Document:

exv10w2

 

Exhibit 10.2

Form of

Incentive Stock Option Agreement

Granted Under 2005 Stock Incentive Plan

1. Grant of Option.

     This agreement evidences the grant by Cynosure, Inc., a Delaware corporation (the “Company”),
on                     , 200___(the “Grant Date”) to                     , an employee of the Company (the
“Participant”), of an option to purchase, in whole or in part, on the terms provided herein and in
the Company’s 2005 Stock Incentive Plan (the “Plan”), a total of                                 shares (the “Shares”)
of Class A Common Stock, par value $0.001 per share, of the Company (“Class A Common Stock”) at
$                     per Share. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern
time, on                      (the “Final Exercise Date”).

     It is intended that the option evidenced by this agreement shall be an incentive stock option
as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations
promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term
“Participant”, as used in this option, shall be deemed to include any person who acquires the right
to exercise this option validly under its terms.

2. Vesting Schedule.

     This option will become exercisable (“vest”) as to                     % of the original number of
Shares on the                      anniversary of the Grant Date and as to an additional                     % of the
original number of Shares at the end of each successive                     -month period following the first
anniversary of the Grant Date until the                      anniversary of the Grant Date.

     The right of exercise shall be cumulative so that to the extent the option is not exercised in
any period to the maximum extent permissible it shall continue to be exercisable, in whole or in
part, with respect to all Shares for which it is vested until the earlier of the Final Exercise
Date or the termination of this option under Section 3 hereof or the Plan.

3. Exercise of Option.

     (a) Form of Exercise. Each election to exercise this option shall be in writing,
signed by the Participant, and received by the Company at its principal office, accompanied by this
agreement, and payment in full in the manner provided in the Plan. The Participant may purchase
less than the number of shares covered hereby, provided that no partial exercise of this option may
be for any fractional share.

     (b) Continuous Relationship with the Company Required. Except as otherwise provided
in this Section 3, this option may not be exercised unless the Participant, at the time he or she
exercises this option, is, and has been at all times since the Grant Date, an employee or officer
of, or consultant or advisor to, the Company or any parent or subsidiary of the Company as defined
in Section 424(e) or (f) of the Code (an “Eligible Participant”).

     (c) Termination of Relationship with the Company. If the Participant ceases to be an
Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the
right to exercise this option shall terminate three months after such cessation (but in no event
after the Final Exercise Date), provided that this option shall be exercisable only
to the extent that the Participant was entitled to exercise this option on the date of such
cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date,
violates the non-competition or confidentiality provisions of any employment contract,
confidentiality and nondisclosure agreement or other agreement between the Participant and the
Company, the right to exercise this option shall terminate immediately upon such violation.

 

 

     (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes
disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date
while he or she is an Eligible Participant and the Company has not terminated such relationship for
“cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of
one year following the date of death or disability of the Participant, by the Participant (or in
the case of death by an authorized transferee), provided that this option shall be
exercisable only to the extent that this option was exercisable by the Participant on the date of
his or her death or disability, and further provided that this option shall not be exercisable
after the Final Exercise Date.

     (e) Termination for Cause. If, prior to the Final Exercise Date, the Participant’s
employment is terminated by the Company for Cause (as defined below), the right to exercise this
option shall terminate immediately upon the effective date of such termination of employment. If
the Participant is party to an employment or severance agreement with the Company that contains a
definition of “cause” for termination of employment, “Cause” shall have the meaning ascribed to
such term in such agreement. Otherwise, “Cause” shall mean willful misconduct by the Participant
or willful failure by the Participant to perform his or her responsibilities to the Company
(including, without limitation, breach by the Participant of any provision of any employment,
consulting, advisory, nondisclosure, non-competition or other similar agreement between the
Participant and the Company), as determined by the Company, which determination shall be
conclusive. The Participant shall be considered to have been discharged for Cause if the Company
determines, within 30 days after the Participant’s resignation, that discharge for cause was
warranted.

4. Tax Matters.

     (a) Withholding. No Shares will be issued pursuant to the exercise of this option
unless and until the Participant pays to the Company, or makes provision satisfactory to the
Company for payment of, any federal, state or local withholding taxes required by law to be
withheld in respect of this option.

     (b) Disqualifying Disposition. If the Participant disposes of Shares acquired upon
exercise of this option within two years from the Grant Date or one year after such Shares were
acquired pursuant to exercise of this option, the Participant shall notify the Company in writing
of such disposition.

