Document:

Non-Qualified Stock Option Program for Non-Employee Directors

 Exhibit 10.1 
 ANALOGIC CORPORATION 
 NON-QUALIFIED STOCK OPTION PROGRAM FOR NON-EMPLOYEE

 DIRECTORS 

1. Purpose 
 The purpose
of this Non-Qualified Stock Option Program for Non-Employee Directors is to attract and retain the services of experienced and knowledgeable independent directors for the benefit of the Company and its stockholders and to provide additional
incentives for such independent directors to continue to work for the best interests of the Company and its stockholders through continuing ownership of its common stock. 
 2. Definitions 
 As used herein, each of the following terms has the
indicated meaning: 
 “2009 Stock Incentive Plan” means the Company’s 2009 Stock Incentive Plan, as such
plan may be amended from time to time. 
 “Company” means Analogic Corporation. 

“Fair Market Value” means the closing price of the Company’s Shares on the NASDAQ or such other national securities
exchange on which the Shares may be traded on the date of the granting of the Option. 
 “Option Exercise
Period” means the period commencing one (1) year after the date of grant of an Option pursuant to this Program and ending ten (10) years from the date of grant. 

“Program” means this Non-Qualified Stock Option Program for Non-Employee Directors. 

“Shares” means the Common Stock, $.05 par value, of the Company. 

Capitalized terms undefined herein shall have the meanings ascribed to them in the 2009 Stock Incentive Plan. 

3. Administration of the Program 
 The Program shall be administered by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”). The Compensation Committee shall, subject to the
provisions of the Program, grant options under the Program and shall have the power to construe the Program, to determine all questions as to eligibility, and to adopt and amend such rules and regulations for the administration of the Program as it
may deem desirable. 

 4. Participants; Grant of Option 

Options will be granted under the Program only to directors of the Company who are not otherwise employees of the Company
(“Non-Employee Directors”). Each new Non-Employee Director who is elected to the Board shall be granted an option to acquire 5,000 Shares (subject to appropriate adjustment for all stock splits, dividends, combinations,
recapitalizations and the like with respect to the Shares), effective as of the date he or she is first elected to the Board. Every four (4) years from the date on which a Non-Employee Director was last granted a Non-Employee Director option
under this Program, that Non-Employee Director shall be granted an option to acquire 5,000 Shares (subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations and the like with respect to the Shares), effective
as of the date of that fourth anniversary. The foregoing grants shall be made automatically without further action by the Committee, and the Company shall take such steps as are reasonably necessary to effectuate such grants. 

5. Terms of Options and Limitations Thereon 
 (a) Option Agreement. Each Option granted under this Program shall be evidenced by an Option agreement between the Company and the Participant and shall be upon such terms and conditions not
inconsistent with this Program, as the Compensation Committee may determine. 
 (b) Price. The exercise price of each
Option granted under this Program shall be the Fair Market Value. 
 (c) Departure from Board. If a person to whom an
Option has been granted (i) retires or dies during the Option Exercise Period, such Option shall be exercisable by him or her or by the executors, administrators, legatees or distributees of his or her estate until the 12-month anniversary of
his or her retirement or death; and (ii) if a person to whom an Option has been granted ceases to be a Non-Employee Director of the Corporation for any reason other than retirement or death, such Option shall be exercisable until the
seven-month anniversary of the date such person ceased to be a Non-Employee Director. 
 6. Vesting. Options granted under this Program
may be exercised during the Option Exercise Period with respect to the following indicated percentage of the total number of shares of Stock subject to the Option at the expiration of the following indicated periods from the date of grant of the
Option: 33 1/3% of the number of Shares subject to the Option one (1) or more years after the date of grant; 66 2/3% of the number of Shares subject to the Option two (2) or more years after the date of grant; and 100% of the Shares
of Stock subject to the Option three (3) or more years after the date of grant; provided, however, if one of the events referred to in clauses (i) and (ii) of Paragraph 5(c) occurs, the Option shall be exercisable during
the specified period following the cessation of the Participant’s membership on the Board of Directors only as to the number of Shares as to which it was exercisable immediately prior to said cessation.  

 7. No Rights Other Than Those Expressly Created 

Other than Non-Employee Directors, no person affiliated with the Company or any Subsidiary or any other person shall have any claim or
right to be granted an Option hereunder. Neither this Program nor any action taken hereunder shall be construed as (i) giving any Participant any right to continue to be affiliated with Company, (ii) giving any Participant any equity or
interest of any kind in any assets of the Company, or (iii) creating a trust of any kind or a fiduciary relationship of any kind between the Company and any such person. No Participant shall have any of the rights of a stockholder with respect
to Shares covered by an Option until such time as the Option has been exercised and Shares have been issued to such person. 
 8. 2009 Stock
Incentive Plan. This Program shall be subject to the terms and conditions of the 2009 Stock Incentive Plan, and all Options granted under the Program shall be made pursuant to the 2009 Stock Incentive Plan. 

9. Effective Date; Amendment; Termination 
 (a) The effective date of this Program is June 4, 2012. 
 (b) The date of
grant of any Option granted hereunder shall be as set forth in Paragraph 4 of this Program. 
 (c) The Board of Directors may at
any time, and from time to time, amend, suspend or terminate this Program in whole or in part. No such amendment, suspension or termination of this Program shall affect the rights of any person to whom an Option has been granted prior to the date of
such amendment, suspension, or termination. 
 * * *Form of Nonstatutory Stock Option Agreement

 Exhibit 10.2 
 ANALOGIC CORPORATION 
 Nonstatutory Stock Option Agreement 

2009 Stock Incentive Plan 

This Nonstatutory Stock Option Agreement is made as of the Agreement Date between Analogic Corporation (the “Company”), a Massachusetts
corporation, and the Participant. 
  

