Document:

Non-Qualified Stock Option Agreement with CEO

  Exhibit 10.36
 NOVOSTE
CORPORATION
NON-QUALIFIED STOCK OPTION AGREEMENT
 THIS AGREEMENT (the “Agreement”), is
dated as of October 16, 2002, by and between NOVOSTE CORPORATION, a Florida corporation (the “Company”), and Alfred J. Novak (the “Optionee”), pursuant to the Company’s 2002 Chief Executive Officer Stock Option Plan (the
“Plan”).
 For good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and Optionee hereby agree as
follows:
 1.        Grant of Option.
 The Company hereby grants to Optionee, effective as of the date set forth above (the “Grant Date”), the right and option (hereinafter called the
“Option”) to purchase up to an aggregate of 300,000 shares of common stock, par value $0.01 per share (the “Common Stock”), of the Company at a price of $4.20 per share, on the terms and conditions set forth in this Agreement and
in the Plan. This Option is not intended to be an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). The Option shall terminate at the close of business on the day ten
(10) years from the Grant Date, or such shorter period as is prescribed herein. Optionee shall not have any of the rights of a shareholder with respect to the shares of Common Stock subject to the Option until such shares shall be issued to Optionee
upon the proper exercise of the Option.
 2.        Duration and
Exercisability.
 (a)       Subject to the terms and
conditions set forth herein, this Option shall become exercisable on October 16, 2007, except that portions of the Option may become exercisable before October 16, 2007 under the following circumstances: 
 (i)        the Option to purchase 100,000 shares of Common Stock shall become exercisable at such
time as the Closing Sale Price of the Common Stock equals or exceeds $8.00 per share for twenty (20) out of thirty (30) consecutive Trading Days; 
 (ii)       the Option to purchase an additional 100,000 shares of Common Stock shall become exercisable at such time as the Closing Sale Price of the Common Stock equals or exceeds $12.00 per share for twenty (20) out of thirty (30) consecutive Trading Days; and 
 (iii)     the Option to purchase the remaining 100,000 shares of Common Stock shall become
exercisable at such time as the Closing Sale Price of the Common Stock equals or exceeds $15.00 per share for twenty (20) out of thirty (30) consecutive Trading Days. 
 For purposes of this Section 2(a), the “Closing Sale Price” of the Common Stock on any applicable day shall be the price per share listed by the Nasdaq Stock Market as the closing price of the Common Stock on
such day as reported in The Wall Street Journal. A
 
 

  “Trading Day” shall mean any day that the Nasdaq Stock Market is open for business and shares of the Common Stock are traded thereon.
 The Optionee must be employed by the Company at such times set forth above in order for the corresponding portion of the Option to become exercisable. Once the Option
becomes exercisable as described above, the Option shall remain exercisable until the Option expires pursuant to Section 1 or terminates pursuant to Section 3 or Section 4.
 (b)       In the event of a Change of Control (as defined herein), the portions of the Option that have not otherwise become exercisable shall
become exercisable as set forth in Sections 2(a)(i), (ii) or (iii), if either (A) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the Change of Control, or if such day is not a Trading Day then the
first Trading Day thereafter, or (B) the fair market value of the consideration to be provided for each share of Common Stock in the transaction constituting the Change of Control, equals or exceeds the share price set forth in Sections 2(a)(i),
(ii) or (iii), whether or not such share price has been at the applicable level for twenty (20) days of thirty (30) consecutive Trading Days prior to the Change of Control. A “Change of Control” shall mean:
 (i)        the sale or other disposition to a person (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), entity or group (as such term is defined in Rule 13d-5 under the Exchange Act) of 50% or more of the Company’s assets;
 (ii)       any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) or group (as defined in Rule 13d-5 of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing 50%
or more of the combined voting power of the Company’s then outstanding securities;
 (iii)     the Continuing Directors cease to constitute a majority of the Company’s Board of Directors; or 
 (iv)     the majority of the Continuing Directors determine in their sole and absolute discretion that there has been a change in control of the
Company.
 For purposes of clauses (iii) and (iv) above, “Continuing Director” shall mean any person who is a member of the Board of Directors of the
Company, while such person is a member of the Board of Directors, who is not an Acquiring Person (as defined below) or an Affiliate or Associate (as defined below) of an Acquiring Person, or a representative of an Acquiring Person or of any such
Affiliate or Associate, and who (1) was a member of the Board of Directors on the date of this Agreement as first written above or (2) subsequently becomes a member of the Board of Directors, if such person’s initial nomination for election or
initial election to the Board of Directors is recommended or approved by a majority of the Continuing Directors. For purposes of this paragraph, “Acquiring Person” shall mean any “person” (as such
 

