Document:

Exhibit 10.1

 

	
  

  	
   

  
	
  Notice of Grant of Award

  and Award Agreement

  	
  GENZYME CORPORATION

  ID: 06-1047163

  500 Kendall Street

  Cambridge, MA 02142

  
	
   

  	
   

  

 

	
  [First Name][Last Name]

  	
  Award Number:

  	
  [Grant Number]

  
	
  [Address Line 1]

  	
  Plan:

  	
  [Plan Number]

  
	
  [City], [State] [Zip][Country]

  	
  ID:

  	
  [Social Security]

  

 

Effective
[Grant Date], you have been granted an award of [Share Number] restricted stock
units.  These units are restricted until
the vest date(s) shown below, at which time you will receive shares of GENZYME
CORPORATION (the Company) common stock.

The
current total value of the award is $[Dollar Amount].

The
total price of the award is $[Dollar Amount].

The
award will vest in increments on the date(s) shown.

	
  Shares

  	
   

  	
  Full Vest

  
	
  [Share Number]

  	
   

  	
  [Grant Date]

  
	
   

  	
   

  	
   

  

 

This
award is granted under and governed by the terms and conditions of the
Company’s Equity Plan as Amended and the Award Agreement, all of which are
attached and made a part of this document.

 

 

GENZYME CORPORATION 2004 EQUITY INCENTIVE PLAN

Officer 

Restricted Stock Unit Terms And Conditions

1.  Plan Incorporated by
Reference. This Restricted Stock Unit is issued pursuant to the terms of
the Plan and may be amended as provided in the Plan. Capitalized terms used and
not otherwise defined in this certificate have the meanings given to them in
the Plan. This certificate does not set forth all of the terms and conditions
of the Plan, which are incorporated herein by reference. Copies of the Plan may
be obtained upon written request without charge from the Shareholder Relations
Department of the Company.

2.  Vesting Schedule. The
Participant’s right to acquire the number of shares of Stock of the Company set
forth on the face of this certificate shall vest on the third anniversary of
the date of grant (the “Vesting Date”).  Notwithstanding the foregoing, this Restricted
Stock Unit shall not vest on the Vesting Date unless the Participant is then,
and since the date of grant has been continuously, employed by the Company or
its Affiliates.

3.  Delivery of Shares. As
soon as practicable after the Vesting Date for this Restricted Stock Unit, the
Company shall deliver to the Participant, subject to sections 4 and 7 below, the
number of shares of Stock of the Company set forth on the face of this
certificate.  The provisions of this
section 3 and of section 2 above shall not be construed as limiting the Company’s
right to accelerate the vesting of any portion of the Restricted Stock Unit or
of the delivery of shares in respect of any vested portion of the Restricted
Stock Unit whether in connection with a Covered Transaction or Change in
Control or otherwise, subject, however, to the requirements for exemption from,
or compliance with, Section 409A, as determined by the Administrator.

4.  Recapitalization, Mergers,
Etc. In the event of a Covered Transaction, the Administrator may upon
written notice to the Participant provide that this Restricted Stock Unit shall
terminate on a date not less than 20 days after the date of such notice unless
theretofore vested. In connection with such notice, the Administrator may in
its discretion accelerate or waive any deferred vesting period.  Notwithstanding the foregoing, in the event
of a Change in Control of the Company (as defined in a vote of the Compensation
Committee adopted May 29, 2002), this Restricted Stock Unit shall become vested
as to all shares without regard to any deferred vesting schedule or deferred vesting
period.

5.  Restricted Stock Unit Not
Transferable. This Restricted Stock Unit is not transferable by the Participant
otherwise than by will or the laws of descent and distribution. The naming of a
Designated Beneficiary does not constitute a transfer. A “Designated Beneficiary”
means the beneficiary designated by the Participant, in a manner determined by
the Administrator, to receive amounts due or vesting rights of the Participant
in the event of the Participant’s death. 
In the absence of an effective designation by the Participant, “Designated
Beneficiary” means the Participant’s estate.

