Document:

EXHIBIT 10.3

For Executive Management/Directors

1996
STOCK INCENTIVE PLAN OF BIOSITE INCORPORATED

STATUTORY STOCK OPTION AGREEMENT

FOR EXECUTIVE MANAGEMENT AND
DIRECTORS

 

 

	
  INCENTIVE STOCK OPTION

  	
  This option is intended to be an incentive stock
  option under section 422 of the Internal Revenue Code (the “Code”) and will
  be interpreted accordingly.

  
	
   

  	
   

  
	
  VESTING

  	
  Except as provided below, your right to exercise
  this option shall commence on the Vesting Start Date, as shown on the cover
  sheet, subject to the following: (i) if you are regularly scheduled to
  provide Service for 40 or more hours per week, your option will vest and
  become exercisable as shown on the cover sheet (“Normal Vesting Rate”) during
  all such periods of Service, (ii) if you are regularly scheduled to provide
  Service 30 or more hours per week, but less than 40 hours per week, your
  option will vest and become exercisable at one-half (1/2) of the Normal
  Vesting Rate during all such periods of Service, and (iii) if you are regularly
  scheduled to work less than 30 hours per week, you will not be credited for
  vesting purposes for any such Service you complete. The Company, in its sole
  discretion, shall make any determinations regarding the number of hours you
  are regularly scheduled to provide Service per week; provided, however, that
  the foregoing Service crediting rules shall not apply to any options granted
  to the founders of the Company, as determined by the Company in its sole
  discretion.

  
	
   

  	
   

  
	
   

  	
  Notwithstanding the foregoing, no part of this
  option is exercisable until you have completed six consecutive months of
  Service. “Service” means your service as an employee, director, consultant or
  advisor of the Company or any affiliated company.

  
	
   

  	
   

  
	
   

  	
  No additional shares become exercisable after your
  Service has terminated for any reason.

  
	
   

  	
   

  
	
   

  	
  In determining the number of vested shares for
  issuance under the Plan, any fractional shares shall be rounded to the
  nearest whole number.

  
	
   

  	
   

  
	
  ANNUAL LIMIT

  	
  An Optionee is entitled to the favorable ISO tax
  treatment only to the extent that the value of the Shares (determined at the
  time of grant) covered by ISOs that become exercisable in any single calendar
  year does not exceed

  

 

 1
 

 

	
  

  	
  $100,000. If ISOs that cover Shares worth more than
  $100,000 become exercisable in the same calendar year, the excess will be
  treated automatically as NSOs.

  
	
   

  	
   

  
	
  TERM

  	
  Your option will expire in any event at the close of
  business at Company headquarters on the day before the 10th anniversary of the
  Date of Option Grant, as shown on the cover sheet. (It will expire earlier if
  your Service terminates, as described below).

  
	
   

  	
   

  
	
  REGULAR TERMINATION

  	
  Except as provided in the “Extension of Exercise
  Period” section below, if your Service terminates for any reason except death
  or total and permanent disability, then your option will expire at the close
  of business at Company headquarters on the 90th day after your termination
  date.

  
	
   

  	
   

  
	
   

  	
  The Company determines when your service terminates
  for this purpose.

  
	
   

  	
   

  
	
  DEATH

  	
  Except as provided in the “Extension of Exercise
  Period” section below, if you die while still in Service, then your option
  will expire at the close of business at Company headquarters on the date 12
  months after the date of death. During that 12 month period, your estate,
  heirs or designated beneficiary may exercise the vested portion of your
  option.

  
	
   

  	
   

  
	
  DISABILITY

  	
  Except as provided in the “Extension of Exercise
  Period” section below, if your Service terminates because of your total and
  permanent disability, then your option will expire at the close of business
  at Company headquarters on the date 12 months after your termination date.
  During that period, you may exercise the vested portion of your option.

  
	
   

  	
   

  
	
   

  	
  “Total and permanent disability” means that you are
  unable to engage in any substantial gainful activity by reason of any
  medically determinable physical or mental impairment which can be expected to
  result in death or which has lasted, or can be expected to last, for a
  continuous period of not less than one year.

