Document:

Form of Stock Option Agreement

 Exhibit 10.47 

 

 

 O’REILLY AUTOMOTIVE, INC. 2009 INCENTIVE PLAN 
 FORM OF STOCK OPTION AGREEMENT 
 This Stock Option Agreement (the “Agreement”) is entered into this [Date1] (the “Option Date”) by and between O’Reilly Automotive, Inc., a Missouri corporation (the
“Company”), and [Award Recipient] (the “Optionee”) pursuant to the O’Reilly Automotive, Inc. 2009 Incentive Plan, as the same may be amended from time to time (the “Plan”). Capitalized terms not defined
herein shall have the meanings set forth in the Plan. 
 1. GRANT OF OPTION. The Company hereby grants to the Optionee an
option to purchase [Insert Number] shares (the “Option Shares”) of the common stock of the Company (the “Common Stock”) at a price of [Insert Price] per share, in the manner and subject to the conditions provided herein. This
Option is intended to be a Non-Qualified Stock Option, as defined in Section 2(s) of the Plan. 
 2. TERM OF OPTION.
The maximum term of this Option is ten (10) years; accordingly, this Option shall expire not later than the close of business on [Insert Date]. 
 3. TIME OF EXERCISE OF OPTION. Subject to the Optionee’s continued employment with the Company or a Subsidiary, this Option shall become twenty five percent (25%) exercisable upon
[Date2]; fifty percent (50%) exercisable upon [Date3]; seventy five percent (75%) exercisable upon [Date4]; and one hundred percent (100%) exercisable upon [Date5] and for the remainder of its term with
respect to all of the Option Shares then remaining unissued (subject to Section 5 hereof and the terms of the Plan) [modify for vesting schedule as determined by the Board]. Notwithstanding the foregoing, in the event of a Change in Control [or
retirement upon circumstances determined by the Board], this Option shall become one hundred percent (100%) exercisable effective on the date of such Change in Control[, subject to the Optionee’s continued employment with the Company or a
Subsidiary at such time]. All unexercised Options, both vested and unvested, are immediately forfeited upon a termination of the Optionee’s employment with the Company and its Subsidiaries. 
 4. METHOD OF EXERCISE OF OPTION. The Optionee may exercise this Option in whole or in part to the extent then exercisable by
delivering written notice to the Secretary of the Company (or to such other person or persons in other such forms as may be designated from time to time by the Committee) stating the number of shares with respect to which the Option is being
exercised (the “Exercise Notice”), accompanied by payment in full of the exercise price either (i) in cash or check payable and acceptable to the Company, (ii) subject to the approval of the Committee, by tender to the Company of
shares of Common Stock owned by the Optionee and registered in Optionee’s name, having a fair market value equal to the cash exercise price of the option being exercised, (iii); by any combination of (i) and (ii) hereof, or
(iv) (provided the approval of the Committee has been given on or prior to the Grant Date), by requesting in writing that a sufficient number of the shares to be issued pursuant to such exercise be delivered to a broker for sale on behalf of
the Optionee that the proceeds of such sale be applied by the Company in payment thereof. Any exercise of this Option shall be contingent upon, and shall not be effective until the first business day following (the “Effective Date”), the
completion of the following steps: (a) the receipt by the Company of the Exercise Notice, the exercise price and such other documents as may be required by the Committee, (b) [the determination by the Company that Optionee’s
employment status with the Company is satisfactory to the Company based on, among other things, the status of any pending loss prevention investigation], and (c) the processing by the Company of sale requests (if any) set forth in the Exercise
Notice. As soon as practicable after, and as of, the Effective Date, the Company shall issue the appropriate number of shares in the name of the Optionee evidenced by a stock certificate, appropriate entry on the books of the Company’s duly
authorized transfer agent or other appropriate means as determined by the Company, and/or deliver a check, or cause the delivery of a check, payable to the order of the Optionee for the appropriate amount of cash. The number of shares may be
adjusted appropriately, or other appropriate arrangements shall be made [(which may include the Company requiring the Optionee to remit the applicable amount of taxes)], for any taxes required to be withheld by federal, state or local law in
connection with the exercise of the Option. 
 5. TERMINATION OF OPTION. This Option shall terminate on the earlier of:

  

	 	(i)	the date specified in Paragraph 2 of this Agreement; 

  

	 	(ii)	one year following the death of Optionee; 

  

	 	(iii)	one year following the termination of Optionee’s employment with the Company or any of its subsidiaries by reason of Disability; 

	 	(iv)	one year following the termination of Optionee’s employment with the Company or any of its subsidiaries by reason of Retirement; 

  

	 	(v)	one year following the involuntary termination of Optionee’s employment with the Company following a Change in Control; or 

  

	 	(vi)	the date of termination of Optionee’s employment with the Company or any of its subsidiaries for any reason other than those set forth in parts (ii) through
(iv) above. 

  

	 	[Alternative:	

  

	 	(i)	the date which is three months following the effective date of the Optionee’s retirement from service on the Board of Directors of the Company;

  

	 	(ii)	the date on which is one year following the date on which the Optionee’s service on the Board of Directors of the Company creases due to death or disability; and

  

	 	(iii)	the date specified in Paragraph 2 of this Agreement.] 

