Document:

exv10w2

 

Exhibit 10.2

HUMAN GENOME SCIENCES, INC.

2000 STOCK INCENTIVE PLAN

STOCK OPTION AGREEMENT

Human Genome Sciences, Inc., a Delaware corporation (the “Company”), has
granted to the Optionee an option (the “Option”) to purchase shares of Common
Stock of the Company (the “Shares”), at the price and on the terms set forth
herein and on the books and records of the Company as shown on the Optionee
Statement as shall be issued to the Optionee pursuant to this Agreement (the
“Statement”) (which is hereby incorporated herein by reference and which is an
integral part of the Option), and in all respects subject to the terms and
provisions of the Human Genome Sciences, Inc. 2000 Stock Incentive Plan (the
“Plan”) applicable to stock options, which terms and provisions are hereby
incorporated by reference herein. Unless the context herein otherwise requires,
the terms defined in the Plan or Statement shall have the same meanings herein.

1. Nature of the Option. If the Option on the Statement is designated as an
Incentive Stock Option, the Option is intended to be an incentive stock option
within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”). If the Option on the Statement is designated as a
Non-Qualified Stock Option, the Option is intended to be a non-statutory stock
option and is not intended to be an incentive stock option with the meaning of
Section 422 of the Code. In either event, it is intended and expected that the
grant of the Option will be exempt from Section 16(b) of the Securities
Exchange Act of 1934, pursuant to Rule 16b-3 issued thereunder.

2. Date of Grant; Term of Option. The Compensation Committee of the Board of
Directors of the Company (the “Committee”) granted the Option on the Grant Date
set forth in the Statement, and it may not be exercised later than ten years
from the Grant Date.

3. Option Exercise Price. The per share exercise price for the Option is the
Exercise Price set forth in the Statement.

4. Exercise of Option. The Option shall be exercisable with respect to the
total number of shares subject to the Option during its term only in accordance
with the terms and provisions of the Plan and the Option as follows:

     (a) Right to Exercise. The Option shall vest and shall be exercisable as
set forth in the Statement. If the Grant Date of the Option as shown in the
Statement is August 16, 2000 or later, the Option may not be exercised until at
least six months have elapsed from (but excluding) the Grant Date, provided
that the Option may be exercised during such six-month period if such exercise
(i) is effected after the Optionee’s termination of employment with the
Company, (ii) is approved in writing by the Committee or (iii) is pursuant to
an acceleration in the exercisability of the Option because of the Optionee’s
death, disability or retirement, a change in corporate ownership or other
circumstances covered under Section 7(e) of the Fair Labor Standards Act of
1938, as amended.

     (b) Method of Exercise. The Optionee or other person then entitled to
exercise the Option may exercise all or any portion of the Option that is then
exercisable by giving (i) written notice of exercise to the Chief Financial
Officer (“CFO”) of the Company, or to a person or entity designated by the CFO,
in accordance with the Plan’s procedures on or before the expiration date
specified in Section 2 hereof, in a form specified by the Committee, signed by
the Optionee, that specifies the number of Shares underlying the portion of
the Option being exercised, followed, within three (3) business days, by
payment of such price in a form acceptable to the Company. The Company will
deliver the Shares underlying the portion of the Option that is exercised (the
“Exercised Option Shares”) within a reasonable period of time after payment is
received; provided, however, that the Company shall have no obligation to
deliver such Shares until the person exercising the Option complies, to the
satisfaction of the Committee, with any requests for

 

representations or documents demonstrating to the Company’s satisfaction (1)
compliance with legal requirements and (2) if the person exercising the Option
is not the Optionee, the person’s right to exercise the Option. The
certificate or certificates for the Exercised Option Shares shall be registered
in the name of the Optionee and shall be legended as required under the Plan
or applicable law. Upon delivery of the certificate or certificates for the
Exercised Option Shares to the Optionee, the Company also will deliver to the
Optionee an amended Statement showing the number of Exercised Shares and the
number of Shares (if any) for which the Option has not been exercised (the
“Option Shares Outstanding”).

