Document:

exv4w5

Exhibit 4.5

FIBROCELL SCIENCE, INC.

2009 EQUITY INCENTIVE PLAN

(as amended January 14, 2011)

 

 

FIBROCELL SCIENCE, INC.

2009 EQUITY INCENTIVE PLAN

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 	 	 	 	 	 	 
	1.
	 	Purpose	 	 	1	 
	2.
	 	Definitions	 	 	1	 
	3.
	 	Administration	 	 	3	 
	4.
	 	Grants	 	 	3	 
	5.
	 	Shares Subject to the Plan	 	 	3	 
	6.
	 	Eligibility for Participation	 	 	4	 
	7.
	 	Options	 	 	4	 
	8.
	 	Stock Units	 	 	6	 
	9.
	 	Stock Awards	 	 	6	 
	10.
	 	Stock Appreciation Rights and Other Stock-Based Awards	 	 	7	 
	11.
	 	Qualified Performance-Based Compensation	 	 	7	 
	12.
	 	Deferrals	 	 	8	 
	13.
	 	Withholding of Taxes	 	 	8	 
	14.
	 	Transferability of Grants	 	 	9	 
	15.
	 	Consequences of a Change of Control	 	 	9	 
	16.
	 	Requirements for Issuance of Shares	 	 	9	 
	17.
	 	Amendment and Termination of the Plan	 	 	9	 
	18.
	 	Miscellaneous	 	 	10	 

EXHIBITS

A. FORM OF INCENTIVE OPTION GRANTS

B. FORM OF NONQUALIFIED OPTION GRANTS

C. FORM OF BOARD OF DIRECTORS GRANTS

i

 

FIBROCELL SCIENCE, INC.

2009 EQUITY INCENTIVE PLAN

     1. Purpose and Objectives

     The Fibrocell Science, Inc. 2009 Equity Incentive Plan (the “Plan”) is designed to align the
interests of (i) designated employees of Fibrocell Science, Inc. (the “Company”) and its
subsidiaries, (ii) non-employee members of the board of directors of the Company, and (iii)
consultants and key advisors of the Company and its subsidiaries with the interests of the
Company’s stockholders and to provide incentives for such persons to exert maximum efforts for the
success of the Company. By extending the opportunity to receive grants of stock options, stock
units, stock awards, stock appreciation rights and other stock-based awards, the Company believes
that the Plan will encourage the participants to contribute materially to the growth of the
Company, thereby benefiting the Company’s shareholders, and will align the economic interests of
the participants with those of the shareholders. The Plan may furthermore be expected to benefit
the Company and its stockholders by making it possible for the Company to attract and retain the
best available talent. The Plan shall be effective as of September 3, 2009.

     2. Definitions

     Whenever used in this Plan, the following terms will have the respective meanings set forth
below:

     (a) “Board” means the Company’s Board of Directors.

     (b) “Cause” means, except to the extent otherwise specified by the Committee, a finding
by the Committee of a Participant’s incompetence in the performance of duties, disloyalty,
dishonesty, theft, embezzlement, or unauthorized disclosure of customer lists, product
lines, processes or trade secrets of the Employer, individually or as an employee, partner,
associate, officer or director of any organization.

     (c) “Change of Control” shall be deemed to have occurred if:

     (i) Any “person” (as such term is used in sections 13(d) and 14(d) of the
Exchange Act) becomes a “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing
more than 50% of the voting power of the then outstanding securities of the Company;
provided that a Change of Control shall not be deemed to occur as a result of a
transaction in which the Company becomes a subsidiary of another corporation and in
which the shareholders of the Company, immediately prior to the transaction, will
beneficially own, immediately after the transaction, shares entitling such
shareholders to more than 50% of all votes to which all shareholders of the parent
corporation would be entitled in the election of directors;

     (ii) The consummation of (i) a merger or consolidation of the Company with
another corporation where the shareholders of the Company, immediately prior to the
merger or consolidation, will not beneficially own, immediately after the merger or
consolidation, shares entitling such shareholders to more than 50% of all votes to
which all shareholders of the surviving corporation would be entitled in the
election of directors, (ii) a sale or other disposition of all or substantially all
of the assets of the Company, or (iii) a liquidation or dissolution of the Company;
or

     (d) “Code” means the Internal Revenue Code of 1986, as amended.

     (e) “Committee” means the Compensation Committee of the Board or another committee
appointed by the Board to administer the Plan, or in the absence of such committee, the
entire Board. Grants that are intended to be “qualified performance-based compensation”
under section 162(m) of the Code shall be made by a committee that consists of two or more
persons appointed by the Board, all of whom shall be “outside directors” as defined under
section 162(m) of the Code and related Treasury regulations.

 

 

     (f) “Company” means Fibrocell Science, Inc. and any successor corporation.

     (g) “Company Stock” means the common stock of the Company.

     (h) “Consultant” means a consultant or advisor who performs services for the Employer
and who renders bona fide services to the Employer, if the services are not in connection
with the offer and sale of securities in a capital-raising transaction and the Consultant
does not directly or indirectly promote or maintain a market for the Employer’s securities.

     (i) “Disability” means a Participant’s becoming disabled within the meaning of section
22(e)(3) of the Code, within the meaning of the Employer’s long-term disability plan
applicable to the Participant, or as otherwise determined by the Committee.

     (j) “Effective Date” of the Plan means September 3, 2009.

     (k) “Employee” means an employee of the Employer (including an officer or director who
is also an employee).

     (l) “Employer” means the Company and its subsidiaries.

     (m) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (n) “Exercise Price” means the per share price at which shares of Company Stock may be
purchased under an Option, as designated by the Committee.

     (o) “Fair Market Value” of Company Stock means, unless the Committee determines
otherwise with respect to a particular Grant, (i) if the principal trading market for the
Company Stock is the NYSE Amex, the NASDAQ Global Market, the NASDAQ Capital Market or
another national securities exchange, the “closing transaction” price at which shares of
Company Stock are traded on such securities exchange on the relevant date or (if there were
no trades on that date) the latest preceding date upon which a sale was reported, (ii) if
the Company Stock is not principally traded on a national securities exchange, but is quoted
on the NASD OTC Bulletin Board (“OTCBB”) or the Pink Sheets, the last reported “closing
transaction” price of Company Stock on the relevant date, as reported by the OTCBB or Pink
Sheets, or, if not so reported, as reported in a customary financial reporting service, as
the Committee determines, or (iii) if the Company Stock is not publicly traded or, if
publicly traded, is not subject to reported closing transaction prices as set forth above,
the Fair Market Value per share shall be as determined by the Committee. Notwithstanding the
foregoing, for federal, state and local income tax purposes, the Fair Market Value may be
determined by the Committee in accordance with uniform and non-discriminatory standards
adopted by it from time to time.

     (p) “Grant” means an Option, Stock Unit, Stock Award, SAR or Other Stock-Based Award
granted under the Plan.

     (q) “Grant Agreement” means the written instrument that sets forth the terms and
conditions of a Grant, including all amendments thereto.

     (r) “Incentive Stock Option” means an Option that is intended to meet the requirements
of an incentive stock option under section 422 of the Code.

     (s) “Non-Employee Director” means a member of the Board who is not an employee of the
Employer.

     (t) “Nonqualified Stock Option” means an Option that is not intended to be taxed as an
incentive stock option under section 422 of the Code.

3

 

     (u) “Option” means an option to purchase shares of Company Stock, as described in
Section 7.

     (v) “Other Stock-Based Award” means any Grant based on, measured by or payable in
Company Stock (other than a Grant described in Sections 7, 8 or 9 of the Plan), as described
in Section 10.

     (w) “Participant” means an Employee, Consultant or Non-Employee Director designated by
the Committee to participate in the Plan.

     (x) “Plan” means this Fibrocell Science, Inc. 2009 Equity Incentive Plan, as in effect
from time to time.

     (y) “SAR” means a stock appreciation right as described in Section 10.

     (z) “Stock Award” means an award of Company Stock as described in Section 9.

     (aa) “Stock Unit” means an award of a phantom unit representing a share of Company
Stock, as described in Section 8.

     3. Administration

     (a) Committee. The Plan shall be administered and interpreted by the Committee. Ministerial
functions may be performed by an administrative committee comprised of Company employees appointed
by the Committee.

     (b) Committee Authority. The Committee shall have the sole authority to (i) determine the
Participants to whom Grants shall be made under the Plan, (ii) determine the type, size and terms
and conditions of the Grants to be made to each such Participant, (iii) determine the time when the
grants will be made and the duration of any applicable exercise or restriction period, including
the criteria for exercisability and the acceleration of exercisability, (iv) amend the terms and
conditions of any previously issued Grant, subject to the provisions of Section 17 below, and (v)
deal with any other matters arising under the Plan.

     (c) Committee Determinations. The Committee shall have full power and express discretionary
authority to administer and interpret the Plan, to make factual determinations and to adopt or
amend such rules, regulations, agreements and instruments for implementing the Plan and for the
conduct of its business as it deems necessary or advisable, in its sole discretion. The Committee’s
interpretations of the Plan and all determinations made by the Committee pursuant to the powers
vested in it hereunder shall be conclusive and binding on all persons having any interest in the
Plan or in any awards granted hereunder. All powers of the Committee shall be executed in its sole
discretion, in the best interest of the Company, not as a fiduciary, and in keeping with the
objectives of the Plan and need not be uniform as to similarly situated Participants.

     4. Grants

     (a) Grants under the Plan may consist of Options as described in Section 7, Stock Units as
described in Section 8, Stock Awards as described in Section 9, and SARs or Other Stock-Based
Awards as described in Section 10. All Grants shall be subject to such terms and conditions as the
Committee deems appropriate and as are specified in writing by the Committee to the Participant in
the Grant Agreement.

     (b) All Grants shall be made conditional upon the Participant’s acknowledgement, in writing or
by acceptance of the Grant, that all decisions and determinations of the Committee shall be final
and binding on the Participant, his or her beneficiaries and any other person having or claiming an
interest under such Grant. Grants under a particular Section of the Plan need not be uniform as
among the Participants.

     5. Shares Subject to the Plan

4

 

     (a) Shares Authorized. The aggregate number of shares of Company Stock that may be issued
under the Plan is 15,000,000 shares, subject to adjustment as described in subsection (d) below.

     (b) Source of Shares; Share Counting. Shares issued under the Plan may be authorized but
unissued shares of Company Stock or reacquired shares of Company Stock, including shares purchased
by the Company on the
open market for purposes of the Plan. If and to the extent Options and SARs granted under the Plan
terminate, expire, or are canceled, forfeited, exchanged or surrendered without having been
exercised, and if and to the extent that any Stock Awards, Stock Units or Other Stock-Based Awards
are forfeited or terminated, or otherwise are not paid in full, the shares reserved for such Grants
shall again be available for purposes of the Plan.

     (c) Grants. All Grants under the Plan shall be expressed in shares of Company Stock. All cash
payments shall equal the Fair Market Value of the shares of Company Stock to which the cash
payments relate.

     (d) Adjustments. If there is any change in the number or kind of shares of Company Stock
outstanding (i) by reason of a stock dividend, spinoff, recapitalization, stock split, or
combination or exchange of shares, (ii) by reason of a merger, reorganization or consolidation,
(iii) by reason of a reclassification or change in par value, or (iv) by reason of any other
extraordinary or unusual event affecting the outstanding Company Stock as a class without the
Company’s receipt of consideration, or if the value of outstanding shares of Company Stock is
substantially reduced as a result of a spinoff or the Company’s payment of an extraordinary
dividend or distribution, the maximum number of shares of Company Stock available for issuance
under the Plan, the maximum number of shares of Company Stock for which any individual may receive
Grants in any year, the number of shares covered by outstanding Grants, the kind of shares issued
and to be issued under the Plan, and the price per share or the applicable market value of such
Grants may be appropriately adjusted by the Committee to reflect any increase or decrease in the
number of, or change in the kind or value of, issued shares of Company Stock to preclude, to the
extent practicable, the enlargement or dilution of rights and benefits under such Grants; provided,
however, that any fractional shares resulting from such adjustment shall be eliminated. Any
adjustments determined by the Committee shall be final, binding and conclusive. To the extent that
any Grant is subject to section 409A of the Code, or becomes subject to section 409A of the Code as
a result of any adjustment made hereunder, such adjustment shall be made in compliance with section
409A of the Code.

     6. Eligibility for Participation

     (a) Eligible Persons. All Employees, Consultants and Non-Employee Directors shall be eligible
to participate in the Plan.

     (b) Selection of Participants. The Committee shall select the Employees, Consultants and
Non-Employee Directors to receive Grants and shall determine the number of shares of Company Stock
subject to each Grant.

     7. Options

     (a) General Requirements. The Committee may grant Options to an Employee, Consultant or
Non-Employee Director upon such terms and conditions as the Committee deems appropriate under this
Section 7. The Committee shall determine the number of shares of Company Stock that will be subject
to each Grant of Options to Employees, Consultants and Non-Employee Directors.

     (b) Type of Option, Price and Term

     (i) The Committee may grant Incentive Stock Options or Nonqualified Stock Options or
any combination of the two, all in accordance with the terms and conditions set forth
herein. Incentive Stock Options may be granted only to Employees of the Company or its
parents or subsidiaries, as defined in section 424 of the Code. Nonqualified Stock Options
may be granted to Employees, Consultants or Non-Employee Directors.

