Document:

Exhibit 10.18

EMPLOYMENT AGREEMENT

THIS
AGREEMENT, dated as of March 6, 2007, by and between B&G FOODS, INC.
(hereinafter the “Corporation”) and Vanessa E. Maskal (hereinafter “Maskal”).

WHEREAS,
subject to the terms of this Agreement, the Corporation desires to secure the
services of Maskal as Executive Vice President of Sales (hereinafter “Executive
Vice President of Sales”), and Maskal desires to accept such employment.

NOW
THEREFORE, in consideration of the material advantages accruing to the two
parties and the mutual covenants contained herein, the Corporation and Maskal
agree with each other as follows:

1.             Effective
Date.  For purposes of this
Agreement, the “Effective Date” shall mean January 1, 2007.

2.             Employment.
Maskal will render full-time professional services to the Corporation and, as
directed by the Corporation, to its subsidiaries or other Affiliates (as
defined in Paragraph 3 below), in the capacity of Executive Vice President of
Sales under the terms and conditions of this Agreement.  She will at all times, faithfully,
industriously and to the best of her ability, perform all duties that may be
required of her by virtue of her position as Executive Vice President of Sales
and in accordance with the directions and mandates of the Board of Directors of
the Corporation.  It is understood that
these duties shall be substantially the same as those of an executive vice
president of sales of a similar business corporation engaged in a similar
enterprise. Maskal is hereby vested with authority to act on behalf of the
Corporation in keeping with policies adopted by the Board of Directors, as
amended from time to time.  Maskal shall
report to the President and Chief Executive Officer (hereinafter the “Chief
Executive Officer”) and the Board of Directors.

3.             Services
to Subsidiaries or Other Affiliates. The Corporation and Maskal understand
and agree that if and when the Corporation so directs, the Executive Vice
President of Sales shall also provide services to any subsidiary or other
Affiliate (as defined below) by virtue of her employment under this
Agreement.  If so directed, Maskal agrees
to serve as Executive Vice President of Sales of such subsidiary or other
Affiliate, including, but not limited to, the parent corporation, if any, of
the Corporation, as a condition of her employment under this Agreement, and
upon the termination of her employment under this Agreement, Maskal shall no
longer provide such services to the subsidiary or other Affiliate. The parties
recognize and agree that Maskal shall perform such services as part of her
overall professional services to the Corporation but that in certain
circumstances approved by the Corporation she may receive additional
compensation from such subsidiary or other Affiliate.  For purposes of this Agreement, an “Affiliate”
is any corporation or other entity that is controlled by, controlling or under
common control with the Corporation. “Control” means the direct or indirect
beneficial ownership of at least fifty (50%) percent interest in the income of such
corporation or entity, or the power to elect at least fifty (50%) percent of
the directors of such corporation or entity, or such other relationship which
in fact constitutes actual control.

4.             Term of
Agreement. The term of Maskal’s employment under this Agreement shall be
two (2) years from the Effective Date; provided that unless notice of
termination has been provided in accordance with Paragraph 7(a) at least sixty
(60) days prior to the expiration of the initial two (2) year term or any
additional twelve (12) month term (as provided below), or unless this Agreement
is otherwise terminated in accordance with the terms of this Agreement, this
Agreement shall automatically be extended for additional twelve (12) month
periods (the “Term”).

5.             Base Compensation.
During the Term, in consideration for the services as Executive Vice President
of Sales required under this Agreement, the Corporation agrees to pay Maskal an
annual base salary of Two Hundred Twenty Thousand Dollars ($220,000), or such
higher figure as may be determined at an annual review of her performance and
compensation by the Compensation Committee of the Board of Directors.  The annual review of Maskal’s base salary
shall be conducted by the Compensation Committee of the Board of Directors
within a reasonable time after the end of each fiscal year of the Corporation
and any increase shall be retroactive to January 1st of
the then current Agreement year. The amount of annual base salary shall be
payable in equal installments consistent with the Corporation’s payroll payment
schedule for other executive employees of the Corporation. Maskal may choose to
select a portion of her compensation to be paid as deferred income through
qualified plans or other programs consistent with the policy of the Corporation
and subject to any and all applicable federal, state or local laws, rules or
regulations.

6.             Other
Compensation and Benefits. During the Term, in addition to her base salary,
the Corporation shall provide Maskal the following:

(a)           Incentive Compensation.
Maskal shall participate in an annual incentive compensation plan (the “Incentive
Compensation Plan”), as shall be adopted and/or modified from time to time by
the Board of Directors. Incentive compensation awards are calculated as a
percentage of Maskal’s base salary on the last day of the Incentive
Compensation Plan performance period. The percentages of base salary that
Maskal is eligible to receive based on performance are 35% at “Threshold” and
70% at “Target,” as such terms are defined in the Incentive Compensation
Plan.  Incentive compensation awards are
payable no later than ninety (90) days following the end of each fiscal year of
the Corporation.  In addition, Maskal
shall be eligible to participate in the Corporation’s 2004 Long-Term Incentive
Plan and all other incentive compensation plans, if any, that may be adopted by
the Corporation from time to time and with respect to which the other executive
employees of the Corporation are eligible to participate.

(b)           Vacation.
Maskal shall be entitled to four (4) weeks of compensated vacation time during
each year, to be taken at times mutually agreed upon between her and the Chief
Executive Officer of the Corporation. 
Vacation accrual shall be limited to the amount stated in the Corporation’s
policies currently in effect, as amended from time to time.

(c)           Sick Leave
and Disability. Maskal shall be entitled to participate in such compensated
sick leave and disability benefit programs as are offered to the Corporation’s
other executive employees.

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(d)           Medical
and Dental Insurance. Maskal, her spouse, and her dependents, shall be
entitled to participate in such medical and dental insurance programs as are
provided to the Corporation’s other executive employees.

