Document:

Exhibit 10.2

CONCEPTUS,
INC.

AMENDED AND RESTATED

2002
NON-QUALIFIED STOCK OPTION PLAN

(Effective as of August 8, 2002)

(Amended and Restated as of March
26, 2003)

(Amended and Restated as of December 16, 2005)

(Amended
and Restated as of April 12, 2007)

TABLE OF
CONTENTS

	
  

  	
   

  	
   

  	
  Page

  
	
  1.

  	
  PURPOSES OF THE PLAN

  	
   

  	
  1

  
	
  2.

  	
  DEFINITIONS

  	
   

  	
  1

  
	
  3.

  	
  STOCK SUBJECT TO THE PLAN

  	
   

  	
  3

  
	
  4.

  	
  ADMINISTRATION OF THE PLAN

  	
   

  	
  4

  
	
  5.

  	
  ELIGIBILITY

  	
   

  	
  5

  
	
  6.

  	
  LIMITATIONS

  	
   

  	
  5

  
	
  7.

  	
  TERM OF PLAN

  	
   

  	
  6

  
	
  8.

  	
  TERM OF OPTION

  	
   

  	
  6

  
	
  9.

  	
  OPTION EXERCISE PRICE AND CONSIDERATION

  	
   

  	
  6

  
	
  10.

  	
  EXERCISE OF OPTION

  	
   

  	
  6

  
	
  11.

  	
  NON-TRANSFERABILITY OF OPTIONS AND STOCK
  PURCHASE RIGHTS

  	
   

  	
  9

  
	
  12.

  	
  STOCK PURCHASE RIGHTS

  	
   

  	
  9

  
	
  13.

  	
  ADJUSTMENTS UPON CHANGES IN CAPITALIZATION,
  MERGER OR ASSET SALE

  	
   

  	
  9

  
	
  14.

  	
  TIME OF GRANTING OPTIONS AND STOCK PURCHASE
  RIGHTS

  	
   

  	
  12

  
	
  15.

  	
  AMENDMENT AND TERMINATION OF THE PLAN

  	
   

  	
  12

  
	
  16.

  	
  INABILITY TO OBTAIN AUTHORITY

  	
   

  	
  12

  
	
  17.

  	
  RESERVATION OF SHARES

  	
   

  	
  12

  
	
  18.

  	
  INVESTMENT INTENT

  	
   

  	
  13

  
	
  19.

  	
  GOVERNING LAW

  	
   

  	
  13

  

 

CONCEPTUS,
INC.

AMENDED
AND RESTATED

2002
NON-QUALIFIED STOCK OPTION PLAN

1.             Purposes of the
Plan.  The purposes of the Conceptus,
Inc. Amended and Restated 2002
Non-Qualified Stock Option Plan are to attract and retain the best
available personnel for positions of substantial responsibility, to provide
additional incentive to the Employees and Consultants of the Company and to
promote the success of the Company’s business.

2.             Definitions.  As used herein, the following definitions
shall apply:

(a)           “Acquisition”
means (i) any consolidation or merger of the Company with or into any other
corporation or other entity or person in which the stockholders of the Company
prior to such consolidation or merger own less than fifty percent (50%) of the
Company’s voting power immediately after such consolidation or merger,
excluding any consolidation or merger effected exclusively to change the
domicile of the Company; or (ii) a sale of all or substantially all of the
assets of the Company.

(b)           “Administrator”
means the Board or the Committee responsible for conducting the general
administration of the Plan, as applicable, in accordance with Section 4
hereof.

(c)           “Applicable Laws”
means the requirements relating to the administration of stock option plans
under U.S. state corporate laws, U.S. federal and state securities laws, the
Code, any stock exchange or quotation system on which the Common Stock is
listed or quoted and the applicable laws of any foreign country or jurisdiction
where Options or Stock Purchase Rights are granted under the Plan.

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

(e)           “Code” means the
Internal Revenue Code of 1986, as amended, or any successor statute or statutes
thereto.  Reference to any particular
Code section shall include any successor section.

(f)            “Committee”
means a committee appointed by the Board in accordance with Section 4
hereof.

(g)           “Common Stock”
means the Common Stock of the Company, par value $0.003 per share.

(h)           “Company” means
Conceptus, Inc., a Delaware corporation.

(i)            “Consultant”
means any consultant or adviser to the Company or any Parent or Subsidiary of
the Company.

(j)            “Director”
means a member of the Board.

(k)           “Employee” means
any person, including an Officer or Director, who is an employee (as defined in
accordance with Section 3401(c) of the Code) of the Company or any Parent

 1
 

or Subsidiary of the
Company.  An Employee shall not cease to
be an Employee in the case of (i) any leave of absence approved by the
Company or (ii) transfers between locations of the Company or between the
Company, its Parent, any Subsidiary, or any successor.  Neither service as a Director nor payment of
a director’s fee by the Company shall be sufficient, by itself, to constitute “employment”
by the Company.

(l)            “Equity
Restructuring” means a non-reciprocal transaction between the Company and
its stockholders, such as a stock dividend, stock split, spin-off, rights
offering or recapitalization through a large, nonrecurring cash dividend, that
affects the shares of Common Stock (or other securities of the Company) or the
share price of Common Stock (or other securities) and causes a change in the
per share value of the Common Stock underlying outstanding Awards.

(m)          “Exchange Act”
means the Securities Exchange Act of 1934, as amended, or any successor statute
or statutes thereto.  Reference to any
particular Exchange Act section shall include any successor section.

