Document:

Exhibit 10.28

 

NONQUALIFIED STOCK OPTION TO PURCHASE SHARES OF COMMON

STOCK UNDER THE HARVARD
BIOSCIENCE, INC.

2000 STOCK OPTION AND
INCENTIVE PLAN

 

 

	
   

  	
   Shares

  	
   

  	
   

  
	
   

  	
   

  	
  (Option Issuance Date)

  

 

 

 

 

Pursuant to the Harvard Bioscience, Inc. 2000 Stock
Option and Incentive Plan (the “Plan”), Harvard Bioscience, Inc., a Delaware
corporation (including its successors, the “Company”), hereby grants to                             
(the “Optionee”) an option to purchase (the “Option”) prior to the
tenth (10th) anniversary of the date hereof (the “Expiration Date”), at an
exercise price per share of $         
all or any of           
shares of Common Stock, $.01 par value, of the Company (the “Shares”),
subject to the terms and conditions set forth herein and in the Plan (the “Agreement”).   This Option is intended to be a Nonqualified
Stock Option granted under the Plan.

 

1.             Vesting
Schedule.  No portion of this Option
may be exercised until such portion shall have vested.  Except as set forth below and subject to the
terms and conditions set forth below, this Option shall be vested and
exercisable with respect to the following number of Shares on the dates
indicated:

 

 

	
  Cumulative

  	
   

  
	
  Number of

  	
   

  
	
  Shares Exercisable

  	
   

  	
  Vesting
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
  (25%)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (50%)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (75%)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (100%)

  	
   

  
				

 

 

Once vested, this Option shall continue to be exercisable at any time
or times prior to the close of business on the Expiration Date, subject to the
provisions hereof and of the Plan.

 

2.             Manner
of Exercise.  The Optionee may
exercise the Option only in the following manner: From time to time prior to
the Expiration Date, the Optionee may give written notice to the Company of any
election to purchase some or all of the vested Shares purchasable at the time
of such notice.  Said notice shall specify
the number of vested Shares to be purchased and shall be accompanied by payment
therefor in cash, certified check, bank check or wire transfer, in U.S. funds,
payable to the order of the Company in an amount equal to the purchase 

 

 

 

 

price of such Shares, or with the consent of the Board of Directors of
the Company or a designated committee thereof (collectively, the “Board”) (i)
by delivery to the Company of shares of its Common Stock (including shares of
Common Stock to be acquired upon exercise of this Option in a “net exercise” of
this Option) having a fair market value equal to the purchase price of such
Shares, (ii) by delivery to the Company of a promissory note, in form and
substance acceptable to the Board, in principal amount equal to the purchase
price of such Shares, or (iii) any combination of the above.

 

The delivery of certificates representing the Shares
will be contingent upon the Company’s receipt from the Optionee of full payment
for the Shares, as set forth above and any agreement, statement or other
evidence that the Company may require to satisfy itself that the issuance of
Stock to be purchased pursuant to the exercise of Options under the Plan and
any subsequent resale of the shares of Stock will be in compliance with the
applicable laws and regulations.

 

Certificates for the shares of Stock purchased upon
exercise of this Option shall be issued and delivered to the Optionee upon
compliance, to the satisfaction of the Administrator, with all requirements
under the applicable laws or regulations in connection with such issuance and
with the requirements hereof and of the Plan. 
The determination of the Administrator as to such compliance shall be
final and binding on the Optionee.  The
Optionee shall not be deemed to be the holder of, or to have any of the rights
of a holder with respect to, any shares of Stock subject to this Option unless
and until this Option shall have been exercised pursuant to the terms hereof,
the Company shall have issued and delivered the shares to the Optionee, and the
Optionee’s name shall have been entered as the stockholder of record on the
books of the Company.  Thereupon, the
Optionee shall have full voting, dividend and other ownership rights with
respect to such shares of Stock.

 

The minimum number of shares with respect to which
this Option may be exercised at any one time shall be 100 shares, unless the
number of shares with respect to which this Option is being exercised is the
total number of shares subject to exercise under this Option at the time.

