Document:

exv10w2

Exhibit 10.2

ECHO THERAPEUTICS, INC.

2008 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

     This RESTRICTED STOCK AGREEMENT (the “Agreement”), dated as of the                      day of                     , 20          
          
(the “Grant Date”), is between Echo Therapeutics, Inc., a Minnesota corporation (the “Company”),
and                      (the “Grantee”), [a] [an] [employee] [non-employee director]
[consultant] of the Company or of a “Related Corporation,” as defined in the Echo Therapeutics,
Inc. 2008 Equity Incentive Plan (the “Plan”).

     WHEREAS, the Company desires to grant the Grantee shares of common stock in the Company
(“Shares”) subject to certain restrictions as hereinafter provided, in accordance with the
provisions of the Plan, a copy of which is attached hereto (if not previously provided to the
Grantee);

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the legal sufficiency of which is hereby acknowledged, the parties
hereto, intending to be legally bound hereby, agree as follows:

     1. Grant of Restricted Stock. The Company hereby grants to the Grantee as of the
Grant Date                      Shares subject to the restrictions set forth in Paragraph 2 (the “Restricted
Stock”). This grant is in all respects limited and conditioned as hereinafter provided, and is
subject in all respects to the terms and conditions of the Plan now in effect and as it may be
amended from time to time (but only to the extent that such amendments apply to outstanding grants
of Restricted Stock). Such terms and conditions are incorporated herein by reference, made a part
hereof, and shall control in the event of any conflict with any other terms of this Agreement.

     2. Vesting. The Grantee shall vest in (i.e., have the right to sell, assign,
transfer, pledge, or otherwise encumber or dispose of) the Restricted Stock granted under the
Agreement as indicated in the schedule below. The “Committee” (as defined in the Plan) may at any
time accelerate the time at which the restrictions on all or any part of the Restricted Stock will
lapse.

 

 

	 	 	 
	Date Shares of Restricted Stock	 	 
	Become Vested	 	Number of Shares
	 
	 	 
	[One Year from Grant Date]

	 	                          Shares [25% of the total number of
Shares granted under this Agreement]
	 
	 	 
	[Two Years from Grant Date]

	 	     an additional                      Shares [25% of the
total number of Shares granted under this
Agreement]
	 
	 	 
	[Three Years from Grant Date]

	 	     an additional                      Shares [25% of the
total number of Shares granted under this
Agreement]
	 
	 	 
	[Four Years from Grant Date]

	 	     an additional                      Shares [25% of the
total number of Shares granted under this
Agreement]

Notwithstanding the foregoing, all unvested Restricted Stock granted to the Grantee shall become
fully vested at any earlier time set forth in the Grantee’s Employment Agreement with the Company
(if any).

     3. Restriction Provisions; Share Certificate. The Company’s transfer agent shall
register the Grantee’s Restricted Stock in a book entry in the Grantee’s name, and shall include
provisions in its records noting the restrictions on transfer on such Restricted Stock that are set
forth in this Agreement. The Restricted Stock shall remain subject to such restrictions until the
Grantee becomes vested in the Restricted Stock. The Grantee, by executing this Agreement,
irrevocably grants to the Company a power of attorney to direct the Company’s transfer agent to
transfer to the Company any Restricted Stock that is forfeited pursuant to Paragraph 5 and any
Shares used to satisfy the withholding requirements set forth in Paragraph 8. The Grantee also
agrees to execute any document requested by the Company in connection with such transfer to the
Company. As soon as practicable after Restricted Stock becomes vested under Paragraph 2, such
restriction provisions shall be removed, and the Shares (net of any Shares used to satisfy the
withholding requirements of Paragraph 8) shall be delivered to the Grantee in the form of
certificates or in any other form permitted by the Company.

     4. Voting and Dividend Rights. The Grantee shall have voting rights on Restricted
Stock and receive an amount equal to the dividends that otherwise would have been payable to the
Grantee had the Grantee been vested in such Restricted Stock on the date of their

 

 

original issuance. Such amount shall be treated as compensation (subject to the withholding
of applicable taxes) unless and until the Grantee makes the election described in Paragraph 6.

     5. Termination of Service. If the Grantee’s service with the Company and all of its
Related Corporations is terminated for any reason (including death or “Disability” (as defined in
the Plan)), all unvested Restricted Stock held by the Grantee at the time of termination of service
shall be transferred to the Company pursuant to the stock power described in Paragraph 3 without
any further action by the Grantee, subject to any contrary result provided in the Grantee’s
Employment Agreement with the Company (if any).

