Document:

Exhibit 10.1 

 

EXHIBIT
A

 

PERMA-FIX
ENVIRONMENTAL SERVICES, INC.

2003
OUTSIDE DIRECTORS STOCK PLAN

 

ARTICLE
I

 

DEFINITIONS

 

	1.1	Definitions.
    As used herein, the following terms have the meanings hereinafter set forth unless the context clearly indicates to the contrary:
	 	 	 
	 	1.1.1	“Board”
                                         shall mean the Board of Directors of the Company.

         

	 	1.1.2	“Company”
                                         shall mean Perma-Fix Environmental Services, Inc.

         

	 	1.1.3	“Initial
                                         Election Date” shall mean the date an Eligible Director is initially elected or
                                         appointed to the Board of Directors.

         

	 	1.1.4	“Grant
                                         Date” shall mean the date an Eligible Director is reelected to the Board after
                                         the Initial Election Date at an annual meeting of shareholders of the Company or any
                                         adjournment thereof.

         

	 	1.1.5	“Fair
                                         Market Value” shall mean (a) if the Stock is listed on an established securities
                                         exchange or quoted on a national market system, including without limitation, the Nasdaq
                                         National Market or the Nasdaq SmallCap Market of the Nasdaq Stock Market, the closing
                                         sales price (or the closing bid if no sales were reported) of the Stock on such exchange
                                         or system on the day on which such value is to be determined, as reported in the composite
                                         quotations for securities traded on such exchange or system; or (b) if the Stock is not
                                         listed on an established securities exchange or quoted on a national market system, but
                                         is traded in the over-the-counter market, the closing average of the bid and asked prices
                                         for the Stock as reported by the National Association of Securities Dealers Automated
                                         Quotation System or successor national quotation service. In the event no such quotations
                                         are available for the day in question, “Fair Market Value” shall be determined
                                         by reference to the appropriate prices on the next preceding day for which such prices
                                         are reported. If the Stock is not traded on such an exchange or system, the “Fair
                                         Market Value” of a share of Stock will be determined in good faith by the Board.

         

	 	1.1.6	“Effective
                                         Date of the Plan” shall mean the date of adoption by the stockholders of the Company.

         

	 	1.1.7	“Eligible
                                         Director” shall mean any member of the Board who is not an employee of the Company
                                         or its subsidiaries.

         

	 	1.1.8	“Non-Qualified
                                         Stock Options” shall mean any stock option that is not an “incentive stock
                                         option” within the meaning of Section 422 of the Internal Revenue Code.

         

	 	1.1.9	“Option”
                                         shall mean an Eligible Director’s stock option to purchase Stock granted pursuant
                                         to the provisions of Article V hereof.

         

	 	1.1.10	“Optionee”
                                         shall mean an Eligible Director to whom an Option has been granted hereunder.

         

	 	1.1.11	“Option
                                         Price” shall mean the price at which an Optionee may purchase a share of Stock
                                         under a Stock Option Agreement.

         

	 	1.1.12	“Plan”
                                         shall mean the Perma-Fix Environmental Services, Inc. 2003 Outside Directors Stock Plan,
                                         the terms of which are set forth herein.

         

    	 

    	 

    

 

	 	1.1.13	“Stock”
        shall mean the common stock, par value $.001 per share, of the Company or, in the event that the outstanding shares of
        Stock are hereafter changed into or exchanged for different stock or securities of the Company or some other corporation,
        such other stock or securities.

         

	 	1.1.14	“Stock
        Award” shall mean an Eligible Director’s right to receive shares of Stock pursuant to Section 5.2.3.

         

	 	1.1.15	“Stock
        Option Agreement” shall mean an agreement between the Company and the Optionee under which the Optionee may purchase
        Stock in accordance with the Plan.

         

 

	ARTICLE
        II

         

        THE
        PLAN

 

	2.1	Name.
        This Plan shall be known as the “Perma-Fix Environmental Services. Inc., 2003 Outside Directors Stock Plan.”

         

	2.2	Purpose.
        The purpose of the Plan is to advance the interests of the Company and its stockholders by affording Eligible Directors
        of the Company an opportunity to acquire or increase their proprietary interests in the Company, and thereby to encourage
        their continued service as directors and to provide them additional incentives to achieve the growth objectives of the
        Company.

