Document:

Exhibit 10.2

 

ALLOS
THERAPEUTICS, INC.

RESTRICTED STOCK  AWARD
AGREEMENT

This Restricted Stock Award
Agreement (this “Agreement”)
is made as of this 9th day of March, 2006 (the “Grant Date”), between
Allos Therapeutics, Inc. (the “Company”)
and Paul L. Berns (the “Holder”).

WHEREAS, the Company
desires to employ the Holder pursuant to the terms of that certain Employment
Agreement between the Company and the Holder dated March 9, 2006 (the “Employment
Agreement”; and

WHEREAS, as an inducement
for the Holder to enter into the Employment Agreement, the Board of Directors
of the Company (the “Board”) has authorized an award (the “Award”)
to the Holder of 300,000 shares of the Common Stock of the Company, on the
terms set forth in this Agreement; and

WHEREAS, the Award shall be
governed by the terms and conditions of this Agreement and the Allos
Therapeutics, Inc. 2000 Stock Incentive Compensation Plan (the “Plan”),
as if the Award has been granted under the Plan, although the parties
understand that the Award shall not be granted under the Plan; and

WHEREAS, the Holder desires
to accept the Award and agrees to be bound by the terms and conditions and
restrictions of this Agreement.

NOW, THEREFORE, in
consideration of the mutual covenants set forth herein, the parties agree as
follows:

1.             Grant of Restricted Stock.  Subject to the terms and conditions set forth
herein and the terms of the Plan, the Company hereby grants to the Holder
300,000 shares of Common Stock of the Company (the “Restricted Stock”).  The Restricted Stock granted hereunder shall
be registered in the Holder’s name on the books of the Company, but the
certificates evidencing such Restricted Stock shall be retained by the Company
during the period prior to the vesting of the Restricted Stock as set forth in
Section 2 hereof.  Concurrently with the
execution of this Agreement by the Holder, the Holder shall execute an
Assignment Separate from Certificate (in the form attached hereto as Exhibit A)
with respect to such Restricted Stock.

2.             Vesting.

(a)           The
Restricted Stock shall vest as follows:

	
   

  	
   

  	
  Number of shares

  	
   

  
	
   

  	
   

  	
  of Restricted Stock

  	
   

  
	
  Date

  	
   

  	
  that become vested

  	
   

  
	
  First Anniversary of the
  Grant Date

  	
   

  	
  75,000

  	
   

  
	
  Second Anniversary of the
  Grant Date

  	
   

  	
  75,000

  	
   

  
	
  Third Anniversary of the
  Grant Date

  	
   

  	
  75,000

  	
   

  
	
  Fourth Anniversary of the
  Grant Date

  	
   

  	
  75,000

  	
   

  

 

 

(b)           Any
portion of the Restricted Stock that is not yet vested and non-forfeitable
shall become fully vested and nonforfeitable as and to the extent provided in
Section 8(g) of the Employment Agreement.

(c)           Until
such time as any share of Restricted Stock becomes vested pursuant to this
Section 2, the Holder shall not have the right to make or permit to occur any
transfer, pledge or hypothecation of all or any portion of the Restricted
Stock, whether outright or as security, with or without consideration,
voluntary or involuntary, except by will or by the laws of descent and
distribution.  Any transfer, pledge or
hypothecation not made in accordance with this Agreement shall be null and
void.

3.             Termination of Employment.  The Holder shall forfeit all of his rights
and interest in the Restricted Stock in the event his employment with the
Company terminates for any reason before the Restricted Stock becomes vested
pursuant to Section 2 of this Agreement.

4.             Delivery of Share Certificates.  Upon the vesting of the Restricted Stock
pursuant to Section 2 of this Agreement, the certificates evidencing such
Restricted Stock shall be delivered promptly to the Holder.

5.             Holder.  Whenever the word “Holder” is used in this
Agreement under circumstances where the provision should logically be construed
to apply to the executors, the administrators, or the person or persons to whom
the Restricted Stock may be transferred by will or by the laws of descent and
distribution, the word “Holder” shall be deemed to include such person or
persons.

6.             Legend on Certificates.  Any certificates representing the vested
Restricted Stock delivered to the Holder shall be subject to such stop transfer
orders and other restrictions as the Company may deem advisable under the
rules, regulations, and other requirements of the Securities and Exchange
Commission, any stock exchange upon which the Company’s Common Stock is listed,
if any, and any applicable federal or state laws, and the Company may cause a
legend or legends to be put on any such certificates to make appropriate
reference to such restrictions.

7.             Special Tax
Election.

(a)           Under
Section 83 of the Code, the Fair Market Value of the Restricted Stock on the
date any forfeiture restrictions applicable to such shares lapse will be
reportable as ordinary income on the lapse date.  For this purpose, the term “forfeiture
restrictions” includes vesting provisions applicable to the Restricted
Stock.  The Holder may elect under
Section 83(b) of the Code to be taxed at the time the Restricted Stock is
acquired, rather than when and as such Restricted Stock cease to be subject to
such forfeiture restrictions.  Such
election must be filed with the Internal Revenue Service within thirty (30) days
after the Grant Date.