     (c) Restrictions on Exercise. The Option may not be exercised if the
issuance of the Shares upon such exercise would constitute a violation of any
applicable federal or state securities laws or other laws or regulations. As
a condition to the exercise of the Option, the Company may require the
Optionee to make any representation and warranty to the Company as may be
required by any applicable law or regulation. The Optionee may not exercise
any portion of the Option while the Exercise Price per Share exceeds the Fair
Market Value.

5. Termination of Relationship with the Company. Subject to the provisions of
Section 6 hereof, if the Optionee ceases to serve as an employee of the
Company or its Affiliates for any reason other than death or permanent and
total disability within the meaning of Code section 22(e)(3) (“Disability”) and
thereby terminates his or her status as an employee, the Optionee shall have
the right to exercise the Option at any time within the three (3) month period
after the date of such termination to the extent that the Optionee was
entitled to exercise the Option at the date of such termination. If the
Optionee ceases to serve as an employee due to death or Disability, the Option
may be exercised at any time within one (1) year after the date of death or
termination of employment due to Disability, in the case of death, by the
Optionee’s estate or by a person who acquired the right to exercise the Option
by bequest or inheritance, or, in the case of Disability, by the Optionee or
his or her legal guardian or representative, but in any case only to the
extent the Optionee was entitled to exercise the Option at the date of such
termination. To the extent that the Optionee was not entitled to exercise the
Option at the date of termination, or to the extent the Option is not
exercised within the time specified herein, the Option shall terminate.
Notwithstanding the foregoing, the Option shall not be exercisable after the
expiration of the term set forth in Section 2 hereof.

6. Transferability of Option. If the Option is designated as an Incentive
Stock Option, it may not be sold, pledged, assigned, hypothecated, gifted,
transferred or disposed of in any manner either voluntarily or involuntarily by
operation of law, other than by will or by the laws of descent or distribution,
and may be exercised during the lifetime of the Optionee only by such
Optionee. If the Option is designated as a Non-Qualified Stock Option, it may
be transferred only by the Optionee and only by gift or domestic relations
order to (1) the Optionee’s child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law,
including adoptive relationships or any person sharing the Optionee’s household
(other than a tenant or employee of the Optionee) (“Family Member”), (2) a
trust in which Family Members have more than 50% of the beneficial interest,
(3) a foundation in which Family Members (or the Optionee) control the
management of assets, or (4) any other entity in which Family Members (or the
Optionee) own more than 50% of the voting interests; provided, however, that no
such transfers may be made for value. For purposes of the preceding sentence,
a transfer under a domestic relations order in settlement of martial property
rights and a transfer to an entity in which more than 50% of the voting
interests are owned by Family Members (or the Optionee) in exchange for an
interest in that entity shall not be treated as transfers for value. Subject
to the foregoing and the terms of the Plan, the terms of the Option shall be
binding upon the Optionee’s executors, administrators, heirs, successors,
transferees, donees and assigns.

7. Adjustments and Corporate Reorganizations.

     (a) Subject to any required action by the Company (which shall be
promptly taken) or its shareholders, and subject to the provisions of the
Delaware General Corporation Law, if the outstanding Common Stock are
increased or decreased or changed into or exchanged for a different number or kind of

 

security by reason of any recapitalization, reclassification, stock
split, reverse stock split, combination of
shares, exchange of shares, stock dividend, or other distribution payable in
capital stock, or other increase or decrease in such Common Stock is effected
without receipt of consideration by the Company occurring after the Grant Date
of the Option, a proportionate and appropriate adjustment shall be made in the
number of shares of Common Stock underlying the Option, so that the
proportionate interest of the Optionee immediately following such event shall,
to the extent practicable, be the same as immediately before such event. Any
such adjustment in the Option shall not change the total price with respect to
shares of Common Stock underlying the unexercised portion of the Option but
shall include a corresponding proportionate adjustment in the Exercise Price.
The Committee will make the adjustments required by this Section 7(a) and its
determination will be final, binding and conclusive.