         

	2.3	Effective
        Date. The Effective Date of the Plan is the date of adoption by the stockholders.

         

	2.4	Termination
    Date. The Plan shall terminate at such time as no shares of Stock remain available for grant of Options or Stock Awards
    and no Options remain outstanding. Outstanding Options shall remain in effect until they have been exercised, become vested
    or have terminated or expired.

 

	ARTICLE
        III

        PARTICIPANTS

 

	3.	Participants.
    Only Eligible Directors shall participate in the Plan.

 

	ARTICLE
        IV

         

        SHARES
        OF STOCK SUBJECT TO PLAN

 

	4.1	Limitations.
        Subject to any antidilution adjustment pursuant to the provisions of Section 4.2 hereof, the maximum number of shares
        of Stock, which may be issued and sold hereunder, shall not exceed 1,000,000 shares. Shares of Stock subject to an Option
        or Stock Award may be either authorized and unissued shares or shares issued and later acquired by the Company (in the
        open-market or in private transactions and which are being held as treasury shares); provided however, the shares of Stock
        with respect to which an Option has been exercised shall not again be available for Option hereunder. If outstanding Options
        granted hereunder are terminated, forfeited, or cancelled or expire for any reason without being wholly exercised prior
        to the end of the period during which Options may be granted hereunder, new Options may be granted hereunder covering
        such unexercised shares. No fractional shares of Stock shall be issued under the Plan.

         

	4.2	Antidilution.
        In the event that the outstanding shares of Stock are changed into or exchanged for a different number or kind of shares
        or other securities of the Company or of another corporation by reason of merger, consolidation, reorganization, recapitalization,
        reclassification, combination of shares, stock split or stock dividend:

         

	 	4.2.1	The
        aggregate number of shares of Stock for which Options may be granted or for which Stock Awards may be issued shall be
        adjusted appropriately.

         

    	A-2

    	 

    

 

	 	4.2.2	The
        rights under outstanding Options granted hereunder, both as to the number of subject shares and the Option price, shall
        be adjusted appropriately; and

         

	 	4.2.3	Where
        dissolution or liquidation of the Company or any merger or combination in which the Company is not a surviving corporation
        is involved, each outstanding Option granted hereunder shall terminate, but the Optionee shall have the right, immediately
        prior to such dissolution, liquidation, merger or combination, to exercise his Option, in whole or in part, to the extent
        that it shall not have been exercised, without regard to the date on which such Option would otherwise have become exercisable
        pursuant to Section 5.5.

         

	 	The
    foregoing adjustments, and the manner of application thereof, shall be determined solely by the Board, and any such adjustment
    may provide for the elimination of fractional share interests. The adjustments required under this Article shall apply to
    any successor or successors of the Company and shall be made regardless of the number or type of successive events requiring
    adjustments hereunder.

 

	ARTICLE
        V

         

        OPTIONS
        AND STOCK AWARDS

 

	5.1	Terms
        and Conditions. Options granted under the Plan shall be in respect of Common Stock and shall be in the form of Non-Qualified
        Stock Options. Options and Stock Awards shall be subject to the terms and conditions set forth in this Article V and any
        additional terms and conditions, not inconsistent with the express terms and provisions of the Plan, as the Board shall
        set forth in the relevant Stock Option Agreement.

         

	5.2	Options
        and Stock Awards, Numbers of Shares and Agreement.

         

	 	5.2.1	Each
        Eligible Director shall automatically be granted an Option to purchase 30,000 shares of Stock on the Initial Election
        Date to the Board of Directors of the Company.

         

	 	5.2.2	Each
        Eligible Director shall automatically be granted an Option to purchase 12,000 shares of Stock on each Grant Date subsequent
        to such Eligible Director’s Initial Election Date.

         

	 	5.2.3	Each
        Eligible Director shall receive, at such Eligible Director’s option, either 65% or 100% of the fee payable to such
        Eligible Director for services rendered to the Company as a member of the Board, including services as a member of any
        committee of the Board (the “Director’s Fee”) in Stock. If the Eligible Director wishes to receive 65%
        of his Director’s Fee in Stock: (a) the Eligible Director will receive the number of shares of Stock obtained by
        dividing 65% of the applicable Director Fee by 75% of the Fair Market Value of the Stock and (b) the Eligible Director
        will receive 35% of his Director’s Fee in cash or its equivalent. If the Eligible Director wishes to receive 100%
        of his Director’s Fee in Stock the Eligible Director will receive that number of shares of Stock obtained by dividing
        the applicable Director’s Fee by 75% of the Fair Market Value of the Stock. Fair Market Value as used in this Section
        5.2.3, shall be determined on the business day immediately preceding the date that the Director’s fee is due.

