Document:

Exhibit 10.1

Exhibit 10.1

Grant No.: RSA-                     

Restricted Stock Agreement

under the

Unilife Corporation

2009 Stock Incentive Plan

Grantee:                                          

No. of Shares:         
                 
     

This
Agreement (the “Agreement”) evidences the
award of [•] restricted shares (each, an “Award
Share,” and collectively, the “Award Shares”) of the common stock of Unilife Corporation, a
Delaware corporation (the “Company”), granted
to you, [•], effective as of                      (the “Grant
Date”), pursuant to the Unilife Corporation 2009 Stock Incentive Plan (the “Plan”) and conditioned
upon your agreement to the terms described below. All of the provisions of the Plan are expressly
incorporated into this Agreement.

1. Terminology. Unless otherwise provided in this Agreement, capitalized words used
herein are defined in the Glossary at the end of this Agreement.

2. Vesting.

(a) All of the Award Shares are nonvested and forfeitable as of the Grant Date.

[Alternative 1]: (b) So long as your Service with the Company is continuous from the Grant
Date through the applicable date upon which vesting is scheduled to occur, 25% of the Award Shares
will become vested and nonforfeitable on each of the first and second anniversaries of the Grant
Date, and 50% of the Award Shares will become vested and nonforfeitable on the third anniversary of
the Grant Date, such that 100% of the Award Shares will be vested and nonforfeitable as of the
third anniversary of the Grant Date.

[Alternative 2]: (b) So long as your Service with the Company is continuous from the Grant
Date through the applicable date upon which vesting is scheduled to occur, the Award Shares will
become vested and nonforfeitable as follows:

(i) 25% of the Award Shares will become vested and nonforfeitable on the third Trading
Day after the Company’s release of earnings for the fiscal quarter which includes the first
anniversary of the Grant Date;

(ii) 25% of the Award Shares will become vested and nonforfeitable on the third Trading
Day after the Company’s release of earnings for the fiscal quarter which includes the second
anniversary of the Grant Date; and

(iii) 50% of the Award Shares will become vested and nonforfeitable on the third Trading Day
after the Company’s release of earnings for the fiscal quarter which includes the third anniversary
of the Grant Date.

(c) All of the Award Shares, to the extent not earlier forfeited, will become vested and
nonforfeitable immediately before and contingent upon the occurrence of a Change in Control
(notwithstanding whether your Service continues after the Change in Control), upon your death, or
upon your ceasing to be employed by the Company by reason of Disability.

 

 

 

3. Termination of Service.

(a) If your Service with the Company ceases for any reason other than your death, Disability,
or a termination on or after the occurrence of a Change in Control, all Award Shares that are not
then vested and nonforfeitable will be immediately forfeited by you and transferred to the Company
upon such cessation for no consideration. Any accrued dividends attributable to such forfeited
Award Shares shall also be forfeited if and when the Award Shares are forfeited.

(b) You acknowledge and agree that upon the forfeiture of any unvested Award Shares in
accordance with Section 3(a), (i) your right to vote and to receive cash dividends on, and all
other rights, title or interest in, to or with respect to, the forfeited Award Shares shall
automatically, without further act, terminate and (ii) the forfeited Award Shares shall be returned
to the Company. You hereby
irrevocably appoint (which appointment is coupled with an interest) the Company as your agent
and attorney-in-fact to take any necessary or appropriate action to cause the forfeited Award
Shares to be returned to the Company, including without limitation executing and delivering stock
powers and instruments of transfer, making endorsements and/or making, initiating or issuing
instructions or entitlement orders, all in your name and on your behalf. You hereby ratify and
approve all acts done by the Company as such attorney-in-fact. Without limiting the foregoing, you
expressly acknowledge and agree that any transfer agent for the Common Stock of the Company is
fully authorized and protected in relying on, and shall incur no liability in acting on, any
documents, instruments, endorsements, instructions, orders or communications from the Company in
connection with the forfeited Award Shares or the transfer thereof, and that any such transfer
agent is a third party beneficiary of this Agreement.

4. Restrictions on Transfer.

(a) Before an Award Share becomes vested and nonforfeitable, it may not be sold, assigned,
transferred, pledged, hypothecated or disposed of in any way (whether by operation of law or
otherwise), except by will or the laws of descent and distribution, and shall not be subject to
execution, attachment or similar process.

(b) The Company shall be entitled to place a stop transfer order on the Award Shares until
they become vested and nonforfeitable. Any attempt to sell, transfer, pledge, assign or otherwise
alienate or hypothecate any such Award Shares in contravention of the restrictions set forth in
Section 4(a) shall be null and void and without effect. The Company shall not be required to (i)
transfer on its books any Award Shares that have been sold or transferred in contravention of this
Agreement or (ii) treat as the owner of Award Shares, or otherwise accord voting, dividend or
liquidation rights to, any transferee to whom Award Shares have been transferred in contravention
of this Agreement.

5. Stock Certificates. You are reflected as the owner of record of the Award Shares
as of the Grant Date on the Company’s books. The Company or an escrow agent appointed by the
Administrator will hold in escrow the share certificates for safekeeping, or the Company may
otherwise retain the Award Shares in uncertificated book entry form, until the Award Shares become
vested and nonforfeitable and freely transferable. Until the Award Shares become vested and
nonforfeitable, any share certificates representing such shares will include a legend to the effect
that you may not sell, assign, transfer, pledge, or hypothecate the Award Shares. Any cash
dividends that become payable with respect to an unvested Award Share will be accrued and held by
the Company or an escrow agent appointed by the Administrator until the Award Share becomes vested
and will be paid to you within fifteen days after the date on which the related Award Share becomes
vested. After vesting of an Award Share, the Company will continue to retain the Award Share in
uncertificated book entry form. Alternatively, upon your request, the Company will deliver a share
certificate to you or deliver a share electronically or in certificate form to your designated
broker on your behalf, for the vested Award Share.

