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Exhibit 10.2

 

AGREEMENT

Between

 

 

1.               SCHLEICHER & SCHUELL GmbH, a company

registered in Germany, whose registered office is at Hahnstrasse 3, D-37586

Dassel (“Supplier”); and

 

2.               UNIPATH

LIMITED, a company registered in England and Wales with number 84258, whose

registered office is at Priory Business Park, Bedford, MK 44 3UP (“Customer”).

 

Preamble

 

A.           The parties

signed a SUPPLY

of GOODS AGREEMENT (the “Agreement”) on July 28, 1998.

 

B.             According to

Article 18.1 of the Agreement, Supplier may assign and/or otherwise dispose of

any of its rights in said Agreement only with prior written consent of the

Customer.  Due to restructuring of its

business operations, Supplier wishes to transfer its rights under the Agreement

to other companies belonging to Supplier’s group of companies and the Customer

has agreed to this subject to the terms and conditions set out under this

Agreement.

 

C.             By a sale

agreement dated December 20, 2001, Customer was acquired by Inverness Medical

Innovations, Inc., and Supplier has agreed that references to Unilever Group

contained in the Agreement shall be amended accordingly.

 

 

IT IS NOW AGREED THAT:

 

1.               Subject to

Clauses 3 and 4 of this Agreement and in consideration of the payment of £1

(the receipt of which the Customer acknowledges), Customer agrees that Supplier

may dispose of the rights for marketing and sales under the Agreement by

assigning them to Schleicher  & Schuell BioScience GmbH,

a company registered in Germany who registered office is at D-37582 Dassel

(registration number with the Trade Register of Einbeck is 1462). The

assignment in this Clause shall be deemed to take effect as of November 1,

2001.

 

2.               Subject to

Clauses 3 and 4 of this Agreement and the incorporation of a company to be

called “Schleicher & Schuell MicroScience GmbH,” Customer agrees that

Supplier shall have the right to dispose of the rights of production and

quality control under the Agreement by assigning them to Schleicher &

Schuell MicroScience GmbH.  Supplier

will advise Customer of the relevant details regarding registered office and

registration with trade register as they become available.

 

 

 

3.               Supplier agrees

with Customer that the Assignments under Clauses 1 and 2 do not derogate or

release the Supplier from any obligation under the Agreement.  Customer and Supplier agree that Clause (C)

in the preamble of this Agreement do not derogate or release the Customer from

any obligation under the Agreement.

 

4.               This agreement

shall only enter into full force and effect regarding either assignee after

each of them has issued a written statement by which it assumes all rights and

obligations as mentioned under Clauses 1 and 2 under the Agreement and this

agreement.

 

5.               The parties

agree that the definition “Unilever Group” in the Agreement is deleted and

replaced with the following:

 

“Inverness Group” means

Inverness Medical Innovations, Inc. and any company in which it directly or

indirectly owns or controls the voting rights attaching to not less than 50% or

the issued Share Capital, or controls directly or indirectly the appointment of

a majority of the board of management, and references to a member of the

Inverness Group or a Inverness Group Company will be construed accordingly and

the parties agree that references in the Agreement to “Unilever Group,” “a

member of  the Unilever Group,” or “a

Unilever Group Company” will be construed as references to “Inverness Group,”

“a member of the Inverness Group,” or “a Inverness Group Company” respectively.

 

6.               This agreement

shall be governed by the laws of England and Wales.

 

 

 

Date: 13-03-2002

 

 

	

  illegible

  
	

  Schleicher & Schuell

  GmbH

  
	

   

  
	

  Date: 11.03.02

  
	

   

  
	

  illegible

  
	

  Schleicher & Schuell

  BioScience Gmbh

  
	

   

  
	

  Date: 14/03/02

  
	

   

  
	

  /s/

  S. Pepper

  
	

  Unipath Limited

  

 

 

2AMENDMENT NO

Exhibit

10.3

 

AMENDMENT

NO. 1 TO

INVERNESS

MEDICAL INNOVATIONS, INC

EXECUTIVE

BONUS PLAN

 

February

11, 2002

 

                The Inverness

Medical Innovations, Inc. Executive Bonus Plan (the “Plan”) shall be amended as

follows, effective as of the date hereof:

 

1.             Sections 5 and 6

shall be deleted and replaced with the following:

 

5.             Performance Bonus Schedule I.

Each Participant shall be

entitled to receive and shall be automatically granted non-qualified stock

options (the “Performance Bonus Options”) under the Inverness Medical

Innovations, Inc. 2001 Stock Option and Incentive Plan (the “2001 Stock Option

Plan”) to purchase the number of shares of common stock, par value $.001 per

share, of the Company (“Common Stock”) listed in Schedule I below under such

Participant’s name (as adjusted for any stock splits, stock dividends or the

like) if the average closing price of one share of Common Stock (as adjusted

for any stock splits, stock dividends or the like) for a period of 30

consecutive trading days ending on or before the applicable Target Date (a

“30-Day Average”) exceeds the Target Price per Share listed beside the

applicable number of shares of Common Stock in Schedule I, provided that no

such Participant shall be entitled to receive or be granted such options with respect

to any such 30-day period if such Participant does not remain employed by the

Company through the end of any such 30-consecutive-trading-day period.

