Document:

ex10_1stockincentive.htm

    

      Exhibit
10.1

      

       

      PROGENICS PHARMACEUTICALS,
INC.

      2005
STOCK INCENTIVE PLAN

      

      (Effective
as of  June 8, 2009)

      
        	
                1.  

              	
                PURPOSE

              

      

       

      The
purpose of the Progenics Pharmaceuticals, Inc. 2005 Stock Incentive Plan is to
further align the interests of employees, officers, non-employee directors and
other individual service providers with those of the stockholders by providing
incentive compensation opportunities tied to the performance of the Common Stock
and by promoting increased ownership of the Common Stock by such
individuals.  The Plan is also intended to advance the interests of
the Company and its stockholders by attracting, retaining and motivating key
personnel upon whose judgment, initiative and effort the successful conduct of
the Company’s business is largely dependent.

       

      
        	
                2.  

              	
                DEFINITIONS

              

      

       

      Wherever
the following capitalized terms are used in the Plan, they shall have the
meanings specified below:

       

      
        	
                (a)

              	
                Award means an award of
      a Stock Option, Stock Appreciation Right, Restricted Stock Award, Stock
      Unit Award, Stock Award or Performance Award granted under the
      Plan.

              
	
                (b)

              	
                Award Agreement means a
      written or electronic agreement entered into between the Company and a
      Participant setting forth the terms and conditions of an
      Award.

              
	
                (c)

              	
                Board means the Board of
      Directors of the Company.

              
	
                (d)

              	
                Change in Control shall
      have the meaning set forth in Section 13.2 hereof.

              
	
                (e)

              	
                Code means the Internal
      Revenue Code of 1986, as amended.

              
	
                (f)

              	
                Committee means the
      Compensation Committee of the Board or a successor thereof, or any other
      committee of the Board appointed by the Board to administer the Plan from
      time to time.

              
	
                (g)

              	
                Common Stock means the
      Company’s Common Stock, par value $.0013 per share.

              
	
                (h)

              	
                Company means Progenics
      Pharmaceuticals, Inc., a Delaware corporation.

              
	
                (i)

              	
                Date of Grant means the
      date on which an Award under the Plan is granted by the Committee, or such
      later date as the Committee may specify to be the effective date of an
      Award.

              
	
                (j)

              	
                Disability means a
      Participant being considered “disabled” within the meaning of Section
      409A(a)(2)(C) of the Code, unless otherwise provided in an Award
      Agreement.

              
	
                (k)

              	
                Eligible Person means
      any person who is an employee, officer, director, consultant, advisor or
      other individual service provider of the Company or any Subsidiary, as
      determined by the Committee, or any person who is determined by the
      Committee to be a prospective employee, officer, director, consultant,
      advisor or other individual service provider of the Company or any
      Subsidiary.

              
	
                (l)

              	
                Exchange Act means the
      Securities Exchange Act of 1934, as amended.

              
	
                (m)

              	
                Fair Market Value with
      respect to the value of a share of Common Stock as of a particular day,
      shall mean the last reported sale price (as reported on the NASDAQ) of the
      Common Stock on such day (unless such day is not a trading day, in which
      case, on the last trading day immediately preceding such day on which the
      Common Stock is traded on the NASDAQ).  If the Common Stock is
      not listed on the NASDAQ, the Committee shall determine in good faith the
      Fair Market Value in whatever manner it considers appropriate, taking into
      account to the extent necessary the requirements of Section 409A of the
      Code.

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                (n)

              	
                Incentive Stock Option
      means a Stock Option granted under Section 6 hereof that is intended to
      meet the requirements of section 422 of the Code and the regulations
      promulgated thereunder.

              
	
                (o)

              	
                NASDAQ means The Nasdaq
      Stock Market’s National Market.

              
	
                (p)

              	
                Nonqualified Stock
      Option means a Stock Option granted under Section 6 hereof that is
      not an Incentive Stock Option.

              
	
                (q)

              	
                Participant means any
      Eligible Person who holds an outstanding Award under the
    Plan.

              
	
                (r)

              	
                Performance Awards means
      an Award under Section 11 hereof entitling a Participant to a payment in
      cash at the end of a performance period, if the performance and other
      conditions established by the Committee are satisfied.

              
	
                (s)

              	
                Plan means this
      Progenics Pharmaceuticals, Inc. 2005 Stock Incentive Plan as amended
      herein, and as may be amended from time to time, effective as provided in
      Section 15.1 hereof.