 

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6. Tax Withholding; Tax Election.

(a) You hereby agree to make adequate provision for non-US, US Federal, state and local taxes,
including any social tax obligation, required by law to be withheld, if any, which arise in
connection with the grant or vesting of the Award Shares. The Company in its sole discretion may,
but is not obligated to, permit you to satisfy, in whole or in part, any withholding tax
obligation, including any social tax obligation, which may arise in connection with the grant or
vesting of the Award Shares either by electing to have the Company withhold the issuance of, or
redeem, Award Shares (other than unvested Award Shares) or by electing to deliver to the Company
already-owned, fully vested shares of Common Stock of the Company, in either case having a Fair
Market Value equal to the amount necessary to satisfy the statutory minimum withholding amount due.
The Company shall have the right to deduct from any compensation or any other payment of any kind
due you (including withholding the issuance or delivery of shares of Common Stock or redeeming
Award Shares) the amount of any US Federal, state, local or non-US taxes, including any social tax
obligation, required by law to be withheld as a result of the grant or vesting of the Award Shares
in whole or in part; provided, however, that the value of the shares of Common Stock withheld or
redeemed may not exceed the statutory minimum withholding amount required by law. In lieu of such
deduction, the Company may require you to make a cash payment to the Company equal to the amount
required to be withheld. If you do not make provision for the payment of such taxes when
requested, the Company may refuse to issue any Common Stock certificate under this Agreement or may
refuse to remove transfer restrictions on any Award Share until arrangements satisfactory to the
Committee have been made.

(b) You hereby acknowledge that you have been advised by the Company to seek independent tax
advice from your own advisors regarding the availability and advisability of making an election
under Section 83(b) of the Code, and that any such election, if made, must be made within 30 days
of the Grant Date. You expressly acknowledge that you are solely responsible for filing any such
Section 83(b) election with the appropriate governmental authorities, irrespective of the fact that
such election is also delivered to the Company. You may not rely on the Company or any of its
officers, directors or employees for tax or legal advice regarding this award. You acknowledge
that you have sought tax and legal advice from your own advisors regarding this award or have
voluntarily and knowingly foregone such consultation.

7. Adjustments for Corporate Transactions and Other Events.

(a) Stock Dividend, Stock Split and Reverse Stock Split. Upon a stock dividend of, or
stock split or reverse stock split affecting, the Common Stock, the number of Award Shares and the
number of such Award Shares that are nonvested and forfeitable shall, without further action of the
Administrator, be adjusted to reflect such event. The Administrator shall make adjustments, in its
discretion, to address the treatment of fractional shares with respect to the Award Shares as a
result of the stock dividend, stock split or reverse stock split; provided that such adjustments do
not result in the issuance of fractional Award Shares. Adjustments under this Section 7 will be
made by the Administrator, whose determination as to what adjustments, if any, will be made and the
extent thereof will be final, binding and conclusive.

(b) Binding Nature of Agreement. The terms and conditions of this Agreement shall
apply with equal force to any additional and/or substitute securities received by you in exchange
for, or by virtue of your ownership of, the Award Shares, to the same extent as the Award Shares
with respect to which such additional and/or substitute securities are distributed, whether as a
result of any spin-off, stock split-up, stock dividend, stock distribution, other reclassification
of the Common Stock of the Company, or similar event, except as otherwise determined by the
Administrator. If the Award Shares are converted into or exchanged for, or stockholders of the
Company receive by reason of any distribution in total or partial liquidation or pursuant to any
merger of the Company or acquisition of its assets, securities of another entity, or other property
(including cash), then the rights of the Company under this Agreement shall inure to the benefit of
the Company’s successor, and this Agreement shall apply to the securities or other property
(including cash) received upon such conversion, exchange or distribution in the same manner and to
the same extent as the Award Shares.

8. Non-Guarantee of Employment or Service Relationship. Nothing in the Plan or this
Agreement shall alter your employment status or other service relationship with the Company, nor be
construed as a contract of employment or service relationship between the Company and you, or as a
contractual right of you to continue in the employ of, or in a service relationship with, the
Company for any period of time, or as a limitation of the right of the Company to discharge you at
any time with or without cause or notice and whether or not such discharge results in the
forfeiture of any Award Shares or any other adverse effect on your interests under the Plan or this
Agreement.

 

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9. Rights as Stockholder. Except as otherwise provided in this Agreement with respect
to the nonvested and forfeitable Award Shares and the payment of dividends thereon, you will
possess all incidents of ownership of the Award Shares, including the right to vote the Award
Shares and receive dividends and/or other distributions declared on the Award Shares.

10. The Company’s Rights. The existence of the Award Shares shall not affect in any
way the right or power of the Company or its stockholders to make or authorize any or all
adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure
or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures,
preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the
Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale
or transfer of all or any part of the Company’s assets or business, or any other corporate act or
proceeding, whether of a similar character or otherwise.

