Document:

Prepared by MerrillDirect

EXHIBIT 10.19

 

BIONEBRASKA,
INC.

INCENTIVE
STOCK OPTION AGREEMENT

 

          THIS OPTION AGREEMENT is made as of the 1st
day of _______, 2001, between BioNebraska, Inc., a Delaware corporation (the
"Company"), and ________________, an employee of the Company (the
"Optionee").

          The Company, by affording the Optionee an
opportunity to purchase shares of its Common Stock (par value of one cent per
share – referred to as the "Common Stock"), as hereinafter pro­vided,
deems this grant of options as furthering the purposes of the 1993 Stock Plan
of the Company, as amended in 1996 and approved by its shareholders (the
"Plan").

          THEREFORE, the parties hereby agree as
follows:

          1.       Grant
of Option.  The Company hereby
grants to the Optionee the right and option (hereinafter called the
"Option") to purchase from the Company all or any part of an
aggregate amount of _________ shares of the Common Stock of the Company on the
terms and conditions herein set forth. 
The Option is intended to be an "incentive stock option" as
that term is defined in Section 422 of the Internal Revenue Code.

          2.       Purchase
Price.  The purchase price of the
shares of the Common Stock covered by this Option shall be $12.50 per share.

          3.       Term
of Option.  The term of the Option
shall be for a period of ten (10) years from the date hereof (the "Option
Date"), subject to earlier termination as hereinafter provided.

          4.       Exercise
of Option.  During the first year
the Option is outstanding, it may not be exercised with respect to any of the
Shares covered hereby.  Thereafter,
subject to the terms and conditions hereof, the Option may be exercised as
follows:

                    (a)      From
and after 12 months from the Option Date, the Option may be exercised as to
______ shares.

                    (b)      From
and after 24 months from the Option Date, the Option may be exercised as to an
additional ______ shares.

                    (c)      From
and after 36 months from the Option Date, the Option may be exercised as to an
additional ______ shares.

          5.       Change of Control. Upon a Change
of Control, each outstanding Stock Option shall become exercisable in full as
to all of the shares covered thereby without regard to any installment exercise
or vesting provisions. For purposes of this Section 5, the term “Change of
Control” means any of the following:

                    (a)      any
“person” (as such term is used in Sections 13(d) and 14 (d) of the Securities
Exchange Act of 1934) becomes a “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company
representing 50% or more of the combined voting power of the Company’s then
outstanding securities; or

                    (b)      a
business combination, following which shareholders of the Company do not
continue to beneficially own at least 50% of the voting power of the resulting
entity or the members of the Company’s Board of Directors prior to the
transaction do not constitute a majority of the resulting entity’s Board of
Directors; or

                    (c)      a
liquidation, dissolution, sale or transfer of all or substantially all of the
assets of the Company, and immediately thereafter, there is no substantial
continuity of ownership with respect to the Company and the entity to which
such assets have been transferred.

          The grant of an option pursuant to the Plan
shall not limit in any way the right or power of the Company to make
adjustments, reclassifications, reorganizations or changes of its capital or
business structure or to merge, exchange or consolidate or to dissolve,
liquidate, sell or transfer all or any part of its business or assets.

          6.       Non-Transferability.  The Option shall not be transferable
otherwise than by will or the laws of descent and distribution in accordance
with the provisions of this Agreement, and the Option may be exercised, during
the lifetime of the Optionee, only by the Optionee.

          7.       Death,
Disability or Retirement of Optionee. 
If the Optionee's employment with the Company shall terminate by reason
of death, Disability or Retirement (as those terms are defined in the Plan),
the Option may be exercised (to the extent that the Optionee shall have been entitled
to do so at the date of termination of employment by reason of death,
Disability or Retirement) by the Optionee, legal representative, or, in the
case of death, by the person to whom the Option is transferred by will or the
applicable laws of descent and distribution at any time within ninety (90) days
after the Optionee's termina­tion of employment, but in no event later than the
expiration of the term specified in Section 3 hereof.

          8.       Other Termination.  In the event the employment of the Optionee
shall be terminated for any reason other than death,  Disability or Retirement, any unexercised Option may be exercised
by the Optionee to the extent it was exercisable at such termination, but may
not be exercised after ninety (90) days of such termination or the expiration
of the stated term of the option, whichever period is the shorter; provided,
however, that in the event of termination for Cause (as that term is defined in
the Plan), such Option shall terminate immediately upon such termination of
employment.  So long as the Optionee
shall continue to be an employee of the Company or one or more of its
subsidiaries, the Option shall not be affected by any change of duties or
position.  Nothing in this Option
Agreement shall confer upon the Optionee any right to continue in the employ of
the Company or of any of its subsidiaries or interfere in any way with the
right of the Company or any such subsidiary to terminate the employment of the
Optionee at any time.