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  term is used in Sections 13(d) and 14(d) of the Exchange Act) who or which, together with all Affiliates and Associates of such person, is the
“beneficial owner” (as defined in Rule 13d-3 of the Exchange Act) of 15% or more of the shares of Common Stock then outstanding, but shall not include the Company, any subsidiary of the Company or any executive benefit plan of the Company
or of any subsidiary of the Company or any entity holding shares of common stock organized, appointed or established for, or pursuant to the terms of, any such plan; and “Affiliate” and “Associate” shall have the respective
meanings ascribed to such terms in Rule 12b-2 of the Exchange Act.
 (c)       During
the lifetime of Optionee, the Option shall be exercisable only by Optionee or Optionee’s agent pursuant to a Rule 10b5-1 Plan and shall not be assignable or transferable by Optionee, other than as provided for in accordance with the provisions
of Section 4(c) of this Agreement or to a Family Member. A “Rule 10b5-1 Plan” shall mean a trading plan adopted by a person or an entity that is intended to comply with the requirements of Rule 10b5-1 promulgated by the Securities and
Exchange Commission under the Exchange Act or any successor rule or regulation. A “Family Member” shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the employee’s household, (other than a tenant or employee), a trust in which these persons have more than fifty
percent of the beneficial interest, a foundation in which these persons (or employee) control the management assets, and any other entity in which these persons (or employee) own more than fifty percent of the voting interests.
 3.        Adjustment of Shares.
 (a)       The exercise price and the number of shares purchasable upon exercise of the Options may be adjusted by the
Compensation Committee (the “Compensation Committee”) of the Board of Directors of the Company (the “Board”) in accordance with Section 4(c) of the Plan upon the occurrence of certain corporate actions that may affect the Common
Stock.
 (b)       In the event that the Company is a party to a merger or
consolidation, the Option shall be subject to the agreement of merger or consolidation. Subject to Section 2(b), such agreement, without the Optionee’s consent, may provide for:
 (i)        The continuation of the Option by the Company (if the Company is the surviving corporation);
 (ii)       The assumption of the Plan and the Option by the surviving
corporation or its parent;
 (iii)     The substitution by the surviving
corporation or its parent of options with substantially the same terms for the Option as contemplated by Section 4(c) of the Plan; or
 