11. Notices. All notices and other communications made or given pursuant to this
Agreement shall be in writing and shall be sufficiently made or given if hand delivered or mailed
by certified mail, addressed to you at the address contained in the records of the Company, or
addressed to the Administrator, care of the Company for the attention of its Corporate Secretary at
its principal executive office or, if the receiving party consents in advance, transmitted and
received via telecopy or via such other electronic transmission mechanism as may be available to
the parties.

12. Entire Agreement. This Agreement contains the entire agreement between the
parties with respect to the Award Shares granted hereunder. Any oral or written agreements,
representations, warranties, written inducements, or other communications made prior to the
execution of this Agreement with respect to the Award Shares granted hereunder shall be void and
ineffective for all purposes.

13. Amendment. This Agreement may be amended from time to time by the Administrator
in its discretion; provided, however, that this Agreement may not be modified in a
manner that would have a materially adverse effect on your rights under this Agreement as
determined in the discretion of the Administrator, except as provided in the Plan or in a written
document signed by each of the parties hereto.

14. Conformity with Plan. This Agreement is intended to conform in all respects with,
and is subject to all applicable provisions of, the Plan. Inconsistencies between this Agreement
and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any
ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall
govern. A copy of the Plan is available upon request to the Administrator.

15. Governing Law. The validity, construction and effect of this Agreement, and of
any determinations or decisions made by the Administrator relating to this Agreement, and the
rights of any and all persons having or claiming to have any interest under this Agreement, shall
be determined exclusively in accordance with the laws of the State of Delaware, without regard to
its provisions concerning the applicability of laws of other jurisdictions. Any suit with respect
hereto will be brought in the federal or state courts in the districts which include the city and
state in which the principal executive offices of the Company are located on the date on which the
suit arises, and you hereby agree and submit to the personal jurisdiction and venue thereof.

16. Headings. The headings in this Agreement are for reference purposes only and
shall not affect the meaning or interpretation of this Agreement.

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

 

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18. Electronic Delivery of Documents. By your signing this Agreement, you (i) consent
to the electronic delivery of this Agreement, all information with respect to the Plan and the
Award Shares and any reports of the Company provided generally to the Company’s stockholders; (ii)
acknowledge that you may receive from the Company a paper copy of any documents delivered
electronically at no cost to you by contacting the Company by telephone or in writing; (iii)
further acknowledge that you may revoke your consent to the electronic delivery of documents at any
time by notifying the Company of such revoked consent by telephone, postal service or electronic
mail; and (iv) further acknowledge that you understand that you are not required to consent to
electronic delivery of documents.

19. No Future Entitlement. By your signing this Agreement, you acknowledge and agree
that: (i) the grant of these Award Shares is a one-time benefit which does not create any
contractual or other right to receive future grants of stock, or compensation in lieu of stock
grants, even if stock grants have been granted repeatedly in the past; (ii) all determinations with
respect to any such future grants, including, but not limited to, the times when stock grants shall
be granted, the maximum number of shares subject to each stock grant, and the times or conditions
under which restrictions on such stock grants shall lapse, will be at the sole discretion of the
Administrator; (iii) the value of this stock grant is an extraordinary item of compensation which
is outside the scope of your employment contract, if any; (iv) the value of this stock grant is not
part of normal or expected compensation or salary for any purpose, including, but not limited to,
calculating any termination, severance, resignation, redundancy, end of service payments or similar
payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of these
Award Shares ceases upon termination of employment with the Company or transfer of employment from
the Company, or other cessation of eligibility for any reason, except as may otherwise be
explicitly provided in this Agreement; (vi) the Company does not guarantee any future value of
these Award Shares; and (vii) no claim or entitlement to compensation or damages arises if these
Award Shares do not increase in value and you irrevocably release the Company from any such claim
that does arise.

20. Personal Data. For the exclusive purpose of implementing, administering and
managing this stock grant, you, by signing this Agreement, consent to the collection, receipt, use,
retention and
transfer, in electronic or other form, of your personal data by and among the Company and its
third party vendors. You understand that personal data (including but not limited to, name, home
address, telephone number, employee number, employment status, social security number, tax
identification number, date of birth, nationality, job and payroll location, data for tax
withholding purposes and shares awarded, cancelled, exercised, vested and unvested) may be
transferred to third parties assisting in the implementation, administration and management of this
stock grant and the Plan, and you expressly authorize such transfer as well as the retention, use,
and the subsequent transfer of the data by the recipient(s). You understand that these recipients
may be located in your country or elsewhere, and that the recipient’s country may have different
data privacy laws and protections than your country. You understand that data will be held only as
long as is necessary to implement, administer and manage this stock grant. You understand that you
may, at any time, request a list with the names and addresses of any potential recipients of the
personal data, view data, request additional information about the storage and processing of data,
require any necessary amendments to data or refuse or withdraw the consents herein, in any case
without cost, by contacting in writing the Company’s Secretary. You understand, however, that
refusing or withdrawing your consent may affect your ability to accept a stock grant.

{Glossary begins on next page}

 

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GLOSSARY

(a) “Administrator” means the Board of Directors of Unilife Corporation or such committee or
committees appointed by the Board to administer the Plan.

(b) “Affiliate” means any entity, whether now or hereafter existing, which controls, is
controlled by, or is under common control with, Unilife Corporation (including, but not limited to,
joint ventures, limited liability companies, and partnerships). For this purpose, “control” shall
mean ownership of 50% or more of the total combined voting power or value of all classes of stock
or interests of the entity, or the power to direct the management and policies of the entity, by
contract or otherwise.