              
	
                (t)

              	
                Restricted Stock Award
      means a grant of shares of Common Stock to an Eligible Person under
      Section 8 hereof that are issued subject to such vesting and transfer
      restrictions and such other conditions as are set forth in the Plan and
      the applicable Award Agreement.

              
	
                (u)

              	
                Section 162(m) Award
      means any Award that is intended to qualify for the “performance-based”
      compensation exception under section 162(m) of the Code and the
      regulations promulgated thereunder.

              
	
                (v)

              	
                Service means a
      Participant’s employment or other service relationship with the Company or
      any Subsidiary.

              
	
                (w)

              	
                Stock Appreciation Right
      means a contractual right granted to an Eligible Person under
      Section 7 hereof entitling such Eligible Person to receive a payment,
      representing the difference between the base price per share of the right
      and the Fair Market Value of a share of Common Stock at such time, and
      subject to such conditions, as are set forth in the Plan and the
      applicable Award Agreement.

              
	
                (x)

              	
                Stock Award means a
      grant of shares of Common Stock to an Eligible Person under Section 10
      hereof entitling a Participant to shares of Common Stock that are issued
      free of transfer restrictions and forfeiture
conditions.

              
	
                (y)

              	
                Stock Option means a
      contractual right granted to an Eligible Person under Section 6 hereof to
      purchase shares of Common Stock at such time and price, and subject to
      such conditions, as are set forth in the Plan and the applicable Award
      Agreement.

              
	
                (z)

              	
                Stock Unit Award means a
      contractual right granted to an Eligible Person under Section 9 hereof
      representing notional unit interests equal in value to a share of Common
      Stock to be paid and distributed at such times, and subject to such
      conditions, as are set forth in the Plan and the applicable Award
      Agreement.

              
	
                (aa)

              	
                Subsidiary means an
      entity (whether or not a corporation) that is wholly or majority owned or
      controlled, directly or indirectly, by the Company, or any other affiliate
      of the Company that is so designated, from time to time, by the Committee;
      provided, however, that with respect to Incentive Stock Options, the term
      “Subsidiary” shall include only an entity that qualifies under section
      424(f) of the Code as a “subsidiary corporation” with respect to the
      Company.

              

      

       

      
        	
                3.  

              	
                ADMINISTRATION

              

      

       

      Section
3.1                      Committee
Members.  The Plan shall be administered by a Committee
comprised of no fewer than two members of the Board.  It is intended
that each Committee member shall satisfy the requirements for (i) an
“independent director” under rules adopted by the NASDAQ, (ii) a “nonemployee
director” for purposes of such Rule 16b-3 under the Exchange Act and (iii) an
“outside director” under section 162(m) of the Code.  No member of the
Committee shall be liable for any action or determination made in good faith by
the Committee with respect to the Plan or any Award hereunder.

       

      
        
           
2

        

        
           

          
            

          

        

        
           

        

      

       

      Section
3.2                      Committee
Authority.  The Committee shall have such powers and authority
as may be necessary or appropriate for the Committee to carry out its functions
as described in the Plan.  Subject to the express limitations of the
Plan, the Committee shall have authority in its discretion to determine the
Eligible Persons to whom, and the time or times at which, Awards may be granted,
the number of shares, units or other rights subject to each Award, the exercise,
base or purchase price of an Award (if any), the time or times at which an Award
will become vested, exercisable or payable, the performance criteria,
performance goals and other conditions of an Award, the duration of the Award,
and all other terms of the Award.  Subject to the terms of the Plan,
the Committee shall have the authority to amend the terms of an Award in any
manner that is not inconsistent with the Plan, provided that no such action
shall adversely affect the rights of a Participant with respect to an
outstanding Award without the Participant’s consent.  The Committee
shall also have discretionary authority to interpret the Plan, to make all
factual determinations under the Plan, and to make all other determinations
necessary or advisable for Plan administration, including, without limitation,
to correct any defect, to supply any omission or to reconcile any inconsistency
in the Plan or any Award Agreement hereunder.  The Committee may
prescribe, amend, and rescind rules and regulations relating to the
Plan.  The Committee’s determinations under the Plan need not be
uniform and may be made by the Committee selectively among Participants and
Eligible Persons, whether or not such persons are similarly
situated.  The Committee shall, in its discretion, consider such
factors as it deems relevant in making its interpretations, determinations and
actions under the Plan including, without limitation, the recommendations or
advice of any officer or employee of the Company or such attorneys, consultants,
accountants or other advisors as it may select.  All interpretations,
determinations, and actions by the Committee shall be final, conclusive, and
binding upon all parties.

