Document:

exhibit101.htm

    TEMPUR-PEDIC
INTERNATIONAL INC.

    UNITED
KINGDOM APPROVED SHARE OPTION SUB PLAN TO THE 2003 EQUITY INCENTIVE
PLAN

     

    OPTION
AGREEMENT

    

    

    THIS
AGREEMENT dated as of [date] between Tempur Pedic International Inc., a
corporation organised under the laws of the State of Delaware (the “Company”),
and the individual identified below, residing at the address there set out (the
“Optionee”).

    

    

    1.           Grant
of Option.

    

    Pursuant
and subject to the Tempur Pedic International Inc. United Kingdom Approved Share
Option Sub Plan (the “Plan”) to the 2003 Equity Incentive Plan as attached
hereto, the Company grants the Optionee an option (the “Option”) to purchase
from the Company all or any part of a total of [number] shares of the common
stock, par value $.01 per share, of the Company (the “Shares”), at a price of
$[price] per Share.  The Grant Date of this Option is as of
[date].

    

    2.           Duration
of Option.

    

    Subject
to Rule 4.3 of the Plan, this Option shall expire at 5:00pm on
[date].  However, if you cease to be a Group Employee before that date
(including because your employer ceased to be a Group Company), this Option
shall expire at 5:00pm on [date] or, if earlier, the date specified in whichever
of the following applies:

    

    
      	
               
      

            	
              (a)

            	
              If
      the termination of your employment is on account of your death or
      disability, the first anniversary of the date your employment
      ends.

            

    

    

    
      	
               
      

            	
              (b)

            	
              If
      the termination of your employment is due to any other reason, three (3)
      months after your employment ends.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    3.           Exercise
of Option.

    

    
      	
               
      

            	
              (a)

            	
              Until
      this Option expires, you may exercise it as to the number of Shares
      identified in the table below, in full or in part, at any time on or after
      the applicable exercise date or dates identified in the
      table.  However, during any period that this Option remains
      outstanding after your employment with the Company ends, including because
      your employer ceased to be a Group Company, you may exercise it only to
      the extent it was exercisable immediately prior to the end of your
      employment.  The procedure for exercising this Option is
      described in Rule 7 of the Plan.

            

    

    

    
      	
              Number
      of Shares in each

              Installment

            	
              Initial
      Exercise Date for Shares in Installment

            
	
              [number]

            	
              [date]

            
	
              [number]

            	
              [date]

            
	
              [number]

            	
              [date]

            
	
              [number]

            	
              [date]

            

    

     

    4.           Transfer
of Option.

    

    You may
not transfer this Option other than on death to your personal representative
and, during your lifetime, only you may exercise this Option.

     

    5.           Incorporation
of Plan Terms.

    

    This
Option is granted subject to all of the applicable terms and provisions of the
Plan.

     

    6.           Miscellaneous.

    

    This
Agreement shall be construed and enforced in accordance with the laws of the
State of Delaware, without regard to the conflict of laws principles thereof and
shall be binding upon and inure to the benefit of any successor or assign of the
Company any executor, administrator, trustee, guardian, or other legal
representative of you.  Capitalised terms used but not defined herein
shall have the meaning assigned under the Plan.  This Agreement may be
executed in one or more counterparts all of which together shall constitute but
one instrument.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    7.           Tax
Consequences.

    

    The
Company makes no representation or warranty as to the tax treatment to you of
your receipt or exercise of this Option or upon your sales or other disposition
of the Shares.  You should rely on your own tax advisors for such
advice.