5

 

     (ii) The Exercise Price of Company Stock subject to an Option shall be determined by
the Committee; provided, however, that the Exercise Price for an Option (including Incentive
Stock Options or Nonqualified Stock Options) will be equal to, or greater than, the Fair
Market Value of a share of Company Stock on the date the Option is granted and further
provided that an Incentive Stock Option may not be granted to an Employee who, at the time
of grant, owns stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company or any parent or subsidiary, as defined in section 424 of
the Code, unless the Exercise Price per share is not less than 110% of the Fair Market Value
of the Company Stock on the date of grant

     (iii) The Committee shall determine the term of each Option, which shall not exceed ten
years from the date of grant. However, an Incentive Stock Option that is granted to an
Employee who, at the time of grant, owns stock possessing more than 10% of the total
combined voting power of all classes of stock of the Company or any parent or subsidiary, as
defined in section 424 of the Code, may not have a term that exceeds five years from the
date of grant.

     (iv) To the extent the Company is unable to obtain shareholder approval of the Plan
within one year of the Effective Date, any Incentive Stock Options issued pursuant to the
Plan shall automatically be considered Nonqualified Stock Options, and to the extent a
holder of an Incentive Stock Option exercises his or her Incentive Stock Option prior to
such shareholder approval date, such exercised Option shall automatically be considered to
have been a Nonqualified Stock Option.

     (c) Exercisability of Options.

     (i) Options shall become exercisable in accordance with such terms and conditions as
may be determined by the Committee and specified in the Grant Agreement. The Committee may
accelerate the exercisability of any or all outstanding Options at any time for any reason.

     (ii) The Committee may provide in a Grant Agreement that the Participant may elect to
exercise part or all of an Option before it otherwise has become exercisable. Any shares so
purchased shall be restricted shares and shall be subject to a repurchase right in favor of
the Company during a specified restriction period, with the repurchase price equal to the
lesser of (A) the Exercise Price or (B) the Fair Market Value of such shares at the time of
repurchase, or such other restrictions as the Committee deems appropriate. Notwithstanding
the foregoing, to the extent that an Option would otherwise be exempt from section 409A of
the Code, the Committee may only include such a provision in a Grant Agreement for such an
Option if the inclusion of such a provision will not cause that Option to become subject to
section 409A of the Code.

     (iii) Options granted to persons who are non-exempt employees under the Fair Labor
Standards Act of 1938, as amended, may not be exercisable for at least six months after the
date of grant (except that such Options may become exercisable, as determined by the
Committee, upon the Participant’s death, Disability or retirement, or upon a Change of
Control or other circumstances permitted by applicable regulations).

     (d) Termination of Employment or Service. Upon termination of employment or the services of a
Participant, an Option may only be exercised as follows:

     (i) In the event that a Participant ceases to be employed by, or provide service to,
the Employer for any reason other than Disability, death, or termination for Cause, any
Option which is otherwise exercisable by the Participant shall terminate unless exercised
within three months after the date on which the Participant ceases to be employed by, or
provide service to, the Employer (or within such other period of time as may be specified by
the Committee), but in any event no later than the date of expiration of the Option term.
Except as otherwise provided by the Committee, any of the Participant’s Options that are not
otherwise exercisable as of the date on which the Participant ceases to be employed by, or
provide service to, the Employer shall terminate as of such date.

6

 

     (ii) In the event the Participant ceases to be employed by, or provide service to, the
Employer on account of a termination for Cause by the Employer, any Option held by the
Participant shall terminate as of the date the Participant ceases to be employed by, or
provide service to, the Employer. In addition, notwithstanding any other provisions of this
Section 7, if the Committee determines that the Participant has engaged in conduct that
constitutes Cause at any time while the Participant is employed by, or providing service to,
the Employer or after the Participant’s termination of employment or service, any Option
held by the Participant shall immediately terminate and the Participant shall automatically
forfeit all shares underlying any exercised portion of an Option for which the Company has
not yet delivered the share certificates, upon refund by the Company of the Exercise Price
paid by the Participant for such shares. Upon any exercise of an
Option, the Company may withhold delivery of share certificates pending resolution of
an inquiry that could lead to a finding resulting in a forfeiture.

     (iii) In the event the Participant ceases to be employed by, or provide service to, the
Employer on account of the Participant’s Disability, any Option which is otherwise
exercisable by the Participant shall terminate unless exercised within one year after the
date on which the Participant ceases to be employed by, or provide service to, the Employer
(or within such other period of time as may be specified by the Committee), but in any event
no later than the date of expiration of the Option term. Except as otherwise provided by the
Committee, any of the Participant’s Options which are not otherwise exercisable as of the
date on which the Participant ceases to be employed by, or provide service to, the Employer
shall terminate as of such date.

     (iv) If the Participant dies while employed by, or providing service to, the Employer
or while an Option remains outstanding under Section 7(d)(i) or 7(d)(iii) above (or within
such other period of time as may be specified by the Committee), any Option that is
otherwise exercisable by the Participant shall terminate unless exercised within one year
after the date on which the Participant ceases to be employed by, or provide service to, the
Employer (or within such other period of time as may be specified by the Committee), but in
any event no later than the date of expiration of the Option term. Except as otherwise
provided by the Committee, any of the Participant’s Options that are not otherwise
exercisable as of the date on which the Participant ceases to be employed by, or provide
service to, the Employer shall terminate as of such date.

     (e) Exercise of Options. A Participant may exercise an Option that has become exercisable, in
whole or in part, by delivering a notice of exercise to the Company. The Participant shall pay the
Exercise Price for the Option (i) in cash, (ii) if permitted by the Committee, by delivering shares
of Company Stock owned by the Participant and having a Fair Market Value on the date of exercise
equal to the Exercise Price or by attestation to ownership of shares of Company Stock having an
aggregate Fair Market Value on the date of exercise equal to the Exercise Price, (iii) by payment
through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve
Board, or (iv) by such other method as the Committee may approve. Shares of Company Stock used to
exercise an Option shall have been held by the Participant for the requisite period of time to
avoid adverse accounting consequences to the Company with respect to the Option. Payment for the
shares pursuant to the Option, and any required withholding taxes, must be received by the time
specified by the Committee depending on the type of payment being made, but in all cases prior to
the issuance of the Company Stock.

     (f) Limits on Incentive Stock Options. Each Incentive Stock Option shall provide that, if the
aggregate Fair Market Value of the stock on the date of the grant with respect to which Incentive
Stock Options are exercisable for the first time by a Participant during any calendar year, under
the Plan or any other stock option plan of the Company or a parent or subsidiary, as defined in
section 424 of the Code, exceeds $100,000, then the Option, as to the excess, shall be treated as a
Nonqualified Stock Option. An Incentive Stock Option shall not be granted to any person who is not
an Employee of the Company or a parent or subsidiary, as defined in section 424 of the Code.

     8. Stock Units

     (a) General Requirements. The Committee may grant Stock Units to an Employee, Consultant or
Non-Employee Director, upon such terms and conditions as the Committee deems appropriate under this
Section 8. Each Stock Unit shall represent the right of the Participant to receive a share of
Company Stock or an amount based on

7

 

the value of a share of Company Stock. All Stock Units shall be
credited to bookkeeping accounts on the Company’s records for purposes of the Plan.

     (b) Terms of Stock Units. The Committee may grant Stock Units that are payable on terms and
conditions determined by the Committee, which may include payment based on achievement of
performance goals. Stock Units may be paid at the end of a specified vesting or performance period,
or payment may be deferred to a date authorized by the Committee. The Committee shall determine the
number of Stock Units to be granted and the requirements applicable to such Stock Units.

     (c) Payment With Respect to Stock Units. Payment with respect to Stock Units shall be made in
cash, in Company Stock, or in a combination of the two, as determined by the Committee. The Grant
Agreement shall specify the maximum number of shares that can be issued under the Stock Units.

     (d) Requirement of Employment or Service. The Committee shall determine in the Grant
Agreement under what circumstances a Participant may retain Stock Units after termination of the
Participant’s employment or service, and the circumstances under which Stock Units may be
forfeited.

     9. Stock Awards

     (a) General Requirements. The Committee may issue shares of Company Stock to an Employee,
Consultant or Non-Employee Director under a Stock Award, upon such terms and conditions as the
Committee deems appropriate under this Section 9. Shares of Company Stock issued pursuant to Stock
Awards may be issued for cash consideration or for no cash consideration, and subject to
restrictions or no restrictions, as determined by the Committee. The Committee may establish
conditions under which restrictions on Stock Awards shall lapse over a period of time or according
to such other criteria as the Committee deems appropriate, including restrictions based upon the
achievement of specific performance goals. The Committee shall determine the number of shares of
Company Stock to be issued pursuant to a Stock Award.

     (b) Requirement of Employment or Service. The Committee shall determine in the Grant
Agreement under what circumstances a Participant may retain Stock Awards after termination of the
Participant’s employment or service, and the circumstances under which Stock Awards may be
forfeited.

     (c) Restrictions on Transfer. While Stock Awards are subject to restrictions, a Participant
may not sell, assign, transfer, pledge or otherwise dispose of the shares of a Stock Award except
upon death as described in Section 14(a). Each certificate for a share of a Stock Award shall
contain a legend giving appropriate notice of the restrictions in the Grant. The Participant shall
be entitled to have the legend removed when all restrictions on such shares have lapsed. The
Company may retain possession of any certificates for Stock Awards until all restrictions on such
shares have lapsed.

     (d) Right to Vote and to Receive Dividends. The Committee shall determine to what extent, and
under what conditions, the Participant shall have the right to vote shares of Stock Awards and to
receive any dividends or other distributions paid on such shares during the restriction period.

     10. Stock Appreciation Rights and Other Stock-Based Awards

     (a) The Committee may grant SARs to an Employee, Non-Employee Director or Consultant
separately or in tandem with an Option. The following provisions are applicable to SARs:

     (i) Base Amount. The Committee shall establish the base amount of the SAR at the time
the SAR is granted. The base amount of each SAR shall be equal to the per share Exercise
Price of the related Option or, if there is no related Option, an amount that is at least
equal to the Fair Market Value of a share of Company Stock as of the date of Grant of the
SAR.

8

 

     (ii) Tandem SARs. The Committee may grant tandem SARs either at the time the Option is
granted or at any time thereafter while the Option remains outstanding; provided, however,
that, in the case of an Incentive Stock Option, SARs may be granted only at the date of the
grant of the Incentive Stock Option. In the case of tandem SARs, the number of SARs granted
to a Participant that shall be exercisable during a specified period shall not exceed the
number of shares of Company Stock that the Participant may purchase upon the exercise of the
related Option during such period. Upon the exercise of an Option, the SARs relating to the
Company Stock covered by such Option shall terminate. Upon the exercise of SARs, the related
Option shall terminate to the extent of an equal number of shares of Company Stock.

     (iii) Exercisability. An SAR shall be exercisable during the period specified by the
Committee in the Grant Agreement and shall be subject to such vesting and other restrictions
as may be specified in the Grant Agreement. The Committee may grant SARs that are subject to
achievement of performance goals or other conditions. The Committee may accelerate the
exercisability of any or all outstanding SARs at any time for any reason. SARs may only be
exercised while the Participant is employed by, or providing service to, the Employer or
during the applicable period after termination of employment or service as described in
Section
7(d). A tandem SAR shall be exercisable only during the period when the Option to which
it is related is also exercisable.

     (iv) Grants to Non-Exempt Employees. SARs granted to persons who are non-exempt
employees under the Fair Labor Standards Act of 1938, as amended, may not be exercisable for
at least six months after the date of grant (except that such SARs may become exercisable,
as determined by the Committee, upon the Participant’s death, Disability or retirement, or
upon a Change of Control or other circumstances permitted by applicable regulations).

     (v) Value of SARs. When a Participant exercises SARs, the Participant shall receive in
settlement of such SARs an amount equal to the value of the stock appreciation for the
number of SARs exercised. The stock appreciation for an SAR is the amount by which the Fair
Market Value of the underlying Company Stock on the date of exercise of the SAR exceeds the
base amount of the SAR as described in subsection (i).

     (vi) Form of Payment. The Committee shall determine whether the stock appreciation for
an SAR shall be paid in the form of shares of Company Stock, cash or a combination of the
two. For purposes of calculating the number of shares of Company Stock to be received,
shares of Company Stock shall be valued at their Fair Market Value on the date of exercise
of the SAR. If shares of Company Stock are to be received upon exercise of an SAR, cash
shall be delivered in lieu of any fractional share.

     (b) Other Stock-Based Awards. The Committee may grant other awards not specified in Sections
7, 8 or 9 above that are based on or measured by Company Stock to Employees, Consultants and
Non-Employee Directors, on such terms and conditions as the Committee deems appropriate. Other
Stock-Based Awards may be granted subject to achievement of performance goals or other conditions
and may be payable in Company Stock or cash, or in a combination of the two, as determined by the
Committee in the Grant Agreement.

     11. Qualified Performance-Based Compensation

     (a) Designation as Qualified Performance-Based Compensation. The Committee may determine that
Stock Units, Stock Awards, SARs or Other Stock-Based Awards granted to an Employee shall be
considered “qualified performance-based compensation” under section 162(m) of the Code, in which
case the provisions of this Section 11 shall apply to such Grants. The Committee may also grant
Options under which the exercisability of the Options is subject to achievement of performance
goals as described in this Section 11 or otherwise.

     (b) Performance Goals. When Grants are made under this Section 11, the Committee shall
establish in writing (i) the objective performance goals that must be met, (ii) the period during
which performance will be measured, (iii) the maximum amounts that may be paid if the performance
goals are met, and (iv) any other conditions that the Committee deems appropriate and consistent
with the requirements of section 162(m) of the Code for

9

 

“qualified performance-based compensation.”
The performance goals shall satisfy the requirements for “qualified performance-based
compensation,” including the requirement that the achievement of the goals be substantially
uncertain at the time they are established and that the performance goals be established in such a
way that a third party with knowledge of the relevant facts could determine whether and to what
extent the performance goals have been met. The Committee shall not have discretion to increase the
amount of compensation that is payable, but may reduce the amount of compensation that is payable,
pursuant to Grants identified by the Committee as “qualified performance-based compensation.”