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

(i)            If the Common Stock is
listed on any established stock exchange or a national market system,
including, without limitation, the Nasdaq Global Select Market, the Nasdaq
Global Market or the Nasdaq Capital Market, its Fair Market Value shall be the
closing sales price for a share of such stock (or the closing bid, if no sales
were reported) as quoted on such exchange or system on the day of determination
(or the most recent day on which sales were reported if none were reported on
such date), as reported in The Wall Street Journal or such other source as the
Administrator deems reliable;

(ii)           If the Common Stock is
regularly quoted by a recognized securities dealer but selling prices are not
reported, its Fair Market Value shall be the mean between the high bid and low
asked prices for a share of the Common Stock on the day of determination (or
the most recent day on which bid and asked prices were reported if none were
reported on such date); or

(iii)          In the absence of an
established market for the Common Stock, the Fair Market Value thereof shall be
determined in good faith by the Administrator.

(o)           “Holder” means a
person who has been granted or awarded an Option or Stock Purchase Right or who
holds Shares acquired pursuant to the exercise of an Option or Stock Purchase Right.

(p)           “Non-Qualified Stock
Option” means an option that is not intended to qualify as an incentive
stock option within the meaning of Section 422 of the Code.

(q)           “Officer” means
the Chief Executive Officer, President, Secretary, Chief Financial Officer,
Chairman of the Board or any Vice Presidents of the Company, any other person
designated an “officer” of the Company by the Board in accordance with the
Company’s Bylaws or any person who is an “officer” within the meaning of Rule
16a-1(f) under the Exchange Act or Nasdaq Rule 4350(i).

(r)            “Option” means
a Non-Qualified Stock Option granted pursuant to the Plan.  All Options granted under this Plan shall be
Non-Qualified Stock Options

 2
 

(s)           “Option Agreement”
means a written agreement between the Company and a Holder evidencing the terms
and conditions of an individual Option grant. 
The Option Agreement is subject to the terms and conditions of the Plan.

(t)            “Parent” means
any corporation, whether now or hereafter existing (other than the Company), in
an unbroken chain of corporations ending with the Company if each of the
corporations other than the last corporation in the unbroken chain owns stock
possessing more than fifty percent of the total combined voting power of all
classes of stock in one of the other corporations in such chain.

(u)           “Plan” means
this Conceptus, Inc. Amended and Restated 2002 Non-Qualified Stock Option Plan.

(v)           “Restricted Stock”
means Shares acquired pursuant to the exercise of an unvested Option in
accordance with Section 10(h) below or pursuant to a Stock Purchase Right
granted under Section 12 below.

(w)          “Rule 16b-3”
means that certain Rule 16b-3 under the Exchange Act, as such Rule may be
amended from time to time.

(x)            “Securities Act”
means the Securities Act of 1933, as amended, or any successor statute or
statutes thereto.  Reference to any
particular Securities Act section shall include any successor section.

(y)           “Service Provider”
means an Employee, Director or Consultant.

(z)            “Share” means a
share of Common Stock, as adjusted in accordance with Section 13 below.

(aa)         “Stock Purchase Right”
means a right to purchase Common Stock pursuant to Section 12 below.

(bb)         “Subsidiary” means
any corporation, whether now or hereafter existing (other than the Company), in
an unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the unbroken chain owns stock
possessing more than fifty percent of the total combined voting power of all
classes of stock in one of the other corporations in such chain.

3.             Stock Subject to
the Plan.  Subject to the provisions
of Section 13 of the Plan, the shares of stock subject to Options or Stock
Purchase Rights shall be Common Stock, initially shares of the Company’s Common
Stock, par value $0.003 per share. 
Subject to the provisions of Section 13 of the Plan, the maximum
aggregate number of Shares which may be issued upon exercise of such Options or
Stock Purchase Rights is 1,000,000 Shares. 
Shares issued upon exercise of Options or Stock Purchase Rights may be
authorized but unissued, or reacquired Common Stock.  If an Option or Stock Purchase Right expires
or becomes unexercisable without having been exercised in full, the unpurchased
Shares which were subject thereto shall become available for future grant or
sale under the Plan (unless the Plan has terminated).  Shares which are delivered by the Holder or
withheld by the Company upon the exercise of an Option or Stock Purchase Rights
under the Plan, in payment of the exercise price thereof or tax withholding
thereon, may again be optioned, granted or awarded hereunder, subject to the
limitations of this Section 3.  If Shares
of Restricted Stock are repurchased by the Company at their original purchase
price, such Shares shall become available for future grant under the Plan.

 3
 

4.             Administration of
the Plan.

(a)           Administrator.  Either the Board or a Committee of the Board
delegated administrative authority hereunder shall administer the Plan and, in
the case of a Committee, the Committee shall consist solely of two or more
Directors, each of whom is both an “outside director,” within the meaning of
Section 162(m) of the Code, and a “non-employee director” within the meaning of
Rule 16b-3.  Within the scope of such
authority, the Board or the Committee may (i) delegate to a committee of one or
more members of the Board who are not then “outside directors,” within the
meaning of Section 162(m) of the Code, the authority to grant awards under the
Plan to eligible persons who are either (1) not then “covered employees,”
within the meaning of Section 162(m) of the Code and are not expected to be “covered
employees” at the time of recognition of income resulting from such award or
(2) not persons with respect to whom the Company wishes to comply with Section
162(m) of the Code and/or (ii) delegate to a committee of one or more members
of the Board who are not “non-employee directors,” within the meaning of Rule
16b-3, the authority to grant awards under the Plan to eligible persons who are
not then subject to Section 16 of the Exchange Act.  The Board may abolish the Committee at any
time and revest in the Board the administration of the Plan.  Appointment of Committee members shall be
effective upon acceptance of appointment. Committee members may resign at any
time by delivering written notice to the Board. 
Vacancies in the Committee may be filled only by the Board.

