Document:

Exhibit 10.2

 

BRUKER CORPORATION

 

FORM OF STOCK OPTION AGREEMENT

 

UNDER 2016 INCENTIVE COMPENSATION PLAN

 

NON-QUALIFIED STOCK OPTION

 

AGREEMENT entered into [       ] by and between Bruker Corporation, a Delaware corporation with a principal place of business in Billerica, Massachusetts (the “Company”), and the undersigned (the “Participant”) employee, officer, director, consultant or advisor of the Company or one of its subsidiaries (the Company and its subsidiaries herein together referred to as the “Company”).

 

1.                                      The Company desires to grant the Participant a non-qualified stock option under the Company’s 2016 Incentive Compensation Plan (the “2016 Plan”) to acquire shares of the Company’s common stock, $.01 par value per share (the “Shares”).

 

2.                                      Section 6 of the 2016 Plan provides that each option is to be evidenced by an award agreement, setting forth the terms and conditions of the option.

 

ACCORDINGLY, in consideration of the premises and of the mutual covenants and agreements contained herein, the Company and the Participant hereby agree as follows:

 

1.                                      Grant of Option.  The Company hereby irrevocably grants under the 2016 Plan and subject to the terms and conditions of the 2016 Plan to the Participant a non-qualified stock option (the “Option”) to purchase all or any part of an aggregate of [       ] Shares on the terms and conditions hereinafter set forth.  This option shall not be treated as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).

 

2.                                      Purchase Price.  The purchase price (“Purchase Price”) for the Shares covered by the Option shall be $[    ] per Share.

 

3.                                      Time of Exercise of Option.

 

(a)                                 The Option shall not be exercisable prior to one (1) year from grant.  Thereafter, the Option shall only be exercisable as follows:  [modify as appropriate]

 

	
 
    	
 
    	
Percentage of
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Shares Becoming
    	
 
    	
Cumulative
    	
 
    
	
 
    	
 
    	
Available for
    	
 
    	
Percentage
    	
 
    
	
On or After
    	
 
    	
Exercise
    	
 
    	
Available
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
12 months
    	
 
    	
25
    	
%
    	
25
    	
%
    
	
24 months
    	
 
    	
25
    	
%
    	
50
    	
%
    
	
36 months
    	
 
    	
25
    	
%
    	
75
    	
%
    
	
48 months
    	
 
    	
25
    	
%
    	
100
    	
%
    

 

Exerciseability of the Option upon a Change in Control shall be determined as provided in Section 13 of the 2016 Plan.

 

 

4.                                                Term of Options; Exercisability.

 

(a)                                           Term.

 

(1)                                           Each Option shall expire not more than ten (10) years from the date of the granting thereof, but shall be subject to earlier termination as herein provided.

 

(2)                                           Except as otherwise provided in this Section 4, if the Participant ceases to have the same relationship with the Company which was in existence on the date the Option was granted, the Option granted to the Participant hereunder shall terminate on the date that is ninety (90) days after the Participant ceases to have such relationship with the Company, or on the date on which the Option expires by its terms, whichever occurs first, and such Option shall not be exercisable after such date.

 

(3)                                           If such termination of relationship is because the Participant has become permanently disabled (within the meaning of Section 22(e)(3) of the Code), the Option shall terminate ninety (90) days from the date the Participant ceases to be a Participant, or on the date on which the Option expires by its terms, whichever occurs first.

 

(4)                                           If the relationship of the Participant with the Company is terminated “for cause”, all outstanding and unexercised portions of the Option as of the time the Participant is notified that the Participant’s service is terminated “for cause” will immediately be forfeited. For purposes of this Agreement, “cause” shall include (and is not limited to) dishonesty with respect to the Company or any of its affiliates, breach of fiduciary duty, insubordination, substantial malfeasance or non-feasance of duty, unauthorized disclosure of confidential information, material failure or refusal to comply with Company’s published policies generally applicable to all employees, and conduct materially harmful to the business of the Company or any of its affiliates. The determination of the Compensation Committee (as defined in the 2016 Plan) as to the existence of “cause” will be conclusive on the Participant and the Company. In addition, “cause” is not limited to events which have occurred prior to the Participant’s termination of service, nor is it necessary that the Compensation Committee’s finding of “cause” occur prior to termination.  If the Compensation Committee determines, subsequent to the Participant’s termination of service but prior to the exercise of the Option, or any portion thereof, that either prior or subsequent to the Participant’s termination the Participant engaged in conduct which would constitute “cause”, then the right to exercise any outstanding unexercised portion of the Option will be immediately forfeited.  Notwithstanding the foregoing, any definition in an agreement between the Participant and the Company which (i) contains a conflicting definition of “cause” for termination and (ii) is in effect at the time of such termination shall supersede the definition in this Agreement with respect to the Participant.

