Document:

AMENDED & RESTATED STOCK OPTION PLAN

 

EXHIBIT 10.3

PEDIATRIX MEDICAL GROUP, INC.

AMENDED AND RESTATED STOCK OPTION PLAN

STOCK OPTION GRANT

A Stock Option (“Option”) is hereby granted by Pediatrix Medical Group, Inc., a Florida corporation
(“Company”), to the employee named below (“Optionee”), for and with respect to common stock of the
Company, $.01 par value per share (“Common Stock”), subject to the following terms and conditions:

Name of Optionee:

Number of Shares

Subject to Option:

Option Price Per Share:

Date of Grant:

	 	1.  	Grant of Option. Upon the terms and subject to the conditions set
forth herein and in the Pediatrix Medical Group, Inc. Amended and Restated Stock Option
Plan (“Plan”), the terms of which are hereby incorporated by reference, and in
consideration of the agreements of the Optionee set forth herein, the Company hereby
grants to the Optionee an option, to purchase from the Company the number of shares of
Common Stock set forth above. This Grant of Stock Options does not constitute an
employment contract. It does not guarantee employment for the length of the vesting
schedule or for any portion thereof.

	 	2.  	Term of Option. The term of the Option shall be 10 years, subject to
extension pursuant to the terms of the Plan.

	 	3.  	Exercise Schedule. The Option shall become vested and exercisable
according to the following schedule:

Exercise Period 

	 	 	 	 	 	 	 	 	 
	Number of Shares	 	 	 	 	 	 
	Subject to Option	 	Vesting Date	 	 	Expiration Date	 
	     
	 	 	     	 	 	 	     	 

	 	4.  	Acceptance by the Optionee. The exercise of the Option is conditioned
upon the acceptance by the Optionee of the terms and conditions set forth herein and in
the Plan, as amended from time to time, as evidenced by his execution of this agreement
and the return of an executed copy hereof to the Secretary of the Company no later than
30 days from the date the Option is granted.

	 	5.  	Notice of Exercise. Written notice of an election to exercise any
portion of the Option, specifying the portion thereof being exercised, shall be
delivered by the Optionee, or his personal representative in the event of the
Optionee’s death, (i) by delivering such notice to the principal executive offices of
the Company or (ii) by mailing such notice, postage prepaid, addressed to the Secretary
of the Company at the principal executive offices of the Company.

 

 

	 	6.  	Exercise; No Transfer of Option. The Option may be exercised only by
the Optionee during his lifetime and may not be transferred other than by will or the
applicable laws of descent or distribution. The Option shall not otherwise be
transferred, assigned, pledged or hypothecated for any purpose whatsoever and is not
subject, in whole or in part, to execution, attachment, or similar process. Any
attempted assignment, transfer, pledge or hypothecation or other disposition of the
Option, other than in accordance with the terms set forth herein, shall be void and of
no effect.
	 
	 	7.  	Cancellation; Change. In the event the Option shall be exercised in
whole, this agreement shall be surrendered to the Company for cancellation. In the
event the Option shall be exercised in part, or a change in the number of designation
of the Common Stock shall be made, this agreement shall be delivered by the Optionee to
the Company for the purpose of making appropriate notation thereon, or of otherwise
reflecting, in such manner as the Company shall determine, the partial exercise or the
change in the number or designation of the Common Stock.
	 
	 	[8.  	Restrictive Covenants and Return of Option Gains. In consideration for the
Company’s grant of this Option to the Optionee, and for the valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Optionee agrees to the following:

	 	(a)  	In the event that (i) the Optionee exercises any portion of this Option and the Optionee’s
continuous service terminates for any reason whatsoever within twelve (12) months after such
exercise, and (ii) during the Optionee’s continuous service or within twelve (12) months after
termination of such continuous service, the Optionee violates any non-competition,
non-solicitation, or confidentiality agreement with the Company or any Related Entity, including
without limitation, any agreements contained in Section (b) and (c) of this Section 8, the
Committee in its sole discretion, may require the Optionee to return the Option Gain to the Company
upon written demand. “Related Entity” shall be defined as any subsidiary of the Company, and any
business, corporation, partnership, limited liability company or other entity designated by the
Board in which the Company or any of its subsidiaries holds a substantial ownership interest,
directly or indirectly, as well as any professional association, corporation or partnership that is
affiliated with the Company. “Option Gain” shall be defined as the gain represented by the Fair
Market Value of a Share on the date of exercise less the exercise price, multiplied by the number
of Shares that the Optionee purchased as a result of the exercise of the Option, without regard to
any subsequent market price decrease or increase.
	 
	 	(b)  	The Optionee shall hold in a fiduciary capacity for the benefit of the Company all
information, knowledge or data relating to the Company or any Related Entity and their respective
businesses which the Company or any Related Entity consider to be proprietary, trade secret or
confidential, that the Optionee obtains or has previously obtained during his or her continuous
service and that is not public knowledge (other than as a result of the Optionee’s violation of
this provision) (the “Confidential Information”). The Optionee shall not directly or indirectly
use any Confidential Information for any purposes not associated with the activities of the Company
or any Related Entity, or communicate, divulge or disseminate Confidential Information to any
person or entity not authorized by the Company or any Related Entity to receive it at any time
during or after termination of Optionee’s continuous service, except with the prior written consent
of the Company or as otherwise required by law or legal process.
	 
	 	(c)  	For a period of nine months after the termination of the Optionee’s continuous service,
for any reason, voluntary or involuntary, the Optionee shall not, without the written consent of
the Company, directly or indirectly solicit, entice, persuade or induce any person to leave the
continuous service, or employ or attempt to employ or enter into any contractual arrangement with
any employee or former employee (other than a former employee who has not been employed by the
Company or any Related Entity for a period in excess of six months), of the Company or any Related
Entity (other than persons employed in a clerical, non-professional or non-management position).
	 
	 	(d)  	The Optionee understands and agrees that the restrictions set forth above, including,
without limitation, the duration and the business scope of such restrictions, are reasonable and
necessary to protect the legal interests of the Company and the Related Entities. The Optionee
further agrees that the Company and the Related Entities shall be entitled to seek injunctive
relief in the event of any actual or threatened breach of such restrictions. If any provision of
this Section 8 is determined to be unenforceable by any court, then such provision shall be
modified or omitted only to the extent necessary to make the remaining provisions of this Section 8
enforceable.]

	 	9.  	Florida Law Governs. The Option and this agreement shall be construed,
administered and governed in all respects under and by the laws of the State of Florida
without regard to conflicts of laws principles thereof.
	 
	 	10.  	Inconsistencies. In the event of any inconsistency between the terms
hereof and the terms of the Plan, the terms of the Plan shall govern and the
inconsistent terms hereof shall be deemed stricken.

“COMPANY”

PEDIATRIX MEDICAL GROUP, INC.

By:

Title:

The undersigned hereby accepts the foregoing Option and the terms and conditions hereof.

“OPTIONEE”

Name:

Date:STOCK OPTION AGREEMENT

 

Exhibit 10.4

PEDIATRIX MEDICAL GROUP, INC.

INCENTIVE STOCK OPTION AGREEMENT

FOR

[ insert name of optionee here ]

Agreement

     1. Grant of Option. Pediatrix Medical Group, Inc. (the “Company”) hereby grants, as
of [ ] (“Date of Grant”), to [ ] (the “Optionee”) an
option (the “Option”) to purchase up to [ ] shares of the Company’s Common Stock, $.01 par
value per share (the “Shares”), at an exercise price per share equal to $[ ] (the
“Exercise Price”). The Option shall be subject to the terms and conditions set forth herein. The
Option was issued pursuant to the Company’s 2004 Incentive Compensation Plan (the “Plan”), which is
incorporated herein for all purposes. The Option is an Incentive Stock Option, and not a
Non-Qualified Stock Option. The Optionee hereby acknowledges receipt of a copy of the Plan and
agrees to be bound by all of the terms and conditions hereof and thereof and all applicable laws
and regulations.