       

      Section
3.3                      Delegation of
Authority.  The Committee shall have the right, from time to
time, to delegate to one or more officers of the Company the authority of the
Committee to grant Awards under the Plan, subject to the requirements of section
157(c) of the Delaware General Corporation Law (or any successor provision) and
such other limitations as the Committee shall determine.  In no event
shall any such delegation of authority be permitted with respect to Awards to
any members of the Board or to any Eligible Person who is subject to Rule 16b-3
under the Exchange Act or who is a covered employee under section 162(m) of the
Code.  The Committee shall also be permitted to delegate, to any
appropriate officer or employee of the Company, responsibility for performing
ministerial functions under the Plan.  In the event that the
Committee’s authority is delegated to officers or employees in accordance with
the foregoing, all provisions of the Plan relating to the Committee shall be
interpreted in a manner consistent with the foregoing by treating any such
reference as a reference to such officer or employee for such
purpose.  Any action undertaken in accordance with the Committee’s
delegation of authority hereunder shall have the same force and effect as if
such action was undertaken directly by the Committee and shall be deemed for all
purposes of the Plan to have been taken by the Committee.

       

      Section
3.4                      Grants to Non-Employee
Directors.  Any Awards or formula for granting Awards under the
Plan made to non-employee directors shall be approved by the
Board.  With respect to awards granted to such directors, all rights,
powers and authorities vested in the Committee under the Plan shall instead be
exercised by the Board, and all provisions of the Plan relating to the Committee
shall be interpreted in a manner consistent with the foregoing by treating any
such reference as a reference to the Board for such purpose.

       

       

      
        
          3

        

        
           

          
            

          

        

        
           

        

      

      
        	
                4.  

              	
                SHARES
      SUBJECT TO THE PLAN

              

      

       

      Section
4.1                      Share
Limitation.  Subject to adjustment pursuant to Section 4.2
hereof, the maximum aggregate number of shares of Common Stock which may be
issued under all Awards granted to Participants under the Plan shall be
5,450,000 shares.  Shares of Common Stock issued under the Plan may be
either authorized but unissued shares or shares held in the Company’s
treasury.  Shares of Common Stock subject to Awards of Stock Options
or Stock Appreciation Rights that are settled in Common Stock shall be counted
against the maximum share limitations of this Section 4.1 as one share of Common
Stock for every share of Common Stock subject thereto, regardless of the number
of shares of Common Stock actually issued to settle the Stock Option or Stock
Appreciation Right upon exercise.  Shares of Common Stock subject to
Awards of Restricted Stock Awards, Stock Unit Awards, Stock Awards, or
share-based Performance Awards, if any, shall be counted against the maximum
share limitations of this Section 4.1 as 1.2 shares of Common Stock for every
share of Common Stock subject thereto.  To the extent that any Award
under the Plan payable in shares of Common Stock is forfeited, cancelled,
returned to the Company for failure to satisfy vesting requirements or upon the
occurrence of other forfeiture events, or otherwise terminates, in whole or in
part, without payment being made thereunder, the shares of Common Stock
remaining subject thereto at the time of such forfeiture, cancellation, return
or other termination will no longer be counted against the foregoing maximum
share limitations and may again be made subject to Awards under the Plan
pursuant to such limitations.  Awards under the Plan that are settled
in cash and not in shares of Common Stock shall not be counted against the
foregoing maximum share limitations.  Shares that are withheld from an
Award by the Participant in payment of the exercise or purchase price or
separately surrendered by the Participant, or taxes relating to such an Award
shall be deemed to constitute delivered shares and will not be available for
future Awards under the Plan.

       

      Section
4.2                      Adjustments.  If
there shall occur any change with respect to the outstanding shares of Common
Stock by reason of any recapitalization, reclassification, stock dividend,
extraordinary dividend, stock split, reverse stock split, or other distribution
with respect to the shares of Common Stock, or any merger, reorganization,
consolidation, combination, spin-off or other similar corporate change, or any
other change affecting the Common Stock, the Committee shall, in the manner and
to the extent that it deems appropriate and equitable to the Participants and
consistent with the terms of the Plan, cause an adjustment to be made in (i) the
maximum numbers and kind of shares provided in Section 4.1 hereof, (ii) the
maximum numbers and kind of shares or units set forth in Sections 6.1, 7.1, 8.1,
9.1 and 10.1 hereof, (iii) the numbers and kind of shares of Common Stock,
units, or other rights subject to then outstanding Awards, (iv) the price for
each share or unit or other right subject to then outstanding Awards, (v) the
performance measures or goals relating to an Award and (vi) any other terms of
an Award that are affected by the event to prevent dilution or enlargement of a
Participant’s rights under an Award. Notwithstanding the foregoing, in the case
of Incentive Stock Options, any such adjustments shall, to the extent
practicable, be made in a manner consistent with the requirements of section
424(a) of the Code.