     (c) Criteria Used for Objective Performance Goals. The Committee shall use objectively
determinable performance goals based on one or more of the following criteria: stock price,
earnings per share, price-earnings multiples, gross profit, net earnings, operating earnings,
revenue, revenue growth, number of days sales outstanding in accounts receivable, number of days of
cost of sales in inventory, productivity, margin, EBITDA (earnings before interest, taxes,
depreciation and amortization), net capital employed, return on assets, shareholder return, return
on equity, return on capital employed, growth in assets, unit volume, sales, cash flow, market
share, relative performance to a comparison group designated by the Committee, debt reduction,
market capitalization or strategic business criteria consisting of one or more objectives based on
meeting specified R&D programs, new product releases, revenue goals, market penetration goals,
customer growth, geographic business expansion goals, cost targets, quality improvements,
cycle time reductions, manufacturing improvements and/or efficiencies, human resource programs,
customer programs, goals relating to acquisitions or divestitures or goals relating to FDA or other
regulatory approvals. The performance goals may relate to one or more business units or the
performance of the Company as a whole, or any combination of the foregoing. Performance goals need
not be uniform as among Participants. Performance goals may be set on a pre tax or after tax basis,
may be defined by absolute or relative measures, and may be valued on a growth or fixed basis.

     (d) Timing of Establishment of Goals. The Committee shall establish the performance goals in
writing either before the beginning of the performance period or during a period ending no later
than the earlier of (i) 90 days after the beginning of the performance period or (ii) the date on
which 25% of the performance period has been completed, or such other date as may be required or
permitted under applicable regulations under section 162(m) of the Code.

     (e) Certification of Results. The Committee shall certify the performance results for the
performance period specified in the Grant Agreement after the performance period ends. The
Committee shall determine the amount, if any, to be paid pursuant to each Grant based on the
achievement of the performance goals and the satisfaction of all other terms of the Grant
Agreement.

     (f) Death, Disability or Other Circumstances. The Committee may provide in the Grant
Agreement that Grants under this Section 11 shall be payable, in whole or in part, in the event of
the Participant’s death or Disability, a Change of Control or under other circumstances consistent
with the Treasury regulations and rulings under section 162(m) of the Code.

     12. Deferrals

     The Committee may permit or require a Participant to defer receipt of the payment of cash or
the delivery of shares that would otherwise be due to the Participant in connection with any Grant.
The Committee shall establish rules and procedures for any such deferrals, consistent with
applicable requirements of section 409A of the Code.

     13. Withholding of Taxes

     (a) Required Withholding. All Grants under the Plan shall be subject to applicable federal
(including FICA), state and local tax withholding requirements. The Company may require that the
Participant or other person receiving or exercising Grants pay to the Company the amount of any
federal, state or local taxes that the Company is required to withhold with respect to such Grants,
or the Company may deduct from other wages paid by the Company the amount of any withholding taxes
due with respect to such Grants.

     (b) Election to Withhold Shares. If the Committee so permits, a Participant may elect to
satisfy the

10

 

Company’s tax withholding obligation with respect to Grants paid in Company Stock by
having shares withheld, at the time such Grants become taxable, up to an amount that does not
exceed the minimum applicable withholding tax rate for federal (including FICA), state and local
tax liabilities. The election must be in a form and manner prescribed by the Committee.

     14. Transferability of Grants

     (a) Restrictions on Transfer. Except as described in subsection (b) below, only the
Participant may exercise rights under a Grant during the Participant’s lifetime, and a Participant
may not transfer those rights except by will or by the laws of descent and distribution. When a
Participant dies, the personal representative or other person entitled to succeed to the rights of
the Participant may exercise such rights. Any such successor must furnish proof satisfactory to the
Company of his or her right to receive the Grant under the Participant’s will or under the
applicable laws of descent and distribution.

     (b) Transfer of Nonqualified Stock Options to or for Family Members. Notwithstanding the
foregoing, the Committee may provide, in a Grant Agreement, that a Participant may transfer
Nonqualified Stock Options to family members, or one or more trusts or other entities for the
benefit of or owned by family members, consistent with the applicable securities laws, according to
such terms as the Committee may determine; provided that the Participant
receives no consideration for the transfer of an Option and the transferred Option shall continue
to be subject to the same terms and conditions as were applicable to the Option immediately before
the transfer.

     15. Consequences of a Change of Control

     In the event of a Change of Control, the Committee may take any one or more of the following
actions with respect to any or all outstanding Grants, without the consent of any Participant: (i)
the Committee may determine that outstanding Options and SARs shall be fully exercisable, and
restrictions on outstanding Stock Awards and Stock Units shall lapse, as of the date of the Change
of Control or at such other time or subject to specific conditions as the Committee determines,
(ii) the Committee may require that Participants surrender their outstanding Options and SARs in
exchange for one or more payments by the Company, in cash or Company Stock as determined by the
Committee, in an amount equal to the amount by which the then Fair Market Value of the shares of
Company Stock subject to the Participant’s unexercised Options and SARs exceeds the Exercise Price,
if any, and on such terms as the Committee determines, (iii) after giving Participants an
opportunity to exercise their outstanding Options and SARs, the Committee may terminate any or all
unexercised Options and SARs at such time as the Committee deems appropriate, (iv) with respect to
Participants holding Stock Units or Other Stock-Based Awards, the Committee may determine that such
Participants shall receive one or more payments in settlement of such Stock Units or Other
Stock-Based Awards, in such amount and form and on such terms as may be determined by the
Committee, or (v) the Committee may determine that Grants that remain outstanding after the Change
of Control shall be converted to similar grants of the surviving corporation (or a parent or
subsidiary of the surviving corporation). Such acceleration, surrender, termination, settlement or
assumption shall take place as of the date of the Change of Control or such other date as the
Committee may specify. Notwithstanding the foregoing, to the extent required to comply with
section 409A of the Code, a Grant Agreement will include a definition of “Change of Control” that
complies with and falls within the definition of “change in control event” set forth in section
409A of the Code and any Internal Revenue Service regulations or other guidance issued thereunder.

     16. Requirements for Issuance of Shares

     No Company Stock shall be issued in connection with any Grant hereunder unless and until all
legal requirements applicable to the issuance of such Company Stock have been complied with to the
satisfaction of the Committee. The Committee shall have the right to condition any Grant made to
any Participant hereunder on such Participant’s undertaking in writing to comply with such
restrictions on his or her subsequent disposition of such shares of Company Stock as the Committee
shall deem necessary or advisable, and certificates representing such shares may be legended to
reflect any such restrictions. Certificates representing shares of Company Stock issued under the
Plan will be subject to such stop-transfer orders and other restrictions as may be required by
applicable laws, regulations and

11

 

interpretations, including any requirement that a legend be placed
thereon. No Participant shall have any right as a shareholder with respect to Company Stock covered
by a Grant until shares have been issued to the Participant.

     17. Amendment and Termination of the Plan

     (a) Amendment. The Board may amend or terminate the Plan at any time; provided, however, that
the Board shall not amend the Plan without approval of the shareholders of the Company if such
approval is required in order to comply with the Code or applicable laws, or to comply with
applicable stock exchange requirements. No amendment or termination of this Plan shall, without the
consent of the Participant, materially impair any rights or obligations under any Grant previously
made to the Participant under the Plan, unless such right has been reserved in the Plan or the
Grant Agreement, or except as provided in Section 18(b) below. Notwithstanding anything in the Plan
to the contrary, the Board may amend the Plan in such manner as it deems appropriate in the event
of a change in applicable law or regulations.

     (b) Shareholder Approval for “Qualified Performance-Based Compensation.” If Grants are made
under Section 11 above, the Plan must be reapproved by the Company’s shareholders no later than the
first shareholders meeting that occurs in the fifth year following the year in which the
shareholders previously approved the provisions of Section 11, if additional Grants are to be made
under Section 11 and if required by section 162(m) of the Code or the regulations thereunder.

     (c) Termination of Plan. The Plan shall terminate on the day immediately preceding the tenth
anniversary of its Effective Date, unless the Plan is terminated earlier by the Board or is
extended by the Board with the approval of the shareholders. The termination of the Plan shall not
impair the power and authority of the Committee with respect to an outstanding Grant.

     18. Miscellaneous

     (a) Grants in Connection with Corporate Transactions and Otherwise. Nothing contained in this
Plan shall be construed to (i) limit the right of the Committee to make Grants under this Plan in
connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the
business or assets of any corporation, firm or association, including Grants to employees thereof
who become Employees, or for other proper corporate purposes, or (ii) limit the right of the
Company to grant stock options or make other stock-based awards outside of this Plan. Without
limiting the foregoing, the Committee may make a Grant to an employee of another corporation who
becomes an Employee by reason of a corporate merger, consolidation, acquisition of stock or
property, reorganization or liquidation involving the Company in substitution for a grant made by
such corporation. The terms and conditions of the Grants may vary from the terms and conditions
required by the Plan and from those of the substituted stock incentives, as determined by the
Committee

     (b) Compliance with Law. The Plan, the exercise of Options and the obligations of the Company
to issue or transfer shares of Company Stock under Grants shall be subject to all applicable laws
and to approvals by any governmental or regulatory agency as may be required. With respect to
persons subject to section 16 of the Exchange Act, it is the intent of the Company that the Plan
and all transactions under the Plan comply with all applicable provisions of Rule 16b-3 or its
successors under the Exchange Act. In addition, it is the intent of the Company that Incentive
Stock Options comply with the applicable provisions of section 422 of the Code, that Grants of
“qualified performance-based compensation” comply with the applicable provisions of section 162(m)
of the Code and that, to the extent applicable, Grants comply with the requirements of section 409A
of the Code. To the extent that any legal requirement of section 16 of the Exchange Act or section
422, 162(m) or 409A of the Code as set forth in the Plan ceases to be required under section 16 of
the Exchange Act or section 422, 162(m) or 409A of the Code, that Plan provision shall cease to
apply. The Committee may revoke any Grant if it is contrary to law or modify a Grant to bring it
into compliance with any valid and mandatory government regulation. The Committee may also adopt
rules regarding the withholding of taxes on payments to Participants. The Committee may, in its
sole discretion, agree to limit its authority under this Section.

12

 

     (c) Enforceability. The Plan shall be binding upon and enforceable against the Company and
its successors and assigns.

     (d) Funding of the Plan; Limitation on Rights. This Plan shall be unfunded. The Company shall
not be required to establish any special or separate fund or to make any other segregation of
assets to assure the payment of any Grants under this Plan. Nothing contained in the Plan and no
action taken pursuant hereto shall create or be construed to create a fiduciary relationship
between the Company and any Participant or any other person. No Participant or any other person
shall under any circumstances acquire any property interest in any specific assets of the Company.
To the extent that any person acquires a right to receive payment from the Company hereunder, such
right shall be no greater than the right of any unsecured general creditor of the Company.

     (e) Rights of Participants. Nothing in this Plan shall entitle any Employee, Non-Employee
Director or other person to any claim or right to receive a Grant under this Plan. Neither this
Plan nor any action taken hereunder shall be construed as giving any individual any rights to be
retained by or in the employment or service of the Employer.

     (f) No Fractional Shares. No fractional shares of Company Stock shall be issued or delivered
pursuant to the Plan or any Grant. The Committee shall determine whether cash, other awards or
other property shall be issued or paid in lieu of such fractional shares or whether such fractional
shares or any rights thereto shall be forfeited or otherwise eliminated.

     (g) Employees Subject to Taxation Outside the United States. With respect to Participants who
are subject to taxation in countries other than the United States, the Committee may make Grants on
such terms and conditions as the Committee deems appropriate to comply with the laws of the
applicable countries, and the Committee
may create such procedures, addenda and subplans and make such modifications as may be necessary or
advisable to comply with such laws.

     (h) Governing Law. The validity, construction, interpretation and effect of the Plan and
Grant Agreements issued under the Plan shall be governed and construed by and determined in
accordance with the laws of the State of Delaware, without giving effect to the conflict of laws
provisions thereof.

13

 

FORM OF INCENTIVE OPTION GRANTS

FIBROCELL SCIENCE, INC.

2009 EQUITY INCENTIVE PLAN

INCENTIVE STOCK OPTION GRANT

     This STOCK OPTION GRANT, dated as of _______________, (the “Date of Grant”), is delivered by
Fibrocell Science, Inc. (the “Company”) to _______________ (the “Grantee”).

RECITALS

     The Fibrocell Science, Inc. 2009 Equity Incentive Plan (the “Plan”) provides for the grant of
options to purchase shares of common stock of the Company. The Compensation Committee of the
Committee of Directors of the Company, or if no such entity exists, the entire Board of Directors
(the “Committee”) has decided to make a stock option grant as an inducement for the Grantee to
promote the best interests of the Company and its shareholders.

     To the extent the Company is unable to obtain shareholder approval of the Plan within one year
of the Effective Date, any Incentive Stock Options issued pursuant to the Plan shall automatically
be considered Nonqualified Stock Options, and to the extent a holder of an Incentive Stock Option
exercises his or her Incentive Stock Option prior to such shareholder approval date, such exercised
Option shall automatically be considered to have been a Nonqualified Stock Option

     NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as
follows:

1. Grant of Option.

     (a) Subject to the terms and conditions set forth in this Agreement and in the Plan, the
Company hereby grants to the Grantee an incentive stock option (the “Option”) to purchase ____
shares of common stock of the Company (“Shares”) at an exercise price of $_____ per Share. The
Option shall become exercisable according to Paragraph 2 below.