(b)           THE FORM FOR MAKING THIS
ELECTION IS ATTACHED AS EXHIBIT B HERETO. 
THE HOLDER UNDERSTANDS THAT FAILURE TO MAKE THIS FILING WITHIN THE
APPLICABLE THIRTY (30) DAY PERIOD WILL RESULT IN THE RECOGNITION OF ORDINARY
INCOME AS THE FORFEITURE RESTRICTIONS LAPSE.

 

2

 

(c)           THE HOLDER ACKNOWLEDGES
THAT IT IS THE HOLDER’S SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A
TIMELY ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF THE HOLDER REQUESTS
THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON HIS BEHALF.

8.             Tax Withholding.  The Company’s obligation to deliver
Restricted Stock is subject to the Holder’s satisfaction of any applicable
federal, state and local income and employment tax and withholding requirements
in a manner and form satisfactory to the Company.

9.             Notice.  Every notice or other communication relating
to this Agreement shall be given in writing, and shall be mailed to or
delivered to the party for whom it is intended at such address as may from time
to time be designated by it in a notice mailed or delivered to the other party
as herein provided, provided that, unless and until some other address be so
designated, all notices or communications by the Holder to the Company shall be
mailed or delivered to the Company at its principal executive office, and all
notices or communications by the Company to the Holder may be given to the
Holder personally or may be mailed to Holder at the Holder’s last known
address, as reflected in the Company’s records.

10.           No Right to Continued Employment.  This Agreement does not confer upon the
Holder any right to continued employment pursuant to the Employment Agreement
or otherwise.

11.           Waiver and Amendments.  Any waiver, alteration, amendment or
modification of any of the terms of this Agreement shall be valid only if made
in writing and signed by the parties hereto; provided, however,
that any such waiver, alteration, amendment or modification is consented to on
the Company’s behalf by the Board.  No
waiver by either of the parties hereto of their rights hereunder shall be
deemed to constitute a waiver with respect to any subsequent occurrences or
transactions hereunder unless such waiver specifically states that it is to be
construed as a continuing waiver.

12.           Governing Law.  This Agreement shall be construed and
interpreted in accordance with the laws of the State of Delaware, without
regard to such state’s conflicts of laws rules.

13.           Plan.  The terms and provisions of the Plan are
incorporated herein by reference (although, for purposes of clarity, the Award
is not granted under the Plan).  In the
event of a conflict or inconsistency between discretionary terms and provisions
of the Plan and the express provisions of this Agreement, this Agreement shall
govern and control.  In all other
instances of conflicts or inconsistencies or omissions, the terms and
provisions of the Plan shall govern and control.

 

[The
remainder of this page is left intentionally blank]

 

3

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement on the day and year first above written.

 

	
   

  	
  ALLOS THERAPEUTICS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen J. Hoffman

  
	
   

  	
  Name:

  	
  Stephen J. Hoffman

  
	
   

  	
  Title:

  	
  Chairman of the Board

  
	
   

  	
   

  	
   

  
	
   

  	
  PAUL L. BERNS

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Paul L. Berns

  
	
   

  	
  Paul L. Berns

  

 

Signature Page to

Restricted Stock Award Agreement

 

 

Exhibit A

 

ASSIGNMENT SEPARATE FROM CERTIFICATE

 

FOR VALUE RECEIVED, Paul L. Berns
hereby sell(s), assign(s) and transfer(s) unto Allos Therapeutics, Inc. (the “Company”),
                      
(           ) shares of
the Common Stock of the Company standing in his name on the books of the
Company represented by Certificate No.            
herewith and do(es) hereby irrevocably constitute and appoint                       
Attorney to transfer the said stock on the books of the Company with full power
of substitution in the premises.

Dated:             

	
   

  	
  Signature
  

  	
   

  

 

Instruction:  Please do not fill in any blanks other than
the signature line.  Please sign exactly
as you would like your name to appear on the issued stock certificate.

 

 

Exhibit B

EXPLANATION OF A 

SECTION 83(b) TAX ELECTION

In general, Section 83 of
the Internal Revenue Code of 1986 (the “Code”), as amended, provides that a
Holder of shares subject to any forfeiture restrictions will recognize income
equal to the excess of the Fair Market Value of the shares on the date any
forfeiture restrictions applicable to such shares lapse over the amount paid
for such shares.  For this purpose, the
term “forfeiture restrictions” includes the vesting restrictions placed on the
Restricted Stock.