     6. Notice of Tax Election. If the Grantee makes an election under section 83(b) of
the Internal Revenue Code of 1986, as amended (the “Code”), for the immediate recognition of income
attributable to the grant of Restricted Stock, the Grantee shall inform the Company in writing of
such election within 10 days after filing such election. The amount includible in the Grantee’s
income as a result of an election under section 83(b) of the Code shall be subject to applicable
federal, state and local tax withholding requirements and to such additional withholding rules (the
“Withholding Rules”) as shall be adopted by the Committee.

     7. Transferability. The Grantee may not assign or transfer, in whole or in part,
Restricted Stock subject to the Agreement in which the Grantee is not vested.

     8. Withholding of Taxes. The obligation of the Company to deliver Shares upon the
vesting of Restricted Stock shall be subject to applicable federal, state and local tax withholding
requirements. If the amount includible in the Grantee’s income as a result of the vesting of
Restricted Stock is subject to the withholding requirements of applicable tax law, the Grantee,
subject to the provisions of the Plan and the Withholding Rules, may satisfy the withholding tax,
in whole or in part, by electing to have the Company withhold Shares (or by returning Shares to the
Company). Such Shares shall be valued, for this purpose, at their “Fair Market Value” (as defined
in the Plan) on the date the amount attributable to the vesting of the Restricted Stock is
includible in income by the Grantee under section 83 of the Code. Such election must be made in
compliance with and subject to the Withholding Rules, and the Company may not withhold Shares in
excess of that number necessary to satisfy the minimum federal, state and local income tax and
Social Security withholding requirements. Notwithstanding the foregoing, the Company may limit the
number of shares withheld to the extent necessary to avoid adverse accounting consequences.

     9. Governing Law. The Agreement shall be governed by the applicable Code provisions
to the maximum extent possible. Otherwise, the laws of the Company’s jurisdiction of incorporation
(without reference to the principles of the conflict of laws) shall govern the operation of, and
the rights of Grantees under, the Plan and Restricted Stock granted thereunder.

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

 

 

	 	 	 	 	 	 	 
	 	 	ECHO THERAPEUTICS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Granteeexv10w3

Exhibit 10.3

ECHO THERAPEUTICS, INC.

2008 EQUITY INCENTIVE PLAN

INCENTIVE STOCK OPTION AGREEMENT

     This INCENTIVE STOCK OPTION AGREEMENT (the “Option Agreement”), dated as of the                     
day of
                    , 20                     (the “Grant Date”), is between Echo Therapeutics, Inc.,
a Minnesota corporation (the “Company”), and                      (the “Optionee”), an
employee of the Company or of a “Related Corporation,” as defined in the Echo Therapeutics, Inc.
2008 Equity Incentive Plan (the “Plan”).

          WHEREAS, the Company desires to give the Optionee the opportunity to purchase shares of common
stock of the Company (“Common Stock”) in accordance with the provisions of the Plan, a copy of
which is attached hereto;

          NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the parties hereto, intending to be legally bound hereby, agree as
follows:

          1. Grant of Option. The Company hereby grants to the Optionee the right and option
(the “Option”) to purchase all or any part of an aggregate
of                      shares of Common Stock. The
Option is in all respects limited and conditioned as hereinafter provided, and is subject in all
respects to the terms and conditions of the Plan now in effect and as it may be amended from time
to time (but only to the extent that such amendments apply to outstanding options). Such terms and
conditions are incorporated herein by reference, made a part hereof, and shall control in the event
of any conflict with any other terms of this Option Agreement. The Option granted hereunder is
intended to be an incentive stock option (“ISO”) meeting the requirements of the Plan and section
422 of the Internal Revenue Code of 1986, as amended (the “Code”), and not a nonqualified
stock option (“NQSO”).

          2. Exercise Price. The exercise price of the shares of Common Stock covered by this
Option shall be $                     per share. It is the determination of the Company’s Stock
Option Committee (the “Committee”) that on the Grant Date the exercise price was not less than the
greater of (i) 100% (110% for an Optionee who owns more than 10% of the total combined voting power
of all shares of stock of the Company or of a Related Corporation – a “More-Than-10% Owner”) of the
“Fair Market Value” (as defined in the Plan) of a share of the Common Stock, or (ii) the par value
of the Common Stock.

          3. Term. Unless earlier terminated pursuant to any provision of the Plan or of this
Option Agreement, this Option shall expire on
                    , 20                     (the “Expiration
Date”), which date is not more than 10 years (five years in the case of a More-Than-10% Owner) from
the Grant Date. This Option shall not be exercisable on or after the Expiration Date.

