Document:

EXHIBIT 10.11

 

ABIOMED, INC.

 

NONQUALIFIED STOCK OPTION AGREEMENT

 

This Nonqualified Stock Option Agreement
(this “Agreement”) is made effective as of the 5th day of April, 2004, between
ABIOMED, Inc. (the “Corporation”), and Michael R. Minogue, an employee of the
Corporation (the “Optionee”), pursuant to the terms set forth herein.

 

WITNESSETH:

 

WHEREAS, the Optionee has not previously been
an employee or director of the Corporation; and

 

WHEREAS, the Corporation desires to grant the
Optionee, as an employment inducement grant in accordance with NASDAQ
Marketplace Rule 4350(i)(1)(A)(iv),  an
option to purchase Common Stock, $.01 par value of the Corporation (the
“Stock”);

 

NOW THEREFORE, for good and valuable
consideration, the receipt of which is hereby acknowledged , the Corporation
and the Optionee agree as follows:

 

1. Grant of
Option.  Pursuant to the
terms and conditions of this Agreement, the Corporation hereby grants to the
Optionee a nonqualified option (the “Option”) to purchase, as provided in Section
3 hereof, all or any part of a total of 100,000 shares of Stock  (the “Option Shares”).  This stock option is not intended to qualify
as an incentive stock option as that term is described in Section 422 of the
Internal Revenue Code of 1986, as amended.

 

2. Purchase
Price. The price at which the Option Shares may be purchased shall
be $9.05 per share (the “Option Exercise Price”).

 

3. Vesting of
Option. Subject to the provisions of Section 4, the right of the
Corporation to accelerate the date upon which all or any portion of the Option
becomes exercisable and any other relevant agreement between the Corporation
and the Optionee, the Optionee’s right to exercise the Option shall vest in
four equal installments, as follows:

 

(i)                                     the
Optionee may purchase twenty-five (25%) percent of the number of Option Shares
provided in Section 1 at any time commencing one year after the date of this
Agreement;

 

(ii)                                  the
Optionee may purchase an additional twenty-five (25%) percent of the number of
Option Shares provided in Section 1 at any time commencing two years after the
date of this Agreement;

 

1

 

(iii)                               the
Optionee may purchase an additional twenty-five (25%) percent of the number of
Option Shares provided in Section 1 at any time commencing three years after
the date of this Agreement; and

 

(iv)                              the
Optionee may purchase the final twenty-five (25%) percent of the number of
Option Shares provided in Section 1 at any time commencing four years after the
date of this Agreement.

 

Notwithstanding any provision
of this Agreement to the contrary, in no event may the Option be exercised
after ten years from the date of this Agreement (the “Expiration Date”).

 

4. Termination
of Employment. If the Optionee ceases to be an employee, consultant
or advisor to the Corporation or a subsidiary of the Corporation, then after
such termination the Option may be exercised as to all shares with respect to
which Optionee could exercise the Option on the date of termination (the “Termination
Date”), and which shares have not been previously purchased, within one of the
following periods of time as applicable:

 

(i)                                     in
the case of termination by reason of death, until the earlier of the Expiration
Date or one (1) year after the Termination Date; and

 

(ii)                                  in
the case of termination by reason of retirement at age 65, or such other age as
the Compensation Committee of the Corporation’s Board of Directors (the
“Committee”) may determine, until the earlier of the Expiration Date or three
(3) months after the Termination Date; and

 

(iii)                               in
all other cases, until the earlier of the Expiration Date or the date which is
thirty (30) days after the Termination Date.

 

Notwithstanding the foregoing, in the case of
termination for cause, the ability to exercise this Option may be terminated on
such earlier date as the Corporation may specify, and such date may be set so
as to prevent the Optionee from further exercising any portion of the Option.

 

5. Nontransferability:
Persons Able to Exercise. 
The Option may not be transferred other than by will or the laws of
descent and distribution.  During the
life of the Optionee, only the Optionee may exercise the Option.  If the Optionee dies, the Option may be
exercised by the Optionee’s executors, administrators, legatees, or
distributees, provided that such person or persons comply with the provisions
of this Agreement applicable to the Optionee.