     2. Definitions. Unless otherwise provided herein, terms used herein that are defined
in the Plan and not defined herein shall have the meanings attributed thereto in the Plan.

     3. Exercise Schedule. Except as otherwise provided in Sections 6 or 9 of this
Agreement, or in the Plan, the Option is exercisable in installments as provided below, which shall
be cumulative. To the extent that the Option has become exercisable with respect to a percentage of
Shares as provided below, the Option may thereafter be exercised by the Optionee, in whole or in
part, at any time or from time to time prior to the expiration of the Option as provided herein.
The following table indicates each date (the “Vesting Date”) upon which the Optionee shall be
entitled to exercise the Option with respect to the percentage of Shares granted as indicated
beside the date, provided that the Continuous Service of the Optionee continues through and on the
applicable Vesting Date:

	 	 	 	 	 
	Percentage of Shares	 	Vesting Date	 
	     
	 	 	     	 

     Except as otherwise specifically provided herein, there shall be no proportionate or partial
vesting in the periods prior to each Vesting Date, and all vesting shall occur only on the
appropriate Vesting Date. Upon the termination of the Optionee’s Continuous Service with the
Company and its Related Entities, any unvested portion of the Option shall terminate and be null
and void.

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     4. Method of Exercise. The vested portion of this Option shall be exercisable in
whole or in part in accordance with the exercise schedule set forth in Section 3 hereof by written
notice which shall state the election to exercise the Option, the number of Shares in respect of
which the Option is being exercised, and such other representations and agreements as to the
holder’s investment intent with respect to such Shares as may be required by the Company pursuant
to the provisions of the Plan. Such written notice shall be signed by the Optionee and shall be
delivered in person or by certified mail to the Secretary of the Company. The written notice shall
be accompanied by payment of the Exercise Price. This Option shall be deemed to be exercised after
both (a) receipt by the Company of such written notice accompanied by the Exercise Price and (b)
arrangements that are satisfactory to the Committee in its sole discretion have been made for
Optionee’s payment to the Company of the amount, if any, that is necessary to be withheld in
accordance with applicable Federal or state withholding requirements. No Shares will be issued
pursuant to the Option unless and until such issuance and such exercise shall comply with all
relevant provisions of applicable law, including the requirements of any stock exchange upon which
the Shares then may be traded.

     5. Method of Payment. Payment of the Exercise Price shall be by any of the
following, or a combination thereof, at the election of the Optionee: (a) cash; (b) check; or (c)
pursuant to a “cashless exercise” procedure, by delivery of a properly executed exercise notice
together with such other documentation, and subject to such guidelines, as the Committee shall
require to effect an exercise of the Option and delivery to the Company by a licensed broker
acceptable to the Company of proceeds from the sale of Shares (or to the extent permitted by the
Committee, by a margin loan), sufficient to pay the Exercise Price and any applicable income or
employment taxes.

     6. Termination of Option. Except as otherwise provided in any Employment Agreement
between the Company or a Related Entity and the Optionee, any unexercised portion of the Option
shall automatically and without notice terminate and become null and void at the time of the
earliest to occur of the following:

          (i) unless the Committee otherwise determines in writing in its sole discretion, three months
after the date on which the Optionee’s Continuous Service with the Company and its Related Entities
is terminated for any reason other than by reason of (A) termination of the Optionee’s Continuous
Service by the Company or a Related Entity for Cause, (B) a Disability of the Optionee, or (C) the
Optionee’s death;

          (ii) immediately upon the termination of the Optionee’s Continuous Service with the Company
and its Related Entities for Cause;

          (iii) twelve months after the date on which the Optionee’s Continuous Service with the Company
and its Related Entities is terminated by reason of a Disability as determined by a medical doctor
satisfactory to the Committee;

          (iv) twelve months after the date of termination of the Optionee’s Continuous Service with the
Company and its Related Entities by reason of the death of the Optionee (or, if later, three months
after the date on which the Optionee shall die if such death shall occur during the one year period
specified in paragraph (iii) of this Section 6); or

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          (v) the [tenth] anniversary of the date as of which the Option is granted.