     

    8.           Certain
Remedies.

    

    If at any
time within twelve months after you cease to be a Group Employee due to
disability or at any time within three months after you cease to be a Group
Employee for any other reason any of the following occur:

    

    
      	
               
      

            	
              (a)

            	
              you
      unreasonably refuse to comply with lawful requests for cooperation made by
      the Company, its board of directors, or its
  Affiliates;

            

    

    

    
      	
               
      

            	
              (b)

            	
              you
      accept employment or a consulting or advisory engagement with any
      Competitive Enterprise of the Company or its Affiliates or you otherwise
      engage in competition with the Company
or;

            

    

    

    
      	
               
      

            	
              (c)

            	
              you
      act against the interests of the Company and its Affiliates, including
      recruiting or employing, or encouraging or assisting your new employer to
      recruit or employ an employee of the Company or any Affiliate without the
      Company’s written consent;

            

    

    

    
      	
               
      

            	
              (d)

            	
              you
      fail to protect and safeguard while in your possession or control, or
      surrender to the Company upon termination of your employment or
      association with the Company or any Affiliate or such earlier time or
      times as the Company or its board of directors or any Affiliate may
      specify, all documents, records, tapes, disks and other media of every
      kind and description relating to the business, present or otherwise, of
      the Company and its Affiliates and any copies, in whole or in part
      thereof, whether or not prepared by
you;

            

    

    

    
      	
               
      

            	
              (e)

            	
              you
      solicit or encourage any person or enterprise with which you have had
      business-related contact, who has been a customer of the Company or any of
      its Affiliates for protecting confidential information, you use
      confidential information of the Company or its Affiliates for your own
      benefit or gain, or you disclose or other misuse confidential information
      or materials of the Company or its Affiliates (except as required by
      applicable law); then

            

    

    

    this
Option shall terminate and be cancelled effective the date on which you enter
into such activity, unless terminated or cancelled sooner by operation of
another term or condition of the Option or the Plan;

    

    The term
“Competitive Enterprise” shall mean a business enterprise that engages in, or
owns or controls a significant interest in, any entity that engages in, the
manufacture, sale or distribution of mattresses or pillows or other bedding
products or other products competitive with the Company’s
products.  Competitive Enterprise shall include, but not be limited
to, the entities set forth on Appendix A hereto, which may be amended from time
to time upon notice to you.  At any time you may request in writing
that the Company make a determination whether a particular enterprise is a
Competitive Enterprise.  Such determination will be made within 14
days after the receipt of sufficient information from you about the enterprise,
and the determination will be valid for a period of 90 days from the date of
determination.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    9.           Data
Protection

    

    By
executing this Option Agreement, you:

    

    
      	
               
      

            	
              (a)

            	
              consent
      to the Company, any Group Company or their agents and advisers holding
      personal data about you;

            

    

    

    
      	
               
      

            	
              (b)

            	
              authorise
      the use of such information according to the Rules and purposes of the
      Plan; and

            

    

    

    
      	
               
      

            	
              (c)

            	
              agree
      that such data may be processed and, where necessary, transmitted outside
      the United Kingdom.

            

    

     

    IN
WITNESS WHEREOF, the parties have executed this Agreement as a sealed instrument
as of the date first above written.

     

    
      
        
          
            
              
                
                  
                    	 
      

                            TEMPUR
      PEDIC INTERNATIONAL INC.

                          	
                          	 
	
                            By:

                          	
                             

                          	 	 
	Title:	 	Signature of
      Optionee	 
	 	 	Optionee's
      Address:Exhibit 10.1

	  	  
	 	Regeneron Pharmaceuticals, Inc. 
	 	ID: [          
      ] 
	Notice of
      Grant of Stock Options 	777
      Old Saw Mill River Road 
	and Option
      Agreement for Time Vesting 	Tarrytown, New York 10591 
	Option
      Awards 	     
   
	  
	  
	[OPTIONEE
      NAME] 	Option
      Number: 	  [          
      ] 
	[OPTIONEE
      ADDRESS 	Plan: 	  04   
	 	ID 	  [          
      ] 
	 

Effective <date>
(the Grant Date) you have been granted a [Non-Qualified Stock Option] [Incentive
Stock Option] to buy [    ] shares of
Regeneron Pharmaceuticals, Inc. (the Company) stock at [$    ] per share.

The total option price
of the shares granted is [$   
].

[Shares in each period
will become fully vested on the date shown.

