Document:

Exhibit 10.3

 

STOCK OPTION GRANT
PROGRAM 

FOR

NONEMPLOYEE DIRECTORS UNDER THE 

NEORX CORPORATION 2004 INCENTIVE COMPENSATION PLAN

(as amended June 15, 2005)

 

The following provisions
set forth the terms of the stock option grant program (the “Program”) for
nonemployee directors of NeoRx Corporation (the “Company”) under the Company’s
2004 Incentive Compensation Plan (the “Plan”). 
The following terms are intended to supplement, not alter or change, the
provisions of the Plan, and in the event of any inconsistency between the terms
contained herein and in the Plan, the Plan shall govern.  All capitalized terms that are not defined
herein shall be as defined in the Plan.

 

1.                                      Eligibility

 

Each director of the
Company elected or appointed to the Board who is not otherwise an employee of
the Company or any Related Corporation (an “Eligible Director”) shall be
eligible to receive New Grants and Annual Grants under the Plan, as discussed
below.

 

2.                                      New
Grants

 

Each Eligible Director
shall receive a nonqualified stock option to purchase 50,000 shares of
Common Stock (“New Grant”) upon such Eligible Director’s initial election or
appointment to the Board.  New Grants
shall vest and become exercisable in two equal installments according to the schedule set
forth in Section 4 below.

 

3.                                      Annual
Grants

 

Beginning with the 2004
annual meeting of shareholders, each Eligible Director shall automatically
receive a nonqualified stock option to purchase 20,000 shares of Common
Stock immediately following each year’s annual meeting of shareholders (each,
an “Annual Grant”); provided that any Eligible Director who received a New
Grant within five months prior to an annual meeting of shareholders shall not
receive an Annual Grant until the next year’s annual meeting.  Annual Grants shall vest and become
exercisable in two equal installments according to the schedule set forth
in Section 4.

 

4.                                      Vesting
and Exercisability

 

Options shall vest and
become exercisable according to the following schedule:

 

1

 

(a)                                  New
Grants

 

	
  Period of Optionee’s Continuous

  Service as a Director From

  the Date the Option Is Granted

  	
   

  	
  Portion of Grant

  That Is Vested and Exercisable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  One year

  	
   

  	
   

  	
  50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Two years

  	
   

  	
   

  	
  100

  	
  %

  

 

(b)                                  Annual
Grants

 

	
  Period of Optionee’s Continuous

  Service as a Director From

  the Date the Option Is Granted

  	
   

  	
  Portion of Grant

  That Is Vested and Exercisable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Upon first
  annual meeting of shareholders after grant

  	
   

  	
  50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Upon second
  annual meeting of shareholders after grant

  	
   

  	
  100

  	
  %

  

 

Subject to the
exercisability schedule described above, each option may be exercised in
whole or in part at any time; provided, however, that an option may not be
exercised for less than a reasonable number of shares at any one time, as
determined by the Plan Administrator.

 

5.             Option Exercise Price

 

The exercise price of an
option shall be the fair market value of the Common Stock on the date of grant.

 

6.                                      Manner
of Option Exercise

 

An option shall be
exercised by giving the required notice to the Company, stating the number of
shares of Common Stock with respect to which the option is being exercised,
accompanied by payment in full for such Common Stock, which payment may be, to
the extent permitted by applicable laws and regulations, in whole or in part (a) in
cash or check, (b) in shares of Common Stock owned by the Eligible
Director for at least six months (or any shorter period necessary to avoid a
charge to the Company’s earnings for financial reporting purposes) having a
fair market value equal to the aggregate option exercise price, or (c) if
and so long as the Common Stock is registered under the Exchange Act, by
delivery of a properly executed exercise notice, together with irrevocable
instructions to a broker, to promptly deliver

 

2

 

to the Company the amount
of proceeds to pay the exercise price, all in accordance with the regulations
of the Federal Reserve Board.