 6. EFFECT OF DEMOTION. The demotion by the Company of Optionee to a position having a lower pay scale, lower responsibility level or other lower status (a “Lower Position”), as determined
by the Committee, in its discretion, within a period of one year from Option Date shall result in the loss of this Option and shall be deemed, on the notice date of such demotion, a termination pursuant to Paragraph 5 (v) of this Agreement. To
the extent Optionee takes a Lower Position at any time, the unvested portion (determined as of the earlier of the date the Optionee begins working at such Lower Position or the date the Company accepts Optionee’s decision to take such Lower
Position) of this Option shall terminate. The provisions of this Section 6 shall be inapplicable following a Change in Control. [Not included in non-executive director awards.] 
 7. NON-TRANSFERABILITY OF OPTION. This Option is non-transferable by Optionee except by will or the laws of descent and distribution
and shall be exercisable during Optionee’s lifetime only by Optionee. In the event of Optionee’s death, but before expiration of the Option, such Option shall be exercisable by the person or persons to whom Optionee’s rights under the
Option shall have passed by will or by the laws of descent and distribution or by a person named by Optionee in a beneficiary designation form. 
 8. OPTION CONDITIONED ON ACCEPTANCE. This Agreement shall be void and of no effect unless a copy hereof is executed by Optionee and returned to the Secretary of the company no later than 30 days
after the Option Date; provided, however, that if Optionee dies with such 30 day period, this Agreement shall be effective notwithstanding the fact that it has not been executed by Optionee. 
 9. NO RIGHTS AS SHAREHOLDER. The Optionee shall have no rights as a shareholder with respect to any shares of Common Stock covered by
this Agreement until a certificate or certificate for such shares have been issued to Optionee; such rights shall then exist only with respect to the shares evidenced by such certificates. 
 10. NO GUARANTEE OF CONTINUED SERVICE. The Optionee acknowledges and agrees that neither this Agreement nor the award of the Option
constitute an express or implied promise of continued engagement as an employee or as a service provider for any period and shall not interfere with the Optionee’s right or the Company’s right to terminate the Optionee’s relationship
as an employee or as a service provider at any time. 
 11. INCORPORATION OF STOCK OPTION PLAN. This Agreement is entered
into pursuant to the Plan, which is by this reference incorporated herein and made a part hereof. By acceptance of this Agreement, the Optionee hereby acknowledges that the Optionee has received a copy of the Plan and agrees to be bound by its terms
(not all of which are set forth herein). In the event of a conflict between the terms of the Plan and those of this Agreement, the terms of the Plan shall govern. 
 IN WITNESS WHEREOF, O’REILLY AUTOMOTIVE, INC. has caused this Agreement to be executed and its Corporate Seal to be affixed, and Optionee has signed the same, in duplicate originals as of the
day and year first above written. 
  

			
	O’REILLY AUTOMOTIVE, INC.
		
	By:	 	 
	Title:	 	Chairman
	
	 
	 Optionee
  

 Effective: [UPDATE]$7,000,000 Secured Note

 Exhibit 4.1 
 SECURED NOTE 
  

			
	US$ 7,000,000	 	February 24, 2010

 Subject to the terms and conditions of this Note, for good and valuable consideration received, GTC BIOTHERAPEUTICS, INC., a Massachusetts corporation (the “Company”), promises to pay to LFB BIOTECHNOLOGIES S.A.S., a
société par actions simplifiée established under the laws of France (the “Holder”), the principal amount of seven million dollars (US$ 7,000,000), plus interest which shall accrue at the rate of four
percent (4%) per annum on the unpaid principal from the date of this Note until the Maturity Date (as defined in Section 1.1) or until the full amount of principal and accrued interest under this Note is earlier paid or canceled under the
terms hereof, provided, however that the Holder may, on or about January 1, 2011 and not more often than annually thereafter through the Maturity Date, elect to adjust (upwards or downwards) the interest rate applicable hereto,
based on the Holder’s then-current cost of capital, as determined by the Holder in the exercise of its commercially reasonable discretion. The Holder shall give the Company prior written notice of any such adjustment, which notice shall specify
the new interest rate, Holder’s methodology for computation of same, and the effective date for such new interest rate which shall be not less than 30 days after the Company’s receipt of such notice. The following is a statement of the
rights of the Holder and the terms and conditions to which this Note is subject, and to which the Holder hereof, by the acceptance of this Note, agrees: 
 1. Payment 
 1.1. The principal and all accrued interest under this Note
will be paid to the Holder on February 24, 2013 (the “Maturity Date”) to the extent each has not been earlier paid in full or canceled pursuant to the terms hereof. All payments of principal and interest under this Note will be
made by wire transfer of immediately available funds in accordance with written instructions provided by the Holder to the Company before the Maturity Date. 
 1.2. This Note may be prepaid at any time without penalty and without the written consent of the Holder. 
 1.3. Notwithstanding anything contained herein to the contrary, the Holder may, in its sole discretion, cancel all or any portion of the principal and interest outstanding under this Note in lieu of cash
payment for any shares of the Company’s Common Stock, $0.01 par value per share (“Common Stock”) or securities convertible, exercisable or exchangeable into shares of Common Stock (“Convertible Securities”)
issued and sold by the Company to the Holder in any future equity financing transaction. The number of shares of Common Stock or Convertible Securities to be issued and sold upon such cancellation of this Note shall be equal to the quotient obtained
by dividing (i) the portion of the principal amount of this Note, and if

