Document:

exv10w1

 

Exhibit 10.1

Nastech Pharmaceutical Company Inc.

2004 Stock Incentive Plan

Restricted Stock Grant Agreement

     This Restricted Stock Grant Agreement (the “Agreement”) is entered into this ___th
day of           , 200_, by and between Nastech Pharmaceutical Company Inc. (the “Company”), a
Delaware Corporation, and ___(“Grantee”).

GRANT OF RESTRICTED STOCK

     Grant of Restricted Stock. Pursuant to, and subject to, the terms and conditions set forth
herein and in the Nastech Pharmaceutical Company Inc. 2004 Stock Incentive Plan (the “Plan”), the
Company hereby grants to the Grantee ___ restricted shares (the “Restricted Stock”) of common
stock of the Company (“Common Stock”).

     Grant
Date. The Grant Date of the Restricted Stock is
          ___
 ___, 200___.

     Incorporation of Plan. All terms, conditions and restrictions of the Plan are incorporated
herein and made part hereof as if stated herein. If there is any conflict between the terms and
conditions of the Plan and this Agreement, the terms and conditions of the Plan, as interpreted by
the Compensation Committee of the Board of Directors of the Company (the “Committee”), shall
govern. Except as otherwise provided herein, all capitalized terms used herein shall have the
meaning given to such terms in the Plan.

VESTING

     Vesting. Subject to the further provision of this Agreement, the Restricted Stock shall
vest with respect to a number of whole shares as close as possible to the following percentage of
the total number of shares of Restricted Stock granted hereunder on the following dates (each, a
“Vesting Date”):

	 	 	 
	Percentage of Total Shares	 	Vesting Date
	33.3 %

	 	1st anniversary of Grant Date
	33.3 %

	 	2nd anniversary of Grant Date
	33.3 %

	 	3rd anniversary of Grant Date

TERMINATION OF EMPLOYMENT

     Termination of Employment. In the event that the Grantee’s employment (which for purposes of
this Agreement shall include service as a director or consultant) with the Company or one of the
Company’s subsidiaries terminates for any reason, all unvested shares of Restricted Stock, together
with any property in respect of such shares held by the custodian pursuant to Section 4.3 hereof,
shall be forfeited as of the date of such termination of employment and the Grantee promptly shall
return to the Company any certificates evidencing such shares. For purposes of this Agreement, the
Grantee shall be deemed to have terminated employment or incurred a termination of employment upon
(i) the date the Grantee ceases to be employed by, or to provide consulting services for, the
Company or any Company subsidiary; or (ii) the date the Grantee ceases to be a Board member,
provided, however, that if the Grantee (x) at the time of reference is both an employee or
consultant and a Board member, or (y) ceases to be engaged as an employee, consultant or Board
member and immediately is engaged in another of such relationships with the Company or any Company
subsidiary, the Grantee shall not be deemed to have a “termination of employment” until the last of
the dates determined pursuant to subparagraphs (i) and (ii) above. The Committee, in its
discretion, may determine whether any leave of absence constitutes a termination of employment for
purposes of this Agreement.

RESTRICTIONS

     Restrictions on Transferability. Until a share of Restricted Stock vests, such share may not
be sold, assigned, transferred, alienated, commuted, anticipated, or otherwise disposed of (except
by will or the laws of descent and distribution), or pledged or hypothecated as collateral for a
loan or as security for the performance of any obligation, or be otherwise encumbered, and are not
subject to attachment, garnishment, execution or other legal or equitable process, and any attempt
to do so shall be null and void. If the Grantee attempts to dispose of or encumber the Grantee’s
unvested shares of Restricted Stock, such shares of Restricted Stock, together with any property in
respect of such shares held by the custodian pursuant to Section 4.3 hereof, shall be forfeited as
of the date of such attempted transfer and the Grantee promptly shall return to the Company any
certificates evidencing such shares.

     Issuance of Certificates.

     (a) Reasonably promptly after the Grant Date, the Company shall issue and deliver to the
Grantee stock certificates, registered in the name of the Grantee, evidencing the shares of
Restricted Stock. Each such certificate may bear the following legend:

     “THE SALE, TRANSFER, ASSIGNMENT, PLEDGE, HYPOTHECATION ENCUMBRANCE OR OTHER DISPOSAL OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF THE NASTECH PHARMACEUTICAL
COMPANY INC. 2004 STOCK INCENTIVE PLAN AND A RESTRICTED STOCK GRANT AGREEMENT BETWEEN NASTECH
PHARMACEUTICAL COMPANY INC. AND THE HOLDER OF RECORD OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE. NO TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IN CONTRAVENTION OF
SUCH PLAN AND RESTRICTED STOCK GRANT AGREEMENT SHALL BE VALID OR EFFECTIVE. COPIES OF SUCH
AGREEMENT MAY BE OBTAINED BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THE CERTIFICATE TO THE
SECRETARY OF NASTECH PHARMACEUTICAL COMPANY INC.”