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  (iv)     The cancellation of the Option provided
that the Optionee shall have the right immediately prior to such merger or consolidation to exercise the Option in whole or in part, whether or not the Optionee’s right to exercise the Option has otherwise vested pursuant to Section 2 of this
Agreement.
 4.        Effect of Termination of Employment.
 (a)       In the event that Optionee shall cease to be employed by the
Company or its subsidiaries, if any, for any reason other than termination for cause (as defined in Section 4(b) hereof) or Optionee’s death or disability (as such term is defined in Section 4(c) hereof), Optionee shall have the right to
exercise the Option at any time within six (6) months after such termination of employment to the extent of the full number of shares Optionee was entitled to purchase under the Option on the date of termination; provided, however, that this Option shall not be exercisable after the expiration of the term of the Option if earlier.
 (b)       In the event that Optionee shall cease to be employed by the Company or its subsidiaries, if any, upon termination
for cause, the Option shall be terminated as of the date of the act giving rise to such termination. Termination for “cause” shall have the meaning ascribed to such term in that certain Letter of Employment Agreement, dated October 8,
2002, between the Optionee and the Company. 
 (c)       If Optionee shall die while
this Option is still exercisable according to its terms, or if Optionee’s employment with the Company is terminated because Optionee has become disabled (within the meaning of Code Section 22(e)(3)) while this Option is still exercisable
according to its terms, and Optionee shall not have fully exercised the Option, such Option may be exercised at any time within twelve (12) months after Optionee’s death or date of termination of employment by Optionee, personal representatives
or administrators, or guardians of Optionee, as applicable, or by any person or persons to whom the Option is transferred by will or the applicable laws of descent and distribution, to the extent of the full number of shares Optionee was entitled to
purchase under the Option on the date of Optionee’s death, the date of termination of Optionee’s employment with the Company, if earlier, or the date of termination of Optionee’s employment with the Company for such disability, and
subject in all cases to the condition that no Option shall be exercisable after the expiration of the term of the Option.
 5.        Manner of Exercise.
 (a)       The Option may be exercised only by Optionee or other proper party, as provided herein, by delivering within the period during which the Option is exercisable hereunder written
notice to the Company at its principal office. The notice shall state the number of shares as to which the Option is being exercised and be accompanied by payment in full of the Option price for all shares designated in the notice.
 (b)       Optionee may pay the Option price in cash, by check (bank check, certified check or
personal check), by money order, or with the approval of the Compensation Committee (i) by delivering to the Company for cancellation shares of Common Stock with a
 

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  fair market value as of the date of exercise equal to the exercise price of the Option or the portion thereof being paid by tendering such shares;
provided, however, no Shares may be surrendered in payment of the exercise price if acquired by the Participant from the Company within six months of the
date of the current exercise or (ii) by delivering to the Company a combination of cash and Common Stock with an aggregate fair market value equal to the exercise price of the Option. Any broker-assisted cashless exercise by the Optionee of the
Option shall be performed in compliance with the requirements of the Sarbanes-Oxley Act of 2002 and approved by the Compensation Committee. For these purposes, the fair market value of the shares of Common Stock, as of any date, shall be as
reasonably determined by the Compensation Committee pursuant to the Plan. 
 6.        Notices.
 All notices or other communications which are
required or permitted hereunder shall be deemed to be sufficient if contained in a written instrument given by personal delivery, air courier or registered or certified mail, postage prepaid, return receipt requested, addressed to such party at the
address set forth below or such other address as may thereafter be designated in a written notice from such party to the other party:
 if to the Company,
to:
 Attention: Corporate Secretary
Novoste Corporation
3890 Steve Reynolds Boulevard
Norcross, Georgia 30093
 if to the Optionee, to:
 Alfred J.
Novak
9375 S.W. 60th Avenue
Miami, Florida 33156
 All such notices, advances, and communications shall be deemed to have
been delivered and received (a) in the case of personal delivery, on the date of such delivery, (b) in the case of air courier, on the business day after the date when sent and (c) in the case of mailing, on the third business day following such
mailing.
 7.        Miscellaneous.
 (a)       This Option is issued pursuant to the Plan and is subject to its terms. The terms of
the Plan are available for inspection during business hours at the principal offices of the Company.
 (b)       This Agreement shall not confer on Optionee any right with respect to continuance of employment by the Company or any of its subsidiaries, nor will it interfere in any