 

(5)                                           In the event of the death of the Participant, the Option granted to the Participant shall terminate ninety (90) days from the date of death, or on the date on which the Option expires by its terms, whichever occurs first.

 

(b)                                           Exercisability.

 

(1)                                           If the Participant ceases to have the same relationship with the Company which was in existence on the date the Option was granted, the Option granted to the Participant hereunder shall be exercisable only to the extent that the right to purchase Shares under such Option has accrued and is in effect on the date such Participant ceases to have such relationship with the Company.

 

(2)                                           No partial exercise may be made for less than one (1) full Share.

 

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(3)                                           In the event of the death of the Participant, the Option granted to such Participant may be exercised by the estate of such Participant, or by any person or persons who acquired the right to exercise such Option by bequest or inheritance or by reason of the death of such Participant.

 

5.                                                Manner of Exercise of Option.

 

(a)                                           To the extent that the right to exercise the Option has accrued and is in effect, the Option may be exercised in full or in part by giving written notice to the Company stating the number of Shares exercised and accompanied by payment in full for such Shares.  Payment shall be made (a) in cash or by check payable to the order of the Company, (b) at the discretion of the Compensation Committee, and so long as there is no adverse tax or accounting impact to the Company, by delivery of Shares owned by the Participant having a fair market value equal in amount to the exercise price of the Option being exercised and having been held by the Participant for at least six months, (c) at the discretion of the Compensation Committee, by delivery of a properly executed exercise notice to the Company, together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds to pay the exercise price, (d) at the discretion of the Compensation Committee, by a “net exercise” arrangement pursuant to which the Company will reduce the number of Shares issued upon exercise by the largest whole number of Shares with a fair market value that does not exceed the aggregate exercise price, together with cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole Shares, or (e) at the discretion of the Compensation Committee, by any combination of (a), (b), (c) and (d) above. Upon such exercise, delivery of a certificate for paid-up, non-assessable Shares shall be made at the principal office of the Company to the person exercising the Option, not more than thirty (30) days from the date of receipt of the notice by the Company.

 

(b)                                           The Company shall at all times during the term of the Option reserve and keep available such number of Shares of its common stock as will be sufficient to satisfy the requirements of the Option.  The Participant shall not have any of the rights of a stockholder of the Company in respect of the Shares until one or more certificates for such Shares shall be delivered to him or her upon the due exercise of the Option.

 

6.                                                Non-Transferability.  The right of the Participant to exercise the Option shall not be assignable or transferable by the Participant otherwise than by will or the laws of descent and distribution, and the Option may be exercised during the lifetime of the Participant only by him or her.  The Option shall be null and void and without effect upon the bankruptcy of the Participant or upon any attempted assignment or transfer, except as hereinabove provided, including without limitation any purported assignment, whether voluntary or by operation of law, pledge, hypothecation or other disposition contrary to the provisions hereof, or levy of execution, attachment, trustee process or similar process, whether legal or equitable, upon the Option.

 

7.                                      Registration; Compliance with Laws and Regulations; Restrictive Legends.

 

(a)                                 This Option and the obligation of the Company to sell and deliver Shares hereunder shall be subject in all respects to: (i) all applicable Federal and state laws, rules and regulations; and (ii) any registration, qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Company shall, in its discretion, determine to be necessary or applicable. Moreover, the Option may not be exercised if its exercise, or the receipt of Shares pursuant thereto, would be contrary to applicable law. The Company intends, but is not obligated, to register the Shares for issuance under the Securities Act of 1933, as amended (the “Act”), and to keep such registration effective throughout the period the Option is exercisable.