SCHEDULE I

 

	

  Target

  Date

  	

  Target

  Price per

  Share 

  	

  Number of Shares of Common Stock

  
	

  Ron Zwanziger

  	

  David Scott

  	

  Jerry McAleer

  
	

  12/31/2002

  	

  $28.125

  	

  102,000

  	

  38,000

  	

  37,000

  
	

  12/31/2003

  	

  $33.750

  	

  85,300 plus shares of

  stock referred to above in this column in Schedule I, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not previously

  been granted

  	

  33,000 plus shares of

  stock referred to above in this column in Schedule I, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not

  previously been granted

  	

  31,000 plus shares of

  stock referred to above in this column in Schedule I, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not

  previously been granted

  
	

  12/31/2004

  	

  $39.375

  	

  73,100 plus shares of

  stock referred to above in this column in Schedule I, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not

  previously been granted

  	

  30,000 plus shares of

  stock referred to above in this column in Schedule I, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not

  previously been granted

  	

  28,000 plus shares of

  stock referred to above in this column in Schedule I, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not

  previously been granted

  

 

 

1

 

6.             Performance Bonus Schedule II.

Each Participant shall be

entitled to receive and shall be automatically granted Performance Bonus

Options under the 2001 Stock Option Plan to purchase the number of shares of

Common Stock listed in Schedule II below under such Participant’s name (as

adjusted for any stock splits, stock dividends or the like) if a 30-Day Average

exceeds the Target Price per Share listed beside the applicable number of

shares of Common Stock in Schedule II, provided that no such Participant shall

be entitled to receive or be granted such options with respect to any such

30-day period if such Participant does not remain employed by the Company

through the end of any such 30-consecutive-trading-day period.

SCHEDULE II

 

	

  Target

  Date

  	

  Target

  Price per

  Share 

  	

  Number of Shares of Common Stock

  
	

  Ron Zwanziger

  	

  David Scott

  	

  Jerry McAleer

  
	

  12/31/2002

  	

  $33.750

  	

  32,000

  	

  29,000

  	

  30,000

  
	

  12/31/2003

  	

  $45.000

  	

  24,000 plus

  shares of stock referred to above in this column in Schedule II, if any, for

  which a Performance Bonus Option for such lower Target Price per Share has

  not previously been granted

  	

  23,000 plus

  shares of stock referred to above in this column in Schedule II, if any, for

  which a Performance Bonus Option for such lower Target Price per Share has

  not previously been granted

  	

  22,000 plus

  shares of stock referred to above in this column in Schedule II, if any, for

  which a Performance Bonus Option for such lower Target Price per Share has

  not previously been granted

  
	

  12/31/2004

  	

  $56.250

  	

  19,200 plus shares of

  stock referred to above in this column in Schedule II, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not

  previously been granted

  	

  17,000 plus shares of

  stock referred to above in this column in Schedule II, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not

  previously been granted

  	

  19,000 plus shares of

  stock referred to above in this column in Schedule II, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not

  previously been granted

  
	

  12/31/2005

  	

  $67.500

  	

  16,000 plus shares of

  stock referred to above in this column in Schedule II, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not

  previously been granted

  	

  12,000 plus shares of

  stock referred to above in this column in Schedule II, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not

  previously been granted

  	

  12,000 plus shares of

  stock referred to above in this column in Schedule II, if any, for which a

  Performance Bonus Option for such lower Target Price per Share has not

  previously been granted

  

 

 

 

2

 

2.             Section

7 shall be deleted and replaced with the following:

7.             Withholding of Tax.

Anything in this

Plan to the contrary notwithstanding, all option grants required to be made by

the Company hereunder shall be subject to the withholding of such amounts as

the Company reasonably may determine that it is required to withhold pursuant

to applicable federal, state, local or foreign law or regulation.

3.             Section

9 shall be deleted and replaced with the following:

9.             Limitation of Company’s Liability.

Neither the Company,

subject to its obligation to grant options as provided for hereunder, nor any

person acting on behalf of the Company shall be liable for any act performed or

the failure to perform any act with respect to this Plan, except in the event

and to the extent that there has been a judicial determination of willful

misconduct on the part of the Company or such person with respect to this

Plan.  No Participant, or his

beneficiary or beneficiaries, shall have any right, other than the right of an

unsecured general creditor, against the Company in respect of the benefits to

be paid hereunder.

4.             The

following Section shall be added immediately after Section 14 of the Plan:

15.           Terms of Performance Bonus Options.

Performance Bonus Options

automatically granted hereunder shall: 

(i) be in the form of the form of non-qualified stock option agreement

most recently approved by the administrator of the 2001 Stock Option Plan for

use thereunder; (ii) have a grant date of the last day of the 30 consecutive

trading day period for which the applicable 30-Day Average exceeded the

applicable Target Price per Share (the “Grant Date”); (iii) have an expiration

date that is 10 years from the Grant Date; (iv) have an initial exercise price

per share of Common Stock equal to the closing price of one share of Common Stock

on the Grant Date; and (v) be fully vested and immediately exercisable upon

grant.

If any Performance Bonus

Option is granted to a Participant for achievement of a 30-Day Average in

excess of a Target Price per Share set forth in Schedule I or Schedule II, no

additional Performance Bonus Option shall be made under the applicable Schedule

with respect to such Target Price per Share to such Participant.

5.             Except as herein

amended, the provisions of the Plan shall remain in full force and effect.

 

 

 

AS APPROVED BY THE COMPENSATION

COMMITTEE OF THE BOARD OF DIRECTORS: 

FEBRUARY 11, 2002

 

 

3

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