(c) “Change in Control” has the meaning ascribed thereto in the Plan.

(d) “Code” means the Internal Revenue Code of 1986, as amended.

(e) “Company” means Unilife Corporation and its Affiliates, except where the context otherwise
requires. For purposes of determining whether a Change in Control has occurred, Company shall mean
only Unilife Corporation.

(f) “Disability” means any medically determinable physical or mental impairment that is
expected to be permanent in nature and which renders you, in the good faith judgment of the
Administrator, unable to perform the essential duties of your position.

(g) “Service” means your employment with the Company and its Affiliates. Your Service with
the Company and its Affiliates will be considered to have ceased if, immediately after a sale,
merger or other corporate transaction, the trade, business or entity with which you are employed or
otherwise have a service relationship is not Unilife Corporation or its successor, or an Affiliate
of Unilife Corporation or its successor.

(h) “Trading Day” means a day on which the Nasdaq Stock Market or other US established
securities exchange or market on which shares of common stock of Unilife Corporation may be trading
at the time is open for trading of such shares.

(i) “You”; “Your”. You means the recipient of the Award Shares as reflected in the first
paragraph of this Agreement. Whenever the word “you” or “your” is used in any provision of this
Agreement under circumstances where the provision should logically be construed, as determined by
the Administrator, to apply to the estate, personal representative, or beneficiary to whom the
Award Shares may be transferred by will or by the laws of descent and distribution, the words “you”
and “your” shall be deemed to include such person.

{Signature page follows}

 

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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer.

	 	 	 	 	 	 	 
	 	 	UNILIFE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 

	 	 

The undersigned hereby acknowledges that he/she has carefully read this Agreement and agrees to be
bound by all of the provisions set forth herein. The undersigned also consents to electronic
delivery of all notices or other information with respect to the Award Shares or the Company.

	 	 	 	 	 	 	 
	WITNESS:

	 	GRANTEE	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 

	 	 

Enclosure: Prospectus for the Unilife Corporation 2009 Stock Incentive Plan

 

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IMPORTANT US FEDERAL TAX INFORMATION

INSTRUCTIONS REGARDING SECTION 83(b) ELECTIONS

	1.	 	The 83(b) Election is irrevocable. The 83(b) Election is a voluntary election that
is available to you. It is your decision whether to file an 83(b) Election.

	2.	 	If you choose to make an 83(b) Election, the 83(b) Election Form must be filed with the
Internal Revenue Service within 30 days of the Grant Date; no exceptions to this deadline are
made. You should send the election to the internal revenue service center located at the
address to which you send your US Federal income tax return (IRS form 1040) based on your
place of residence. The election should be sent via certified mail with return receipt
requested or a delivery service that provides proof of delivery.

	3.	 	You must deliver a copy of the 83(b) Election Form to the Corporate Secretary or other
designated officer of the Company as soon as practicable after you receive proof that the
original was received by the Internal Revenue Service. Irrespective of the fact that a copy
of your 83(b) Election Form is to be delivered to the Company, you remain solely responsible
for properly filing the original with the Internal Revenue Service.

	4.	 	In addition to making the filing under Item 2 above, you must attach a copy of your 83(b)
Election Form to your US Federal tax return for the taxable year that includes the Grant Date.
Applicable state law also may require you to attach a copy of the 83(b) Election Form to any
state income tax returns that you file for that taxable year.

	5.	 	If you make an 83(b) Election and later forfeit the Award Shares, you will not be entitled to
a refund of the taxes paid with respect to the gross income you recognized under the 83(b)
Election.

	6.	 	You must consult your personal tax advisor before making an 83(b) Election. You may
not rely on this information, the Company, or any of the Company’s officers, directors, or
employees for tax or legal advice regarding the Award Shares or the 83(b) Election. The
election form attached to these instructions is intended as a sample only. It must be tailored
to your circumstances and may not be relied upon without consultation with a personal tax
advisor.

 

 

 

SECTION 83(b) ELECTION FORM

Election Pursuant to Section 83(b) of the Internal Revenue Code to

Include Property in Gross Income in Year of Transfer

The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue
Code with respect to the property described below and supplies the following information in
accordance with the regulations promulgated thereunder:

1. The name, address, and taxpayer identification number of the undersigned are:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	_______-_______-_______	 	 

2. The
property with respect to which the election is made is                                         _______ shares of
Common Stock, par value $0.01 per share, of Unilife Corporation, a Delaware corporation (the
“Company”).

3. The date on which the property was transferred was                                         , the date on which the
taxpayer received the property pursuant to a grant of restricted stock.

4. The
taxable year to which this election relates is calendar year 20_______.

5. The property is subject to restrictions in that the property is not transferable and is
subject to a substantial risk of forfeiture until the taxpayer vests in the property. The taxpayer
will vest in the property [DESCRIBE VESTING].

6. The fair market value at the time of transfer (determined without regard to any
restrictions other than restrictions which by their terms will never lapse) of the property with
respect to which this election is being made is $                                         per share; with a cumulative fair
market value of $                    .

7. The taxpayer did not pay any amount for the property transferred.

8. A copy of this statement was furnished to the Corporate Secretary or other designated
officer of the Company. The taxpayer rendered services to Unilife Medical Solutions Limited and
Unilife
Corporation in connection with the transfer of the property with respect to which this
election is being made.

