Document:

Exhibit 10.48

Exhibit 10.48

ATHERSYS, INC.

NONQUALIFIED STOCK OPTION AGREEMENT

This Agreement (“Agreement”) is made as of                     ,
 _____ (the “Date of Grant”) by and
between Athersys, Inc., a Delaware corporation (the “Company”) and
 _____ 

(“Optionee”) with respect to the grant of a Nonqualified Stock Option by the Company to Optionee
pursuant to the Athersys, Inc. Equity Incentive Plan (the “Plan”). (Capitalized terms used in this
Agreement and not otherwise defined have the meanings assigned to them in the Plan).

	1.	 	Grant of Stock Option. Subject to and upon the terms, conditions, and restrictions set forth
in this Agreement, the Company hereby grants to Optionee an option (the “Option”) to purchase

 _____ (_____) Shares (the “Option Shares”) of Common Stock of the Company or
any security unto which such shares may be changed by reason of any transaction or event of
the type referred to in Section 9 of this Agreement (“Common Shares”). The Option may be
exercised from time to time in accordance with the terms of this Agreement.

	2.	 	Type of Option. The Option is intended to be a nonqualified stock option and shall not be
treated as an “incentive stock option” within the meaning of that term under Section 422 of
the Internal Revenue Code of 1986, as amended from time to time, or any successor provision
thereto.

	3.	 	Option Price. The Option Shares may be purchased pursuant to this Option at a price of

 _____ 

($_____) per Common Share, subject to adjustment as hereinafter provided (the
“Option Price”). The Option Price shall in no event be less than the fair market value of an
Option Share on the Date of Grant.

	4.	 	Term of Option/Agreement. The term of the Option shall commence on the Date of Grant and
shall terminate and expire automatically and without further notice Five (5) years from the
Date of Grant.

	5.	 	Right to Exercise. Subject to Section 4 above, the Option will vest and become exercisable
as provided in the attached Exhibit A, for so long as Optionee continues to perform services
for the Company or any Subsidiary. The Option may be exercised in whole or in part. In no
event shall Optionee be entitled to acquire a fraction of one Option Share pursuant to this
Option. Optionee shall be entitled to the privileges of ownership with respect to Option
Shares purchased and delivered to Optionee upon the exercise of all or part of this Option.

 

 

 

	6.	 	Notice of Exercise; Payment. To the extent then exercisable, the Option may be exercised in
whole or in part by written notice to the Company stating the number of Option Shares for
which the Option is being exercised and the intended manner of payment. The date of such
notice shall be the exercise date. The Option Price shall be payable (a) in cash or by check acceptable to the Company, (b) by actual or constructive
transfer to the Company of nonforfeitable, unrestricted Common Shares that have been owned
by the Optionee for more than six (6) months prior to the date of exercise, (c) for
exercises of Options that occur more than one (1) year following the Date of Grant, by
transfer to the Company of shares or vested Options (including Options under this Agreement)
for the purchase of shares of Common Stock having a fair market value (net of the exercise
price) at the time of exercise equal to the portion of the Option Price for which such
transfer is made, or (d) by a combination of such methods of payment. The requirement of
payment in cash shall be deemed satisfied if the Optionee shall have made arrangements
satisfactory to the Company with a bank or a broker who is a member of the National
Association of Securities Dealers, Inc. to sell on the exercise date a sufficient number of
the shares being purchased so that the net proceeds of the sale transaction will at least
equal the Option Price plus payment of any applicable withholding taxes and pursuant to
which the bank or broker undertakes to deliver the full Option Price plus payment of any
applicable withholding taxes to the Company on a date satisfactory to the Company, but not
later than the date on which the sale transaction will settle in the ordinary course of
business. As soon as practicable upon the Company’s receipt of Optionee’s notice of
exercise and payment, the Company shall direct the due issuance of the Option Shares so
purchased.

As a further condition precedent to the exercise of this Option in whole or in part,
Optionee shall comply with all regulations and the requirements of any regulatory authority
having control of, or supervision over, the issuance of the Common Shares and in connection
therewith shall execute any documents which the Board shall in its sole discretion deem
necessary or advisable.

	7.	 	Option Nontransferable. This Option is not transferable by the Optionee otherwise than by
will or the laws of descent and distribution. This Option may be exercised, during the
lifetime of the Optionee, only by Optionee, or in the event of Optionee’s legal incapacity, by
Optionee’s guardian or legal representative acting on behalf of Optionee in a fiduciary
capacity under state law and court supervision.

	8.	 	Compliance with Law. This Option shall not be exercisable if such exercise would involve a
violation of any applicable federal, state or other securities law.