  
	
   

  	
   

  
	
  EXTENSION OF EXERCISE PERIOD

  	
  If the sale of shares issued upon exercise of your
  option following the termination of your Service would violate the Company’s
  Insider Trading Policy, your option shall not expire until the earlier of (i)
  the expiration of a period equal to the post-termination exercise period
  described in the applicable “Regular Termination”, “Death” or

  

 

 2
 

 

	
  

  	
  “Disability” section above after the termination of
  your Service during which you can sell the shares issued upon exercise of
  your option without violating the Company’s Insider Trading Policy, (ii) the
  15th day of the third month after the date on
  which your option would cease to be exercisable but for this section, or such
  longer period as would not cause your option to become subject to Section
  409A(a)(1) of the Code or (iii) the expiration of the term of your option as
  set forth herein. In addition, if the exercise of your option following the
  termination of your Service would be prohibited at any time solely because
  the issuance of shares would violate the registration requirements under the
  Securities Act of 1933, as amended, then your option shall terminate on the
  earlier of (i) the expiration of a period equal to the post-termination
  exercise period described in the applicable “Regular Termination”, “Death” or
  “Disability” section above after the termination of your Service during which
  the exercise of your option would not be in violation of such registration
  requirements or (ii) the expiration of the term of your option as set forth
  herein.

  
	
   

  	
   

  
	
  LEAVES OF ABSENCE

  	
  For purposes of this option, Service does not
  terminate when you go on a military leave, a sick leave or another bona fide
  leave of absence, if the leave was approved by the Company in writing.
  Service will be treated as terminating 90 days after you went on leave,
  unless your right to return to active work is guaranteed by law or by a
  contract. Service terminates immediately in any event when the approved leave
  ends, unless you immediately return to Service.

  
	
   

  	
   

  
	
   

  	
  For purposes of vesting during your leave of
  absence, (i) you shall be credited with up to ninety (90) days of Service or
  as otherwise may be provided under the law; and (ii) you shall not receive
  any credit and your Service shall be considered suspended for days exceeding
  such 90-day period or other period provided under the law.

  
	
   

  	
   

  
	
   

  	
  The Company determines which leaves count for this
  purpose.

  
	
   

  	
   

  
	
  RESTRICTIONS ON EXERCISE

  	
  The Company will not permit you to exercise this
  option if the issuance of shares at that time would violate any law or
  regulation.

  

 

 3
 

 

	
  NOTICE OF EXERCISE

  	
  When you wish to exercise this option, you must
  notify the Company by filing the proper “Notice of Exercise” form at the address
  given on the form. Your notice must specify how many shares you wish to
  purchase. Your notice must also specify how your shares should be registered
  (in your name only or in your and your spouse’s names as community property
  or as joint tenants with right of survivorship). The notice will be effective
  when it is received by the Company.

  
	
   

  	
   

  
	
   

  	
  If someone else wants to exercise this option after
  your death, that person must prove to the Company’s satisfaction that he or
  she is entitled to do so.

  
	
   

  	
   

  
	
  FORM OF PAYMENT

  	
  When you submit your notice of exercise, you must
  include payment of the option price for the shares you are purchasing.
  Payment may be made in one (or a combination of two or more) of the following
  forms:

  
	
   

  	
   

  
	
   

  	
  ·  Your personal check, a cashier’s check or a
  money order.

  
	
   

  	
   

  
	
   

  	
  ·  Certificates for Company stock that you have
  owned for at least six months, along with any forms needed to effect a
  transfer of the shares to the Company. The value of the shares, determined as
  of the effective date of the option exercise, will be applied to the option
  price.

  
	
   

  	
   

  
	
   

  	
  ·  Irrevocable directions to a securities
  broker approved by the Company to sell your option shares and to deliver all
  or a portion of the sale proceeds to the Company in payment of the option price.
  (The balance of the sale proceeds, if any, will be delivered to you.) The
  directions must be given by signing a special “Notice of Exercise” form
  provided by the Company.