 

6. Method of
Exercising Option. The Option may be exercised, in whole or in part,
by written notice to the Corporation in the form of Attachment A, provided that
the Corporation, in its discretion, may modify or augment these requirements as
provided in Section 9 of this Agreement, or where appropriate because a person
other than the Optionee is exercising the Option pursuant to Section 5.  Payment shall be made in cash, unless the
Corporation, in its sole discretion, authorizes payment to be made in shares of
the Corporation or a combination of such shares and cash.  To the extent permitted by the Committee,
such payment may also be made by delivery of a note or shares of Stock owned by
the optionholder for a period of at least six (6) months, and valued at their
Fair Market Value on the date of delivery, by the reduction of the 

 

2

 

shares of Stock that the optionholder would be entitled to receive upon
exercise of the Option, such shares to be valued at their Fair Market Value on
the date of exercise, less their option price (a so-called “cashless
exercise”), or such other lawful consideration as the Committee may
determine.  This notice must be
accompanied by payment of the Option Exercise Price for the shares being
purchased.  As soon as practical after
receipt of this notice and  payment, the
Corporation shall deliver a certificate or certificates representing the
purchased shares registered in the name of the person or person exercising the
Option.  In the event the Option is
exercised by any person other than the Optionee, the notice shall be
accompanied by appropriate proof of the right of such person to exercise the
Option.  All shares purchased upon the
exercise of the Option and payment of the full Option Exercise Price will be
fully paid and nonassessable.  As used
herein, the term “Fair Market Value” shall mean the fair market value as
determined by the Committee in good faith or in the manner established by the
Committee from time to time.

 

7. No Rights
Other Than Those Expressly Created. 
Neither this Agreement nor any action taken hereunder shall be construed
as (i) giving the Optionee any right to be retained in the employ of, or
continue to be affiliated with, the Corporation, (ii) giving  the Optionee any equity or interest of any
kind in any assets of the Corporation, or (iii) creating a trust of any kind or
a fiduciary relationship of any kind between the Optionee and the
Corporation.  As to any claim for any
unpaid amounts under this Agreement, any person having a claim for payment
shall be an unsecured creditor.  The
Optionee shall not have any of the rights of a stockholder with respect to any
Option Shares until such time as the Option has been exercised and Option
Shares have been issued.

 

8. Stock
Adjustments. If there shall be any change in the Stock through
merger, consolidation, reorganization, recapitalization, or other change in the
corporate structure of the Corporation, appropriate adjustments shall be made
by the Corporation, as provided below, in the total number and kind of shares
subject to the Option.  In the event
that the Committee determines that any stock dividend, extraordinary cash
dividend, creation of a class of equity securities, recapitalization,
reorganization, merger, consolidation, split-up, spin-off, combination,
exchange of shares, warrants or rights offering to purchase Stock at a price
substantially below fair market value, or other similar transaction affects the
Stock such that an adjustment is required in order to preserve the benefits or
potential benefits intended to be made available under this Agreement, then the
Committee shall equitably adjust any or all of (i) the number and kind of
shares subject to this Option, and (ii) the exercise price of this Option, and
if considered appropriate, the Committee may make provision for a cash payment
with respect to this Option, provided that the number of shares subject to this
Option shall always be a whole number.

 

9. Miscellaneous.

 

(a) Change in Control.  In order to preserve the Optionee’s rights
under this Agreement in the event of a change in control of the Corporation,
the Committee in its discretion may take one or more of the following actions:
(i) provide for the acceleration of any time period relating to the exercise or
realization of the Option, (ii) provide for the purchase of the Option upon the
Optionee’s request for an amount of cash or other property that could have been
received upon the exercise or realization of the Option had the Option been
currently exercisable or payable, (iii) adjust the terms of the Option in a
manner determined by the Committee to reflect the 

 

3

 

change in control, (iv) cause the Option to be assumed, or new rights
substituted therefor, by another entity, or (v) make such other provision as
the Committee may consider equitable and in the best interests of the
Corporation.

 

(b) Withholding of Taxes.  Pursuant to applicable Federal, state, local
or foreign laws, the Corporation may be required to collect or withhold income
or other taxes from the Optionee upon the grant of the Option, the exercise of
the Option, or at some other time.  The
Corporation may require, as a condition to the exercise of the Option, or
demand, at such other time as it may consider appropriate, that the Optionee
pay the Corporation the amount of any taxes which the Corporation may determine
is required to be collected or withheld, and the Optionee shall comply with the
requirement or demand of the Corporation.