     (b) Upon the dissolution or liquidation of the Company, or upon a
reorganization, merger, or consolidation of the Company as a result of which
the outstanding securities of the class of securities then subject to the
Option are changed into or exchanged for cash or property or securities not of
the Company’s issue, or any combination thereof, or upon a sale of
substantially all the property of the Company to, or the acquisition of shares
of Common Stock representing more than eighty percent (80%) of the voting
power of the shares of Common Stock then outstanding by, another corporation
or person, the Option shall terminate, unless provision be made in writing in
connection with such transaction for the assumption of options theretofore
granted under the Plan, or the substitution for such options of any options
covering the stock or securities of a successor employer corporation, or a
parent or subsidiary thereof, with appropriate adjustments as to the number
and kind of shares of stock and prices, in which event the Option shall
continue in the manner and under the terms so provided. If the Option would
otherwise terminate pursuant to the foregoing sentence, the Optionee shall
have the right, at such time before the consummation of the transaction
causing such termination as the Company shall reasonably designate, to
exercise the unexercised portions of the Option, including the portions thereof
that would, but for this subsection, not yet be exercisable.

     (c) Notwithstanding subparagraph (b), upon acquisition by a person, or
group of persons, of more than fifty percent (50%) of the Company’s outstanding
Common Stock, the Option shall immediately vest in full and be exercisable.

8. Continuation of Employment or Engagement. Neither the Plan nor the Option
shall confer upon any Optionee any right to continue in the employment of the
Company or any of its Affiliates or limit, in any respect, the right of the
Company to discharge the Optionee at any time, with or without cause and with
or without notice.

9. Withholding. The Company reserves the right to withhold, in accordance
with any applicable laws, from any consideration payable to Optionee any taxes
required to be withheld by federal, state or local law as a result of the
grant or exercise of the Option or the sale or other disposition of the shares
issued upon exercise of the Option. If the amount of any consideration payable
to the Optionee is insufficient to pay such taxes or if no consideration is
payable to the Optionee, upon the request of the Company, the Optionee (or
such other person entitled to exercise the Option pursuant to Section 6
hereof) shall pay to the Company an amount sufficient for the Company to
satisfy any federal, state or local tax withholding requirements it may incur,
as a result of the grant or exercise of the Option or the sale or other
disposition of the shares issued upon the exercise of the Option.

10. The Plan. The Option is subject to, and the Company and the Optionee
agree to be bound by, all of the terms and conditions of the Plan as such Plan
may be amended from time to time in accordance with the terms thereof, provided
that no such amendment shall deprive the Optionee, without his or her consent,
of the Option or any rights hereunder. This Agreement is intended to conform
in all respects with, and is subject to all applicable provisions of, the Plan.
Inconsistencies between this Agreement and the Plan shall be resolved in
accordance with the terms of the Plan. In the event of any ambiguity in this
Agreement or any matters as to which this Agreement is silent, the Plan shall
govern. Pursuant to the Plan, the Board of Directors of the Company is
authorized to adopt rules and regulations not inconsistent with the Plan as it
shall deem appropriate and proper. A copy of the Plan in its present form is
available for inspection during
business hours by the Optionee or the persons entitled to exercise the Option
at the Company’s principal office.

 

11. Early Disposition of Stock. Subject to the fulfillment by Optionee of any
conditions upon the disposition of shares received under the Option, Optionee
hereby agrees that if he or she disposes of any shares received under the
Option within one (1) year after such shares were transferred to him or her or
within 2 years from the Grant Date, he or she will notify the Company in
writing within thirty (30) days after the date of such disposition. Unless
otherwise approved in writing by the Committee, no person subject to Section 16
of the Securities Exchange Act of 1934 may sell, assign, pledge, encumber, or
otherwise transfer shares acquired upon exercise of the Option until at least
six months have elapsed from (but excluding) the Grant Date.