     Such legend shall not be removed from such certificates until such shares of Restricted Stock
vest.

 

 

     (b) Reasonably promptly after any such shares of Restricted Stock vest pursuant to Section 2.1
hereof, in exchange for the surrender to the Company of the certificates evidencing such shares of
Restricted Stock delivered to the Grantee under Section 4.2(a) hereof, the Company shall issue and
deliver to the Grantee (or the Grantee’s legal representative, beneficiary or heir) certificates
evidencing such shares of Restricted Stock, free of the legend provided in Section 4.2(a) hereof,
together with any property in respect of such shares held by the custodian pursuant to Section 4.3
hereof.

     (c) The Company may require as a condition of the delivery of stock certificates pursuant to
Section 4.2(b) hereof that the Grantee remit to the Company an amount sufficient in the opinion of
the Company to satisfy any federal, state and other governmental tax withholding requirements
related to the vesting of the shares represented by such certificate.

     (d) The Grantee shall not be deemed for any purpose to be, or have rights as, a shareholder of
the Company by virtue of the grant of Restricted Stock, except to the extent a stock certificate is
issued therefore pursuant to Section 4.2(a) hereof, and then only from the date such certificate is
issued. Upon the issuance of a stock certificate, the Grantee shall have the rights of a
shareholder with respect to the Restricted Stock, including the right to vote the shares, subject
to the restrictions on transferability, the forfeiture provisions and the requirement that
dividends be held in escrow until the shares vest, as set forth in this Agreement.

     Dividends, etc. Unless the Committee otherwise determines, any property, including cash
dividends, received by a Grantee with respect to a share of Restricted Stock as a result of any
dividend, recapitalization, merger, consolidation, combination, exchange of shares or otherwise and
for which the Grant Date occurs prior to such event but which has not vested as of the date of such
event, will not vest until such share of Restricted Stock vests, and shall be promptly deposited
with the Company or a custodian designated by the Company. The Company shall or shall cause such
custodian to issue to the Grantee a receipt evidencing the property held by it in respect of the
Restricted Stock.

MISCELLANEOUS

     Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to
any party hereto upon any breach or default of any party under this Agreement, shall impair any
such right, power or remedy of such party, nor shall it be construed to be a waiver of any such
breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter
occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of
any kind or character on the part of any party of any breach or default under this Agreement, or
any waiver on the part of any party or any provisions or conditions of this Agreement, must be in a
writing signed by such party and shall be effective only to the extent specifically set forth in
such writing.

     Right of Discharge Preserved. Nothing in this Agreement shall confer upon the Grantee the
right to continue in the employ or other service of the Company or one of the Company’s
subsidiaries, or affect any right which the Company may have to terminate such employment or
service.

     Integration. This Agreement contains the entire understanding of the parties with respect to
its subject matter. There are no restrictions, agreements, promises, representations, warranties,
covenants or undertakings with respect to the subject matter hereof other than those expressly set
forth herein. This Agreement, including, without limitation, the Plan, supersedes all prior
agreements and understandings between the parties with respect to its subject matter.

     Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which shall constitute one and the same instrument.

     Governing Law. This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of Delaware, without regard to the provisions governing conflict of
laws.

     Grantee Acknowledgment. The Grantee hereby acknowledges receipt of a copy of the Plan. The
Grantee hereby acknowledges that all decisions, determinations and interpretations of the Committee
in respect of the Plan, this Agreement and the Restricted Stock shall be final and conclusive.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly
authorized officer, and the Grantee has hereunto signed this Agreement on his own behalf, thereby
representing that he has carefully read and understands this Agreement and the Plan as of the day
and year first written above.

NASTECH PHARMACEUTICAL COMPANY INC.

	 	 	 	 	 
	 	By:  	                                         	 
	 	Name:  	 
	 	Title:  	 
	 
	 	Grantee:  	                                         	 
	 	Name:exv10w2

 

Exhibit 10.2

     STOCK
OPTION AGREEMENT (this “Agreement”) dated as of                      ___, 200___ (the “Grant
Date”), between Nastech Pharmaceutical Company Inc., a Delaware corporation (the
“Company”), and
                                         (Grantee”), an employee of the Company.