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  way with the right of the Company to terminate such employment at any time. Optionee shall have none of the rights of a stockholder with respect to shares
subject to this Option until such shares shall have been issued to Optionee upon exercise of this Option.
 (c)       The exercise of all or any part of this Option shall only be effective at such time as the sale of Common Stock pursuant to such exercise will not violate any state or federal
securities or other laws. If the Committee administering the Plan determines that such conditions have not been met at the time the Option is otherwise properly exercised, the Company may either (i) defer effectiveness of the exercise (with notice
to Employee) until such reasonable date as the conditions have been met, or (ii) refund or return to Employee the consideration given to the Company for the exercise, with an explanation that the exercise cannot then be given effect.
 (d)       The Company shall at all times during the term of the Option reserve and keep available
such number of shares as will be sufficient to satisfy the requirements of this Agreement.
 (e)       No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different
nature.
 (f)       The Optionee shall take whatever additional actions and execute
whatever additional documents the Company may in its judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Optionee pursuant to the express provisions of this Agreement.
The certificates for shares issued upon exercise of the Option may bear legends and notices of transfer restrictions as the Committee administering the Plan deems appropriate in the circumstances.
 (g)       This Agreement shall be governed by and construed in accordance with, the laws of the State of Florida, without
regard to choice law provisions thereof.
 (h)       This Agreement may be executed
in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.
 (i)        This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and thereof, merging any and all prior agreements.
 (j)        In order to provide the Company with the opportunity to claim the benefit of any
income tax deduction which may be available to it upon the exercise of the Option and in order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to insure that, if
necessary, all applicable federal or state payroll, withholding, income or other taxes are withheld or collected from Optionee. With the Company’s concurrence, Optionee may elect to satisfy his or her federal and state income tax withholding
obligations upon exercise of this Option by (i) having the Company withhold a portion of the shares of Common Stock otherwise to be delivered upon exercise of such Option having a fair market value equal to the amount of federal and state income tax
required to be withheld upon such exercise, in accordance with such rules as the Company may from time to
 

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  time establish, or (ii) delivering to the Company shares of its Common Stock (other than the shares issuable upon exercise of such Option or acquired from
the Company within six months prior to the current exercise of such Option) with a fair market value equal to such taxes, in accordance with such rules.
 (k)       This Agreement does not obligate the Company to register the Option or the shares subject to the Option under applicable securities laws, to maintain any
such registration or to list such shares on any securities exchange.
 *     *     *     *     *
 

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  IN WITNESS WHEREOF, the parties hereto have caused this Agreement as of the date set forth above.

No. of Shares Subject to Option: 300,000
Exercise Price per Share: $4.20
Date of Grant: October 16, 2002
  

	 NOVOSTE CORPORATION
 	  
 	  
 
	 By: 
 	 
 
 
 	  
 	  
 	  
 
	  
 	 
 	  
 	  
 	  
 
	  
 	      Name: 
 	  
 	  
 	  
 	  
 
	  
 	      Title: 
 	  
 	  
 	  
 	  
 

 
  

	  
 	  
 	  
 	  
 
	 
 
 
 	  
 	  
 	 
 
 
 
	 
 	  
 	  
 	  
 
	                 Alfred J.
Novak
 	  
 	  
 	  
 

 
 82002 Chief Executive Officer Stock Option Plan

  Exhibit 10.37
 NOVOSTE
CORPORATION
 2002 CHIEF EXECUTIVE OFFICER STOCK OPTION PLAN
 Section 1.
Purpose.
 The purpose of the Plan is to promote the interests of the Company and its shareholders by aiding the Company in attracting
and retaining a Chief Executive Officer capable of contributing to the future success of the Company, to offer such person incentives to put forth maximum efforts for the success of the Company’s business and to afford such person an
opportunity to acquire a proprietary interest in the Company.
 Section 2. Definitions.
 As used in the Plan, the following terms shall have the meanings set forth below:
 (a)       “Affiliate” shall mean (i) any person or entity that, directly or indirectly through one or more intermediaries, is controlled by the Company and (ii) any person or
entity in which the Company has a significant equity interest, in each case as determined by the Committee.
 (b)      “Award” shall mean any Option granted under the Plan.
 (c)       “Award Agreement” shall mean any written agreement, contract or other instrument or document evidencing any Award granted under the Plan.
 (d)      “Board” shall mean the Board of Directors of the Company.
 (e)       “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time,
and any regulations promulgated thereunder.
 (f)       “Committee” shall
mean a committee of Directors designated by the Board to administer the Plan. The Committee shall be comprised of not less than such number of Directors as shall be required to permit Awards granted under the Plan to qualify under Rule 16b-3, and
each member of the Committee shall be a “Non-Employee Director” within the meaning of Rule 16b-3.
 (g)      “Company” shall mean Novoste Corporation, a Florida corporation, and any successor corporation.
 (h)      “Director” shall mean a member of the Board.
 (i)       “Fair Market Value” shall mean, with respect to any property (including, without limitation, any Shares or other securities), the fair market value
of such property determined by such methods or procedures as shall be established from time to time by the Committee.
 