However, the Holder may
elect under Section 83(b) of the Code to be taxed at the time the Restricted
Stock is granted, rather than on each date the Restricted Stock ceases to be
subject to forfeiture restrictions.  The
election must be filed with the Internal Revenue Service within thirty (30)
days after the date of grant and a copy must be filed with the Company.  A second copy must be attached to the Holder’s
tax return for the taxable year in which the election occurred.  A form for making this election is attached
as part of this exhibit.  FAILURE TO MAKE THIS FILING WITHIN THE APPLICABLE
THIRTY (30) DAY PERIOD WILL RESULT IN THE RECOGNITION OF ORDINARY INCOME BY THE
HOLDER AS THE FORFEITURE RESTRICTIONS LAPSE.

THE
DISCUSSION ABOVE IS INTENDED ONLY AS A SUMMARY AND DOES NOT PURPORT TO BE A
COMPLETE DISCUSSION OF ALL POTENTIAL TAX EFFECTS RELEVANT TO THE HOLDER.  SUCH DISCUSSION IS BASED UPON CURRENT LAW AND
INTERPRETATIONAL AUTHORITIES WHICH ARE SUBJECT TO CHANGE AT ANY TIME.  IT IS STRONGLY URGED THAT THE HOLDER CONSULT
WITH HIS OWN TAX ADVISOR CONCERNING THE TAX CONSEQUENCES OF MAKING A SECTION
83(b) TAX ELECTION.

 

 

ELECTION TO INCLUDE VALUE OF
RESTRICTED PROPERTY IN

GROSS INCOME IN YEAR OF TRANSFER UNDER CODE § 83(b)

                
                                The
undersigned hereby elects pursuant to § 83(b) of the Internal Revenue Code
with respect to the property described below and supplies the following
information in accordance with the regulations promulgated thereunder:

 

1.             The
name, address and taxpayer identification number of the undersigned are:

	
  Name:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SS#:

  	
   

  	
   

  

 

2.             Description
of property with respect to which the election is being made:

The
undersigned has received             shares of Common Stock of Allos
Therapeutics, Inc. (the “Company”).

3.             The
date on which property was transferred is            ,      .

4.             The
taxable year to which this election relates is calendar year       .

5.             The
nature of the restriction(s) to which the property is subject is:

The property is subject to
subject to vesting requirements based upon the taxpayer’s employment with the
issuer.

6.             Fair
market value:

The
aggregate fair market value at time of transfer (determined without regard to
any restrictions other than restrictions which by their terms will never lapse)
of the property with respect to which this election is being made is $           .

7.             Amount
paid for property:

The
amount paid by taxpayer for the property is $           .

8.             Furnishing
statement to employer:

A
copy of this statement has been furnished to the Company, the employer of the
undersigned.

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Taxpayer’s SignatureExhibit
10.3

 

FIRST
AMENDMENT TO

SEPARATION
AGREEMENT

 

                This
First Amendment to Separation Agreement (this “Amendment”) is made
effective as of March 9, 2006, and is entered into by and between Allos
Therapeutics, Inc., a Delaware corporation (the “Company”), and Michael
E. Hart (“Executive” and, together with the Company, the “Parties”).

 

RECITALS

 

                WHEREAS, the Company and
Executive are parties to that certain Separation Agreement dated March 3, 2006
(the “Separation Agreement”);

 

                WHEREAS, in connection with Executive’s resignation as
President, Chief Executive Officer and Chief Financial Officer of the Company,
the Parties desire to amend the Separation Agreement to provide Executive with
certain outplacement assistance.

 

                NOW, THEREFORE, in consideration
of the foregoing premises and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

 

AGREEMENT

 

1.                                       All capitalized
terms used but not defined herein shall have the meanings assigned to them in
the Separation Agreement.

 

2.                                       Section 2 of
the Separation Agreement is hereby amended by adding a new paragraph (g) as
follows:

 

                (g)           Outplacement Assistance.  For
a period of twelve months following the Separation Date or the Early Separation
Date, Executive shall receive outplacement assistance services from an
outplacement agency selected by Executive and the Company shall pay all costs
of such services; provided that such costs shall not exceed $20,000 in
the aggregate.

 

3.                                       Except as set
forth above, the Separation Agreement shall remain in full force and effect in
accordance with its terms.

 

5.                                       This Amendment may be executed in one or more counterparts, each of which
shall be deemed an original and all of which together shall be considered one
and the same agreement.

 

6.                                       This Amendment shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware applicable to contracts made
and to be performed entirely within such state.

 

7.                                       This Amendment
shall be effective upon its execution by each of the Company and Executive.

 

[Remainder
of page intentionally left blank.]

 

 

                IN
WITNESS WHEREOF, the parties have executed this First Amendment to Separation
Agreement effective as of the date and year first written above.

 

 

 

 

	
   

  	
  /s/ Michael E. Hart

  
	
   

  	
  Michael E. Hart

  
	
   

  	
   

  	
   

  
	
   

  	
  ALLOS THERAPEUTICS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen J. Hoffman

  
	
   

  	
  Name:

  	
  Stephen J. Hoffman

  
	
   

  	
  Title:

  	
  Chairman

  

 

 

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