:
    

    
                          (a)       the acquisition by an individual, entity
      or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
      Exchange Act) (a “Person”) of beneficial ownership of any capital stock
      of the Company if, after such acquisition, such Person beneficially owns
      (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
      25% or more of either (x) the then-outstanding shares of common stock of
      the Company (the “Outstanding Company Common Stock”) or (y) the combined
      voting power of the then-outstanding securities of the Company entitled
      to vote generally in the election of directors (the “Outstanding Company
      Voting Securities”); provided, however, that for
      purposes of this subsection (a), the following acquisitions shall not
      constitute a Change in Control Event: (1) any acquisition directly from
      the Company (excluding an acquisition pursuant to the exercise,
      conversion or exchange of any security exercisable for, convertible into
      or exchangeable for common stock or voting securities of the Company,
      unless the Person exercising, converting or exchanging such security
      acquired such security directly from the Company or an underwriter or
      agent of the Company), (2) any acquisition by any employee benefit plan
      (or related trust) sponsored or maintained by the Company or any
      corporation controlled by the Company, (3) any acquisition by any
      corporation pursuant to a Business Combination (as defined below) which
      complies with clauses (x) and (y) of subsection (c) of this definition,
      (4) any acquisition by Sachiko Kuno or Ryuji Ueno (Dr. Kuno and Dr. Ueno
      being referred to as the “Founders”) or (5) any acquisition by a trust
      of which either or both Founders are the sole trustees or otherwise
      control all decisions regarding the voting of any shares of Company
      stock held by such trust, provided that such trust is established solely
      for the benefit of (A) either or both Founders, (B) either Founder’s
      children, parents, uncles, aunts, siblings and descendents of such
      siblings or grandchildren and descendents of such grandchildren, (C) the
      estates of any of the foregoing individuals; or
    

    
                          (b)       such time as the Continuing Directors (as
      defined below) do not constitute a majority of the Board (or, if
      applicable, the Board of Directors of a successor corporation to the
      Company), where the term “Continuing Director” means at any date a
      member of the Board (x) who was a member of the Board on the date of the
      initial adoption of the Plan by the Board or (y) who was nominated or
      elected subsequent to such date by at least a majority of the directors
      who were Continuing Directors at the time of such nomination or election
      or whose election to the Board was recommended or endorsed by at least a
      majority of the directors who were Continuing Directors at the time of
      such nomination or election; provided, however, that there
      shall be excluded from this clause (y) any individual whose initial
      assumption of office occurred as a result of an actual or threatened
      election contest with respect to the election or removal of directors or
      other actual or threatened solicitation of proxies or consents, by or on
      behalf of a person other than the Board;
    

    
                          (c)       the consummation of a merger,
      consolidation, reorganization, recapitalization or share exchange
      involving the Company or a sale or other disposition of all or
      substantially all of the assets of the Company (a “Business
      Combination”), unless, immediately following such Business Combination,
      each of the following two conditions is satisfied: (x) all or
      substantially all of the individuals and entities who were the
      beneficial owners of the Outstanding Company Common Stock and
      Outstanding Company Voting Securities immediately prior to such Business
      Combination beneficially own, directly or indirectly, more than 50% of
      the then-outstanding shares of common stock and the combined voting
      power of the then-outstanding securities entitled to vote generally in
      the election of directors, respectively, of the resulting or acquiring
      corporation in such Business Combination (which shall include, without
      limitation, a corporation which as a result of such transaction owns the
      Company or substantially all of the Company’s assets either directly or
      through one or more subsidiaries) (such resulting or acquiring
      corporation is referred to herein as the “Acquiring Corporation”) in
      substantially the same proportions as their ownership of the Outstanding
      Company Common Stock and Outstanding Company Voting Securities,
      respectively, immediately prior to such Business Combination and (y) no
      Person (excluding the Acquiring Corporation or any employee benefit plan
      (or related trust) maintained or sponsored by the Company or by the
      Acquiring Corporation) beneficially owns, directly or indirectly, 25% or
      more of the then-outstanding shares of common stock of the Acquiring
      Corporation, or of the combined voting power of the then-outstanding
      securities of such corporation entitled to vote generally in the
      election of directors (except to the extent that such ownership existed
      prior to the Business Combination); or
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
                          (d)       the consummation of any other transaction
      that is a “Rule 13e-3 transaction” as defined in Rule 13e-3(a)(3) under
      the Exchange Act.
    

    
      IN WITNESS WHEREOF, the Company has caused this option to be executed
      under its corporate seal by its duly authorized officer.  This option
      shall take effect as a sealed instrument.
    

    
    	
          
             
          

        	
           
        	
           
        	
          
            SUCAMPO PHARMACEUTICALS, INC.
          

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	
          
            Dated:
          

        	
           
        	

        	
          By:
        	
          
             
          

        
	

        	

        	

        	

        	
          Name:
        	
          
             
          

        
	

        	

        	

        	

        	
          Title:
        	
          
             
          

        

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      PARTICIPANT’S ACCEPTANCE
    

    
      The undersigned hereby accepts the foregoing option and agrees to the
      terms and conditions thereof.  The undersigned hereby acknowledges
      receipt of a copy of the Company’s 2006 Stock Incentive Plan.
    

    
    	
           
        	
          PARTICIPANT:
        	

        
	

        	

        	
           
        
	

        	
          
             
          

        	

        
	

        	
          Address:

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