Document:

Form of Non-Employee Director Stock Option Agreement (equal two-year vesting).

 Exhibit 10.3 
 NON-EMPLOYEE DIRECTOR 
 STOCK OPTION AGREEMENT 

[DATE] 
 [NAME] (“Grantee”)

 [ADDRESS] 
 [ADDRESS] 

Dear                     : 

Adolor Corporation, a Delaware corporation (the “Company”), and the Grantee hereby enter into this Stock Option Agreement (the
“Agreement”), effective as of February 22, 2011 (the “Grant Date”). 
 All capitalized terms used but not defined
herein shall have the meaning ascribed to such terms in the Amended and Restated Adolor Corporation 2003 Stock Based Incentive Compensation Plan (the “Plan”). 

 

	1.	Grant of Option. 

Pursuant to the terms and conditions set forth in this Agreement and the Plan, the Company hereby grants (“Grant”) to Grantee,
as of the Grant Date (the “Grant”), a Non-Qualified Option (the “Option”) to purchase 30,000 shares of common stock of the Company, $0.0001 par value (“Common Stock”), at an exercise price of $1.39 per
share. (The shares of Common Stock subject to the Option shall be referred to herein as the “Shares.”) 
 This Grant
shall become null and void unless Grantee shall accept these terms and conditions by executing this Agreement below and returning it to the Company’s Finance Department not later than 45 days following the Grant Date. By accepting the
Grant, Grantee agrees to be bound by the terms of the Plan and this Agreement and further agrees that all of the decisions and determinations of the Committee (as defined in the Plan) with respect to the Option shall be final and binding.

 Unless sooner terminated in accordance with the provisions of the Plan or this Agreement, this Option will terminate at the
close of business on February 22, 2021 (the “Expiration Date”). 
  

	2.	Option Nontransferable. 

 This Option is not transferable or assignable by the Grantee other than by will or by the laws of descent and distribution, and during the lifetime of the Grantee, this Option is exercisable only by the
Grantee. Upon the death of the Grantee, the Person to whom the rights under this Option have passed by will or by the laws of descent and distribution may exercise this Option only in accordance with this Agreement and the provisions of the Plan.

  

	3.	Vesting and Exercise of Option. 

 The Option shall vest and become exercisable in two equal annual installments during the period beginning on the Grant Date and ending on [TWO YEARS FROM GRANT DATE], with the first such vesting to occur
twelve (12) months after the Grant Date. 
 The option price of the shares of Common Stock issuable upon the exercise of
the Option shall be paid: (i) in full in cash at the time of the exercise, (ii) with the consent of the Committee, in whole or in part in common stock held by the Grantee for at least six months valued at Fair Market Value (as defined in
the 

 
Plan) on the date of exercise, or (iii) if approved by the Committee in its discretion, by assigning to the Company a sufficient amount of the proceeds from the sale of shares of Common
Stock to be acquired pursuant to such exercise and instructing the broker or selling agent to pay that amount to the Company, which amount shall be paid in cash to the Company on the date such shares of Common Stock are issued to the Grantee. With
the consent of the Committee, payment upon the exercise of this Option may be made in whole or in part by Restricted Stock that has been held by the Grantee for at least six months (based on the fair market value of the Restricted Stock on the date
the Option is exercised, as determined by the Committee). In such case, the Common Stock to which the Option relates shall be subject to the same forfeiture restrictions originally imposed on the Restricted Stock exchanged therefor. 

 

	4.	Termination of Director Status. 

 (a) Should the Grantee’s service as a member of the Board terminate for any reason (other than Disability, Death or cause), this Option may be exercised (to the extent such Option was
exercisable at the time of termination) for a period of 90 days from the date of such termination or until the Expiration Date, whichever period is shorter. 
 (b) Disability. Should the Grantee’s service as a member of the Board terminate by reason of Disability, this Option may be exercised (to the extent such Option was exercisable at the time of
termination) for a period of 12 months from the date of such termination or until the Expiration Date, whichever period is shorter. 
 (c) Death. Should the Grantee die while a member of the Board, this Option may be exercised (to the extent such Option was exercisable at the time of death) by, where appropriate, the
Grantee’s transferee or legal representative, for a period of 12 months from the date of death or until the Expiration Date, whichever period is shorter. 
 (d) Cause. Should the Grantee’s service as a member of the Board be terminated for cause (including, but not limited to, any act of dishonesty, unethical conduct, willful misconduct, fraud or
embezzlement, or any unauthorized disclosure of confidential information or trade secrets), any unexercised portion of this Option will immediately terminate and cease to be exercisable on the date of such termination. 