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  Notwithstanding the foregoing, unless otherwise determined by the Committee, the Fair Market Value of Shares as of a given date shall be, if the Shares
are then quoted on the Nasdaq Stock Market, the closing sale price on the immediately preceding trading date as reported on the Nasdaq Stock Market; provided, however, that if no closing sale price shall have been made within ten business days preceding such relevant date, or if deemed appropriate by the Committee for any reason, the Fair Market Value of such Shares shall be
determined by the Committee. In no event shall the Fair Market Value of any Share be less than its par value.
 (j)       “Incentive Stock Option” shall mean an option intended to meet the requirements of Section 422 of the Code or any successor provision.
 (k)      “Non-Qualified Stock Option” shall mean an option granted under Section 6(a) of the Plan
that is not intended to be an Incentive Stock Option.
 (l)       “Option”
shall mean Non-Qualified Stock Option. 
 (m)     “Participant” shall mean Alfred J.
Novak, the current Chief Executive Officer of the Company.
 (n)      “Person”
shall mean any individual, corporation, partnership, association or trust.
 (o)      “Plan” shall mean the Novoste Corporation 2002 Chief Executive Officer Stock Option Plan, as amended from time to time, the provisions of which are set forth herein.
 (p)      “Rule 10b5-1 Plan” shall mean a trading plan adopted by a Person that is intended to comply with the requirements of Rule 10b5-1
promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, or any successor rule or regulation. 
 (q)      “Rule 16b-3” shall mean Rule 16b-3 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, or any
successor rule or regulation.
 (r)       “Shares” shall mean shares of
Common Stock, $.01 par value per share, of the Company or such other securities or property as may become subject to Awards pursuant to an adjustment made under Section 4(c) of the Plan.
 Section 3. Administration.
 (a)       Power and Authority of the Committee. The Plan shall be administered by the Committee. Subject to the express provisions of the Plan and to applicable
law, the Committee shall have full power and authority to: (i) determine the number of Shares to be covered by (or with respect to which payments, rights or other matters are to be calculated in connection with) each Award; (ii) determine the terms
and conditions of any Award or Award Agreement; (iii) amend the terms and conditions of any Award or Award Agreement and accelerate the exercisability of Options; (iv) determine whether, to what extent and under what circumstances Awards
may be canceled, forfeited or suspended; (v) interpret and administer the Plan and any instrument or agreement, including an Award Agreement, relating to the Plan; (vi) appoint such 
 

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  agents and establish, amend, suspend or waive such rules and regulations as it shall deem appropriate for the proper administration of the Plan; and (vii)
make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other
decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon the Participant, any holder or beneficiary of any Award and any
employee of the Company or any Affiliate.
 (b)      Delegation. The Committee may delegate its powers and duties under the Plan to one or more Directors or a committee of Directors, subject to such terms, conditions and limitations as the Committee may establish in its sole discretion.
 (c)       Power and Authority of the Board of Directors.
Notwithstanding anything to the contrary contained herein, the Board may, at any time and from time to time, without any further action of the Committee, exercise the powers and duties of the Committee under the Plan.
 Section 4. Shares Available for Awards.
 (a)       Shares Available. Subject to adjustment as provided in Section 4(c) of the Plan, the aggregate number of Shares that may be issued under all Awards
under the Plan shall be 700,000 and shall be subject to adjustment as provided herein. Shares to be issued under the Plan may be either authorized but unissued Shares or Shares acquired in the open market or otherwise. 
 (b)      Accounting for Awards. For purposes of this Section 4, if an Award
entitles the holder thereof to receive or purchase Shares, the number of Shares covered by such Award or to which such Award relates shall be counted on the date of grant of such Award against the aggregate number of Shares available for granting
Awards under the Plan.
 (c)       Adjustments.