(e)           Executive Benefits And Perquisites.
Maskal shall be entitled to receive all other executive benefits and
perquisites to which all other executive employees of the Corporation are
entitled.

(f)            Automobile
and Cellular Phone. The Corporation agrees to provide Maskal with a monthly
automobile allowance of $833.33 and to provide for the use by Maskal of a
cellular telephone at the Corporation’s expense.

(g)           Liability
Insurance. The Corporation agrees to insure Maskal under the appropriate
liability insurance policies, in accordance with the Corporation’s policies and
procedures, for all acts done by her within the scope of her authority in good
faith as Executive Vice President of Sales throughout the Term.

(h)           Professional
Meetings and Conferences. Maskal will be permitted to be absent from the
Corporation’s facilities during working days to attend professional meetings
and to attend to such outside professional duties as have been mutually agreed
upon between her and the Chief Executive Officer of the Corporation.  Attendance at such approved meetings and
accomplishment of approved professional duties shall be fully compensated
service time and shall not be considered vacation time. The Corporation shall
reimburse Maskal for all reasonable expenses incurred by her incident to
attendance at approved professional meetings, and such reasonable entertainment
expenses incurred by Maskal in furtherance of the Corporation’s interests;
provided, however, that such reimbursement is approved by the Chief Executive
Officer of the Corporation.

(i)            Professional Dues. The Corporation
agrees to pay dues and expenses to professional associations and societies and
to such community and service organizations of which Maskal is a member
provided such dues and expenses are approved by the Chief Executive Officer as
being in the best interests of the Corporation.

(j)            Life
Insurance. The Corporation shall provide Maskal with life insurance
coverage on the same terms as such coverage is provided to all other executive
employees of the Corporation.

(k)           Business
Expenses. The Corporation shall reimburse Maskal for reasonable expenses
incurred by the Executive Vice President of Sales in connection with the
conduct of business of the Corporation and its subsidiaries or other
Affiliates.

7.             Termination
Without Cause.

(a)           By the
Corporation. The Corporation may, in its discretion, terminate Maskal’s
employment hereunder without cause at any time upon sixty  (60) days prior written notice or at such
later time as may be specified in said notice. 
Except as otherwise provided in this Agreement, after such termination,
all rights, duties and obligations of both parties shall cease.

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(i)            Upon the
termination of employment pursuant to subparagraph (a) above, subject to the
terms in subparagraph (ii) and Paragraph 9 below and the requirements of
Paragraph 10 below, in addition to all accrued and vested benefits payable
under the Corporation’s employment and benefit policies, including, but not
limited to, unpaid incentive compensation awards earned under the Incentive
Compensation Plan for any completed performance periods, Maskal shall be
provided with the following Salary Continuation and Other Benefits for the
duration of the Severance Period (as defined below):  (1) current annual base salary and
incentive compensation awards earned at the threshold amount shall be paid
during the Severance Period (“Salary Continuation”), which Salary Continuation
shall be paid in the same manner and pursuant to the same payroll procedures
that were in effect prior to the effective date of termination; (2)
continuation of medical, dental, life insurance and disability insurance for
her, her spouse and her dependents, during the Severance Period, as in effect
on the effective date of termination (“Other Benefits”), or if the continuation
of all or any of the Other Benefits is not available because of her status as a
terminated employee, a payment equal to the market value of such excluded Other
Benefits; (3) if allowable under the Corporation’s qualified pension plan in
effect on the date of termination, credit for additional years of service
during the Severance Period; and (4) outplacement services of an independent
third party, mutually satisfactory to both parties, until the earlier of one
year after the effective date of termination, or until she obtains new
employment; the cost for such service will be paid in full by the
Corporation.  For purposes of this
Agreement (except for Paragraph 9 below), the “Severance Period” shall mean the
period from the date of termination of employment to the first (1st)
anniversary of the date of such termination.

(ii)           Subject to
Paragraph 10 below, in the event Maskal accepts other employment during the
Severance Period, the Corporation shall continue the Salary Continuation in
force until the end of the Severance Period. All Other Benefits described in
subparagraph (i)(2) and the benefit set forth in (i)(3), other than all accrued
and vested benefits payable under the Corporation’s employment and benefit
policies, shall cease.

(iii)          Maskal shall
not be required to seek or accept any other employment. Rather, the election of
whether to seek or accept other employment shall be solely within Maskal’s
discretion. If during the Severance Period Maskal is receiving all or any part
of the benefits set forth in subparagraph (i) above and she should die, then
Salary Continuation remaining during the Severance Period shall be paid fully
and completely to her spouse or such individual designated by her or if no such
person is designated to her estate.

(b)           Release.
The obligation of the Corporation to provide the Salary Continuation and Other
Benefits described in subparagraph (a) above is contingent upon and subject to
the execution and delivery by Maskal of a general release, in form and
substance satisfactory to Maskal and the Corporation.  Without limiting the foregoing, such general
release shall provide that for and in consideration of the above Salary
Continuation and Other Benefits, Maskal releases and gives up any and all
claims and rights ensuing from her employment and termination with the
Corporation, which she may have against the Corporation, a subsidiary or other
Affiliate, their respective trustees, officers, managers, employees and agents,
arising from or related to her employment and/or termination.  This releases all claims, whether based upon 

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federal, state, local or common law, rules or regulations.  Such release shall survive the termination or
expiration of this Agreement.