(b)           Powers of the
Administrator.  Subject to the
provisions of the Plan and the specific duties delegated by the Board to such
Committee, and subject to the approval of any relevant authorities, the
Administrator shall have the authority in its sole discretion:

(i)            to determine the Fair
Market Value;

(ii)           to select the Service
Providers to whom Options and Stock Purchase Rights may from time to time be
granted hereunder;

(iii)          to determine the number
of Shares to be covered by each such award granted hereunder;

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

(v)           to determine the terms
and conditions of any Option or Stock Purchase Right granted hereunder (such
terms and conditions include, but are not limited to, the exercise price, the
time or times when Options or Stock Purchase Rights may vest or be exercised
(which may be based on performance criteria), any vesting acceleration or
waiver of forfeiture restrictions, and any restriction or limitation regarding
any Option or Stock Purchase Right or the Common Stock relating thereto, based
in each case on such factors as the Administrator, in its sole discretion,
shall determine);

(vi)          to determine whether to
offer to buyout a previously granted Option as provided in
subsection 10(i) and to determine the terms and conditions of such offer
and buyout (including whether payment is to be made in cash or Shares);

 4
 

(vii)         to prescribe, amend and
rescind rules and regulations relating to the Plan, including rules and
regulations relating to sub-plans established for the purpose of
qualifying for preferred tax treatment under foreign tax laws;

(viii)        to allow Holders to
satisfy withholding tax obligations by electing to have the Company withhold
from the Shares to be issued upon exercise of an Option or Stock Purchase Right
that number of Shares having a Fair Market Value equal to the minimum amount
required to be withheld based on the statutory withholding rates for federal
and state tax purposes that apply to supplemental taxable income.  The Fair Market Value of the Shares to be
withheld shall be determined on the date that the amount of tax to be withheld
is to be determined.  All elections by
Holders to have Shares withheld for this purpose shall be made in such form and
under such conditions as the Administrator may deem necessary or advisable;

(ix)           to amend the Plan or
any Option or Stock Purchase Right granted under the Plan as provided in
Section 15; and

(x)            to construe and
interpret the terms of the Plan and awards granted pursuant to the Plan and to
exercise such powers and perform such acts as the Administrator deems necessary
or desirable to promote the best interests of the Company which are not in
conflict with the provisions of the Plan.

(c)           Effect of
Administrator’s Decision.  All
decisions, determinations and interpretations of the Administrator shall be
final and binding on all Holders.

5.             Eligibility.  Non-Qualified Stock Options and Stock
Purchase Rights may be granted under this Plan only to the following classes of
persons: (i) except as provided in (ii) below, Consultants and Employees who
are not Officers or Directors of the Company, and (ii) newly hired Employees
(including Employees who will become Officers or Directors of the Company) and
who have not previously been employed by the Company and with respect to whom
Options are to be granted as an inducement essential to such Employees’
entering into employment contracts with the Company.  Notwithstanding the foregoing, a Consultant
shall not be eligible for the grant of an Option if, at the time of grant, a
Form S-8 Registration Statement under the Securities Act (“Form S-8”) is
not available to register either the offer or the sale of the Company’s
securities to such Consultant because of the nature of the services that the
Consultant is providing to the Company, or because the Consultant is not a
natural person, or as otherwise provided by the rules governing the use of Form
S-8, unless the Company determines both (i) that such grant (A) shall be
registered in another manner under the Securities Act (e.g.,
on a Form S-3 Registration Statement) or (B) does not require registration
under the Securities Act in order to comply with the requirements of the
Securities Act, if applicable, and (ii) that such grant complies with the
securities laws of all other relevant jurisdictions.

6.             Limitations.

(a)           Each Option shall be
designated by the Administrator in the Option Agreement as a Non-Qualified
Stock Option.

(b)           Neither the Plan, any
Option nor any Stock Purchase Right shall confer upon a Holder any right with
respect to continuing the Holder’s employment or consulting relationship with
the Company, nor shall they interfere in any way with the Holder’s right or the
Company’s right to terminate such employment or consulting relationship at any
time, with or without cause.

 5
 

(c)           No Service Provider
shall be granted, in any calendar year, Options or Stock Purchase Rights to
purchase more than 800,000 Shares. The foregoing limitation shall be adjusted
proportionately in connection with any change in the Company’s capitalization
as described in Section 13.  For purposes
of this Section 6(c), if an Option is canceled in the same calendar year it was
granted (other than in connection with a transaction described in Section 13),
the canceled Option will be counted against the limit set forth in this
Section 6(c).  For this purpose, if
the exercise price of an Option is reduced, the transaction shall be treated as
a cancellation of the Option and the grant of a new Option.

7.             Term of Plan.  The Plan shall become effective upon its
initial adoption by the Board and shall continue in effect until it is
terminated under Section 15 of the Plan.  No Options or Stock Purchase Rights may be
issued under the Plan after the tenth (10th) anniversary of the date upon which
the Plan is initially adopted by the Board.

8.             Term of Option.  The term of each Option shall be stated in
the Option Agreement; provided, however,
that the term shall be no more than ten (10) years from the date of grant
thereof.

9.             Option Exercise
Price and Consideration.

(a)           The per share exercise
price for the Shares to be issued upon exercise of an Option shall be such
price as is determined by the Administrator.

(b)           The consideration to be
paid for the Shares to be issued upon exercise of an Option, including the
method of payment, shall be determined by the Administrator.  Such consideration may consist of
(1) cash, (2) check, (3) with the consent of the Administrator, other
Shares which (x) in the case of Shares acquired from the Company, have
been owned by the Holder for more than six (6) months on the date of surrender,
and (y) have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which such Option shall be
exercised, (4) with the consent of the Administrator, surrendered Shares
then issuable upon exercise of the Option having a Fair Market Value on the
date of exercise equal to the aggregate exercise price of the Option or
exercised portion thereof, (5) property of any kind which constitutes good
and valuable consideration, (6) with the consent of the Administrator,
delivery of a notice that the Holder has placed a market sell order with a
broker with respect to Shares then issuable upon exercise of the Options and
that the broker has been directed to pay a sufficient portion of the net
proceeds of the sale to the Company in satisfaction of the Option exercise
price, provided, that payment of such proceeds
is then made to the Company upon settlement of such sale, or (7) with the
consent of the Administrator, any combination of the foregoing methods of
payment.