          9.       Method
of Exercising Option.  Subject to
the terms and conditions of this Option Agreement, the Option may be exercised
by written notice to the Secretary of the Company at the principal office of
the Company.  Such notice shall state
the election to exercise the Option and the number of shares in respect of
which it is being exercised, and shall be signed by the person so exercising
the Option.  Such notice shall be
accompanied by pay­ment of the full purchase price of such shares, which
payment shall be made in cash or by check or bank draft payable to the Company,
or, provided such form of payment does not result in a charge to earnings of
the Company for financial accounting purposes, by delivery of shares of Common
Stock of the Company with a fair market value equal to the purchase price or by
a combination of cash and such shares, whose fair market value shall equal the
purchase price.  For purposes of this
paragraph, the "fair market value" of the Common Stock of the Company
shall be established in the manner set forth in the Plan.  In the event the Option shall be exer­cised
by any person other than the Optionee, such notice shall be accom­panied by
appropriate proof of such right of such person to exercise the Option.

          10.     Option
Plan.  This Option is subject to
certain addi­tional terms and conditions set forth in the Plan pursuant to
which this Option has been issued.  A
copy of the Plan is on file with the Treasurer of the Company and by acceptance
here­of, Optionee agrees to and accepts this Option subject to the terms of the
Plan.  Except as otherwise defined
herein, defined terms used in this Agreement shall have the meaning ascribed
thereto in the Plan.

          11.     Disputes.  As a condition of the granting of the Option
herein granted, the Optionee agrees, for the Optionee and the Optionee's
personal representatives, that any dispute or disagree­ment which may arise
under or as a result of or pursuant to this Agreement shall be determined by
the Compensation Committee of the Board of Directors of the Company, or the
Board if there is no such committee, in its sole discre­tion, and that any
interpretation by said Committee of the terms of this Agreement shall be final,
binding and conclusive.

          12.     Binding
Effect.  This Agreement shall be
binding upon the heirs, executors, administrators and successors of the parties
hereto.

          IN WITNESS WHEREOF, the Company and the
Optionee have executed this Agreement as of the date and year first above
written.

 

	 
  	
  BIONEBRASKA, INC.
  
	 
  	 
  
	 
  	
  By
  	
  

  

  

  
	 
  	
  Thomas R. Coolidge
  
	 
  	
  Chairman of the Board and C.E.O.
  
	 
  	 
  
	 
  	

  

  
	 
  	
  [Name of Optionee]Prepared by MerrillDirect

EXHIBIT
10.20

BIONEBRASKA,
INC.

NON-QUALIFIED
STOCK OPTION AGREEMENT

 

          THIS OPTION AGREEMENT is made as of the 1st
day of _____________, 2001, between BioNebraska, Inc., a Delaware corporation
(the "Company"), and ________________, an employee of the Company
(the "Optionee").

          The Company, by affording the Optionee as a
______________ of the Company an opportunity to purchase shares of its Common
Stock (par value of one cent per share - referred to as the "Common
Stock"), as herein­after pro­vided, deems this grant of Options as
furthering the purposes of the 1993 Stock Plan of the Company, as amended and
as approved by its shareholders (the "Plan").

          THEREFORE, the parties hereby agree as
follows:

          1.       Grant
of Option.  The Company hereby
grants to the Optionee the right and option (hereinafter called the
"Option") to purchase from the Company all or any part of an
aggregate amount of ________ shares of the Common Stock of the Company on the
terms and conditions herein set forth.

          2.       Purchase
Price.  The purchase price of the
shares of the Common Stock covered by this Option shall be $12.50 per share.

          3.       Term
of Option.  The term of the Option
shall be for a period of ten (10) years from the date hereof (the "Option
Date"), subject to earlier termination as hereinafter provided.

          4.       Exercise
of Option.  During the first year
the Option is outstanding, it may not be exercised with respect to any of the
Shares covered hereby. Thereafter, subject to the terms and conditions hereof,
the Option may be exercised as follows:

                    (a)      From
and after 12 months from the Option Date, the Option may be exercised as to
_____ shares.

                    (b)      From
and after 24 months from the Option Date, the Option may be exercised as to an
additional _____ shares.

                    (c)      From
and after 36 months from the Option Date, the Option may be exercised as to an
additional _____ shares.