 (i)        In the event that the Committee shall determine that any dividend
or other distribution (whether in the form of cash, Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, issuance of warrants or
other rights to purchase Shares or other securities of the Company to all holders of common stock pro rata whether as a dividend or otherwise or other similar corporate transaction or event affects the Shares such that an adjustment is determined by
the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of
(A) the number and type of Shares (or other securities or other property) that thereafter may be made the subject of Awards, (B) the number and type of Shares (or other securities or other property) subject to outstanding Awards and (C) the purchase
or exercise price with respect to any Award; provided, however, that the number of Shares covered by any Award or to which such Award relates shall always
be a whole number.
 

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  (ii)       In the event that the Company is a party to a
merger or consolidation, the Option granted under this Plan shall be subject to the agreement of merger or consolidation. Such agreement, without the Participant’s consent, may provide for:
 (A)  The continuation of the Option by the Company (if the Company is the surviving corporation);
 (B)  The assumption of the Plan and the Option by the surviving corporation or its parent;
 (C)  The substitution by the surviving corporation or its parent of options with substantially the same terms for the Option as contemplated by this Section 4(c)(i) of the Plan; or
 (D)  The cancellation of the Option provided that the Participant shall have the right immediately prior to such merger or consolidation to exercise
the Option in whole or in part, whether or not the Participant’s right to exercise the Option has otherwise vested pursuant to the Participant’s Award Agreement.
 Section 5. Eligibility.
 Only the Participant shall be eligible for an Award under the Plan and the only grant is the new-hire
grant. 
 Section 6. Awards.
 (a)       Options. The Committee is hereby authorized to grant Options to the Participant with the following terms and conditions and with such additional terms
and conditions not inconsistent with the provisions of the Plan as the Committee shall determine:
 (i)        Exercise Price. The purchase price per Share purchasable under an Option shall be 100% of the Fair Market Value of a Share on the date of grant of
such Option. 
 (ii)       Option Term. The term of each
Option shall be fixed by the Committee.
 (iii)     Time and Method of
Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part and the method or methods by which, and the form or forms (including, without limitation, cash, Shares, other
securities, other Awards or other property, or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price) in which, payment of the exercise price with respect thereto may be made or deemed to have
been made; provided, however, that no Shares may be surrendered in payment of the exercise price if originally acquired by the Participant from the Company
within six months of the date of the current exercise. 
 (b)      General.
 (i)        No Cash Consideration
for Awards. Awards shall be granted for no cash consideration.
 

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  (ii)       Forms of Payment under Awards. Subject to the terms of the Plan and of any applicable Award Agreement, payments or transfers to be made by the Company or an Affiliate upon the grant, exercise or payment of an Award may be made in such form or forms as the Committee shall
determine (including, without limitation, cash, Shares, other securities, other Awards or other property or any combination thereof), and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance
with rules and procedures established by the Committee. 
 (iii)     Limits on Transfer of
Awards. No Award shall be transferable by the Participant otherwise than by will or by the laws of descent and distribution; provided, however, that, if so determined by the Committee, the Participant may, in the manner established by the Committee, (a) transfer Awards to family members by gift, (b) transfer any Award by domestic order to a
family member or (c) designate a beneficiary or beneficiaries to exercise the rights of the Participant and receive any property distributable with respect to any Award upon the death of the Participant. Each Award shall be exercisable during the
Participant’s lifetime only by the Participant or, if permissible under applicable law, by the Participant’s agent pursuant to a Rule 10b5-1 Plan, guardian or legal representative. No Award may be pledged, alienated, attached or otherwise
encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company or any Affiliate.
 (iv)     Restrictions; Securities Exchange Listing. All Shares or other securities delivered under the Plan pursuant to any Award or the exercise
thereof shall be subject to such restrictions as the Committee may deem advisable under the Plan, applicable federal or state securities laws and regulatory requirements, and the Committee may cause appropriate entries to be made or legends to be
affixed to reflect such restrictions. If any securities of the Company are traded on a securities exchange (including the Nasdaq Stock Market, the Company shall not be required to deliver any Shares or other securities covered by an Award unless and
until such Shares or other securities have been admitted for trading on such securities exchange. 
 Section 7. Amendment and Termination; Adjustments.
 (a)       Amendments to the Plan. The Committee
may amend, alter, suspend, discontinue or terminate the Plan at any time; provided, however, that, notwithstanding any other provision of the Plan or any
Award Agreement, without the approval of the shareholders of the Company, no such amendment, alteration, suspension, discontinuation or termination shall be made that, absent such approval:
 (i)        would violate the rules or regulations of the Nasdaq Stock Market or any securities exchange that are
applicable to the Company; or
 (ii)       decrease the grant or exercise price of
any Option to less than Fair Market Value on the date of the grant; or
 (iii)     increase the
total number of Shares that may be issued under the Plan.
 (b)      Amendments to
Awards. The Committee may waive any conditions of or rights of the Company under any outstanding Award, prospectively or retroactively. Except as otherwise provided herein or in the Award Agreement, the Committee may not
amend, alter,
 

