Document:

Exhibit 4.7

 

 

DEFERRED STOCK AWARD AGREEMENT

UNDER THE HARVARD BIOSCIENCE, INC. THIRD AMENDED AND RESTATED
2000

STOCK OPTION AND INCENTIVE PLAN, AS AMENDED 

 

Name of Grantee: Michael Rossi (the “Grantee”)

 

Grant Date: July 18, 2019 (the “Grant Date”)

 

On the Grant Date, Harvard Bioscience, Inc., a Delaware corporation (including its successors,
the “Company”) and the Grantee entered into an employment agreement setting forth the terms of Grantee’s
employment, which contemplated among other things that the parties would enter into this award agreement. The Board of Directors
of the Company has determined that it is in the best interests of the Company and its stockholders to grant this award to the Grantee
as provided herein. Capitalized terms used in this award agreement but not defined herein shall have the meanings assigned to them
in the Harvard Bioscience, Inc. Third Amended and Restated Stock Option and Incentive Plan (as amended, the “Plan”).
While the award granted pursuant hereto (the “Award”) is made outside the Plan as an employment inducement
award, the Award will be governed in all respects as if issued under the Plan, as currently in effect and as may be amended hereafter
from time to time and this Deferred Stock Award Agreement (the “Agreement”).

 

The Company hereby grants a number of Restricted Stock Units (“RSUs”)
to be determined in accordance herewith to the Grantee. The Award represents a promise to pay to the Grantee certain shares of
Common Stock, par value $0.01 per share (the “Stock”) of the Company in an amount determined based on
the attainment of performance goals related to total shareholder return (“TSR”) and continued employment,
subject to the restrictions and conditions set forth herein and in the Plan.

 

1.    Grant and Restrictions.

 

(a)    Grant. The Company hereby awards
to the Grantee a target award of 47,753 RSUs (hereinafter, as adjusted in accordance with Section 8, the “Target
Award”), subject to the vesting and other conditions set forth herein and in the Plan, with the final amount of the
Award to be the Final RSUs as determined in accordance with Section 2 below.

 

(b)       No Voting Rights
and Dividends. Until such time as the RSUs are paid to the Grantee in shares of Stock, the Grantee shall have no voting rights
and no rights to any dividends or other distributions with respect to the RSUs.

 

(c)    Restrictions on Transfer. The
RSUs granted pursuant to this Agreement may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of
prior to vesting.

 

2.    Vesting of Restricted Stock Units.

 

(a)    General Vesting Terms. Except
as set forth in Paragraphs 2(b) and 2(c) below, to the extent the achieved Performance Factor is greater than 0% as of the end
of the Performance Period (as defined below), the Grantee shall vest in a number of RSUs (the “Final RSUs”)
based on the attainment of the TSR performance goals described on Schedule A as of the end of the Performance Period (as
defined below), such vesting to be as follows: (i) 1/3 of the aggregate amount of the Final RSUs shall vest on the last day of
the Performance Period (the “Initial Vesting Date”), (ii) 1/3 of the aggregate amount of the Final RSUs
shall vest on the first anniversary of the Initial Vesting Date, and (iii) the remaining 1/3 of the aggregate amount of the Final
RSUs shall vest on the second anniversary of the Initial Vesting Date, provided that with respect to each such 1/3 tranche, the
Grantee remains employed by the Company or any Subsidiaries through the respective vesting date (i.e., with respect to the initial
1/3, the Grantee must remain so employed on the Initial Vesting Date). The Performance Period is the one year period beginning
on the Grant Date (the “Performance Period”). Your Final RSUs will be determined by multiplying the Target
Award by the percentage (from zero to 150%) (the “Performance Factor”) which is based on the Company’s
Total Shareholder Return during the Performance Period compared to the Index Constituent Companies, determined according to Schedule
A of this Agreement. Except as specifically provided below in this Section 2, no RSUs will vest for any reason prior to the Initial
Vesting Date. Except as provided in Paragraphs 2(b) and 2(c) below, if the TSR performance goals are not attained at the end of
the Performance Period, the RSUs will be immediately forfeited. Upon vesting in accordance herewith or Paragraph 2(c), the restrictions
and conditions in Paragraph 1 of this Agreement with respect to such RSU shall lapse and such RSU shall become payable to
the Grantee in shares of Stock on the relevant vesting date in the amount of the vested RSUs in accordance with this Paragraph
(a) and Schedule A. Any fractional RSU resulting from the vesting of the RSUs in accordance with this Agreement shall be rounded
down to the nearest whole number.

