Document:

ex10-1.htm

    Exhibit 10.1

    AMENDMENT
NO. 3

    TO

    IR
BIOSCIENCES HOLDINGS, INC.

     

    2003
STOCK OPTION, DEFERRED STOCK AND RESTRICTED STOCK PLAN

     

    Pursuant
to Section 7 of the IR BioSciences Holdings, Inc. 2003 Stock Option, Deferred
Stock and Restricted Stock Plan (the “Plan”) the Board of Directors has duly
adopted a resolution to amend provisions of the Plan to allow for the grant of
Bonus Stock awards as follows:

    
 

    The name
and title of the Plan is hereby amended to read in its entirety as
follows:

     

    “IR
BioSciences Holdings, Inc. 2003 Stock Option, Deferred Stock, Restricted Stock
and Bonus Stock Plan”

     

    Section
1(b)(2) of Plan is hereby amended to read in its entirety as
follows:

     

    “Award”
means any award of Deferred Stock, Restricted Stock, Stock Option or Stock
Bonus.”

     

    A new
Section 1(b)(22) is hereby added to read in its entirety as
follows:

     

    “Bonus
Stock” means an award of shares of Stock granted pursuant to Section 6A which
may be subject to provisions for forfeiture and other restrictions and
objectives that will lapse as set forth in the grant.”

     

    Section
2(b) of Plan is hereby amended to read in its entirety as follows:

     

    “The
Administrator shall have the power and authority to grant to Eligible Persons,
pursuant to terms of the Plan: (i) Stock Options, (ii) Deferred Stock, (iii)
Restricted Stock, (iv) Bonus Stock, or (v) any combination of the
foregoing.”

     

    Section
2(b)(2) of Plan is hereby amended to read in its entirety as
follows:

     

    “to
determine whether and to what extent Stock Options, Deferred Stock, Restricted
Stock, Bonus Stock or a combination of the foregoing, are to be granted to
Eligible Persons of the Company.”

     

    Section
2(b)(4) of Plan is hereby amended to read in its entirety as
follows:

     

    “to
determine the terms and conditions, not inconsistent with the terms of the Plan,
of any such Award including, but not limited to, (i) the restricted period
applicable to Deferred Stock, Restricted Stock or Bonus Stock awards, (ii) the
date or dates on which restrictions applicable to such Deferred Stock,
Restricted Stock or Bonus Stock awards shall lapse during such period, and (iii)
when and in what increments shares covered by Stock Option may be purchased,
subject to applicable rules and regulations and restrictions set forth herein:
and”

     

    The first
sentence of Section 4 ELIGIBILITY is hereby amended to read in its entirety as
follows:

     

    “
Officers, employees and directors of, and consultants and advisors providing
services to the Company, shall be eligible to be granted Non-Qualified Stock
Options, Deferred Stock, Restricted Stock or Bonus Stock awards
hereunder.”

     

    A new
Section 6A entitled Stock Bonus is hereby added to read in its entirety as
follows:

     

    “SECTION
6A.   BONUS STOCK

     

    (a) Bonus Stock awards may
be issued to Eligible Persons either alone or in addition to other Awards
granted under the Plan. The Administrator shall determine the Eligible Persons,
and the time or times at which grants of the Bonus Stock awards shall be made
and the vesting thereof; the number of shares to be awarded; the provisions for
the forfeiture of and restrictions on the sale, resale or other disposition of
the shares to be awarded, if any; the performance objectives applicable to the
Bonus Stock awards, if any; the date or dates on which restrictions applicable
to such Bonus Stock awards shall lapse, if any; and all other conditions of the
Bonus Stock awards.  The Administrator may also condition the grant of
Bonus Stock awards upon the exercise of Stock Options, Deferred Stock or
Restricted Stock, or upon such other criteria as the Administrator may
determine, in its sole discretion. The provisions of the Bonus Stock awards need
not be the same with respect to each recipient.

     

    (b) There shall be no
price paid by the recipient of any Bonus Stock award.