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  suspend, discontinue or terminate any outstanding Award, prospectively or retroactively, if such action would adversely affect the rights of the holder of
such Award, without the consent of the Participant or holder or beneficiary thereof.
 (c)       Correction of Defects, Omissions and Inconsistencies. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the
Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect.
 Section 8. Income Tax Withholding; Tax Bonuses.
 (a)       Withholding. In order to comply with
all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal or state payroll, withholding, income or other taxes, which are the sole and absolute
responsibility of the Participant, are withheld or collected from the Participant. In order to assist the Participant in paying all or a portion of the federal and state taxes to be withheld or collected upon exercise or receipt of an Award, the
Committee, in its discretion and subject to such additional terms and conditions as it may adopt, may permit the Participant to satisfy such tax obligation by (i) electing to have the Company withhold a portion of the Shares otherwise to be
delivered upon exercise or receipt of such Award with a Fair Market Value equal to the amount of such taxes or (ii) delivering to the Company Shares other than Shares issuable upon exercise or receipt of such Award with a Fair Market Value
equal to the amount of such taxes. The election, if any, must be made on or before the date that the amount of tax to be withheld is determined.
 (b)      Tax Bonuses. The Committee, in its discretion, shall have the authority, at the time of grant of any Award under this Plan or at any
time thereafter, to approve cash bonuses to the Participant to be paid upon his exercise or receipt of Awards in order to provide funds to pay all or a portion of federal and state taxes due as a result of such exercise or receipt. The Committee
shall have full authority in its discretion to determine the amount of any such tax bonus.
 Section 9. General Provisions.
 (a)       No Rights to Awards. The Participant shall not have any claim to be
granted any Award under the Plan. 
 (b)      No Limit on Other Compensation
Arrangements. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally
applicable or applicable only in specific cases.
 (c)       No Right to
Employment. The grant of an Award shall not be construed as giving the Participant the right to be retained in the employment of the Company or any Affiliate, nor will it affect in any way the right of the Company or an
Affiliate to terminate such employment at any time, with or without cause. In addition, the Company may at any time dismiss the Participant from employment free from any liability or any claim under the Plan or any Award, unless otherwise expressly
provided in the Plan, in any Award Agreement or in an employment agreement.
 

6

  (d)      Governing Law. The validity,
construction and effect of the Plan or any Award, and any rules and regulations relating to the Plan or any Award, shall be determined in accordance with the laws of the State of Florida without regard to choice law provisions thereof.
 (e)       Severability. If any provision of the Plan or any Award is
or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to
applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction or Award,
and the remainder of the Plan or any such Award shall remain in full force and effect.
 (f)       No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary
relationship between the Company or any Affiliate and the Participant or any other Person. To the extent that the any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater
than the right of any unsecured general creditor of the Company or any Affiliate.
 (g)      No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash shall be paid in lieu of any fractional Shares or whether such
fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.
 (h)      Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in
any way material or relevant to the construction or interpretation of the Plan or any provision thereof.
 Section 10. Effective Date of the Plan.
 The Plan shall be effective as of October 16, 2002.
 Section 11. Term of
the Plan.
 No Award shall be granted under the Plan after October 16, 2012 or any earlier date of discontinuation or termination
established pursuant to Section 7(a) of the Plan. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date.
 *     *     *     *     *     *
 
 7

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