 

     

     

    

(b)    Except as noted in Paragraph 2(c) below,
and notwithstanding any provision of any other agreement or arrangement between the Grantee and the Company that provides accelerated
vesting of RSUs or all equity awards in general in the event of certain types of termination, the Grantee’s rights to all
RSUs granted herein and not yet vested in accordance with the provisions of Paragraphs 2(a) or 2(c), and Schedule A, shall automatically
terminate upon the Grantee’s termination of employment, voluntarily or involuntarily, with the Company and its Subsidiaries
for any reason (including death).

 

(c)        Notwithstanding anything
to the contrary in this Agreement, if a Change of Control occurs during the Performance Period, the date of such Change of Control
shall be deemed the last day of the Performance Period, and the Performance Factor will be calculated as if the date of the Change
of Control is the last day of the Performance Period. In such event, (i) your Final RSUs will be determined by multiplying the
Target Award by the calculated Performance Factor and (ii) to the extent the achieved Performance Factor is greater than 0% as
of the end of such reduced Performance Period, your Final RSUs shall vest in full as of the date of such Change of Control.

 

3.    Receipt of Stock Upon Vesting.
Upon the vesting of the RSUs as provided in Paragraph 2, the Grantee shall receive one share of Stock for each RSU vested. Shares
of Stock acquired pursuant to this Award shall be issued and delivered to the Grantee either in actual stock certificates or by
electronic book entry, subject to tax withholding as provided in Paragraph 6 below.

 

4.    Incorporation of Plan. Notwithstanding
anything herein to the contrary, this Agreement shall be subject to and governed by all the terms and conditions of the Plan, including
the powers of the Administrator set forth in the Plan. Capitalized terms in this Agreement shall have the meaning specified in
the Plan, unless a different meaning is specified herein.

 

5.    Transferability. This Agreement
is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than
by will or the laws of descent and distribution.

 

6.    Tax Withholding. Unless the Grantee
elects to satisfy the tax withholding obligation in a timely manner by making the payments or related arrangements in accordance
with Section 14(a) of the Plan (including, without limitation, payments made from such Grantee’s compensation or other cash
payments otherwise due him or her from the Company or by paying the Company directly by a separate check), the tax withholding
obligation shall be satisfied by the Company withholding, from shares of Stock to be issued to the Grantee hereunder, such number
of the Grantee’s shares having an aggregate fair market value equal to the required minimum amount of the tax withholding
then due with respect to such Grantee.

 

7.    No Obligation to Continue Employment.
Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the Grantee in
employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to
terminate the employment of the Grantee at any time.

 

8.        Certain Corporate
Changes. If any change is made to the Common Stock (whether by reason of merger, consolidation, reorganization, recapitalization,
stock dividend, stock split, combination of shares, or exchange of shares or any other change in capital structure made without
receipt of consideration), then unless such event or change results in the termination of all the RSUs granted under this Agreement,
the Administrator shall adjust, as provided in the Plan, the number and class of shares underlying the RSUs held by the Grantee,
the maximum number of shares for which the RSUs may vest, and the share price or class of Common Stock for purposes of the TSR
performance goals, as appropriate, to reflect the effect of such event or change in the Company’s capital structure in such
a way as to preserve the value of the RSUs. Any adjustment that occurs under the terms of this Section 8 or the Plan will not change
the timing or form of payment with respect to any RSUs except in accordance with section 409A of the Code.

 

     

     

    

9.    Notices. Notices hereunder shall
be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered to the Grantee at the
address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party
in writing.