5. Nontransferability of Option.

     This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the
Participant, either voluntarily or by operation of law, except by will or the laws of descent and
distribution, and, during the lifetime of the Participant, this option shall be exercisable only by
the Participant.

6. Provisions of the Plan.

     This option is subject to the provisions of the Plan, a copy of which is furnished to the
Participant with this option.

     IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal
by its duly authorized officer. This option shall take effect as a sealed instrument.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	CYNOSURE, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 

-2-

 

PARTICIPANT’S ACCEPTANCE

     The undersigned hereby accepts the foregoing option and agrees to the terms and conditions
thereof. The undersigned hereby acknowledges receipt of a copy of the Company’s 2005 Stock
Incentive Plan.

	 	 	 	 	 	 	 
	 

	 	PARTICIPANT:	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 

- 3 -exv10w1

 

Exhibit 10.1

FIRST AMENDMENT

TO

EMPLOYMENT AGREEMENT

     This First Amendment to Employment Agreement (the “Amendment”) is entered into as of August
1, 2006 by and between Elcom International, Inc., a Delaware corporation (the “Employer”), and John
E. Halnen (the “Executive”) and amends the Employment Agreement between the Employer and the
Executive dated as of December 21, 2005 (the “Agreement”). Capitalized terms used and not
otherwise defined herein shall have the same meanings ascribed to them in the Agreement.

     WHEREAS, the Employer and the Executive desire to amend the Agreement to modify certain terms
thereof;

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and with the specific intent to be bound hereby, the Employer and the
Executive hereby agree as follows:

     1. Amendment of the Agreement.

          (a) Section 2.2 of the Agreement is hereby amended to read in its
entirety as follows:

               “2.2 Term. Subject to earlier termination pursuant to the provisions of Section 6,
the term of the Executive’s employment under this Agreement shall commence on the Effective Date
and continue for two (2) years (the “Initial Term”) and shall automatically renew thereafter for
successive one-year periods (each a “Renewal Term” and, together with the Initial Term,
collectively referred to as the “Term”), unless either party provides the other party with sixty
(60) days advance written notice prior to the expiration of the Initial Term or a Renewal Term, as
the case may be, that either the Employer or the Executive desires to terminate this Agreement and
Executive’s employment hereunder at the conclusion of such Initial Term or a Renewal Term.”

          (b) Section 3.1 of the Agreement is hereby amended to read in its entirety as follows:

               “3.1 Salary. The Employer shall pay to the Executive a base salary at the rate of Two
Hundred Twelve Thousand Dollars ($212,000) per year; provided that, effective May 1, 2006, such
base salary shall be increased to the rate of Two Hundred Fifty Six Thousand Dollars ($256,000) per
year and, effective October 1, 2006, such base salary shall be increased to the rate of Three
Hundred Thousand Dollars ($300,000) per year (the “Salary”). The Executive’s Salary will be paid
in periodic installments in accordance with the Employer’s customary payroll practices.”

          (c) The first sentence of Section 5 of the Agreement is hereby amended to
read in its entirety as follows:

 

 

               “The Executive will be entitled to five (5) weeks (or otherwise in accordance with the
Employer’s vacation policies) of paid vacation each year during the Employment Period.”

     2. Effect on the Agreement. Except as expressly amended by this
Amendment, the Agreement shall remain in full force and effect.

     3. Miscellaneous.

          (a) This Amendment may be executed 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. This Amendment may be executed by facsimile signatures.

          (b) The section headings contained in this Amendment are inserted
for convenience only and shall not affect in any way the meaning or interpretation of this Amendment.

          (c) This Amendment shall be governed by and construed in accordance with
the internal laws of the Commonwealth of Massachusetts, without regard to conflict of law
principles. The parties agree that any lawsuit between them arising under this Amendment shall be
filed in any state court located in Norfolk County, Massachusetts, and each of the parties hereby
agrees, acknowledges, waiving any and all objections, and submits itself to the exclusive
jurisdiction and venue of such courts for the purposes of such lawsuit and agrees to accept service
of process in accordance with the provisions for delivery of notice set forth in the Agreement.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written
above.

	 	 	 	 	 
	 	EMPLOYER:

ELCOM INTERNATIONAL, INC.

 	 
	 	By:  	/s/ Sean P. Lewis
 	 
	 	 	Name:  	Sean P. Lewis 	 
	 	 	Title:  	Chairman 	 
	 
	 	EXECUTIVE:

 	 
	 	/s/ John E. Halnen
 	 
	 	John E. Halnen

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