Document:

Exhibit 10.2

VERTEX
PHARMACEUTICALS INCORPORATED

2006 STOCK AND OPTION PLAN

Form
of Stock Option Grant

This Agreement
sets forth the terms and conditions of an Option granted pursuant to the
provisions of the 2006 Stock and Option Plan (the “Plan”) of Vertex
Pharmaceuticals Incorporated (the “Company”) to the Participant whose
name appears below, covering the number of Shares of Common Stock of the
Company set forth below, pursuant to the provisions of the Plan and on the
following express terms and conditions. Capitalized terms not otherwise defined
herein shall have the same meanings as set forth in the Plan.

1.             Name and address of Participant to
whom this Option is granted:

[name and address]

2.             Number of Shares of Common Stock
subject to this Option:

[        ] Shares

3.             Purchase price of Shares subject to
this Option:

[        ] per Share

4.             Date of grant of this Option:

[        ]

5.             Expiration date of this Option:

[        ], subject to earlier termination
in the event of any Termination of Service of the Participant or otherwise in
accordance with the provisions of the Plan. This Option may not be exercised
later than three (3) months after the Participant’s termination of
employment with the Company and its Affiliates except as provided in the Plan in
the event of death of the Participant.

6.             Vesting.

6.1          Vesting Schedule. This
Option shall vest and become exercisable, so long as the Participant continues
to serve as an Employee, Non-Employee Director, consulant or advisor of the
Company or an Affiliate, in sixteen (16) equal quarterly installments, with the
first such installment vesting three (3) months after the date of grant
and subsequent installments vesting every three months thereafter until fully
vested, except as otherwise provided in paragraphs 6.2 and 6.3 below.

6.2          Absence. This Option
shall not vest during any period of long-term disability or personal leave of
absence of the Participant from the Company or an Affiliate (as determined
under applicable Company policies). If the Participant resumes employment with
the Company after a personal leave of absence or long-term disability in
accordance with applicable Company policies, vesting shall resume upon the
resumption of eligibility, and the Option will continue vesting at the rate
provided in paragraph 6.1 above until the Option is fully exercisable.

 

Notwithstanding the foregoing, in no event shall the
term of the Option be extended beyond the date set forth in Section 5
above.

6.3          Death of the Participant. In
the event of the death of the Participant while serving as an Employee,
Non-Employee Director, consultant or advisor of the Company or an Affiliate,
the vesting of those installments of this Option that would otherwise vest
during the one-year period following the date of death shall be accelerated,
and the Option shall be exercisable as to such installments, together with any
previously vested but unexercised portion of the Option, effective as of the
date of death for the period set forth in the Plan.

7.            [Option type]. This Option is [NOT] designated as an incentive
stock option within the meaning of Section 422(b) of the Internal
Revenue Code of 1986.

8.             Plan. The
Participant hereby acknowledges receipt of a copy of the Plan as presently in
effect. The text and all of the terms and provisions of the Plan are
incorporated herein by reference, and this Agreement is subject to these terms
and provisions in all respects.

9.             Exercise. The Participant may exercise
this Option in the manner set forth in Section 9 of the Plan.

	
  

  	
  VERTEX PHARMACEUTICALS INCORPORATED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 2Exhibit 10.3

VERTEX
PHARMACEUTICALS INCORPORATED

2006 STOCK AND OPTION PLAN

Form
of Restricted Stock Award

This Agreement
sets forth the terms and conditions of shares of a stock grant pursuant to the
provisions of the 2006 Stock and Option Plan (the “Plan”) of Vertex
Pharmaceuticals Incorporated (the “Company”) to the Participant whose
name appears below, for the number of Shares of Common Stock of the Company set
forth below, pursuant to the provisions of the Plan and on the following express
terms and conditions. Capitalized terms not otherwise defined herein shall have
the same meanings as set forth in the Plan.

1.             Name and address of Participant to
whom the Shares are granted:

[name and address]

2.             Number of Shares in Stock Grant:

[        ] Shares

3.             Purchase price of Shares:

$0.01 per Share

4.             Date of grant of the Shares:

[        ]

5.             Vesting.

5.1          Vesting Schedule and Company’s
Repurchase Right. Except as otherwise provided in section
5.2, the Shares shall vest in four (4) equal annual installments, with the
first such installment vesting on the first anniversary of the date of grant of
the Shares, and subsequent installments vesting annually on subsequent
anniversaries thereafter until all of the granted Shares have vested. Upon any
Termination of Service of the Participant, vesting of the Shares shall
immediately cease, and the Company shall have a right to repurchase any
unvested Shares from the Participant at a price per Share equal to the purchase
price per Share set forth in section 3 above. The Company’s right to so
repurchase the Shares shall be valid for a period of one year beginning on the
date of any Termination of Service of the Participant, or, if the Company is
prohibited by law from such repurchase at the time of Termination of Service,
for thirty days after any such prohibition is terminated.

5.2          Death of the Participant. In
the event of the death of the Participant while an employee of the Company or
an Affiliate, the vesting of those installments of this Agreement that would
otherwise vest during the one-year period following the date of death shall be
accelerated.

