Document:

exv10w4

 

Exhibit 10.4

Emergent BioSolutions Inc.

Incentive Stock Option Agreement

Granted Under 2006 Stock Incentive Plan

1. Grant of Option.

     This agreement evidences the grant by Emergent BioSolutions Inc., a Delaware corporation
(the “Company”), on [
                     
], 200[   ] [                    
] (the “Grant Date”) to [                      ], an employee of the Company (the
“Participant”), of an option to purchase, in whole or in part, on the terms provided herein and in
the Company’s 2006 Stock Incentive Plan (the
“Plan”), a total of [
                    
] shares (the “Shares”) of
common stock, $0.001 par value per share, of the Company
(“Common Stock”) at $[                      ] per Share.
Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on [                      ] (the
“Final Exercise Date”).

     It is intended that the option evidenced by this agreement shall be an incentive stock
option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any
regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the
term “Participant”, as used in this option, shall be deemed to include any person who acquires the
right to exercise this option validly under its terms.

2. Vesting Schedule.

     This
option will become exercisable (“vest”)
[insert vesting schedule].

     The right of exercise shall be cumulative so that to the extent the option is not exercised in
any period to the maximum extent permissible it shall continue to be exercisable, in whole or in
part, with respect to all Shares for which it is vested until the earlier of the Final Exercise
Date or the termination of this option under Section 3 hereof or the Plan.

3. Exercise of Option.

     (a) Form of Exercise. Each election to exercise this option shall be in writing in
the form attached hereto as Exhibit A or in another form as prescribed by the Company,
signed by the Participant, and received by the Company at its principal office, accompanied by this
agreement, and payment in full in the manner provided in the Plan. The Participant may purchase
less than the number of shares covered hereby, provided that no partial exercise of this option may
be for any fractional share.

     (b) Continuous Relationship with the Company Required. Except as otherwise provided
in this Section 3, this option may not be exercised unless the Participant, at the time he or she
exercises this option, is, and has been at all times since the Grant Date, an employee or officer
of, or consultant or advisor to, the Company or any parent or subsidiary of the Company as defined
in Section 424(e) or (f) of the Code (an “Eligible Participant”).

     (c) Termination of Relationship with the Company. If the Participant ceases to be an
Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e)

 

 

below, the right to exercise this option shall terminate three months after such cessation
(but in no event after the Final Exercise Date), provided that this option shall be
exercisable only to the extent that the Participant was entitled to exercise this option on the
date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final
Exercise Date, violates the non-competition or confidentiality provisions of any employment
contract, confidentiality and nondisclosure agreement or other agreement between the Participant
and the Company, the right to exercise this option shall terminate immediately upon such violation.

     (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes
disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date
while he or she is an Eligible Participant and the Company has not terminated such relationship for
“cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of
one year following the date of death or disability of the Participant, by the Participant (or in
the case of death by an authorized transferee), provided that this option shall be
exercisable only to the extent that this option was exercisable by the Participant on the date of
his or her death or disability, and further provided that this option shall not be exercisable
after the Final Exercise Date.

     (e) Termination for Cause. If, prior to the Final Exercise Date, the Participant’s
employment is terminated by the Company for Cause (as defined in the Plan), the right to exercise
this option shall terminate immediately upon the effective date of such termination of employment.
[If the Participant is party to an employment or severance agreement with the Company that contains
a definition of “cause” for termination of employment, “Cause” shall have the meaning ascribed to
such term in such agreement.]

4. Tax Matters.

     (a) Withholding. No Shares will be issued pursuant to the exercise of this option
unless and until the Participant pays to the Company, or makes provision satisfactory to the
Company for payment of, any federal, state or local withholding taxes required by law to be
withheld in respect of this option.

     (b) Disqualifying Disposition. If the Participant disposes of Shares acquired upon
exercise of this option within two years from the Grant Date or one year after such Shares were
acquired pursuant to exercise of this option, the Participant shall notify the Company in writing
of such disposition.

5. Nontransferability of Option.

     This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the
Participant, either voluntarily or by operation of law, except by will or the laws of descent and
distribution, other than pursuant to a qualified domestic relations order, and, during the lifetime
of the Participant, shall be exercisable only by the Participant; provided, however, that the
gratuitous transfer of this Option by the Participant to or for the benefit of any immediate family
member, domestic partner, family trust or other entity established for the benefit of the
Participant and/or an immediate family member thereof if, with respect to such proposed transferee,
the Company would be eligible to use a Registration Statement on Form S-8 for the registration of
the sale of the Common Stock subject to such Option under the Securities Act of 1933, as amended;
provided, further, that the Company shall not be required to recognize any such transfer until such
time as the Participant and such authorized transferee shall, as a condition to such transfer,

 

 

deliver to the Company a written instrument in form and substance satisfactory to the Company
confirming that such transferee shall be bound by all of the terms and conditions of the Option;
and, provided, further, that no option intended to be an incentive stock option shall be
transferable unless the Board of Directors shall otherwise permit.