10.           Exercise of Option.

(a)           Vesting; Fractional
Exercises.  Options granted hereunder
shall be vested and exercisable according to the terms hereof at such times and
under such conditions as determined by the Administrator and set forth in the
Option Agreement.  An Option may not be exercised
for a fraction of a Share.

 

 6
 

(b)           Deliveries upon
Exercise.  All or a portion of an
exercisable Option shall be deemed exercised upon delivery of all of the
following to the Secretary of the Company or his or her office:

(i)            A written or
electronic notice complying with the applicable rules established by the
Administrator stating that the Option, or a portion thereof, is exercised.  The notice shall be signed by the Holder or
other person then entitled to exercise the Option or such portion of the
Option;

(ii)           Such representations
and documents as the Administrator, in its sole discretion, deems necessary or
advisable to effect compliance with Applicable Laws.  The Administrator may, in its sole
discretion, also take whatever additional actions it deems appropriate to
effect such compliance, including, without limitation, placing legends on share
certificates and issuing stop transfer notices to agents and registrars;

(iii)          Upon the exercise of all
or a portion of an unvested Option pursuant to Section 10(h), a Restricted
Stock purchase agreement in a form determined by the Administrator and signed
by the Holder or other person then entitled to exercise the Option or such
portion of the Option; and

(iv)          In the event that the
Option shall be exercised pursuant to Section 10(f) by any person or persons
other than the Holder, appropriate proof of the right of such person or persons
to exercise the Option.

(c)           Conditions to
Delivery of Share Certificates.  The
Company shall not be required to issue or deliver any certificate or
certificates for Shares purchased upon the exercise of any Option or portion
thereof prior to fulfillment of all of the following conditions:

(i)            The admission of such
Shares to listing on all stock exchanges on which such class of stock is then
listed;

(ii)           The completion of any
registration or other qualification of such Shares under any state or federal
law, or under the rulings or regulations of the Securities and Exchange
Commission or any other governmental regulatory body which the Administrator
shall, in its sole discretion, deem necessary or advisable;

(iii)          The obtaining of any
approval or other clearance from any state or federal governmental agency which
the Administrator shall, in its sole discretion, determine to be necessary or
advisable;

(iv)          The lapse of such
reasonable period of time following the exercise of the Option as the
Administrator may establish from time to time for reasons of administrative
convenience; and

(v)           The receipt by the
Company of full payment for such Shares, including payment of any applicable
withholding tax, which in the sole discretion of the Administrator may be in
the form of consideration used by the Holder to pay for such Shares under
Section 9(b).

(d)           Termination of
Relationship as a Service Provider. 
If a Holder ceases to be a Service Provider other than by reason of the
Holder’s disability or death, such Holder may exercise his or her Option within
such period of time as is specified in the Option Agreement to the extent that
the Option is vested on the date of termination.  In the absence of a specified time in the
Option Agreement, the Option shall remain exercisable for three (3) months
following the Holder’s termination.  If,
on the date of termination, the Holder is not vested as to his or her entire
Option, the

 7
 

Shares covered by the
unvested portion of the Option immediately cease to be issuable under the
Option and shall again become available for issuance under the Plan.  If, after termination, the Holder does not
exercise his or her Option within the time period specified herein, the Option
shall terminate, and the Shares covered by such Option shall again become
available for issuance under the Plan.

(e)           Disability of Holder.  If a Holder ceases to be a Service Provider
as a result of the Holder’s disability, the Holder may exercise his or her
Option within such period of time as is specified in the Option Agreement to
the extent the Option is vested on the date of termination.  In the absence of a specified time in the
Option Agreement, the Option shall remain exercisable for twelve
(12) months following the Holder’s termination.  If, on the date of termination, the Holder is
not vested as to his or her entire Option, the Shares covered by the unvested
portion of the Option shall immediately cease to be issuable under the Option
and shall again become available for issuance under the Plan.  If, after termination, the Holder does not
exercise his or her Option within the time specified herein, the Option shall
terminate, and the Shares covered by such Option shall again become available
for issuance under the Plan.

(f)            Death of Holder.  If a Holder dies while a Service Provider,
the Option may be exercised within such period of time as is specified in the
Option Agreement, by the Holder’s estate or by a person who acquires the right
to exercise the Option by bequest or inheritance, but only to the extent that
the Option is vested on the date of death. 
In the absence of a specified time in the Option Agreement, the Option
shall remain exercisable for twelve (12) months following the Holder’s
termination.  If, at the time of death,
the Holder is not vested as to his or her entire Option, the Shares covered by
the unvested portion of the Option shall immediately cease to be issuable under
the Option and shall again become available for issuance under the Plan.  The Option may be exercised by the executor
or administrator of the Holder’s estate or, if none, by the person(s) entitled
to exercise the Option under the Holder’s will or the laws of descent or
distribution.  If the Option is not so
exercised within the time specified herein, the Option shall terminate, and the
Shares covered by such Option shall again become available for issuance under
the Plan.

(g)           Regulatory Extension.  A Holder’s Option Agreement may provide that if
the exercise of the Option following the termination of the Holder’s status as
a Service Provider (other than upon the Holder’s death or Disability) would be
prohibited at any time solely because the issuance of shares would violate the
registration requirements under the Securities Act, then the Option shall
terminate on the earlier of (i) the expiration of the term of the Option set
forth in Section 8 or (ii) the expiration of a period of three (3) months after
the termination of the Holder’s status as a Service Provider during which the
exercise of the Option would not be in violation of such registration
requirements.

(h)           Early Exercisability.  The Administrator may provide in the terms of
a Holder’s Option Agreement that the Holder may, at any time before the Holder’s
status as a Service Provider terminates, exercise the Option in whole or in
part prior to the full vesting of the Option; provided,
however, that Shares acquired upon exercise of an Option which has
not fully vested may be subject to any forfeiture, transfer or other
restrictions as the Administrator may determine in its sole discretion.