12. Arbitration. Any dispute or controversy arising out of or relating to the
Option shall be settled finally and exclusively by arbitration in Washington,
D.C. in accordance with the rules of the American Arbitration Association then
in effect. Such arbitration shall be conducted by an arbitrator or arbitrators
appointed by the American Arbitration Association in accordance with its rules
and any finding by such arbitrator or arbitrators shall be final and binding
upon the parties. Judgment upon any award rendered by the arbitrator(s) may be
entered in any court having jurisdiction thereof, and the Company or any of its
Affiliates and the Optionee consent to the jurisdiction of the courts of the
State of Maryland for this purpose.

13. Notices. Any notice to be given to the Company shall be addressed to the
Company in care of its Chief Financial Officer at its principal office, and any
notice to be given to the Optionee shall be addressed to the Optionee at the
address given beneath his or her signature hereto or at such other address as
the Optionee may hereafter designate in writing to the Company. Any notice to
the Optionee shall for all purposes be deemed to be notice to any person to
whom the Optionee shall have transferred the Option pursuant to Section 6. Any
such notice shall be deemed duly given on the earliest of (a) its actual
receipt, (b) five business days after it is mailed by registered or certified
U.S. mail to the foregoing address, (c) one business day after it is mailed
through Federal Express (or another overnight delivery service acceptable to
both parties) to the foregoing address, or (d) the date as of which the Chief
Financial Officer of the Company or the Optionee as appropriate confirms
receipt of a telecopy (for those notices that do not require original
documents).

14. Optionee. The word “Optionee” as used in any provision of this Agreement
under circumstances where the provision should logically be construed, as
determined by the Committee or its designee, to apply to the estate, personal
representative, beneficiary to whom the Option may be transferred by will or by
the laws of descent and distribution, or another permitted transferee, the word
“Optionee” shall be deemed to include such person.

15. Option. The Optionee agrees that any additional option to purchase shares
of the Common Stock of the Company granted to the Optionee under the Plan after
the date of this Agreement shall be subject to the terms and conditions hereof,
and each such additional option, together with all other options subject to
this Agreement, shall collectively be deemed the Option for purposes of this
Agreement, except to the extent the Committee determines in connection with
grant of the additional option(s) that other terms and conditions will apply
thereto. If two or more options are subject to the terms of this Agreement,
references herein to the terms of the Option as set forth in the Statement
(including, but not limited to, the Grant Date and the exercise price) shall be
deemed, for purposes of each option, references to the terms as set forth in
the Statement for that option, which terms are hereby incorporated herein by
reference.

16. Entire Agreement. This Agreement, including the Statement, together with
the Plan and the other exhibits attached thereto or hereto, represents the
entire agreement between the parties.

17. Governing Law. This Agreement shall be construed in accordance with the
laws of the State of Delaware.

 

18. Amendment. Except as provided by the Plan, the Committee and the Board may
not make modifications in the terms and conditions of the Option that adversely
affect the Optionee without the Optionee’s written consent.

	 	 	 	 	 	 	 
	Date: 	 	 	Human Genome Sciences, Inc.	 
	 	

	 	 	 	By:  	 	 
	 	 	 	 	William A. Haseltine, Ph.D. 	 
	 	 	 	 	Chairman and Chief Executive Officer 	 
	 

ACKNOWLEDGMENT

     The Optionee accepts the Option subject to all of the terms and
provisions hereof and of the Plan under which it is granted. The Optionee
hereby agrees to accept as binding, conclusive, and final all decisions or
interpretations of the Board of Directors or the Committee upon any questions
arising under the Plan.

