Document:

EX-10.1

 Exhibit 10.1 

2014 HC2 Executive Bonus Plan 
 The bonus plan shall be
subject to, and governed by, the terms of the HC2 Holdings, Inc. 2014 Omnibus Equity Award Plan (or any successor plan intended to qualify under Section 162(m) of the Internal Revenue Code of 1986, as amended). 

Corporate Bonus and Individual Bonus 
 Each plan
participant will have two bonus components (i) a component based on growth in the Company’s Net Asset Value (NAV) the (“Corporate Bonus”) and (ii) a component based on individual performance (“Individual
Bonus”). For top executives, individual performance will be measured against goals established by the Compensation Committee at the beginning of each fiscal year. 

Each plan participant shall have been communicated their Target Corporate Bonus and Target Individual Bonus at the beginning of the fiscal year, or upon
hiring or promotion. 
 Corporate Bonus Funding 
 All
Corporate Bonus awards will be funded from a bonus pool (“Corporate Bonus Pool”) to be determined as follows. The Company will establish a target bonus pool for all plan participants (“Target Pool”) and establish
the beginning of year compensation net asset value (“Compensation NAV”) and Compensation NAV per share. Promptly following the end of the fiscal year, the company will determine the company’s end of year Compensation NAV per share, to
be certified by the Compensation Committee. 
 The Company will fund a Corporate Bonus Pool up to 12% of the excess, if any, of (A) end of year
Compensation NAV per share divided by (B) beginning of year Compensation NAV per share, and subtracting one from the quotient (NAV Return) less (C) the required threshold return of seven percent (Threshold Return) and, if this net amount
is positive, it will be multiplied by (D) beginning of year Compensation NAV. For 2014 only, the Threshold Return shall be zero. 
 Threshold
Performance and High-Water Mark 
 Notwithstanding any provision of this Plan to the contrary, if the NAV Return is less than the Threshold Return, then
no Corporate Bonus shall be awarded for the fiscal year. In addition, if the NAV Return is less than the Threshold Return, then the Corporate Bonus Pool for the next two fiscal years shall be based on a NAV Return using the end of year Compensation
NAV per share as compared to the highest end of year Compensation NAV per share for the preceding two fiscal years as the beginning of year Compensation NAV per share, per the formula above. 

 Corporate Bonus Distribution 

If the NAV Return is above the Threshold Return, then the named executive officers (NEOs) will, at the discretion of the Compensation Committee, each be
awarded a Corporate Bonus up to the amount of (A) their Target Corporate Bonus divided by (B) the Target Pool times (C) the Corporate Bonus Pool. Top management shall make a recommendation to the Compensation Committee for the
allocation of the bonus pool to the remaining plan participants, based upon its judgment of the relative contribution of each participant, including amounts that are not allocated and returned to the company. The Compensation Committee shall approve
the amounts of each plan participant’s Corporate Bonus, if any, and authorize its payout. 
 Payouts, Deferrals, Grants, and Vesting 

For each plan participant, their Corporate Bonus up to two times their Target Corporate Bonus, shall be awarded as follows: (a) 40 percent of the award
value will be paid in cash within 74 days after the end of the fiscal year for which it is awarded (the Award Date); (b) 25.5% of the award value will be in an unrestricted stock grant, (c) 25.5% of the award value will be granted as
restricted stock, which restrictions will lapse on the first anniversary of the date of grant (the “Grant Date”), and (d) 9% of the award will consist of a grant of stock options, half of which will vest and be exercisable on the
Grant Date, and the other half of which will vest and be exercisable on the first anniversary of the Grant Date, in each case subject to continued employment on the relevant anniversary, except for any acceleration of vesting under conditions set
forth in the participant’s employment agreement. All cash payments, vesting of stock, or exercise of options are subject to withholding and deductions as required by applicable laws. 

For each plan participant, their Corporate Bonus in excess of two times their Target Corporate Bonus (Excess Award Value), shall be awarded as follows:
(a) 20 percent of the Excess Award Value will be paid in cash at the end of the first anniversary of the Award Date, and 20 percent of the Excess Award Value will be paid in cash at the end of the second anniversary of the Award Date (Deferred
Cash), unless Compensation NAV at the end of any of the next two years falls below ending Compensation NAV of the year in which awards are made, as described below; (b) 51% of the Excess Award Value will be granted as restricted stock, which
restrictions will lapse in substantially equal installments based on continued service with the Company on each of the second and third anniversary of the Grant Date; and (c) 9% of the Excess Award Value will consist of a grant of stock options
which will vest in substantially equal installments on the second and third anniversary of the Grant Date, in each case subject to continued employment on the relevant anniversary, except for any acceleration of vesting under conditions set forth in
the participant’s employment agreement. All cash payments, vesting of stock, or exercise of options are subject to withholding and deductions as required by applicable laws. 