(i)            Buyout Provisions.  The Administrator may at any time offer to
buyout for a payment in cash or Shares, an Option previously granted, based on
such terms and conditions as the Administrator shall establish and communicate
to the Holder at the time that such offer is made.

 8
 

11.           Non-Transferability
of Options and Stock Purchase Rights. 
Options and Stock Purchase Rights 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 Holder, only by the Holder.

12.           Stock Purchase
Rights.

(a)           Rights to Purchase.  Stock Purchase Rights may be issued either
alone, in addition to, or in tandem with Options granted under the Plan and/or
cash awards made outside of the Plan. 
After the Administrator determines that it will offer Stock Purchase
Rights under the Plan, it shall advise the offeree in writing of the terms,
conditions and restrictions related to the offer, including the number of
Shares that such person shall be entitled to purchase, the price to be paid,
and the time within which such person must accept such offer.  The
offer shall be accepted by execution of a Restricted Stock purchase agreement
in the form determined by the Administrator.

(b)           Repurchase Right.  Unless the Administrator determines
otherwise, the Restricted Stock purchase agreement shall grant the Company the
right to repurchase Shares acquired upon exercise of a Stock Purchase Right
upon the termination of the purchaser’s status as a Service Provider for any
reason.  The purchase price for Shares
repurchased by the Company pursuant to such repurchase right and the rate at
which such repurchase right shall lapse shall be determined by the
Administrator in its sole discretion, and shall be set forth in the Restricted
Stock purchase agreement.

(c)           Other Provisions.  The Restricted Stock purchase agreement shall
contain such other terms, provisions and conditions not inconsistent with the
Plan as may be determined by the Administrator in its sole discretion.

(d)           Rights as a
Shareholder.  Once the Stock Purchase
Right is exercised, the purchaser shall have rights equivalent to those of a
shareholder and shall be a shareholder when his or her purchase is entered upon
the records of the duly authorized transfer agent of the Company.  No adjustment shall be made for a dividend or
other right for which the record date is prior to the date the Stock Purchase
Right is exercised, except as provided in Section 13 of the Plan.

13.           Adjustments upon
Changes in Capitalization, Merger or Asset Sale.

(a)           In the event that the
Administrator determines that other than an Equity Restructuring any dividend
or other distribution (whether in the form of cash, Common Stock, other
securities, or other property), reclassification, reorganization, merger,
consolidation, spin-off, combination, repurchase, liquidation,
dissolution, or sale, transfer, exchange or other disposition of all or
substantially all of the assets of the Company, or exchange of Common Stock or
other securities of the Company, issuance of warrants or other rights to
purchase Common Stock or other securities of the Company, or other similar
corporate transaction or event, in the Administrator’s sole discretion, affects
the Common Stock such that an adjustment is determined by the Administrator to
be appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended by the Company to be made available under the Plan
or with respect to any Option, Stock Purchase Right or Restricted Stock, then
the Administrator shall, in such manner as it may deem equitable, adjust any or
all of:

(i)            the number and kind of
shares of Common Stock (or other securities or property) with respect to which
Options or Stock Purchase Rights may be granted or awarded (including, but not
limited to, adjustments of the limitations in Section 3 on the maximum number
and kind of shares which may be issued and adjustments of the maximum number of
Shares that may be purchased by any Holder in any calendar year pursuant to
Section 6(c));

 9
 

(ii)           the number and kind of
shares of Common Stock (or other securities or property) subject to outstanding
Options, Stock Purchase Rights or Restricted Stock; and

(iii)          the grant or exercise
price with respect to any Option or Stock Purchase Right.

(b)           In the event of any
transaction or event described in Section 13(a), the Administrator, in its sole
discretion, and on such terms and conditions as it deems appropriate, either by
the terms of the Option, Stock Purchase Right or Restricted Stock or by action
taken prior to the occurrence of such transaction or event and either automatically
or upon the Holder’s request, is hereby authorized to take any one or more of
the following actions whenever the Administrator determines that such action is
appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended by the Company to be made available under the Plan
or with respect to any Option, Stock Purchase Right or Restricted Stock granted
or issued under the Plan or to facilitate such transaction or event:

(i)            To provide for either
the purchase of any such Option, Stock Purchase Right or Restricted Stock for
an amount of cash equal to the amount that could have been obtained upon the
exercise of such Option or Stock Purchase Right or realization of the Holder’s
rights had such Option, Stock Purchase Right or Restricted Stock been currently
exercisable or payable or fully vested or the replacement of such Option, Stock
Purchase Right or Restricted Stock with other rights or property selected by
the Administrator in its sole discretion;

(ii)           To provide that such
Option or Stock Purchase Right shall be exercisable as to all shares covered
thereby, notwithstanding anything to the contrary in the Plan or the provisions
of such Option or Stock Purchase Right;

(iii)          To provide that such
Option, Stock Purchase Right or Restricted Stock be assumed by the successor or
survivor corporation, or a parent or subsidiary thereof, or shall be
substituted for by similar options, rights or awards covering the stock of the
successor or survivor corporation, or a parent or subsidiary thereof, with
appropriate adjustments as to the number and kind of shares and prices;

(iv)          To make adjustments in
the number and type of shares of Common Stock (or other securities or property)
subject to outstanding Options and Stock Purchase Rights, and/or in the terms
and conditions of (including the grant or exercise price), and the criteria
included in, outstanding Options, Stock Purchase Rights or Restricted Stock or
Options, Stock Purchase Rights or Restricted Stock which may be granted in the future;
and

(v)           To provide that
immediately upon the consummation of such event, such Option or Stock Purchase
Right shall not be exercisable and shall terminate; provided,
that for a specified period of time prior to such event, such Option or Stock
Purchase Right shall be exercisable as to all Shares covered thereby, and the
restrictions imposed under an Option Agreement or Restricted Stock purchase
agreement upon some or all Shares may be terminated and, in the case of
Restricted Stock, some or all shares of such Restricted Stock may cease to be
subject to repurchase, notwithstanding anything to the contrary in the Plan or
the provisions of such Option, Stock Purchase Right or Restricted Stock
purchase agreement.