9. This election is made to the same effect, and with the same limitations, for purposes of
any applicable state statute corresponding to Section 83(b) of the Internal Revenue Code.

The undersigned understands that the foregoing election may not be revoked except with the
consent of the Commissioner of Internal Revenue.

Signed:                                                                                

Date:                                                             

 

 

 

Letter for filing §83(b) Election Form

[Date]

CERTIFIED MAIL

RETURN RECEIPT REQUESTED

***Please insert the IRS Service Center where you file your US Federal income tax return below.***

	 	 	 
	Internal Revenue Service Center
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

			
	               Re:	 	83(b) Election of

Social Security Number:                                         

Dear Sir/Madam:

Enclosed is an election under §83(b) of the Internal Revenue Code of 1986, as amended, with
respect to certain shares of stock of Unilife Corporation that were transferred to me on
                    ,
20_______.

Please file this election.

	 	 	 	 	 
	 

	 	Sincerely,	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

cc: Corporate Secretary of Unilife CorporationExhibit 10.2

Exhibit 10.2

Grant No.: OPT-____

Unilife Corporation

Nonstatutory Stock Option Notice

This Nonstatutory Stock Option Notice (the “Notice”) evidences the award of stock options
(each, an “Option” or collectively, the “Options”) that have been granted to you, [NAME], subject
to and conditioned upon your agreement to the terms of the attached Nonstatutory Stock Option
Agreement (the “Agreement”). The Options entitle you to purchase shares of common stock, par value
US$0.01 per share (“Shares”), of Unilife Corporation, a Delaware corporation (the “Company”), under
the Unilife Corporation 2009 Stock Incentive Plan (the “Plan”). The number of Shares you may
purchase and the exercise price at which you may purchase them are specified below. This Notice
constitutes part of and is subject to the terms and provisions of the Agreement and the Plan, which
are incorporated by reference herein. [You must return an executed copy of this Notice to the
Company within 30 days of the date hereof. If you fail to do so, the Options may be rendered null
and void in the Company’s discretion.]

Grant Date: [GRANT DATE]

Number of Options: [NUMBER] Options, each permitting the purchase of one Share

Exercise Price: US$[PRICE] per Option

Expiration Date: The Options expire at 5:00 p.m. US Eastern Time on the fifth
anniversary of the Grant Date (the “Expiration Date”), unless fully exercised or terminated
earlier.

Exercisability Schedule: Subject to the terms and conditions described in the Agreement,
the Options become vested and exercisable in accordance with the schedule below:

	 	(a)	 	[NUMBER] of the Options become vested and exercisable on the first
anniversary of the Grant Date,

	 
	 	(b)	 	[NUMBER] of the Options become vested and exercisable on the second
anniversary of the Grant Date,

	 
	 	(c)	 	[NUMBER] of the Options become vested and exercisable on the third
anniversary of the Grant Date, and

	 
	 	(d)	 	[NUMBER] of the Options become vested and exercisable on the fourth
anniversary of the Grant Date.

Acceleration Events: All of the Options, to the extent not earlier terminated or forfeited,
will become vested and exercisable immediately before and contingent upon the occurrence of a
Change in Control (notwithstanding whether your Service continues after the Change in Control),
upon your death, or upon your ceasing to be employed by the Company by reason of Disability.

	 	 	 	 	 	 	 
	 	 	UNILIFE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 

	 	 

I acknowledge that I have carefully read the attached Agreement and the prospectus for the
Plan and agree to be bound by all of the provisions set forth in these documents.

	 	 	 	 	 	 	 
	 	 	OPTIONEE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	[NAME]	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

 

Grant No.: OPT-____

Nonstatutory Stock Option Agreement

under the

Unilife Corporation 2009 Stock Incentive Plan

1. Terminology. Capitalized terms used in this Agreement are defined in the
correlating Stock Option Notice and/or the Glossary at the end of the Agreement.

2. Exercise of Options.

(a) Exercisability. The Options will become exercisable in accordance with the
Exercisability Schedule set forth in the Notice, so long as you are in the Service of the Company
from the Grant Date through the applicable exercisability dates. None of the Options will become
exercisable after your Service with the Company ceases, unless the Notice provides otherwise with
respect to exercisability that arises as a result of your cessation of Service.

(b) Right to Exercise. You may exercise the Options, to the extent exercisable, at
any time on or before 5:00 p.m. US Eastern Time on the Expiration Date or the earlier
termination of the Options, unless otherwise provided under applicable law. Notwithstanding the
foregoing, if at any time the Administrator determines that the delivery of Shares under the Plan
or this Agreement is or may be unlawful under the laws of any applicable jurisdiction, or US
Federal, state or non-US securities laws, the right to exercise the Options or receive Shares
pursuant to the Options shall be suspended until the Administrator determines that such delivery is
lawful. Section 3 below describes certain limitations on exercise of the Options that apply in the
event of your death, Total and Permanent Disability, or termination of Service. The Options may be
exercised only in multiples of whole Shares and may not be exercised at any one time as to fewer
than one hundred Shares (or such lesser number of Shares as to which the Options are then
exercisable). No fractional Shares will be issued under the Options.

