Document:

Form of Stock Option Notice and Letter Agreement

    Exhibit
      10.1 

     

    BioSpecifics
      Technologies Corp.

    35
      Wilbur Street

    Lynbrook,
      NY. 11563

    

    STOCK
      OPTION GRANT NOTICE AND LETTER AGREEMENT 

    Option
      grant date: _________

     

    [Date]

    

    Dear
      _________:

    

    I
      am
      pleased to inform you that the Stock Option Committee of the Board of Directors
      ("the Committee") approved a grant of an option for you to purchase up to
      _________ shares of the $.001 par value Common Stock of BioSpecifics
      Technologies Corp. ("the Company") at a price of $______per share, a price
      that
      is not less than 100% of the Fair Market Value (as defined in the BioSpecifics
      Technologies Corp. 2001 Stock Option Plan (the “Plan")), of the stock on
      _____________ ("the date of grant"); provided , however, that the exercise
      price
      per Common Share of any qualified incentive stock option granted to a
      Ten-Percent Stockholder (as defined in the Plan) shall not be less than 110%
      of
      such fair market value.

    

    This
      option grant is subject to all the terms and conditions of the Plan, and
      stockholder approval of the Plan, and any rules and regulations promulgated
      by
      the Committee with respect to the Plan. If you wish to see terms and conditions
      of our past plans in detail, you may obtain a copy of previously approved plans
      from the Treasurer of the Company. By signing and returning a copy of the second
      page of this letter to the Treasurer of the Company, you agree to those
      anticipated conditions. The anticipated terms and conditions include but are
      not
      limited to the
      following:

     

    
      	1.    	
              This
                option is:

            

    

     

    ____ 
      intended
      to qualify as an incentive stock option within the meaning of Section 422 of
      the
      Internal Revenue Code of 1986, as amended (the "Code") and shall be so
      construed; provided, however, that nothing in this option grant letter shall
      be
      interpreted as a representation, guarantee, or undertaking on the part of the
      Company that the option is or will be determined to be an incentive stock option
      within the meaning of Code Section 422; or

     

    ____  
      intended to be a nonqualified stock option.

     

    
      	2.    	
              If
                this is an incentive stock option grant, certain dispositions (see
                paragraph 8) can cause the option to fail to qualify as an incentive
                stock
                option with respect to some or all the shares covered by the
                option.

            

    

     

    
      	3.    	
              This
                option vests immediately and may be exercised in part at any time
                beginning _____________, and until ____________, _______ years from
                the
                date of grant.

            

    

     

    
      
        
        

      

      
        Page
          1 of
          2

        
          

        

      

      
        
        

      

    

    
       

      
        	4.    	
                You
                  are the only person who may exercise an option during your lifetime.
                  You
                  may not transfer it other than by will or under the laws of descent
                  and
                  distribution (see paragraph 6).

              

      

       

      
        	5.    	
                All
                  the options will terminate immediately, and any unexercised option
                  may not
                  be exercised if you breach any provision of this agreement; or
                  if your
                  employment by the Company or any of its subsidiaries is terminated
                  for
                  cause.

              

      

       

      
        	6.    	
                The
                  options will terminate, and any unexercised option may not be exercised
                  to
                  the extent that the options are not exercised within thirty (30)
                  days
                  following your termination of employment or , if applicable, termination
                  of your directorship or consultancy, if such termination was not
                  a result
                  of retirement, death, or for cause. The options expire no later
                  than six
                  (6) months following termination of employment if because of retirement
                  or
                  death.

              

      

       

      
        	7.    	
                No
                  representation is made to you with respect to the tax effect upon
                  your
                  receipt of the options, your exercise thereof, or the sale of the
                  shares
                  so acquired.

              

      

       

      
        	8.    	
                If
                  you make a disposition within the meaning of Code Section 424(c)
                  and the
                  regulations promulgated thereunder of any shares issued pursuant
                  to your
                  exercise of an incentive stock option within the two year period
                  commencing on the day after the grant or within the one year period
                  commencing on the date of transfer of such shares to you pursuant
                  to such
                  exercise, you must notify the Company within 10 (ten) days
                  thereof.

              

      

       

      
        	9.    	
                To
                  the extent that the Company is required to withhold taxes upon
                  exercise,
                  or taxes are due upon any disposition, you may be required to immediately
                  deliver to the Company the amount of all applicable withholding
                  taxes, if
                  any, under Federal, state and local
                  law.

              

      

       

      
        
          	10.  
	