       

      
        	
                5.  

              	
                PARTICIPATION
      AND AWARDS

              

      

       

      Section
5.1                      Designation of
Participants.  All Eligible Persons are eligible to be
designated by the Committee to receive Awards and become Participants under the
Plan.  The Committee has the authority, in its discretion, to
determine and designate from time to time those Eligible Persons who are to be
granted Awards, the types of Awards to be granted and the number of shares of
Common Stock or units subject to Awards granted under the Plan.  In
selecting Eligible Persons to be Participants and in determining the type and
amount of Awards to be granted under the Plan, the Committee shall consider any
and all factors that it deems relevant or appropriate.

       

      Section
5.2                      Determination of
Awards.  The Committee shall determine the terms and conditions
of all Awards granted to Participants in accordance with its authority under
Section 3.2 hereof.  An Award may consist of one type of right or
benefit hereunder or of two or more such rights or benefits granted in tandem or
in the alternative.  In the case of any fractional share or unit
resulting from the grant, vesting, payment or crediting of dividends or dividend
equivalents under an Award, the Committee shall have the discretionary authority
to (i) disregard such fractional share or unit, (ii) round such fractional share
or unit to the nearest lower or higher whole share or unit, or (iii) convert
such fractional share or unit into a right to receive a cash
payment.  To the extent deemed necessary by the Committee, an Award
shall be evidenced by an Award Agreement as described in Section 14.1
hereof.

       

      
        
           
4

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                6.  

              	
                STOCK
      OPTIONS

              

      

       

      Section
6.1                      Grant of Stock
Option.  A Stock Option may be granted to any Eligible Person
selected by the Committee.  Subject to the provisions of Section 6.7
hereof and section 422 of the Code, each Stock Option shall be designated, in
the discretion of the Committee, as an Incentive Stock Option or as a
Nonqualified Stock Option. The maximum number of shares of Common Stock that may
be subject to Stock Options granted to any Participant during any calendar year
shall be limited to 750,000 shares (subject to adjustment as provided in Section
4.2 hereof).

       

      Section
6.2                      Exercise Price.  The
exercise price per share of a Stock Option shall not be less than 100 percent of
the Fair Market Value of the shares of Common Stock on the Date of Grant,
provided that the Committee may in its discretion specify for any Stock Option
an exercise price per share that is higher than the Fair Market Value on the
Date of Grant.

       

      Section
6.3                      Vesting of Stock
Options.  The Committee shall in its discretion prescribe the
time or times at which, or the conditions upon which, a Stock Option or portion
thereof shall become vested and/or exercisable.  The requirements for
vesting and exercisability of a Stock Option may be based on the continued
Service of the Participant with the Company or a Subsidiary for a specified time
period (or periods) or on the attainment of a specified performance goal (or
goals) established by the Committee in its discretion.  The Committee
may, in its discretion, accelerate the vesting or exercisability of any Stock
Option at any time.

       

      Section
6.4                      Term of Stock
Options.  The Committee shall in its discretion prescribe in an
Award Agreement the period during which a vested Stock Option may be exercised,
provided that the maximum term of a Stock Option shall be ten years from the
Date of Grant.  A Stock Option may be earlier terminated as specified
by the Committee and set forth in an Award Agreement upon or following the
termination of a Participant’s Service with the Company or any Subsidiary,
including by reason of voluntary resignation, death, Disability, termination for
cause or any other reason.  Except as otherwise provided in this
Section 6 or in an Award Agreement, no Stock Option may be exercised at any time
during the term thereof unless the Participant is then in the Service of the
Company or one of its Subsidiaries.

       

      Section
6.5                      Stock Option Exercise; Tax
Withholding.  Subject to such terms and conditions as shall be
specified in an Award Agreement, a Stock Option may be exercised in whole or in
part at any time during the term thereof by notice in the form required by the
Company, together with payment of the aggregate exercise price therefor and
applicable withholding tax.  Payment of the exercise price shall be
made in the manner set forth in an Award Agreement, unless otherwise provided by
the Committee: (i) in cash or by cash equivalent acceptable to the Committee;
(ii) by payment in shares of Common Stock that have been held by the Participant
for at least six months (or such period as the Committee may deem appropriate
for accounting purposes or otherwise), valued at the Fair Market Value of such
shares on the date of exercise; (iii) through an open-market broker-assisted
sales transaction pursuant to which the Company is promptly delivered the amount
of proceeds necessary to satisfy the exercise price; (iv) by a combination of
the foregoing methods; or (v) by such other method as may be approved by the
Committee and set forth in an Award Agreement.  In addition to and at
the time of payment of the exercise price, the Participant shall pay to the
Company the full amount of any and all applicable income tax, employment tax and
other amounts required to be withheld in connection with such exercise, payable
under such of the methods described above for the payment of the exercise price
as may be approved by the Committee and set forth in an Award
Agreement.