         

	 	5.2.4	Each
        Option so granted shall be evidenced by a written Stock Option Agreement, dated as of the Initial Election Date or Grant
        Date, as applicable, and executed by the Company and the Optionee, stating (a) the Option’s duration, time of exercise,
        exercise price, (b) that the Eligible Director is acquiring the Option and will require the shares of Stock upon exercise
        of the Option for investment without a view to distribution, and (c) that the Company may condition the issuance of the
        Option and the issuance of shares of Stock upon exercise of the Option on such other representations and warranties as
        may be necessary or advisable solely to comply with the provisions of the Securities Act of 1933, as amended, or any other
        federal, state or local securities laws. The terms and conditions of the Option shall be consistent with the Plan.

         

	 	5.2.5	The
        Board may require each Eligible Director receiving a Stock Award pursuant to Section 5.2.3 to represent to and agree with
        the Company in writing that each Eligible Director is acquiring the shares of Stock for investment without a view to distribution,
        and may condition the issuance of

        

 

	 	 	shares
        of Stock pursuant to the Stock Award or such other representation or agreement as may be necessary or advisable solely
        to comply with the provision of the Securities Act of 1933, as amended, or any other federal, state or local securities
        laws.

        

 

    	A-3

    	 

    

 

	 	5.2.6	The
        election by the Eligible Director, as described in Section 5.2.3 hereof, shall be made in writing to the Company at any
        time prior to the date on which the Director’s Fee is due. Should an Eligible Director fail to make such election
        in a timely manner, such Eligible Director shall be deemed to have elected to receive 100% of the Director’s Fee
        payable to such Eligible Director in Stock as described in Section 5.2.3.

         

 

	5.3	Option
        Price. The Option Price of the Stock subject to each Option shall be the Fair Market Value of the Stock on the day
        preceding the Grant Date, or the Initial Election Date.

         

	5.4	Term.
        The period for the exercise of each Option shall expire on the 10th anniversary of the Initial Election Date or the Grant
        Date, as applicable (the “Term”).

         

	5.5	Option
        Exercise.

         

	 	5.5.1	No
        Option granted under the Plan shall become exercisable until after the expiration of six months from the Grant Date or
        Initial Election Date, as applicable. An option shall remain exercisable after its exercise date at all times during the
        Exercise Period, regardless of whether the Optionee thereafter continues to serve as a member of the Board.

         

	 	5.5.2	Subject
        to the terms of this Section 5.5, an Option may be exercised at any time or from time to time during the term of the Option,
        in whole or in part, as to full shares of Stock which have become exercisable under this Plan and the terms of the Option,
        but not as to less than 1,000 shares of Stock, unless the remaining shares of Stock that are so exercisable are less than
        1,000 shares of Stock. The Option Price is to be paid in full pursuant to the terms of this Section 5.5 upon the exercise
        of the Option. The holder of an Option shall not have any of the rights of a Stockholder with respect to the shares of
        Stock subject to the Option until such shares of Stock have been issued or transferred to the holder upon the exercise
        of the Option.

         

	 	5.5.3	Subject
        to the terms of this Plan, an Option may be exercised by the Optionee, in whole or in part, during the Company’s
        normal business hours on any business day by surrender of the Option and written notice of exercise of the Option, duly
        executed by the Optionee, with such notice duly delivered to the Company at its principal office, setting forth the specified
        number of full shares of Stock being exercised, and accompanied by payment, in cash or by certified or official bank check
        payable to the order of the Company in the amount obtained by multiplying (i) the number of shares of Stock so designated
        in such notice of exercise by (ii) the Option Price specified in the Option. In addition to, and prior to issuance of
        a certificate for shares of Stock pursuant to the exercise of an Option, the Optionee shall pay to the Company in cash
        or by certified or official bank check, payable to the order of the Company, for the full amount of any federal and state
        withholding or other employment taxes applicable to the taxable income of such Optionee resulting from such exercise.