6.  Vesting of Restricted Stock
Unit After Termination of Employment. If the Participant’s employment with
(a) the Company, (b) an Affiliate, or (c) a corporation (or parent or subsidiary
corporation of such corporation) issuing or assuming equity in a transaction to
which section 424(a) of the Code applies, is terminated for any reason other
than for cause or by disability (within the meaning of section 22(e)(3) of the
Code), death or retirement, the Participant shall not be entitled to any shares
under this Restricted Stock Unit unless theretofore vested. Upon the death of
the Participant or if Participant’s employment is terminated by the Company as
a result of disability, this Restricted Stock Unit shall immediately vest as to
all shares without regard to any deferred vesting period.  If Participant’s employment is terminated as
a result of retirement (which is defined as a minimum of age 60 plus a
minimum of five years of service provided employment is not terminated for
cause), the Participant shall not be entitled to any shares under this
Restricted Stock Unit unless 

theretofore
vested.  If the Participant’s employment
is terminated by the Company for cause, the Participant shall not be entitled
to any shares under this Restricted Stock Unit unless theretofore vested.  Termination by the Company of the Participant’s
employment for “cause” shall mean termination upon (A) the willful and
continued failure by him or her to substantially perform his or her duties with
the Company (other than any such failure resulting from his or her incapacity
due to physical or mental illness) after a written demand for substantial
performance is delivered to the Participant by the Company, which demand
specifically identifies the manner in which the Company believes that he or she
has not substantially performed his or her duties, or (B) the willful engaging
by the Participant in conduct which is demonstrably and materially injurious to
the Company, monetarily or otherwise.  No
act, or failure to act, on the Participant’s part shall be deemed “willful”
unless done, or omitted to be done, by him or her not in good faith and without
reasonable belief that his or her action or omission was in the best interest
of the Company. In the case of any Participant who is a corporate officer of
the Company, determination for purposes of this section 6 of whether
termination of such Participant’s employment is for “cause” shall be made by
the Committee.  In the case of any
Participant who is not a corporate officer of the Company, determination for
purposes of this section 6 of whether termination of such Participant’s
employment is for “cause” shall be made by the Senior Vice President, Chief
Human Resources Officer, in his sole discretion, whose decision shall be final.  For purposes of the vesting conditions set
forth in this section 6, the payment trigger for delivery of shares (“Payment
Event”) pursuant to this Restricted Stock Unit shall be the date of termination
of Participant’s employment.  Delivery of
shares shall occur as soon as practicable after the Payment Event.

7.  Payment of Taxes. The
vesting of the shares acquired hereunder will give rise to “wages” subject to
withholding.  The taxable event of the Restricted
Stock Unit will be the Vesting Date.  The
Participant shall pay to the Company, or make provision satisfactory to the
Company for payment of any taxes required by law to be withheld with respect to
the vesting of this Restricted Stock Unit. The Administrator may, in its
discretion, require any other federal or state taxes imposed on the sale of the
shares to be paid by the Participant.  In
the Administrator’s discretion, such tax obligations may be paid in whole or in
part in shares of Stock, including shares retained from the vesting of this Restricted
Stock Unit, valued at their Fair Market Value on the date of delivery.  The Company and its Affiliates may, to the
extent permitted by law, deduct any such tax obligations from any payment of
any kind otherwise due to the Participant. The Participant acknowledges that
the Restricted Stock Unit is intended to qualify for the “short-term deferral”
exemption from Section 409A and shall be construed by the Administrator
accordingly.  Neither the Company, nor
any Affiliate, nor the Administrator, nor any person acting on behalf of any of
them, shall be liable to the Participant by reason of any acceleration of
income, or any tax or additional tax, asserted by reason of any failure of the
Award or any portion thereof to satisfy the requirements for exemption from, or
compliance with, Section 409A or by reason of Section 4999 of the Code.