 

	 	 	 	 
	 	HARVARD BIOSCIENCE, INC.
	 	 	 
	 	By:	 	 /s/ James Green
	 	 	 	Name: James Green
	 	 	 	Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

The foregoing Agreement is hereby accepted and the terms and conditions
thereof hereby agreed to by the undersigned.

 

	 	 	 	 	 
	Dated: July 18, 2019	 	 	 	 /s/ Michael Rossi
	 	 	 	 	Grantee’s Signature
	 	 	 
	 	 	 	 	Grantee’s name and address:
	 	 	 
	 	 	 	 	
         Michael Rossi

	 	 	 
	 	 	 	 	
 

	 	 	 
	 	 	 	 	
 

	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

Schedule A

 

Determination of Performance Factor

 

The Performance Factor shall be determined according to the following table:

 

	Relative TSR Percentile Rank*	Performance Factor**
	20th percentile or lower	0%
	21st to 32nd percentile	for each 1 percentile in range above 20th percentile, 4% 
	33rd percentile 	50%
	34th to 49th percentile	50%, plus for each 1 percentile in range above 33rd percentile, an additional 3% 
	50th percentile	100%
	51st to 74th percentile	100%, plus for each 1 percentile in range above 50th percentile, an additional 2% 
	75th percentile or higher	150%
	Examples:  If the Company’s Relative TSR Percentile Rank falls into the 43rd percentile (i.e., ten percentiles above the 33rd percentile), the Performance Factor will be 80% (calculated by multiplying eight by 3% and adding it to 50%).   If the Company’s Relative TSR Percentile Rank falls into the 65th percentile (i.e., fifteen percentiles above the 50th percentile), the Performance Factor will be 130% (calculated by multiplying fifteen by 2% and adding it to 100%), provided that if the Total Shareholder Return for the Company is negative, the Performance Factor in such instance would be 100%.  

 

*Total Shareholder Return for the Company shall be based on the
percentage increase/decrease from the Initial Price to the Final Price, and shall reflect the reinvestment of dividends paid (if
any) to shareholders of Common Stock during the Measurement Period.

 

** If the Total Shareholder Return is negative for the Performance
Period, the Performance Factor is subject to a cap of 100%.

 

For purposes of the foregoing calculation:

 

1.    “Total Shareholder Return”
mean the quotient (expressed as a percentage) obtained by dividing (i)(A) the Final Price, plus (B) the aggregate amount of dividends
paid in respect of a share of Common Stock during the Measurement Period (assuming reinvestment of the dividends), minus (C) the
Initial Price, by (ii) the Initial Price.

 

2.    “Initial Price” means
the average closing price of Common Stock over the twenty trading day period ending on the trading day immediately preceding the
first day of the Performance Period.

 

3.    “Final Price” means
the average closing price of Common Stock over the twenty trading day period ending on the last day of the Measurement Period,
provided that in connection with a Change of Control, the Final Price shall be the per share purchase price in the Change of Control.

 

4.    "Measurement Period"
means the Performance Period; provided that in the event of a Change of Control, Total Shareholder Return shall be calculated through
the date of the Change of Control as provided in the Agreement.

 

     

     

    

5.     “Relative TSR Percentile Rank”
means the percentile within the Index Constituent Companies (as defined below) that the Company’s Total Shareholder Return
would have for the Measurement Period.

 

6. If the Company’s Relative TSR Percentile Rank falls between
the measuring points, the Company’s Relative TSR Percentile Rank will be rounded to the nearest whole percentage point. With
respect to the Index Constituent Companies, such Initial Price and Final Price shall be determined on a component basis (assuming
dividend reinvestment) during the applicable twenty (20) trading day periods using an open approach).