 

 

          4. Exercise of Option. The Optionee shall have the right to purchase from the
Company, on and after the following dates, the following number of Shares, provided the Optionee
has not terminated his or her service as of the applicable vesting date:

	 	 	 
	Date Installment Becomes	 	 
	Exercisable	 	Number of Option Shares
	 
	 	 
	 

	 	                                          Shares
	 
	 	 
	 

	 	an additional                      Shares
	 
	 	 
	 

	 	an additional                      Shares
	 
	 	 
	 

	 	an additional                      Shares

The Committee may accelerate any exercise date of the Option, in its discretion, if it deems such
acceleration to be desirable. Once the Option becomes exercisable, it will remain exercisable
until it is exercised or until it terminates.

          5. Method of Exercising Option. Subject to the terms and conditions of this Option
Agreement and the Plan, the Option may be exercised by written notice to the Company at its
principal office, which is presently located at 10 Forge Parkway, Franklin, Massachusetts 02038,
Attn: Chief Executive Officer. The form of such notice is attached hereto and shall state the
election to exercise the Option and the number of whole shares with respect to which it is being
exercised; shall be signed by the person or persons so exercising the Option; and shall be
accompanied by payment of the full exercise price of such shares. Only full shares will be issued.

     The exercise price shall be paid to the Company –

          (a) in cash, or by certified check, bank draft, or postal or express money order;

          (b) through the delivery of shares of Common Stock which shall be valued at the Fair Market
Value of the Common Stock on the date of exercise;

          (c) in shares of Common Stock newly acquired by the Optionee upon the exercise of the Option;

          (d) by delivering a properly executed notice of exercise of the Option to the Company and a
broker, with irrevocable instructions to the broker promptly to deliver to the Company the amount
of sale or loan proceeds necessary to pay the exercise price of the Option; or

          (e) in any combination of (a), (b), (c) or (d) above.

     In the event the exercise price is paid, in whole or in part, with shares of Common Stock, the
portion of the exercise price so paid shall be equal to the Fair Market Value of the Common Stock
delivered or withheld on the date of exercise.

 

 

     Upon receipt of notice of exercise and payment, the Company shall deliver a certificate or
certificates representing the shares with respect to which the Option is so exercised. The Optionee
shall obtain the rights of a shareholder upon receipt of a certificate(s) representing such Common
Stock.

     Such certificate(s) shall be registered in the name of the person so exercising the Option
(or, if the Option is exercised by the Optionee and if the Optionee so requests in the notice
exercising the Option, shall be registered in the name of the Optionee and the Optionee’s spouse,
jointly, with right of survivorship), and shall be delivered as provided above to, or upon the
written order of, the person exercising the Option. In the event the Option is exercised by any
person after the death or “disability” (within the meaning of section 22(e)(3) of the Code) of the
Optionee, the notice shall be accompanied by appropriate proof of the right of such person to
exercise the Option. All shares that are purchased upon exercise of the Option as provided herein
shall be fully paid and non-assessable.

          6. Non-Transferability of Option. This Option is not assignable or transferable, in
whole or in part, by the Optionee other than by will or by the laws of descent and distribution.
During the lifetime of the Optionee, the Option shall be exercisable only by the Optionee or, in
the event of his or her disability, by his or her guardian or legal representative.

          7. Termination of Employment. If the Optionee’s employment with the Company and all
Related Corporations is terminated for any reason (other than death or disability) prior to the
Expiration Date, this Option may be exercised, to the extent of the number of shares with respect
to which the Optionee could have exercised it on the date of such termination of employment, or to
any greater extent permitted by the Committee in its discretion, by the Optionee at any time prior
to the earlier of (i) the Expiration Date or (ii) three months after such termination of
employment.

          8. Disability. If the Optionee becomes “disabled” (within the meaning of section
22(e)(3) of the Code) during his or her employment and, prior to the Expiration Date, the
Optionee’s employment is terminated as a consequence of such disability, this Option may be
exercised, to the extent of the number of shares with respect to which the Optionee could have
exercised it on the date of such termination of employment, or to any greater extent permitted by
the Committee in its discretion, by the Optionee or by the Optionee’s legal representative at any
time prior to the earlier of (i) the Expiration Date or (ii) six months after such termination of
employment.