(c) Exercise Procedure. In order to exercise the Options, you must provide the
following items to the Secretary of the Company or his or her delegate before the expiration or
termination of the Options:

	 	(i)	 	notice, in such manner and form as the
Administrator may require from time to time, specifying the number of
Shares to be purchased under the Options;

	 
	 	(ii)	 	full payment of the Exercise Price for the
Shares or properly executed, irrevocable instructions, in such manner
and form as the Administrator may require from time to time, to
effectuate a broker-assisted cashless exercise, each in accordance with
Section 2(d) of this Agreement; and

	 
	 	(iii)	 	full payment of applicable withholding taxes
pursuant to Section 6 of this Agreement.

An exercise will not be effective until the Secretary of the Company or his or her delegate
receives all of the foregoing items, and such exercise otherwise is permitted under and complies
with all applicable US Federal, state and non-US securities laws.

 

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(d) Method of Payment. You may pay the Exercise Price by:

	 	(i)	 	delivery of cash, certified or cashier’s check,
money order or other cash equivalent acceptable to the Administrator in
its discretion;

	 
	 	(ii)	 	a broker-assisted cashless exercise in
accordance with Regulation T of the Board of Governors of the Federal
Reserve System (or in accordance with the rules of another applicable
regulatory body) through a brokerage firm approved by the
Administrator;

	 
	 	(iii)	 	subject to such limits as the Administrator
may impose from time to time, tender (via actual delivery or
attestation) to the Company of other Shares or CHESS Depository
Interests of the Company which have a Fair Market Value on the date of
tender equal to the Exercise Price;

	 
	 	(iv)	 	any other method approved by the Administrator;
or

	 
	 	(v)	 	any combination of the foregoing.

(e) Issuance of Shares upon Exercise. The Company shall issue to you the Shares
underlying the Options you exercise as soon as practicable after the exercise date, subject to the
Company’s receipt of the aggregate exercise price and the requisite withholding taxes, if any.
Upon issuance of such Shares, the Company may deliver, subject to the provisions of Section 7
below, such Shares on your behalf electronically to the Company’s designated stock plan
administrator or such other broker-dealer as the Company may choose at its sole discretion, within
reason, or may retain such Shares in uncertificated book-entry form. Any share certificates
delivered will, unless the Shares are registered or an exemption from registration is available
under applicable Federal and state law, bear a legend restricting transferability of such Shares.
If you exercise an Option when CHESS Depository Interests of the Company are listed for trading on
the ASX, you may request that the Shares acquired upon exercise be delivered in the form of CHESS
Depository Interests.

3. Termination of Service.

(a) Termination of Unexercisable Options. If your Service with the Company ceases for
any reason, the Options that are then unexercisable, after giving effect to any exercise
acceleration provisions set forth on the Notice, will terminate immediately upon such cessation.

(b) Exercise Period Following Termination of Service. If your Service with the
Company ceases for any reason other than discharge for Cause, the Options that are then
exercisable, after giving effect to any exercise acceleration provisions set forth on the Notice,
will terminate upon the earliest of:

	 	(i)	 	the expiration of 30 days following such cessation, if your Service ceases
on account of (1) your termination by the Company other than a discharge for Cause,
or (2) your voluntary termination other than for Total and Permanent Disability or
death;

	 
	 	(ii)	 	the expiration of 12 months following such cessation, if your Service
ceases on account of your Total and Permanent Disability or death;

	 
	 	(iii)	 	the expiration of 12 months following your death, if your death occurs
during the periods described in clauses (i) or (ii) of this Section 3(b), as
applicable; or

	 
	 	(iv)	 	the Expiration Date.

In the event of your death, the exercisable Options may be exercised by your executor, personal
representative, or the person(s) to whom the Options are transferred by will or the laws of descent
and distribution.

(c) Misconduct. The Options will terminate in their entirety, regardless of whether
the Options are then exercisable, immediately upon your discharge from Service for Cause, or upon
your commission of any of the following acts during the exercise period (including following your
termination of Service): (i) fraud on or misappropriation of any funds or property of the Company,
or (ii) your breach of
any provision of any employment, non-disclosure, non-competition, non-solicitation, assignment
of inventions, or other similar agreement executed by you for the benefit of the Company, as
determined by the Administrator, which determination will be conclusive.

 

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4. Nontransferability of Options. These Options and, before exercise, the underlying
Shares, are nontransferable otherwise than by will or the laws of descent and distribution and
during your lifetime, the Options may be exercised only by you or, during the period you are under
a legal disability, by your guardian or legal representative. Except as provided above, the
Options and, before exercise, the underlying Shares may not be assigned, transferred, pledged,
hypothecated, subjected to any “put equivalent position,” “call equivalent position” (as each
preceding term is defined by Rule 16(a)-1 under the Securities Exchange Act of 1934), or short
position, or disposed of in any way (whether by operation of law or otherwise) and shall not be
subject to execution, attachment or similar process.

5. Nonqualified Nature of the Options. The Options are not intended to
qualify as incentive stock options within the meaning of Code section 422, and this Agreement shall
be so construed. You hereby acknowledge that, upon exercise of the Options, you will recognize
compensation income in an amount equal to the excess of the then Fair Market Value of the Shares
over the Exercise Price and must comply with the provisions of Section 6 of this Agreement with
respect to any tax withholding obligations that arise as a result of such exercise.

6. Withholding of Taxes. At the time the Options are exercised, in whole or in part,
or at any time thereafter as requested by the Company, you hereby authorize withholding from
payroll or any other payment of any kind due to you and otherwise agree to make adequate provision
for non-US, US Federal, state and local taxes required by law to be withheld, if any, which arise
in connection with the Options. The Company may require you to make a cash payment to cover any
withholding tax obligation as a condition of exercise of the Options or issuance of share
certificates representing Shares.