 Malus on Deferrals 

If Compensation NAV in either of the two years following a Corporate Bonus award falls below the ending Compensation NAV for the year of the award, then a
portion of the Deferred Cash that would otherwise be paid for the fiscal year shall be reduced (and not paid), corresponding to (a) the ending Compensation NAV per share of the year in which the award was earned (b) divided by the ending
Compensation NAV per share of the year in which the award was to be paid out, and subtracting one from the quotient, less (c) the Threshold Return. For illustrative purposes only, if the Compensation NAV per share in the first fiscal year after
an award of Deferred Cash increases by only 1% over the Compensation NAV per share for the prior fiscal year, then the portion of the Deferred Cash that would otherwise be payable on the first anniversary of the Award Date will be reduced by 6% (NAV
Return of 1% less the Threshold Return of 7%); if the Compensation NAV per share in the second fiscal year after an award of Deferred Cash decreases by 10% from the Compensation NAV per share for the fiscal year for which the Deferred Cash was
awarded, then the portion of the Deferred Cash that would otherwise be payable on the second anniversary of the Award Date will be reduced by 17% (NAV Return of -10% less the Threshold Award of 7%). Unvested equity is not subject to reduction
pursuant to this paragraph. 
 Individual Bonus 
 Each
plan participant’s achievement of his or her Individual Bonus goals, and the amount of such Individual Bonus, shall be determined by top management or, in the case of top management, by the Compensation Committee. The maximum amount of
Individual Bonus shall not exceed two times the Target Individual Bonus. The Compensation Committee shall certify the amounts of each participant’s Individual Bonus, if any, and authorize the payout of the Individual Bonus, which shall be paid
within 74 days after the end of the fiscal year for which it is awarded.EX-10.1

 Exhibit 10.1 
  

					
	 	  	Regeneron Pharmaceuticals, Inc.
	 	  	ID: [            ]
	Notice of Grant of Stock Options	  	777 Old Saw Mill River Road
	and Option Agreement for Time-Based Vesting	  	Tarrytown, New York 10591
	Option Awards	  	 
	  
 [OPTIONEE NAME]
	  	Option Number:	  	[            ]
	[OPTIONEE ADDRESS	  	Plan:	  	[            ]
		  	ID	  	[            ]

  
  

Effective <date> (the “Grant Date”) you have been granted a Non-Qualified Option to buy
[            ] shares of Regeneron Pharmaceuticals, Inc. (the “Company”) stock at $[            ] per share. 

The total option price of the shares granted is $[            ]. 

Shares in each period will become fully vested on the date shown. 
  

									
	 Shares
	  	Vest Type	  	Full Vest	 	 	Expiration Date
	 **
	  	On Vest Date	  	 	[    /    /    	]**	 	[10 years from Grant Date]
	 **
	  	On Vest Date	  	 	[    /    /    	]**	 	[10 years from Grant Date]
	 **
	  	On Vest Date	  	 	[    /    /    	]**	 	[10 years from Grant Date]
	 **
	  	On Vest Date	  	 	[    /    /    	]**	 	[10 years from Grant Date]

 The Non-Qualified Stock Option expires on
[            ]*** (the “Expiration Date”). 
  

 
 You and the Company agree that these options are
granted under and governed by the terms and conditions of the Regeneron Pharmaceuticals, Inc. 2014 Long Term Incentive Plan, as amended from time to time, and the enclosed Option Agreement, both of which are attached and made a part of this
document. 
  
  

 

	**	Options for executive officers will vest in approximately equal annual 25% installments. Full Vest Dates will occur on the first, second, third and fourth anniversaries of the Grant Date. 

	***	Date to be 10 years from the Grant Date. 

 REGENERON PHARMACEUTICALS, INC. 

Non-Qualified Stock Option 

OPTION AGREEMENT 

PURSUANT TO THE REGENERON PHARMACEUTICALS, INC. 

