Document:

Exhibit 10.3

NON-QUALIFIED
STOCK OPTION AGREEMENT

pursuant to the

 

DANAHER
CORPORATION

1998 STOCK OPTION PLAN

 

 

            AGREEMENT dated
as of this 26th day of March, 2003 between Danaher Corporation
(“Danaher”), and H. Lawrence Culp, Jr. (the “Optionee”).

 

                WHEREAS, the
Optionee is now in the employ of Danaher as Chief Executive Officer and Danaher
desires to have the Optionee remain in such employ and to afford the Optionee
the opportunity to acquire or enlarge the Optionee’s stock ownership in Danaher
so that the Optionee may have a direct proprietary interest in Danaher’s
success; and

 

                WHEREAS, Danaher
and its stockholders have approved the Danaher Corporation 1998 Stock Option
Plan (the “Plan”) pursuant to which Danaher may, from time to time, enter into
stock option agreements with certain of its Eligible Employees as therein
defined; and

 

                WHEREAS,
unless otherwise indicated, all capitalized terms used herein and not defined
herein shall have the meaning ascribed to such capitalized term in the Plan.

 

                NOW THEREFORE, in
consideration of the premises and of the mutual covenants and agreements
hereinafter set forth, the parties hereto hereby mutually covenant and agree as
follows:

 

1.                             Grant of Option

 

                Subject to the
terms and conditions set forth herein and pursuant to the Plan, Danaher hereby
awards to the Optionee 575,000 non-qualified stock options under the Plan, of
which 143,750 options are granted effective March 26, 2003 (“Installment 1”),
143,750 options are granted effective June 27, 2003 (“Installment 2”), 143,750
are granted effective September 26, 2003 (“Installment 3”) and 143,750 options
are granted effective December 2, 2003 (“Installment 4”).  Each of Installments 1, 2, 3 and 4 is
individually referred to as an “Installment.” 
With respect to any Installment, the per-share exercise price of such
Installment (the “Exercise Price”) shall be the “Fair Market Value” (as defined
in the Plan) of one share of Danaher’s common stock on the date of grant of
such option Installment (the “Grant Date”), and the period from the Grant Date
to the date of termination or exercise of such option Installment is hereafter
referred to as the “Option Period.”

 

2.                             Exercise of Option

 

The options granted in
Paragraph 2 of the Agreement may be exercised as follows:

 

a)              The aggregate number of shares of Common Stock
optioned by the Agreement shall be exercisable as to 20% of the shares in each
of Installments 1, 2, 3 and 4 on December 1, 2006, an additional 30% of the
shares in each of Installments 1, 2, 3 and 4 on December 1, 2007 and the
remaining 50% of the shares in each of Installments 1, 2, 3 and 4 on December
1, 2008.

 

b)             Notwithstanding Paragraph 2 a), in the case that the
Optionee’s employment is terminated by Danaher on account of Disability, is
terminated by Danaher without Cause, or the Optionee resigns for Good Reason or
dies, this option shall instead become exercisable as to 20% of the shares in
each of Installments 1, 2, 3 and 4 on March 26, 2004, and as to an additional
20% of the shares in each of Installments 1, 2, 3 and 4 on each of the first
four anniversaries of March 26, 2004; provided, further, that all shares shall
be exercisable in the event of a Change of Control if the Optionee is employed
by Danaher at the time of the Change of Control.

 

 

c)              For purposes of this Agreement, “Disability,” “Cause,”
“Good Reason” and “Change of Control” shall have the meaning assigned to such
terms in the employment agreement between the Optionee and Danaher dated
October 13, 2000 (the “Employment Agreement”) except that Good Reason shall be
limited to the terms outlined under paragraphs (i), (iii) and (vi) of Section
9(c) of the Employment Agreement.

 

d)             To the extent not exercised, the option shares shall
accumulate and be exercisable by the Optionee, in whole or in part, in any
subsequent year included in the Option Period but not later than the expiration
of the Option Period.

 

e)              No less than 1,000 shares may be purchased upon any
one exercise of the option granted hereby unless the number of shares purchased
at such time is the total number of shares in respect of which the option
hereby granted is then exercisable.

 

f)                In no event shall any option granted hereby be
exercisable for a fractional share.