  
	
   

  	
   

  
	
  WITHHOLDING TAXES

  	
  You will not be allowed to exercise this option
  unless you make acceptable arrangements to pay any withholding taxes that may
  be due as a result of the option exercise.

  
	
   

  	
   

  
	
  RESTRICTIONS ON RESALE

  	
  By signing this Agreement, you agree not to sell any
  option shares at a time when applicable laws or Company policies prohibit a
  sale. This restriction will apply as long as you are in the Service of the
  Company.

  
	
   

  	
   

  
	
  TRANSFER OF OPTION

  	
  Prior to your death, only you may exercise this
  option. You cannot transfer or assign this option. For instance,

  

 

 4
 

 

	
  

  	
  you may not sell this option or use it as security
  for a loan. If you attempt to do any of these things, this option will
  immediately become invalid. You may, however, dispose of this option in your
  will.

  
	
   

  	
   

  
	
  RETENTION RIGHTS

  	
  Your option or this Agreement do not give you the
  right to be retained by the Company (or any subsidiaries) in any capacity.
  The Company (and any subsidiaries) reserve the right to terminate your
  service at any time, with or without cause.

  
	
   

  	
   

  
	
  STOCKHOLDER RIGHTS

  	
  You, or your estate or heirs, have no rights as a
  stockholder of the Company until a certificate for your option shares has
  been issued. No adjustments are made for dividends or other rights if the
  applicable record date occurs before your stock certificate is issued, except
  as described in the Plan.

  
	
   

  	
   

  
	
  ADJUSTMENTS

  	
  In the event of a stock split, a stock dividend or a
  similar change in Company stock, the number of shares covered by this option
  and the exercise price per share may be adjusted pursuant to the Plan.

  
	
   

  	
   

  
	
  APPLICABLE LAW

  	
  This Agreement will be interpreted and enforced
  under the laws of the State of California.

  
	
   

  	
   

  
	
  THE PLAN AND OTHER AGREEMENTS

  	
  The text of the Plan is incorporated in this
  Agreementby reference. This Agreement and the Plan constitute the entire
  understanding between you and the Company regarding this option. Any prior
  agreements, commitments or negotiations concerning this option are
  superseded.

  

 

 

BY
SIGNING THE COVER SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE

TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

 5EXHIBIT
10.4

For Executive Management/Directors

1996
STOCK INCENTIVE PLAN OF BIOSITE INCORPORATED

NONSTATUTORY STOCK OPTION AGREEMENT

FOR EXECUTIVE MANAGEMENT AND
DIRECTORS

 

 

	
  NONSTATUTORY STOCK OPTION

  	
  This option is not intended to be an incentive stock
  option under section 422 of the Internal Revenue Code (the “Code”).

  
	
   

  	
   

  
	
  VESTING

  	
  Except as provided below, your right to exercise
  this option shall commence on the Vesting Start Date, as shown on the cover
  sheet, subject to the following: (i) with respect to each three-month period
  following your Vesting Start Date during which you are regularly scheduled to
  provide Service for 40 or more hours per week for the entire three-month
  period, then one-sixteenth (1/16) of the shares subject to your option will
  vest and become exercisable at the end of such period, (ii) with respect to
  each three-month period of Service following your Vesting Start Date for
  which you are regularly scheduled to provide Service 30 or more hours per
  week, but less than 40 hours per week for all or any portion of such period, then one thirty-second
  (1/32) of the shares subject to your option will vest and become exercisable
  at the end of such period, and (iii) notwithstanding (ii) above, with respect
  to each three-month period of Service following your Vesting Start Date for
  which you are regularly scheduled to provide Service for less then 30 hours
  per week for all or any portion
  of such period, then none of the shares subject to your option will vest and
  become exercisable at the end of such period.The Company, in its sole
  discretion, shall make any determinations regarding the number of hours you
  are regularly scheduled to provide Service per week; provided, however, that
  the foregoing Service crediting rules shall not apply to any options granted
  to the founders of the Company, as determined by the Company in its sole
  discretion.