(c)           Voluntary
Termination.  Should Maskal in her
discretion elect to terminate this Agreement, she shall give the Corporation at
least sixty (60) days prior written notice of her decision to terminate. Except
as otherwise provided in this Agreement, at the end of the sixty (60) day
notice period, all rights, duties and obligations of both parties to the
Agreement shall cease, except for any and all accrued and vested benefits under
the Corporation’s existing employment and benefit policies, including but not
limited to, unpaid incentive compensation awards earned under the Incentive
Compensation Plan for any completed performance periods. At any time during the
sixty (60) day notice period, the Corporation may pay Maskal for the
compensation owed for said notice period and in any such event Maskal’s
employment termination shall be effective as of the date of the payment.

(d)           Good Reason. If (i) the Board of
Directors of the Corporation or the Chief Executive Officer, in either of their
sole discretion, takes action which substantially changes or alters Maskal’s
authority or duties so as to effectively prevent her from performing the duties
of the Executive Vice President of Sales as defined in this Agreement, or
requires that her office be located at and/or principal duties be performed at
a location more than forty-five (45) miles from the present Corporation offices
located in Parsippany, New Jersey, or (ii) the Corporation materially breaches
any of the terms of this Agreement, then Maskal may, at her option and upon
written notice to the Board of Directors and the Chief Executive Officer within
thirty (30) days after the Board’s or Chief Executive Officer’s action or such
material breach, consider herself terminated without cause and, subject to
Paragraph 9 of this Agreement, shall be entitled to the benefits set forth in
subparagraph 7(a), unless within fifteen (15) days after delivery of such
notice, Maskal’s duties have been restored, the office where her principal
duties are to be performed is restored to within forty-five (45) miles from the
present Corporation offices in Parsippany, New Jersey, or such material breach
has been cured, as applicable.

(e)           Disability.

(i)            The
Corporation, in its sole discretion, may terminate Maskal’s employment upon her
Total Disability. In the event she is terminated pursuant to this subparagraph,
she shall be entitled to the benefits set forth in subparagraph 7(a), provided
however, that the annual base salary component of Salary Continuation shall be
reduced by any amounts paid to Maskal under any disability benefits plan or
insurance policy. For purposes of this Agreement, the term “Total Disability”
shall mean death or any physical or mental condition which prevents Maskal from
performing her duties under this contract for at least four (4) consecutive
months. The determination of whether or not a physical or mental condition
would prevent Maskal from the performance of her duties shall be made by the
Board of Directors in its discretion. If requested by the Board of Directors,
Maskal shall submit to a mental or physical examination by an independent physician
selected by the Corporation and reasonably acceptable to her to assist the
Board of Directors in its determination, and her acceptance of such physician
shall not be unreasonably withheld or delayed. 
Failure to comply with this request shall prevent her from challenging
the Board’s determination.

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(f)            Retirement.
The Corporation, in its sole discretion, may establish a retirement policy for
its executive employees, including Maskal, which includes the age for mandatory
retirement from employment with the Corporation. Upon the termination of
employment pursuant to such retirement policy, all rights and obligations under
this Agreement shall cease, except that Maskal shall be entitled to any and all
accrued and vested benefits under the Corporation’s existing employment and
benefits policies, including but not limited to unpaid incentive compensation
awards earned under the Incentive Compensation Plan for any completed
performance periods.

(g)           Other
Payments.  If Maskal is liable for
the payment of any excise tax (the “Excise Tax”) pursuant to section 4999 of
the Internal Revenue Code of 1986, as amended (the “Code”), or any successor or
like provision, with respect to any payment or property transfers received or
to be received under this Agreement or otherwise, the Corporation shall pay
Maskal an amount (the “Special Reimbursement”) which, after payment of any
federal, state and local taxes, including any further excise tax under Code
section 4999, with respect to or resulting from the Special Reimbursement,
would place Maskal in the same economic position that she would have enjoyed if
the Excise Tax had not applied to such payments.

8.             Termination
for Cause. Maskal’s employment under this Agreement may be terminated by
the Corporation, immediately upon written notice in the event and only in the
event of the following conduct: 
conviction of a felony or any other crime involving moral turpitude,
whether or not relating to Maskal’s employment; habitual unexcused absence from
the facilities of the Corporation; habitual substance abuse; willful disclosure
of material confidential information of the Corporation and/or its subsidiaries
or other Affiliates; intentional violation of conflicts of interest policies
established by the Board of Directors; wanton or willful failure to comply with
the lawful written directions of the Board or other superiors; and willful
misconduct or gross negligence that results in damage to the interests of the
Corporation and its subsidiaries or other Affiliates. Should any of these
situations occur, the Board of Directors and/or the Chief Executive Officer
will provide Maskal written notice specifying the effective date of such
termination. Upon the effective date of such termination, any and all payments
and benefits due Maskal under this Agreement shall cease except for any accrued
and vested benefits payable under the Corporation’s employment and benefit
policies, including any unpaid amounts owed under the Incentive Compensation
Plan.

9.             Major
Transaction. If, during the Term, the Corporation consummates a Major
Transaction and Maskal is not the Executive Vice President of Sales with duties
and responsibilities substantially equivalent to those described herein and/or
is not entitled to substantially the same benefits as set forth in this
Agreement, then Maskal shall have the right to terminate her employment under
this Agreement and shall be entitled to the benefits set forth in subparagraph
7(a), except that the Severance Period shall mean the period from the date of
termination of employment to the second (2nd) anniversary of the date of such
termination.  Maskal shall provide the
Corporation with written notice of her desire to terminate her employment under
this Agreement pursuant to this Paragraph within one hundred and twenty (120)
days of the effective date of the Major Transaction and the Severance Period
shall commence as of the effective date of the termination of this
Agreement.  For purposes of this
Paragraph, “Major Transaction” shall mean the sale of all or substantially all
of the assets of the

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Corporation, or a merger,
consolidation, sale of stock or similar transaction or series of related
transactions whereby a third party (including a “group” as defined in Section
13(d)(3) of the Securities Exchange Act of 1934, as amended) acquires
beneficial ownership, directly or indirectly, of securities of the Corporation
representing over fifty percent (50%) of the combined voting power of the
Corporation; provided, however, that a Major Transaction shall not in any event
include a direct or indirect public offering of securities of the Corporation,
its parent or other Affiliates.