     (b) The Option is designated as an incentive stock option, as described in Paragraph 5 below.
However, if and to the extent the Option exceeds the limits for an incentive stock option, as
described in Paragraph 5, the Option shall be a nonqualified stock option.

2. Exercisability of Option. The Option shall become exercisable on the following dates,
if the Grantee is employed by, or providing service to, the Employer (as defined in the Plan) on
the applicable date:

	 	 	 
	Date	 	Shares for Which the Option is Exercisable
	 	 	 
	 
	 	 
	 	 	 
	 
	 	 
	 	 	 
	 
	 	 
	 	 	 
	 
	 	 

The exercisability of the Option is cumulative, but shall not exceed 100% of the Shares subject to
the Option. If the foregoing schedule would produce fractional Shares, the number of Shares for
which the Option becomes exercisable shall be rounded down to the nearest whole Share.

3. Term of Option.

 

 

     (a) The Option shall have a term of _____ years from the Date of Grant and shall terminate at
the expiration of that period, unless it is terminated at an earlier date pursuant to the
provisions of this Agreement or the Plan.

     (b) The Option shall automatically terminate upon the happening of the first of the following
events:

     (i) The expiration of the three-month period after the Grantee ceases to be employed
by, or provide service to, the Employer, if the termination is for any reason other than
Disability (as defined in the Plan), death or Cause (as defined in the Plan).

     (ii) The expiration of the one-year period after the Grantee ceases to be employed by,
or provide service to, the Employer on account of the Grantee’s Disability.

     (iii) The expiration of the one-year period after the Grantee ceases to be employed by,
or provide service to, the Employer, if the Grantee dies while employed by, or providing
service to, the Employer or while the Option remains outstanding as described in
subparagraph (i) or (ii) above.

     (iv) The date on which the Grantee ceases to be employed by, or provide service to, the
Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph 3,
if the Grantee engages in conduct that constitutes Cause after the Grantee’s employment or
service terminates, the Option shall immediately terminate.

Notwithstanding the foregoing, in no event may the Option be exercised after the date that is
immediately before the _______ anniversary of the Date of Grant. Any portion of the Option that is
not exercisable at the time the Grantee ceases to be employed by, or provide service to, the
Employer shall immediately terminate.

4. Exercise Procedures.

     (a) Subject to the provisions of Paragraphs 2 and 3 above, the Grantee may exercise part or
all of the exercisable Option by giving the Company written notice of intent to exercise in the
manner provided in this Agreement, specifying the number of Shares as to which the Option is to be
exercised and the method of payment. Payment of the exercise price shall be made in accordance
with procedures established by the Committee from time to time based on type of payment being made
but, in any event, prior to issuance of the Shares. The Grantee shall pay the exercise price (i)
in cash, (ii) with the approval of the Committee, by delivering Shares of the Company, which shall
be valued at their fair market value on the date of delivery, or by attestation (on a form
prescribed by the Committee) to ownership of Shares having a fair market value on the date of
exercise equal to the exercise price, (iii) by payment through a broker in accordance with
procedures permitted by Regulation T of the Federal Reserve Board or (iv) by such other method as
the Committee may approve. The Committee may impose from time to time such limitations as it deems
appropriate on the use of Shares of the Company to exercise the Option.

     (b) The obligation of the Company to deliver Shares upon exercise of the Option shall be
subject to all applicable laws, rules, and regulations and such approvals by governmental agencies
as may be deemed appropriate by the Committee, including such actions as Company counsel shall deem
necessary or appropriate to comply with relevant securities laws and regulations. The Company may
require that the Grantee (or other person exercising the Option after the Grantee’s death)
represent that the Grantee is purchasing Shares for the Grantee’s own account and not with a view
to or for sale in connection with any distribution of the Shares, or such other representation as
the Committee deems appropriate.

     (c) All obligations of the Company under this Agreement shall be subject to the rights of the
Company as set forth in the Plan to withhold amounts required to be withheld for any taxes, if
applicable. Subject to Committee approval, the Grantee may elect to satisfy any tax withholding
obligation of the Employer with respect to the Option by having Shares withheld up to an amount
that does not exceed the minimum applicable withholding tax rate for federal (including FICA),
state and local tax liabilities.

5. Designation as Incentive Stock Option.

-2-

 

     (a) This Option is designated an incentive stock option under Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”). If the aggregate fair market value of the stock on
the date of the grant with respect to which incentive stock options are exercisable for the first
time by the Grantee during any calendar year, under the Plan or any other stock option plan of the
Company or a parent or subsidiary, exceeds $100,000, then the Option, as to the excess, shall be
treated as a nonqualified stock option that does not meet the requirements of Section 422. If and
to the extent that the Option fails to qualify as an incentive stock option under the Code, the
Option shall remain outstanding according to its terms as a nonqualified stock option.

     (b) The Grantee understands that favorable incentive stock option tax treatment is available
only if the Option is exercised while the Grantee is an employee of the Company or a parent or
subsidiary of the Company or within a period of time specified in the Code after the Grantee ceases
to be an employee. The Grantee understands that the Grantee is responsible for the income tax
consequences of the Option, and, among other tax consequences, the Grantee understands that he or
she may be subject to the alternative minimum tax under the Code in the year in which the Option is
exercised. The Grantee will consult with his or her tax adviser regarding the tax consequences of
the Option.

     (c) The Grantee agrees that the Grantee shall immediately notify the Company in writing if the
Grantee sells or otherwise disposes of any Shares acquired upon the exercise of the Option and such
sale or other disposition occurs on or before the later of (i) two years after the Date of Grant or
(ii) one year after the exercise of the Option. The Grantee also agrees to provide the Company
with any information requested by the Company with respect to such sale or other disposition.

6. Change of Control. The provisions of the Plan applicable to a Change of Control shall
apply to the Option, and, in the event of a Change of Control, the Committee may take such actions
as it deems appropriate pursuant to the Plan.

7. Restrictions on Exercise. Only the Grantee may exercise the Option during the Grantee’s
lifetime. After the Grantee’s death, the Option shall be exercisable (subject to the limitations
specified in the Plan) solely by the legal representatives of the Grantee, or by the person who
acquires the right to exercise the Option by will or by the laws of descent and distribution, to
the extent that the Option is exercisable pursuant to this Agreement.

8. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of
which are incorporated herein by reference, and in all respects shall be interpreted in accordance
with the Plan. The grant and exercise of the Option are subject to interpretations, regulations
and determinations concerning the Plan established from time to time by the Committee in accordance
with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights
and obligations with respect to withholding taxes, (ii) the registration, qualification or listing
of the Shares, (iii) changes in capitalization of the Company and (iv) other requirements of
applicable law. The Committee shall have the authority to interpret and construe the Option
pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions
arising hereunder.

9. No Employment or Other Rights. The grant of the Option shall not confer upon the
Grantee any right to be retained by or in the employ or service of the Employer and shall not
interfere in any way with the right of the Employer to terminate the Grantee’s employment or
service at any time. The right of the Employer to terminate at will the Grantee’s employment or
service at any time for any reason is specifically reserved.

10. No Shareholder Rights. Neither the Grantee, nor any person entitled to exercise the
Grantee’s rights in the event of the Grantee’s death, shall have any of the rights and privileges
of a shareholder with respect to the Shares subject to the Option, until certificates for Shares
have been issued upon the exercise of the Option.

11. Assignment and Transfers. The rights and interests of the Grantee under this Agreement
may not be sold, assigned, encumbered or otherwise transferred except, in the event of the death of
the Grantee, by will or by the laws of descent and distribution. In the event of any attempt by
the Grantee to alienate, assign, pledge, hypothecate, or otherwise dispose of the Option or any
right hereunder, except as provided for in this Agreement, or in the event of the levy or any
attachment, execution or similar process upon the rights or interests hereby conferred, the Company
may terminate the Option by notice to the Grantee, and the Option and all rights hereunder shall
thereupon become null and void. The rights and protections of the Company hereunder shall extend
to any successors or assigns of the

-3-

 

Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement may be assigned
by the Company without the Grantee’s consent.

12. Applicable Law. The validity, construction, interpretation and effect of this
instrument shall be governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to the conflicts of laws provisions thereof.

13. Notice. Any notice to the Company provided for in this instrument shall be addressed
to the Company in care of the General Counsel at 405 Eagleview Blvd., Exton, PA 19341, and any
notice to the Grantee shall be addressed to such Grantee at the current address shown on the
payroll of the Employer, or to such other address as the Grantee may designate to the Employer in
writing. Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed
envelope addressed as stated above, registered and deposited, postage prepaid, in a post office
regularly maintained by the United States Postal Service.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

-4-

 

     IN WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest
this Agreement, and the Grantee has executed this Agreement, effective as of the Date of Grant.

	 	 	 	 	 
	 	FIBROCELL SCIENCE, INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

I hereby accept the Option described in this Agreement, and I agree to be bound by the terms of the
Plan and this Agreement. I hereby further agree that all the decisions and determinations of the
Committee shall be final and binding.

	 	 	 	 	 
	 	Grantee: 	 	 
	 	 	 
	 	 	 
	 	Date: 	 	 
	 	 	 
	 	 	 
	 

-5-

 

FORM OF NONQUALIFIED OPTION GRANTS

FIBROCELL
SCIENCE, INC.

2009
EQUITY INCENTIVE PLAN

NONQUALIFIED STOCK OPTION GRANT

     This STOCK OPTION GRANT, dated as of                      (the “Date of Grant”), is delivered by
Fibrocell Science, Inc. (the “Company”) to                      (the “Grantee”).

RECITALS

     The Fibrocell Science, Inc. 2009 Equity Incentive Plan (the “Plan”) provides for the grant of
options to purchase shares of common stock of the Company. The Compensation Committee of the
Committee of Directors of the Company, or if no such entity exists, the entire Board of Directors
(the “Committee”) has decided to make a stock option grant as an inducement for the Grantee to
promote the best interests of the Company and its shareholders.

     NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as
follows:

1. Grant of Option. Subject to the terms and conditions set forth in this Agreement and in
the Plan, the Company hereby grants to the Grantee a nonqualified stock option (the “Option”) to
purchase
                     shares of common stock of the Company (“Shares”) at an exercise price of
$                     per Share. The Option shall become exercisable according to Paragraph 2 below.

2. Exercisability of Option. The Option shall become exercisable on the following dates,
if the Grantee is employed by, or providing service to, the Employer (as defined in the Plan) on
the applicable date:

	 	 	 
	Date	 	Shares for Which the Option is Exercisable
	 	 	 
	 

	 	 

	 

	 	 

	 

	 	 

	 

	 	 

The exercisability of the Option is cumulative, but shall not exceed 100% of the Shares subject to
the Option. If the foregoing schedule would produce fractional Shares, the number of Shares for
which the Option becomes exercisable shall be rounded down to the nearest whole Share.

3. Term of Option.

     (a) The
Option shall have a term of           years from the Date of Grant and shall terminate at
the expiration of that period, unless it is terminated at an earlier date pursuant to the
provisions of this Agreement or the Plan.

     (b) The Option shall automatically terminate upon the happening of the first of the following
events:

     (i) The expiration of the three-month period after the Grantee ceases to be employed
by, or provide service to, the Employer, if the termination is for any reason other than
Disability (as defined in the Plan), death or Cause (as defined in the Plan).

     (ii) The expiration of the one-year period after the Grantee ceases to be employed by,
or provide service to, the Employer on account of the Grantee’s Disability.

 

 

     (iii) The expiration of the one-year period after the Grantee ceases to be employed by,
or provide service to, the Employer, if the Grantee dies while employed by, or providing
service to, the Employer or while the Option remains outstanding as described in
subparagraph (i) or (ii) above.

     (iv) The date on which the Grantee ceases to be employed by, or provide service to, the
Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph 3,
if the Grantee engages in conduct that constitutes Cause after the Grantee’s employment or
service terminates, the Option shall immediately terminate.

Notwithstanding the foregoing, in no event may the Option be exercised after the date that is
immediately before the          anniversary of the Date of Grant. Any portion of the Option that
is not exercisable at the time the Grantee ceases to be employed by, or provide service to, the
Employer shall immediately terminate.

4. Exercise Procedures.

     (a) Subject to the provisions of Paragraphs 2 and 3 above, the Grantee may exercise part or
all of the exercisable Option by giving the Company written notice of intent to exercise in the
manner provided in this Agreement, specifying the number of Shares as to which the Option is to be
exercised and the method of payment. Payment of the exercise price shall be made in accordance
with procedures established by the Committee from time to time based on type of payment being made
but, in any event, prior to issuance of the Shares. The Grantee shall pay the exercise price (i)
in cash, (ii) with the approval of the Committee, by delivering Shares of the Company, which shall
be valued at their fair market value on the date of delivery, or by attestation (on a form
prescribed by the Committee) to ownership of Shares having a fair market value on the date of
exercise equal to the exercise price, (iii) by payment through a broker in accordance with
procedures permitted by Regulation T of the Federal Reserve Board or (iv) by such other method as
the Committee may approve. The Committee may impose from time to time such limitations as it deems
appropriate on the use of Shares of the Company to exercise the Option.

