Document:

EX-10.2

 

Exhibit 10.2

OSI PHARMACEUTICALS, INC.

AMENDED AND RESTATED STOCK INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

     THIS RESTRICTED STOCK AGREEMENT (the “Agreement”) is made this 14th day of
July, 2006 (the “Grant Date”) by and between OSI PHARMACEUTICALS, INC., a Delaware corporation (the
“Company”), and [DIRECTOR] (the “Director”).

     WHEREAS, the Compensation Committee of the Board of Directors of the Company has approved the
grant of Restricted Stock (as defined below) to the Director upon the [election][re-election] to
the Board of Directors of the Company, as described herein;

     NOW, THEREFORE, the parties hereto mutually agree to the following terms and conditions of
this Agreement:

          1. Issuance of Stock. Pursuant to the terms of the OSI Pharmaceutical, Inc. Amended and
Restated Stock Incentive Plan (the “Plan”), the Company
shall issue to the Director                      shares of Common Stock, subject to the terms, conditions and restrictions of this Agreement and the Plan
(the “Restricted Stock”). The Company may withhold the actual delivery of a stock certificate
evidencing the Restricted Stock awarded hereunder until such shares of Restricted Stock have become
vested and transferable under the terms hereof or may issue in the name of the Director a
certificate evidencing such shares of Restricted Stock, which certificate shall bear a legend
reflecting the restrictions imposed under this Agreement and such other legends the Company deems
appropriate to comply with any applicable securities laws.

          2. Vesting and Forfeiture. Except as the Compensation Committee of the Board of Directors may
otherwise provide, Restricted Stock issued under this Agreement shall vest in four equal tranches
of
                     shares of Restricted Stock on each anniversary of the Grant Date, commencing July 14,
2007 and terminating on July 14, 2010 (the “Final Vesting Date”). In the event that the Director
ceases to be affiliated with the Company or any parent or subsidiary of the Company, either as a
member of the Board of Directors of the Company or as a consultant or employee, on or prior to the
Final Vesting Date for any reason, all unvested shares of Restricted Stock issued hereunder shall
be forfeited as of the date of that the Director no longer has any such affiliation, and the
Director shall have no further rights with respect to such forfeited shares of Restricted Stock.

          3. Restriction on Transferability. Shares of Restricted Stock issued hereunder shall not be
sold, assigned, transferred, exchanged, pledged or otherwise encumbered or disposed of in any
manner by the Director prior to the date such shares become vested under Section 2 of this
Agreement.

          4. Voting, Dividend and Tender Offer Rights. Unless shares of Restricted Stock have been
forfeited hereunder, the Director shall have all voting, dividend and tender offer
rights with respect to shares of Restricted Stock issued under this Agreement, whether or not such
shares are vested or unvested.

 

 

          5. Securities Laws. The Company shall not be obligated to issue or deliver any shares of
Restricted Stock under this Agreement in any manner in contravention of the Securities Act of 1933,
as amended, any other federal or state securities law or the rules of any exchange or market system
upon which the Common Stock is traded. The Board of Directors of the Company or the Committee (as
designated under the Plan) may, at any time, require, as a condition to the issuance or delivery of
shares of Common Stock hereunder, the representation or agreement of the Director to the effect
that the shares issuable hereunder are acquired by the Director for investment purposes and not
with a view to the resale or distribution thereof, and may require such other representations and
documents as may be required to comply with applicable securities laws or the rules of any
applicable exchange or market system.

          6. Withholding of Applicable Taxes. The Director shall pay, or make provision satisfactory to
the Company for the payment of, any taxes that the Company is obligated to collect with respect to
the issuance or vesting of Restricted Stock under this Agreement, including but not limited to, any
applicable federal, state or local withholding or employment taxes (such amount, the “Withholding
Amount”). If the Director shall fail to pay, or make provision for the payment of the Withholding
Amount, the Company shall have the right to withhold the Withholding Amount from the Restricted
Stock, compensation or other amounts the Company owes the Director. For these purposes, the Company
may reduce the number of Restricted Shares retained by the Director to satisfy the Withholding
Amount.