     

                    (c)
The prospective recipient of a Bonus Stock award shall not have any rights with
respect to such Award, unless and until such recipient has executed an agreement
evidencing the Award (a " Bonus Stock Award Agreement") and has delivered a
fully executed copy thereof to the Company, within a period of sixty days (or
such other period as the Administrator may specify) after the Award
date.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Except as
provided below in this paragraph (c) of Section 6A, (i) each Participant who is
awarded Restricted Stock shall be issued a stock certificate in respect of such
shares of Restricted Stock; and (ii) such certificate shall be registered in the
name of the Participant, and shall bear an appropriate

    legend
referring to the terms, conditions, and restrictions applicable to such Award,
substantially in the following form:

     

    "The
transferability of this certificate and the shares of stock represented hereby
are subject to the terms and conditions (including forfeiture) of the IR
BioSciences Holdings, Inc. 2003 Stock Option, Deferred Stock, Restricted Stock
and Bonus Stock Plan and a Bonus Stock Award Agreement entered into between the
registered owner and IR BioSciences Holdings, Inc. Copies of such Plan and
Agreement are on file in the offices of IR BioSciences Holdings,
Inc."

     

    The
Company shall require that the stock certificates evidencing such shares be held
in the custody of the Company until the restrictions thereon shall have lapsed,
and, as a condition of any Bonus Stock award, the Participant shall have
delivered a stock power, endorsed in blank, relating to the Stock covered by
such Award.

     

    With
respect to Bonus Stock awards, at the expiration of the Restricted Period, if
any, stock certificates in respect of such shares of Bonus Stock shall be
delivered to the Participant, or his legal representative, in a number equal to
the shares of Stock covered by the Bonus Stock award.

     

                                
   (d) The Bonus Stock awards granted pursuant to this Section 6A
shall be subject to the following restrictions and conditions:

     

                          (i)
Subject to the provisions of the Plan and the Bonus Stock Award Agreement,
during such period as may be set by the Administrator commencing on the grant
date (the "Restricted Period"), the Participant
shall not be permitted to sell, transfer, pledge or assign shares of Bonus Stock
awarded under the Plan other than by will or the laws of descent and
distribution. Within these limits, the Administrator may, in
its sole discretion, provide for the lapse of such restrictions in installments
and may accelerate or waive such restrictions in whole or in part based on such
factors and such circumstances as the Administrator may determine, in its sole
discretion, including, but not limited to, the attainment of certain
performance
related goals, the Participant's termination, death or Disability or the
occurrence of a "Change of Control" as defined in Section 9 below; provided,
however, that the restriction on transferability referenced as above may not be
waived.

     

                          (ii)
Except as provided in paragraph (d)(i) of this Section 6A, the Participant shall
have, with respect to the shares of Bonus Stock, all of the rights of a
stockholder of the Company, including the right to vote the shares, and the
right to receive any dividends thereon during the Restricted Period, if any.
With respect to Bonus Stock awards, the Participant shall generally not have the
rights of a stockholder of the Company, including the right to vote the shares
during the Restricted Period, if any; provided, however, that dividends declared
during the Restricted Period with respect to the number of shares covered by a
Bonus Stock award shall be paid to the Participant. Certificates for shares of
unrestricted Stock shall be delivered to the Participant promptly after, and
only after, the Restricted Period shall expire without forfeiture in respect of
such shares of Bonus Stock, except as the Administrator, in its sole discretion,
shall otherwise determine.

     

                          (iii)
Subject to the provisions of the Bonus Stock Award Agreement and this Section
6A, upon termination of employment for any reason during the Restricted Period,
all shares subject to any restriction as of the date of such termination shall
be forfeited by the Participant”

     

    Section
9(a)(i) is hereby amended to read in its entirety as follows:

     

    “Declare
that the restrictions applicable to any Restricted Stock, Deferred Stock or
Bonus Stock awards under the Plan shall lapse in full or in part, and that such
shares and Awards shall be deemed fully or partially vested.”

     

    Section
16 TERM OF PLAN is hereby amended to read in its entirety as
follows:

     

    “No Stock
Option, Deferred Stock, Restricted Stock or Bonus Stock Award shall be granted
pursuant to the Plan on or after the tenth anniversary of the Effective Date,
but Awards theretofore granted may extend beyond that date.”