 
designated by the Holder, any accrued interest thereon, to be canceled by (ii) the price per share of the Common Stock or Convertible Security to be issued and sold to the Holder by the
Company. 
 2. Security Documents. The obligations of the Company under this Note are secured pursuant to the Amended and
Restated Security Agreement, dated as of June 18, 2009 and effective as of December 22, 2008 with respect to certain matters, between the Company and the Holder (as the same has been, is on the date hereof, and may hereafter be amended,
the “Security Agreement”), that certain Trademark and License Security Agreement by and between the Debtor and the Secured Party dated December 22, 2008 (as the same has been and may hereafter be amended, the “Trademark
Security Agreement”), that certain Patent and License Security Agreement by and between the Debtor and the Secured Party dated December 22, 2008 (as the same has been and may hereafter be amended, the “Patent Security
Agreement”) and that certain Second Mortgage, Security Agreement and Fixture Filing granted by Debtor to Secured Lender as of December 22, 2009, (as the same has been, is on the date hereof, and may hereafter be amended, the
“Mortgage”). 
 3. Events of Default. This Note and all amounts due hereunder shall become immediately
due and payable in cash without notice or demand upon the occurrence at any time of any of the following events of default (individually, an “Event of Default” and collectively, “Events of Default”): 
 (a) default in the payment when due of any principal or interest under this Note; 
 (b) the liquidation, termination of existence, dissolution or the appointment of a receiver or custodian for the Company or any part of its
property if such appointment is not terminated or dismissed within sixty (60) days; 
 (c) the institution against the
Company or any endorser or guarantor of this Note of any proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency or other similar law affecting the rights of creditors
generally, which proceeding is not dismissed within sixty (60) days of filing; 
 (d) the institution by the Company of any
proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency or other similar law affecting the rights of creditors generally or the making by the Company or any endorser or
guarantor of this Note of a composition or an assignment or trust mortgage for the benefit of creditors; 
 (e) (i) any
material default in the performance or observance of any of the covenants, representations, warranties, agreements or conditions by the Company contained in this Note, (ii) an Event of Default, as defined in the Security Agreement, pursuant to
Section 7(a) of the Security Agreement, (iii) a Default, as defined in the Trademark Security Agreement, pursuant to Section 1(iv) of the Trademark Security Agreement, (iv) a Default, as defined in the Patent Security Agreement,
pursuant to Section 1(iv) of the Patent Security Agreement or (v) an Event of Default, as defined in the Mortgage, pursuant to Section 4.1 of the Mortgage. 
  

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 4. Merger, Consolidation or Sale of Assets. If there shall be a merger or
consolidation of the Company with or into another corporation (other than a merger or reorganization involving only a change in the state of incorporation of the Company), or the sale of all or substantially all of the Company’s capital stock
or assets to any other person, then all outstanding principal and interest under this Note shall become due and payable immediately upon the effective time of any such transaction. 
 5. Successors and Assigns. This Note, and the obligations and rights of the Company hereunder, shall be binding upon and inure to the
benefit of the Company, the holder of this Note, and their respective successors and permitted assigns. 
 6. Waiver and
Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Company and the Holder. 
 7. Notices. Any notice, request or other communication required or permitted hereunder will be in writing and shall be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) upon receipt, when sent via a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. Any party hereto may by notice so given change its address for future notice hereunder. Notice will conclusively be deemed to have been given when personally delivered or when deposited in the
mail or telegraphed in the manner set forth above and will be deemed to have been received when delivered. 
 8. Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the Commonwealth of Massachusetts, United States of America, without giving effect to any choice
of law or conflict of law provision or rule (whether of the Commonwealth of Massachusetts or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the Commonwealth of Massachusetts. 
 9. Headings; References. All headings used herein are used for convenience only and will not be used to construe or interpret this
Note. Except where otherwise indicated, all references herein to Sections refer to Sections hereof. 
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INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties have caused this Note to be issued on the date first written
above. 
  

									
	HOLDER	  		 	COMPANY
			
	LFB BIOTECHNOLOGIES S.A.S.	  		 	GTC BIOTHERAPEUTICS, INC.
					
	By:	 	 /s/ Christian Béchon
	  		 	By:	 	 /s/ John B. Green

	Name:	 	Christian Béchon	  		 	Name:	 	John B. Green
	Title:	 	President	  		 	Title:	 	Senior Vice President, Treasurer and Chief Financial Officer

 Secured Note Signature Page 
  

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