2014 LONG-TERM INCENTIVE PLAN 

THIS AGREEMENT (this “Agreement”), made as of the date of the Notice of Grant of Stock Options, by and between
Regeneron Pharmaceuticals, Inc., a New York corporation (the “Company”), and the employee named on the Notice of Grant of Stock Options (the “Grantee”). Any capitalized term used but not defined in this
Agreement shall have the meaning given to such term in the Plan (as defined below). 
 WHEREAS, the Grantee is an employee of the Company
(or a Subsidiary of the Company) and the Company desires to afford the Grantee the opportunity to acquire or enlarge the Grantee’s stock ownership in the Company so that the Grantee may have a direct proprietary interest in the Company’s
success; and 
 WHEREAS, the Committee administering the Regeneron Pharmaceuticals, Inc. 2014
Long-Term Incentive Plan (as amended from time to time, the “Plan”) has granted (as of the effective date of grant specified in the Notice of Grant of Stock Options) to the Grantee a
Stock Option to purchase the number of shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”), as set forth in the Notice of Grant of Stock Options. 

NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the parties agree as follows: 

1. Grant of Award. Pursuant to Section 7 of the Plan, the Company grants to the Grantee, subject to the terms and conditions of
the Plan and subject further to the terms and conditions set forth herein, the option (the “Option”) to purchase from the Company all or any part of an aggregate of shares of Common Stock at the purchase price per share as shown on
the Notice of Grant of Stock Options. No part of the Option granted hereby is intended to qualify as an Incentive Stock Option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 

2. Vesting; Exercise. (a) The Option is exercisable in installments as provided on the Notice of Grant of Stock Options. To
the extent that the Option has become exercisable with respect to the number of shares of Common Stock as provided on the Notice of Grant of Stock Options and subject to the terms and conditions of the Plan, including without limitation,
Sections 7(c)(1) (if applicable) and 7(c)(2) of the Plan, the Option may thereafter be exercised by the Grantee, in whole or in part, at any time or from time to time prior to the expiration of the Option in accordance with the requirements set
forth in Section 7(c)(3) of the Plan, including, without limitation, the filing of such written form of exercise notice as may be provided by the Company, and in accordance with applicable tax and other laws. In addition to the methods of
payment described in Section 7(c)(3) of the Plan, the Grantee shall be eligible to pay for shares of Common Stock purchased upon the exercise of the Option by directing the Company to withhold shares of Common Stock that would otherwise be
issued pursuant to the Option exercise having a Fair Market Value (as measured on the date of exercise) equal to the Option exercise price. The Company shall have the right to require the Grantee in connection with the exercise of the Option to
remit to the Company in cash an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto. 

(b) The Notice of Grant of Stock Options indicates each date upon which the Grantee shall be entitled to exercise the Option with
respect to the number of shares of Common Stock granted as indicated provided that the Grantee has not incurred a termination of employment or service with the Company and all Subsidiaries (the Company and all Subsidiaries shall be referred to
herein, collectively, as the “Employer,” and no termination of employment or service shall be deemed to take place unless the Grantee is no longer employed by or providing service to the Employer) prior to such date. There shall be
no proportionate or partial vesting in the periods between the Full Vest Dates specified in the Notice of Grant of Stock Options and all vesting shall occur only on such Full Vest Dates. Except as otherwise provided in the Notice of Grant
of Stock Options or any employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Employer and the Grantee on the date of grant specified in the Notice of Grant of Stock Options, or
as may be otherwise determined by the Committee in accordance with Section 7(e) of the Plan, no vesting shall occur after such date as the Grantee ceases to be employed by or provide services to the Employer and the entire unvested portion of
the Option shall be forfeited at such time. 
 (c) Notwithstanding anything herein (except the following sentence) or in the Notice of
Grant of Stock Options to the contrary, the Option shall be fully vested on the date of termination of the Grantee’s employment with the Employer if the Grantee’s employment with the Employer is terminated on or within two years after
the occurrence of a Change in Control by the Employer (other than for Cause) or by the Grantee for Good Reason. Except as otherwise provided in any employment 