10.           Non-Competition.  Maskal agrees that during (i) the Term; (ii)
the one (1) year period following the effective date of termination of this
Agreement by Maskal pursuant to Paragraph 7(c) (Voluntary Termination); and
(iii) the one (1) year period following the effective date of termination by
the Corporation pursuant to Paragraph 8 (Termination For Cause), she shall not,
directly or indirectly, be employed or otherwise engaged to provide services to
any food manufacturer operating in the United States of America which is
directly competitive with any significant activities conducted by the
Corporation or its subsidiaries or other Affiliates whose principal business
operations are in the United States of America. 
Maskal agrees that her entitlement to the benefits set forth in
subparagraph 7(a) above is contingent upon her compliance with the requirements
of this Paragraph.

11.           Confidentiality
of Information. Maskal recognizes and acknowledges that during her
employment by the Corporation, she will acquire certain proprietary and
confidential information relating to the business of the Corporation and its
subsidiaries or other Affiliates (the “Information”). Maskal agrees that during
the term of her employment under this Agreement and thereafter, for any reason
whatsoever, she shall not, directly or indirectly, except in the proper course
of exercising her duties under this Agreement, use for her or another third
party’s benefit, disclose, furnish, or make available to any person,
association or entity, the Information. In the event of a breach or threatened
breach by Maskal of the provisions of this Paragraph, the Corporation shall be
entitled to an injunction restraining her from violating the provisions of this
Paragraph. Notwithstanding the foregoing, nothing contained herein shall be
construed as prohibiting the Corporation from pursuing any other remedies
available to it for such breach or threatened breach. For purposes of this
Paragraph, “Information” includes any and all verbal or written materials,
documents, information, products, processes, technologies, programs, trade
secrets, customer lists or other data relating to the business, and operations
of the Corporation and/or its subsidiaries or other Affiliates.

12.           Superseding
Agreement. This Agreement constitutes the entire agreement between the
parties and contains all the agreements between them with respect to the
subject matter hereof. It also supersedes any and all other agreements or
contracts, either oral or written, between the parties with respect to the
subject matter hereof.

13.           Agreement
Amendments.  Except as otherwise
specifically provided, the terms and conditions of this Agreement may be
amended at any time by mutual agreement of the parties, provided that before
any amendment shall be valid or effective, it shall have been reduced to
writing, approved by the Board of Directors or the Compensation Committee of
the Board of Directors, and signed by the Chairperson of the Board of Directors
or the Chief Executive Officer and Maskal.

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14.           Invalidity
or Unenforceability Provision.  The
invalidity or unenforceability of any particular provision of this Agreement
shall not affect its other provisions and this Agreement shall be construed in
all aspects as if such invalid or unenforceable provision had been omitted.

15.           Binding
Agreement; Assignment.  This Agreement
shall be binding upon and inure to the benefit of the Corporation and Maskal,
their respective successors and permitted assigns. The parties recognize and
acknowledge that this Agreement is a contract for the personal services of
Maskal and that this Agreement may not be assigned by her nor may the services
required of her hereunder be performed by any other person without the prior
written consent of the Corporation.

16.           Governing
Law. This Agreement shall be construed and enforced under and in accordance
with the laws of the State of New Jersey, without regard to conflicts of law
principles.

17.           Enforcing
Compliance. If Maskal needs to retain legal counsel to enforce any of the
terms of this Agreement either as a result of noncompliance by the Corporation
or a legitimate dispute as to the provisions of the Agreement, then any fees
incurred in such expense by Maskal shall be reimbursed wholly and completely by
the Corporation if Maskal prevails in such legal proceedings.

18.           Notices.
All notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed effective when delivered, if delivered in person,
or upon receipt if mailed by overnight courier or by certified or registered
mail, postage prepaid, return receipt requested, to the parties at the
addresses set forth below, or at such other addresses as the parties may
designate by like written notice:

	
  To the Corporation at:

  	
   

  	
  B&G Foods, Inc

  	
   

  	
   

  
	
   

  	
   

  	
  Four Gatehall
  Drive

  	
   

  	
   

  
	
   

  	
   

  	
  Suite 110

  	
   

  	
   

  
	
   

  	
   

  	
  Parsippany, NJ
  07054

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  To Maskal at:

  	
   

  	
  her then current address included in the employment
  records of the

  	
   

  	
   

  
	
   

  	
   

  	
  Corporation

  	
   

  	
   

  

 

[Signatures on Next Page]

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IN  WITNESS WHEREOF, the Corporation and Maskal have executed
this Agreement as of the day and year first above written.

	
   

  	
  B&G FOODS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ David L.
  Wenner

  
	
   

  	
  Name: David L.
  Wenner

  
	
   

  	
  Title: President
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VANESSA E.
  MASKAL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Vanessa E.
  Maskal

  

 

 9Exhibit 10.2

NITROMED, INC.

AMENDED AND
RESTATED

2003 STOCK INCENTIVE PLAN

 

1.                  
Purpose

The
purpose of this Amended and Restated 2003 Stock Incentive Plan (the “Plan”) of
NitroMed, Inc., a Delaware  corporation
(the “Company”), is to advance the interests of the Company’s stockholders by
enhancing the Company’s ability to attract, retain and motivate persons who
make (or are expected to make) important contributions to the Company by
providing such persons with equity ownership opportunities and performance-based
incentives and thereby better aligning the interests of such persons with those
of the Company’s stockholders.  Except
where the context otherwise requires, the term “Company” shall include any of
the Company’s present or future parent or subsidiary corporations as defined in
Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended,
and any regulations promulgated thereunder (the “Code”) and any other business
venture (including, without limitation, joint venture or limited liability company)
in which the Company has a controlling interest, as determined by the Board of
Directors of the Company (the “Board”).