 

3.                             Method of Exercising Option and
Payment of Exercise Price

 

a)              The option hereby granted shall be exercised by the
Optionee by delivering to the Secretary of Danaher, from time to time, on any
business day during the Option Period (the “Exercise Date”), written notice
specifying the number of shares the Optionee then desires to purchase and the
Grant Date for such shares (the “Notice”), and either (i) a cashier’s or
certified check for an amount in United States Dollars equal to the Exercise
Price for the number of shares specified in the Notice (the “Total Exercise
Price”), such payment to be delivered with the Notice, or (ii) in the
discretion of the Administrator, shares of Common Stock of Danaher with a value
(determined in accordance with subparagraph (d) below) equal to or less than
the Total Exercise Price plus a cashier’s or certified check for an amount in
United States dollars equal to the amount, if any, by which the Total Exercise
Price exceeds the value of such shares of Danaher Common Stock (determined in
accordance with subparagraph (d) below). 
Payment of
income tax withholding obligations, in accordance with Section 14, is due at
the same time as the payment of the Total Exercise Price.  If the Optionee tenders shares of Common
Stock of Danaher in exercise of an Option pursuant to this subsection (a), six
months must have elapsed between the date on which the Optionee acquired the
Common Stock tendered in connection with such exercise and the date on which
the Optionee tenders the shares of Common Stock.  In the case of payment in shares, such payment shall be made by
delivery of the necessary shares certificates, with executed stock powers
attached, to the Secretary of Danaher.

 

b)             The Notice, at the option of Danaher, shall also state
the following:

 

“I
hereby represent and warrant that I will dispose of said shares only in
compliance with the applicable laws or regulations relating to the sale of
securities.”  

 

c)              Within three business days after the Exercise Date,
Danaher shall, subject to the receipt of withholding tax, issue to the Optionee
the number of shares with respect to which such option shall be so exercised,
and shall deliver to the Optionee a certificate (or certificates) thereof.

 

2

 

 

d)             For purposes of this Paragraph 3, the value of shares
of Common Stock tendered to exercise an option shall be the Fair Market Value
on the Exercise Date.

 

e)              The Optionee may elect to
conduct a “cashless exercise” with respect to all or any portion of the option
in accordance with the procedures for “cashless exercise” then in effect under
the Plan, including any restrictions imposed on the use of cashless exercise by
officers or directors of the Company.

 

4.                             Termination

 

The
option granted hereby shall terminate and be of no force or effect upon the
expiration of 10 years from the date of this Agreement unless terminated prior
to such time as provided in this paragraph or in the Plan.  In the event the Optionee terminates
employment with Danaher or an Eligible Subsidiary, such Optionee’s option shall
terminate in accordance with the Plan; provided, that, notwithstanding the
termination provisions in the Plan the option shall remain exercisable for a
period of six months following the termination of the Optionee’s employment
without Cause or his resignation for Good Reason unless the Plan would otherwise
provide for a longer post-termination of employment exercise period (but no
later than the expiration of 10 years from Grant Date).  Unvested shares subject to this option shall
terminate immediately following the Optionee’s termination of employment with
Danaher.

 

5.                             Optionee.

 

Whenever the word
“Optionee” is used in any provision of the Agreement under circumstances where
the provision should logically be construed to apply to the estate, personal
representative, or beneficiary to whom this option may be transferred by will
or by the laws of descent and distribution, it shall be deemed to include such
person.

 

6.                             Assignability.

 

This
option is not assignable or transferable by the Optionee except as provided in the Plan.

 

7.                             Rights of a Stockholder.

 

The Optionee shall not be
deemed for any purpose to be a stockholder of Danaher with respect to any
shares as to which this option shall not have been exercised and payment and
issue made as herein provided.