 

7.                                      Term
of Options

 

Each option shall expire
upon the earlier of ten years from the date of grant or five years after an
Eligible Director’s termination of service as a director, as follows:

 

(a)    In the event that an Eligible Director
ceases to be a director of the Company for any reason other than the death of
the Eligible Director, the unvested portion of any option granted to such
Eligible Director shall terminate immediately and the vested portion of the
option may be exercised by the Eligible Director only within five years after
the date he or she ceases to be a director of the Company or prior to the date
on which the option expires by its terms, whichever is earlier.

 

(b)    In the event of the death of an Eligible
Director, the unvested portion of any option granted to such Eligible Director
shall terminate immediately and the vested portion of the Option may be
exercised only within five years after the date the Eligible Director ceases to
be a director or prior to the date on which the option expires by its terms,
whichever is earlier, by the personal representative of the Eligible Director’s
estate, the person(s) to whom the Eligible Director’s rights under the option
have passed by will or the applicable laws of descent and distribution or the
beneficiary designated pursuant to Section 12 of the Plan.

 

8.                                      Transferability

 

During an Eligible
Director’s lifetime, an option may be exercised only by the Eligible Director
or a permitted assignee or transferee of the Eligible Director (as provided
below).  No options granted under the
Program may be sold, assigned, pledged or transferred by the Eligible Director
or made subject to attachment or similar proceedings other than by (a) will
or the applicable laws of descent and distribution, (b) gift or other
transfer to either (i) a spouse or other immediate family member or (ii) any
trust, partnership or other entity in which the Eligible Director or such
Eligible Director’s spouse or other immediate family member has a substantial
beneficial interest; or (c) the designation by an Eligible Director in
writing during the Eligible Director’s lifetime of a beneficiary to receive and
exercise options in the event of the Eligible Director’s death (as provided in Section 12
of the Plan); provided, however, that any option so assigned or transferred
shall be subject to  the terms and
conditions of the Plan and the instrument evidencing the option.  Any attempt to transfer, assign, pledge,
hypothecate or otherwise dispose of any option under the Plan or of any right
or privilege conferred thereby, contrary to the provisions of the Plan, or

 

3

 

the sale or levy or any
attachment or similar process upon the rights and privileges conferred hereby,
shall be null and void.

 

9.                                      Amendment

 

The Board may amend the
provisions contained herein in such respects as it deems advisable.  Any such amendment shall not, without the
consent of the Eligible Director, impair or diminish any rights of an Eligible
Director under an outstanding option.

 

10.   Effective Date

 

The Program shall become
effective on the date approved by the Company’s Board.

 

Provisions of the Plan
(including any amendments) that are not discussed above, to the extent
applicable to Eligible Directors, shall continue to govern the terms and
conditions of options granted to Eligible Directors.

 

Effective:  May 18, 2004

Section 2 amended: June 15,
2005

 

4Exhibit 4.8

 

 

	
  THIS CERTIFICATE
  IS TRANSFERABLE 

  	
   

  	
  SEE REVERSE FOR 

  
	
  IN THE CITIES OF
  NEW YORK, N.Y. 

  	
   

  	
  IMPORTANT NOTICE

  
	
  AND CHARLOTTE,
  N.C.

  	
   

  	
  ON TRANSFER RESTRICTIONS

  
	
   

  	
   

  	
  AND OTHER INFORMATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CUSIP 929042885

  

 

VORNADO REALTY TRUST

a Real Estate Investment Trust

Formed Under the Laws of the State of Maryland

 

THIS CERTIFIES
THAT ***SPECIMEN*** is the owner of 
***(ZERO)*** fully paid and nonassessable 6.750% Series H
Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation
preference $25.00 per share, of no par value, of

 

VORNADO REALTY TRUST

(the “Trust”), transferable on the books of the Trust
by the holder hereof in person or by duly authorized attorney, upon surrender
of this Certificate properly endorsed. This Certificate and the shares
represented hereby are issued and shall be held subject to all of the
provisions of the Declaration of Trust and Bylaws of the Trust and any
amendments thereto. This Certificate is not valid until countersigned and
registered by the Transfer Agent and Registrar.

 

WITNESS the
facsimile seal and the facsimile signatures of the duly authorized officers of
the Trust.

 

	
  DATED

  	
  June 17, 2005

  	
   

  

 

Countersigned and Registered:

 

	
   

  	
  [IMPRESSION OF
  TRUST SEAL]

  
	
   

  	
   

  
	
  WACHOVIA BANK, N.A.