	9.	 	Adjustments. The Board (or a committee of the Board) shall make such adjustments in the
Option Price and in the number or kind of Common Shares or other securities covered by this
Option as the Board (or a committee of the Board) shall determine is equitably required to
prevent dilution or enlargement of the rights of the Optionee that otherwise would result from
(a) any stock dividend, extraordinary dividend, stock split, combination of shares,
recapitalization or other change in the capital structure of the Company, or (b) any Change in
Control, merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization or
partial or complete liquidation, or other distribution of assets, issuance of rights or
warrants to purchase securities, or (c) any other corporate transaction or event having an
effect similar to any of the foregoing. Moreover, in the event of any such transaction or
event, the Board (or a committee of the Board), in its discretion, may provide in substitution
for any or all of the Option Rights provided for herein such alternative consideration as it may determine to be equitable in the
circumstances.

 

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	10.	 	Taxes and Withholding. If the Company shall be required to withhold any federal, state,
local or foreign tax in connection with exercise of this Option, it shall be a condition to
such exercise that the Optionee pay or make provision satisfactory to the Company for payment
of all such taxes. The Optionee may elect that all or any part of such withholding
requirement be satisfied by retention by the Company of a portion of the shares purchased upon
exercise of this Option. If such election is made, the shares so retained shall be credited
against such withholding requirement at the Market Value per Share on the date of exercise.
In no event, however, shall the Company accept Common Shares for payment of taxes in excess of
required tax withholding rates.

	11.	 	Information. Information about the Optionee and the Optionee’s participation in the Plan may
be collected, recorded and held, used and disclosed for any purpose related to the
administration of the Plan. The Optionee understands that such processing of this information
may need to be carried out by the Company and its Subsidiaries and by third party
administrators whether such persons are located within the Optionee’s country or elsewhere,
including the United States of America. The Optionee consents to the processing of
information relating to the Optionee and the Optionee’s participation in the Plan in any one
or more of the ways referred to above.

	12.	 	Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the
event of any inconsistency between the provisions of this Agreement and the Plan, the Plan
shall govern. All terms used herein with initial capital letters and not otherwise defined
herein that are defined in the Plan shall have the meanings assigned to them in the Plan. The
Board (or a committee of the Board) acting pursuant to the Plan, as constituted from time to
time, shall, except as expressly provided otherwise herein, have the right to determine any
questions which arise in connection with the grant of the Option hereunder.

	13.	 	Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement
to the extent that the amendment is applicable hereto; provided, however, that
no amendment shall adversely affect the rights of the Optionee under this Agreement without
the Optionee’s consent.

	14.	 	Severability. If any provision of this Agreement or the application of any provision hereof
to any person or circumstances is held invalid, unenforceable or otherwise illegal, the
remainder of this Agreement and the application of such provision to any other person or
circumstances shall not be affected, and the provisions so held to be invalid, unenforceable
or otherwise illegal shall be reformed to the extent (and only to the extent) necessary to
make it enforceable, valid and legal.

	15.	 	Successors and Assigns. Without limiting Section 7 hereof, the provisions of this Agreement
shall inure to the benefit of, and be binding upon, the successors, administrators, heirs,
legal representatives and assigns of the Optionee, and the successors and assigns of the
Company.

 

3

 

	16.	 	Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute one and the same
Agreement.

	17.	 	Governing Law. This Agreement shall be governed by and construed in accordance with the
internal substantive laws of the State of Delaware, without giving effect to any principle of
law that would result in the application of the law of any other jurisdiction.

	18.	 	Notices. Any notice to the Company provided for herein shall be in writing to the Company,
marked Attention: President, and any notice to Optionee shall be addressed to said Optionee
at Optionee’s address on file with the Company at the time of such notice. Except as
otherwise provided herein, any written notice shall be deemed to be duly given if and when
delivered personally or deposited in the United States mail, first class registered mail,
postage and fees prepaid, and addressed as aforesaid. Any party may change the address to
which notices are to be given hereunder by written notice to the other party as herein
specified (provided that for this purpose any mailed notice shall be deemed given on the third
business day following deposit of the same in the United States mail).

Executed in the name and on behalf of the Company, at 3201 Carnegie Avenue, Cleveland, Ohio, 44115, as of the
 _____th day of
 _____,
 _____.

	 	 	 	 	 
	 	 	ATHERSYS, INC.

 	 
	 	  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

The undersigned Optionee hereby accepts the Option Rights evidenced by this Nonqualified Stock
Option Agreement on the terms and conditions set forth herein and in the Plan.