 

(c) Securities Law Compliance.  Upon exercise (or partial exercise) of the
Option, the Optionee may be required to make such representations and furnish
such information as may, in the opinion of counsel for the Corporation, be
appropriate to permit the Corporation to issue or transfer the Option Shares in
compliance with the provisions of applicable Federal or state securities
laws.  The Corporation, in its
discretion, may postpone the issuance and delivery of Option Shares upon any
exercise of the Option until completion of such registration or other
qualification of such Option Shares under any federal or state laws, or stock
exchange listing, as the Corporation may consider appropriate.  Except to the extent set forth in another
agreement with the Optionee, the Corporation is not obligated to register or
qualify the Option Shares under Federal or state securities laws and may refuse
to issue such Option Shares if neither registration nor exemption to the
issuance or transfer of any Option Shares is available upon exercise of the
Option.  The Corporation may require
that prior to the issuance or transfer of Option Shares upon exercise of this
Option, the Optionee enter into a written agreement to comply with any
restrictions on subsequent disposition that the Corporation deems necessary or
advisable under any applicable federal and state securities laws.  Certificates representing the Option Shares
issued upon exercise of the option may be legended to reflect such
restrictions.

 

(d) General. 
No Option Shares shall be issued upon exercise of the Option unless and
until the Corporation is satisfied, in its sole discretion, that there has been
compliance with all legal requirements applicable to the issuance of such
Option Shares.

 

(e) Discretion of the Committee.  Unless otherwise provided, the Committee
shall make all determinations required to be made hereunder, including
determinations required to be made by the Corporation, and shall interpret all
provisions of this Agreement, as it deems necessary or desirable, in its sole
and unfettered discretion.  Such
determinations and interpretations shall be binding and conclusive to the
Corporation and the Optionee.  If there
shall be no Compensation Committee of the Corporation’s Board of Directors or
if the Board of Directors shall determine that the Board of Directors shall
administer this Option, all references herein to the Committee shall be deemed
references to the Board of Directors.

 

(f) Reservation of Shares.  During the term of the Option, the
Corporation shall at all times reserve and keep available shares of Stock
sufficient to satisfy the requirements of this 

 

4

 

Agreement.

 

(g) Amendment. 
This Agreement may only be modified or amended by a writing signed by
both parties.

 

(h) No Rights As Shareholder.  Subject to the provisions of this Agreement,
the Optionee shall not have any rights as a shareholder with respect to any
shares of  Stock to be distributed under
this Agreement until he becomes the holder thereof.

 

(i) Notices. 
Any notices required to be given under this Agreement shall be
sufficient if in writing and if sent by certified mail, return receipt
requested, and addressed as follows:

 

if to the Corporation:

 

ABIOMED, Inc.

22 Cherry Hill Drive

Danvers, Massachusetts  01923

Attn: Treasurer

 

if to the Optionee, at the address of the Optionee set forth in the
Corporation’s records or to such other address as either party may designate
under the provisions hereof.

 

(j) Successors and Assigns.  The rights and obligations of the
Corporation under this Agreement shall inure to the benefit of and be binding
upon the successors and assigns of the Corporation.

 

(k) Applicable Law.  All rights and obligations under this Agreement shall be governed
by the laws of The Commonwealth of Massachusetts.

 

(l) Paragraph Headings.  The paragraph headings used in this Agreement
are for convenience or reference, and are not to be construed as part of this
Agreement.

 

IN WITNESS
WHEREOF, the parties have executed this Agreement as an instrument under seal
effective as of the date written on the first page of this Agreement.

 

5

 

	
   

  	
  ABIOMED,
  Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/

  	
  David M.
  Lederman

  	
   

  
	
   

  	
  By: David M.
  Lederman

  
	
   

  	
  Its:  Chairman of the Board

  
	
   

  	
   

  
	
   

  	
  OPTIONEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Michael
  R. Minogue

  	
   

  
	
   

  	
  Michael R.
  Minogue

  
					

 

6

 

EXHIBIT A

 

ABIOMED, Inc.

22 Cherry Hill Drive

Danvers, MA  01923

Attention:  Treasurer

 

Gentlemen:

 

Pursuant to our Non-Qualified Stock Option
Agreement dated as of the 5th day of April 2004, I hereby elect to exercise the
Option to the extent indicated:

 

	
  Number of
  Shares

  	
   

  	
  Per Share

  	
   

  	
  Total

  
	
  Which I
  Elect to 

  	
  X

  	
  Price

  	
  =

  	
  Price

  
	
  Purchase

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

Enclosed with this letter is full payment of
the total price of the shares described above in the form of a check in the
amount of $            
payable to the order of the Corporation.