                  To
                    the extent that anything contained herein or in any such rules
                    or
                    regulations are inconsistent with the Plan, the terms of the
                    Plan shall
                    govern.

                

        

      

    

     

    Please
      confirm your agreement herewith by signing and dating this
      grant letter
      in the space provided below and returning the signed copy of
this
      grant letter
      to the Chief
      Financial Officer
      of the Company.

    

    Yours
      truly,

     

    
      
        	
                BioSpecifics
                  Technologies Corp.

                 

                By:
                  _______________________________

                Thomas
                  L. Wegman

                President

              	
                ACCEPTED
                  AND SIGNED:

                 

                ___________________________

                 

                ___________________________

                (Date)

                 

              

      

    

    
       

    

    
      
        
        

      

      
        Page
          2 of
          2EX-4.1

 

EXHIBIT 4.1

AMENDMENT NO. 1 TO RIGHTS AGREEMENT 

     This Amendment No. 1 to Rights Agreement (the “Amendment”), dated as of September 18, 2006,
made and entered into by and between Symbol Technologies, Inc., a Delaware corporation (the
“Company”), and The Bank of New York, a New York Banking Corporation (the “Rights Agent”) is to the
Rights Agreement between the Company and the Rights Agent, dated as of August 13, 2001 (the “Rights
Agreement”).

     WHEREAS, pursuant to Section 27 of the Rights Agreement, under circumstances set forth
therein, (i) the Company may supplement or amend any provision of the Rights Agreement without the
approval of any holders of the Rights, and (ii) upon the delivery of a certificate from an
appropriate officer of the Company which states that the proposed supplement or amendment is in
compliance with the terms of Section 27 of the Rights Agreement, the Rights Agent shall execute
such supplement or amendment;

     WHEREAS, the Company desires to amend the Rights Agreement as set forth herein and to direct
the Rights Agent to execute this Amendment; and

     WHEREAS, the Board of Directors of the Company has approved and the Company desires to amend
the Rights Agreement as set forth herein.

     NOW, THEREFORE, in consideration of the promises and the mutual agreements herein set forth,
the parties hereby agree as follows:

     Section 1. Certifications. The undersigned officer of the Company, being duly
authorized on behalf of the Company, hereby certifies on behalf of the Company to the Rights Agent
that (i) he is an “officer” of the Company as such term is used in Section 27 of the Rights
Agreement and (ii) this Amendment is in compliance with Section 27 of the Rights Agreement.

     Section 2. Amendment of Rights Agreement. The Rights Agreement is hereby amended as
follows:

     (a) Section 1 of the Rights Agreement is hereby amended by inserting the following subsections
at the end of such Section 1:

“(r) “Merger” shall have the meaning set forth in the Merger Agreement.

(s) “Merger Agreement” shall mean the Agreement and Plan of Merger dated as of September 18, 2006,
among the Company, Motorola, Inc., a Delaware corporation (“Parent”), and Motorola GTG Subsidiary I
Corp., a Delaware corporation and a wholly owned subsidiary of Parent (“Sub”) as it may be amended
from time to time.”

     (b) Section 1(a) of the Rights Agreement is hereby amended by inserting the following
sentences at the end of such Section 1(a):

“Notwithstanding anything in this Section 1(a) to the contrary, neither the Parent, Sub nor any of
their respective Subsidiaries, Affiliates or Associates (collectively, the “Parent Group”) shall
be, or shall be deemed to be, an Acquiring Person by virtue of or as a result of (A) the execution
and delivery of the Merger Agreement or the entering into of any agreements, arrangements or
understandings by any member of the Parent Group in connection with the Merger Agreement or any of
the transactions contemplated thereby if such agreements, arrangements or understandings are in
accordance with the terms and conditions of the Merger Agreement; (B) the announcement

 

 

of the Merger Agreement or the Merger; (C) the consummation of the Merger; or (D) the consummation
of the other transactions contemplated by the Merger Agreement upon the terms and conditions of the
Merger Agreement. Each event described in subclauses (A), (B), (C) and (D) above is referred to
herein as an “Exempted Transaction”.”

     (c) Section 1(c) of the Rights Agreement is hereby amended by inserting the following sentence
at the end of such Section 1(c):

“Notwithstanding anything in this Section 1(d) to the contrary, the Parent Group shall not be
deemed to be a “Beneficial Owner” of, to have “Beneficial Ownership” of, or to “beneficially own”,
any securities solely by virtue of or as a result of any Exempted Transaction.”