 

7. The companies included from the NASDAQ Biotechnology Index for
purposes of the Relative TSR Percentile Rank calculation (the “Index Constituent Companies”) will be determined
on the first day of the Measurement Period and will be changed only in accordance with the following and no company shall be added
during the Measurement Period for purposes of the Relative TSR Percentile Rank calculation. The Index Constituent Companies for
purposes of the Relative TSR Percentile Rank calculation will be subject to change as follows:

 

(i) In the event of a merger, acquisition or business combination
transaction of a company in the Index Constituent Companies in which the company in the Index Constituent Companies is the surviving
entity and remains publicly traded, the surviving entity shall remain a company in the Index Constituent Companies. Any entity
involved in the transaction that is not the surviving company shall no longer be a company in the Index Constituent Companies.

 

(ii) In the event of a merger, acquisition or business combination
transaction of a company in the Index Constituent Companies, a “going private” transaction or other event involving
a company in the Index Constituent Companies or the liquidation of a company in the Index Constituent Companies, in each case where
the company in the Index Constituent Companies is not the surviving entity or is no longer publicly traded, the company shall no
longer be a company in the Index Constituent Companies.

 

(iii) Notwithstanding the foregoing, in the event of a bankruptcy
of a company in the Index Constituent Companies where the company in the Index Constituent Companies is not publicly traded at
the end of the Measurement Period, such company shall remain a company in the Index Constituent Companies but shall be deemed to
have a Total Shareholder Return of negative 100% (-100%).Exhibit 4.8

 

NON-QUALIFIED STOCK OPTION TO PURCHASE SHARES OF COMMON

STOCK UNDER THE HARVARD BIOSCIENCE, INC.

THIRD AMENDED AND RESTATED

2000 STOCK OPTION AND INCENTIVE PLAN

 

	111,842 Shares	 	July 18, 2019
	 	 	(Option Issuance Date)

 

On July 18, 2019, Harvard Bioscience, Inc.,
a Delaware corporation (including its successors, the “Company”) and Michael Rossi (the “Optionee”)
entered into an employment agreement setting forth the terms of Optionee’s employment (as amended, restated or modified from
time to time, the “Employment Agreement”), which contemplated among other things that the parties would enter
into this option agreement. The Board of Directors of the Company has determined that it is in the best interests of the Company
and its stockholders to grant an option (the “Option”) to the Optionee as provided herein.

 

Capitalized terms used in this Option but not
defined herein shall have the meanings assigned to them in the Harvard Bioscience, Inc. Third Amended and Restated Stock Option
and Incentive Plan (as amended, the “Plan”). While this Option granted pursuant hereto is made outside the Plan
as an employment inducement award, this Option will be governed in all respects as if issued under the Plan, as currently in effect
and as may be amended hereafter from time to time and this option agreement.

 

Subject to the terms and conditions set forth herein and in the
Plan (the “Agreement”), the Company hereby grants to the Optionee an option to purchase (the “Option”),
prior to the tenth (10th) anniversary of the date hereof (the “Expiration Date”), at an exercise price per share
of $1.78, all or any of 111,842 shares of Common Stock, $.01 par value, of the Company (the “Shares”).
This Option is intended to be a Non-qualified Stock Option granted under the Plan.

 

1.       Vesting Schedule.
No portion of this Option may be exercised until such portion shall have vested. Except as set forth below and subject to the terms
and conditions set forth below, this Option shall be vested and exercisable with respect to the following number of Shares on the
dates indicated:

 

	Cumulative	 	 
	Number of	 	 
	Shares Exercisable	 	Vesting Date
	 	 	 
	27,960 (25%)	 	07/18/2020
	 	 	 
	55,921 (50%)	 	07/18/2021
	 	 	 
	83,881 (75%)	 	07/18/2022
	 	 	 
	111,842 (100%)	 	07/18/2023

 

Once vested, this Option shall continue to be exercisable at any
time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

 

2.Manner of Exercise.The Optionee may exercise the
Option only in the following manner: From time to time prior to the Expiration Date, the Optionee may give written notice to the
Company of any election to purchase some or all of the vested Shares purchasable at the time of such notice. Said notice shall
specify the number of vested Shares to be purchased and shall be accompanied by payment therefor in cash, certified check, bank
check or wire transfer, in U.S. funds, payable to the order of the Company in an amount equal to the purchase price of such Shares,
or such other method as may be consented to by the Administrator.