 

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(b)                                 In the event that for any reason the Shares to be issued upon exercise of the Option shall not be effectively registered under the Act, upon any date on which the Option is exercised in whole or in part, the Participant (or the person permitted to exercise the Option in the event of Participant’s death or incapacity) shall execute and deliver to the Company, prior to the delivery of any Shares by the Company pursuant to this Agreement, an agreement (in such form as the Company may specify) in which the Participant (or such person) represents and warrants that such Shares are being acquired for the Participant’s own account, for investment only and not with a view to public resale or distribution, and represents and agrees that any subsequent offer for sale or distribution of any kind of such Shares shall be made only pursuant to either (i) a registration statement on an appropriate form under the Act, which registration statement has become effective and is current with regard to the Shares being offered or sold; or (ii) a specific exemption from the registration requirements of the Securities Act. Additionally, the Participant (or the person permitted to exercise the Option in the event of Participant’s death or incapacity), if requested by the Company to do so, will execute and deliver to the Company, in writing, such other agreements and other documents containing such provisions as the Company may require to assure compliance with applicable securities laws.

 

(c)                                  The Participant acknowledges and agrees that (i) the certificates representing the Shares, if any, may bear such legend or legends as the Company in its sole discretion deems appropriate in order to assure compliance with applicable securities laws and (ii) the Company may refuse to register transfer of the Shares on the stock transfer records of the Company, and may give related instructions to its transfer agent, if any, to stop registration of such transfer if such proposed transfer, in the opinion of counsel satisfactory to the Company, would constitute a violation of any applicable securities law.

 

8.                                                Adjustments on Changes in Recapitalization, Reorganization and the Like.  Adjustments on Changes in Recapitalization, Reorganization and the Like shall be made in accordance with Section 13 of the 2016 Plan, as in effect on the date of this Agreement.

 

9.                                                No Special Rights.  Nothing contained in the 2016 Plan or this Agreement shall be construed or deemed by any person under any circumstances to bind the Company to continue the employment or other relationship of the Participant for the period within which this Option may be exercised.

 

10.                                         Rights as a Shareholder.  The Participant shall have no rights as a shareholder with respect to any Shares which may be purchased by exercise of this Option unless and until a certificate or certificates representing such Shares are duly issued and delivered to the Participant.  Except as otherwise expressly provided in the 2016 Plan, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

 

11.                                         Withholding Taxes.  Whenever Shares are to be issued upon exercise of this Option, the Company shall have the right to require the Participant to remit to the Company an amount sufficient to satisfy all Federal, foreign, state and local withholding tax requirements prior to the delivery of any certificate or certificates for such Shares.  The Participant may satisfy, totally or in part, the Participant’s tax obligations pursuant to this Section by electing to withhold or otherwise redeliver Shares acquired upon exercise of this Option.

 

12.                                         Data Privacy.

 

(a)                                           To facilitate the administration of the Plan and this Agreement, it will be necessary for the Company (or its payroll administrators) to collect, hold and process certain personal information and other data about Participant and to transfer this data to certain third parties such as brokers with whom Participant may elect to deposit any share capital under the Plan.  This personal data

 

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may include, but is not limited to, Participant’s name, home address and telephone number, date of birth, social security number or other identification number, salary, nationality, job title, Shares held, and details of all Options or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor.

 

(b)                                           Participant hereby consents to the Company (or its payroll administrators) collecting, holding and processing Participant’s personal data and transferring this data to the Company or any other third parties insofar as is reasonably necessary to implement, administer and manage the Plan.

 

(c)                                            Participant understands that the this data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the United States or elsewhere, and that the recipient’s country may have different data privacy laws and protections than the United States.

 

(d)                                           Participant understands that Participant may, at any time, view Participant’s personal data, require any necessary corrections to it or withdraw the consents herein in writing by contacting the Company, but acknowledges that without the use of such data it may not be practicable for the Company to administer Participant’s involvement in the Plan in a timely fashion or at all and this may be detrimental to Participant.

 

13.                                         Recoupment.  Participant acknowledges that any incentive-based compensation received by Participant from the Company hereunder or otherwise (including any proceeds realized from any exercise of an Option and/or sale of the Shares underlying such Option) shall be subject to recovery by the Company in the circumstances and manner provided in any recoupment policy that may be adopted or implemented by the Company and in effect from time to time on or after the date hereof, and Participant shall effectuate any such recovery at such time and in such manner as the Company may specify.  As used herein the “recoupment policy” means and includes any policy of the type contemplated by Section 10D of the Securities Exchange Act of 1934, as amended, any rules or regulations of the Securities and Exchange Commission adopted pursuant thereto, or any related rules or listing standards of any national securities exchange or national securities association applicable to the Company.

 

14.                                         Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to conflict of laws principles.