     (d) Section 1(p) of the Rights Agreement is hereby amended by inserting the following sentence
at the end of such Section 1(p):

“Notwithstanding anything in this Section 1(p) to the contrary, a Stock Acquisition Date shall not
be deemed to have occurred by virtue of or as a result of any Exempted Transaction or the public
announcement thereof.”

     (e) Section 3(a) of the Rights Agreement is hereby amended by inserting the following sentence
at the end of such Section 3(a):

“Notwithstanding anything in this Section 3(a) to the contrary, a Distribution Date shall not be
deemed to have occurred by virtue of or as a result of any Exempted Transaction.”

     (f) Section 7(a) of the Rights Agreement is hereby deleted and restated to read in its
entirety as follows:

“(a) Except as otherwise provided herein, the Rights shall become exercisable on the Distribution
Date, and thereafter the registered holder of any Right Certificate may, subject to Section
11(a)(ii) hereof and except as otherwise provided herein, exercise the Rights evidenced thereby in
whole or in part upon surrender of the Right Certificate, with the form of election to purchase on
the reverse side thereof duly executed, to the Rights Agent at the office or agency of the Rights
Agent designated for such purpose, together with payment of the Purchase Price

for each one one-thousandth of a share of Preferred Stock as to which the Rights are exercised (or
other securities, cash or other assets, as the case may be), at any time which is both after the
Distribution Date and prior to the time (the “Expiration Date”) that is the earliest of (i) the
earlier of (x) the close of business on August 13, 2011 or (y) immediately prior to the Effective
Time of the Merger as provided in the Merger Agreement (the “Effective Time”), but only if such
Effective Time shall occur (either, as applicable, the “Final Expiration Date”), (ii) the time at
which the Rights are redeemed as provided in Section 23 hereof (the “Redemption Date”) or (iii) the
time at which such Rights are exchanged as provided in Section 24 hereof.”

     (g) The Rights Agreement is hereby amended by adding a new Section 35 to the end of the Rights
Agreement, which new Section 35 shall read in its entirety as follows:

“Section 35. Termination. At the Final Expiration Date, (a) this Agreement shall be terminated and
be without any further force or effect, (b) none of the parties to this Agreement will have any
rights, obligations or liabilities hereunder and (c) the holders of the Rights shall not be
entitled to any benefits, rights or other interests under this Agreement, including, without
limitation, the right to purchase or otherwise acquire the Preferred Stock or any other securities
of the Company. Notwithstanding the foregoing, Sections 18, 19, 20 and 21 hereof shall survive the
termination of this Agreement.”

     Section 3. Effectiveness; No Other Modification. This Amendment shall be deemed
effective as of the date first written above, as if executed on such date. The parties hereto
hereby acknowledge and agree that, except as specifically supplemented and amended, changed or
modified in Section 2 above, the Rights Agreement, as

 

 

previously amended to the date hereof, shall be unaffected by this Amendment and remain in
full force and effect in accordance with its terms.

     Section 4. Execution in Counterparts. This Amendment may be executed in any number of
counterparts (including by facsimile) and each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts shall together constitute one and the same
instrument.

     Section 5. Defined Terms. Except as otherwise expressly provided herein, or unless the
context otherwise requires, all terms used but not defined herein shall have the meanings assigned
to them in the Rights Agreement.

     Section 6. Governing Law and Interpretation. This Amendment shall be deemed to be a
contract made under the internal substantive laws of the State of Delaware and for all purposes
shall be governed by and construed in accordance with the internal substantive laws of such State
applicable to contracts to be made and performed entirely within such State. If any provision,
covenant or restriction of this Amendment is held by a court of competent jurisdiction or other
authority to be invalid, illegal or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Amendment shall remain in full force and effect and shall in no
way be effected, impaired or invalidated. It is the intent of the parties hereto to enforce the
remainder of the terms, provisions, covenants and restrictions of this Amendment to the maximum
extent permitted by law.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date set forth above.

	 	 	 	 	 
	 	 	SYMBOL TECHNOLOGIES, INC.
	 
	 	 	 	 
	By:

	 	/s/ Michael Miller
 

	 	 
	Name:

	 	Michael Miller	 	 
	Title:

	 	Acting Secretary	 	 
	 
	 	 	 	 
	 

	 	THE BANK OF NEW YORK	 	 
	 
	 	 	 	 
	By:

	 	/s/ Eli Guardiola
 

	 	 
	Name:

	 	Eli Guardiola	 	 
	Title:

	 	Assistant Treasurer	 	 

[Signature Page to Amendment No. 1 to Rights Agreement]

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