     (b) The obligation of the Company to deliver Shares upon exercise of the Option shall be
subject to all applicable laws, rules, and regulations and such approvals by governmental agencies
as may be deemed appropriate by the Committee, including such actions as Company counsel shall deem
necessary or appropriate to comply with relevant securities laws and regulations. The Company may
require that the Grantee (or other person exercising the Option after the Grantee’s death)
represent that the Grantee is purchasing Shares for the Grantee’s own account and not with a view
to or for sale in connection with any distribution of the Shares, or such other representation as
the Committee deems appropriate.

     (c) All obligations of the Company under this Agreement shall be subject to the rights of the
Company as set forth in the Plan to withhold amounts required to be withheld for any taxes, if
applicable. Subject to Committee approval, the Grantee may elect to satisfy any tax withholding
obligation of the Employer with respect to the Option by having Shares withheld up to an amount
that does not exceed the minimum applicable withholding tax rate for federal (including FICA),
state and local tax liabilities.

5. Change of Control. The provisions of the Plan applicable to a Change of Control shall
apply to the Option, and, in the event of a Change of Control, the Committee may take such actions
as it deems appropriate pursuant to the Plan.

6. Restrictions on Exercise. Except as the Committee may otherwise permit pursuant to the
Plan, only the Grantee may exercise the Option during the Grantee’s lifetime and, after the
Grantee’s death, the Option shall be exercisable (subject to the limitations specified in the Plan)
solely by the legal representatives of the Grantee, or by the person who acquires the right to
exercise the Option by will or by the laws of descent and distribution, to the extent that the
Option is exercisable pursuant to this Agreement.

7. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of
which are incorporated herein by reference, and in all respects shall be interpreted in accordance
with the Plan. The grant and exercise of the Option are subject to interpretations, regulations
and determinations concerning the Plan established from time to time by the Committee in accordance
with the provisions of the Plan, including, but not limited to,

-2-

 

provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the
registration, qualification or listing of the Shares, (iii) changes in capitalization of the
Company and (iv) other requirements of applicable law. The Committee shall have the authority to
interpret and construe the Option pursuant to the terms of the Plan, and its decisions shall be
conclusive as to any questions arising hereunder.

8. No Employment or Other Rights. The grant of the Option shall not confer upon the
Grantee any right to be retained by or in the employ or service of the Employer and shall not
interfere in any way with the right of the Employer to terminate the Grantee’s employment or
service at any time. The right of the Employer to terminate at will the Grantee’s employment or
service at any time for any reason is specifically reserved.

9. No Shareholder Rights. Neither the Grantee, nor any person entitled to exercise the
Grantee’s rights in the event of the Grantee’s death, shall have any of the rights and privileges
of a shareholder with respect to the Shares subject to the Option, until certificates for Shares
have been issued upon the exercise of the Option.

10. Assignment and Transfers. Except as the Committee may otherwise permit pursuant to the
Plan, the rights and interests of the Grantee under this Agreement may not be sold, assigned,
encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or by
the laws of descent and distribution. In the event of any attempt by the Grantee to alienate,
assign, pledge, hypothecate, or otherwise dispose of the Option or any right hereunder, except as
provided for in this Agreement, or in the event of the levy or any attachment, execution or similar
process upon the rights or interests hereby conferred, the Company may terminate the Option by
notice to the Grantee, and the Option and all rights hereunder shall thereupon become null and
void. The rights and protections of the Company hereunder shall extend to any successors or
assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement
may be assigned by the Company without the Grantee’s consent.

11. Applicable Law. The validity, construction, interpretation and effect of this
instrument shall be governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to the conflicts of laws provisions thereof.

12. Notice. Any notice to the Company provided for in this instrument shall be addressed
to the Company in care of the General Counsel at 405 Eagleview Blvd., Exton, PA 19341, and any
notice to the Grantee shall be addressed to such Grantee at the current address shown on the
payroll of the Employer, or to such other address as the Grantee may designate to the Employer in
writing. Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed
envelope addressed as stated above, registered and deposited, postage prepaid, in a post office
regularly maintained by the United States Postal Service.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

-3-

 

     IN WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest
this Agreement, and the Grantee has executed this Agreement, effective as of the Date of Grant.

	 	 	 	 	 
	 	FIBROCELL SCIENCE, INC.

 	 
	 	By:  	
 	 
	 	 	 
	 	 	 	 
	 

I hereby accept the Option described in this Agreement, and I agree to be bound by the terms of the
Plan and this Agreement. I hereby further agree that all the decisions and determinations of the
Committee shall be final and binding.

	 	 	 	 	 
	 	
 	 
	 	Grantee:  	
 	 
	 	 	 
	 	Date:  	 	 
	 

-4-

 

FORM OF BOARD OF DIRECTORS GRANTS

FIBROCELL SCIENCE, INC.

2009 EQUITY INCENTIVE PLAN

NONQUALIFIED STOCK OPTION GRANT

     This STOCK OPTION GRANT, dated as of _________________ (the “Date of Grant”), is delivered by
Fibrocell Science, Inc. (the “Company”) to _______________ (the “Grantee”).

RECITALS

     The Fibrocell Science, Inc. 2009 Equity Incentive Plan (the “Plan”) provides for the grant of
options to purchase shares of common stock of the Company. The Compensation Committee of the
Committee of Directors of the Company, or if no such entity exists, the entire Board of Directors
(the “Committee”) has decided to make a stock option grant as an inducement for the Grantee to
promote the best interests of the Company and its shareholders.

     NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as
follows:

1. Grant of Option. Subject to the terms and conditions set forth in this Agreement and in
the Plan, the Company hereby grants to the Grantee a nonqualified stock option (the “Option”) to
purchase ___________ shares of common stock of the Company (“Shares”) at an exercise price of
$_________ per Share. The Option shall become exercisable according to Paragraph 2 below.

2. Exercisability of Option. The Option shall become exercisable on the following dates,
if the Grantee is providing service to the Company as a member of its Board of Directors on the
applicable date:

	 	 	 
	Date	 	Shares for Which the Option is Exercisable
	 	 	 
	 

	 	 

	 

	 	 

	 

	 	 

	 

	 	 

The exercisability of the Option is cumulative, but shall not exceed 100% of the Shares subject to
the Option. If the foregoing schedule would produce fractional Shares, the number of Shares for
which the Option becomes exercisable shall be rounded down to the nearest whole Share. Any portion
of the Option that is not exercisable at the time the Grantee ceases to be a member of the Board of
Directors shall immediately terminate.

3. Term of Option. The Option shall have a term of ______ years from the Date of Grant and
shall terminate at the expiration of that period, unless it is terminated at an earlier date
pursuant to the provisions of this Agreement or the Plan. Notwithstanding anything to the contrary
in the Plan, the Option shall not terminate due to the termination of service, death, or Disability
of the Grantee.

4. Exercise Procedures.

     (a) Subject to the provisions of Paragraphs 2 and 3 above, the Grantee may exercise part or
all of the exercisable Option by giving the Company written notice of intent to exercise in the
manner provided in this Agreement, specifying the number of Shares as to which the Option is to be
exercised and the method of payment. Payment of the exercise price shall be made in accordance
with procedures established by the Committee from time to time based on type of payment being made
but, in any event, prior to issuance of the Shares. The Grantee shall pay the exercise price (i)
in cash, (ii) with the approval of the Committee, by delivering Shares of the Company,

 

 

which shall be valued at their fair market value on the date of delivery, or by attestation
(on a form prescribed by the Committee) to ownership of Shares having a fair market value on the
date of exercise equal to the exercise price, (iii) by payment through a broker in accordance with
procedures permitted by Regulation T of the Federal Reserve Board or (iv) by such other method as
the Committee may approve. The Committee may impose from time to time such limitations as it deems
appropriate on the use of Shares of the Company to exercise the Option.

     (b) The obligation of the Company to deliver Shares upon exercise of the Option shall be
subject to all applicable laws, rules, and regulations and such approvals by governmental agencies
as may be deemed appropriate by the Committee, including such actions as Company counsel shall deem
necessary or appropriate to comply with relevant securities laws and regulations. The Company may
require that the Grantee (or other person exercising the Option after the Grantee’s death)
represent that the Grantee is purchasing Shares for the Grantee’s own account and not with a view
to or for sale in connection with any distribution of the Shares, or such other representation as
the Committee deems appropriate.

     (c) All obligations of the Company under this Agreement shall be subject to the rights of the
Company as set forth in the Plan to withhold amounts required to be withheld for any taxes, if
applicable. Subject to Committee approval, the Grantee may elect to satisfy any tax withholding
obligation of the Company with respect to the Option by having Shares withheld up to an amount that
does not exceed the minimum applicable withholding tax rate for federal (including FICA), state and
local tax liabilities.

5. Change of Control. The provisions of the Plan applicable to a Change of Control shall
apply to the Option, and, in the event of a Change of Control, the Committee may take such actions
as it deems appropriate pursuant to the Plan.

6. Restrictions on Exercise. Except as the Committee may otherwise permit pursuant to the
Plan, only the Grantee may exercise the Option during the Grantee’s lifetime and, after the
Grantee’s death, the Option shall be exercisable (subject to the limitations specified in the Plan)
solely by the legal representatives of the Grantee, or by the person who acquires the right to
exercise the Option by will or by the laws of descent and distribution, to the extent that the
Option is exercisable pursuant to this Agreement.

7. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of
which are incorporated herein by reference, and in all respects shall be interpreted in accordance
with the Plan. The grant and exercise of the Option are subject to interpretations, regulations
and determinations concerning the Plan established from time to time by the Committee in accordance
with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights
and obligations with respect to withholding taxes, (ii) the registration, qualification or listing
of the Shares, (iii) changes in capitalization of the Company and (iv) other requirements of
applicable law. The Committee shall have the authority to interpret and construe the Option
pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions
arising hereunder.

8. No Service or Other Rights. The grant of the Option shall not confer upon the Grantee
any right to be retained by or in the service of the Company.

9. No Shareholder Rights. Neither the Grantee, nor any person entitled to exercise the
Grantee’s rights in the event of the Grantee’s death, shall have any of the rights and privileges
of a shareholder with respect to the Shares subject to the Option, until certificates for Shares
have been issued upon the exercise of the Option.

10. Assignment and Transfers. Except as the Committee may otherwise permit pursuant to the
Plan, the rights and interests of the Grantee under this Agreement may not be sold, assigned,
encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or by
the laws of descent and distribution. In the event of any attempt by the Grantee to alienate,
assign, pledge, hypothecate, or otherwise dispose of the Option or any right hereunder, except as
provided for in this Agreement, or in the event of the levy or any attachment, execution or similar
process upon the rights or interests hereby conferred, the Company may terminate the Option by
notice to the Grantee, and the Option and all rights hereunder shall thereupon become null and
void. The rights and protections of the Company hereunder shall extend to any successors or
assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement
may be assigned by the Company without the Grantee’s consent.

 

 

11. Applicable Law. The validity, construction, interpretation and effect of this
instrument shall be governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to the conflicts of laws provisions thereof.

12. Notice. Any notice to the Company provided for in this instrument shall be addressed
to the Company in care of the General Counsel at 405 Eagleview Blvd., Exton, PA 19341, and any
notice to the Grantee shall be addressed to such Grantee at the current address shown on the books
and records of the Company, or to such other address as the Grantee may designate to the Company in
writing. Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed
envelope addressed as stated above, registered and deposited, postage prepaid, in a post office
regularly maintained by the United States Postal Service.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

     IN WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest
this Agreement, and the Grantee has executed this Agreement, effective as of the Date of Grant.

	 	 	 	 	 
	 	FIBROCELL SCIENCE, INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

I hereby accept the Option described in this Agreement, and I agree to be bound by the terms of the
Plan and this Agreement. I hereby further agree that all the decisions and determinations of the
Committee shall be final and binding.

Grantee:                                                            
                    

Date:exv10w1

Exhibit 10.1

AMERICAN PACIFIC CORPORATION

AMENDED AND RESTATED 2008 STOCK INCENTIVE PLAN

     1. Purposes of the Plan. The purposes of this Plan are to attract and retain the best
available personnel, to provide additional incentives to Employees, Directors and Consultants and
to promote the success of the Company’s business.

     2. Definitions. The following definitions shall apply as used herein.

          (a) “Administrator” means the Board or any of the Committees appointed to administer the
Plan.

          (b) “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms
in Rule 12b-2 promulgated under the Exchange Act.

          (c) “Applicable Laws” means the legal requirements relating to the Plan and the Awards
under applicable provisions of federal securities laws, state corporate and securities laws, the
Code, the rules of any applicable stock exchange or national market system, and the rules of any
non-U.S. jurisdiction applicable to Awards granted to residents therein.

          (d) “Assumed” means that pursuant to a Corporate Transaction either (i) the Award is
expressly affirmed by the Company or (ii) the contractual obligations represented by the Award are
expressly assumed (and not simply by operation of law) by the successor entity or its Parent in
connection with the Corporate Transaction with appropriate adjustments to the number and type of
securities of the successor entity or its Parent subject to the Award and the exercise or purchase
price thereof which at least preserves the compensation element of the Award existing at the time
of the Corporate Transaction as determined in accordance with the instruments evidencing the
agreement to assume the Award.

          (e) “Award” means the grant of an Option, SAR, Restricted Stock, Restricted Stock Unit,
cash incentive or any combination of the foregoing.

          (f) “Award Agreement” means the written agreement evidencing the grant of an Award
executed by the Company and the Grantee, including any amendments thereto.

          (g) “Board” means the Board of Directors of the Company.