The Administrator may, in its sole discretion, permit you to satisfy, in whole or in part, any
withholding tax obligation which may arise in connection with the Options either by electing to
have the Company withhold from the Shares to be issued upon exercise that number of Shares, or by
electing to deliver to the Company already-owned Shares, in either case having a Fair Market Value
not in excess of the amount necessary to satisfy the statutory minimum withholding amount due.

7. Adjustments. The Administrator may make various adjustments to your Options,
including adjustments to the number and type of securities subject to the Options and the Exercise
Price, in accordance with the terms of the Plan. In the event of any transaction resulting in a
Change in Control (as defined in the Plan) of the Company, the outstanding Options will terminate
upon the effective time of such Change in Control unless provision is made in connection with the
transaction for the continuation or assumption of such Options by, or for the substitution of the
equivalent awards of, the surviving or successor entity or a parent thereof. In the event of such
termination, you will be permitted, immediately before the Change in Control, to exercise the
outstanding Options.

8. Non-Guarantee of Employment or Service Relationship. Nothing in the Plan or this
Agreement will alter your at-will or other employment status or other service relationship with the
Company, nor be construed as a contract of employment or service relationship between you and the
Company, or as a contractual right for you to continue in the employ of, or in a service
relationship with, the Company for any period of time, or as a limitation of the right of the
Company to discharge you at any time with or without cause or notice and whether or not such
discharge results in the failure of any of the Options to become exercisable or any other adverse
effect on your interests under the Plan or this Agreement.

9. No Rights as a Stockholder. You shall not have any of the rights of a stockholder
with respect to the Shares until such Shares have been issued to you upon the due exercise of the
Options. No adjustment will be made for dividends or distributions or other rights for which the
record date is prior to the date such Shares are issued.

 

 - 3 - 

 

10. The Company’s Rights. The existence of the Options shall not affect in any way
the right or power of the Company or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the Company’s capital structure or its
business, or any merger or consolidation of the Company, or any issue of bonds, debentures,
preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the
Shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or
transfer of all or any part of the Company’s assets or business, or any other corporate act or
proceeding, whether of a similar character or otherwise.

11. Entire Agreement. This Agreement, together with the correlating Nonstatutory
Stock Option Notice and the Plan, contain the entire agreement between you and the Company with
respect to the Options. Any oral or written agreements, representations, warranties, written
inducements, or other communications made prior to the execution of this Agreement with respect to
the Options shall be void and ineffective for all purposes.

12. Amendment. This Agreement may be amended from time to time by the Administrator
in its discretion; provided, however, that this Agreement may not be modified in a
manner that would have a materially adverse effect on the Options or Shares as determined in the
discretion of the Administrator, except as provided in the Plan or in a written document signed by
you and the Company.

13. Conformity with Plan. This Agreement is intended to conform in all respects with,
and is subject to all applicable provisions of, the Plan. Any conflict between the terms of this
Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of
any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall
govern. A copy of the Plan is available upon request to the Administrator.

14. Governing Law. The validity, construction and effect of this Agreement, and of any
determinations or decisions made by the Administrator relating to this Agreement, and the rights of
any and all persons having or claiming to have any interest under this Agreement, shall be
determined exclusively in accordance with the laws of the State of Delaware, without regard to its
provisions concerning the applicability of laws of other jurisdictions. Any suit with respect
hereto will be brought in the federal or state courts in the districts which include the city and
state in which the principal executive offices of the Company are located on the date on which the
suit arises, and you hereby agree and submit to the personal jurisdiction and venue thereof.

15. Headings. The headings in this Agreement are for reference purposes only and
shall not affect the meaning or interpretation of this Agreement.

16. Section 409A. This Agreement and the Options granted hereunder are intended to
comply with, or otherwise be exempt from, Section 409A of the Code. Nothing in the Plan or this
Agreement shall be construed as including any feature for the deferral of compensation other than
the deferral of recognition of income until the exercise of the Options. Should any provision of
the Plan or this Agreement be found not to comply with, or otherwise be exempt from, the provisions
of Section 409A of the Code, it may be modified and given effect, in the sole discretion of the
Administrator and without requiring your consent, in such manner as the Administrator determines to
be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A of the
Code. The foregoing, however, shall not be construed as a guarantee by the Company of any
particular tax effect to you.

17. Electronic Delivery of Documents. By your signing the Notice, you (i) consent to
the electronic delivery of this Agreement, all information with respect to the Plan and the
Options, and any reports of the Company provided generally to the Company’s stockholders; (ii)
acknowledge that you may receive from the Company a paper copy of any documents delivered
electronically at no cost to you by contacting the Company by telephone or in writing; (iii)
further acknowledge that you may revoke your consent to the electronic delivery of documents at any
time by notifying the Company of such revoked consent by telephone, postal service or electronic
mail; and (iv) further acknowledge that you understand that you are not required to consent to
electronic delivery of documents.