8. Notice of Sale of Shares Required.  The Participant agrees to notify the Company
in writing within 30 days of the disposition of any shares received upon vesting
of this Restricted Stock Unit if such disposition occurs within two years of
the date of the grant of this Restricted Stock Unit or within one year after
such Vesting Date.

9. Rights Limited.  The
Administrator, in its sole discretion, shall determine from the group of
eligible persons whether an individual shall be a Participant under the
Plan.  Any grant made under the Plan
shall be made in the sole discretion of the Administrator and no prior grant
shall entitle a person to any future grant. 
Nothing in the Plan or any Restricted Stock Unit grant will be construed
as giving any person the right to continued employment or service with the
Company or its Affiliates, or any rights as a shareholder except as to shares
of Stock actually issued under the Plan. 
In no event shall the Plan, or any grant made under the Plan, form a
part of an employee’s or consultant’s contract of employment or service, if
any.  The loss of existing or potential
profit in Restricted Stock Units will not constitute an element of damages in
the event of termination 

of
employment or service for any reason, even if the termination is in violation
of an obligation of the Company or Affiliate to the Participant.

10.  Acceptance.  Failure of the Participant to accept the
terms and conditions of this Restricted Stock Unit in accordance with the
requirements of the Administrator can result in adverse consequences to the
Participant, including cancellation of the Restricted Stock Unit.

ACKNOWLEDGED
AND AGREED:

	
  

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Participant
  Signature

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Participant Name
  (Print)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  DateExhibit 10.2

GENZYME CORPORATION

2007 Director Equity Plan

1.             General;
Purpose.

This 2007
Director Equity Plan dated February , 2007 (the “Plan”) governs (1) options to
purchase common stock, $0.01 par value (the “Stock”), of Genzyme Corporation
(the “Company”), (2) awards of Stock for so long as the Stock remains subject
to restrictions requiring that it be redelivered or offered for sale to the
Company if specified performance or other vesting conditions are not satisfied
(“Restricted Stock”), and (3) unfunded and unsecured promises to deliver Stock
in the future, subject to the satisfaction of specified performance or other
vesting conditions (“Restricted Stock Units”), granted on or after the date
hereof by the Company to members of the Board of Directors (each, a “Director”)
of the Company (the “Board”) who are not also officers or employees of the
Company.  Options, Restricted Stock and
Restricted Stock Units are collectively referred to in this Plan as “Awards”.  The Plan constitutes an amendment and restatement
of the Company’s 1998 Director Stock Option Plan (the “Prior Plan”) and
supersedes the Prior Plan, the separate existence of which shall terminate on
the effective date of this Plan.  The
rights and privileges of holders of options outstanding under the Prior Plan
shall not be adversely affected by the foregoing action.

The
purpose of the Plan is to attract and retain qualified persons to serve as
Directors of the Company and to encourage ownership of stock of the Company by
such Directors so as to provide additional incentives to promote the success of
the Company.

2.             Administration of the Plan; Governing Law.

Grants
of Awards under the Plan shall be automatic as provided in Section 7.  All questions of interpretation with respect
to the Plan and Awards granted under it shall be determined by a committee
consisting of all Directors of the Company who are not eligible to participate
in the Plan, and such determination shall be final and binding upon all persons
having an interest in the Plan.  This
Plan shall be governed by and interpreted in accordance with the laws of The
Commonwealth of Massachusetts.

3.             Persons Eligible to Participate in the Plan.

Members
of the Board who are not also officers or employees of the Company shall be
eligible to participate in the Plan.