 

Kindly issue a certificate or certificates to
me representing the shares which I am acquiring by this exercise, and deliver
it to the address provided above.

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Michael R.
  Minogue

  

 

7Exhibit 10.89

 

RUSS BERRIE AND COMPANY, INC.

STOCK OPTION AGREEMENT

 

Date of Grant:  June 1, 2004

 

In
accordance with the Employment Agreement (the “Employment Agreement”), dated as
of April 9, 2004 between Russ Berrie and Company, Inc., a New Jersey corporation
(together with its successors and assigns, the “Company”) and Andrew R. Gatto
(the “Executive”), the Company does hereby grant to the Executive, as of the
grant date set forth above, pursuant to the 2004 Russ Berrie and Company, Inc.
Stock Option, Restricted and Non-Restricted Stock Plan (the “Plan”), a stock
option (the “Option”) to purchase an aggregate of 100,000 shares of its Common
Stock (stated value $.10 per share) (the “Shares”) at the price of $19.53 per
share (the “Option Price”), upon the following terms and conditions.  Unless otherwise indicated, capitalized
terms used but undefined herein shall have the meanings ascribed to them in the
Plan.

 

1.                                       (a)                                  This Option is
intended to be a non-qualified stock option.

 

(b)                                 Except as provided in
Sections 2 and 4 below, this Option shall vest and become exercisable ratably
over five years (20% per year) from the Date of Grant, and have a term of ten
years from the Date of Grant, provided, however, the term of exercisability of
a vested portion of the Option shall be subject to the provisions of Section 2
below.

 

2.                                       (a)                                  If the employment of the Executive under the
Employment Agreement is terminated by the Company without Cause or by reason of
the Disability of the Executive, or by the Executive for Good Reason (each as
defined in the Employment Agreement), whether or not in connection with a
change in control, or by reason of the Executive’s death, any outstanding
unexercised portion of this Option, whether or not vested and/or exercisable on
the Termination Date, shall be deemed fully vested and exercisable and may be
exercised for two years after the Termination Date or the remainder of the
ten-year term of the Option, whichever period is shorter.  The “Termination Date” is the date on which
the Executive’s employment under the Employment Agreement ceases.

 

(b)                                                                                 Upon
any Change in Control (as defined in the definition of Good Reason in the
Employment Agreement), any outstanding unexercised portion of this Option,
whether or not vested and/or exercisable on the date of such Change in Control,
shall be deemed fully vested and exercisable. 
In the event that holders of Shares receive cash, securities or other
property in respect of their Shares in connection with a Change in Control, the
Company shall use reasonable efforts, to the extent permissible under the Plan,
to enable the Executive (if he so elects) to exercise this Option at a time and
in a fashion that will entitle him to receive in exchange for any Shares thus
acquired the same consideration as is received in such Change in Control by
other holders of Shares.

 

(c)                                                                                  If
the employment of the Executive under the Employment Agreement is terminated by
the Company for Cause or by the Executive without Good Reason (each as defined
in the Employment Agreement), and not due to death or Disability, any
outstanding unexercised unvested portion of this Option will be cancelled and
deemed terminated as of the Termination Date and any unexercised, vested
portion of this Option may be exercised through the earlier of (x) 30 days
after the Termination Date or (y) the 10th anniversary of the Date of Grant.

 

3.               This Option shall be exercised by giving
written notice of exercise to the Company at 111 Bauer Drive, Oakland, NJ  07430 (Attention: Chief Financial Officer)
as follows:

 

 

(a)                                                          Method
of Exercise.  In order to exercise this
Option in whole or in part, the Executive shall submit to the Company a writing
specifying the whole number of Shares in respect of which the Option is being
exercised and accompanied by payment in full (or an arrangement for payment in
full) in accordance with Section 3(b) below of the aggregate Option Price of
the Shares in respect of which the Option is being exercised.  The number of Shares for which the Option
has thus been exercised shall then promptly be issued by the Company (the
“Option Shares”) and a certificate for such Shares shall be promptly delivered
to the Executive.