	[Shares 	    	Vest Type 	    	Full Vest 	    	Expiration
  Date 
	** 		On Vest Date 	 	[__/__/__]** 		[10 years from Grant Date] 
	** 	 	On Vest
      Date 		[__/__/__]** 	 	[10
      years from
      Grant Date] 
	** 		On Vest Date 		[__/__/__]** 		[10 years from Grant Date] 
	** 		On Vest
      Date 		[__/__/__]** 		[10
      years from
      Grant Date]] 
	 		 				
	The
      [Non-Qualified Stock Option] [Incentive Stock Option] expires on [           ]***
      (the “Expiration Date”).

	 
	 
	You and the Company agree that these options
      are granted under and governed by the terms and conditions of the
      Company’s Amended and Restated 2000 Long-Term Incentive Plan and the
      enclosed Option Agreement, both of which are attached and made a part of
      this document.
	 

 
____________________
 

	**	  	Options for executive officers
      will vest in approximately equal annual 25% installments. Full Vest Dates
      will occur on the first, second, third and fourth anniversaries of the
      Grant Date. Options for non-employee directors will vest in approximately
      equal annual 33-1/3% installments. Full Vest Dates will occur on the
      first, second, and third anniversaries of the Grant Date.
	 
	***		Date to be 10 years from the
      Grant Date.
	 

REGENERON PHARMACEUTICALS,
INC.
OPTION AGREEMENT
PURSUANT TO THE
2000 LONG-TERM
INCENTIVE PLAN 

          THIS AGREEMENT, made as of the date on the Notice of Grant of Stock Options, by and between Regeneron Pharmaceuticals, Inc., a New York corporation
(the "Company"), and the employee (or member of the Board of Directors) named on
the Notice of Grant of Stock
Options (the "Grantee");

          WHEREAS,
the Grantee is an employee or member of the Board of Directors of the Company
and the Company desires to afford the Grantee the opportunity to acquire or
enlarge the Grantee's stock ownership in the Company so that the Grantee may
have a direct proprietary interest in the Company's success; and

          WHEREAS,
the Committee administering the 2000 Long-Term Incentive Plan (as amended from
time to time, the "Plan") has granted (as of the effective date of grant
specified in the Notice of Grant of Stock
Options) to the Grantee a Stock Option to
purchase the number of shares of the Company's Common Stock ($.001 par value)
(the "Common Stock") as set forth in the Notice of Grant of Stock Options.

          NOW,
THEREFORE, in consideration of the covenants and agreements herein contained,
the parties agree as follows: 

     1.
Grant of Award. Pursuant to Section 7 of the
Plan, the Company grants to the Grantee, subject to the terms and conditions of
the Plan and subject further to the terms and conditions set forth here, the
option to purchase from the Company all or any part of an aggregate of shares of
Common Stock at the purchase price per share (the "Option") as shown on the
Notice of Grant of Stock
Options. No part of the Option granted hereby
is intended to qualify as an Incentive Stock Option under Section 422 of the
Internal Revenue Code of 1986, as amended (the "Code").

     2.
Vesting; Exercise. (a) The Option is
exercisable in installments as provided on the Notice of Grant of Stock Options. To
the extent that the Option has become exercisable with respect to the number of
shares of Common Stock as provided on the Notice of Grant of Stock Options and
subject to the terms and conditions of the Plan, including without limitation,
Section 7(c)(1) & (2), the Option may thereafter be exercised by the
Grantee, in whole or in part, at any time or from time to time prior to the
expiration of the Option in accordance with the requirements set forth in
Section 7(c)(3) of the Plan, including, without limitation, the filing of such
written form of exercise notice as may be provided by the Company, and in
accordance with applicable tax and other laws. In addition to the methods of
payment described in Section 7(c)(3) of the Plan, the Grantee shall be eligible
to pay for shares of Common Stock purchased upon the exercise of the Option by
directing the Company to withhold shares of Common Stock that would otherwise be
issued pursuant to the Option exercise having a Fair Market Value (as measured
on the date of exercise) equal to the Option exercise price. The Company shall
have the right to require the Grantee in connection with the exercise of the
Option to remit to the Company in cash an amount sufficient to satisfy any
federal, state and local withholding tax requirements related thereto.