	 	 	 	 
	Date:	 

	 	

Printed Name of Optionee
	 	 	 	
 

Signature of Optionee
	 	 	 	
 

Address
	 	 	 	
 

City, State, Zip<PAGE>

                                                                     EXHIBIT 4.0

                    (FORM OF STOCK CERTIFICATE - FRONT SIDE)

NUMBER                                                                    SHARES

COMMON STOCK                                                 CUSIP _____________
(Par Value $.01 Per Share)                                       See reverse for
                                                             certain definitions

                    PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA
                           A PENNSYLVANIA CORPORATION

      This certifies that ___________________________________ is the registered
holder of _________________ fully paid and non-assessable shares of the Common
Stock, par value $.01 per share, of Prudential Bancorp, Inc. of Pennsylvania,
Philadelphia, Pennsylvania (the "Corporation").

      The shares evidenced by this Certificate are transferable in person or by
a duly authorized attorney or legal representative, upon surrender of this
Certificate properly endorsed. This Certificate and the shares represented
hereby are subject to all the provisions of the Articles of Incorporation and
Bylaws of the Corporation and any and all amendments thereto. This Certificate
is not valid unless countersigned by the Transfer Agent and registered by the
Registrar. THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED
OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER FEDERAL
OR STATE GOVERNMENTAL AGENCY.

      IN WITNESS WHEREOF, the Corporation has caused this Certificate to be
executed by the facsimile signatures of its duly authorized officers and has
caused its facsimile seal to be affixed hereto.

Dated:

_____________________(SEAL)                _____________________________________
Lucy R. Cohen                              Thomas A. Vento
Corporate Secretary                        President and Chief Executive Officer

<PAGE>

                     (FORM OF STOCK CERTIFICATE - BACK SIDE)

      The Corporation is authorized to issue more than one class of stock,
including a class of preferred stock which may be issued in one or more series.
The Corporation will furnish to any stockholder, upon written request and
without charge, a full statement of the designations, preferences, limitations
and relative rights of the shares of each class authorized to be issued and,
with respect to the issuance of any preferred stock to be issued in series, the
relative rights and preferences between the shares of each series so far as the
rights and preferences have been fixed and determined and the authority of the
Board of Directors to fix and determine the relative rights and preferences of
subsequent series.

      The Articles of Incorporation of the Corporation includes a provision
which generally prohibits any person (including an individual, company or group
acting in concert) from directly or indirectly offering to acquire or acquiring
the beneficial ownership of more than 10% of any class of equity securities of
the Corporation. In the event that stock is acquired in violation of this 10%
limitation, the excess shares will no longer be counted in determining the total
number of outstanding shares for purposes of any matter involving stockholder
action and the Board of Directors of the Corporation may cause such excess
shares to be transferred to an independent trustee for sale in the open market
or otherwise, with the expenses of such sale to be paid out of the proceeds of
the sale.

      The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM   -    as tenants in common

TEN ENT   -    as tenants by the entireties

JT TEN    -    as joint tenants with right of survivorship and not
               as tenants in common

UNIF GIFT MIN ACT - ______________ Custodian ______________ under         (Cust)
        (Minor)
      Uniform Gifts to Minors Act ________________________
                          (State)

Additional abbreviations may also be used though not in the above list.

<PAGE>

      For value received, _________________________________ hereby sell, assign
and transfer

PLEASE INSERT SOCIAL SECURITY OR OTHER
TAXPAYER IDENTIFYING NUMBER OF ASSIGNEE

_________________________________
               |
_________________________________

unto ______________________________________________________________
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF
ASSIGNEE

________________________________________________________________________________
________________________________________________________________________________
________________________________________
__________________________ shares of Common Stock represented by this
Certificate, and do hereby irrevocably constitute and appoint __________________
as Attorney, to transfer the said shares on the books of the within named
Corporation, with full power of substitution.

Dated _____________ __, ____

                                                        ________________________
                                                        Signature

                                                        ________________________
                                                        Signature

Notice: The signature(s) to this assignment must correspond with the name(s)
written upon the face of this Certificate in every particular, without
alteration or any change whatsoever.

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