 

 - 4 - 

 

18. No Future Entitlement. By execution of the Notice, you acknowledge and agree
that: (i) the grant of these Options is a one-time benefit which does not create any contractual
or other right to receive future grants of stock options, or compensation in lieu of stock options,
even if stock options have been granted repeatedly in the past; (ii) all determinations with
respect to any such future grants, including, but not limited to, the times when stock options
shall be granted or shall become exercisable, the maximum number of shares subject to each stock
option, and the purchase price, will be at the sole discretion of the Administrator; (iii) the
value of these Options is an extraordinary item of compensation which is outside the scope of your
employment contract, if any; (iv) the value of these Options is not part of normal or expected
compensation or salary for any purpose, including, but not limited to, calculating any termination,
severance, resignation, redundancy, end of service payments or similar payments, or bonuses,
long-service awards, pension or retirement benefits; (v) the vesting of these Options ceases upon
termination of employment with the Company or transfer of employment from the Company, or other
cessation of eligibility for any reason, except as may otherwise be explicitly provided in this
Agreement; (vi) if the underlying Shares do not increase in value, these Options will have no
value, nor does the Company guarantee any future value; and (vii) no claim or entitlement to
compensation or damages arises if these Options do not increase in value and you irrevocably
release the Company from any such claim that does arise.

19. Personal Data. For the exclusive purpose of implementing, administering and
managing these Options, you, by execution of the Notice, consent to the collection, receipt, use,
retention and transfer, in electronic or other form, of your personal data by and among the Company
and its third party vendors. You understand that personal data (including but not limited to,
name, home address, telephone number, employee number, employment status, social security number,
tax identification number, date of birth, nationality, job and payroll location, data for tax
withholding purposes and shares awarded, cancelled, exercised, vested and unvested) may be
transferred to third parties assisting in the implementation, administration and management of
these Options and the Plan and you expressly authorize such transfer as well as the retention, use,
and the subsequent transfer of the data by the recipient(s). You understand that these recipients
may be located in your country or elsewhere, and that the recipient’s country may have different
data privacy laws and protections than your country. You understand that data will be held only as
long as is necessary to implement, administer and manage these Options. You understand that you
may, at any time, request a list with the names and addresses of any potential recipients of the
personal data, view data, request additional information about the storage and processing of data,
require any necessary amendments to data or refuse or withdraw the consents herein, in any case
without cost, by contacting in writing the Company’s Secretary. You understand, however, that
refusing or withdrawing your consent may affect your ability to accept a stock option.

{Glossary begins on next page}

 

 - 5 - 

 

GLOSSARY

(a) “Administrator” means the Board of Directors of Unilife Corporation or such committee or
committees appointed by the Board to administer the Plan.

(b) “Affiliate” means any entity, whether now or hereafter existing, which controls, is
controlled by, or is under common control with, Unilife Corporation (including, but not limited to,
joint ventures, limited liability companies, and partnerships). For this purpose, “control” shall
mean ownership of 50% or more of the total combined voting power or value of all classes of stock
or interests of the entity, or the power to direct the management and policies of the entity, by
contract or otherwise.

(c) “ASX” means ASX Limited ACN 008 624 691 or the securities market which it operates, as the
context requires.

(d) “Cause” has the meaning ascribed to such term or words of similar import in your written
employment or service contract with the Company as in effect at the time at issue and, in the
absence of such agreement or definition, means termination of your employment for any one or more
of the following: (i) material neglect of your assigned duties or intentional refusal to perform
your assigned duties, which continues uncured for 30 days following receipt of written notice of
such deficiency from your immediate supervisor or the Chief Executive Officer; (ii) an act of
dishonesty intended to result in gain or personal enrichment; (iii) engaging in illegal conduct;
(iv) committing a crime; (v) engaging in any act of moral turpitude that causes harm to the Company
or its reputation; (vi) intentionally breaching, in any material respect, the terms of any
agreement with the Company; or (vii) commencement of employment with any other employer while an
employee of the Company without the prior written consent of the Chief Executive Officer. Any
determination of “Cause” as used herein will be made in good faith by the Chief Executive Officer.

(e) “Change in Control” has the meaning ascribed thereto in the Plan.

(f) “Chief Executive Officer” means either or both of the Chief Executive Officer of Unilife
Corporation or of the entity with which you are employed.

(g) “Code” means the Internal Revenue Code of 1986, as amended.

(h) “Company” means Unilife Corporation and its Affiliates, except where the context otherwise
requires. For purposes of determining whether a Change in Control has occurred, Company shall mean
only Unilife Corporation.

(i) “Disability” means any medically determinable physical or mental impairment that is
expected to be permanent in nature and which renders you, in the good faith judgment of the
Administrator, unable to perform the essential duties of your position.

(j) “Fair Market Value” has the meaning ascribed thereto in the Plan.

 

 - 6 - 

 

(k) “Notice” or “Nonstatutory Stock Option Notice” means the Nonstatutory Stock Option Notice
evidencing the award of the Options that correlates with and makes up a part of this Agreement.

(l) “Service” means your employment with the Company and its Affiliates. Your Service with
the Company and its Affiliates will be considered to have ceased if, immediately after a sale,
merger or other corporate transaction, the trade, business or entity with which you are employed or
otherwise have a service relationship is not Unilife Corporation or its successor, or an Affiliate
of Unilife Corporation or its successor.

(m) “Shares” means shares of common stock of the Company, par value US$0.01 per share.

(n) “You”; “Your”. “You” or “your” means the recipient of the award of Options as reflected
on the Stock Option Notice. Whenever the Agreement refers to “you” under circumstances where the
provision should logically be construed, as determined by the Administrator, to apply to your
estate, personal representative, or beneficiary to whom the Options may be transferred by will or
by the laws of descent and distribution, the word “you” shall be deemed to include such person.

{End of Agreement}

 

 - 7 -

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