  
	
   

  	
   

  
	
   

  	
  Notwithstanding the foregoing, no part of this
  option is exercisable until you have completed six consecutive months of
  Service. “Service” means your service as an employee, director, consultant or
  advisor of the Company or any affiliated company.

  
	
   

  	
   

  
	
   

  	
  No additional shares become exercisable after your
  Service has terminated for any reason.

  
	
   

  	
   

  
	
   

  	
  In determining the number of vested shares for
  issuance under the Plan, any fractional shares shall be rounded to the
  nearest whole number.

  

 1
 

 

	
  TERM

  	
  Your option will expire in any event at the close of
  business at Company headquarters on the day before the 10th anniversary of
  the Date of Option Grant, as shown on the cover sheet. (It will expire
  earlier if your Service terminates, as described below.)

  
	
   

  	
   

  
	
  REGULAR TERMINATION

  	
  Except as provided in the “Extension of Exercise
  Period” section below, if your Service terminates for any reason except death
  or total and permanent disability, then your option will expire at the close
  of business at Company headquarters on the 90th day after your termination
  date.

  
	
   

  	
   

  
	
   

  	
  The Company determines when your service terminates
  for this purpose.

  
	
   

  	
   

  
	
  DEATH

  	
  Except as provided in the “Extension of Exercise
  Period” section below, if you die while still in Service, then your option
  will expire at the close of business at Company headquarters on the date 12
  months after the date of death. During that 12 month period, your estate,
  heirs or designated beneficiary may exercise the vested portion of your
  option.

  
	
   

  	
   

  
	
  DISABILITY

  	
  Except as provided in the “Extension of Exercise
  Period” section below, if your Service terminates because of your total and
  permanent disability, then your option will expire at the close of business
  at Company headquarters on the date 12 months after your termination date.
  During that 12 month period, you may exercise the vested portion of your
  option.

  
	
   

  	
   

  
	
   

  	
  “Total and permanent disability” means that you are
  unable to engage in any substantial gainful activity by reason of any
  medically determinable physical or mental impairment which can be expected to
  result in death or which has lasted, or can be expected to last, for a continuous
  period of not less than one year.

  

 2
 

 

	
  EXTENSION OF EXERCISE PERIOD

  	
  If the sale of shares issued upon exercise of your
  option following the termination of your Service would violate the Company’s
  Insider Trading Policy, your option shall not expire until the earlier of (i)
  the expiration of a period equal to the post-termination exercise period
  described in the applicable “Regular Termination”, “Death” or “Disability”
  section above after the termination of your Service during which you can sell
  the shares issued upon exercise of your option without violating the
  Company’s Insider Trading Policy, (ii) the 15th day of the third month after the date on
  which your option would cease to be exercisable but for this section, or such
  longer period as would not cause your option to become subject to Section
  409A(a)(1) of the Code or (iii) the expiration of the term of your option as
  set forth herein. In addition, if the exercise of your option following the
  termination of your Service would be prohibited at any time solely because
  the issuance of shares would violate the registration requirements under the
  Securities Act of 1933, as amended, then your option shall terminate on the
  earlier of (i) the expiration of a period equal to the post-termination
  exercise period described in the applicable “Regular Termination”, “Death” or
  “Disability” section above after the termination of your Service during which
  the exercise of your option would not be in violation of such registration
  requirements or (ii) the expiration of the term of your option as set forth
  herein.

  
	
   

  	
   

  
	
  LEAVES OF ABSENCE

  	
  For purposes of this option, Service does not
  terminate when you go on a military leave, a sick leave or another bona fide
  leave of absence, if the leave was approved by the Company in writing.
  Service terminates immediately in any event when the approved leave ends,
  unless you immediately return to Service.