         

	5.6	Nontransferability
        of Option. Options may not be transferred by an Optionee other than by will or the laws of descent and distribution.
        During the lifetime of an Optionee, this Option may be exercised only by the Optionee (or by his guardian or legal representative
        should one be appointed). In the event of the death of an Optionee, any Option held by him may be exercised by his legatee(s)
        or other distributee(s) or by his personal representative.

         

	5.7	Nontransferability
        of Stock Award. No shares of Stock issued under the Plan pursuant to Stock Awards may be transferred by the recipient
        thereof for a period of six months from the date such Stock is issued to the Eligible Director, other than by will or
        the laws of descent and distribution. The certificates representing shares of Stock issued under Stock Awards shall bear
        a legend to the foregoing effect.

         

    	A-4

    	 

    

 

	ARTICLE
        VI

         

        STOCK
        CERTIFICATES

 

	6.1	Stock
    Certificates. The Company shall not be required to issue or deliver any certificate for shares of Stock purchased upon
    the exercise of any Option granted hereunder or any portion thereof unless, in the opinion of counsel to the Company, there
    has been compliance with all applicable legal requirements. An Option granted under the Plan may provide that the Company’s
    obligation to deliver shares of Stock upon the exercise thereof may be conditioned upon the receipt by the Company of a representation
    as to the investment intention of the holder thereof in such form as the Company shall determine to be necessary or advisable
    solely to comply with the provisions of the Securities Act of 1933, as amended, or any other federal, state or local securities
    laws.

 

	ARTICLE
        VII

         

        RELATIONSHIP
        TO OTHER COMPENSATION PLANS

 

	7.1	Relationship
    to other Compensation Plans. The adoption of the Plan shall neither affect any other stock option, incentive or other
    compensation plans in effect for the Company or any of its subsidiaries, nor shall the adoption of the Plan preclude the Company
    from establishing any other forms of incentive or other compensation plan for directors of the Company.

 

	ARTICLE
        VIII

         

        ADMINISTRATION

 

	8.1	Administrator
        of the Plan. The Plan shall be administered by the Board.

         

	8.2	Plan
        Rules. The Board shall have full power and authority to promulgate, amend and rescind rules and regulations relating
        to the implementation, administration and maintenance of the Plan. Subject to the terms and conditions of the Plan, the
        Board shall make all determinations necessary or advisable for the implementation, administration and maintenance of the
        Plan including, without limitation, correcting any technical defect(s) or technical omission(s), or reconciling any technical
        inconsistency(ies), in the Plan and/or any Stock Option Agreement. The Board may designate persons other than members
        of the Board to carry out the day-to-day ministerial administration of the Plan under such conditions and limitations
        as it may prescribe. Any determination, decision or action of the Board in connection with the construction, interpretation,
        administration, implementation or maintenance of the Plan shall be final, conclusive and binding upon all Eligible Directors
        and any person(s) claiming under or through any Eligible Directors.

        

 

	ARTICLE
        IX

         

        AMENDMENT
        SUSPENSION AND TERMINATIONS

 

	9.1	In
        General. The Board may suspend or terminate the Plan (or any portion thereof) at any time and may amend the Plan at
        any time and from time to time in such respects as the Board may deem advisable to ensure that any and all Options and
        Stock Awards conform to or otherwise reflect any change in applicable laws or regulations, or to permit the Company or
        the Eligible Directors to benefit from any change in applicable laws or regulations, or in any other respect the Board
        may deem to be in the best interests of the Company or any subsidiary. No such amendment, suspension or termination shall
        (a) materially adversely effect the rights of any Eligible Director under any outstanding Options or Stock Awards, without
        the consent of such Eligible Director or (b) be effective without shareholder approval if such approval is required to
        comply with any applicable law or stock exchange rule.

         

	9.2	Agreement
        Modifications. No modification, extension, renewal or other change in any Stock Option Agreement granted under the
        Plan shall be made after grant, unless the same is consistent with the provisions of the Plan.

         

    	A-5

    	 

    

 

	ARTICLE
        X

         

        MISCELLANEOUS

 

	10.1	No
        Right to Reelection. Neither the adoption of the Plan, the granting of any Award, nor the execution of any Stock Option
        Agreement, shall confer upon any Eligible Director any right to remain a member of the Board for any period of time, nor
        shall it create any obligation on the part of the Board to nominate any of its members for reelection by the Company’s
        stockholders.