     SECTION 1.      Grant of Option. Pursuant to the Nastech Pharmaceutical Company Inc.
___ (the “Plan”), the Company hereby grants to Grantee, as of the Grant Date, an
Incentive Stock Option, to purchase an aggregate of
                     shares (the “Option
Shares”) of common stock of the Company, par value $0.006 per share (the “Common
Stock”), at an exercise price of $ ___ per share (the “Option”) subject to
adjustment and the other terms and conditions set forth herein, in the Plan.

     SECTION 2.      Grantee Bound by Plan. The Plan is incorporated herein by reference and
made a part hereof. The Plan shall govern all aspects of this Agreement except as otherwise
specifically stated herein. Grantee hereby acknowledges receipt of a copy of the Plan and agrees
to be bound by all the terms and provisions thereof. Unless otherwise defined herein, capitalized
terms used but not defined herein shall have the meanings ascribed to them in the Plan. The Plan
should be carefully examined before any decision is made to exercise this Option.

     SECTION 3.      Exercise of Option.

          (a) General. Subject to the earlier termination of the Option as provided herein and in the
Plan, the Option may be exercised by written notice to the Company at any time and from time to
time after the Grant Date; provided, however, that the Option shall not be
exercisable for more than the number of shares which are vested in accordance herewith at the time
of exercise. The exercise of this Option and the issuance of Option Shares upon such exercise
shall be subject to compliance by the Company and Grantee with all applicable requirements of law
as set forth in the Plan. The inability of the Company to obtain approval from any regulatory body
having authority deemed by the Company to be necessary to the lawful issuance and sale of any
Common Stock pursuant to this Option shall relieve the Company of any liability with respect to the
non-issuance or sale of the Common Stock as to which such approval shall not have been obtained.

          (b) Vesting. Subject to the earlier termination of the Option as provided herein and in the
Plan, the Option shall vest as follows:

	 	 	 
	1/3

	 	Of the shares subject to the Option shall be vested on                     
	1/3

	 	Of the shares subject to the Option
shall be vested on                     
	1/3

	 	Of the shares subject to the Option
shall be vested on                     

 

 

          (c) Early Expiration of Option. (i) Upon the termination of Grantee’s employment or
consulting relationship with the Company (including any subsidiary thereof) for any reason,
including death, any portion of the Option granted hereunder that has not been exercised on the
date of such termination shall expire in accordance with subsection (ii) or (iii)of this Section
3(c) as applicable.

                    (ii) In the event that Grantee’s employment or consulting relationship with the Company
(including any subsidiary thereof) is terminated by the Company for Cause, Grantee shall
automatically forfeit his right to exercise any portion of the Option granted hereunder that has
not been exercised as of the date of such termination without regard to whether such portion of the
Option had previously vested and such unexercised portion of the Option shall automatically be
cancelled effective at the commencement of business on the date of such termination.

                    (iii) In the event that Grantee’s employment or consulting relationship with the Company
(including any subsidiary thereof) is terminated for any reason other than for Cause, death, or
Disability, any unvested portion of the Option granted hereunder shall immediately expire and any
vested portion of the Option granted hereunder that has not been exercised as of the date of such
termination shall automatically expire, if not exercised beforehand, three months after such
termination.

                    (iv) In the event that Grantee’s employment or consulting relationship with the Company
(including any subsidiary thereof) is terminated due to Grantee’s death or Disability, any unvested
portion of the Option granted hereunder shall immediately expire and any vested portion of the
Option granted hereunder that has not been exercised as of the date of such termination shall
automatically expire, if not exercised beforehand, three months after such termination.

          (d)      Normal Expiration of Option. This Option shall not be exercisable after the tenth
anniversary of the Grant Date (the “Expiration Date”).

     SECTION 4.      Exercise of Option and Conditions to Exercise. This Option may not be
exercised by Grantee unless the following conditions are met:

          (a)      Notice. This Option shall be exercised by delivering written notice, substantially in the
form attached hereto as Exhibit I, to the Company at its principal office addressed to the
attention of its Secretary. Such notice shall specify the number of Option Shares with respect to
which the Option is being exercised and shall be signed by Grantee. This Option may not be
exercised for a fraction of a share of Common Stock;

          (b)      Securities Requirements. Legal counsel for the Company must be satisfied at the time of
exercise that the issuance of Option Shares upon exercise will be in compliance with the Securities
Act of 1933, as amended (the “Securities Act”), and applicable United States federal, state, local
and foreign laws; and

 

 

          (c)      Payment of Exercise Price. Grantee must pay at the time of exercise the full purchase
price for the shares of Common Stock being acquired hereunder (i) in cash or its equivalent or (ii)
pursuant to such other method as the Committee may approve from time to time. Please refer to the
Plan for a complete description of the methods for exercise, payment and delivery of Option Shares,
including requirements for the payment of withholding taxes applicable thereto.