2.                  
Eligibility

All
of the Company’s employees, officers, directors, consultants and advisors are
eligible to be granted options, restricted stock awards, or other stock-based
awards (each, an “Award”) under the Plan. 
Each person who has been granted an Award under the Plan shall be deemed
a “Participant”.

3.                  
Administration and
Delegation

(a)               
Administration by Board of
Directors.  The Plan
will be administered by the Board.  The
Board shall have authority to grant Awards and to adopt, amend and repeal such
administrative rules, guidelines and practices relating to the Plan as it shall
deem advisable.  The Board may correct
any defect, supply any omission or reconcile any inconsistency in the Plan or
any Award in the manner and to the extent it shall deem expedient to carry the
Plan into effect and it shall be the sole and final judge of such
expediency.  All decisions by the Board
shall be made in the Board’s sole discretion and shall be final and binding on
all persons having or claiming any interest in the Plan or in any Award.  No director or person acting pursuant to the
authority delegated by the Board shall be liable for any action or determination
relating to or under the Plan made in good faith.

(b)               
Appointment of Committees.  To the extent permitted by applicable law,
the Board may delegate any or all of its powers under the Plan to one or more
committees or subcommittees of the Board (a “Committee”).  All references in the Plan to the “Board”
shall mean the Board or a Committee of the Board or the executive officers
referred to in Section 3(c) to the extent that the Board’s powers or authority
under the Plan have been delegated to such Committee or executive officers.

(c)               
Delegation to Executive
Officers.  To the
extent permitted by applicable law, the Board may delegate to one or more
executive officers of the Company the power to grant Awards to employees 

or officers of the Company
or any of its present or future subsidiary corporations and to exercise such
other powers under the Plan as the Board may determine, provided that the Board
shall fix the terms of the Awards to be granted by such executive officers
(including the exercise price of such Awards, which may include a formula by
which the exercise price will be determined) and the maximum number of shares
subject to Awards that the executive officers may grant; provided further,
however, that no executive officer shall be authorized to grant Awards to any
“executive officer” of the Company (as defined by Rule 3b-7 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) or to any
"officer" of the Company (as defined by Rule 16a-1 under the Exchange
Act).

4.                  
Stock Available for Awards.  

(a)               
Number of Shares.  Subject to adjustment under Section 8, Awards
may be made under the Plan for up to 2,500,000 shares of common stock, $0.01
par value per share, of the Company (the “Common Stock”). If any Award expires
or is terminated, surrendered or canceled without having been fully exercised
or is forfeited in whole or in part (including as the result of shares of
Common Stock subject to such Award being repurchased by the Company at the
original issuance price pursuant to a contractual repurchase right) or results
in any Common Stock not being issued, the unused Common Stock covered by such
Award shall again be available for the grant of Awards under the Plan, subject,
however, in the case of Incentive Stock Options, to any limitations under the
Code.  Shares issued under the Plan may
consist in whole or in part of authorized but unissued shares or treasury
shares.

(b)               
Per Participant Limit.  Subject to adjustment under Section 8, for
Awards granted after the Common Stock is registered under the Securities
Exchange Act of 1934 (the “Exchange Act”), the maximum number of shares of
Common Stock with respect to which Awards may be granted to any Participant
under the Plan shall be 500,000 per calendar year.  The per Participant limit described in this
Section 4(b) shall be construed and applied consistently with Section 162(m) of
the Code (“Section 162(m)”).  

5.                  
Stock Options

(a)               
General.  The Board may grant options to purchase
Common Stock (each, an “Option”) and determine the number of shares of Common
Stock to be covered by each Option, the exercise price of each Option and the
conditions and limitations applicable to the exercise of each Option, including
conditions relating to applicable federal or state securities laws, as it
considers necessary or advisable.  An
Option which is not intended to be an Incentive Stock Option (as hereinafter
defined) shall be designated a “Nonstatutory Stock Option”.

(b)               
Incentive Stock Options.  An Option that the Board intends to be an
“incentive stock option” as defined in Section 422 of the Code (an “Incentive
Stock Option”) shall only be granted to employees of the Company, and any of
the Company’s present or future parent or subsidiary corporations as defined in
Sections 424(e) or (f) of the Code, and any other entities the employees of
which are eligible to receive Incentive Stock Options under the Code, and shall
be subject to and shall be construed consistently with the requirements of
Section 422 of the Code.  The Company
shall have no liability to a Participant, or any other party, if an Option (or
any part thereof) that is intended to be an Incentive Stock Option is not an
Incentive Stock Option.

(c)               
Exercise Price.  The Board shall establish the exercise price
at the time each Option is granted and specify it in the applicable option
agreement.  

 2
 

(d)               
Duration of Options.  Each Option shall be exercisable at such
times and subject to such terms and conditions as the Board may specify in the
applicable option agreement. 

(e)               
Exercise of Option.  Options may be exercised by delivery to the
Company of a written notice of exercise signed by the proper person or by any
other form of notice (including electronic notice) approved by the Board
together with payment in full as specified in Section 5(f) for the number of
shares for which the Option is exercised.