     7. Transferability. The Option shall not be pledged, hypothecated or otherwise
encumbered or subject to any lien, obligation or liability of the Optionee to any party (other than
the Company or Related Entity), or assigned or transferred by the Optionee otherwise than by will
or the laws of descent and distribution or to a Beneficiary upon the death of the Optionee, and
during the lifetime of the Optionee, the Option only may be exercisable by the Optionee or his or
her guardian or legal representative. A Beneficiary or other person claiming any rights under the
Plan or this Agreement from or through the Optionee shall be subject to all of the terms and
conditions of the Plan and this Agreement, except as otherwise determined by the Committee, and to
any additional terms and conditions deemed necessary or appropriate by the Committee.

     8. No Rights of Stockholders. Neither the Optionee nor any personal representative
(or beneficiary) shall be, or shall have any of the rights and privileges of, a stockholder of the
Company with respect to any shares of Stock purchasable or issuable upon the exercise of the
Option, in whole or in part, prior to the date of exercise of the Option.

     9. Acceleration of Exercisability of Option.

          (a) Unless, and only to the extent, otherwise provided, in any Employment Agreement between
the Optionee and the Company or any Related Entity, or as otherwise determined by the Committee, in
its sole and absolute discretion, this Option shall not become immediately fully exercisable in the
event that, prior to the termination of the Option pursuant to Section 6 hereof, (i) the Company
exercises its discretion to provide a cancellation notice with respect to the Option pursuant to
Section 6(b)(ii) hereof, or (ii) the Option is terminated pursuant to Section 6(b)(i) hereof.

          (b) Unless, and only to the extent, otherwise provided in any Employment Agreement between the
Optionee and the Company or any Related Entity, or as otherwise determined by the Committee, in its
sole and absolute discretion, this Option shall not become immediately fully exercisable in the
event that, prior to the termination of the Option pursuant to Section 6 hereof, and during the
Optionee’s Continuous Service, there is a “Change in Control”, as defined in Section 9(b) of the
Plan.

     10. No Right to Continued Employment. Neither the Option nor this Agreement shall
confer upon the Optionee any right to continued employment or service with the Company.

     11. Law Governing. This Agreement shall be governed in accordance with and governed
by the internal laws of the State of Florida.

     12. Incentive Stock Option Treatment. The terms of this Option shall be interpreted
in a manner consistent with the intent of the Company and the Optionee that the Option qualify as
an Incentive Stock Option under Section 422 of the Code. If any provision of the Plan or this
Agreement shall be impermissible in order for the Option to qualify as an Incentive Stock Option,
then the Option shall be construed and enforced as if such provision had never been included in the
Plan or the Option. If and to the extent that the number of Options granted

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pursuant to this Agreement exceeds the limitations contained in Section 422 of the Code on the
value of Shares with respect to which this Option may qualify as an Incentive Stock Option, this
Option shall be a Non-Qualified Stock Option.

     13. Interpretation / Provisions of Plan Control. This Agreement is subject to all of
the terms, conditions and provisions of the Plan, including, without limitation, the amendment
provisions thereof, and to such rules, regulations and interpretations relating to the Plan adopted
by the Committee as may be in effect from time to time. If and to the extent that this Agreement
conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall
control, and this Agreement shall be deemed to be modified accordingly. The Optionee accepts the
Option subject to all of the terms and provisions of the Plan and this Agreement. The undersigned
Optionee hereby accepts as binding, conclusive and final all decisions or interpretations of the
Committee upon any questions arising under the Plan and this Agreement, unless shown to have been
made in an arbitrary and capricious manner.