 
agreement, consulting agreement, change in control agreement or similar agreement in effect between the Employer and the Grantee on the date of grant specified in the Notice of Grant of Stock
Options, if the application of the provision in the foregoing sentence, similar provisions in other stock option or restricted stock grants, and other payments and benefits payable to the Grantee upon termination of employment with the Employer
(collectively, the “Company Payments”) would result in the Grantee being subject to the excise tax payable under Section 4999 of the Code (the “Excise Tax”), the amount of any Company Payments shall be
automatically reduced to an amount one dollar less than an amount that would subject the Grantee to the Excise Tax; provided, however, that the reduction shall occur only if the reduced Company Payments received by the Grantee (after
taking into account further reductions for applicable federal, state and local income, social security and other taxes) would be greater than the unreduced Company Payments to be received by the Grantee minus (i) the Excise Tax payable with
respect to such Company Payments and (ii) all applicable federal, state and local income, social security and other taxes on such Company Payments. If the Company Payments are to be reduced in accordance with the foregoing, the Company Payments
shall be reduced as mutually agreed between the Employer and the Grantee or, in the event the parties cannot agree, in the following order: (1) acceleration of vesting of any option where the exercise price exceeds the fair market value of the
underlying shares at the time the acceleration would otherwise occur; (2) any lump-sum severance based on a multiple of base salary or bonus; (3) any other cash amounts payable to the Grantee; (4) any benefits valued as parachute
payments; and (5) acceleration of vesting of any equity not covered by (1) above. 
 3. Option Term. (a) Except as
otherwise provided in the next sentence or in the Plan, the Option shall expire on the tenth anniversary of the grant of the Option as shown on the Notice of Grant of Stock Options. In the event of termination of employment or service with
the Employer, except as set forth in any employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Employer and the Grantee on the date of grant specified in the Notice of Grant of Stock
Options, or as may be otherwise determined by the Committee in accordance with Section 7(e) of the Plan, the vested portion of the Option shall expire on the earlier of (i) the tenth anniversary of this grant, or (ii)(A) subject to
(E) below, three months after such termination if such termination is for any reason other than death, retirement (as defined in the Company’s employee handbook as in effect on the date hereof), or
long-term disability, (B) the tenth anniversary of this grant if such termination is due to the Grantee’s retirement (as defined in the Company’s employee handbook as in effect on the date
hereof), (C) one year after the termination if such termination is due to the Grantee’s death or long-term disability, (D) the occurrence of the Cause event if such termination is for Cause or
Cause existed at the time of such termination (whether then known or later discovered) or (E) one year after such termination if such termination is at any time within two years after the occurrence of a Change in Control and is by the Employer
without Cause or by the Grantee for Good Reason. 
 (b) For purposes of this Agreement, “Cause” shall mean (i) in the
case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company and the Grantee on the date of grant specified in the Notice of Grant of Stock Options (or where
there is such an agreement but it does not define “cause” (or words of like import)) (A) the willful and continued failure by the Grantee substantially to perform his or her duties and obligations to the Employer, including without
limitation, repeated refusal to follow the reasonable directions of the Employer, violation of the Employer’s Code of Business Conduct and Ethics, knowing violation of law in the course of performance of the duties of the Grantee’s
employment with the Employer, repeated absences from work without a reasonable excuse, and intoxication with alcohol or illegal drugs while on the Employer’s premises during regular business hours (other than any such failure resulting from his
or her incapacity due to physical or mental illness); (B) fraud or material dishonesty against the Employer; or (C) a conviction or plea of guilty or nolo contendere to a felony or a crime involving material dishonesty; or (ii) in the
case where there is an employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Employer and the Grantee on the date of grant specified in the Notice of Grant of Stock Options that
defines “cause” (or words of like import), as defined under such agreement. For purposes of this Section 3(b), no act, or failure to act, on a Grantee’s part shall be considered “willful” unless done, or omitted to be
done, by the Grantee in bad faith and without reasonable belief that his or her action or omission was in the best interest of the Employer. Any determination of Cause made prior to a Change in Control shall be made by the Committee in its sole
discretion. 
 (c) For purposes of this Agreement, “Good Reason” shall mean (i) in the case where there is no employment
agreement, consulting agreement, change in control agreement or similar agreement in effect between the Employer and the Grantee on the date of grant specified in the Notice of Grant of Stock Options (or where there is such an agreement but
it does not define “good reason” (or words of like import)) a termination of employment by the Grantee within one hundred and twenty (120) days after the occurrence of one of the following events after the occurrence of a Change in Control
unless such events are fully corrected in all material respects by the Employer within thirty (30) days following written notification by the Grantee to the Employer that Grantee intends to terminate his employment hereunder for one of the reasons
set forth below: (A) (1) any material diminution in the Grantee’s duties and responsibilities from those which existed immediately prior to a Change in Control (except in each case in connection with the termination of the Grantee’s
employment for Cause or as a result 