(f)                
Payment Upon Exercise.  Common Stock purchased upon the exercise of
an Option granted under the Plan shall be paid for as follows:

(1)               
in cash or by check, payable
to the order of the Company;

(2)               
except as the Board may, in
its sole discretion, otherwise provide in an option agreement, by (i) delivery
of an irrevocable and unconditional undertaking by a creditworthy broker to
deliver promptly to the Company sufficient funds to pay the exercise price and
any required tax withholding or (ii) delivery by the Participant to the Company
of a copy of irrevocable and unconditional instructions to a creditworthy
broker to deliver promptly to the Company cash or a check sufficient to pay the
exercise price and any required tax withholding;

(3)               
when the Common Stock is
registered under the Exchange Act, by delivery of shares of Common Stock owned
by the Participant valued at their fair market value as determined by (or in a
manner approved by) the Board in good faith (“Fair Market Value”), provided (i)
such method of payment is then permitted under applicable law and (ii) such
Common Stock, if acquired directly from the Company, was owned by the
Participant at least six months prior to such delivery;

(4)               
to the extent permitted by
the Board, in its sole discretion by (i) delivery of a promissory note of the
Participant to the Company on terms determined by the Board, or
(ii) payment of such other lawful consideration as the Board may
determine; or

(5)               
by any combination of the
above permitted forms of payment.

(g)               
Substitute Options.  In connection with a merger or consolidation
of an entity with the Company or the acquisition by the Company of property or
stock of an entity, the Board may grant Options in substitution for any options
or other stock or stock-based awards granted by such entity or an affiliate
thereof.  Substitute Options may be
granted on such terms as the Board deems appropriate in the circumstances,
notwithstanding any limitations on Options contained in the other sections of
this Section 5 or in Section 2.

6.                  
Restricted Stock

(a)               
Grants.  The Board may grant Awards entitling
recipients to acquire shares of Common Stock, subject to the right of the
Company to repurchase all or part of such shares at their issue price or other
stated or formula price (or to require forfeiture of such shares if issued at
no cost) from the recipient in the event that conditions specified by the Board
in the applicable Award are not satisfied prior to the end of the applicable
restriction period or periods established by the Board for such Award (each, a
“Restricted Stock Award”).

 3
 

(b)               
Terms and Conditions.  The Board shall determine the terms and
conditions of any such Restricted Stock Award, including the conditions for
repurchase (or forfeiture) and the issue price, if any. 

(c)               
Stock Certificates.  Any stock certificates issued in respect of a
Restricted Stock Award shall be registered in the name of the Participant and,
unless otherwise determined by the Board, deposited by the Participant,
together with a stock power endorsed in blank, with the Company (or its
designee).  At the expiration of the
applicable restriction periods, the Company (or such designee) shall deliver
the certificates no longer subject to such restrictions to the Participant or
if the Participant has died, to the beneficiary designated, in a manner
determined by the Board, by a Participant to receive amounts due or exercise
rights of the Participant in the event of the Participant’s death (the
“Designated Beneficiary”).  In the
absence of an effective designation by a Participant, Designated Beneficiary
shall mean the Participant’s estate.

7.                  
Other Stock-Based Awards

The
Board shall have the right to grant other Awards based upon the Common Stock
having such terms and conditions as the Board may determine, including the
grant of shares based upon certain conditions, the grant of securities
convertible into Common Stock and the grant of stock appreciation rights.

8.                  
Adjustments for Changes in
Common Stock and Certain Other Events

(a)               
Changes in Capitalization.  In the event of any stock split, reverse
stock split, stock dividend, recapitalization, combination of shares,
reclassification of shares, spin-off or other similar change in capitalization
or event, or any distribution to holders of Common Stock other than a normal
cash dividend, (i) the number and class of securities available under this
Plan, (ii) the per Participant limit set forth in Section 4(b), (iii) the
number and class of securities and exercise price per share subject to each
outstanding Option, (iv) the repurchase price per share subject to each
outstanding Restricted Stock Award, and (v) the terms of each other outstanding
Award shall be appropriately adjusted by the Company (or substituted Awards may
be made, if applicable) to the extent the Board shall determine, in good faith,
that such an adjustment (or substitution) is necessary and appropriate.  If this Section 8(a) applies and Section 8(b)
also applies to any event, Section 8(b) shall be applicable to such event, and
this Section 8(a) shall not be applicable.

(b)               
Reorganization Events

(1)               
Definition.  A “Reorganization Event” shall mean:  (a) any merger or consolidation of the
Company with or into another entity as a result of which all of the Common
Stock of the Company is converted into or exchanged for the right to receive
cash, securities or other property, (b) any exchange of all of the Common Stock
of the Company for cash, securities or other property pursuant to a share
exchange transaction, or (c) a liquidation or dissolution of the Company.

(2)               
Consequences of a
Reorganization Event on Options.  Upon the occurrence of a Reorganization
Event, or the execution by the Company of any agreement with respect to a
Reorganization Event, except to the extent specifically provided for in any
agreement evidencing an Option hereunder, the Board shall in its discretion,
take any one or more of the following actions with respect to outstanding
Options:

 4
 

 

(a)               
provide that all outstanding
Options shall be assumed, or equivalent options shall be substituted, by the
acquiring or succeeding corporation (or an affiliate thereof).  For purposes hereof, an Option shall be
considered to be assumed if, following consummation of the Reorganization
Event, the Option confers the right to purchase, for each share of Common Stock
subject to the Option immediately prior to the consummation of the
Reorganization Event, the consideration (whether cash, securities or other
property) received as a result of the Reorganization Event by holders of Common
Stock for each share of Common Stock held immediately prior to the consummation
of the Reorganization Event (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of
the outstanding shares of Common Stock); provided, however, that if the consideration
received as a result of the Reorganization Event is not solely common stock of
the acquiring or succeeding corporation (or an affiliate thereof), the Company
may, with the consent of the acquiring or succeeding corporation, provide for
the consideration to be received upon the exercise of Options to consist solely
of common stock of the acquiring or succeeding corporation (or an affiliate
thereof) equivalent in fair market value to the per share consideration
received by holders of outstanding shares of Common Stock as a result of the
Reorganization Event;