(e) Continuation of Service. Notwithstanding anything to the contrary in this Agreement, Grantee’s cessation of service as a
member of the Board (other than for cause) shall not be treated as a termination under this Agreement if the Grantee continues without interruption to serve the Company thereafter in a material manner in one (or more) capacities (e.g., service as an
employee or consultant), as determined by the Committee in its sole discretion. 
  

	5.	Privilege of Stock Ownership. 

 Until the Option has been exercised and such Shares acquired upon exercise are fully vested, Grantee shall not have any rights to vote the Shares or the right to receive any cash or other dividends
declared thereon. 
  

	6.	Certain Corporation Transactions. 

 The provisions of the Plan applicable to a Change of Control (as defined in the Plan) shall apply to this Option and, in the event of a Change of Control, this Option shall fully vest. 

 

	7.	Withholding. 

 The
Grantee hereby agrees to make appropriate arrangements with the Company for the satisfaction of any federal, state or local income tax withholding requirements applicable to the exercise of this Option. 

  
 - 2 -

	8.	Compliance with Laws and Regulations. 

 (a) The obligations of the Company to deliver the Shares pursuant to this Option shall be subject to the condition that if at any time the Committee shall determine, in its discretion, that the listing,
registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the
issuance of such Shares, the Shares may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The
issuance of Shares to Grantee upon exercise of this Option is subject to applicable taxes and other laws or regulations of the United States or any state having jurisdiction thereof. 

(b) In connection with this Grant, Grantee will execute and deliver to the Company such representations in writing as may be requested by
the Company so that it may comply with the applicable requirements of federal and state securities laws. 
 (c) Grantee agrees
to be bound by the Company’s policies regarding the transfer of shares of the Company’s Common Stock and understands that there may be certain times during the year in which Grantee will be prohibited from selling, transferring, pledging,
donating, assigning, mortgaging, hypothecating or encumbering the Shares after the Option has been exercised and the Shares have been issued to Grantee. 
  

	9.	Liability of Company. 

 (a) If as of the Grant Date the Shares exceed the number of shares that may without stockholder approval be issued under the Plan, then this Option will be void with respect to such excess shares
unless stockholder approval of an amendment sufficiently increasing the number of shares issuable under the Plan is obtained in accordance with the provisions of the Plan. 
 (b) The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and sale of any Shares pursuant to this
Option will relieve the Company of any liability with respect to the non-issuance or sale of the Shares as to which such approval is not obtained. 
  

	10.	No Employment Contract. 

 Nothing herein or in the Plan confers upon Grantee any right to continue in the employ or service of the Company (or any subsidiary or affiliate) as a member of the Board or otherwise or interferes with
or restricts in any way the rights of the Company (or any subsidiary or affiliate), which are hereby expressly reserved, to discharge Grantee at any time for any reason or no reason, with or without cause. Except to the extent the terms of any
employment or service contract between the Company (or any subsidiary or affiliate) and Grantee may expressly provide otherwise, neither the Company nor any of its subsidiaries or affiliates is under any obligation to continue the employment or
service of Grantee for any period of specified duration. 
  

	11.	Notices. 

 Any
notice required to be given or delivered to the Company under the terms herein will be in writing and addressed to the Company, Attention: Finance, at its corporate office at 700 Pennsylvania Drive, Exton, Pennsylvania 19341. Any notice
required to be given or delivered to Grantee will be in writing and addressed to Grantee at the address provided above or such other address provided in writing by Grantee to the Company. All notices will be deemed to have been given or
delivered upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified. 

  
 - 3 -

	12.	Assignment. 

 The
rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Grant may be assigned by the Company without Grantee’s consent.

  

	13.	Applicable Law. 

The validity, construction, interpretation and effect of this instrument shall be governed by and construed in accordance with the laws of
the State of Delaware, without giving effect to the conflicts of laws provisions hereof. 
  

	14.	Construction. 

(a) These terms and conditions and the Grant evidenced hereby are made and granted pursuant to the Plan and are in all respects
limited by and subject to the express terms and provisions of the Plan, which terms are incorporated herein. 
 (b) This Grant
is subject to interpretations, regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights
and obligations with respect to withholding taxes, (ii) the registration, qualification or listing of the shares, (iii) changes in capitalization of the Company, and (iv) other requirements of applicable law. The Committee shall
have authority to interpret and construe the Grant pursuant to the terms of the Plan, and all decisions of the Committee with respect to any question or issue arising under the Plan or these terms and conditions will be conclusive and binding on all
persons having an interest in this Grant. 
  