     (b) The Notice of Grant of Stock
Options indicates each date upon which the
Grantee shall be entitled to exercise the Option with respect to the number of
shares of Common Stock granted as indicated provided that the Grantee has not
incurred a termination of employment or service with the Company and all
Subsidiaries (collectively, the Company and all Subsidiaries shall be referred
to herein as the "Employer" and no termination of employment or service shall be
deemed to take place unless the Grantee is no longer employed by or providing
service to the Employer) prior to such date. There shall be no proportionate or
partial vesting in the periods between the Full Vest Dates specified in the
Notice of Grant of Stock
Options and all vesting shall occur only on
the Full Vest Dates. Except as otherwise provided in any employment agreement,
consulting agreement, change in control agreement or similar agreement or plan
in effect between the Employer and the Grantee on the date specified in the
Notice of Grant of Stock
Options, or as may be otherwise determined by
the Committee in accordance with Section 7(e) of the Plan, no vesting shall
occur after such date as the Grantee ceases to be employed by the Employer (or
providing services as a member of the Board of Directors, as the case may be)
and all unvested Options shall be forfeited at such time.

     (c)
Notwithstanding anything herein (except the following sentence) or in the
Notice of Grant of Stock
Options to the contrary, the Option shall be
fully vested on the date of termination of the Grantee’s employment with the
Employer (or services as a member of the Board of Directors) if the Grantee’s
employment with the Employer (or services a member of the Board of Directors) is
terminated on or within two years after the occurrence of a Change in Control by
the Employer (other than for Cause) or by the Grantee for Good Reason. Except as
otherwise provided in any employment agreement, consulting agreement, change in
control agreement or similar agreement or plan in effect between the Employer
and the Grantee on the date of grant specified in the Notice of Grant of Stock Options, if
the application of the provision in the foregoing sentence, similar provisions
in other stock option or restricted stock grants, and other payments and
benefits payable to the Grantee upon termination of employment (or service as
member of the Board of Directors) (collectively, the “Company Payments”) would
result in the Grantee being subject to the excise tax payable under Internal
Revenue Code Section 4999 (the “Excise Tax”), the amount of any Company Payments
shall be automatically reduced to an amount one dollar less than an amount that
would subject the Grantee to the Excise Tax; provided, however, that the reduction shall
occur only if the reduced Company Payments received by the Grantee (after taking
into account further reductions for applicable federal, state and local income,
social security and other taxes) would be greater than the unreduced Company
Payments to be received by the Grantee minus (i) the Excise Tax payable with
respect to such Company Payments and (ii) all applicable federal, state and
local income, social security and other taxes on such Company Payments. If the
Company Payments are to be reduced in accordance with the foregoing, the Company
Payments shall be reduced as mutually agreed between the Employer and the
Grantee or, in the event the parties cannot agree, in the following order (1)
acceleration of vesting of any option where the exercise price exceeds the fair
market value of the underlying shares at the time the acceleration would
otherwise occur, (2) any lump sum severance based on a multiple of base salary
or bonus, (3) any other cash amounts payable to the Grantee, (4) any benefits
valued as parachute payments, and (5) acceleration of vesting of any equity not
covered by (1) above. 