 

(b)                                                         Method
of Payment.  Payment of the aggregate
Option Price for Option Shares may be made (i) by delivery to the Company of
cash or a check to the order of the Company and backed by sufficient funds in
an amount equal to the aggregate Option Price of such Shares; (ii) to the
extent that use of this procedure will not result in any incremental accounting
charges to the Company, by authorizing the Company to withhold Shares that
would otherwise be delivered to the Executive having an aggregate Market Price
on the date of exercise equal to the aggregate Option Price of the Option
Shares; (iii) by delivery to the Company of Shares then owned by the Executive
having an aggregate Market Price on the date of delivery equal to the aggregate
Option Price of the Option Shares; or (iv) by any combination of (i), (ii) or
(iii), in each case to the fullest extent permissible under the Plan.  The Company shall also from time to time
make available to the Executive any “cashless exercise” procedure that it then
makes available to other option holders who are directors and executive
officers of the Company.

 

(c)                                                          Delivery
of Shares in Payment of Option Price. 
Payment by delivery of Shares may be effected by delivering one or more
stock certificates or by otherwise delivering Shares to the Company’s
reasonable satisfaction, in each case accompanied by such endorsements, stock
powers, signature guarantees or other documents or assurances as may reasonably
be required by the Company.  If a
certificate or certificates or other documentation representing Shares in
excess of the amount required are delivered, a certificate (or other satisfactory
evidence of ownership) representing the excess number of Shares shall be
returned by the Company.  The Company
need not accept fractional Shares.

 

4.               The number and type of securities (or
other property) subject to this Option, the price to be paid therefor, and the
other terms of this Agreement, shall be subject to adjustment as follows:

 

(a)                                                          In
the event of any dissolution or liquidation of the Company, sale of all or
substantially all of the assets of the Company, merger or consolidation of the
Company with or into any other corporation if the Company is the surviving
corporation, statutory share exchange involving capital stock of the Company,
reorganization, recapitalization, reclassification, stock dividend,
extraordinary dividend, stock split, reverse stock split, stock combination,
rights offering, spin-off or other relevant change, the Committee may adjust
the aggregate number of shares of Stock available for awards of options under
the Plan, the Option price of the Option, and any or all other matters deemed
appropriate by the Committee in good faith, including, without limitation,
accelerating the vesting and/or exercise period pertaining to the Option; such
adjustment shall be made on a basis that is no less favorable to the Executive
than the adjustment, if any, made in respect of such event to options held by
persons who are directors and executive officers of the Company is to such
holders.

 

 

(b)                                                         In
connection with a Business Combination, the Committee, in its sole discretion,
may provide for (i) the continuation of the Plan and/or the assumption of the
Option by a successor corporation (or a parent or subsidiary thereof), (ii) the
substitution for the Option of new awards covering the stock of a successor
corporation (or a parent or subsidiary thereof), with appropriate adjustments
as to the number and kind of shares and exercise prices, (iii) upon 10 days’
advance notice from the Committee to the Executive, the acceleration of the
vesting and/or exercise period pertaining to the Option or (iv) upon 10 days’
advance notice from the Committee to the Executive, (x) the cancellation of any
outstanding portion of the Option that is then exercisable and the payment to
the holder thereof, in cash or stock, or any combination thereof, of the value
of such portion based upon the price per share of Stock received or to be
received by other stockholders of the Company in connection with the Business
Combination, and (y) the cancellation of the portion of the Option that is not
then exercisable.  In the event of any
continuation, assumption or substitution contemplated by the foregoing clauses,
the Option shall continue in the manner and under the terms so provided.

 

(c)                                                          If,
by reason of any adjustment to the Option pursuant to the provisions described
above, the Executive shall be entitled to new, additional or different shares
of stock or securities of the Company or any other corporation in respect of
the Option, such new, additional or different shares shall thereupon be subject
to all of the conditions and restrictions which were applicable to the Shares
subject to the Option prior to such adjustment.

 

5.               This Option shall not be assignable or
transferable except by will or by the laws of descent or distribution provided,
however, that the Executive may transfer all or any portion of the Option to a
member of his Immediate Family, a trust for the benefit of the Executive or any
member of his Immediate Family, partnerships in which the Executive or his
Immediate Family members and/or trusts are the only partners, and/or any
organization exempt under Section 501(c) of the Internal Revenue Code of 1986,
as amended (the “Code”).  Subject to the
provisions of Section 2, this Option shall be exercisable only by the Executive
or his permitted assignee or transferee.