     14. Notices. Any notice under this Agreement shall be in writing and shall be deemed
to have been duly given when delivered personally or when deposited in the United States mail,
registered, postage prepaid, and addressed, in the case of the Company, to the Company’s Secretary
at 1301 Concord Terrace, Sunrise, FL 33323, or if the Company should move its principal office, to
such principal office, and, in the case of the Optionee, to the Optionee’s last permanent address
as shown on the Company’s records, subject to the right of either party to designate some other
address at any time hereafter in a notice satisfying the requirements of this Section.

     [15. Restrictive Covenants and Return of Option Gains. In consideration for the
Company’s grant of this Option to the Optionee, and for the valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Optionee agrees to the following:

          (a) In the event that (i) the Optionee exercises any portion of this Option and the Optionee’s
Continuous Service terminates for any reason whatsoever within twelve (12) months after such
exercise, and (ii) during the Optionee’s Continuous Service or within twelve (12) months after
termination of such Continuous Service, the Optionee violates any non-competition,
non-solicitation, or confidentiality agreement with the Company or any Related Entity, including
without limitation, any agreements contained in Section (b) and (c) of this Section 15, the
Committee in its sole discretion, may require the Optionee to return the Option Gain to the Company
upon written demand. “Option Gain” shall be defined as the gain represented by the Fair Market
Value of a Share on the date of exercise less the Exercise Price, multiplied by the number of
Shares that the Optionee purchased as a result of the exercise of the Option, without regard to any
subsequent market price decrease or increase.

          (b) The Optionee shall hold in a fiduciary capacity for the benefit of the Company all
information, knowledge or data relating to the Company or any Related Entity and their respective
businesses which the Company or any Related Entity consider to be proprietary, trade secret or
confidential, that the Optionee obtains or has previously obtained during his or her Continuous
Service and that is not public knowledge (other than as a result of the Optionee’s violation of
this provision) (the “Confidential Information”). The Optionee shall not directly or indirectly
use any Confidential Information for any purposes not associated with the activities of

4

 

the Company or any Related Entity, or communicate, divulge or disseminate Confidential
Information to any person or entity not authorized by the Company or any Related Entity to receive
it at any time during or after termination of Optionee’s Continuous Service, except with the prior
written consent of the Company or as otherwise required by law or legal process.

          (c) For a period of nine months after the termination of the Optionee’s Continuous Service,
for any reason, voluntary or involuntary, the Optionee shall not, without the written consent of
the Company, directly or indirectly solicit, entice, persuade or induce any person to leave the
Continuous Service, or employ or attempt to employ or enter into any contractual arrangement with
any employee or former employee (other than a former employee who has not been employed by the
Company or any Related Entity for a period in excess of six months), of the Company or any Related
Entity (other than persons employed in a clerical, non-professional or non-management position).

          (d) The Optionee understands and agrees that the restrictions set forth above, including,
without limitation, the duration and the business scope of such restrictions, are reasonable and
necessary to protect the legal interests of the Company and the Related Entities. The Optionee
further agrees that the Company and the Related Entities shall be entitled to seek injunctive
relief in the event of any actual or threatened breach of such restrictions. If any provision of
this Section 15 is determined to be unenforceable by any court, then such provision shall be
modified or omitted only to the extent necessary to make the remaining provisions of this Section
15 enforceable.]

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     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the [ ] day of [
], [ ].

	 	 	 	 	 
	 	COMPANY:

PEDIATRIX MEDICAL GROUP, INC.

 	 
	 	By:  	 	 
	 	 	[                                   ] 	 
	 	 	 	 
	 

     The Optionee acknowledges receipt of a copy of the Plan and represents that he or she has
reviewed the provisions of the Plan and this Option Agreement in their entirety, is familiar with
and understands their terms and provisions, and hereby accepts this Option subject to all of the
terms and provisions of the Plan and the Option Agreement. The Optionee further represents that he
or she has had an opportunity to obtain the advice of counsel prior to executing this Option
Agreement.

	 	 	 	 	 
	Dated:_________________       	OPTIONEE:

 	 
	 	By:  	
 	 
	 	 	[                                   ] 	 
	 	 	 	 
	 

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