     SECTION 5.      Transferability. This Option may not be sold, assigned, transferred,
pledged, hypothecated or otherwise disposed of by Grantee, except by will or the laws of descent
and distribution (in which case, the transferee shall succeed to the rights and obligations of
Grantee hereunder) and is exercisable during Grantee’s lifetime only by Grantee or his guardian or
legal representative. If Grantee or anyone claiming under or through Grantee attempts to violate
this Section 5, such attempted violation shall be null and void and without effect, and the
Company’s obligation hereunder shall terminate. If at the time of Grantee’s death this Option has
not been fully exercised, Grantee’s estate or any person who acquires the right to exercise this
Option by bequest or inheritance or by reason of Grantee’s death may exercise this Option in
accordance with and with respect to the number of shares set forth in Section 3 above. The
applicable requirements of Section 4 above must be satisfied in full at the time of any exercise.

     SECTION 6.      Administration. Any action taken or decision made by the Company, the
Board or the Committee or its delegates arising out of or in connection with the construction,
administration, interpretation or effect of the Plan or this Agreement shall lie within its sole
and absolute discretion, as the case may be, and shall be final, conclusive and binding on Grantee
and all persons claiming under or through Grantee. By accepting this grant or other benefit under
the Plan, Grantee and each person claiming under or through Grantee shall be conclusively deemed to
have indicated acceptance and ratification of, and consent to, any action taken under the Plan by
the Company, the Board or the Committee or its delegates.

     SECTION 7.      No Rights as Stockholder. Unless and until a certificate or certificates
representing shares of Common Stock shall have been issued to Grantee (or any person acting under
Section 5 above) pursuant to an exercise hereunder, Grantee shall not be or have any of the rights
or privileges of a stockholder of the Company with respect to shares of Common Stock acquirable
upon exercise of the Option. No adjustment shall be made for cash dividends or other rights for
which the record date is prior to the date of such due exercise and full payment.

     SECTION 8.      Investment Representation. Grantee hereby acknowledges that the Option
Shares shall be acquired for investment without a view to distribution, within the meaning of the
Securities Act, and shall not be sold, transferred, assigned, pledged or hypothecated in the
absence of an effective registration statement for the shares of Common Stock under the Securities
Act and applicable states securities laws or an applicable exemption from the registration
requirements of the Securities Act and any applicable state securities laws. Grantee also agrees
that the Option Shares will not be sold or otherwise disposed of in any manner which would
constitute a violation of any applicable securities laws, whether federal or

 

 

state and that the certificate representing the shares of Common Stock shall contain a legend
to such effect.

     SECTION 9.      Listing and Registration of Common Stock. The Company, in its discretion,
may postpone the issuance and/or delivery of shares of Common Stock upon any exercise of this
Option until completion of such stock exchange listing, or registration, or other qualification of
such shares under any state and/or federal law, rule or regulation as the Company may reasonably in
good faith consider appropriate.

     SECTION 10.      Adjustments. (a) Anti-Dilution. In the event of any change in the number
of shares of Common Stock outstanding by reason of any stock dividend or split, reverse stock
split, capitalization, merger, consolidation or otherwise, the Committee shall make appropriate
adjustment to the number of Option Shares granted hereunder and the exercise price thereof in order
to preserve the position of Grantee and prevent any enlargement or dilution of such position.

          (b) Certain Transactions. In the event of the proposed dissolution or liquidation of the
Company, all Options will terminate immediately prior to the consummation of such proposed action,
unless otherwise provided by the Committee. The Committee may, in the exercise of its sole
discretion in such instances, declare that any Option shall terminate as of a date fixed by the
Committee and give each Grantee the right to exercise his or her Option as to all or any of the
Shares issuable pursuant to the exercise of the Option, including Shares which would not otherwise
be then issuable pursuant to the exercise of the Option. In the event of a proposed sale of all or
substantially all of the assets of the Company, or the merger of the Company with or into another
corporation, the Option shall be assumed or an equivalent option shall be substituted by such
successor corporation or a parent or subsidiary of such successor corporation, unless the Board
determines, in the exercise of its sole discretion and in lieu of such assumption or substitution,
that the Grantee shall have the right to exercise the Option in whole or in part, including Shares
which would not otherwise be then issuable pursuant to the exercise of the Option. If the Board
makes an Option exercisable in lieu of assumption or substitution in the event of a merger or sale
of assets, the Board shall notify the Grantee that the Option shall be exercisable for a period of
not less than 15 days from the date of such notice, and the Option will terminate upon the
expiration of such period..