          5.       Change
of Control. Upon a Change of Control, each outstanding Stock Option shall
become exercisable in full as to all of the shares covered thereby without
regard to any installment exercise or vesting provisions. For purposes of this
Section 5, the term “Change of Control” means any of the following:

                    (a)      any “person” (as such term is used in
Sections 13(d) and 14 (d) of the Securities Exchange Act of 1934) becomes a “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing 50% or more of the
combined voting power of the Company’s then outstanding securities; or

                    (b)      a
business combination, following which shareholders of the Company do not
continue to beneficially own at least 50% of the voting power of the resulting
entity or the members of the Company’s Board of Directors prior to the
transaction do not constitute a majority of the resulting entity’s Board of
Directors; or

                    (c)      a
liquidation, dissolution, sale or transfer of all or substantially all of the
assets of the Company, and immediately thereafter, there is no substantial
continuity of ownership with respect to the Company and the entity to which
such assets have been transferred.

          The grant of an Option pursuant to the Plan
shall not limit in any way the right or power of the Company to make
adjustments, reclassifications, reorganizations or changes of its capital or
business structure or to merge, exchange or consolidate or to dissolve,
liquidate, sell or transfer all or any part of its business or assets.

          6.       Non-Transferability.  The Option shall not be transferable
otherwise than by will or the laws of descent and distribution in accordance
with the provisions of this Agreement, and the Option may be exercised during
the lifetime of the Optionee, only by the Optionee.

          7.       Death,
Disability or Retirement of Optionee. If the Optionee's employment with the
Company shall terminate by reason of death, Disability or Retirement (as those
terms are defined in the Plan), the Option may be exercised (to the extent that
the Optionee shall have been entitled to do so at the date of termination of
employment by reason of death, Disability or Retirement) by the Optionee, legal
representative, or, in the case of death, by the person to whom the Option is
transferred by will or the applicable laws of descent and distribution at any
time within ninety (90) days after the Optionee's termina­tion of employment,
but in no event later than the expiration of the term specified in Section 3
hereof.

          8.       Other
Termination. In the event the employment of the Optionee shall be
terminated for any reason other than death, 
Disability or Retirement, any unexercised Option may be exercised by the
Optionee to the extent it was exercisable at such termination, but may not be
exercised after ninety (90) days of such termination or the expiration of the
stated term of the option, whichever period is the shorter; provided, however,
that in the event of termination for Cause (as that term is defined in the
Plan), such Option shall terminate immediately upon such termination of
employment.  So long as the Optionee
shall continue to be an employee of the Company or one or more of its
subsidiaries, the Option shall not be affected by any change of duties or
position.  Nothing in this Option
Agreement shall confer upon the Optionee any right to continue in the employ of
the Company or of any of its subsidiaries or interfere in any way with the
right of the Company or any such subsidiary to terminate the employment of the
Optionee at any time.

          9.       Method of Exercising Option.  Subject to the terms and conditions of this
Option Agreement, the Option may be exercised by written notice to the Company
at the princi­pal office of the Company. 
Such notice shall state the election to exercise the Option and the
number of shares in respect of which it is being exercised, and shall be signed
by the person so exercising the Option. Such notice shall be accompanied by pay­ment
of the full purchase price of such shares, which payment shall be made by check
or bank draft payable to the Company, or, in the discretion of the Company, by
delivery of shares of Common Stock of the Company with a fair market value
equal to the purchase price or by a combination of cash and such shares, whose
fair market value shall equal the purchase price.  For purposes of this paragraph, the "fair market value"
of the Common Stock of the Company shall be established in the manner set forth
in the Plan. In the event the Option shall be exercised by any person other
than the Optionee, such notice shall be accompanied by appropriate proof of
such right of such person to exercise the Option.

          10.     Option
Plan.  This Option is subject to
certain additional terms and conditions set forth in the Plan pursuant to which
this Option has been issued.  A copy of
the Plan is on file with the Treasurer of the Company, and by acceptance hereof,
Optionee agrees to and accepts this Option subject to the terms of the
Plan.  Except as otherwise defined
herein, defined terms used in this Agreement shall have the meaning ascribed
thereto in the Plan.

          11.     Disputes.  As a condition of the granting of the Option
herein granted, the Optionee agrees, for the Optionee and the Optionee's
personal representatives, that any dispute or disagree­ment which may arise
under or as a result of or pursuant to this Agreement shall be determined by
the Compensation Committee of the Board of Directors of the Company, or the
Board if there is no such committee, in its sole discretion, and that any
interpretation by said Committee of the terms of this Agreement shall be final,
binding and conclusive.

          12.     Binding
Effect.  This Agreement shall be
binding upon the heirs, executors, administrators and successors of the parties
hereto.

          IN WITNESS WHEREOF, the Company and the
Optionee have executed this Agreement as of the date and year first above
written.

 

	
  BIONEBRASKA,
  INC.
  	 
  
	 
  	 
  	 
  
	
  By
  	
  

  

  

  	 
  
	
  Thomas R. Coolidge
  	 
  
	
  Chairman of the Board and CEO
  	 
  
	 
  	 
  
	 
  	
  

  

  

  	 
  
	
  [Name of Optionee]

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