  (Charlotte, N.C.)

  	
   

  
	
   

  	
   

  
	
  Transfer Agent
  and Registrar

  	
   

  	
   

  
	
   

  	
  Executive Vice
  President – Finance and

  
	
   

  	
  Administration
  and Chief Financial Officer

  
	
   

  	
   

  
	
  By: 

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  signature

  	
  Senior Vice
  President and Secretary

  
					

 

 

VORNADO REALTY TRUST

IMPORTANT NOTICE

 

The Trust will
furnish to any shareholder, on request and without charge, a full statement of
the information required by Section 8-203(d) of the
Corporations and Associations Article of the Annotated Code of Maryland
with respect to the designations and any preferences, conversion and other
rights, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications, and terms and conditions of redemption of the
shares of each class of beneficial interest which the Trust has authority to
issue and, if the Trust is authorized to issue any preferred or special class
in series, (i) the differences in the relative rights and preferences
between the shares of each series to the extent set, and (ii) the
authority of the Board of Trustees to set such rights and preferences of
subsequent series. The foregoing summary does not purport to be complete and is
subject to and qualified in its entirety by reference to the Amended and
Restated Declaration of Trust, as amended (the “Declaration of Trust”), of the
Trust, a copy of which will be sent without charge to each shareholder who so
requests. Such request must be made to the Secretary of the Trust at its
principal office or to the Transfer Agent.

 

The shares of
Preferred Stock represented by this certificate are subject to restrictions on
ownership and transfer for the purpose of the Trust’s maintenance of its status
as a real estate investment trust (“REIT”) under the Internal Revenue Code of
1986, as amended. No Person may Beneficially Own shares of Preferred Stock of
any class in excess of 9.9% of the outstanding Preferred Equity Stock of such
class and no Person may Constructively Own Preferred Stock of any class in
excess of 9.9% of the outstanding Preferred Equity Stock of such class (unless
such person is an Existing Constructive Holder). Any Person who attempts to
Beneficially Own or Constructively Own Shares in excess of the above
limitations must immediately notify the Trust. All capitalized terms used in
this legend have the meanings set forth in the Declaration of Trust, a copy of
which, including the restrictions on ownership and transfer, will be sent
without charge to each stockholder who so requests. Such request must be made
to the Secretary of the Trust at its principal office or to the Transfer Agent.
If the restrictions on ownership and transfer are violated, the shares of
Preferred Stock represented hereby will be automatically exchanged for shares
of Excess Stock which will be held in trust by the Trust.

 

 

KEEP THIS CERTIFICATE IN A SAFE PLACE.  IF IT IS LOST, STOLEN

OR DESTROYED, THE TRUST WILL REQUIRE A BOND OF INDEMNITY

AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

 

The following
abbreviations, when used in the inscription on the face of this Certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  –

  	
   

  	
  as tenants in common

  
	
  TEN ENT

  	
   

  	
  -

  	
   

  	
  as tenants by the entireties

  
	
  JT TEN

  	
   

  	
  –

  	
   

  	
  as joint tenants with right of survivorship and not
  as tenants in common

  

 

	
  UNIF GIFT MIN
  ACT

  	
   

  	
   Custodian

  	
   

  	
   

  
	
   

  	
  (Cust)                          (Minor)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Under Uniform
  Gifts to Minors Act of

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (State)

  	
   

  	
   

  
								

 

Additional abbreviations may also be used though not
in the above list.

 

	
  FOR VALUE RECEIVED,

  	
   

  	
  HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO

  
	
   

  
	
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
  INCLUDING ZIP CODE, OF ASSIGNEE)

  
	
   

  
	
  (PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
  NUMBER OF ASSIGNEE)

  

 

                                 
shares of the shares represented by the within Certificate, and do hereby
irrevocably constitute and appoint                                  
Attorney to transfer the said shares on the books of the within named Trust
with full 

power of substitution in the premises.

 

	
  Dated 

  	
   

  	
   

  

 

	
   

  	
   

  
	
  NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST
  CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THIS CERTIFICATE IN
  EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

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