 

     

     

    

The transfer to the Optionee on the records of the Company or of
the transfer agent of the Shares will be contingent upon the Company’s receipt from the Optionee of full payment for the
Shares, as set forth above and any agreement, statement or other evidence that the Company may require to satisfy itself that the
issuance of the Shares to be purchased pursuant to the exercise of Options under the Plan and any subsequent resale of such Shares
will be in compliance with the applicable laws and regulations.

 

The Shares purchased upon exercise of this Option shall be transferred
to the Optionee on the records of the Company or of the transfer agent upon compliance, to the satisfaction of the Administrator,
with all requirements under the applicable laws or regulations in connection with such issuance and with the requirements hereof
and of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the Optionee. The Optionee
shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any Shares subject to this Option
unless and until this Option shall have been exercised pursuant to the terms hereof, the Company shall have issued and delivered
such Shares to the Optionee, and the Optionee’s name shall have been entered as the stockholder of record on the books of
the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such Shares.

 

The minimum number of shares with respect to which this Option may
be exercised at any one time shall be 100 shares, unless the number of shares with respect to which this Option is being exercised
is the total number of shares subject to exercise under this Option at the time.

 

3.       Termination of Employment
or Death of Optionee. The Option, as to any Shares not theretofore purchased, shall terminate on the earlier of the Expiration
Date or 30 days after the Optionee is no longer employed by the Company or a Subsidiary (as defined in the Plan); provided, however,
that if such termination of employment results from (i) the Optionee’s death or disability, the Option may be exercised as
to vested Shares as of the date of such termination of employment within three (3) months thereafter (but in no event later than
the Expiration Date) by the Optionee’s executors, administrators, personal representatives, or any person or persons to whom
the Option may be transferred by will or by the laws of descent and distribution, but only to the extent that the Optionee was
entitled to exercise the Option at the time of such termination of Optionee’s employment or (ii) the Optionee’s termination
for Cause (as defined below), the Option (as to all vested and unvested Shares) shall immediately terminate and be of no further
force or effect. Following the termination of the Optionee’s employment and prior to the termination of the Option, except
as otherwise set forth in any employment agreement between the Company and the Optionee, and unless otherwise determined by the
Administrator, the Option may only be exercised as to vested Shares as of the date of the termination of the Optionee’s employment.
The Option does not confer upon the Optionee any right with respect to continuation of employment by the Company, nor shall it
interfere with any right of the Company to terminate such employment at any time or any employee’s “employee-at-will”
status.

 

“Cause” as such term relates to the termination
of any person means the occurrence of one or more of the following: (i) such person is convicted of, pleads guilty to, or confesses
to any felony or any act of fraud, misappropriation or embezzlement, (ii) such person engages in a fraudulent act to the material
damage or prejudice of the Company or any Subsidiary or in conduct or activities materially damaging to the property, business
or reputation of the Company or any Subsidiary, (iii) any material act or omission by such person involving malfeasance or negligence
in the performance of such person’s duties to the Company or any Subsidiary to the material detriment of the Company or any
Subsidiary, which has not been corrected by such person within 30 days after written notice from the Company of any such act or
omission, (iv) failure by such person to comply in any material respect with the terms of his employment agreement, if any, or
any written policies or directives of the Board, which has not been corrected by such person within 30 days after written notice
from the Company of such failure, or (v) material breach by such person of his noncompetition agreement with the Company, if any,
provided that if Cause is defined in any employment agreement between the Company and the Optionee, the definition in such employment
agreement shall govern the meaning of Cause as used hereunder.

 

    	 	2	 

     

    

4.       Shares. The Shares
that are the subject of the Option are shares of the Common Stock, $.01 par value, of the Company as constituted on the date of
the Option, subject to adjustment as provided in Section 3 of the Plan.