         

	10.2	Unfunded
        Plan. The Plan shall be unfunded and the Company shall not be required to segregate any assets in connection with
        the Plan. Any liability of the Company to any person with respect to any Option or Stock Award under the Plan or any Stock
        Option Agreement shall be based solely upon the contractual obligations that may be created as a result of the Plan or
        any such system, award or agreement. No such obligation of the Company shall be deemed to be secured by any pledge of,
        encumbrance on, or other interest in, any property or asset of the Company or any subsidiary. Nothing contained in the
        Plan or any Stock Option Agreement shall be construed as creating in respect of any Eligible Director (or beneficiary
        thereof or any other person) any equity or other interest of any kind in any assets of the Company or any subsidiary or
        creating a trust of any kind or a fiduciary relationship of any kind between the Company, any subsidiary and/or any such
        Eligible Director, any beneficiary thereof or any other person.

         

	10.3	Listing,
        Registration and Other Legal Compliance. No shares of Stock shall be required to be issued or granted under the Plan
        unless legal counsel for the Company shall be satisfied that such issuance or grant will be in compliance with all applicable
        federal and state securities laws and regulations and any other applicable laws or regulations. The Board may require,
        as a condition of any payment or share issuance, that certain agreements, undertakings, representations, certificates,
        and/or information, as the Board may deem necessary or advisable, be executed or provided to the Company to assure compliance
        with all such applicable laws or regulations. Certificates for shares of the Stock delivered under the Plan may be subject
        to such stop-transfer orders and such other restrictions, including restrictive legends, as the Board may deem advisable
        under the rules, regulations, or other requirements of the Securities and Exchange Commission, any stock exchange upon
        which the Common Stock is then listed, and any applicable federal or state securities law.

         

	10.4	Plan
        Binding on Successors. The Plan shall be binding upon the successors and assigns of the Company.

         

	10.5	Singular
        - Plural: Gender. Whenever used herein, nouns in the singular shall include the plural, and the Masculine pronoun
        shall include the feminine gender.

         

	10.6	Headings,
        etc., No Part of Plan. Headings of articles and paragraphs hereof are inserted (or convenience and reference, and
        do not constitute a part of the Plan.

         

	10.7	Governing
    Law. The Plan and all actions taken thereunder shall be governed by and construed in accordance with the laws of the State
    of Delaware, without reference to the principles of conflict of laws thereof.

 

    	A-6Exhibit
10.2

 

APPENDIX
“A”

 

FIRST
AMENDMENT

to

2003
OUTSIDE DIRECTORS STOCK PLAN

 

THIS
FIRST AMENDMENT TO THE PERMA-FIX ENVIRONMENTAL SERVICES, INC. 2003 OUTSIDE DIRECTORS STOCK PLAN (the “First Amendment”)
was approved by the Board of Directors (the “Board”) of Perma-Fix Environmental Services, Inc. (the “Company”)
to be effective on June 13, 2008, subject to the approval of the shareholders of the Company.

 

WHEREAS,
Article VII of the 2003 Outside Directors Stock Plan (the “Plan”), provides that the Board may at any time, and from
time to time and, in any respect amend or modify the Plan;

 

WHEREAS,
as of June 5, 2008, the maximum number of shares of our common stock that may be issued under the Plan is 1,000,000 shares (subject
to adjustment as provided in the 2003 Plan), of which 838,465 have previously been issued or reserved for issuance under the Plan,
comprised of 412,465 shares previously been issued under the Plan, and 426,000 shares issuable under outstanding options granted
under the Plan;

 

WHEREAS,
in order to continue to attract and retain qualified members of the Board who are not employees of the Company, the Board is of
the opinion that it is necessary that the maximum number of shares of Common Stock that may be issued under the Plan be increased
from 1,000,000 to 2,000,000 shares (subject to adjustment as provided in the Plan); and,

 

NOW,
THEREFORE, the following amendments to the plan are unanimously adopted by the Board, subject to the approval of the shareholders
of the Company:

 

Amendment
to Section 4.1:

 

Section
4.1 of the Plan is hereby amended by deleting the number “1,000,000” from the first full sentence contained therein
and substituting in lieu thereof the number “2,000,000.”

 

The
Plan is hereby amended and modified only to the extent specifically amended or modified by this First Amendment to the 2003 Outside
Directors Stock Plan. None of the other terms, conditions or provisions of the Plan, is amended or modified by this First Amendment
to the 2003 Outside Directors Stock Plan.

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