4.             Shares
Subject to the Plan.

(a)  The maximum aggregate
number of shares available for issuance under the Plan shall be 1,462,491.  Up to 1,462,491 shares of Stock may be issued
upon exercise of options granted under this Plan and up to 100,000 shares of
Stock may be issued for grants of Restricted Stock or Restricted Stock Units under
this Plan.  In the event of a stock
dividend, split-up, combination or reclassification of shares,
recapitalization or other similar capital change relating to the Stock, the
maximum aggregate number and kind of shares or securities of the Company as to
which Awards may be granted under this Plan and as to which options then
outstanding shall be exercisable, and the option price of such options, shall
be appropriately adjusted by the Board (whose determination shall be
conclusive) so as to preserve the value of the Award.

(b) In
the event of a consolidation or merger of the Company with another corporation
where the Company’s shareholders do not own a majority in interest of the
surviving or resulting corporation, or the sale or exchange of all 

or substantially
all of the assets of the Company, or a reorganization or liquidation of the
Company (“Covered Transaction”), each option will become fully exercisable, and
the delivery of shares of Stock issuable under each outstanding Restricted
Stock Unit will be accelerated.  Such
shares will be issued, prior to the Covered Transaction so as to give, in each
case on a basis that gives the holder of the option or the Restricted Stock
Unit a reasonable opportunity, as determined by the Company, following exercise
of the option or the issuance of shares, as the case may be, to participate as
a shareholder in the Covered Transaction, and the option and the Restricted
Stock Unit will terminate upon consummation of the Covered Transaction.  Any shares of Stock issued pursuant to this Section
4(b) in satisfaction of a grant of Restricted Stock Units may, in the
discretion of the Company, contain such restrictions, if any, as the Company
deems appropriate to reflect any performance or other vesting condition to
which the grant of Restricted Stock Units was subject.  In the case of Restricted Stock, the Company
may require that any amounts delivered, exchanged or otherwise paid in respect
of such Stock in connection with the Covered Transaction be placed in escrow or
otherwise made subject to such restrictions as the Company deems appropriate to
carry out the intent of the Plan.   However, in lieu of the foregoing sentences
of this Section 4(b), the Board may make such other provision as it may
consider equitable to holders and in the best interests of the Company.

(c)  Whenever options under this Plan (including
options outstanding under the Prior Plan as of the effective date of this Plan)
lapse or terminate or otherwise become unexercisable, the shares of Stock which
were subject to such options may again be subjected to options under this
Plan.  The Company shall at all times while
this Plan is in force reserve such number of shares of Stock as will be
sufficient to satisfy the requirements of this Plan.

5.             Nonstatutory Stock Options.

All
options granted under this Plan shall be nonstatutory options not entitled to
special tax treatment under Section 422 of the Internal Revenue Code of 1986,
as amended (the “Code”).

6.             Form of Awards.

Awards
granted hereunder shall be in such form as the Board may from time to time
determine.

7.             Grant of Awards.

(a)  Automatic Grant of Options.  At each annual meeting of the shareholders of
the Company, those Directors who are eligible to receive options under this
Plan shall automatically be granted options to purchase 15,000 shares of Stock.
In addition, upon the election of an eligible Director under this Plan other
than at an annual meeting of shareholders (whether by the Board or the shareholders
and whether to fill a vacancy or otherwise), such Director shall automatically
be granted options to purchase the number of shares of Stock described in the
preceding sentence.  The “Date of Option Grant”
for options granted under this Plan shall be the date of the annual meeting of
shareholders, or the election as a Director, as the case may be.  No options shall be granted hereunder after
ten years from the date on which this Plan was initially approved and adopted
by the Board.  As used herein, “Fair
Market Value” for the Stock shall mean the closing sale price of the Stock as
reported by the NASDAQ Global Market or the principal securities exchange or
over-the-counter market on which the Stock is listed or quoted on the Date of Option
Grant of such options or, if the Stock is not then listed on the NASDAQ Global
Market or any securities exchange or quoted in the over-the-counter market, the
fair market value of the Stock as determined in good faith by the Board.  