       

      Section
6.6                      Limited Transferability of
Nonqualified Stock Options.  All Stock Options shall be
nontransferable except (i) upon the Participant’s death, in accordance with
Section 14.3 hereof or (ii) in the case of Nonqualified Stock Options only, for
the transfer of all or part of the Stock Option to a Participant’s “family
member” (as defined for purposes of the Form S-8 registration statement under
the Securities Act of 1933), or as otherwise permitted by the Committee, in each
case as may be approved by the Committee in its discretion at the time of
proposed transfer.  The transfer of a Nonqualified Stock Option may be
subject to such terms and conditions as the Committee may in its discretion
impose from time to time.  Subsequent transfers of a Nonqualified
Stock Option shall be prohibited other than in accordance with Section 14.3
hereof.

       

      
        
           
5

        

        
           

          
            

          

        

        
           

        

      

       

      Section
6.7                      Additional
Rules for Incentive Stock Options.

       

      
        	
                (i)

              	
                Eligibility.  An
      Incentive Stock Option may only be granted to an Eligible Person who is
      considered an employee under Treasury Regulation §1.421-7(h) of the
      Company or any Subsidiary.

              
	
                (ii)

              	
                Annual
      Limits.  No Incentive Stock Option shall be granted to an
      Eligible Person as a result of which the aggregate Fair Market Value
      (determined as of the Date of Grant) of the stock with respect to which
      Incentive Stock Options are exercisable for the first time in any calendar
      year under the Plan and any other stock option plans of the Company or any
      Subsidiary would exceed $100,000, determined in accordance with section
      422(d) of the Code.  This limitation shall be applied by taking
      Incentive Stock Options into account in the order in which
      granted.

              
	
                (iii)

              	
                Ten Percent
      Stockholders.  If a Stock Option granted under the Plan
      is intended to be an Incentive Stock Option, and if the Participant, at
      the time of grant, owns stock possessing ten percent or more of the total
      combined voting power of all classes of Common Stock of the Company or any
      Subsidiary, then (A) the Stock Option exercise price per share shall in no
      event be less than 110 percent of the Fair Market Value of the Common
      Stock on the date of such grant and (B) such Stock Option shall not be
      exercisable after the expiration of five years following the date such
      Stock Option is granted.

              
	
                (iv)

              	
                Termination of
      Employment.  An Award of an Incentive Stock Option may
      provide that such Stock Option may be exercised not later than 3 months
      following termination of employment of the Participant with the Company
      and all Subsidiaries, or not later than one year following death or a
      permanent and total disability within the meaning of section 22(e)(3) of
      the Code, as and to the extent determined by the Committee to comply with
      the requirements of section 422 of the Code.

              
	
                (v)

              	
                Other Terms and Conditions;
      Nontransferability.  Any Incentive Stock Option granted
      hereunder shall contain such additional terms and conditions, not
      inconsistent with the terms of the Plan, as are deemed necessary or
      desirable by the Committee, which terms, together with the terms of the
      Plan, shall be intended and interpreted to cause such Incentive Stock
      Option to qualify as an “incentive stock option” under section 422 of the
      Code.  An Award Agreement for an Incentive Stock Option may
      provide that such Stock Option shall be treated as a Nonqualified Stock
      Option to the extent that certain requirements applicable to “incentive
      stock options” under the Code shall not be satisfied.  An
      Incentive Stock Option shall by its terms be nontransferable other than by
      will or by the laws of descent and distribution, and shall be exercisable
      during the lifetime of a Participant only by such
    Participant.

              
	
                (vi)

              	
                Disqualifying
      Dispositions.  If shares of Common Stock acquired by
      exercise of an Incentive Stock Option are disposed of within two years
      following the Date of Grant or one year following the transfer of such
      shares to the Participant upon exercise, the Participant shall, promptly
      following such disposition, notify the Company in writing of the date and
      terms of such disposition and provide such other information regarding the
      disposition as the Company may reasonably
  require.