     

    All other
terms and provisions of the Plan, including the provisions of previous
amendments to the Plan, shall remain unchanged and in full force and effect as
written.

     

    Pursuant
to Section 7 of the Plan, no vote of the Stockholders was required to approved
this Amendment No. 4 to the Plan.

     

    IN
WITNESS WHEREOF, this Amendment No. 3 to the IR BioSciences Holdings, Inc. 2003
Stock Option, Deferred Stock and Restricted Stock Plan is made effective this
28th day of May, 2009.

     

    
      
        
          	 	IR BIOSCIENCES
      HOLDINGS, INC.,	 
	 	 	A
      Delaware Corporation	 
	
                  Date:
      May
      28, 2009

                	
                  By:
      

                	/s/ Michael K.
      Wilhelm        
                           	 
	 	 	Michael
      K. Wilhelm	 
	 	 	Chief
      Executive Officerex10-2.htm

    Exhibit 10.2

    
      IR
BioSciences Holdings, Inc.

      2003
Stock Option, Deferred Stock, Restricted Stock and Bonus Stock
Plan

    

     

    BONUS
STOCK AWARD AGREEMENT

     

    Pursuant to your Bonus
Stock Grant Notice (“Grant Notice”) and this Bonus Stock Award Agreement, IR BioSciences
Holdings, Inc. (the “Company”) has granted you a Bonus Stock award under
its 2003
Stock Option, Deferred Stock, Restricted Stock and Bonus Stock Plan (the
“Plan”) to receive the number of shares of the Company’s Common Stock indicated
in your Grant Notice (the “Award Shares”) upon the terms and conditions
indicated in your Grant Notice.  Defined terms not explicitly defined
in this Bonus Stock Agreement but defined in the Plan shall have the same
definitions as in the Plan.

     

    The
details of your Bonus Stock award are as follows:

     

    1. Vesting.  Subject
to the limitations contained herein, your Bonus Stock award will vest as
provided in your Grant Notice, provided that vesting will cease upon the
termination of your Continuous Service.

     

    2. Number
of Shares and Exercise Price.  The Award Shares subject to your
Bonus Stock award referenced in your Grant Notice may be adjusted from time to
time for Capitalization Adjustments, as provided in the
Plan.

     

    3. Acquisition
prior to Vesting (“Early Vesting”).  If permitted in your Grant
Notice (i.e., the “Vesting Schedule” indicates that “Early Vesting” of your
Bonus Stock award is permitted) and subject to the provisions of your Bonus
Stock award, you may receive at any time that is both (i) during the period of
your Continuous Service and (ii) during the term of your Bonus Stock award, the
Award Shares, including the nonvested portion of your Bonus Stock award; provided,
however, that:

     

    (a) a partial
receipt of the Award Shares shall be deemed to cover first vested Award Shares
and then the earliest vesting installment of unvested Award
Shares;

     

    (b) any Award
Shares so received from installments that have not vested as of the date of
exercise shall be subject to the purchase option in favor of the Company as
described in the Company’s form of Early Exercise Stock Purchase Agreement;
and

     

    (c) you shall
enter into the Company’s form of Early Exercise Stock Purchase Agreement with a
vesting schedule that will result in the same vesting as if no early exercise
had occurred.

     

    4. Whole
Shares and Rights as Stockholder.  You may receive only whole
shares of Common Stock under your Bonus Stock award.  You shall be
entitled to all of the rights of a stockholder with respect to the Award Shares
including the right to vote such Award Shares and to receive dividends and other
distributions payable with respect to such Award Shares since the Date of
Grant.

     

    5. Securities
Law Compliance.  Notwithstanding anything to the contrary
contained herein, you may not receive the Award Shares unless the Award Shares
are then registered under the Securities Act or, if such Award Shares are not
then so registered, the Company has determined that such issuance would be
exempt from the registration requirements of the Securities Act.  The
receipt of Award Shares must also comply with other applicable laws and
regulations governing your Bonus Stock award, and you may not receive Award
Shares under your Bonus Stock award if the Company determines that such receipt
would not be in material compliance with such laws and
regulations.