 

3.             Termination
of Employment or Death of Optionee. 
The Option, as to any Shares not theretofore purchased, shall terminate
on the earlier of the Expiration Date or 30 days after the Optionee is no
longer employed by the Company or a Subsidiary (as defined in the Plan);
provided, however, that if such termination of employment results from (i) the
Optionee’s death or disability, the Option may be exercised as to vested Shares
as of the date of such termination of employment within three (3) months
thereafter (but in no event later than the Expiration Date) by the Optionee’s
executors, administrators, personal representatives, or any person or persons
to whom the Option may be transferred by will or by the laws of descent and
distribution, but only to the extent that the Optionee was entitled to exercise
the Option at the time of such termination of Optionee’s employment or (ii) the
Optionee’s termination for Cause (as defined below), the Option (as to all
vested and unvested Shares) shall immediately terminate and be of no further
force or effect.  Following the
termination of the Optionee’s employment and prior to the termination of the
Option, unless otherwise determined by the Administrator, the Option may only
be exercised as to vested Shares as of the date of the termination of the
Optionee’s employment.  The Option does
not confer upon the Optionee any right with respect to continuation of
employment by the Company, nor shall it interfere with any right of the 

 

2

 

 

Company to terminate such employment at any time or any employee’s “employee-at-will”
status.

 

“Cause” as such
term relates to the termination of any person means the occurrence of one or
more of the following:  (i) such person
is convicted of, pleads guilty to, or confesses to any felony or any act of
fraud, misappropriation or embezzlement, (ii) such person engages in a
fraudulent act to the material damage or prejudice of the Company or any
Subsidiary or in conduct or activities materially damaging to the property,
business or reputation of the Company or any Subsidiary, (iii) any material act
or omission by such person involving malfeasance or negligence in the
performance of such person’s duties to the Company or any Subsidiary to the
material detriment of the Company or any Subsidiary, which has not been
corrected by such person within 30 days after written notice from the Company
of any such act or omission, (iv) failure by such person to comply in any
material respect with the terms of his employment agreement, if any, or any
written policies or directives of the Board, which has not been corrected by
such person within 30 days after written notice from the Company of such
failure, or (v) material breach by such person of his noncompetition agreement
with the Company, if any.

 

4.             Shares.  The Shares that are the subject of the Option
are shares of the Common Stock, $.01 par value, of the Company as constituted
on the date of the Option, subject to adjustment as provided in Section 3 of
the Plan.

 

5.             Effect
of Certain Transactions.  If (i) the
Company is merged into or consolidated with another corporation and the Company
is not the surviving corporation, (ii) one or more corporations are merged into
the Company which continues as the surviving corporation and the stockholders
of the Company immediately prior to the transaction own less than a majority of
its outstanding Common Stock immediately after the transaction, or shares of
Common Stock of the Company are converted into cash, securities or property
other than shares of Common Stock of the Company, or (iii) the Company is
liquidated, dissolved, or sells or otherwise disposes of all or substantially
all of its assets to another entity while any portion of the Option remains
unexercised and unexpired, then in any of such transactions the Board may, in
its sole discretion, take one or more of the following actions:

 

(a)           The
Compensation Committee of the Board (the “Committee”) may cancel the Option as
of the effective date of any such transaction, provided that notice of such
cancellation shall be given to the Optionee at least 15 days prior to the
effective date of such transaction, and the Optionee shall have the right to
exercise so much of the Option as is exercisable during said 15-day period,
including Options which become exercisable due to acceleration of vesting, if
any, by the Board;

 

(b)           The
Committee may (i) cancel the Option as to unvested Shares as of the effective
date of the transaction and (ii) provide for the repurchase of unexercised
Options as to vested Shares as of the effective date of such transaction by the
Company on the effective date of such transaction for the same cash, securities
or other property received with respect to each outstanding Share in the
transaction by the stockholders of the Company, less the exercise price of the
Option;

 

3

 

(c)           The
Committee may provide for the voluntary exchange of the Option on the effective
date of such transaction for an option or other rights granted by a successor
corporation on terms reasonably acceptable to the Optionee; or

 

(d)           The
Committee may provide that after the effective date of such transaction, the
Optionee shall be entitled upon exercise of the Option as to any vested Shares
to receive in lieu of each Share purchasable under the Option the same cash,
securities or other property received with respect each outstanding Share in
the transaction by the stockholders of the Company.