              

      

       

      Section
6.8                      Repricing of Stock Options
Prohibited.  Subject to the anti-dilution adjustment provisions
contained in Section 4.2 hereof, without the prior approval of the Company’s
stockholders, evidenced by a majority of votes cast, neither the Committee nor
the Board shall cause the cancellation, substitution or amendment of a Stock
Option that would have the effect of reducing the exercise price of such a Stock
Option previously granted under the Plan, or otherwise approve any modification
to such a Stock Option that would be treated as a “repricing.”

       

      
        
          6 

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                7.  

              	
                STOCK
      APPRECIATION RIGHTS

              

      

       

      Section
7.1                      Grant of Stock Appreciation
Rights.  A Stock Appreciation Right may be granted to any
Eligible Person selected by the Committee.  Stock Appreciation Rights
may be granted on a basis that allows for the exercise of the right by the
Participant or that provides for the automatic payment of the right upon a
specified date or event.  The maximum number of shares of Common Stock
that may be subject to Stock Appreciation Rights granted to any Participant
during any calendar year shall be limited to 750,000 shares (subject to
adjustment as provided in Section 4.2 hereof).

       

      Section
7.2                      Freestanding Stock Appreciation
Rights.  A Stock Appreciation Right may be granted without any
related Stock Option.  The Committee shall in its discretion prescribe
the time or times at which, or the conditions upon which, a Stock Appreciation
Right or portion thereof shall become vested and/or exercisable.  The
requirements for vesting and exercisability of a Stock Appreciation Right may be
based on the continued Service of a Participant with the Company or a Subsidiary
for a specified time period (or periods) or on the attainment of a specified
performance goal (or goals) established by the Committee in its
discretion.  A Stock Appreciation Right will be exercisable or payable
at such time or times as determined by the Committee, provided that the maximum
term of a Stock Appreciation Right shall be ten years from the Date of
Grant.  The Committee may, in its discretion, accelerate the vesting
or exercisability of any Stock Appreciation Right at any time.  The
base price of a Stock Appreciation Right granted without any related Stock
Option shall be determined by the Committee in its sole discretion; provided,
however, that the base price per share of any such freestanding Stock
Appreciation Right shall not be less than 100 percent of the Fair Market Value
of the shares of Common Stock on the Date of Grant.

       

      Section
7.3                      Tandem Stock Option/Stock
Appreciation Rights.  A Stock Appreciation Right may be granted
in tandem with a Stock Option, either at the time of grant or at any time
thereafter during the term of the Stock Option.  A tandem Stock
Option/Stock Appreciation Right will entitle the holder to elect, as to all or
any portion of the number of shares subject to the Award, to exercise either the
Stock Option or the Stock Appreciation Right, resulting in the reduction of the
corresponding number of shares subject to the right so exercised as well as the
tandem right not so exercised.  A Stock Appreciation Right granted in
tandem with a Stock Option hereunder shall have a base price per share equal to
the per share exercise price of the Stock Option, will be vested and exercisable
at the same time or times that a related Stock Option is vested and exercisable,
and will expire no later than the time at which the related Stock Option
expires.

       

      Section
7.4                      Payment of Stock Appreciation
Rights.  A Stock Appreciation Right will entitle the holder,
upon exercise or other payment of the Stock Appreciation Right, as applicable,
to receive an amount determined by multiplying: (i) the excess of the Fair
Market Value of a share of Common Stock on the date of exercise or payment of
the Stock Appreciation Right over the base price of such Stock Appreciation
Right, by (ii) the number of shares as to which such Stock Appreciation Right is
exercised or paid.  Payment of the amount determined under the
foregoing may be made, as approved by the Committee and set forth in the Award
Agreement, in shares of Common Stock valued at their Fair Market Value on the
date of exercise or payment, in cash, or in a combination of shares of Common
Stock and cash, subject to applicable tax withholding requirements.

       

      Section
7.5                      Repricing of Stock Appreciation
Rights Prohibited.  Subject to the anti-dilution adjustment
provisions contained in Section 4.2 hereof, without the prior approval of the
Company’s stockholders, evidenced by a majority of votes cast, neither the
Committee nor the Board shall cause the cancellation, substitution or amendment
of a Stock Appreciation Right that would have the effect of reducing the base
price of such a Stock Appreciation Right previously granted under the Plan, or
otherwise approve any modification to such a Stock Appreciation Right that would
be treated as a “repricing.”