6. Provisions of the Plan.

     This option is subject to the provisions of the Plan, a copy of which is furnished to the
Participant with this option.

     IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal
by its duly authorized officer. This option shall take effect as a sealed instrument.

	 	 	 	 	 
	 	Emergent BioSolutions Inc.

 	 
	Dated:                       	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

PARTICIPANT’S ACCEPTANCE

     The undersigned hereby accepts the foregoing option and agrees to the terms and conditions
thereof. The undersigned hereby acknowledges receipt of a copy of the Company’s 2006 Stock
Incentive Plan.

	 	 	 	 	 
	 	PARTICIPANT:	 
	 	 	 
	 	 	 	 	 
	 	
Address: 	 	 
	 	 	 	 

 

 

	 	 	 	 	 

Exhibit A

NOTICE OF STOCK OPTION EXERCISE

Date:                     

Emergent BioSolutions Inc.

300 Professional Drive, Suite 250

Gaithersburg, MD 20879

Attention: Treasurer

Dear Sir or Madam:

     I am the holder of an Incentive Stock Option granted to me under the Emergent BioSolutions
Inc. (the “Company”) 2006 Stock Incentive Plan on                      for the purchase of                      shares
of common stock, $0.001 par value per share, of the Company (“Common Stock”) at a purchase price of
$                     per share.

     I hereby exercise my option to purchase                      shares of Common Stock, for which I have
enclosed                     1 in the amount of $                    2. Please register my
stock certificate as follows:

	  	 	 	 	 	 	 
	 	Name(s):
	 	 
	3	 	 
	 	 
	 	 
	 	 	 
	     	Address:
	 	 
	 	 	 
	 	Tax I.D. #:
	 	 
	4	 	 

	 	 	 
	Very truly yours,	 	 
	 
	 	 	 
	(Signature) 	 	 

 

			
	1	 	Enter “cash” or “a check.”
	 
	2	 	Enter the dollar amount (price per share times
the number of shares to be purchased).
	 
	3	 	Enter name(s) to appear on stock certificate:
(a) Your name only or (b) Your name and other name (i.e., John Doe and Jane
Doe, Joint Tenants With Right of Survivorship). Note: There may be income
and/or gift tax consequences of registering shares in a Child’s name.
	 
	4	 	Social Security Number(s) of Holder(s).exv10w5

 

Exhibit 10.5

Emergent BioSolutions Inc.

Nonstatutory Stock Option Agreement

Granted Under 2006 Stock Incentive Plan

1. Grant of Option.

     This agreement evidences the grant by Emergent BioSolutions Inc., a Delaware corporation (the
“Company”), on [                      ], 200[ ] (the “Grant Date”) to [                      ],
an [employee, consultant, director] of the Company (the “Participant”), of an option to purchase,
in whole or in part, on the terms provided herein and in the Company’s 2006 Stock Incentive Plan
(the “Plan”), a total of [                      ] shares (the “Shares”) of common stock, $0.001
par value per share, of the Company (“Common Stock”) at $[                      ] per Share. Unless
earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on [                      ] (the “Final
Exercise Date”).

     It is intended that the option evidenced by this agreement shall not be an incentive stock
option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any
regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the
term “Participant”, as used in this option, shall be deemed to include any person who acquires the
right to exercise this option validly under its terms.

2. Vesting Schedule.

     This
option will become exercisable (“vest”)
[insert vesting schedule].

     The right of exercise shall be cumulative so that to the extent the option is not exercised in
any period to the maximum extent permissible it shall continue to be exercisable, in whole or in
part, with respect to all Shares for which it is vested until the earlier of the Final Exercise
Date or the termination of this option under Section 3 hereof or the Plan.

3. Exercise of Option.

     (a) Form of Exercise. Each election to exercise this option shall be in writing in
the form attached hereto as Exhibit A or in another form as prescribed by the Company,
signed by the Participant, and received by the Company at its principal office, accompanied by this
agreement, and payment in full in the manner provided in the Plan. The Participant may purchase
less than the number of shares covered hereby, provided that no partial exercise of this option may
be for any fractional share.

     (b) Continuous Relationship with the Company Required. Except as otherwise provided
in this Section 3, this option may not be exercised unless the Participant, at the time he or she
exercises this option, is, and has been at all times since the Grant Date, an employee, officer or
director of, or consultant or advisor to, the Company or any other entity the employees, officers,
directors, consultants, or advisors of which are eligible to receive option grants under the Plan
(an “Eligible Participant”).