     

    6. Term.  You
may not receive Award Shares under your Bonus Stock award before the
commencement of its term or after its term expires.  The term of your
Bonus Stock award commences on the Date of Grant and expires upon the earliest
of the following:

     

    (a) three (3)
months after the termination of your Continuous Service for any reason other
than your Disability or death, provided that if during any part of such three
(3) month period your Bonus Stock award is not exercisable solely because of the
condition set forth in the preceding paragraph relating to “Securities Law
Compliance,” your Bonus Stock award shall not expire until the earlier of the
Expiration Date or until it shall have been exercisable for an aggregate period
of three (3) months after the termination of your Continuous
Service;

     

    (b) twelve
(12) months after the termination of your Continuous Service due to your
Disability;

     

    (c) eighteen
(18) months after your death if you die either during your Continuous Service or
within three (3) months after your Continuous Service
terminates;

     

    (d) the
Expiration Date indicated in your Grant Notice; or

     

    (e) the day
before the tenth (10th) anniversary of the Date of Grant.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7. Restrictions
and Forfeiture.

     

    (a) Restrictions.  None
of the Award Shares shall be sold shall be sold assigned, transferred, pledged
or otherwise transferred, voluntarily or involuntarily by you except by will or
the laws of descent and distribution or as otherwise provided for
herein.

     

    (b) Lapse
of Restrictions.  The restrictions set forth in Section 7(a)
above shall lapse on the ____ anniversary date of the Date of Grant with regard
to ____ of the Award Shares.

     

    (c) Additional
Lapse of Restrictions.  The restrictions set forth in Section
7(a) above with respect to the Award Shares, to the extent they have not lapsed
in accordance with Section 7(b) and to the extent not related to shares which
previously have been forfeited to the Company, shall lapse on the first to
happen of (i) the date you attain early retirement age under the Company’s
pension plan, if any, (ii) the termination of  your employment with
the Company and its subsidiaries by reason of your disability, (iii) the date of
your death, or (iv) an action by the Board of Directors or the Committee
administering the Plan, in its sole discretion, terminating such
restrictions.

     

    (d) Forfeiture.  The
Award Shares shall be forfeited to the Company upon your termination of
employment with the Company and its subsidiaries prior to the date the
restrictions lapse as provided in Section 7(b) above, unless your termination of
employment is by reason of your death or disability.

     

    (e) Other
Arrangements.  As a condition to the grant of your Bonus Stock
award, the Company may require you to enter into an arrangement providing for
the payment by you to the Company of any tax withholding obligation of the
Company arising by reason of (i) the receipt of Award Shares under your Bonus
Stock award, (ii) the lapse of any substantial risk of forfeiture to which the
Award Shares are subject at the time of the grant, or (iii) the disposition of
Award Shares acquired upon receipt.

     

    (f) Registration
Offerings.  By receiving the Award Shares you agree that the
Company (or a representative of the underwriter(s)) may, in connection with the
first underwritten registration of the offering of any securities of the Company
under the Securities Act, require that you not sell, dispose of, transfer, make
any short sale of, grant any option for the purchase of, or enter into any
hedging or similar transaction with the same economic effect as a sale, the
Award Shares or other securities of the Company held by you, for a period of
time specified by the underwriter(s) (not to exceed one hundred eighty (180)
days) following the effective date of the registration statement of the Company
filed under the Securities Act.  You further agree to execute and
deliver such other agreements as may be reasonably requested by the Company
and/or the underwriter(s) that are consistent with the foregoing or that are
necessary to give further effect thereto.  In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with
respect to the Award Shares until the end of such period.

     

    (g) Limitations.  Notwithstanding
anything to the contrary contained herein:

     

    (i)  Award
Shares (1) may be tendered in response to a tender offer for a request or
invitation to tenders of greater than 50% of the outstanding Common Stock of the
Company or (2) may be surrendered in a merger, consolidation or share exchange
involving the Company; provided, in each case, that the securities or other
consideration received in exchange thereof shall thereafter be subject to the
restrictions and conditions set forth herein.