       

      
        
           
7

        

        
           

          
            

          

        

        
           

        

      

       

      8.           RESTRICTED
STOCK AWARDS

       

      Section
8.1                      Grant of Restricted Stock
Awards.  A Restricted Stock Award may be granted to any
Eligible Person selected by the Committee.  The Committee may require
the payment by the Participant of a specified purchase price in connection with
any Restricted Stock Award.  The Committee may grant Restricted Stock
Awards that are Section 162(m) Awards, as well as Restricted Stock Awards that
are not Section 162(m) Awards.  The maximum number of shares of Common
Stock that may be subject to Restricted Stock Awards granted to a Participant
during any one calendar year shall be limited to 250,000 shares (subject to
adjustment as provided in Section 4.2 hereof).

       

      Section
8.2                      Vesting
Requirements.  The restrictions imposed on shares of Common
Stock granted under a Restricted Stock Award shall lapse in accordance with the
vesting requirements specified by the Committee in the Award
Agreement.  The requirements for vesting of a Restricted Stock Award
may be based on the continued Service of the Participant with the Company or its
Subsidiaries for a specified time period (or periods) or on the attainment of a
specified performance goal (or goals) established by the Committee in its
discretion.  The Committee may, in its discretion, accelerate the
vesting of a Restricted Stock Award at any time.  In the case of any
Restricted Stock Award that is a Section 162(m) Award, any such
performance-based vesting requirements shall be based upon the performance
criteria identified in Section 12.2 hereof, and the terms of the Award shall
otherwise comply with the requirements described in Section 12.3
hereof.  If the vesting requirements of a Restricted Stock Award shall
not be satisfied, the Award shall be forfeited and the shares of Common Stock
subject to the Award shall be returned to the Company.  In the event
that the Participant paid any purchase price with respect to such forfeited
shares, unless otherwise provided by the Committee in an Award Agreement, the
Company will refund to the Participant the lesser of (i) such purchase price and
(ii) the Fair Market Value of such shares on the date of
forfeiture.

       

      Section
8.3                      Restrictions.  Shares
granted under any Restricted Stock Award may not be transferred, assigned or
subject to any encumbrance, pledge, or charge until all applicable restrictions
are removed or have expired, unless otherwise allowed by the
Committee.  Failure to satisfy any applicable restrictions shall
result in the shares subject to the Restricted Stock Award being forfeited and
returned to the Company.  In the event that the Participant paid any
purchase price with respect to such forfeited shares, unless otherwise provided
by the Committee in an Award Agreement, the Company will refund to the
Participant the lesser of (i) such purchase price and (ii) the Fair Market Value
of such shares on the date of forfeiture.  The Committee may require
in an Award Agreement that certificates representing the shares granted under a
Restricted Stock Award bear a legend making appropriate reference to the
restrictions imposed, and that certificates representing the shares granted or
sold under a Restricted Stock Award will remain in the physical custody of an
escrow holder until all restrictions are removed or have expired.

       

      Section
8.4                      Rights as
Stockholder.  Subject to the foregoing provisions of this
Section 8 and the applicable Award Agreement, the Participant shall have all
rights of a stockholder with respect to the shares granted to the Participant
under a Restricted Stock Award, including the right to vote the shares and
receive all dividends and other distributions paid or made with respect thereto,
unless the Committee determines otherwise at the time the Restricted Stock Award
is granted.  The Committee may provide in an Award Agreement for the
payment of dividends and distributions to the Participant at such times as paid
to stockholders generally or at the times of vesting or other payment of the
Restricted Stock Award.

       

      Section
8.5                      Section 83(b)
Election.  If a Participant makes an election pursuant to
section 83(b) of the Code with respect to a Restricted Stock Award, the
Participant shall file, within 30 days following the Date of Grant, a copy of
such election with the Company and with the Internal Revenue Service, in
accordance with the regulations under section 83 of the Code.  The
Committee may provide in an Award Agreement that the Restricted Stock Award is
conditioned upon the Participant’s making or refraining from making an election
with respect to the Award under section 83(b) of the Code.

       

      
        
           
8

        

        
           

          
            

          

        

        
           

        

      

       

      9.           STOCK
UNIT AWARDS

       

      Section
9.1                      Grant of Stock Unit
Awards.  A Stock Unit Award may be granted to any Eligible
Person selected by the Committee.  The value of each stock unit under
a Stock Unit Award is equal to the Fair Market Value of the Common Stock on the
applicable date or time period of determination, as specified by the Committee.
The Committee may grant Stock Unit Awards that are Section 162(m) Awards, as
well as Stock Unit Awards that are not Section 162(m) Awards.  The
maximum number of units that may be subject to Stock Unit Awards granted to a
Participant during any one calendar year shall be limited to 250,000 units
(subject to adjustment as provided in Section 4.2 hereof).  A Stock
Unit Award shall be subject to such restrictions and conditions as the Committee
shall determine.  A Stock Unit Award may be granted together with a
dividend equivalent right with respect to the shares of Common Stock subject to
the Award, which may be accumulated and may be deemed reinvested in additional
stock units, as determined by the Committee in its discretion.