 10
 

(c)           In connection with the
occurrence of any Equity Restructuring, and notwithstanding anything to the
contrary in Section 13(a) and 13(b):

(i)            The number and type of
securities subject to each outstanding Option, Stock Purchase Right or
Restricted Stock award and the exercise price or grant price thereof, if
applicable, will be proportionately adjusted. 
The adjustments provided under this Section 13(c)(i) shall be
nondiscretionary and shall be final and binding on the affected Service
Provider and the Company.

(ii)           The Administrator shall
make such proportionate adjustments, if any, as the Administrator in its
discretion may deem appropriate to reflect such Equity Restructuring with
respect to the aggregate number and kind of shares that may be issued under the
Plan (including, but not limited to, adjustments of the limitations in Section
3 and Section 6(c)).

(iii)          Notwithstanding anything
in this Section 13 to the contrary, this Section 13(c) shall not apply to, and
instead Section 13(a) of the Plan shall apply to, any Option, Stock Purchase
Right or Restricted Stock to which the application of this Section 13(c) would
result in a penalty tax under Section 409A of the Code and the proposed and
final regulations and guidance issued by the Secretary of the Treasury
thereunder.

(d)           Subject to Section 3,
the Administrator may, in its sole discretion, include such further provisions
and limitations in any Option, Stock Purchase Right, Restricted Stock agreement
or certificate, as it may deem equitable and in the best interests of the
Company.

(e)           If the Company
undergoes an Acquisition, then any surviving corporation or entity or acquiring
corporation or entity, or affiliate of such corporation or entity, may assume
any Options, Stock Purchase Rights or Restricted Stock outstanding under the
Plan or may substitute similar stock awards (including an award to acquire the
same consideration paid to the stockholders in the transaction described in
this subsection 13(e)) for those outstanding under the Plan.  In the event any surviving corporation or
entity or acquiring corporation or entity in an Acquisition, or affiliate of
such corporation or entity, does not assume such Options, Stock Purchase Rights
or Restricted Stock or does not substitute similar stock awards for those
outstanding under the Plan, then with respect to (i) Options, Stock Purchase
Rights or Restricted Stock held by participants in the Plan whose status as a
Service Provider has not terminated prior to such event, the vesting of such
Options, Stock Purchase Rights or Restricted Stock (and, if applicable, the
time during which such awards may be exercised) shall be accelerated and made
fully exercisable and all restrictions thereon shall lapse at least ten (10)
days prior to the closing of the Acquisition (and the Options or Stock Purchase
Rights terminated if not exercised prior to the closing of such Acquisition),
and (ii) any other Options or Stock Purchase Rights outstanding under the Plan,
such Options or Stock Purchase rights shall be terminated if not exercised
prior to the closing of the Acquisition.

(f)            Notwithstanding the
foregoing, in the event that the Company becomes a party to a transaction that
is intended to qualify for “pooling of interests” accounting treatment and, but
for one or more of the provisions of this Plan or any Option Agreement or any
Restricted Stock purchase agreement would so qualify, then this Plan and any
such agreement shall be interpreted so as to preserve such accounting
treatment, and to the extent that any provision of the Plan or any such
agreement would disqualify the transaction from pooling of interests accounting
treatment (including, if applicable, an entire Option Agreement or Restricted
Stock purchase agreement), then such provision shall be null and void.  All determinations to be made in connection
with the preceding sentence shall be made by the independent accounting firm
whose opinion with respect to “pooling of interests” treatment is required as a
condition to the Company’s consummation of such transaction.

 11
 

(g)           The existence of the
Plan, any Option Agreement or Restricted Stock purchase agreement and the
Options or Stock Purchase Rights granted hereunder shall not affect or restrict
in any way the right or power of the Company or the stockholders of the Company
to make or authorize any adjustment, recapitalization, reorganization or other
change in the Company’s capital structure or its business, any merger or
consolidation of the Company, any issue of stock or of options, warrants or
rights to purchase stock or of bonds, debentures, preferred or prior preference
stocks whose rights are superior to or affect the Common Stock or the rights
thereof or which are convertible into or exchangeable for Common Stock, or the
dissolution or liquidation of the Company, or any sale or transfer of all or any
part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

14.           Time of Granting
Options and Stock Purchase Rights. 
The date of grant of an Option or Stock Purchase Right shall, for all
purposes, be the date on which the Administrator makes the determination
granting such Option or Stock Purchase Right, or such other date as is
determined by the Administrator.  Notice
of the determination shall be given to each Service Provider to whom an Option
or Stock Purchase Right is so granted within a reasonable time after the date
of such grant.

15.           Amendment and
Termination of the Plan.

(a)           Amendment and
Termination.  The Board may at any
time wholly or partially amend, alter, suspend or terminate the Plan.

(b)           Effect of Amendment
or Termination.  No amendment,
alteration, suspension or termination of the Plan shall impair the rights of
any Holder, unless mutually agreed otherwise between the Holder and the
Administrator, which agreement must be in writing and signed by the Holder and
the Company.  Termination of the Plan
shall not affect the Administrator’s ability to exercise the powers granted to
it hereunder with respect to Options, Stock Purchase Rights or Restricted Stock
granted or awarded under the Plan prior to the date of such termination.

(c)           Repricing Prohibited.  Notwithstanding any provision in this Plan to
the contrary, absent approval of the stockholders of the Company no Option may
be amended to reduce the per Share exercise price of the Shares subject to such
Option below the per Share exercise price as of the date the Option is
granted.  In addition, absent approval of
the stockholders of the Company no Option may be granted in exchange for, or in
connection with, the cancellation or surrender of an Option having a higher per
Share exercise price.