  
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of the Grantee’s death, or temporarily as a result of the Grantee’s illness or other absence), or (2) the assignment to the Grantee of duties and responsibilities materially
inconsistent with the position held by the Grantee; (B) any material breach by the Employer of any material provision of any written agreement with the Grantee or failure to timely pay any compensation obligation to the Grantee; (C) a
reduction in the Grantee’s annual base salary or target bonus opportunity (if any) from that which existed immediately prior to a Change in Control; or (D) if the Grantee is based at the Employer’s principal executive office, any
relocation therefrom or, in any event, a relocation of the Grantee’s primary office of more than fifty (50) miles from the location immediately prior to a Change in Control; or (ii) in the case where there is an employment agreement,
consulting agreement, change in control agreement or similar agreement in effect between the Employer and the Grantee on the date of grant specified in the Notice of Grant of Stock Options that defines “good reason” (or words of
like import), as defined under such agreement. 
 4. Restrictions on Transfer of Option. The Option granted hereby shall not be
transferable other than by will or by the laws of descent and distribution. During the lifetime of the Grantee, this Option shall be exercisable only by the Grantee. In addition, except as otherwise provided in this Agreement, the Option shall not
be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any other attempt to transfer, assign, negotiate, pledge or
hypothecate the Option, or in the event of any levy upon the option by reason of any execution, attachment, or similar process contrary to the provisions hereof, the Option shall immediately become null and void. Notwithstanding the foregoing
provisions of this Section 4, subject to the approval of the Committee in its sole and absolute discretion and to any conditions that the Committee may prescribe, the Grantee may, upon providing written notice to the Company, elect to transfer
the Option to members of his or her immediate family, including, but not limited to, children, grandchildren and spouse or to trusts for the benefit of such immediate family members or to partnerships in which such family members are the only
partners; provided, however, that no such transfer may be made in exchange for consideration. 
 5. Rights of a
Shareholder. The Grantee shall have no rights as a shareholder with respect to any shares of Common Stock subject to this Option prior to the date of issuance to the Grantee of a certificate or certificates or book-entry registration or
registrations for such shares. Except as provided in Section 3(c) of the Plan, no adjustment shall be made for dividends in cash or other property, distributions, or other rights with respect to such shares for which the record date is prior to
the date upon which the Grantee shall become the holder of record therefor. 
 6. Compliance with Law and Regulations. This
Agreement, the award hereunder and any obligation of the Company hereunder shall be subject to all applicable federal, state and local laws, rules and regulations and to such approvals by any government or regulatory agency as may be required. The
Company shall be under no obligation to effect the registration pursuant to federal securities laws of any interests in the Plan or any shares of Common Stock to be issued hereunder or to effect similar compliance under any state laws. The Company
shall not be obligated to cause to be issued or delivered any certificates or register book entries evidencing shares of Common Stock pursuant to this Agreement unless and until the Company is advised by its counsel that the issuance and delivery of
such certificates or the registration of such book entries is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Common Stock are traded. The Committee may
require, as a condition of the issuance and delivery of certificates or the registration of book entries evidencing shares of Common Stock pursuant to the terms hereof, that the recipient of such shares make such agreements and representations, and
that such certificates and book entries bear or be subject to such legends, as the Committee, in its sole discretion, deems necessary or desirable. Except to the extent preempted by any applicable federal law, this Agreement shall be construed and
administered in accordance with the laws of the State of New York without reference to its principles of conflicts of law. 
 7. Grantee
Bound by Plan. The Grantee acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof, which are incorporated herein by reference. To the extent that this Agreement is silent with respect to, or in
any way inconsistent with, the terms of the Plan, the provisions of the Plan shall govern and this Agreement shall be deemed to be modified accordingly. 

8. Notices. Any notice or communication given hereunder shall be in writing and shall be deemed given when delivered in person, or by
United States mail, at the following addresses: (i) if to the Employer, to: Regeneron Pharmaceuticals, Inc., 777 Old Saw Mill River Road, Tarrytown, NY 10591, Attention: Secretary, and (ii) if to the Grantee, to: the Grantee at Regeneron
Pharmaceuticals, Inc., 777 Old Saw Mill River Road, Tarrytown, NY 10591, or, if the Grantee has terminated employment, to the last address for the Grantee indicated in the records of the Employer, or such other address as the relevant party shall
specify at any time hereafter in accordance with this Section 8. 
 9. No Obligation to Continue Employment. This Agreement does
not guarantee that the Employer will employ the Grantee for any specified time period, nor does it modify in any respect the Grantee’s employment or compensation. 
  

  
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 10. Recoupment. By entering into this Agreement and accepting the award hereunder, the
Grantee agrees to be bound by the terms of the Company’s Policy Regarding Recoupment or Reduction of Incentive Compensation for Compliance Violations, as in effect from time to time (or any successor policy thereto) (the “Recoupment
Policy”), and further acknowledges and agrees that the Recoupment Policy shall apply to the Option and any shares of Common Stock issued pursuant thereto. 

  
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