5.3          Agreement with respect to Tax Payments
and Withholding. The Participant acknowledges and agrees that
any income or other taxes due from the Participant with respect to the Shares
issued pursuant to this Agreement, including on account of the vesting of the
Shares, shall be the Participant’s responsibility. By accepting this Stock
Award, the Participant agrees and acknowledges that (i) the Company promptly will withhold from the
Participant’s pay the amount of taxes the

 

Company is required to withhold upon any vesting of
Shares pursuant to this Agreement, and (ii) the
Participant shall make immediate payment to the Company in the amount of any
tax required to be withheld by the Company in excess of the Participant’s pay
available for such withholding.

6.             Restrictions on Transfer. The
Shares may not be sold, transferred, assigned, hypothecated, pledged,
encumbered or otherwise disposed of, whether voluntarily or by operation of
law, at any time before they become vested Shares pursuant to Section 5. Any
such purported transfer shall be null and void, and shall not be recognized by
the Company or recorded on its books.

7.             Escrow. All
Shares which have not vested pursuant to Section 5, together with any
securities distributed in respect thereof such as through a stock split or
other recapitalization, shall be held by the Company in escrow until such time
as the Shares have vested. The Company promptly shall release vested Shares
from escrow.

8.             Plan. The
Participant hereby acknowledges receipt of a copy of the Plan as presently in
effect and the Prospectus with respect thereto. All of the terms and provisions
of the Plan are incorporated herein by reference, and this Agreement is subject
to those terms and provisions in all respects.

	
  

  	
  VERTEX PHARMACEUTICALS INCORPORATED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 2Exhibit 10.4

VERTEX
PHARMACEUTICALS INCORPORATED

2006 STOCK AND OPTION PLAN

Form of Restricted
Stock Award (Performance Accelerated Restricted Stock)

This Agreement sets forth the terms and conditions of a
Stock Grant pursuant to the provisions of the 2006 Stock and Option Plan (the “Plan”)
of Vertex Pharmaceuticals Incorporated (the “Company”) to the
Participant whose name appears below, for the number of Shares of Common Stock
of the Company set forth below, pursuant to the provisions of the Plan and on
the following express terms and conditions. Capitalized terms not otherwise
defined herein shall have the same meanings as set forth in the Plan.

1.             Name and address of Participant to
whom the Shares are granted:

[name and address]

2.             Number of Shares in Stock Grant:

[        ] Shares

3.             Purchase price of Shares:

$0.01 per Share

4.             Date of grant of the Shares:

[        ]

5.             Vesting.

5.1          Vesting Schedule and Company’s Repurchase Right.

(a)           Except as otherwise provided in Sections 5.1(b) and
5.2, the Shares shall vest on the fourth anniversary of the date of grant of
the Shares. Upon any Termination of Service of the Participant, vesting of the
Shares shall immediately cease, and the Company shall have a right to
repurchase any unvested Shares from the Participant at a price per Share equal
to the purchase price per Share set forth in Section 3 above.  The Company’s right to so repurchase the
Shares shall be valid for a period of one year beginning on the date of any
Termination of Service of the Participant, or, if the Company is prohibited by
law from such repurchase at the time of Termination of Service, for thirty days
after any such prohibition is terminated.

(b)            Notwithstanding the
foregoing:

[Describe
Performance Objectives and Acceleration of Vesting for Achievement of
Performance Objectives]

5.2         Death of the Participant.   If, at any time before all the Shares granted
hereunder shall have vested as provided in Section 5.1, the Participant
shall die while an employee of the Company or an Affiliate, the Company’s
repurchase rights with respect to the Pro-Rata Portion of Shares shall lapse,
and that number of Shares immediately shall vest. For purposes of this
Restricted Stock Award, the “Pro-

 

Rata Portion of Shares” shall mean
that portion of the unvested Shares calculated by multiplying the number of
unvested Shares by a fraction, the numerator of which is the sum of the number
of days that have passed from the date of grant until the date of the
Participant’s death, plus the number of days in one year, and the denominator
of which is the total number of days in four years.

5.3         Agreement
with respect to Tax Payments and Withholding. The Participant acknowledges and agrees that
any income or other taxes due from the Participant with respect to the Shares
issued pursuant to this Agreement, including on account of the vesting of the
Shares, shall be the Participant’s responsibility. By accepting this Restricted
Stock Award, the Participant agrees and acknowledges that (i) the Company promptly will withhold
from the Participant’s pay the amount of taxes the Company is required to
withhold upon any vesting of Shares pursuant to this Restricted Stock Award,
and (ii) the Participant
shall make immediate payment to the Company in the amount of any tax required
to be withheld by the Company in excess of the Participant’s pay available for
such withholding.

6.             Restrictions
on Transfer. The
Shares may not be sold, transferred, assigned, hypothecated, pledged,
encumbered or otherwise disposed of, whether voluntarily or by operation of
law, at any time before they become vested Shares pursuant to Section 5. Any
such purported transfer shall be null and void, and shall not be recognized by
the Company or recorded on its books.

7.             Escrow. Any Shares that have not vested pursuant to Section 5,
together with any securities distributed in respect thereof, such as through a
stock split or other recapitalization, shall be held by the Company in escrow
until such Shares shall have vested. The Company promptly shall release vested
Shares from escrow.

8.             Plan. The Participant hereby acknowledges receipt
of a copy of the Plan as presently in effect and the Prospectus with respect
thereto. All of the terms and provisions of the Plan are incorporated herein by
reference, and this Agreement is subject to those terms and provisions in all
respects.

	
  

  	
   

  	
  VERTEX PHARMACEUTICALS INCORPORATED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

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