  
	
   

  	
   

  
	
   

  	
  For purposes of vesting during your leave of
  absence, (i) you shall be credited with up to ninety (90) days of Service or
  as otherwise may be provided under the law; and (ii) you shall not receive
  any credit and your Service shall be considered suspended for days exceeding
  such 90-day period or other period provided under the law.

  
	
   

  	
   

  
	
  RESTRICTIONS ON EXERCISE

  	
  The Company will not permit you to exercise this
  option if the issuance of shares at that time would violate any law or
  regulation.

  

 3
 

 

	
  NOTICE OF EXERCISE

  	
  When you wish to exercise this option, you must
  notify the Company by filing the proper “Notice of Exercise” form at the
  address given on the form. Your notice must specify how many shares you wish
  to purchase. Your notice must also specify how your shares should be
  registered (in your name only or in your and your spouse’s names as community
  property or as joint tenants with right of survivorship). The notice will be
  effective when it is received by the Company.

  
	
   

  	
   

  
	
   

  	
  If someone else wants to exercise this option after
  your death, that person must prove to the Company’s satisfaction that he or
  she is entitled to do so.

  
	
   

  	
   

  
	
  FORM OF PAYMENT

  	
  When you submit your notice of exercise, you must
  include payment of the option price for the shares you are purchasing.
  Payment may be made in one (or a combination of two or more) of the following
  forms:

  
	
   

  	
   

  
	
   

  	
  ·  Your personal check, a cashier’s check or a
  money order.

  
	
   

  	
   

  
	
   

  	
  ·  Certificates for Company stock that you have
  owned for at least six months, along with any forms needed to effect a
  transfer of the shares to the Company. The value of the shares, determined as
  of the effective date of the option exercise, will be applied to the option
  price.

  
	
   

  	
   

  
	
   

  	
  ·  Irrevocable directions to a securities
  broker approved by the Company to sell your option shares and to deliver all
  or a portion of the sale proceeds to the Company in payment of the option
  price. (The balance of the sale proceeds, if any, will be delivered to you.)
  The directions must be given by signing a special “Notice of Exercise” form
  provided by the Company.

  
	
   

  	
   

  
	
  WITHHOLDING TAXES

  	
  You will not be allowed to exercise this option
  unless you make acceptable arrangements to pay any withholding taxes that may
  be due as a result of the option exercise.

  
	
   

  	
   

  
	
  RESTRICTIONS ON RESALE

  	
  By signing this Agreement, you agree not to sell any
  option shares at a time when applicable laws or Company policies prohibit a
  sale. This restriction will apply as long as you are in the Service of the
  Company (or a subsidiary).

  
	
   

  	
   

  
	
  TRANSFER OF OPTION

  	
  Prior to your death, only you may exercise this
  option. You cannot transfer or assign this option. For instance, you may not
  sell this option or use it as security for a loan. If you attempt to do any
  of these things, this option will immediately become invalid. You may,
  however, dispose of this option in your will.

  

 4
 

 

	
  RETENTION
  RIGHTS

  	
  Your option or this Agreement do not give you the
  right to be retained by the Company (or any subsidiaries) in any capacity.
  The Company (and any subsidiaries) reserve the right to terminate your
  service at any time, with or without cause.

  
	
   

  	
   

  
	
  ADJUSTMENTS

  	
  In the event of a stock split, a stock dividend or a
  similar change in Company stock, the number of shares covered by this option
  and the exercise price per share may be adjusted pursuant to the Plan.

  
	
   

  	
   

  
	
  APPLICABLE LAW

  	
  This Agreement will be interpreted and enforced
  under the laws of the State of California.

  
	
   

  	
   

  
	
  THE PLAN AND OTHER AGREEMENTS

  	
  The text of the Plan is incorporated in this
  Agreement by reference. This Agreement and the Plan constitute the entire
  understanding between you and the Company regarding this option. Any prior
  agreements, commitments or negotiations concerning this option are
  superseded.

  

 

BY
SIGNING THE COVER SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE

TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

 5

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