     3. Option Term.
(a) Except as otherwise provided in the
next sentence or in the Plan, the Option shall
expire on the tenth anniversary of the grant of the Option as shown on the
Notice of Grant of Stock
Options. In the event of termination of
employment or service with the Employer, except as set forth in any employment
agreement, consulting agreement, change in control agreement or similar
agreement or plan in effect between the Employer and the Grantee on the date of
grant specified in the Notice of Grant of
Stock Options, or as may be otherwise
determined by the Committee in accordance with Section 7(e) of the Plan, the
vested portion of the Option shall expire on the earlier of (i) the tenth
anniversary of this grant, or (ii)(A) subject to (E) below, three months after
such termination if such termination is for any reason other than death,
retirement, or long-term disability, (B) the tenth anniversary of this grant if
such termination is due to the Grantee's retirement, (C) one year after the
termination if such termination is due to the Grantee's death or long-term
disability, (D) the occurrence of the Cause event if such termination is for
Cause or Cause existed at the time of such termination (whether then known or
later discovered) or (E) one year after such termination if such termination is
at any time within two years after the occurrence of a Change in Control and is
by the Employer without Cause or by the Grantee for Good Reason. 

     (b) For purposes of this Agreement, "Cause" shall mean (i) in the case where
there is no employment agreement, consulting agreement, change in control
agreement or similar agreement or plan in effect between the Company and the
Grantee on the date of grant specified in the Notice of Grant of Stock Options (or
where there is such an agreement or plan but it does not define “cause” (or
words of like import)) (A) the willful and continued failure by the Grantee
substantially to perform his or her duties and obligations to the Employer,
including without limitation, repeated refusal to follow the reasonable
directions of the Employer, knowing violation of law in the course of
performance of the duties of the Grantee's employment with the Employer,
repeated absences from work without a reasonable excuse, and intoxication with
alcohol or illegal drugs while on the Employer's premises during regular
business hours (other than any such failure resulting from his or her incapacity
due to physical or mental illness); (B) fraud or material dishonesty against the
Employer; or (C) a conviction or plea of guilty or nolo contendere to a felony
or a crime involving material dishonesty or (ii) in the case where there is an
employment agreement, consulting agreement, change in control agreement or
similar agreement or plan in effect between the Employer and the Grantee on the
date of grant specified in the Notice of Grant
of Stock Options that defines “cause” (or
words of like import), as defined under such agreement or plan. For purposes of
this Section 3(b), no act, or failure to act, on a Grantee's part shall be
considered "willful" unless done, or omitted to be done, by the Grantee in bad
faith and without reasonable belief that his or her action or omission was in
the best interest of the Employer. Any determination of Cause made prior to a
Change in Control shall be made by the Committee in its sole
discretion.

     (c) For purposes of this Agreement, “Good Reason” shall mean (i) in the case
where there is no employment agreement, consulting agreement, change in control
agreement or similar agreement or plan in effect between the Employer and the
Grantee on the date of grant specified in the Notice of Grant of Stock Options (or
where there is such an agreement or plan but it does not define “good reason”
(or words of like import)) a termination of employment by the Grantee within one
hundred twenty (120) days after the occurrence of one of the following events
after the occurrence of a Change in Control unless such events are fully
corrected in all material respects by the Employer within thirty (30) days
following written notification by the Grantee to the Employer that Grantee
intends to terminate his employment hereunder for one of the reasons set forth
below: (A) (1) any material diminution in the Grantee’s duties and
responsibilities from that which exists immediately prior to a Change in Control
(except in each case in connection with the termination of the Grantee’s
employment for Cause or as a result of the Grantee’s death, or temporarily as a
result of the Grantee’s illness or other absence), or (2) the assignment to the
Grantee of duties and responsibilities materially inconsistent with the position
held by the Grantee; (B) any material breach by the Employer of any material
provision of any written agreement with the Grantee or failure to timely pay any
compensation obligation to the Grantee; (C) a reduction in the Grantee’s annual
base salary or target bonus opportunity (if any) from that which exists
immediately prior to a Change in Control; or (D) if the Grantee is based at the
Employer’s principal executive office, any relocation therefrom or, in any
event, a relocation of the Grantee’s primary office of more than fifty (50)
miles from the location immediately prior to a Change in Control; or (ii) in the
case where there is an employment agreement, consulting agreement, change in
control agreement or similar agreement or plan in effect between the Employer
and the Grantee on the date of grant specified in the Notice of Grant of Stock Options that
defines “good reason” (or words of like import), as defined under such agreement
or plan. 