(b)              
upon written notice to the
Participants, provide that all then unexercised Options will become exercisable
in full as of a specified time prior to the Reorganization Event and will
terminate immediately prior to the consummation of such Reorganization Event,
except to the extent exercised by the Participants before the consummation of
such Reorganization Event; or

(c)               
in the event of a
Reorganization Event under the terms of which holders of Common Stock will
receive upon consummation thereof a cash payment for each share of Common Stock
surrendered pursuant to such Reorganization Event (the “Acquisition Price”),
then the Board may provide that all outstanding Options shall terminate upon
consummation of such Reorganization Event and that each Participant shall
receive, in exchange therefor, a cash payment equal to the amount (if any) by
which (A) the Acquisition Price multiplied by the number of shares of Common
Stock subject to such outstanding Options (to the extent then exercisable),
exceeds (B) the aggregate exercise price of such Options.

(3)               
Consequences of a
Reorganization Event on Restricted Stock Awards.  Upon the occurrence of a Reorganization
Event, except to the extent specifically provided for in any agreement
evidencing a Restricted Stock Award hereunder, the repurchase and other rights
of the Company under each outstanding Restricted Stock Award shall inure to the
benefit of the Company’s successor and shall apply to the cash, securities or other
property which the Common Stock was converted into or exchanged 

 5
 

for pursuant to such
Reorganization Event in the same manner and to the same extent as they applied
to the Common Stock subject to such Restricted Stock Award.

(4)               
Consequences of a Reorganization
Event on Other Awards.  The
Board shall specify the effect of a Reorganization Event on any other Award
granted under the Plan at the time of the grant of such Award.

9.                  
Repricing of Options.  The Board shall have the authority, at any
time and from time to time, with the consent of the affected option holders, to
amend any or all outstanding options granted under the Plan to provide an
option exercise price per share which may be lower or higher than the original
option exercise price, and/or cancel any such options and grant in substitution
therefor new options covering the same or different numbers of shares of Common
Stock having an option exercise price per share which may be lower or higher
than the exercise price of the canceled options.

10.              
General Provisions
Applicable to Awards

(a)               
Transferability of Awards.  Except as the Board may otherwise determine
or provide in an Award, Awards shall not be sold, assigned, transferred,
pledged or otherwise encumbered by the person to whom they are granted, either
voluntarily or by operation of law, except by will or the laws of descent and
distribution, and, during the life of the Participant, shall be exercisable
only by the Participant.  References to a
Participant, to the extent relevant in the context, shall include references to
authorized transferees.  

(b)               
Documentation.  Each Award shall be evidenced in such form
(written, electronic or otherwise) as the Board shall determine.  Each Award may contain terms and conditions
in addition to those set forth in the Plan.

(c)               
Board Discretion.  Except as otherwise provided by the Plan,
each Award may be made alone or in addition or in relation to any other
Award.  The terms of each Award need not
be identical, and the Board need not treat Participants uniformly.

(d)               
Termination of Status.  The Board shall determine the effect on an
Award of the disability, death, retirement, authorized leave of absence or
other  change in the employment or other
status of a Participant and the extent to which, and the period during which,
the Participant, the Participant’s legal representative, conservator, guardian
or Designated Beneficiary may exercise rights under the Award.

(e)               
Withholding.  Each Participant shall pay to the Company, or
make provision satisfactory to the Board for payment of, any taxes required by
law to be withheld in connection with Awards to such Participant no later than
the date of the event creating the tax liability.  Except as the Board may otherwise provide in
an Award, when the Common Stock is registered under the Exchange Act,
Participants may satisfy such tax obligations in whole or in part by delivery
of shares of Common Stock, including shares retained from the Award creating
the tax obligation, valued at their Fair Market Value; provided, however, that
the total tax withholding where stock is being used to satisfy such tax
obligations cannot exceed the Company’s minimum statutory withholding
obligations (based on minimum statutory withholding rates for federal and state
tax purposes, including payroll taxes, that are applicable to such supplemental
taxable income).  The Company may, to the
extent permitted by law, deduct any such tax obligations from any payment of
any kind otherwise due to a Participant.

 6
 

(f)                
Amendment of Award.  The Board may amend, modify or terminate any outstanding
Award, including but not limited to, substituting therefor another Award of the
same or a different type, changing the date of exercise or realization, and
converting an Incentive Stock Option to a Nonstatutory Stock Option, provided
that the Participant’s consent to such action shall be required unless the
Board determines that the action, taking into account any related action, would
not materially and adversely affect the Participant.

(g)               
Conditions on Delivery of
Stock.  The Company will not be obligated
to deliver any shares of Common Stock pursuant to the Plan or to remove
restrictions from shares previously delivered under the Plan until (i) all
conditions of the Award have been met or removed to the satisfaction of the
Company, (ii) in the opinion of the Company’s counsel, all other legal
matters in connection with the issuance and delivery of such shares have been
satisfied, including any applicable securities laws and any applicable stock
exchange or stock market rules and regulations, and (iii) the Participant has
executed and delivered to the Company such representations or agreements as the
Company may consider appropriate to satisfy the requirements of any applicable
laws, rules or regulations.

(h)               
Acceleration.  The Board may at any time provide that any
Award shall become immediately exercisable in full or in part, free of some or
all restrictions or conditions, or otherwise realizable in full or in part, as
the case may be.

(i)                 
Deferred Delivery of Shares Issuable Pursuant to an
Award.  The Board may, at the time any Award is
granted, provide that, at the time Common Stock would otherwise be delivered
pursuant to the Award, the Participant shall instead receive an instrument
evidencing the right to future delivery of Common Stock at such time or times,
and on such conditions, as the Board shall specify.  The Board may at any time accelerate the time
at which delivery of all or any part of the Common Stock shall take place.