 

5.       Effect of Certain
Transactions. If (i) the Company is merged into or consolidated with another corporation and the Company is not the surviving
corporation, (ii) one or more corporations are merged into the Company which continues as the surviving corporation and the stockholders
of the Company immediately prior to the transaction own less than a majority of its outstanding Common Stock immediately after
the transaction, or shares of Common Stock of the Company are converted into cash, securities or property other than shares of
Common Stock of the Company, or (iii) the Company is liquidated, dissolved, or sells or otherwise disposes of all or substantially
all of its assets to another entity while any portion of the Option remains unexercised and unexpired, then in any of such transactions
the Administrator may, in its sole discretion, take one or more of the following actions:

 

(a)       The Administrator may
cancel the Option as of the effective date of any such transaction, provided that notice of such cancellation shall be given to
the Optionee at least 15 days prior to the effective date of such transaction, and the Optionee shall have the right to exercise
so much of the Option as is exercisable during said 15-day period, including Options which become exercisable due to acceleration
of vesting, if any, by the Administrator;

 

(b)       The Administrator may
(i) cancel the Option as to unvested Shares as of the effective date of the transaction and (ii) provide for the repurchase of
unexercised Options as to vested Shares as of the effective date of such transaction by the Company on the effective date of such
transaction for the same cash, securities or other property received with respect to each outstanding Share in the transaction
by the stockholders of the Company, less the exercise price of the Option;

 

(c)       The Administrator may
provide for the voluntary exchange of the Option on the effective date of such transaction for an option or other rights granted
by a successor corporation on terms reasonably acceptable to the Optionee; or

 

(d)       The Administrator may
provide that after the effective date of such transaction, the Optionee shall be entitled upon exercise of the Option as to any
vested Shares to receive in lieu of each Share purchasable under the Option the same cash, securities or other property received
with respect to each outstanding Share in the transaction by the stockholders of the Company.

 

Upon the consummation of a Sale Event (as defined in the Plan) or
occurrence of a Change of Control (as defined in the Plan), in either case, following the grant date of the Option, the Option
shall become fully vested and exercisable with respect to all of the Shares as of the effective time of the Sale Event or the occurrence
of the Change of Control, respectively.

 

6.       Status of the Option.
This Option is intended to qualify as a “Non-qualified stock option” under Section 422 of the Internal Revenue Code
of 1986, as amended (the “Code”), but the Company does not represent or warrant that this Option qualifies as such.
The Optionee should consult with his or her own tax advisors regarding the tax effects of this Option and the requirements necessary
to obtain favorable income tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements.
To the extent any portion of this Option does not so qualify as a “Non-qualified stock option,” such portion shall
be deemed to be a non-qualified stock option. If the Optionee intends to dispose or does dispose (whether by sale, gift, transfer
or otherwise) of any Shares within the one year period beginning on the date after the transfer of such shares to him or her, or
within the two year period beginning on the day after the grant of this Option, he or she will so notify the Company within 30
days after such disposition.

 

    	 	3	 

     

    

7.       Transferability.
This Agreement is personal to the Optionee, is non-assignable and is not transferable in any manner, by operation of law or otherwise,
other than by will or the laws of descent and distribution. This Option is exercisable, during the Optionee’s lifetime, only
by the Optionee, and thereafter, only by the Optionee’s legal representative or legatee.

 

8.       Miscellaneous.
Notices hereunder shall be mailed or delivered to the Company at its principal place of business, 84 October Hill Road, Holliston,
MA 01746 and shall be mailed or delivered to the Optionee at the address set forth below, or in either case at such other address
as one party may subsequently furnish to the other party in writing.

 

9.       Incorporation of Plan.
Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the terms and conditions
of the Plan, including the powers of the Administrator set forth in the Plan. Capitalized terms in this Agreement shall have the
meaning specified in the Plan, unless a different meaning is specified herein.

 

Harvard Bioscience, Inc.

 

By:/s/ James W. Green                               

Name: James W. Green

Title: Chief Executive Officer

 

The foregoing Option is hereby acceptable and its terms and conditions
are hereby agreed to.

 

/s/ Michael Rossi__________________

Michael Rossi

 

Dated: July 18, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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