 

6.               Subject to the limitations set forth in
the Plan, the Committee is vested with absolute discretion and authority to
interpret the Plan and make all determinations necessary or advisable for the
administration thereof.  Any
determination of the Committee in the administration of the Plan, as described
therein, shall be final, conclusive and binding upon the Executive and any
person claiming under or through the Executive, including, without limitation,
as to any adjustments pursuant to Section 4 hereof.

 

7.               Nothing contained in the Plan or this
Agreement shall confer upon the Executive any right with respect to continuance
of employment by any Participating Company nor limit in any way the right of
the Company to terminate or modify his employment at any time, with or without
cause.

 

8.               If the Company is for any reason
required to withhold any amount under the tax laws or regulations of the United
States, any jurisdiction thereof or local government with respect to the
transfer of Option Shares upon exercise of the Option (“Withholding Taxes”),
the Executive or other person receiving such Shares shall be required to pay
the Company the amount of any such Withholding Taxes, such payment to be made
in any of the fashions authorized under Section 3(b) above.

 

9.               The Company shall not be required to
issue or deliver a certificate for Option Shares unless the issuance and
delivery of such certificate complies with all applicable legal requirements
including, without limitation, compliance with the provisions of applicable
state securities laws, the Securities Act of 1933, as amended (the “Securities
Act”), the Securities Exchange Act of 1934, as amended, and the requirements of
the exchanges, if any, on which the Company’s shares of Common Stock may, at that
time, be listed; provided, however, that the Company shall use reasonable
efforts to satisfy, as promptly as possible, any condition (other than those in
the Executive’s control) that would permit such issuance or delivery.

 

 

10.         Notwithstanding anything contained in the Plan
or herein to the contrary, in the event that the disposition of Option Shares
is not covered by a then current registration statement under the Securities
Act, and is not otherwise exempt from such registration, such Option Shares
shall be restricted against transfer to the extent required by the Securities
Act and Rule 144 or other regulations thereunder.  The certificates evidencing any of such Option Shares shall be
appropriately amended or have an appropriate legend placed thereon to reflect
their status as restricted securities as aforesaid.

 

11.         The provisions of Sections 9, 10, 11(A), 12,
14, 16, and 19 of the Employment Agreement shall be deemed incorporated into
this Agreement as if fully set forth herein. 
Any claims or disputes arising out of, or relating to, this Agreement
shall be deemed “Disputes” to which Section 11(B) of the Employment Agreement
applies.

 

12.         The Executive shall not be, nor have any of
the rights or privileges of, a stockholder of the Company in respect of any
Shares purchasable upon exercise of the Option granted hereunder unless and
until certificates representing such shares shall have been issued by the
Company.

 

13.         The Company shall, upon and to the extent of
any written request from the Executive, use reasonable efforts to assure that
all Option Shares shall upon issuance and delivery, be (i) fully registered (at
the Company’s expense) under the Securities Act, for both issuance and resale,
(ii) registered or qualified (at the Company’s expense) under such state
securities laws as the Executive may reasonably request, for issuance and
resale and (iii) listed on a national securities exchange or eligible for sale
on the NASDAQ National Market and that all such shares, upon issuance, shall be
validly issued, fully paid and nonassessable. 
The Company shall at all times reserve and keep available sufficient
Shares to satisfy the requirements of this Agreement and shall pay all original
issue taxes with respect to the issuance of Option Shares upon exercise of the
Option and all other fees and expenses incurred in connection connection
therewith.

 

14.         “Market Price”, when used with respect to the
price of a Share on a particular day, shall mean the closing price for which a
Share is purchased that day (or, if no purchases have been made on such day, on
the most recent preceding day on which such a purchase occurred) on the
principal national securities exchange or national market system on which
Shares are then listed or eligible for sale (or, if Shares are not then listed
or eligible for sale on any such exchange or market system, the price as
determined by agreement between the Parties or, in the absence of such
agreement, the price as determined reasonably, and in good faith, by the
Board).

 

	
   

  	
  RUSS
  BERRIE AND COMPANY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
   /s/ John Wille

  	
   

  
	
   

  	
  Name:

  	
  John Wille

  
	
   

  	
  Title:

  	
  Vice President and

  Chief Financial Officer

  

 

AGREED TO AND ACCEPTED AS OF THE

DATE OF GRANT SET FORTH ABOVE:

	
  /s/ Andrew Gatto

  	
   

  
	
  ANDREW R. GATTO

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