          7. Subject to Terms of Plan. Shares of Restricted Stock issued hereunder are subject to the
terms and provisions of the Plan. All terms used herein which are defined in the Plan and not
otherwise defined herein shall have the same meanings as in the Plan. To the extent that the
provisions hereof conflict with those of the Plan, the provisions of the Plan shall control. All
decisions or interpretations made by the Committee regarding any issue or question arising under
this Agreement or the Plan shall be final, binding and conclusive on the Company and the Director.

          8. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties hereto, including the successors and assigns of the Company.

          9. Governing Law. This Agreement will be interpreted and enforced under the laws of the State
of New York, other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Agreement to the substantive law of another jurisdiction.
The parties will submit any dispute or claim arising under this Agreement to the exclusive
jurisdiction of the U.S. federal or New York state courts within the New York counties of New York,
Nassau, or Suffolk, and the parties hereby submit to, and waive any objection to, personal
jurisdiction and venue in such courts for such purpose.

          10. Counterparts. This Agreement may be executed simultaneously in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

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     IN WITNESS WHEREOF, the parties hereto have executed, or caused to be duly executed on their
behalf, this Restricted Stock Agreement as of the day and year first above written.

	 	 	 
	 

	 	OSI PHARMACEUTICALS, INC.
	 
	 	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:
	 
	 	 
	 

	 	DIRECTOR
	 
	 	 
	 

	 	 
	 

	 	[DIRECTOR]EX-10.3

 

Exhibit 10.3

OSI PHARMACEUTICALS, INC.

AMENDED AND RESTATED STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

     THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made this 14th day of
July, 2006 (the “Grant Date”) by and between OSI PHARMACEUTICALS, INC., a Delaware corporation (the
“Company”), and [EXECUTIVE OFFICER] (the “Employee”). Capitalized terms, unless otherwise defined herein,
shall have their respective meanings as set forth in the OSI Pharmaceutical, Inc. Amended and
Restated Stock Incentive Plan (the “Plan”).

     WHEREAS, the Compensation Committee of the Board of Directors of the Company has approved the
grant of Restricted Stock Units (as defined below) to the Employee, as described herein;

     NOW, THEREFORE, the parties hereto mutually agree to the following terms and conditions of
this Agreement:

          1. Grant of Restricted Stock Units. The Company hereby grants to the Employee
                    
Restricted Stock Units. For the purposes of this Agreement, a “Restricted Stock Unit” shall mean
the contractual right to receive one share of Common Stock of the Company (the “Common Stock”),
subject to the terms, conditions and restrictions of this Agreement and the Plan.

          2. Vesting and Forfeiture. Except as the Compensation Committee of the Board of Directors may
otherwise provide, Restricted Stock Units granted under this Agreement shall vest over a four year
period. Restricted Stock Units granted under this Agreement shall vest in four equal tranches of
                     Restricted Stock Units on each anniversary of the Grant Date, commencing July 14, 2007 and
terminating on July 14, 2010 (the “Final Vesting Date”). On the date that the Employee’s
employment (or service as an officer, consultant or member of the Board of Directors of the
Company) with the Company and any parent or subsidiary of the Company terminates, including,
without limitation, due to death or Retirement (an “Employee Termination Event”), all unvested
Restricted Stock Units granted hereunder shall be forfeited, and the Employee shall have no further
rights with respect to such forfeited Restricted Stock Units. Notwithstanding the foregoing, all
unvested Restricted Stock Units shall immediately vest upon a “Change of Control”. For the
purposes of this Agreement, a “Change of Control” shall mean the approval by the stockholders of
the Company of (a) a merger or consolidation involving the Company if the stockholders of the
Company immediately before such merger or consolidation do not, as a result of such merger or
consolidation, directly or indirectly, continue to hold a majority of the voting power in the
resulting entity, or (b) an agreement for the sale or other disposition of all or substantially all
of the assets of the Company.