	 	 	 	 
	Dated:  _____,  _____ 
	 	 	 

 

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EXHIBIT A

	 	 	 	 	 	 	 
	Vesting Date
	 	Shares Vesting
	 	Total Shares Vested
	 	Price/share
	 
	 	 
	 	 
	 	 

 

5exv10w1

Exhibit 10.1

Archer-Daniels-Midland Company

2009 Incentive Compensation Plan

Performance Share Unit Award Agreement

     This Performance Share Unit Award Agreement (the “Agreement”), is made and entered into as of
*[grant date] (the “Date of Grant”), by and between Archer-Daniels-Midland Company, a Delaware
corporation (the “Company”), and «First_Name» «Last_Name», an employee of the Company (the
“Grantee”). This Agreement is pursuant to the terms of the Company’s 2009 Incentive Compensation
Plan (the “Plan”). The applicable terms of the Plan are incorporated herein by reference,
including the definitions of capitalized terms contained in the Plan.

     Section 1. Performance Share Unit Award. The Company hereby grants to the
Grantee, on the terms and conditions hereinafter set forth, an Award of «ResAmount» Performance
Share Units (the “Units”), such Units representing the right to receive, following vesting of the
Units, such number of shares of the Company’s common stock as may be determined in accordance with
Section 4 of this Agreement, but in no event a total number of Shares greater than 150% of the
number of Units. The Units granted to the Grantee shall be credited to an account in the Grantee’s
name. This account shall be a record of book-keeping entries only and shall be utilized solely as
a device for the measurement and determination of the number of Shares to be granted to or in
respect of the Grantee pursuant to this Agreement.

     Section 2. Rights of Grantee.

     (a) No Shareholder Rights. The Units granted pursuant to this Award do not entitle
Grantee to any rights of a shareholder of the Company’s common stock. The Grantee’s rights with
respect to the Units shall remain forfeitable at all times by the Grantee until satisfaction of the
vesting conditions set forth in Section 3 of this Agreement.

     (b) Restrictions on Transfer. The Grantee shall not be entitled to transfer, sell,
pledge, alienate, hypothecate or assign the Units or this Award, except that in the event of the
Grantee’s death, the Grantee’s designated beneficiary or estate shall be entitled to receive the
Shares issuable in settlement of earned and vested Units. Any attempt to otherwise transfer the
Units or this Award shall be void. All rights with respect to the Units and this Award shall be
available only to the Grantee during his or her lifetime, and thereafter to the Grantee’s
designated beneficiary or estate.

     Section 3. Vesting of Units. Subject to the provisions of Sections 6 and 7
hereof, the Units granted hereunder (and the Grantee’s right to receive Shares in settlement of the
Units pursuant to this Award) shall vest on the earliest to occur of the following (the “Vesting
Date”): (i) October 1, 2014; (ii) upon the occurrence of a Change in Control of the Company (as
defined in the Plan after giving effect to the proviso regarding Code Section 409A at the end of
that definition); or (iii) upon the death of the Grantee. Any outstanding Units granted hereunder
that do not vest on the Vesting Date shall be forfeited.

 

 

     Section 4. Number of Shares to be Received. The number of Shares that the
Grantee will be entitled to receive in settlement of the vested Units following the Vesting Date
will be determined as follows, subject to an overall limitation on such number of Shares equal to
150% of the number of vested Units:

     (a) Annual Share Settlement Amount. Each fiscal year of the Company occurring during
the period July 1, 2011 to June 30, 2014 will be considered a “Performance Period” for purposes of
this Agreement. As soon as practicable following the end of each Performance Period, the number of
Shares issuable in settlement of one-third of the number of Units subject to this Agreement (the
“Annual Share Settlement Amount”) will be determined by the Committee by multiplying one-third of
the number of Units by the Company Performance Factor (described in Section 4(b) below) for that
Performance Period.

     (b) Company Performance Factor.

          (1) The Company Performance Factor for each Performance Period is a percentage multiplier,
calculated to two decimal places, determined by the Committee for purposes of calculating payouts
under the Company’s annual cash incentive program for performance that occurred during the
applicable Performance Period. As an example, the determination of the Company Performance Factor
for the annual cash incentive program for fiscal 2010 is described on pages 20-22 of the Company’s
Proxy Statement for its annual meeting of stockholders held on November 4, 2010. The manner of
determining the Company Performance Factor for each Performance Period for purposes of this Section
4 shall be established by the Committee no later than 90 days after the commencement of each
Performance Period.