11.              
Miscellaneous

(a)               
No Right To Employment or
Other Status.  No person
shall have any claim or right to be granted an Award, and the grant of an Award
shall not be construed as giving a Participant the right to continued
employment or any other relationship with the Company.  The Company expressly reserves the right at
any time to dismiss or otherwise terminate its relationship with a Participant
free from any liability or claim under the Plan, except as expressly provided
in the applicable Award.

(b)               
No Rights As Stockholder.  Subject to the provisions of the applicable
Award, no Participant or Designated Beneficiary shall have any rights as a
stockholder with respect to any shares of Common Stock to be distributed with
respect to an Award until becoming the record holder of such shares.  Notwithstanding the foregoing, in the event
the Company effects a split of the Common Stock by means of a stock dividend
and the exercise price of and the number of shares subject to such Option are
adjusted as of the date of the distribution of the dividend (rather than as of
the record date for such dividend), then an optionee who exercises an Option
between the record date and the distribution date for such stock dividend shall
be entitled to receive, on the distribution date, the stock dividend with
respect to the shares of Common Stock acquired upon such Option exercise,
notwithstanding the fact that such shares were not outstanding as of the close
of business on the record date for such stock dividend.

(c)               
Effective Date and Term of
Plan.  The Plan shall become
effective on the date on which it is adopted by the Board.  No Awards shall be granted under the Plan
after the completion of ten years 

 7
 

from the earlier of (i) the
date on which the Plan was adopted by the Board or (ii) the date the Plan was
approved by the Company’s stockholders, but Awards previously granted may
extend beyond that date.

(d)               
Amendment of Plan.  The Board may amend, suspend or terminate the
Plan or any portion thereof at any time, provided that to the extent required
by Section 162(m), no Award granted to a Participant that is intended to comply
with Section 162(m) after the date of such amendment shall become exercisable,
realizable or vested, as applicable to such Award, unless and until such
amendment shall have been approved by the Company’s stockholders as required by
Section 162(m) (including the vote required under Section 162(m)).  

(e)               
Authorization of Sub-Plans.  The Board may from time to time establish one
or more sub-plans under the Plan for purposes of satisfying applicable blue
sky, securities or tax laws of various jurisdictions.  The Board shall establish such sub-plans by
adopting supplements to this Plan containing (i) such limitations on the
Board’s discretion under the Plan as the Board deems necessary or desirable or
(ii) such additional terms and conditions not otherwise inconsistent with the
Plan as the Board shall deem necessary or desirable.  All supplements adopted by the Board shall be
deemed to be part of the Plan, but each supplement shall apply only to
Participants within the affected jurisdiction and the Company shall not be
required to provide copies of any supplement to Participants in any
jurisdiction which is not the subject of such supplement.

(f)                
Governing Law.  The provisions of the Plan and all Awards
made hereunder shall be governed by and interpreted in accordance with the laws
of the State of Delaware, without regard to any applicable conflicts of law.

 

*     *    
*

 

Approved
by the Board of Directors

     August 18, 2003

 

 

Approved
by the Stockholders on

     October 6, 2003

 

 8
 

NITROMED, INC.

 

AMENDMENT NO. 1 TO 

AMENDED AND RESTATED 2003 STOCK INCENTIVE PLAN

 

            Pursuant to Section 11(d) of the
Amended and Restated 2003 Stock Incentive Plan (the “Plan”) of NitroMed, Inc.,
a Delaware corporation (the “Company”), the Plan be, and hereby is, amended as
set forth below.  Capitalized terms used
and not defined herein shall have the meanings ascribed to them in the Plan.

            1.         Section 4 of the Plan is hereby deleted
in its entirety and the following is substituted in its place:

 

“4.        Stock Available for Awards.  

 

(a)        Number of Shares.  Subject to adjustment under Section 8, Awards
may be made under the Plan for up to the number of shares of common stock,
$0.01 par value per share, of the Company (the “Common Stock”) that is equal to
the sum of:

 

(1)        3,600,000 shares of Common Stock; plus

 

(2)        an annual increase to be added on the
first day of each of the Company’s fiscal years during the period beginning in
fiscal year 2006 and ending on the second day of fiscal year 2013 equal to the
lesser of (i) 1,400,000 shares of Common Stock, (ii) 4% of the outstanding
shares on such date or (iii) an amount determined by the Board.

 

If
any Award expires or is terminated, surrendered or canceled without having been
fully exercised or is forfeited in whole or in part (including as the result of
shares of Common Stock subject to such Award being repurchased by the Company
at the original issuance price pursuant to a contractual repurchase right) or
results in any Common Stock not being issued, the unused Common Stock covered
by such Award shall again be available for the grant of Awards under the Plan,
subject, however, in the case of Incentive Stock Options, to any limitations
under the Code.  Shares issued under the
Plan may consist in whole or in part of authorized but unissued shares or
treasury shares.

 

(b)        Per Participant Limit.  Subject to adjustment under Section 8, for
Awards granted after the Common Stock is registered under the Securities
Exchange Act of 1934 (the “Exchange Act”), the maximum number of shares of
Common Stock with respect to which Awards may be granted to any Participant
under the Plan shall be 500,000 per calendar year.  The per Participant limit described in this
Section 4(b) shall be construed and applied consistently with Section 162(m) of
the Code (“Section 162(m)”).”

 

            2.         This amendment shall be effective as of
the date approved by the stockholders of the Company.

 

Adopted by the Board of Directors on March 9, 2005

 

Approved by Stockholders on May 16, 2005

 9

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