	15.	Documents. 

 By
signing below, you agree to be bound by the applicable terms of the Plan and acknowledge that following document have been made available to you: the Plan, the Summary of the Amended and Restated Adolor Corporation 2003 Stock-Based Incentive
Compensation Plan and the Adolor Corporation Form 10-K for Fiscal Year Ended December 31, 2010. 
 [SIGNATURE PAGE
FOLLOWS] 

  
 - 4 -

 IN WITNESS WHEREOF, Adolor Corporation has caused this Agreement to be executed in duplicate on its
behalf by its duly authorized officer and the Grantee has also executed this Agreement in duplicate. 
  

					
		 	ADOLOR CORPORATION
		
		 	  

		 	 Michael R. Dougherty

President & CEO

		
	Date:	 	  

 I hereby accept the Grant described in this Agreement, and I agree to be bound by the terms of the Plan and this Agreement. I hereby further agree that all of the decisions and determinations of the
Committee shall be final and binding. 
  

			
	Grantee:	 	  

		 	[NAME]
		
	Address:	 	  

		
		 	  

		
	Date:	 	  

  
 - 5 -2011 Annual Incentive Compensation Plan for Management

 Exhibit 10.1 
 Asset Acceptance Capital Corp. 
 2011 Annual Incentive Compensation
Plan for Management 
 General 
 Each year the Compensation Committee (the “Committee”) of the Board of Directors of Asset Acceptance Capital Corp. (the “Company”) establishes an annual incentive compensation plan
(the “Plan”) for key executives and certain other management level associates (the “Plan Participant(s)”) of the Company. 
 The Plan will establish for each Plan Participant a target bonus (the “Target Bonus”) equal to a specified percentage of Base Salary (as defined below). The Target Bonus will be set by the
Committee at a level consistent with each associate’s responsibilities. As used in this Plan, “Base Salary” shall be the Plan Participant’s base compensation (excluding incentive and any other taxable compensation) paid for
services rendered during 2011. For individuals who become Plan Participants during 2011, Base Salary shall be the base compensation (excluding incentive and any other taxable compensation) paid for services rendered in 2011 beginning on the date the
individual first becomes eligible to participate in the Plan. 
 The Plan will be comprised of two parts: (a) Financial
Objectives; and (b) Personal Objectives. Bonus amounts will be computed separately for achievement of Financial Objectives and Personal Objectives, as set forth below under the captions “Financial Objectives” and “Personal
Objectives”, respectively. The bonus earned shall be the sum of the bonus calculated under the Financial Objectives portion of the Plan and the bonus calculated under the Personal Objectives portion of the Plan. Payments under the Plan will be
made after receipt and approval by the Audit Committee of the annual audited financial statements of the Company for the year ending December 31, 2011. A Plan Participant will not be considered to have earned a bonus unless the Plan Participant
is employed by the Company on the date the Audit Committee approves the annual audited financial statements for 2011. 

Payments shall be made no later than 2-1/2 months after the end of the fiscal year to which the bonus amount relates (or such later time
as is allowed in accordance with Treasury Regulation Section 1.409A-3(d)) in order to preserve the exemption from Section 409A of the Internal Revenue Code. 
 The Compensation Committee recognizes the need of the Plan Participants to conduct themselves in compliance with the Code of Business Conduct. In addition to the non-financial consequences contained in
the Code of Business Conduct, any violation of the Code of Business Conduct shall result in complete forfeiture of any bonus which would otherwise be earned under this Plan. 

  
 1 

 If the Company’s Board of Directors or Audit Committee determines that the
Company’s financial statements for the year ending December 31, 2011 are the subject of a material restatement, the Board of Directors may seek reimbursement from Executive Officers (as hereinafter defined) of excess incentive cash
compensation paid to them under the 2011 Annual Incentive Compensation Plan for Management for the relevant performance period, on terms deemed appropriate by the Board of Directors. For purposes of this Plan, excess incentive cash compensation
means the positive difference, if any, between (i) the amount of the bonus paid to the Executive Officer and (ii) the amount of the bonus that would have been paid to the Executive Officer had the bonus amount been calculated based on the
Company’s financial statements as restated. The Company will not be required to award Plan Participants an additional bonus payment should the restated financial statements result in a higher bonus payment. The provisions of this paragraph and
any amounts payable by a Plan Participant hereunder are intended to be in addition to any rights to repayment the Company may have under Section 304 of the Sarbanes-Oxley Act of 2002 and other applicable law. By participating in the Plan, each
Executive Officer agrees to be bound by the terms of the Plan, including this paragraph. “Executive Officer” means each of those individuals designated by the Board of Directors as an executive officer of the Company. 