     

    (ii)
In the event of any change in the outstanding Common Stock resulting from
a subdivision or consolidation of shares, whether through reorganization,
recapitalization, share split, reverse share split, share distribution or
combination of shares or the payment of a share dividend, the Award Shares shall
be treated in the same manner in any such transaction as other Common
Stock.  Any Common Stock or other securities received by you with
respect to the Award Shares in any such transaction shall be subject to the
restrictions and conditions set forth herein.

     

    (h) Certificates
for the Award Shares shall be issued in your name, except as otherwise provided
for herein, and shall be held in escrow by the Company until all restrictions
lapse or such Award Shares are forfeited as provided herein; provided,
however, that the terms of such escrow shall make allowance for the
transactions contemplated by Section 7(g) above. A certificate or certificates
representing Award Shares as to which restrictions have lapsed shall be
delivered to you upon such lapse.

     

    8. Transferability
of Award.  Your Bonus Stock award is not transferable, except
by will or by the laws of descent and distribution, and receipt of the Award
Shares may be received during your life only by you.  Notwithstanding
the foregoing, by delivering written notice to the Company, in a form
satisfactory to the Company, you may designate a third party who, in the
event of your death, shall thereafter be entitled to receive the Bonus Stock
award.

    

    9. Option not
a Service Contract.  Your Bonus Stock award is not an
employment or service contract, and nothing in your Bonus Stock award shall be
deemed to create in any way whatsoever any obligation on your part to continue
in the employ of the Company or an Affiliate, or of the Company or an Affiliate
to continue your employment.  In addition, nothing in your Bonus Stock
award shall obligate the Company or an Affiliate, their respective shareholders,
Boards of Directors, Officers or Employees to continue any relationship that you
might have as a Director or Consultant for the Company or an
Affiliate.

     

    10. Withholding
Obligations.

     

    (a) At the
time you receive your Award Shares, in whole or in part, or at any time
thereafter as requested by the Company, you hereby authorize withholding from
payroll and any other amounts payable to you, and otherwise agree to make
adequate provision for, any sums required to satisfy the federal, state, local
and foreign tax withholding obligations of the Company or an Affiliate, if any,
which arise in connection with your Bonus Stock award.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Upon your
request and subject to approval by the Company, in its sole discretion, and
compliance with any applicable conditions or restrictions of law, the Company
may withhold from fully vested Award Shares otherwise issuable to you
under your Bonus Stock award, a number of whole Award Shares having a Fair
Market Value, determined by the Company as of the date of exercise, not in
excess of the minimum amount of tax required to be withheld by
law.  If the date of determination of any tax withholding obligation
is deferred to a date later than the date of receipt of Award Shares,
withholding of Award Shares pursuant to the preceding sentence shall not be
permitted unless you make a proper and timely election under Section 83(b) of
the Code, covering the aggregate number of Award Shares acquired upon such
exercise with respect to which such determination is otherwise deferred, to
accelerate the determination of such tax withholding obligation to the date of
receipt of Award Shares.  Notwithstanding the filing of such election,
Award Shares shall be withheld solely from fully vested Award Shares determined
as of the date of receipt of Award Shares that are otherwise issuable to you
from the Bonus Stock award.  Any adverse consequences to you arising
in connection with such withholding procedure shall be your sole
responsibility.

     

    (c) You may
not receive your Award Shares unless the tax withholding obligations of the
Company and/or any Affiliate are satisfied.  Accordingly, you may not
be able to receive your Award Shares when desired even though your Bonus Stock
award is vested, and the Company shall have no obligation to issue a certificate
for such Award Shares or release such Award Shares from any escrow provided for
herein.

     

    11. Notices.  Any
notices provided for in your Bonus Stock award or the Plan shall be given in
writing and shall be deemed effectively given upon receipt or, in the case of
notices delivered by mail by the Company to you, five (5) days after deposit in
the United States mail, postage prepaid, addressed to you at the last address
you provided to the Company.

     

    12. Governing
Plan Document.  Your Bonus Stock award is subject to all the
provisions of the Plan, the provisions of which are hereby made a part of your
Bonus Stock award, and is further subject to all interpretations, amendments,
rules and regulations which may from time to time be promulgated and adopted
pursuant to the Plan.  In the event of any conflict between the
provisions of your Bonus Stock award and those of the Plan, the provisions of
the Plan shall control.

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