 

8.                             The Corporation’s Rights.

 

The existence of this
option shall not affect in any way the right or power of Danaher or its
stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in Danaher’s capital structure or its
business, or any merger or consolidation of Danaher, 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 Danaher, or any sale or transfer of all or any
part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

 

9.                             Adjustments Upon Changes In Capital
Stock.

 

If  the outstanding shares of Danaher Common
Stock increase or decrease or change into or are exchanged for a different
number or kind of security by reason of any recapitalization, reclassification,
stock split, reverse stock  split,
combination of shares, exchange of shares, stock dividend, or other
distribution payable in capital stock, or some other increase or decrease in
such Common Stock occurs without Danaher receiving consideration, a
proportionate and appropriate adjustment will be made in accordance with, and
to the extent required by, the Plan in the number of shares of Common Stock
underlying the option and the Exercise Price per share.  In the event of a declaration of an
extraordinary dividend on the Common Stock payable in a form other than Common
Stock in an amount that has a material effect on the price of the Common Stock,
the Administrator shall make such adjustments in the option as it, in its sole
discretion, deems appropriate.

 

10.                           Substantial
Corporate Change.

 

Upon a Substantial
Corporate Change (as defined in the Plan), the option will be adjusted, and the
Option Period

 

3

 

may be shortened, as provided for in the Plan.

 

11.                           Legal Compliance.

 

Danaher will not issue
any shares of Common Stock under the option until all applicable requirements
imposed by Federal and state securities and other laws, rules, and regulations,
and by any applicable regulatory agencies or stock exchanges, have been fully
met. To that end, Danaher may require the Optionee to take any reasonable
action to comply with such requirements before issuing such shares. No
provision in this Agreement or action taken under it authorizes any action that
is otherwise prohibited by Federal or state laws.

 

12.                           Resolution of
Disputes.

 

Any dispute or
disagreement which shall arise under, or as a result of, or pursuant to, this
Agreement shall be determined in accordance with the terms of the Plan.

 

13.                           Notice.

 

Any
notice which either party hereto may be required or permitted to give to the
other shall be in writing, and may be delivered personally or by mail, postage
prepaid, addressed as follows to Danaher at: 2099 Pennsylvania Avenue, NW,
Washington DC 20006,
Attention:  Office of the Secretary, or
at such other address as Danaher, by notice to the Optionee, may designate in
writing from time to time, to the Optionee, at his address as shown on the
records of Danaher, or at such other address as the Optionee, by notice to the
Secretary of Danaher, may designate in writing from time to time.

 

14.                           Tax Withholding.

 

The Optionee must satisfy
all applicable Federal, state, and local income and employment tax withholding
requirements before Danaher will deliver stock certificates upon the exercise
of the option. Danaher may decide to satisfy the withholding obligations
through additional withholding on salary or wages.  If Danaher does not or cannot withhold from other compensation,
the Optionee must pay Danaher, with a cashier’s check or certified check, the
full amounts required for withholding. 
Payment of withholding obligations is due at the same time as is payment
of the Total Exercise Price. Notwithstanding the above, the Optionee may
instead satisfy the withholding obligations by directing Danaher to retain
shares from the option exercise, by tendering previously owned shares, or by
attesting to his ownership of shares (with the distribution of net shares), or
by having a broker tender to Danaher cash equal to the withholding taxes.

 

15.                           Fractional Shares.

 

Any fractional shares
concerning this option shall be eliminated at the time of exercise by rounding
down for fractions of less than one-half, and rounding up for fractions of
equal to, or more than, one-half.  No
cash settlements shall be made with respect to fractional shares eliminated by
rounding.

 

16.                           Governing Law.

 

All matters relating to
this Agreement shall be governed by the laws of the State of Delaware, without
regard to the principles of conflict of laws.

 

17.                           Construction.

 

This Agreement has been
entered into in accordance with the terms of the Plan, and wherever a conflict
may arise between the terms of this Agreement and the terms of the Plan, the
terms of the Plan shall control.

 

4

 

IN WITNESS WHEREOF, Danaher has caused this Agreement
to be executed by its duly authorized officer, and the Optionee has hereunto
set his hand and seal, all on the day and year first above written.

 

 

 

	
   

  	
  DANAHER CORPORATION:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ James H. Ditkoff

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE OPTIONEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ H. Lawrence Culp, Jr.

  

 

5Exhibit 10.1

                                 CERTIFICATIONS

                          I, Basil Parker, certify that:

1. I have reviewed this annual report on Form 10-KSB of Bioaccelerate Inc (FKA
Westminster Medical Inc);

2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this annual report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this annual
report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date: October 14, 2003

                                        /s/ Basil Parker
                                        -------------------------------------
                                        Basil Parker
                                        President & Director

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