          9. Death. If the Optionee dies during his or her employment and prior to the
Expiration Date, or if the Optionee’s employment is terminated for any reason (as described in
Paragraphs 7 and 8) and the Optionee dies following his or her termination of employment but prior
to the earliest of (i) the Expiration Date, (ii) the expiration of the period determined under
Paragraph 7 or 8 (as applicable to the Optionee), or (iii) three months following the Optionee’s
termination of employment, this Option may be exercised, to the extent of the number of shares with
respect to which the Optionee could have exercised it on the date of his or her death, or to any
greater extent permitted by the Committee in its discretion, by the Optionee’s estate, personal
representative or beneficiary who acquired the right to exercise this Option by bequest

 

 

or inheritance or by reason of the Optionee’s death, at any time prior to the earlier of (i)
the Expiration Date or (ii) six months after the date of the Optionee’s death.

          10. Disqualifying Disposition of Option Shares. The Optionee agrees to give written
notice to the Company, at its principal office, if a “disposition” of the shares acquired through
exercise of the Option granted hereunder occurs at any time within two years after the Grant Date
or within one year after the transfer to the Optionee of such shares. Optionee acknowledges that
if such disposition occurs, the Optionee generally will recognize ordinary income as of the date
the Option was exercised in an amount equal to the lesser of (i) the Fair Market Value of the
shares of Common Stock on the date of exercise minus the exercise price, or (ii) the amount
realized on disposition of such shares minus the exercise price. For purposes of this Paragraph,
the term “disposition” shall have the meaning assigned to such term by section 424(c) of the Code.

          11. Governing Law. This Option Agreement shall be governed by the applicable Code
provisions to the maximum extent possible. Otherwise, the laws of the Company’s jurisdiction of
incorporation (without reference to the principles of the conflict of laws) shall govern the
operation of, and the rights of grantees under, the Plan, and options granted thereunder.

     IN WITNESS WHEREOF, the Company has caused this Incentive Stock Option Agreement to be duly
executed by its duly authorized officer, and the Optionee has hereunto set his or her hand and
seal, all on the                      day of                     , 20                    .

	 	 	 	 	 
	 

	 	ECHO THERAPEUTICS, INC.	 	 
	 
	 	 	 	 
	 

	 	 

By:
	 	 
	 
	 	 	 	 
	 

	 	 

Optionee
	 	 

 

 

ECHO THERAPEUTICS, INC.

2008 EQUITY INCENTIVE PLAN

Notice of Exercise of Incentive Stock Option

     I hereby exercise the incentive stock option granted to me pursuant to the Incentive Stock
Option Agreement dated as of
            
        , 20                    , by Echo Therapeutics, Inc., a Minnesota
corporation (the “Company”), with respect to the following number of shares of the Company’s common
stock (“Shares”), par value $0.01 per Share, covered by said option:

	 	 	 	 	 
	Number of Shares to be purchased:
	 	 	                    	 
	 
	 	 	 	 
	Purchase price per Share:
	 	$	                    	 
	 
	 	 	 	 
	Total purchase price:
	 	$	                    	 

	 	 	 	 	 
	                    

	 	A.
	 	Enclosed is cash or my certified
check, bank draft, or postal or
express money order in the amount
of $                     in full/partial
[circle one] payment for such Shares;
	 
	 	 	 	 
	 

	 	 	 	and/or
	 
	 	 	 	 
	                    

	 	B.
	 	Enclosed is/are
           Share(s)
with a total Fair Market Value of $            on
the date hereof in full/partial [circle one] payment for such Shares;
	 
	 	 	 	 
	 

	 	 	 	and/or
	 
	 	 	 	 
	                    

	 	C.
	 	Please withhold                      Shares with a total Fair Market Value of
$                     on the date hereof in full/partial [circle one] payment for such
Shares;
	 
	 	 	 	 
	 

	 	 	 	and/or

                                          D.       I have provided notice to                      [insert name of broker], a
broker, who will render full/partial [circle one] payment for such Shares. [Optionee should attach
to the notice of exercise provided to such broker a copy of this Notice of Exercise and irrevocable
instructions to pay to the Company the full exercise price for the number of Shares purchased in
this method.]

 

 

     Please have the certificate or certificates representing the purchased Shares registered in
the following name or
names*:
            
                                                ;
and sent to
                    .

	 	 	 	 	 
	DATED:
             
       , 20                    

	 	 

Optionee’s Signature
	 	 

 

			
	*	 	Certificates may be registered in the name of the
Optionee alone or in the joint names (with right of survivorship) of the
Optionee and his or her spouse.

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