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and its corporate seal to be hereto affixed by its officer thereunto duly authorized, and the Participant has hereunto set his or her hand and seal, all as of the day and year first above written.

 

	
PARTICIPANT
    	
 
    	
BRUKER CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    	
Title
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
					

 

5Exhibit 10.3

 

FORM OF RESTRICTED STOCK UNIT AWARD AND AGREEMENT

 

AGREEMENT entered into this       day of        , 20   by and between Bruker Corporation, a Delaware corporation with a principal place of business in Billerica, Massachusetts (the “Company”), and the undersigned                      (the “Participant”) employee, director, consultant or advisor of the Company or one of its subsidiaries (the Company and its subsidiaries herein together referred to as the “Company”).

 

WITNESSETH:

 

WHEREAS, the purpose of this Agreement is to evidence and effectuate a Restricted Stock Unit award to the Participant pursuant and subject to the Company’s 2016 Incentive Compensation Plan (the “2016 Plan”); and

 

WHEREAS, a condition to the grant of the Restricted Stock Units to the Participant is that the Participant execute this Agreement;

 

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.                                      Grant.  The Company hereby grants to Participant                (     ) Restricted Stock Units (“Units”).  Each Unit represents the right to receive one share of the Company’s common stock, par value $.01 per share (each, a “Share”), subject to the terms and conditions set forth in this Agreement and the 2016 Plan.  The Units shall be credited to a bookkeeping account maintained for the Participant on the books and records of the Company and until settled shall continue for all purposes to be part of the general assets of the Company.

 

2.                                      Forfeiture of Units upon Termination of Employment.  Units that do not become vested in accordance with the vesting criteria set forth in Section 3 shall be forfeited to the Company.  Accordingly, if the Participant’s employment with the Company terminates for any reason, then all unvested Units shall be automatically forfeited as of the date of termination, and any rights, including, without limitation, any dividend rights, with respect to such forfeited Units will immediately cease.

 

3.                                      Vesting of Units.  So long as the Participant (a) continues to remain as an employee or director of the Company or (b) continues to provide significant services to the Company as a consultant or advisor, the Units will be deemed to become “Vested Units” twenty-five percent (25%) on each of the first four (4) anniversaries of the date of this Agreement.

 

The foregoing vesting schedule notwithstanding, if the employment, directorship or other business relationship of the Participant with the Company, as applicable, terminates by reason of the Participant’s permanent and total disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code) or death, all Units or portions thereof not yet vested shall become immediately vested.    Vesting of the Units upon a Change in Control shall be determined as provided in Section 13 of the 2016 Plan.

 

4.                                      Timing of Payment of Units.  With respect to each portion of the Units that vest, the Company will settle the Vested Units, in the form provided in Section 5 below, within thirty (30) days following the date of vesting.  Any amounts payable to Participant under this Agreement are intended to constitute “short-term deferral” described in Treas. Reg. Sec. 1.409A-1(b)(4) so that none of the

 

 

payments provided hereunder be deemed a deferral of compensation that is subject to the additional tax imposed under Section 409A of the Internal Revenue Code, and any ambiguities herein shall be interpreted to satisfy the “short-term deferral” exemption.

 

Notwithstanding the foregoing, neither the Company nor any of its subsidiaries guarantees any tax consequences of Participant’s entitlement to or receipt of payments or other benefits under this Agreement, and the Participant or his or her beneficiaries, heirs or assignees will be solely responsible for payment of any tax obligations incurred in connection with the payments provided under this Agreement.

 

5.                                      Form of Payment of Units.   The Company shall settle a Vested Unit by issuing and delivering to the Participant Shares equal to the number of Units to be so settled.  Upon and following the settlement of the Units, the Participant shall be the record owner of the Shares issued in settlement of the Units and shall be entitled to all rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.

 

6.                                      Death of Participant.  Any distribution or delivery to be made to Participant under this Agreement will, if Participant is then deceased, be made to the administrator or executor of Participant’s estate.  Any such administrator or executor must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any applicable laws pertaining to said transfer.

 

7.                                      Taxes and Withholding.  The Company’s obligation to settle Units shall be subject to the Participant’s satisfaction of all applicable Federal, state and local income, excise, employment and any other tax withholding requirements.  The Participant may satisfy, totally or in part, the Participant’s tax obligations pursuant to this Section by electing to have Shares withheld from settlement of the award.