          (h) “Cause” means, with respect to the termination by the Company or a Related Entity of
the Grantee’s Continuous Service, that such termination is for “Cause” as such term is expressly
defined in a then-effective written agreement between the Grantee and the Company or such Related
Entity, or in the absence of such then-effective written agreement and definition, is based on, in
the determination of the Administrator, the Grantee’s: (i) performance of any act or failure to
perform any act in bad faith and to the detriment of the Company or a Related Entity; (ii)
dishonesty, intentional misconduct or material breach of any agreement with the Company or a
Related Entity; or (iii) commission of a crime involving dishonesty, breach of trust, or physical
or emotional harm to any person.

          (i) “Change in Control” means a change in ownership or control of the Company effected
through either of the following transactions:

               (i) the direct or indirect acquisition by any person or related group of persons (other
than an acquisition from or by the Company or by a Company-sponsored employee benefit plan or by a
person that directly or indirectly controls, is controlled by, or is under common control with, the
Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of
securities possessing more than fifty percent (50%) of the total combined voting power of the
Company’s
outstanding securities pursuant to a tender or exchange offer made directly to the Company’s
stockholders which a majority of the Continuing Directors who are not Affiliates or Associates of
the offeror do not recommend such stockholders accept; or

 

 

               (ii) a change in the composition of the Board over a period of twelve (12) months or less
such that a majority of the Board members (rounded up to the next whole number) ceases, by reason
of one (1) or more contested elections for Board membership, to be comprised of individuals who are
Continuing Directors.

          (j) “Code” means the Internal Revenue Code of 1986, as amended.

          (k) “Committee” means any committee composed of members of the Board appointed by the
Board to administer the Plan.

          (l) “Common Stock” means the common stock of the Company.

          (m) “Company” means American Pacific Corporation, a Delaware corporation, or any successor
entity that adopts the Plan in connection with a Corporate Transaction.

          (n) “Consultant” means any person (other than an Employee or a Director, solely with
respect to rendering services in such person’s capacity as a Director) who is engaged by the
Company or any Related Entity to render consulting or advisory services to the Company or such
Related Entity.

          (o) “Continuing Directors” means members of the Board who either (i) have been Board
members continuously for a period of at least twelve (12) months or (ii) have been Board members
for less than twelve (12) months and were elected or nominated for election as Board members by at
least a majority of the Board members described in clause (i) who were still in office at the time
such election or nomination was approved by the Board.

          (p) “Continuous Service” means that the provision of services to the Company or a Related
Entity in any capacity of Employee, Director or Consultant is not interrupted or terminated. In
jurisdictions requiring notice in advance of an effective termination as an Employee, Director or
Consultant, Continuous Service shall be deemed terminated upon the actual cessation of providing
services to the Company or a Related Entity notwithstanding any required notice period that must be
fulfilled before a termination as an Employee, Director or Consultant can be effective under
Applicable Laws. A Grantee’s Continuous Service shall be deemed to have terminated either upon an
actual termination of Continuous Service or upon the entity for which the Grantee provides services
ceasing to be a Related Entity. Continuous Service shall not be considered interrupted in the case
of (i) any approved leave of absence, (ii) transfers among the Company, any Related Entity, or any
successor, in any capacity of Employee, Director or Consultant, or (iii) any change in status as
long as the individual remains in the service of the Company or a Related Entity in any capacity of
Employee, Director or Consultant (except as otherwise provided in the Award Agreement).
Notwithstanding the foregoing, except as otherwise determined by the Administrator, in the event of
any spin-off of a Related Entity, service as an Employee, Director or Consultant for such Related
Entity following such spin-off shall be deemed to be Continuous Service for purposes of the Plan
and any Award under the Plan. An approved leave of absence shall include sick leave, military
leave, or any other authorized personal leave. For purposes of each Incentive Stock Option granted
under the Plan, if such leave exceeds three (3) months, and reemployment upon expiration of such
leave is not guaranteed by statute or contract, then the Incentive Stock Option shall be treated as
a Non-Qualified Stock Option on the day three (3) months and one (1) day following the expiration
of such three (3) month period.

          (q) “Corporate Transaction” means any of the following transactions, provided, however,
that the Administrator shall determine under parts (iv) and (v) whether multiple transactions are
related, and its determination shall be final, binding and conclusive:

               (i) a merger or consolidation in which the Company is not the surviving entity, except for
a transaction the principal purpose of which is to change the state in which the Company is
incorporated;

Page 2 of Exhibit 10.1

 

 

               (ii) the sale, transfer or other disposition of all or substantially all of the assets of
the Company;

               (iii) the complete liquidation or dissolution of the Company;

               (iv) any reverse merger or series of related transactions culminating in a reverse merger
(including, but not limited to, a tender offer followed by a reverse merger) in which the Company
is the surviving entity but (A) the shares of Common Stock outstanding immediately prior to such
merger are converted or exchanged by virtue of the merger into other property, whether in the form
of securities, cash or otherwise, or (B) in which securities possessing more than forty percent
(40%) of the total combined voting power of the Company’s outstanding securities are transferred to
a person or persons different from those who held such securities immediately prior to such merger
or the initial transaction culminating in such merger, but excluding any such transaction or series
of related transactions that the Administrator determines shall not be a Corporate Transaction; or

               (v) acquisition in a single or series of related transactions by any person or related
group of persons (other than the Company or by a Company-sponsored employee benefit plan) of
beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities
possessing more than fifty percent (50%) of the total combined voting power of the Company’s
outstanding securities but excluding any such transaction or series of related transactions that
the Administrator determines shall not be a Corporate Transaction.

          (r) “Covered Employee” means an Employee who is a “covered employee” under Section
162(m)(3) of the Code.

          (s) “Director” means a member of the Board or the board of directors of any Related
Entity.

          (t) “Disability” means as defined under the long-term disability policy of the Company or
the Related Entity to which the Grantee provides services regardless of whether the Grantee is
covered by such policy. If the Company or the Related Entity to which the Grantee provides service
does not have a long-term disability plan in place, “Disability” means that a Grantee is unable to
carry out the responsibilities and functions of the position held by the Grantee by reason of any
medically determinable physical or mental impairment for a period of not less than ninety (90)
consecutive days. A Grantee will not be considered to have incurred a Disability unless he or she
furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion.

          (u) “Employee” means any person, including an Officer or Director, who is in the employ of
the Company or any Related Entity, subject to the control and direction of the Company or any
Related Entity as to both the work to be performed and the manner and method of performance. The
payment of a director’s fee by the Company or a Related Entity shall not be sufficient to
constitute “employment” by the Company.

          (v) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          (w) “Fair Market Value” means, as of any date, the value of Common Stock determined as
follows:

          (x) If the Common Stock is listed on one (1) or more established stock exchanges or
national market systems, including without limitation The NASDAQ Global Select Market, The NASDAQ
Global Market or The NASDAQ Capital Market of The NASDAQ Stock Market LLC, its Fair Market Value
shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as
quoted on the principal exchange or system on which the Common Stock is listed (as determined by
the
Administrator) on the date of determination (or, if no closing sales price or closing bid was
reported on that date, as applicable, on the last trading date such closing sales price or closing
bid was reported), as reported in The Wall Street Journal or such other source as the Administrator
deems reliable;

Page 3 of Exhibit 10.1

 

 

               (i) If the Common Stock is regularly quoted on an automated quotation system (including
the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall be the
closing sales price for such stock as quoted on such system or by such securities dealer on the
date of determination, but if selling prices are not reported, the Fair Market Value of a share of
Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on
the date of determination (or, if no such prices were reported on that date, on the last date such
prices were reported), as reported in The Wall Street Journal or such other source as the
Administrator deems reliable; or

               (ii) In the absence of an established market for the Common Stock of the type described in
(i) and (ii), above, the Fair Market Value thereof shall be determined by the Administrator in good
faith.

               (iii) “Grantee” means an Employee, Director or Consultant who receives an Award under the
Plan.

          (y) “Incentive Stock Option” means an Option intended to qualify as an incentive stock
option within the meaning of Section 422 of the Code.

          (z) “Non-Qualified Stock Option” means an Option not intended to qualify as an Incentive
Stock Option.

          (aa) “Officer” means a person who is an officer of the Company or a Related Entity within
the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

          (bb) “Option” means an option to purchase Shares pursuant to an Award Agreement granted
under the Plan.

          (cc) “Parent” means a “parent corporation”, whether now or hereafter existing, as defined
in Section 424(e) of the Code.

          (dd) “Performance-Based Compensation” means compensation qualifying as “performance-based
compensation” under Section 162(m) of the Code.

          (ee) “Plan” means this Amended and Restated 2008 Stock Incentive Plan.

          (ff) “Related Entity” means any Parent or Subsidiary of the Company.

          (gg) “Replaced” means that pursuant to a Corporate Transaction the Award is replaced with
a comparable stock award or a cash incentive program of the Company, the successor entity (if
applicable) or Parent of either of them which preserves the compensation element of such Award
existing at the time of the Corporate Transaction and provides for subsequent payout in accordance
with the same (or a more favorable) vesting schedule applicable to such Award. The determination
of Award comparability shall be made by the Administrator and its determination shall be final,
binding and conclusive.

          (hh) “Restricted Stock” means Shares issued under the Plan to the Grantee for such
consideration, if any, and subject to such restrictions on transfer, rights of first refusal,
repurchase provisions, forfeiture provisions, and other terms and conditions as established by the
Administrator.

          (ii) “Restricted Stock Units” means an Award which may be earned in whole or in part upon
the passage of time or the attainment of performance criteria established by the Administrator and
which may be settled for cash, Shares or other securities or a combination of cash, Shares or
other securities as established by the Administrator.

Page 4 of Exhibit 10.1

 

 

          (jj) “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor
thereto.

          (kk) “SAR” means a stock appreciation right entitling the Grantee to Shares or cash
compensation, as established by the Administrator, measured by appreciation in the value of Common
Stock.

          (ll) “Share” means a share of the Common Stock.

          (mm) “Subsidiary” means a “subsidiary corporation”, whether now or hereafter existing, as
defined in Section 424(f) of the Code.

     3. Stock Subject to the Plan.

          (a) Subject to the provisions of Section 10, below, the maximum aggregate number of
Shares which may be issued pursuant to all Awards (including Incentive Stock Options) is 800,000
Shares (which aggregate amount includes 350,000 Shares originally authorized under the 2008 Stock
Incentive Plan as adopted by the stockholders of the Company on March 11, 2008). Furthermore, no
more than 400,000 Shares shall be granted pursuant to Awards of Restricted Stock and Restricted
Stock Units (which aggregate amount includes 200,000 Shares previously available for issuance
pursuant to Awards of Restricted Stock and Restricted Stock Units under the 2008 Stock Incentive
Plan as adopted by the stockholders of the Company on March 11, 2008). The Shares to be issued
pursuant to Awards may be authorized, but unissued, or reacquired Common Stock.

          (b) Any Shares covered by an Award (or portion of an Award) which is forfeited, canceled
or expires (whether voluntarily or involuntarily) shall be deemed not to have been issued for
purposes of determining the maximum aggregate number of Shares which may be issued under the Plan.
Shares that actually have been issued under the Plan pursuant to an Award shall not be returned to
the Plan and shall not become available for future issuance under the Plan, except that if unvested
Shares are forfeited, or repurchased by the Company at the lower of their original purchase price
or their Fair Market Value at the time of repurchase, such Shares shall become available for future
grant under the Plan. Notwithstanding anything to the contrary contained herein: (i) Shares
tendered or withheld in payment of an Option exercise price shall not be returned to the Plan and
shall not become available for future issuance under the Plan; (ii) Shares withheld by the Company
to satisfy any tax withholding obligation shall not be returned to the Plan and shall not become
available for future issuance under the Plan; and (iii) all Shares covered by the portion of an SAR
that is exercised (whether or not Shares are actually issued to the Grantee upon exercise of the
SAR) shall be considered issued pursuant to the Plan.

     4. Administration of the Plan.

          (a) Plan Administrator.

               (i) Administration with Respect to Directors and Officers. With respect to grants of
Awards to Directors or Employees who are also Officers or Directors of the Company, the Plan shall
be administered by (A) the Board or (B) a Committee designated by the Board, which Committee shall
be constituted in such a manner as to satisfy the Applicable Laws and to permit such grants and
related transactions under the Plan to be exempt from Section 16(b) of the Exchange Act in
accordance with Rule 16b-3. Once appointed, such Committee shall continue to serve in its
designated capacity until otherwise directed by the Board.

               (ii) Administration With Respect to Consultants and Other Employees. With respect to
grants of Awards to Employees or Consultants who are neither Directors nor Officers of the Company,
the Plan shall be administered by (A) the Board or (B) a Committee designated by the Board, which
Committee shall be constituted in such a manner as to satisfy the Applicable Laws. Once
appointed, such Committee shall continue to serve in its designated capacity until otherwise
directed by the Board. The Board may authorize one (1) or more Officers to grant such Awards and
may limit such authority as the Board determines from time to time.

Page 5 of Exhibit 10.1

 

 

               (iii) Administration With Respect to Covered Employees. Notwithstanding the foregoing,
grants of Awards to any Covered Employee intended to qualify as Performance-Based Compensation
shall be made only by a Committee (or subcommittee of a Committee) which is comprised solely of two
(2) or more Directors eligible to serve on a committee making Awards qualifying as
Performance-Based Compensation. In the case of such Awards granted to Covered Employees,
references to the “Administrator” or to a “Committee” shall be deemed to be references to such
Committee or subcommittee.

               (iv) Administration Errors. In the event an Award is granted in a manner inconsistent
with the provisions of this subsection (a), such Award shall be presumptively valid as of its grant
date to the extent permitted by the Applicable Laws.