 

 

     (c) Termination of Relationship with the Company. If the Participant ceases to be an
Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the
right to exercise this option shall terminate three months after such cessation (but in no event
after the Final Exercise Date), provided that this option shall be exercisable only
to the extent that the Participant was entitled to exercise this option on the date of such
cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date,
violates the non-competition or confidentiality provisions of any employment contract,
confidentiality and nondisclosure agreement or other agreement between the Participant and the
Company, the right to exercise this option shall terminate immediately upon such violation.

     (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes
disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date
while he or she is an Eligible Participant and the Company has not terminated such relationship for
“cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of
one year following the date of death or disability of the Participant, by the Participant (or in
the case of death by an authorized transferee), provided that this option shall be
exercisable only to the extent that this option was exercisable by the Participant on the date of
his or her death or disability, and further provided that this option shall not be exercisable
after the Final Exercise Date.

     (e) Termination for Cause. If, prior to the Final Exercise Date, the Participant’s
employment or other relationship with the Company is terminated by the Company for Cause (as
defined in the Plan), the right to exercise this option shall terminate immediately upon the
effective date of such termination of employment or other relationship. [If the Participant is
party to an employment, consulting or severance agreement with the Company that contains a
definition of “cause” for termination of employment or other relationship, “Cause” shall have the
meaning ascribed to such term in such agreement.]

4. Withholding.

     No Shares will be issued pursuant to the exercise of this option unless and until the
Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any
federal, state or local withholding taxes required by law to be withheld in respect of this option.

5. Nontransferability of Option.

     This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the
Participant, either voluntarily or by operation of law, except by will or the laws of descent and
distribution, and, during the lifetime of the Participant, shall be exercisable only by the
Participant; provided, however, that the gratuitous transfer of this Option by the Participant to
or for the benefit of any immediate family member, domestic partner, family trust or other entity
established for the benefit of the Participant and/or an immediate family member thereof if, with
respect to such proposed transferee, the Company would be eligible to use a Registration Statement
on Form S-8 for the registration of the sale of the Common Stock subject to such Option under the
Securities Act of 1933, as amended; provided, further, that the Company shall not be required to
recognize any such transfer until such time as the Participant and such authorized transferee
shall, as a condition to such transfer, deliver to the Company a written instrument in form and
substance satisfactory to the Company confirming that such transferee shall be bound by all of the
terms and conditions of the Option; and, provided, further, that no option intended to

-2-

 

be an incentive stock option shall be transferable unless the Board of Directors shall
otherwise permit.

6. Provisions of the Plan.

     This option is subject to the provisions of the Plan, a copy of which is furnished to the
Participant with this option.

     IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal
by its duly authorized officer. This option shall take effect as a sealed instrument.

	 	 	 	 	 
	 	Emergent BioSolutions Inc.

 	 
	Dated:                       	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-3-

 

PARTICIPANT’S ACCEPTANCE

     The undersigned hereby accepts the foregoing option and agrees to the terms and conditions
thereof. The undersigned hereby acknowledges receipt of a copy of the Company’s 2006 Stock
Incentive Plan.

	 	 	 	 	 
	 	PARTICIPANT:	 
	 	 	 
	 	 	 	 	 
	 	
Address: 	 	 
	 	 	 	 

-4-

 

Exhibit A

NOTICE OF STOCK OPTION EXERCISE

Date:                     

Emergent BioSolutions Inc.

300 Professional Drive, Suite 250 

Gaithersburg, MD 20879

Attention: Treasurer

Dear Sir or Madam:

     I am the holder of a Nonstatutory Stock Option granted to me under the Emergent BioSolutions
Inc. (the “Company”) 2006 Stock Incentive Plan on                      for the purchase of                      shares
of common stock, $0.001 par value per share, of the Company (“Common Stock”) at a purchase price of
$                     per share.

     I hereby exercise my option to purchase                      shares of Common Stock, for which I have
enclosed                     1 in the amount of $                    2. Please register my
stock certificate as follows:

	  	 	 	 	 	 	 
	 	Name(s):
	 	 
	3	 	 
	 	 
	 	 
	 	 	 
	     	Address:
	 	 
	 	 	 
	 	Tax I.D. #:
	 	 
	4	 	 

	 	 	 
	Very truly yours,	 	 
	 
	 	 	 
	(Signature) 	 	 

 

			
	1	 	Enter “cash” or “a
check.”
	 
	2	 	Enter the dollar amount (price per share times
the number of shares to be purchased).
	 
	3	 	Enter name(s) to appear on stock certificate:
(a) Your name only; (b) Your name and other name (i.e., John Doe and Jane Doe,
Joint Tenants With Right of Survivorship); or (c) A Child’s name, with
you as custodian (i.e., Jane Doe, Custodian for Tommy Doe). Note: There may
be income and/or gift tax consequences of registering shares in a Child’s
name.
	 
	4	 	Social Security Number(s) of Holder(s).

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