 

8.                                      Rights as Stockholder.   The Participant will not have any of the rights or privileges of a stockholder of the Company in respect of the Shares underlying the Units.  The Units are unfunded, and the Participant shall have no greater rights in Units than that of an unsecured creditor of the Company.

 

9.                                      Dividend Equivalents.  The Participant’s bookkeeping account shall be credited with an amount equal to the amount of any cash dividends payable with respect to number of Shares with respect to which the Units are determined.   Dividend equivalents shall vest and be paid at the same time as the Units with respect to which they are determined.

 

10.                               Restrictions on Transfers.  Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively “transfer”), any of the Units, or any interest therein.

 

11.                               Specific Enforcement.  The Participant expressly acknowledges that the Company may be irreparably damaged if this Agreement is not specifically enforced.  Upon a breach or threatened breach of the terms, covenants or conditions of this Agreement by Participant, the Company shall, in addition to all other remedies, be entitled to apply for a temporary or permanent injunction, or a decree for specific performance, in accordance with the provisions hereof.

 

12.                               Data Privacy.

 

(a)                                 To facilitate the administration of the Plan and this Agreement, it will be necessary for the Company (or its payroll administrators) to collect, hold and process certain personal information and other data about Participant and to transfer this data to certain third parties such as

 

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brokers with whom Participant may elect to deposit any share capital under the Plan.  This personal data may include, but is not limited to, Participant’s name, home address and telephone number, date of birth, social security number or other identification number, salary, nationality, job title, Shares held, and details of all Units or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor.

 

(b)                                 Participant hereby consents to the Company (or its payroll administrators) collecting, holding and processing Participant’s personal data and transferring this data to the Company or any other third parties insofar as is reasonably necessary to implement, administer and manage the Plan.

 

(c)                                  Participant understands that the this data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the United States or elsewhere, and that the recipient’s country may have different data privacy laws and protections than the United States.

 

(d)                                 Participant understands that Participant may, at any time, view Participant’s personal data, require any necessary corrections to it or withdraw the consents herein in writing by contacting the Company, but acknowledges that without the use of such data it may not be practicable for the Company to administer Participant’s involvement in the Plan in a timely fashion or at all and this may be detrimental to Participant.

 

13.                               Recoupment.  Participant acknowledges that any incentive-based compensation received by Participant from the Company hereunder or otherwise (including any proceeds realized from any exercise of an option and/or sale of the Shares underlying such option) shall be subject to recovery by the Company in the circumstances and manner provided in any recoupment policy that may be adopted or implemented by the Company and in effect from time to time on or after the date hereof, and Participant shall effectuate any such recovery at such time and in such manner as the Company may specify.  As used herein the “recoupment policy” means and includes any policy of the type contemplated by Section 10D of the Securities Exchange Act of 1934, as amended, any rules or regulations of the Securities and Exchange Commission adopted pursuant thereto, or any related rules or listing standards of any national securities exchange or national securities association applicable to the Company.

 

14.                               Notices.  Notices given hereunder shall be deemed to have been duly given on the date of personal delivery or on the date of postmark if mailed by certified or registered mail, return receipt requested, to the party being notified at his, her or its address specified on the signature page hereto or such other address as the addressee may subsequently notify the other parties of in writing.

 

15.                               Entire Agreement and Amendments.  This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and neither this Agreement nor any provision hereof may be waived, modified, amended or terminated except by a written agreement signed by the parties hereto.  No waiver of any breach or default hereunder shall be considered valid unless in writing, and no such waiver shall be deemed a waiver of any subsequent breach or default of the same or similar nature.

 

16.                               Governing Law; Successors and Assigns.  This Agreement shall be governed by the internal laws of the State of Delaware without giving effect to the conflicts of laws principles thereof and, except as otherwise provided herein, shall be binding upon the heirs, personal representatives, executors, administrators, successors and assigns of the parties.

 

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17.                               Severability.  If any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable any other provision of this Agreement, and this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not contained herein.

 

18.                               Captions.  Captions are for convenience only and are not deemed to be part of this Agreement.

 

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

 

IN WITNESS WHEREOF, this Agreement has been executed as of the date and year first above written.

 

	
PARTICIPANT
    	
 
    	
BRUKER CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
 
    	
 
    	
By:
    	
 
    
	
Name:
    	
 
    	
 
    	
 
    	
 
    
	
Address:                       
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
						

 

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