(b) Option
Price.  The option price per share
for each option granted under this Plan shall be equal to the Fair Market Value
of the Stock with respect to which the option is exercisable.

(c)  Term of Option.  The term of each option granted under this
Plan shall be ten years from the Date of Option Grant.

(d)  Period of Option Exercise.  Options granted under this Plan shall become
exercisable on the date of the next annual meeting of shareholders following
their Date of Option Grant, if and only if the option holder is a member of the
Board at the opening of business on that date. 
Directors holding exercisable options under this Plan who cease to serve
as members of the Board may, during their lifetime, exercise the rights they had
under such options at the time they ceased being a Director for the full
unexpired term of such option.  Upon the
death of a Director, those entitled to do so under the Director’s will or the
laws of descent and distribution shall have the right, at any time within
twelve months after the date of death, to exercise in whole or in part any
rights which were available to the Director at the time of his or her
death.  Options granted under this Plan
shall terminate, and no rights thereunder may be exercised, after the
expiration of the applicable exercise period. 
Notwithstanding the foregoing provisions of this section, no rights
under any options may be exercised after the expiration of ten years from their
Date of Option Grant.

(e)  Method of Option Exercise and Payment.  Options may be exercised only by written
notice to the Company at its head office accompanied by payment of the full
option price for the shares of Stock as to which they are exercised.  The option price shall be paid in cash or by
check.  Upon receipt of such notice and
payment, the Company shall promptly issue and deliver to the optionee (or other
person entitled to exercise the option) a certificate or certificates for the
number of shares as to which the exercise is made.

(f)  Grants of Restricted Stock and Restricted
Stock Units.  Grants of Restricted
Stock and Restricted Stock Units may be made in exchange for such lawful
consideration, including services, as the Company decides.  The Company may specify performance or other
vesting conditions, including continuation of employment, passage of time or
satisfaction of performance criteria, for the Restricted Stock and Restricted
Stock Units.  At each annual meeting of
the shareholders of the Company, those Directors who are eligible to receive Restricted
Stock and Restricted Stock Units under this Plan shall automatically be granted
the number of shares of Restricted Stock and Restricted Stock Units the Board
determines.  Notwithstanding the
foregoing, the Board shall make an initial determination of the number of
Restricted Stock and Restricted Stock Units in the automatic grant within one
year of the adoption of this Plan, which shall be ratified by the shareholders
of the Company by the affirmative vote of the holders of a majority of the
votes properly cast by holders of the shares of Stock of the Company present,
or represented and entitled to vote, at the next annual meeting of shareholders
following such adoption of the automatic grants amount by the Board.  In addition, upon the election of an eligible
Director under this Plan other than at an annual meeting of shareholders
(whether by the Board or the shareholders and whether to fill a vacancy or
otherwise), such Director shall automatically be granted Restricted Stock and
Restricted Stock Units as described in this Section 7(f).  The “Date of RS/RSU Grant” for Restricted
Stock or Restricted Stock Units granted under this Plan shall be the date of
the annual meeting of shareholders, or the election as a Director, as the case
may be.

(g) Vesting
of Awards.  The Board shall determine
the time or times at which an Award will vest or become exercisable.  Notwithstanding the foregoing, the Board
shall make an initial determination of the vesting schedule of Restricted Stock
Units within one year of the adoption of this Plan, which shall be ratified by
the shareholders of the Company by the affirmative vote of the holders of a
majority of the votes properly cast by holders of the shares of Stock of the
Company present, or represented and entitled to vote, at the next annual
meeting of shareholders following such adoption of the initial vesting schedule
by the Board.