 

Upon the consummation of a Sale Event (as defined in
the Plan) or occurrence of a Change of Control (as defined in the Plan), in
either case, following the grant date of the Option, the Option shall become
fully vested and exercisable with respect to all of the Shares as of the
effective time of the Sale Event or the occurrence of the Change of Control,
respectively.

 

6.             Transferability.
  This Agreement is personal to the
Optionee, is non-assignable and is not transferable in any manner, by operation
of law or otherwise, other than by will or the laws of descent and
distribution. This Option is exercisable, during the Optionees’s lifetime, only
by the Optioneee, and thereafter, only by the Optionee’s legal representative
or legatee.

 

7.             Miscellaneous.  Notices hereunder shall be mailed or
delivered to the Company’s  principal
place of business, 84 October Hill Rd., Holliston, MA 01746 and shall be mailed
or delivered to the Optionee at the address set forth below, or in either case
at such other address as one party may subsequently furnish to the other party
in writing.

 

Harvard
Bioscience, Inc.

 

 

	
   

  	
   

  
	
  By:

  	
   

  
	
  Name: 

  	
  Bryce Chicoyne

  
	
  Title:

  	
  Chief Financial Officer

  

 

 

 

The foregoing Option is
hereby acceptable and its terms and conditions are hereby agreed to.

 

	
   

  	
   

  
	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  
	
   

  	
   

  
	
   

  	
  Address

  
	
   

  
	
   

  	
   

  
	
   

  	
  Social Security Number

  
				

 

 

 

4EXHIBIT
10.29

 

 

NON-QUALIFIED STOCK OPTION AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

 

UNDER THE HARVARD BIOSCIENCE, INC.

2000 STOCK OPTION AND INCENTIVE PLAN

 

Name of Optionee:  

No. of Option
Shares:  

Option Exercise Price per
Share:  

Grant Date:  

Expiration Date:  

 

                Pursuant
to the Harvard Bioscience, Inc., 2000 Stock Option and Incentive Plan (the “Plan”)
as amended through the date hereof, Harvard Bioscience, Inc., (the “Company”)
hereby grants to the Optionee named above, who is a Director of the Company but
is not an employee of the Company, an option (the “Stock Option”) to purchase
on or prior to the Expiration Date specified above all or part of the number of
shares of Common Stock, par value $.01 per share (the “Stock”) of the Company
specified above at the Option Exercise Price per Share specified above subject
to the terms and conditions set forth herein and in the Plan.

1.             Vesting.  No portion of the Stock Option may be
exercised until this Stock Option shall have vested.  Except as set forth below, this Stock Option
shall be vested and exercisable as to         
shares on the first anniversary of the Grant Date, vested and exercisable as to             shares
on the second anniversary of the Grant Date and vested and exercisable as to          
shares on the third anniversary of the Grant Date.

                In
the event of the termination of the Optionee’s service as a director of the
Company because of Disability (as defined below) or death, this Stock Option
shall become immediately vested and exercisable in full, whether or not vested
and exercisable at such time.  Once
vested, this Stock Option shall continue to be exercisable at any time or times
prior to the close of business on the Expiration Date, subject to the provisions
hereof and of the Plan.  The term “Disability”
shall mean that condition described in Section 22(e)(3) of the Internal Revenue
Code of 1986, as amended (the “Code”). 
In the event of a dispute, the determination of Disability will be made
by the Administrator (as defined in Section 2(a) of the Plan) in good faith and
with the advice of a physician competent in the area to which such Disability
relates.

Upon the consummation of a Sale Event (as defined in
the Plan) or occurrence of a Change of Control (as defined in the Plan), in
either case, following the grant date of this Stock Option, this Stock Option
shall become fully vested and exercisable with respect to all of the 

 

 

 

Option Shares as of the effective time of the Sale Event or the
occurrence of the Change of Control, respectively.

 

2.             Exercise
of Stock Option.

(a)           The Optionee may exercise this Option
only in the following manner:  from time
to time on or prior to the Expiration Date of this Option, the Optionee may
give written notice to the Company of his or her election to purchase some or
all of the vested Option Shares purchasable at the time of such notice.  This notice shall specify the number of
Option Shares to be purchased.