     4.
Restrictions on Transfer of Option. The
Option granted hereby shall not be transferable other than by will or by the
laws of descent and distribution. During the lifetime of the Grantee, this
Option shall be exercisable only by the Grantee. In addition, except as
otherwise provided in this Agreement, the Option shall not be assigned,
negotiated, pledged or hypothecated in any way (whether by operation of law or
otherwise), and the Option shall not be subject to execution, attachment or
similar process. Upon any other attempt to transfer, assign, negotiate, pledge
or hypothecate the Option, or in the event of any levy upon the option by reason
of any execution, attachment, or similar process contrary to the provisions
hereof, the Option shall immediately become null and void. Notwithstanding the
foregoing provisions of this Section 4, subject to the approval of the Committee
in its sole and absolute discretion and to any conditions that the Committee may
prescribe, the Grantee may, upon providing written notice to the Company, elect
to transfer the Option to members of his or her immediate family, including, but
not limited to, children, grandchildren and spouse or to trusts for the benefit
of such immediate family members or to partnerships in which such family members
are the only partners; provided, however, that no such transfer may be made in
exchange for consideration. 

     5.
Rights of a Stockholder. The Grantee shall
have no rights as a stockholder with respect to any shares of Common Stock
subject to this Option prior to the date of issuance to the Grantee of a
certificate or certificates for such shares. No adjustment shall be made for
dividends in cash or other property, distributions, or other rights with respect
to such shares for which the record date is prior to the date upon which the
Grantee shall become the holder of record therefor. 

     6.
Compliance with Law and Regulations. This
award and any obligation of the Company hereunder shall be subject to all
applicable federal, state and local laws, rules and regulations and to such
approvals by any government or regulatory agency as may be required. The Company
shall be under no obligation to effect the registration pursuant to federal
securities laws of any interests in the Plan or any shares of Common Stock to be
issued hereunder or to effect similar compliance under any state laws. The
Company shall not be obligated to cause to be issued or delivered any
certificates evidencing shares of Common Stock pursuant to this Agreement unless
and until the Company is advised by its counsel that the issuance and delivery
of such certificates is in compliance with all applicable laws, regulations of
governmental authority and the requirements of any securities exchange on which
shares of Common Stock are traded. The Committee may require, as a condition of
the issuance and delivery of certificates evidencing shares of Common Stock
pursuant to the terms hereof, that the recipient of such shares make such
agreements and representations, and that such certificates bear such legends, as
the Committee, in its sole discretion, deems necessary or desirable. Except to
the extent preempted by any applicable federal law, this Agreement shall be
construed and administered in accordance with the laws of the State of New York
without reference to its principles of conflicts of law.

     7.
Grantee Bound by Plan. The Grantee
acknowledges receipt of a copy of the Plan and agrees to be bound by all the
terms and provisions thereof. The Plan is incorporated herein by reference, and
any capitalized term used but not defined herein shall have the same meaning as
in the Plan. To the extent that this Agreement is silent with respect to, or in
any way inconsistent with, the terms of the Plan, the provisions of the Plan
shall govern and this Agreement shall be deemed to be modified accordingly.

     8.
Notices. Any notice or communication given
hereunder shall be in writing and shall be deemed given when delivered in
person, or by United States mail, at the following addresses: (i) if to the
Employer, to: Regeneron Pharmaceuticals, Inc., 777 Old Saw Mill River Road,
Tarrytown, NY 10591, Attention: Secretary, and (ii) if to the Grantee, to: the
Grantee at Regeneron Pharmaceuticals, Inc., 777 Old Saw Mill River Road,
Tarrytown, NY 10591, or, if the Grantee has terminated employment or service, to
the last address for the Grantee indicated in the records of the Employer, or
such other address as the relevant party shall specify at any time hereafter in
accordance with this Section 8. 

     9. No Obligation to Continue
Employment. This Agreement does not
guarantee that the Employer will employ the Grantee for any specified time
period, nor does it modify in any respect the Grantee's employment or
compensation.

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