 

 

     SECTION 11. Notices. Any notice hereunder to the Company shall be addressed to the
Company at 3830 Monte Villa Parkway, Bothell, WA 98021, Attention: Secretary, and any notice
hereunder to Grantee shall be addressed to Grantee at Grantee’s last address on the records of the
Company, subject to the right of either party to designate at any time hereafter in writing some
other address. Any notice shall be deemed to have been duly given when delivered personally, one
day following dispatch if sent by reputable overnight courier, fees prepaid, or three days
following mailing if sent by registered mail, return receipt requested, postage prepaid and
addressed as set forth above.

     SECTION 12. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of any successors to the Company and all persons lawfully claiming under Grantee.

     SECTION 13. Governing Law. The validity, construction, interpretation, administration
and effect of the Plan, and of its rules and regulations, and rights relating to the Plan and to
this Agreement, shall be governed by the substantive laws, but not the choice of law rules, of the
State of Delaware.

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

NASTECH PHARMACEUTICAL COMPANY INC.

					
	 	                                         	 
	 	                                         	 
	 	                                         	 

GRANTEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE OPTION IS EARNED ONLY
THROUGH HIS CONTINUED AND SATISFACTORY EMPLOYMENT WITH THE COMPANY OR ITS SUBSIDIARIES AND NOT
THROUGH THE GRANT OF THIS OPTION OR THE ACQUISITION OF SHARES HEREUNDER. GRANTEE ACKNOWLEDGES AND
AGREES THAT NOTHING IN THIS AGREEMENT, NOR IN THE COMPANY’S
                                         PLAN WHICH IS
INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION
OF EMPLOYMENT BY THE COMPANY, NOR SHALL IT INTERFERE IN ANY WAY WITH HIS RIGHT OR THE COMPANY’S
RIGHT TO TERMINATE HIS EMPLOYMENT AT ANY TIME, WITH OR WITHOUT CAUSE.

Grantee acknowledges receipt of a copy of the Plan and represents that he is familiar with the
terms and provisions thereof, and hereby accepts this Option subject to all of the terms and
provisions thereof except as otherwise specifically stated in this Option Agreement. Grantee has
reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice
of counsel prior to executing this Agreement and fully understands all provisions of this

 

 

Agreement. Grantee hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Board or Committee upon any questions arising under the Plan.

GRANTEE

	 	 	 	 	 
	 	                                         	 
	 	Name:  	                                         	 

 

 

EXHIBIT I

NOTICE OF EXERCISE OF STOCK OPTION

Reference is hereby made to the [Stock Option Award Agreement] (the “Award Agreement”)
dated as of
                     ___, 200___ between                      and Nastech Pharmaceutical Company Inc.,
a Delaware corporation (the “Company”). The undersigned hereby notifies the Company
that its elect to purchase
                     shares of the Company’s Common Stock (the
“Purchased Shares”) at the option exercise price of
$  ___ per share (the “Exercise
Price”) pursuant to that certain option (the “Option”) granted to the undersigned on
                     ___,
200___, to purchase up to                      shares of the Company’s Common Stock.

     Concurrently with the delivery of this Exercise Notice to the Secretary of the Company, the
undersigned shall hereby pay to the Company the Exercise Price for the Purchased Shares in
accordance with the provisions of the Award Agreement and shall deliver whatever additional
documents may be required by the Award Agreement as a condition for exercise.

	 	 	 	 	 
	Date: 
	  	 
	 	                                         	 
	 	Name:  	 
	 
	 	Address:	  	 
	 	                                         	 
	 	                                         	 

	 	 	 	 	 
	Print name in exact manner

	 	 	 	 
	it is to appear on the
	 	 	 	 
	stock certificate:

	 	 	 	 
	 
	 	 	 	 
	Address to which certificate
	 	 	 	 
	is to be sent, if different
	 	 	 	 
	from address above:

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Social Security Number

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