(h)  Transferability.  Any Award granted under this Plan may be
transferred without consideration (or for such consideration as the committee
may from time to time deem appropriate) by the holder thereof to any Family
Member of such director; provided, however,
that no subsequent transfer of such Award shall be permitted except for
transfers: (i) to a Family Member of such director; (ii) back to the director;
or (iii) pursuant to the applicable laws of descent and distribution.  For this purpose, “Family Member” shall mean
(i) any child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law, including any
adoptive relationships, and any other person 

sharing the
transferor director’s household (other than as a tenant or employee); (ii) any
trust in which any of the persons described in clause (i) holds a greater than
50% beneficial interest; (iii) any foundation in which any of the persons
described in clause (i) or the transferor director controls the management of
assets; or (iv) any other entity in which any of the persons described in
clause (i) or the director holds more than 50% of the voting interests.

8.             Limitation
of Rights.

(a)  No Right to Continue as a Director.  Neither this Plan, nor the granting of an Award
or any other action taken pursuant to this Plan, shall constitute an agreement
or understanding, express or implied, that the Company will retain an Award holder
as a Director for any period of time or at any particular rate of compensation.

(b)  No Shareholders’ Rights for Options.  Directors shall have no rights as a shareholder
with respect to the shares covered by their options until the date they
exercise such options and pay the option price to the Company, and no
adjustment will be made for dividends or other rights for which the record date
is prior to the date such option is exercised and paid for.

(c)  No Shareholders’ Rights for Restricted
Stock Units.  Directors shall have no
rights as a shareholder with respect to the shares covered by their Restricted
Stock Units until the date such Restricted Stock Units vest and shares issuable
under the Restricted Stock Units are delivered to the directors, and no
adjustment will be made for dividends or other rights for which the record date
is prior to the date such shares are delivered.

(d)  Shareholders’ Rights for Restricted Stock.  Directors shall have no rights as a
shareholder with respect to their Restricted Stock until such time, if any, as
such shares are delivered to the directors, and no adjustment will be made for
dividends or other rights for which the record date is prior to the date such
shares are delivered.

9.             Effective
Date; Amendment or Termination.

This
Plan shall be effective as of February 28, 2007.  The Company may at any time or times amend
the Plan or any outstanding Award for any purpose which may at the time be
permitted by law, and may at any time terminate the Plan as to any future
grants of Awards; provided, that except as otherwise expressly provided in the
Plan the Company may not, without the ’’Award holder’s consent, alter the terms
of an Award so as to affect adversely an ’’Award holder’s rights under the Award,
unless the Company expressly reserved the right to do so at the time of
grant.  Amendments to the Plan shall be
conditioned upon shareholder approval only to the extent, if any, such approval
is required by law (including the U.S. Internal Revenue Code of 1986 as from
time to time amended and in effect, or any successor statute as from time to
time in effect and applicable NASDAQ or stock exchange requirements), as
determined by the Company. 
Notwithstanding the foregoing, the Company shall submit for shareholder
approval any amendment to the Plan (other than an amendment or adjustment
pursuant to Section 4(b)) that would: (a) increase the maximum number of shares
for which Awards may be granted under the Plan; (b) reduce the price at which
an option may be granted below the price provided for in Section 7(b); (c)
reduce the exercise price of outstanding options; or (d) increase the limits
set forth in Section 4(a).

10.          Shareholder Approval.

This
Plan is subject to approval by the shareholders of the Company by the
affirmative vote of the holders of a majority of the votes properly cast by
holders of the shares of Stock of the Company present, or represented and
entitled to vote, at a meeting duly held in accordance with the laws of The
Commonwealth of Massachusetts.  In the
event such approval is not obtained, all Awards granted under this Plan shall
be void and without effect.

11.           Compliance with Section 409A.

Awards
under the Plan shall be construed and administered consistent with exemption
from, or compliance with, the requirements of Section 409A of the Internal
Revenue Code of 1986 (“Section 409A”). 
Notwithstanding any provision of Section 9 to the contrary, the Board may
amend the Plan and/or any Award to satisfy the requirements of Section 409A,
including the requirements for exemption from Section 409A.

Approved by
directors on February 28, 2007

Approved by shareholders on May 24, 2007

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