          (b) Powers of the Administrator. Subject to Applicable Laws and the provisions of the
Plan (including any other powers given to the Administrator hereunder), and except as otherwise
provided by the Board, the Administrator shall have the authority, in its discretion:

               (i) to select the Employees, Directors and Consultants to whom Awards may be granted from
time to time hereunder;

               (ii) to determine whether and to what extent Awards are granted hereunder;

               (iii) to determine the number of Shares or the amount of other consideration to be covered
by each Award granted hereunder;

               (iv) to approve forms of Award Agreements for use under the Plan;

               (v) to determine the terms and conditions of any Award granted hereunder;

               (vi) to amend the terms of any outstanding Award granted under the Plan, provided that (A)
any amendment that would adversely affect the Grantee’s rights under an outstanding Award shall not
be made without the Grantee’s written consent, provided, however, that an amendment or modification
that may cause an Incentive Stock Option to become a Non-Qualified Stock Option shall not be
treated as adversely affecting the rights of the Grantee (B) the reduction of the exercise price of
any Option awarded under the Plan and the base appreciation amount of any SAR awarded under the
Plan shall be subject to stockholder approval, (C) the cancellation of any Option or SAR awarded
under the Plan in exchange for cash shall be subject to stockholder approval and (D) canceling an
Option or SAR at a time when its exercise price or base appreciation amount (as applicable) exceeds
the Fair Market Value of the underlying Shares, in exchange for another Option, SAR, Restricted
Stock, or other Award shall be subject to stockholder approval, unless the cancellation and
exchange occurs in connection with a Corporate Transaction. Notwithstanding the foregoing,
canceling an Option or SAR in exchange for another Option, SAR, Restricted Stock, or other Award
with an exercise price, purchase price or base appreciation amount (as applicable) that is equal to
or greater than the exercise price or base appreciation amount (as applicable) of the original
Option or SAR shall not be subject to stockholder approval;

               (vii) to construe and interpret the terms of the Plan and Awards, including without
limitation, any notice of award or Award Agreement, granted pursuant to the Plan;

               (viii) to grant Awards to Employees, Directors and Consultants employed outside the United
States on such terms and conditions different from those specified in the Plan as may, in the
judgment of the Administrator, be necessary or desirable to further the purpose of the Plan; and

               (ix) to take such other action, not inconsistent with the terms of the Plan, as the
Administrator deems appropriate.

The express grant in the Plan of any specific power to the Administrator shall not be construed as
limiting any power or authority of the Administrator; provided that the Administrator may not
exercise any right or

Page 6 of Exhibit 10.1

 

 

power reserved to the Board. Any decision made, or action taken, by the
Administrator or in connection with the administration of this Plan shall be final, conclusive and
binding on all persons having an interest in the Plan.

          (c) Indemnification. In addition to such other rights of indemnification as they may have
as members of the Board or as Officers or Employees of the Company or a Related Entity, members of
the Board and any Officers or Employees of the Company or a Related Entity to whom authority to act
for the Board, the Administrator or the Company is delegated shall be defended and indemnified by
the Company to the extent permitted by law on an after-tax basis against all reasonable expenses,
including attorneys’ fees, actually and necessarily incurred in connection with the defense of any
claim, investigation, action, suit or proceeding, or in connection with any appeal therein, to
which they or any of them may be a party by reason of any action taken or failure to act under or
in connection with the Plan, or any Award granted hereunder, and against all amounts paid by them
in settlement thereof (provided such settlement is approved by the Company) or paid by them in
satisfaction of a judgment in any such claim, investigation, action, suit or proceeding, except in
relation to matters as to which it shall be adjudged in such claim, investigation, action, suit or
proceeding that such person is liable for gross negligence, bad faith or intentional misconduct;
provided, however, that within thirty (30) days after the institution of such claim, investigation,
action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity at
the Company’s expense to defend the same.

     5. Eligibility. Awards other than Incentive Stock Options may be granted to Employees,
Directors and Consultants. Incentive Stock Options may be granted only to Employees of the Company
or a Parent or a Subsidiary of the Company. An Employee, Director or Consultant who has been
granted an Award may, if otherwise eligible, be granted additional Awards. Awards may be granted
to such Employees, Directors or Consultants who are residing in non-U.S. jurisdictions as the
Administrator may determine from time to time.

     6. Terms and Conditions of Awards.

          (a) Types of Awards. The Administrator is authorized under the Plan to award to an
Employee, Director or Consultant Awards of Options, SARs, Restricted Stock, Restricted Stock Units,
cash incentives or any combination of the foregoing.

          (b) Designation of Award. Each Award shall be designated in the Award Agreement. In the
case of an Option, the Option shall be designated as either an Incentive Stock Option or a
Non-Qualified Stock Option. However, notwithstanding such designation, an Option will qualify as
an Incentive Stock Option under the Code only to the extent the $100,000 dollar limitation of
Section 422(d) of the Code is not exceeded. The $100,000 limitation of Section 422(d) of the Code
is calculated based on the aggregate Fair Market Value of the Shares subject to Options designated
as Incentive Stock Options which become exercisable for the first time by a Grantee during any
calendar year (under all plans of the Company or any Parent or Subsidiary of the Company). For
purposes of this calculation, Incentive Stock Options shall be taken into account in the order in
which they were granted, and the Fair Market Value of the Shares shall be determined as of the
grant date of the relevant Option. In the event that the Code or the regulations promulgated
thereunder are amended after the date the Plan becomes effective to provide for a different limit
on the Fair Market Value of Shares permitted to be subject to Incentive Stock Options, then such
different limit will be automatically incorporated herein and will apply to any Options granted
after the effective date of such amendment.

          (c) Conditions of Award. Subject to the terms of the Plan, the Administrator shall
determine the provisions, terms, and conditions of each Award including, but not limited to, the
Award vesting schedule, repurchase provisions, rights of first refusal, forfeiture provisions, form
of payment (cash, Shares, or other consideration) upon settlement of the Award, payment
contingencies, and satisfaction of any performance criteria. The performance criteria established
by the Administrator may
be based on any one (1) of, or combination of, the following: (i) increase in share price,
(ii) earnings per share, (iii) total stockholder return, (iv) operating margin, (v) gross margin,
(vi) return on equity, (vii) return on assets, (viii) return on investment, (ix) operating income,
(x) net operating income, (xi) pre-tax profit, (xii) cash flow, (xiii) revenue, (xiv) expenses,
(xv) earnings before interest, taxes and depreciation, (xvi) economic value added and (xvii) market
share. The performance criteria may be applicable to the

Page 7 of Exhibit 10.1

 

 

Company, Related Entities and/or any
individual business units of the Company or any Related Entity. Partial achievement of the
specified criteria may result in a payment or vesting corresponding to the degree of achievement as
specified in the Award Agreement. In addition, the performance criteria shall be calculated in
accordance with generally accepted accounting principles, but excluding the effect (whether
positive or negative) of any change in accounting standards and any extraordinary, unusual or
nonrecurring item, as determined by the Administrator, occurring after the establishment of the
performance criteria applicable to the Award intended to be performance-based compensation. Each
such adjustment, if any, shall be made solely for the purpose of providing a consistent basis from
period to period for the calculation of performance criteria in order to prevent the dilution or
enlargement of the Grantee’s rights with respect to an Award intended to be performance-based
compensation.

          (d) Acquisitions and Other Transactions. The Administrator may issue Awards under the
Plan in settlement, assumption or substitution for, outstanding awards or obligations to grant
future awards in connection with the Company or a Related Entity acquiring another entity, an
interest in another entity or an additional interest in a Related Entity whether by merger, stock
purchase, asset purchase or other form of transaction.

          (e) Deferral of Award Payment. The Administrator may establish one (1) or more programs
under the Plan to permit selected Grantees the opportunity to elect to defer receipt of
consideration upon exercise of an Award, satisfaction of performance criteria, or other event that
absent the election would entitle the Grantee to payment or receipt of Shares or other
consideration under an Award. The Administrator may establish the election procedures, the timing
of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if
any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules
and procedures that the Administrator deems advisable for the administration of any such deferral
program.

          (f) Separate Programs. The Administrator may establish one (1) or more separate programs
under the Plan for the purpose of issuing particular forms of Awards to one (1) or more classes of
Grantees on such terms and conditions as determined by the Administrator from time to time.

          (g) Individual Limitations on Awards.

               (i) Individual Limit for Options and SARs. The maximum number of Shares with respect to
which Options and SARs may be granted to any Grantee in any calendar year shall be 150,000 Shares.
In connection with a Grantee’s commencement of Continuous Service, a Grantee may be granted Options
and SARs for up to an additional 75,000 Shares which shall not count against the limit set forth in
the previous sentence. The foregoing limitations shall be adjusted proportionately in connection
with any change in the Company’s capitalization pursuant to Section 10, below. To the extent
required by Section 162(m) of the Code or the regulations thereunder, in applying the foregoing
limitations with respect to a Grantee, if any Option or SAR is canceled, the canceled Option or SAR
shall continue to count against the maximum number of Shares with respect to which Options and SARs
may be granted to the Grantee. For this purpose, the repricing of an Option (or in the case of a
SAR, the base amount on which the stock appreciation is calculated is reduced to reflect a
reduction in the Fair Market Value of the Common Stock) shall be treated as the cancellation of the
existing Option or SAR and the grant of a new Option or SAR.

               (ii) Individual Limit for Restricted Stock and Restricted Stock Units. For awards of
Restricted Stock and Restricted Stock Units that are intended to be Performance-Based Compensation,
the maximum number of Shares with respect to which such Awards may be granted to any Grantee in any
calendar year shall be 150,000 Shares. The foregoing limitation shall be adjusted proportionately
in connection with any change in the Company’s capitalization pursuant to Section 10, below.

               (iii) Deferral. If the vesting or receipt of Shares under an Award is deferred to a later
date, any amount (whether denominated in Shares or cash) paid in addition to the original number of
Shares subject to such Award will not be treated as an increase in the number of Shares subject to
the Award if the additional amount is based either on a reasonable rate of interest or on one (1)

Page 8 of Exhibit 10.1

 

 

or more predetermined actual investments such that the amount payable by the Company at the later
date will be based on the actual rate of return of a specific investment (including any decrease as
well as any increase in the value of an investment).

          (h) Early Exercise. The Award Agreement may, but need not, include a provision whereby
the Grantee may elect at any time while an Employee, Director or Consultant to exercise any part or
all of the Award prior to full vesting of the Award. Any unvested Shares received pursuant to such
exercise may be subject to a repurchase right in favor of the Company or a Related Entity or to any
other restriction the Administrator determines to be appropriate.

          (i) Term of Award. The term of each Award shall be the term stated in the Award
Agreement, provided, however, that the term of an Award shall be no more than ten (10) years from
the date of grant thereof. However, in the case of an Incentive Stock Option granted to a Grantee
who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the
voting power of all classes of stock of the Company or any Parent or Subsidiary of the Company, the
term of the Incentive Stock Option shall be five (5) years from the date of grant thereof or such
shorter term as may be provided in the Award Agreement. Notwithstanding the foregoing, the
specified term of any Award shall not include any period for which the Grantee has elected to defer
the receipt of the Shares or cash issuable pursuant to the Award.

          (j) Transferability of Awards. Incentive Stock Options may not be sold, pledged,
assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws
of descent or distribution and may be exercised, during the lifetime of the Grantee, only by the
Grantee. Other Awards shall be transferable (i) by will and by the laws of descent and
distribution and (ii) during the lifetime of the Grantee, to the extent and in the manner
authorized by the Administrator. Notwithstanding the foregoing, the Grantee may designate one (1)
or more beneficiaries of the Grantee’s Award in the event of the Grantee’s death on a beneficiary
designation form provided by the Administrator.

          (k) Time of Granting Awards. The date of grant of an Award shall for all purposes be the
date on which the Administrator makes the determination to grant such Award, or such other later
date as is determined by the Administrator.

     7. Award Exercise or Purchase Price, Consideration and Taxes.

          (a) Exercise or Purchase Price. The exercise or purchase price, if any, for an Award
shall be as follows:

               (i) In the case of an Incentive Stock Option:

                    (A) granted to an Employee who, at the time of the grant of such Incentive Stock Option
owns stock representing more than ten percent (10%) of the voting power of all classes of stock of
the Company or any Parent or Subsidiary of the Company, the per Share exercise price shall be not
less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant;
or

                    (B) granted to any Employee other than an Employee described in the preceding paragraph,
the per Share exercise price shall be not less than one hundred percent (100%) of the Fair Market
Value per Share on the date of grant.

               (ii) In the case of a Non-Qualified Stock Option, the per Share exercise price shall be
not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.

               (iii) In the case of SARs, the base appreciation amount shall be not less than one hundred
percent (100%) of the Fair Market Value per Share on the date of grant.

Page 9 of Exhibit 10.1

 

 

               (iv) In the case of Awards intended to qualify as Performance-Based Compensation, the
exercise or purchase price, if any, shall be not less than one hundred percent (100%) of the Fair
Market Value per Share on the date of grant.

               (v) In the case of other Awards, such price as is determined by the Administrator.

               (vi) Notwithstanding the foregoing provisions of this Section 7(a), in the case of an
Award issued pursuant to Section 6(d), above, the exercise or purchase price for the Award shall be
determined in accordance with the provisions of the relevant instrument evidencing the agreement to
issue such Award.