                Payment
of the purchase price for the Option Shares may be made by one or more of the
following methods:  (i) in cash, by
certified or bank check or other instrument acceptable to the Administrator;
(ii) in the form of shares of Stock that are not then subject to restrictions
under any Company plan and that have been held by the Optionee for at least six
months; (iii) by the Optionee delivering to the Company a properly executed
exercise notice together with irrevocable instructions to a broker to promptly
deliver to the Company cash or a check payable and acceptable to the Company to
pay the option purchase price, provided that in the event the Optionee chooses
to pay the option purchase price as so provided, the Optionee and the broker
shall comply with such procedures and enter into such agreements of indemnity
and other agreements as the Administrator shall prescribe as a condition of
such payment procedure; or (iv) a combination of (i), (ii) and (iii)
above.  Payment instruments will be
received subject to collection.

                The
delivery of certificates representing the Option Shares will be contingent upon
the Company’s receipt from the Optionee of full payment for the Option Shares,
as set forth above and any agreement, statement or other evidence that the
Company may require to satisfy itself that the issuance of Stock to be
purchased pursuant to the exercise of Options under the Plan and any subsequent
resale of the shares of Stock will be in compliance with applicable laws and
regulations.

(b)           Certificates for shares of Stock
purchased upon exercise of this Stock Option shall be issued and delivered to
the Optionee upon compliance to the satisfaction of the Administrator with all
requirements under applicable laws or regulations in connection with such
issuance and with the requirements hereof and of the Plan.  The determination of the Administrator as to
such compliance shall be final and binding on the Optionee.  The Optionee shall not be deemed to be the
holder of the shares subject to this Stock Option, or to have any of the rights
of a holder, unless and until this Stock Option shall have been exercised
pursuant to the terms hereof, the Company shall have issued and delivered the
shares to the Optionee, and the Optionee’s name shall have been entered as the
stockholder of record on the books of the Company.  Thereupon, the Optionee shall have full voting,
dividend and other ownership rights with respect to such shares of Stock.

(c)           Notwithstanding any other provision
hereof or of the Plan, no portion of this Stock Option shall be exercisable
after the Expiration Date hereof.

 

2

 

3.                                       Termination as Director. 
If the Optionee ceases to be a Director of the Company, the period
within which to exercise the Stock Option may be subject to earlier termination
as set forth below.

(a)           Termination
by Reason of Death.  If the Optionee
ceases to be a Director by reason of death, any Stock Option held by the
Optionee may be exercised by his or her legal representative or legatee for a
period of twelve (12) months from the date of death or until the Expiration
Date, if earlier.

(b)           Other Termination.  If the Optionee ceases to be a Director for
any reason other than death, any Stock Option held by the Optionee may be exercised
to the extent exercisable on the date Optionee ceases to be a Director for a
period of three (3) months from the date of termination or until the Expiration
Date, if earlier.

4.                                       Incorporation of Plan. 
Notwithstanding anything herein to the contrary, this Stock Option shall
be subject to and governed by all the terms and conditions of the Plan.  Capitalized terms in this Agreement shall have
the meaning specified in the Plan, unless a different meaning is specified
herein.

5.                                       Transferability. 
This Agreement is personal to the Optionee, is non-assignable and is not
transferable in any manner, by operation of law or otherwise, other than by
will or the laws of descent and distribution. 
This Stock Option is exercisable, during the Optionee’s lifetime, only
the Optionee, and thereafter, only by the Optionee’s legal representative or
legatee.

6.                                       Miscellaneous

(a)     Notice hereunder shall be given to the
Company at its principal place of business, and shall be given to the Optionee
at the address set forth below, or in either case at such other address as one
party subsequently furnish to the other party in writing.

(b)     This Stock Option does not confer upon the
Optionee any rights with respect to continuance as a Director.

(c)     Pursuant to Section 15 of the Plan, the
Administrator may at any time amend or cancel any outstanding portion of this
Stock Option, but no such action may be taken which adversely affects the
Optionee’s rights under this Agreement without the Optionee’s consent.

 

 

	
  HARVARD BIOSCIENCE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  
	
   

  	
  Name:  Bryce
  Chicoyne

  
	
   

  	
  Title:  Chief
  Financial Officer

  
			

 

 

3

 

The foregoing
Agreement is hereby accepted and the terms and conditions thereof hereby agreed
to by the undersigned.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Optionee’s
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Optionee’s
  name and address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]