          3. Settlement of Restricted Stock Units. Settlement for any vested Restricted Stock Units
shall be in shares of Common Stock (collectively, the “Settlement Shares”). For the purposes of
this Agreement, the “Settlement Date” shall mean the date upon which one or more Restricted Stock
Units vest pursuant to this Agreement. The Company shall

 

 

deliver the Settlement Shares to the Employee as soon as reasonably practicable following the
applicable Settlement Date. Such Settlement Shares will be issued and evidenced in such manner as
the Committee in its discretion shall deem appropriate, including, without limitation, book-entry,
registration or issuance of one or more stock certificates. Upon issuance of the Settlement
Shares, the number of Restricted Stock Units equal to the Settlement Shares shall be extinguished
and such number of Restricted Stock Units will no longer be considered to be held by the Employee
for any purpose.

          4. Restriction on Transferability. Restricted Stock Units granted hereunder shall not be
sold, assigned, transferred, exchanged, pledged or otherwise encumbered or disposed of in any
manner by the Employee, except as otherwise approved by the Committee.

          5. Securities Laws. The Company shall not be obligated to issue or deliver any shares of
Common Stock under this Agreement in any manner in contravention of the Securities Act of 1933, as
amended, any other federal or state securities law or the rules of any exchange or market system
upon which the Common Stock is traded. The Board of Directors of the Company or the Committee may,
at any time, require, as a condition to the issuance or delivery of shares of Common Stock
hereunder, the representation or agreement of the Employee to the effect that the shares issuable
hereunder are acquired by the Employee for investment purposes and not with a view to the resale or
distribution thereof, and may require such other representations and documents as may be required
to comply with applicable securities laws or the rules of any applicable exchange or market system.

          6. Withholding of Applicable Taxes. It shall be a condition to the Company’s obligation to
deliver of the Settlement Shares to the Employee that all applicable federal, state, or local
withholding or employment taxes (such amount, the “Withholding Amount”) must first be satisfied.
The Employee agrees that the Company, or any Affiliate, as the case may be, will have the right to
withhold from the Settlement Shares a sufficient number of shares of Common Stock to be sold in
order to satisfy in full the Withholding Amount on behalf of the Employee.

          7. Subject to Terms of Plan. The Restricted Stock Units are subject to the terms and
provisions of the Plan. To the extent that the provisions hereof conflict with those of the Plan,
the provisions of the Plan shall control. All decisions or interpretations made by the Committee
regarding any issue or question arising under this Agreement or the Plan shall be final, binding
and conclusive on the Company and the Employee.

          8. No Rights as Stockholder. The Restricted Stock Units granted under this Agreement do not
provide the Employee with any of the rights of a stockholder of the Company, including, without
limitation, the right to vote or receive any dividends declared or paid on the Common Stock, unless
and until shares of Common Stock relating to the Restricted Stock Units have been issued to the
Employee.

          9. Continued Employment or Service. Nothing contained herein or in the Plan shall confer any
right to continue in the employ or service of the Company or any parent or subsidiary of the
Company or interfere in any way with the right of the Company or any parent

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or subsidiary of the Company to terminate the employment, services, responsibilities or duties
of the Employee at any time for any reason whatsoever.

          10. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties hereto, including the successors and assigns of the Company.

          11. Governing Law. This Agreement will be interpreted and enforced under the laws of the
State of New York, other than any conflicts or choice of law rule or principle that might otherwise
refer construction or interpretation of this Agreement to the substantive law of another
jurisdiction. The parties will submit any dispute or claim arising under this Agreement to the
exclusive jurisdiction of the U.S. federal or New York state courts within the New York counties of
New York, Nassau, or Suffolk, and the parties hereby submit to, and waive any objection to,
personal jurisdiction and venue in such courts for such purpose.

          12. Counterparts. This Agreement may be executed simultaneously in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the parties hereto have executed, or caused to be duly executed on their
behalf, this Restricted Stock Unit Agreement as of the day and year first above written.

	 	 	 	 	 
	 

	 	OSI PHARMACEUTICALS, INC.	 	 
	 
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 

	 	EMPLOYEE	 	 
	 
	 	 	 	 
	 

	 	 

[EMPLOYEE]

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