          (b) Consideration. Subject to Applicable Laws, the consideration to be paid for the
Shares to be issued upon exercise or purchase of an Award including the method of payment, shall be
determined by the Administrator. In addition to any other types of consideration the Administrator
may determine, the Administrator is authorized to accept as consideration for Shares issued under
the Plan the following, provided that the portion of the consideration equal to the par value of
the Shares must be paid in cash or other legal consideration permitted by the Delaware General
Corporation Law:

               (i) cash;

               (ii) check;

               (iii) surrender of Shares or delivery of a properly executed form of attestation of
ownership of Shares as the Administrator may require which have a Fair Market Value on the date of
surrender or attestation equal to the aggregate exercise price of the Shares as to which said Award
shall be exercised, provided, however, that Shares acquired under the Plan or any other equity
compensation plan or agreement of the Company must have been held by the Grantee for a period of
more than six (6) months (and not used for another Award exercise by attestation during such
period);

               (iv) with respect to Options, payment through a broker-dealer sale and remittance
procedure pursuant to which the Grantee (A) shall provide written instructions to a Company
designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and
remit to the Company sufficient funds to cover the aggregate exercise price payable for the
purchased Shares and (B) shall provide written directives to the Company to deliver the
certificates for the purchased Shares directly to such brokerage firm in order to complete the sale
transaction;

               (v) with respect to Options, payment through a “net exercise” such that, without the
payment of any funds, the Grantee may exercise the Option and receive the net number of Shares
equal to (i) the number of Shares as to which the Option is being exercised, multiplied by (ii) a
fraction, the numerator of which is the Fair Market Value per Share (on such date as is determined
by the Administrator) less the Exercise Price per Share, and the denominator of which is such Fair
Market Value per Share (the number of net Shares to be received shall be rounded down to the
nearest whole number of Shares); or

               (vi) any combination of the foregoing methods of payment.

The Administrator may at any time or from time to time, by adoption of or by amendment to the
standard forms of Award Agreement described in Section 4(b)(iv), or by other means, grant Awards
which do not permit all of the foregoing forms of consideration to be used in payment for the
Shares or which otherwise restrict one (1) or more forms of consideration.

          (c) Taxes. No Shares shall be delivered under the Plan to any Grantee or other person
until such Grantee or other person has made arrangements acceptable to the Administrator for the
satisfaction of any non-U.S., federal, state, or local income and employment tax withholding
obligations, including, without limitation, obligations incident to the receipt of Shares.
Upon exercise or vesting of an Award the Company shall withhold or collect from Grantee an amount
sufficient to satisfy such tax obligations, including, but not limited to, by surrender of the
whole number of Shares covered by

Page 10 of Exhibit 10.1

 

 

the Award sufficient to satisfy the minimum applicable tax
withholding obligations incident to the exercise or vesting of an Award (reduced to the lowest
whole number of Shares if such number of Shares withheld would result in withholding a fractional
Share with any remaining tax withholding settled in cash).

     8. Exercise of Award.

          (a) Procedure for Exercise; Rights as a Stockholder.

               (i) Any Award granted hereunder shall be exercisable at such times and under such
conditions as determined by the Administrator under the terms of the Plan and specified in the
Award Agreement.

               (ii) An Award shall be deemed to be exercised when written notice of such exercise has
been given to the Company (and accepted by the Company) in accordance with the terms of the Award
by the person entitled to exercise the Award and full payment for the Shares with respect to which
the Award is exercised has been made, including, to the extent selected, use of the broker-dealer
sale and remittance procedure to pay the purchase price as provided in Section 7(b)(iv).

          (b) Exercise of Award Following Termination of Continuous Service.

               (i) An Award may not be exercised after the termination date of such Award set forth in
the Award Agreement and may be exercised following the termination of a Grantee’s Continuous
Service only to the extent provided in the Award Agreement.

               (ii) Where the Award Agreement permits a Grantee to exercise an Award following the
termination of the Grantee’s Continuous Service for a specified period, the Award shall terminate
to the extent not exercised on the last day of the specified period or the last day of the original
term of the Award, whichever occurs first.

               (iii) Any Award designated as an Incentive Stock Option to the extent not exercised within
the time permitted by law for the exercise of Incentive Stock Options following the termination of
a Grantee’s Continuous Service shall convert automatically to a Non-Qualified Stock Option and
thereafter shall be exercisable as such to the extent exercisable by its terms for the period
specified in the Award Agreement.

     9. Conditions Upon Issuance of Shares.

          (a) If at any time the Administrator determines that the delivery of Shares pursuant to
the exercise, vesting or any other provision of an Award is or may be unlawful under Applicable
Laws, the vesting or right to exercise an Award or to otherwise receive Shares pursuant to the
terms of an Award shall be suspended until the Administrator determines that such delivery is
lawful and shall be further subject to the approval of counsel for the Company with respect to such
compliance. The Company shall have no obligation to effect any registration or qualification of
the Shares under federal or state laws.

          (b) As a condition to the exercise of an Award, the Company may require the person
exercising such Award to represent and warrant at the time of any such exercise that the Shares are
being purchased only for investment and without any present intention to sell or distribute such
Shares if, in the opinion of counsel for the Company, such a representation is required by any
Applicable Laws.

     10. Adjustments Upon Changes in Capitalization. Subject to any required action by the
stockholders of the Company and Section 11 hereof, the number of Shares covered by each outstanding
Award, and the number of Shares which have been authorized for issuance under the Plan but as to
which no Awards have yet been granted or which have been returned to the Plan, the exercise or
purchase price of each such outstanding Award, the maximum number of Shares with respect to which
Awards may be granted to any Grantee in any calendar year, as well as any other terms that the
Administrator determines require adjustment shall be proportionately adjusted for (i) any increase
or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock
dividend,

Page 11 of Exhibit 10.1

 

 

combination or reclassification of the Shares, or similar transaction affecting the
Shares, (ii) any other increase or decrease in the number of issued Shares effected without receipt
of consideration by the Company, or (iii) any other transaction with respect to Common Stock
including a corporate merger, consolidation, acquisition of property or stock, separation
(including a spin-off or other distribution of stock or property), reorganization, liquidation
(whether partial or complete) or any similar transaction; provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been “effected without receipt of
consideration.” In the event of any distribution of cash or other assets to stockholders other than
a normal cash dividend, the Administrator shall make adjustments in connection with the events
described in (i) — (iii) of this Section 10 or substitute, exchange or grant Awards with respect
to the shares of a Related Entity (collectively “adjustments”). In determining adjustments to be
made under this Section 10, the Administrator may take into account such factors as it deems
appropriate, including (x) the restrictions of Applicable Law, (y) the potential tax, accounting or
other consequences of an adjustment and (z) the possibility that some Grantees might receive an
adjustment and a distribution or other unintended benefit, and in light of such factors or
circumstances may make adjustments that are not uniform or proportionate among outstanding Awards,
modify vesting dates, defer the delivery of stock certificates or make other equitable adjustments.
Any such adjustments to outstanding Awards will be effected in a manner that precludes the
material enlargement of rights and benefits under such Awards. Adjustments, if any, and any
determinations or interpretations, including any determination of whether a distribution is other
than a normal cash dividend, shall be made by the Administrator and its determination shall be
final, binding and conclusive. In connection with the foregoing adjustments, the Administrator
may, in its discretion, prohibit the exercise of Awards or other issuance of Shares, cash or other
consideration pursuant to Awards during certain periods of time. Except as the Administrator
determines, no issuance by the Company of shares of any class, or securities convertible into
shares of any class, shall affect, and no adjustment by reason hereof shall be made with respect
to, the number or price of Shares subject to an Award.

     11. Corporate Transactions and Changes in Control.

          (a) Termination of Award to Extent Not Assumed in Corporate Transaction. Effective upon
the consummation of a Corporate Transaction, all outstanding Awards under the Plan shall terminate.
However, all such Awards shall not terminate to the extent they are Assumed in connection with the
Corporate Transaction.

          (b) Acceleration of Award Upon Corporate Transaction or Change in Control. The
Administrator shall have the authority, exercisable either in advance of any actual or anticipated
Corporate Transaction or Change in Control or at the time of an actual Corporate Transaction or
Change in Control and exercisable at the time of the grant of an Award under the Plan or any time
while an Award remains outstanding, to provide for the full or partial automatic vesting and
exercisability of one (1) or more outstanding unvested Awards under the Plan and the release from
restrictions on transfer and repurchase or forfeiture rights of such Awards in connection with a
Corporate Transaction or Change in Control, on such terms and conditions as the Administrator may
specify, provided that such vesting or such release, as applicable, shall be conditional on an
actual Corporate Transaction or Change in Control occurring. The Administrator also shall have the
authority to condition any such Award vesting and exercisability or release from such limitations
upon the subsequent termination of the Continuous Service of the Grantee within a specified period
following the effective date of the Corporate Transaction or Change in Control. The Administrator
may provide that any Awards so vested or released from such limitations in connection with a Change
in Control, shall remain fully exercisable until the expiration or sooner termination of the Award.

          (c) Effect of Acceleration on Incentive Stock Options. Any Incentive Stock Option
accelerated under this Section 11 in connection with a Corporate Transaction or Change in Control
shall remain exercisable as an Incentive Stock Option under the Code only to the extent the
$100,000 dollar limitation of Section 422(d) of the Code is not exceeded.

     12. Effective Date and Term of Plan. The Plan shall become effective upon the earlier to
occur of its adoption by the Board or its approval by the stockholders of the Company. It shall
continue in

Page 12 of Exhibit 10.1

 

 

effect for a term of ten (10) years unless sooner terminated. Subject to Section 17,
below, and Applicable Laws, Awards may be granted under the Plan upon its becoming effective.

     13. Amendment, Suspension or Termination of the Plan.

          (a) The Board may at any time amend, suspend or terminate the Plan; provided, however,
that no such amendment shall be made without the approval of the Company’s stockholders to the
extent such approval is required by Applicable Laws, or if such amendment would lessen the
stockholder approval requirements of Section 4(b)(vi) or this Section 13(a).

          (b) No Award may be granted during any suspension of the Plan or after termination of the
Plan.

          (c) No suspension or termination of the Plan (including termination of the Plan under
Section 12, above) shall adversely affect any rights under Awards already granted to a Grantee.

     14. Reservation of Shares.

          (a) The Company, during the term of the Plan, will at all times reserve and keep available
such number of Shares as shall be sufficient to satisfy the requirements of the Plan.

          (b) The inability of the Company to obtain authority from any regulatory body having
jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful
issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of
the failure to issue or sell such Shares as to which such requisite authority shall not have been
obtained.

     15. No Effect on Terms of Employment/Consulting Relationship. The Plan shall not confer
upon any Grantee any right with respect to the Grantee’s Continuous Service, nor shall it interfere
in any way with his or her right or the right of the Company or any Related Entity to terminate the
Grantee’s Continuous Service at any time, with or without Cause, and with or without notice. The
ability of the Company or any Related Entity to terminate the employment of a Grantee who is
employed at will is in no way affected by its determination that the Grantee’s Continuous Service
has been terminated for Cause for the purposes of this Plan.

     16. No Effect on Retirement and Other Benefit Plans. Except as specifically provided in a
retirement or other benefit plan of the Company or a Related Entity, Awards shall not be deemed
compensation for purposes of computing benefits or contributions under any retirement plan of the
Company or a Related Entity, and shall not affect any benefits under any other benefit plan of any
kind or any benefit plan subsequently instituted under which the availability or amount of benefits
is related to level of compensation. The Plan is not a “Retirement Plan” or “Welfare Plan” under
the Employee Retirement Income Security Act of 1974, as amended.

     17. Stockholder Approval. The grant of Awards under the Plan shall be subject to approval
of the Plan by the stockholders of the Company within twelve (12) months before or after the date
the Plan is adopted by the Board. Such stockholder approval shall be obtained in the degree and
manner required under Applicable Laws. The Administrator may grant Awards under the Plan subject
to approval of the Plan by the stockholders. In the event that stockholder approval of the Plan is
not obtained within the twelve (12) month period provided above, all Awards previously granted
under the Plan shall be rescinded and be of no force or effect.

     18. Unfunded Obligation. Grantees shall have the status of general unsecured creditors of
the Company. Any amounts payable to Grantees pursuant to the Plan shall be unfunded and unsecured
obligations for all purposes, including, without limitation, Title I of the Employee Retirement
Income Security Act of 1974, as amended. Neither the Company nor any Related Entity shall be
required to segregate any monies from its general funds, or to create any trusts, or establish any
special accounts
with respect to such obligations. The Company shall retain at all times beneficial ownership
of any investments, including trust investments, which the Company may make to fulfill its payment
obligations

Page 13 of Exhibit 10.1

 

 

hereunder. Any investments or the creation or maintenance of any trust or any Grantee
account shall not create or constitute a trust or fiduciary relationship between the Administrator,
the Company or any Related Entity and a Grantee, or otherwise create any vested or beneficial
interest in any Grantee or the Grantee’s creditors in any assets of the Company or a Related
Entity. The Grantees shall have no claim against the Company or any Related Entity for any changes
in the value of any assets that may be invested or reinvested by the Company with respect to the
Plan.

     19. Construction. Captions and titles contained herein are for convenience only and shall
not affect the meaning or interpretation of any provision of the Plan. Except when otherwise
indicated by the context, the singular shall include the plural and the plural shall include the
singular. Use of the term “or” is not intended to be exclusive, unless the context clearly
requires otherwise.

     20. Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board, the
submission of the Plan to the stockholders of the Company for approval, nor any provision of the
Plan will be construed as creating any limitations on the power of the Board to adopt such
additional compensation arrangements as it may deem desirable, including, without limitation, the
granting of Awards otherwise than under the Plan, and such arrangements may be either generally
applicable or applicable only in specific cases.

Page 14 of Exhibit 10.1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]