          (2) The Committee retains complete discretion to modify, from one year to the next, the manner
in which it calculates payouts under the Company’s annual cash incentive program, which may include
changes in the way the Company Performance Factor is calculated (such as changes in the number,
nature and weighting of financial and operational metrics upon which applicable performance goals
are based, or changes in the level of achievement required to satisfy any applicable performance
goal) and the use of a multiplier other than the Company Performance Factor. Any changes from one
Performance Period to the next in the way the Company Performance Factor is calculated for a
Performance Period for purposes of the annual cash incentive program shall equally apply to
calculations affecting this Award under this Section 4. If the Committee makes other changes in
the manner in which it calculates payouts under the Company’s annual cash incentive program that
will affect any Performance Period, then the Committee shall adapt the calculation methodology used
under the annual cash incentive program as may be necessary to enable it to derive a Company
Performance Factor for such Performance Period that may equitably be utilized for purposes of
calculations under this Section 4. Any such adaptations and derivations made by the Committee
pursuant to this Section 4(b)(2) shall be final, binding and conclusive for all purposes hereunder.

     (c) Additional Share Settlement Amount. If the Units vest pursuant to clause (ii) or
clause (iii) of Section 3 of this Agreement, then to the extent that the number of Units that vest on the applicable Vesting Date exceeds the number of Units for which Annual Share Settlement

2

 

Amounts have previously been determined in accordance with Section 4(a) above, the number of Shares
issuable in settlement of Units for which no Annual Share Settlement Amounts have been calculated
(the “Undetermined Units”) will be determined by multiplying such number of Undetermined Units by
the average of the Company Performance Factors previously determined by the Committee for
Performance Periods completed prior to the applicable Vesting Date. If the Committee has not
determined the Annual Share Settlement Amount for any Performance Period prior to the applicable
Vesting Date, then the number of Shares issuable in settlement of the Undetermined Units shall be
equal to the number of Undetermined Units. Any Share settlement amount determined pursuant to
this Section 4(c) for Undetermined Units shall be referred to as the “Additional Share Settlement
Amount.”

     Section 5. Settlement of Units. After any Units vest in accordance with
Section 3 of this Agreement, the Company shall cause to be issued to the Grantee, or to the
Grantee’s designated beneficiary or estate in the event of Grantee’s death, Shares in payment and
settlement of such vested Units in an amount equal to the lesser of (i) the sum of all Annual Share
Settlement Amounts and any Additional Share Settlement Amount determined in accordance with Section
4, or (ii) 150% of the number of vested Units. Except for vesting as a result of Grantee’s death
or a Change in Control of the Company, such issuance shall follow certification by the Committee of
the calculation of the final Annual Share Settlement Amount, and shall occur on or before the later
of (i) the end of the calendar year in which the Vesting Date occurs, or (ii) the 15th day of the
third calendar month after the Vesting Date, and the Grantee shall have no power to affect the
timing of such issuance. If vesting occurs as a result of Grantee’s death, such issuance shall
occur within 90 days of the date of Grantee’s death, and if vesting occurs as a result of a Change
in Control, such issuance shall occur as of the date of the Change in Control. Such issuance shall
be evidenced by a stock certificate or appropriate entry on the books of the Company or a duly
authorized transfer agent of the Company, shall be subject to the tax withholding provisions of
Section 8, and shall be in complete settlement and satisfaction of such vested Units. If the
ownership of or issuance of Shares to the Grantee as provided herein is not feasible due to
applicable exchange controls, securities or tax laws or other provisions of applicable law, as
determined by the Committee in its sole discretion, the Grantee or his legal representative shall
receive cash proceeds in an amount equal to the Fair Market Value (as of the Vesting Date) of the
Shares otherwise issuable to Grantee, net of any amount required to satisfy withholding tax
obligations as provided in Section 8.

          Section 6. Effect of Termination of Service. If the Grantee’s service as an
Employee ceases prior to the Vesting Date other than as a result of the Grantee’s Retirement or
Disability, the Grantee shall forfeit the Units. If such termination of service is a result of
Grantee’s Retirement or Disability, then subject to the forfeiture and recovery conditions of
Section 7, Grantee’s right to receive Shares pursuant to this Award shall continue to vest in
accordance with Section 3.

          Section 7. Forfeiture and Recovery Conditions. Notwithstanding the foregoing,
in the event of termination of Grantee’s service as an Employee for “cause” (as defined below), the
breach of any non-competition or confidentiality restrictions applicable to the Grantee, or the
Grantee’s participation in an activity that is deemed by the Company to be
detrimental to the Company (including, without limitation, criminal activity or accepting

3

 

employment with a competitor of the Company), (i) the Grantee’s right to receive an award of Units
or an issuance of Shares in settlement of Units shall immediately terminate, (ii) any unvested
Units held by the Grantee shall be forfeited, and (iii) if Shares have been issued (or the cash
value thereof paid) after the Vesting Date, then either (A) the Shares so issued shall be forfeited
and returned to the Company, or (B) the Grantee shall be required to pay to the Company in cash an
amount equal to the Fair Market Value of such Shares as of the Vesting Date.