	I.	Agreement Date 

 Date: 
  

	II.	Participant Information 

 Participant: 
 Participant Address: 

 

	III.	Option Information 

 Grant Date: 
 Number of Shares: 

Exercise Price 
  

	IV.	Vesting Table 

			
	 Vesting Date
	 	 Percentage of Option Shares that Vests

		 	33 1/3%
		 	33 1/3%
		 	33 1/3%

 This Agreement includes this cover page and the following Exhibit, which is expressly incorporated by reference in its
entirety herein: 
 Exhibit A – General Terms and Conditions 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Agreement Date. 
  

							
	ANALOGIC CORPORATION	 		 	PARTICIPANT	 	
				
	 	 		 	 	 	
	 Name:
 Title:
	 		 	Name:	 	

 ANALOGIC CORPORATION 

Nonstatutory Stock Option Agreement 
 Exhibit A – General Terms and Conditions 
 For valuable consideration,
receipt of which is acknowledged, the parties hereto agree as follows: 
 1. Grant of Option. 

(a) In consideration of services rendered to the Company by the Participant, the Company has granted to the Participant as of the Grant
Date set forth on the cover page of this Agreement, subject to the terms and conditions set forth in this Agreement and in the Company’s 2009 Stock Incentive Plan (the “Plan”), an option to purchase up to the number of shares
set forth on the cover page of this Agreement (the “Shares”) of common stock, $.05 par value per share, of the Company (the “Common Stock”), at the exercise price per Share set forth on the cover page of this
Agreement. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on the tenth anniversary of the Grant Date (the “Final Exercise Date”). 

(b) It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of
the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this Agreement, shall be
deemed to include any person who acquires the right to exercise this option validly under its terms. 
 2. Vesting
Schedule. 
 (a) This option will become exercisable (“vest”) in accordance with the Vesting Table set
forth on the cover page of this Agreement, except to the extent provided otherwise in Section 3. 
 (b) The right of
exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the
earlier of the Final Exercise Date or the termination of this option under Section 3 or under the Plan. 
 3. Exercise,
Acceleration and Termination of Option. 
 (a) Form of Exercise. To exercise this option, the Participant shall
deliver to the Company a notice of exercise in a form (which may be in electronic form) approved by the Company, along with payment in full of the exercise price in the manner provided in the Plan, including without limitation “net
exercise” as provided in Section 5(g)(4) of the Plan. The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for any fractional share. 

(b) Continuous Relationship with the Company Required. Except as otherwise provided in this Section 3, this option may not be
exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, a member of the Company’s Board of Directors. 

 (c) Effect of Departure from the Board of Directors. 

(1) If the Participant ceases to be a member of the Company’s Board of Directors for any reason other than death or Retirement (as
defined below), then the portion of this option that is vested as of the date of such cessation shall be exercisable by the Participant until the seven-month anniversary of the date of such cessation (or, if earlier, until the Final Exercise Date)
and shall terminate at the end of such period. 
 (2) If the Participant ceases to be a member of the Company’s Board of
Directors as a result of his or her death, then the portion of this option that is vested as of the date of his or her death shall be exercisable by the Designated Beneficiary (as defined in the Plan) of the Participant until the one-year
anniversary of the date of death (or, if earlier, until the Final Exercise Date) and shall terminate at the end of such period. Any unvested portion of this option shall terminate as of his or her death. 

(3) If the Participant ceases to be a member of the Company’s Board of Directors as a result of his or her Retirement, then the
portion of this option that is vested as of the date of such Retirement shall be exercisable by the Participant until the one-year anniversary of the date of such Retirement (or, if earlier, until the Final Exercise Date) and shall terminate at the
end of such period. Any unvested portion of this option shall terminate as of such Retirement. For purposes of this Agreement, “Retirement” shall mean the Participant voluntarily leaving the Company’s Board of Directors on or
after the mandatory retirement age set forth in the Company’s then effective Corporate Governance Guidelines (or any similar successor policy or guidelines). 
 4. Withholding Taxes. No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company, in the
manner permitted in the Plan, for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. 
 5. Restrictions on Transfer. This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the
laws of descent and distribution. 
 6. Provisions of the Plan. This Agreement is subject to the provisions of the Plan.
The Participant acknowledges receipt of the Plan, along with the Prospectus relating to the Plan. 
 7. Miscellaneous.
The Participant acknowledges 
 (a) No Rights to Membership on the Company’s Board of Directors. The Participant
acknowledges and agrees that the grant of this option and its vesting pursuant to Section 2 do not constitute an express or implied promise of continued membership on the Company’s Board of Directors for the vesting period, or for any
period. 
 (b) No Reliance. Notices and other information, if any, provided by the Company or its agents in connection
with this option or its exercise, including but not limited to its vesting, termination, or expiration are provided solely as a courtesy to Participant. The Participant shall not rely on any such notice or the absence thereof. 

 (c) Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement; provided that any separate severance agreement between the Company and the Participant that includes terms relating to the
acceleration of vesting of equity awards shall not be superseded by this Agreement. 
 (d) Governing Law. This Agreement
shall be construed, interpreted and enforced in accordance with the internal laws of the Commonwealth of Massachusetts, without regard to any applicable conflict of law principles. 

(e) Interpretation. The interpretation and construction of any terms or conditions of the Plan or this Agreement by the
Compensation Committee shall be final and conclusive.

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