16.           Inability to Obtain
Authority.  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.

17.           Reservation of
Shares.  The Company, during the term
of this Plan, shall at all times reserve and keep available such number of
Shares as shall be sufficient to satisfy the requirements of the Plan.

 12
 

18.           Investment Intent.  The Company may require a Plan participant,
as a condition of exercising or acquiring stock under any Option or Stock
Purchase Right, (i) to give written assurances satisfactory to the Company as
to the participant’s knowledge and experience in financial and business matters
and/or to employ a purchaser representative reasonably satisfactory to the
Company who is knowledgeable and experienced in financial and business matters
and that he or she is capable of evaluating, alone or together with the
purchaser representative, the merits and risks of exercising the Option or
Stock Purchase Right; and (ii) to give written assurances satisfactory to the
Company stating that the participant is acquiring the stock subject to the
Option or Stock Purchase Right for the participant’s own account and not with
any present intention of selling or otherwise distributing the stock.  The foregoing requirements, and any
assurances given pursuant to such requirements, shall be inoperative if (A) the
issuance of the shares upon the exercise or acquisition of stock under the
applicable Option or Stock Purchase Right has been registered under a then
currently effective registration statement under the Securities Act or (B) as
to any particular requirement, a determination is made by counsel for the
Company that such requirement need not be met in the circumstances under the
then applicable securities laws.  The
Company may, upon advice of counsel to the Company, place legends on stock
certificates issued under the Plan as such counsel deems necessary or appropriate
in order to comply with applicable securities laws, including, but not limited
to, legends restricting the transfer of the stock.

19.           Governing Law.  The validity and enforceability of this Plan
shall be governed by and construed in accordance with the laws of the
State  of Delaware without regard to
otherwise governing principles of conflicts of law.

 13Exhibit 10.3

CONCEPTUS,
INC.

Independent Director
Equity Compensation Policy

Adopted April 12, 2007

1.             General.  This Independent Director Equity Compensation
Policy (the “Policy”) is adopted by the Board of Directors (the “Board”)
in accordance with Section 12 of the Conceptus, Inc. Ninth Amended and Restated
2001 Equity Incentive Plan (the “Plan”). 
Capitalized but undefined terms used herein shall have the meanings
provided for in the Plan.

2.             Board Authority.  Pursuant to Section 12 of the Plan, the Board
is responsible for adopting a written policy for the grant of Awards under the
Plan to Independent Directors, which policy is to specify, with respect to any
such Awards, the type of Award(s) to be granted Independent Directors, the
number of Shares to be subject to Independent Director Awards, the conditions
on which such Awards shall be granted, become exercisable and/or payable and
expire, and such other terms and conditions as the Board determines in its
discretion.

3.             Initial Equity
Grants to Independent Directors. 
Each person who is initially elected to the Board as an Independent
Director shall be granted, automatically and without necessity of any action by
the Board or any committee thereof, on the date of such initial election (a)
Stock Appreciation Rights with respect to twenty thousand (20,000) shares of
Common Stock (subject to adjustment as provided in Section 18 of the Plan) (“Initial
SARs”) and (b) Restricted Stock Units with respect to that number of shares
of Common Stock (subject to adjustment as provided in Section 18 of the Plan)
calculated by dividing $100,000 by the Fair Market Value of the Common Stock on
the date of grant (“Initial RSUs”). 
Notwithstanding the foregoing, members of the Board who are employees of
the Company and who subsequently terminate employment with the Company and
remain members of the Board shall not receive Initial SARs or Initial RSUs.

4.             Subsequent Equity
Grants to Independent Directors. 
Each person who is an Independent Director immediately following an annual
meeting of stockholders (provided
that, on such date, he or she shall have served on the Board for at least six
(6) months prior to the date of such annual meeting) shall be granted,
automatically and without necessity of any action by the Board or any committee
thereof, on the date of such annual meeting (a) Stock Appreciation Rights with
respect to seven thousand five hundred (7,500) shares of Common Stock (subject
to adjustment as provided in Section 18 of the Plan) (“Annual SARs”) and
(b) Restricted Stock Units with respect to two thousand five hundred (2,500)
shares of Common Stock (subject to adjustment as provided in Section 18 of the
Plan) (“Annual RSUs”).  Members of
the Board who are employees of the Company and who subsequently terminate employment
with the Company and remain on the Board, to the extent that they are otherwise
eligible, shall receive, after termination of employment with the Company,
Annual SARs and Annual RSUs pursuant to this Section 4 (with the date of
retirement being deemed to be his or her date of initial election to the
Board).

5.             Lead Independent
Director and Committee Grants.  In
addition to the grants in Section 3 and Section 4:

(i)            the Lead Independent
Director, as appointed by the Board, who is serving in such capacity
immediately following an annual meeting of stockholders shall be granted,

automatically and without
necessity of any action by the Board or any committee thereof, on the date of
such annual meeting (a) Stock Appreciation Rights with respect to ten thousand
(10,000) shares of Common Stock (subject to adjustment as provided in Section
18 of the Plan) and (b) Restricted Stock Units with respect to five hundred
(500) shares of Common Stock (subject to adjustment as provided in Section 18
of the Plan);

(ii)           the Independent
Director who is serving as the Chair of the Audit Committee of the Board (the “Audit
Committee”) immediately following an annual meeting of stockholders shall
be granted, automatically and without necessity of any action by the Board or any
committee thereof, on the date of such annual meeting (a) Stock Appreciation
Rights with respect to five thousand (5,000) shares of Common Stock (subject to
adjustment as provided in Section 18 of the Plan) and (b) Restricted Stock
Units with respect to five hundred (500) shares of Common Stock (subject to
adjustment as provided in Section 18 of the Plan);