  
 2 

 Financial Objectives 
 The bonus earned under the Financial Objectives portion of the Plan shall be 50% of the Target Bonus at achievement of the 2011 Financial Objective Goal, as defined below. 

The financial performance of the Company will be measured by Earnings Before Interest, Taxes, Depreciation and Amortization
(“Adjusted EBITDA”), before accrual of all bonus payments under the Plan. Adjusted EBITDA will be determined in a manner consistent with the definition of Adjusted EBITDA contained in Exhibit 1. 

For the fiscal year ending December 31, 2011, the financial objective goal will be set at $XXX,XXX,XXX* (the “2011 Financial
Objective Goal”), which equals fiscal 2011 budgeted Adjusted EBITDA. The minimum goal will be set at $XXX,XXX,XXX* (the “Minimum Goal”). The maximum goal will be set at $XXX,XXX,XXX* (the “Maximum Goal”), which equals XXX.X*
percent of the 2011 Financial Objective Goal. 
 If the 2011 actual Adjusted EBITDA achieved equals the Minimum Goal, the bonus
earned under the Financial Objective portion of the Plan shall be 25 percent of the Target Bonus. If the actual Adjusted EBITDA for 2011 is equal to or greater than the Maximum Goal, the bonus earned under the Financial Objectives portion of the
Plan will be 100% of the Target Bonus. For actual Adjusted EBITDA achieved less than the Minimum Goal, no bonus will be earned. For actual Adjusted EBITDA achieved between the Minimum Goal and the 2011 Financial Objective Goal, and between the 2011
Financial Objective Goal and the Maximum Goal, the percentage of the Target Bonus shall be pro-rated as set forth in the following table: 
  

			
	 Adjusted EBITDA as
 a Percentage of the
 2011 Financial

Objective Goal
	  	 Percentage of

Target Bonus

	 89.7%
	  	25%
	 92.0%
	  	30%
	 94.0%
	  	35%
	 96.0%
	  	40%
	 98.0%
	  	45%
	 100.0%
	  	50%
	 101.0%
	  	52.5%
	 102.0%
	  	57.5%
	 103.0%
	  	62.5%
	 104.0%
	  	70.0%
	 105.0%
	  	80.0%
	 106.0%
	  	87.5%
	 107.0%
	  	100.0%

 *Portions of this exhibit have been
omitted pursuant to Asset Acceptance’s request to the Secretary of the Securities and Exchange Commission for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  
 3 

 Personal Performance Objectives 

Each Plan Participant may earn up to a maximum of 50% of his or her Target Bonus based on the achievement of Personal Objectives, subject
to adjustment by the Committee as set forth below. 
 Personal Objectives should be measurable goals jointly developed by
the Plan Participant and his/her immediate supervisor (subject to approval by the President and Chief Executive Officer or his designee(s), and for certain participants, the Committee). The percentage earned under Personal Performance will be
calculated based on a weighted average rating of completion of each assigned objective from 0 to 4, whole numbers only, recognizing the determination of such percentage completion is in part subjective. If there is any disagreement as to the scoring
of each assigned objective, the determination of the President and Chief Executive Officer or his designee(s) shall be final and binding. 
 The Committee shall have the discretion as to Executive Officers of the Company, and the President and Chief Executive Officer shall have the discretion as to all other Plan Participants, to adjust the
portion of the bonus based on the achievement of Personal Objectives by each Participant upward or downward by a maximum of 20 percent to account for exigent circumstances that make achievement of any goal easier or more difficult to achieve than
anticipated at the time the goal was established. 
 No Plan Participant will be eligible to earn any part of his or her bonus
based on the achievement of Personal Objectives unless 2011 Adjusted EBITDA achieved by the Company equals or exceeds the Minimum Goal. 

  
 4 

 Exhibit 1 

Adjusted EBITDA: The consolidated net income (loss) of the Company plus, to the extent deducted from revenues in
determining consolidated net income, (a) consolidated interest expense (net of interest income), (b) expense for taxes paid or accrued net of tax refunds, (c) depreciation expense, (d) amortization expense (excluding amortization
of purchased receivables), (e) amortization of purchased receivables, (f) non-cash losses and non-cash expenses, minus, to the extent included in consolidated net income, extraordinary gains (as determined in accordance with
GAAP) realized other than in the ordinary course of business and non-cash gains and other non-cash income and (g) other items in the discretion of the Committee. Adjusted EBITDA will be determined prior to accrual for all bonuses to be
paid under the Plan. 

  
 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]