          For purposes hereof, “cause” shall have the meaning specified in such Grantee’s employment
agreement with the Company, or, in the case of a Grantee who is not employed pursuant to an
employment agreement, “cause” shall mean any of the following acts by the Grantee: (i)
embezzlement or misappropriation of corporate funds, (ii) any acts resulting in a conviction for,
or plea of guilty or nolo contendere to, a charge of commission of a felony, (iii)
misconduct resulting in injury to the Company or any subsidiary, (iv) activities harmful to the
reputation of the Company or any subsidiary, (v) a violation of Company or subsidiary operating
guidelines or policies, (vi) willful refusal to perform, or substantial disregard of, the duties
properly assigned to the Grantee, or (vi) a violation of any contractual, statutory or common law
duty of loyalty to the Company or any subsidiary.

          This Award shall also be subject to any compensation recovery policy adopted by the Board or
the Committee in response to the requirements of Section 10D of the Exchange Act, and any
incentive-based compensation associated with this Award may be recovered by the Company pursuant to
such policy under the circumstances and to the extent required by Section 10D of the Exchange Act
and the rules promulgated by the Securities and Exchange Commission and the New York Stock Exchange
thereunder.

          Section 8. Withholding of Taxes. The Grantee shall pay to the Company any
required withholding taxes upon any event in connection with this Award, such as the issuance of
Shares in settlement of the Units, that the Company determines may result in any domestic or
foreign tax withholding obligation, and the delivery of such Shares shall be conditioned upon the
prior payment by the Grantee, or the establishment of arrangements satisfactory to the Company for
the payment by the Grantee, of such withholding tax obligation. The Company may permit the Grantee
to satisfy all or any part of such withholding tax obligations (up to the Grantee’s minimum
required tax withholding rate) by having the Company withhold Shares otherwise payable in
settlement of Units having a Fair Market Value on the date the tax is to be determined equal to the
amount of such withholding tax obligations.

          Section 9. Securities Law Compliance. No Shares shall be delivered upon the
vesting and settlement of any Units unless and until the Company and/or the Grantee shall have
complied with all applicable federal, state or foreign registration, listing and/or qualification
requirements and all other requirements of law or of any regulatory agencies having jurisdiction,
unless the Committee has received evidence satisfactory to it that Grantee may acquire such shares
pursuant to an exemption from registration under the applicable securities laws. Any determination
in this connection by the Committee shall be final, binding, and conclusive. The
Company reserves the right to legend any Share certificate or book entry, conditioning sales
of such Shares upon compliance with applicable federal and state securities laws and regulations.

4

 

          Section 10. No Rights as Employee or Consultant. Nothing in this Agreement or
this Award shall confer upon the Grantee any right to continue as an Employee or consultant of the
Company or any Subsidiary or Affiliate, or to interfere in any way with the right of the Company or
any Subsidiary or Affiliate to terminate the Grantee’s service at any time.

          Section 11. Adjustments. If at any time while this Award is outstanding, the
number of outstanding Shares is changed by reason of a reorganization, recapitalization, stock
split or any of the other events described in Section 4.3 of the Plan, the number of Units and the
number and kind of securities that may be issued in respect of such Units shall be adjusted in
accordance with the provisions of the Plan.

          Section 12. Notices. Any notice hereunder by the Grantee shall be given to
the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the
Secretary of the Company at the Company’s office at 4666 Faries Parkway, Decatur, Illinois 62526,
or at such other address as the Company may designate by notice to the Grantee. Any notice
hereunder by the Company shall be given to the Grantee in writing and such notice shall be deemed
duly given only upon receipt thereof at such address as the Grantee may have on file with the
Company.

          Section 13. Construction. The construction of this Agreement is vested in the
Committee, and the Committee’s construction shall be final and conclusive.

          Section 14. Governing Law. This Agreement shall be construed and enforced in
accordance with the laws of the State of Illinois, without giving effect to the choice of law
principles thereof.

	 	 	 	 	 	 	 

	 	 	Archer-Daniels-Midland Company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	  

          P.
A. Woertz
	 	 
	 

	 	 	 	          Chairman, President & Chief	 	 
	 

	 	 	 	          Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	GRANTEE	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 

5

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