(iii)          each Independent
Director who is serving as a member of the Audit Committee (other than the
Chair of the Audit Committee) immediately following an annual meeting of
stockholders shall be granted, automatically and without necessity of any
action by the Board or any committee thereof, on the date of such annual
meeting Stock Appreciation Rights with respect to two thousand (2,000) shares
of Common Stock (subject to adjustment as provided in Section 18 of the Plan);

(iv)          the Independent Director
who is serving as the Chair of the Compensation Committee of the Board (the “Compensation
Committee”) immediately following an annual meeting of stockholders shall
be granted, automatically and without necessity of any action by the Board or
any committee thereof, on the date of such annual meeting (a) Stock
Appreciation Rights with respect to two thousand (2,000) shares of Common Stock
(subject to adjustment as provided in Section 18 of the Plan) and (b)
Restricted Stock Units with respect to five hundred (500) shares of Common
Stock (subject to adjustment as provided in Section 18 of the Plan); and

(v)           each Independent
Director who is serving as a member of the Compensation Committee (other than
the Chair of the Compensation Committee) immediately following an annual
meeting of stockholders shall be granted, automatically and without necessity
of any action by the Board or any committee thereof, on the date of such annual
meeting Stock Appreciation Rights with respect to two thousand (2,000) shares
of Common Stock (subject to adjustment as provided in Section 18 of the Plan).

The Stock Appreciation
Rights granted pursuant to this Section 5 shall each be referred to herein
as  “Additional SARs,” and the
Restricted Stock Units granted pursuant to this Section 5 shall be referred to
herein as “Additional RSUs.”

6.             Terms of Awards
Granted to Independent Directors.

(i)            Stock Appreciation
Rights.  The per Share exercise price
of each Stock Appreciation Right granted to an Independent Director shall equal
one-hundred percent (100%) of the Fair Market Value of a share of Common Stock
on the date the Stock Appreciation Right is granted.  Initial SARs shall vest and become
exercisable as follows:  twenty-five
percent (25%) of the shares subject to Initial SARs shall vest on the first
anniversary of the date of grant for such Initial SARs and one forty-eighth (1/48th)
of the shares subject to the Initial SARs (rounded down to the next whole number of shares) shall vest on the first day of each full month
thereafter, such that the Initial SARs

shall be one-hundred
percent (100%) vested on the first day
of the forty-eighth (48th) month following the date of grant for such
Initial SARs.  Annual SARs and Additional
SARs shall vest and become exercisable as follows:  one twelfth (1/12th)
of the shares subject to the Annual SARs and Additional SARs (rounded
down to the next whole number of shares) shall vest on each monthly anniversary
of the date of grant for such Annual SARs and Additional SARs, such that the
Annual SARs and the Additional SARs shall be one-hundred percent (100%) vested
on the first anniversary of the date of grant for such Annual SARs and
Additional SARs.  Subject to Section 10
of the Plan, the term of each Stock Appreciation Right granted to an
Independent Director shall be ten (10) years from the date the Stock
Appreciation Right is granted.  No
portion of a Stock Appreciation Right which is unexercisable at the time of an
Independent Director’s termination of membership on the Board shall thereafter
become exercisable.  Payment of each
Stock Appreciation Right shall be in shares of Common Stock.

(ii)           Restricted Stock
Units.  The Initial RSUs, Annual RSUs
and Additional RSUs shall be pursuant to the terms of a Restricted Stock Unit
agreement, which shall provide for the forfeiture of any unvested Restricted
Stock Units upon the termination of the director’s status as a Director for any
reason (including death or disability). 
Each grant of Restricted Stock Units shall vest with respect to
one-third (1/3) of the shares subject to such grant of Restricted Stock Units
on each anniversary of the date of grant, such that one hundred percent (100%)
of the shares subject to such grant of Restricted Stock Units shall have vested
on the third anniversary of the date of grant. 
The shares of Common Stock subject to each vested Restricted Stock Unit
shall be transferred to the holder thereof as soon as administratively practicable
following the vesting of such Restricted Stock Unit.  The Restricted Stock Unit agreement shall
contain such other terms, provisions and conditions not inconsistent with the
Plan as may be determined by the Administrator in its sole discretion.  The Director shall have rights equivalent to
those of a shareholder and shall be a shareholder when the transfer of his or
her shares of Common Stock is entered upon the records of the duly authorized
transfer agent of the Company.

7.             Effect of
Acquisition.  Upon an Acquisition of
the Company, all Awards held by an Independent Director shall become fully
vested and/or exercisable, irrespective of any other provisions of the
Independent Director’s Award Agreement.

8.             Effect of Other
Plan Provisions.  The other provisions
of the Plan shall apply to the Awards granted automatically pursuant to this
Policy, except to the extent such other provisions are inconsistent with this
Policy.

9.             Treatment of
Awards Previously Issued Under the Plan. 
Prior to the Policy Effective Date (as hereinafter defined), the Company
issued Awards to Independent Directors. 
Those Awards will continue to be governed by Section 12 and Section 13
of the Plan as in effect as of their date of grant; provided,
however, that Section 7 of this Policy
shall apply retroactively to such awards previously granted.

10.           Incorporation of the
Plan.  All applicable terms of the
Plan apply to this Policy as if fully set forth herein, and all grants of
Awards hereby are subject in all respect to the terms of such Plan.

11.           Written Grant
Agreement.  The grant of any Award
under this Policy shall be made solely by and subject to the terms set forth in
a written agreement in a form to be approved by the Board and duly executed by
an executive officer of the Company.

12.           Policy Subject to
Amendment, Modification and Termination. 
This Policy may be amended, modified or terminated by the Board in the
future at its sole discretion.  No
Independent Director shall have any rights hereunder unless and until an Award
is actually granted.  Without limiting
the generality of the foregoing, the Board hereby expressly reserves the
authority to terminate this Policy during any year up and until the election of
directors at a given annual meeting of stockholders.

13.           Effectiveness.  This policy shall become effective as of
April 12, 2007 (the “Policy Effective Date”).

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