       

      Section
9.2                      Vesting of Stock Unit
Awards.  On the Date of Grant, the Committee shall, in its
discretion, determine any vesting requirements with respect to a Stock Unit
Award, which shall be set forth in the Award Agreement.  The
requirements for vesting of a Stock Unit Award may be based on the continued
Service of the Participant with the Company or its Subsidiaries for a specified
time period (or periods) or on the attainment of a specified performance goal
(or goals) established by the Committee in its discretion.  The
Committee may, in its discretion, accelerate the vesting of a Stock Unit Award
at any time.  In the case of any Stock Unit Award that is a Section
162(m) Award, any such performance-based vesting requirements shall be based
upon the performance criteria identified in Section 12.2 hereof, and the terms
of the Award shall otherwise comply with the requirements described in Section
12.3 hereof.  A Stock Unit Award may also be granted on a fully vested
basis, with a deferred payment date as may be determined by the Committee or
elected by the Participant in accordance with the rules established by the
Committee.

       

      Section
9.3                      Payment of Stock Unit
Awards.  A Stock Unit Award shall become payable to a
Participant at the time or times determined by the Committee and set forth in
the Award Agreement, which may be upon or following the vesting of the
Award.  Payment of a Stock Unit Award may be made, at the discretion
of the Committee, in cash or in shares of Common Stock, or in a combination
thereof, subject to applicable tax withholding requirements.  Any cash
payment of a Stock Unit Award shall be made based upon the Fair Market Value of
the Common Stock, determined on such date or over such time period as determined
by the Committee.  In the case of a Participant who is a “specified
employee” as defined in Section 409A of the Code at the time of any payment of a
Stock Unit Award upon the Participant’s termination of Service, the payments
under the Stock Unit Award shall be deferred until the date that is six months
following the Participant’s termination of Service to the extent necessary to
comply with Section 409A of the Code, with the terms of such deferral and
payment to be made in the manner determined by the Committee and set forth in
the Award Agreement.

       

      Section
9.4                      No Rights as
Stockholder.  The Participant shall not have any rights as a
stockholder with respect to the shares subject to a Stock Unit Award until such
time as shares of Common Stock are delivered to the Participant pursuant to the
terms of the Award Agreement.

       

      10.       
STOCK AWARDS

       

      Section
10.1                    Grant of Stock
Awards.  A Stock Award may be granted to any Eligible Person
selected by the Committee.  A Stock Award may be granted for past
services, in lieu of bonus or other cash compensation, as directors’
compensation or for any other valid purpose as determined by the
Committee.  A Stock Award granted to an Eligible Person represents
shares of Common Stock that are issued free of restrictions on transfer and free
of forfeiture conditions and to which such Eligible Person is entitled all
incidents of ownership, except as otherwise provided in the Plan and the Award
Agreement.  The Committee may, in connection with any Stock Award,
require the payment of a specified purchase price.  The Committee may
grant Stock Awards that are Section 162(m) Awards, as well as Stock Awards that
are not Section 162(m) Awards.  The maximum number of shares of Common
Stock that may be subject to Stock Awards granted to a Participant during any
one calendar year shall be limited to 250,000 shares (subject to adjustment as
provided in Section 4.2 hereof).

       

      
        
           
9

        

        
           

          
            

          

        

        
           

        

      

       

      Section
10.2                     Rights as
Stockholder.  Subject to the foregoing provisions of this
Section 10 and the applicable Award Agreement, upon the issuance of the shares
of Common Stock under a Stock Award, the Participant shall have all rights of a
stockholder with respect to the shares of Common Stock, including the right to
vote the shares and receive all dividends and other distributions paid or made
with respect thereto.

       

      11.       
PERFORMANCE AWARDS

       

      Section
11.1                     Grant of Performance
Awards.  The Committee may grant Performance Awards under the
Plan, which shall represent the right to receive a payment in cash if
performance goals established by the Committee for a performance period are
satisfied.  The Committee may grant Performance Awards that are
Section 162(m) Awards, as well as Performance Awards that are not Section 162(m)
Awards.  At the time a Performance Award is granted, the Committee
shall determine, in its sole discretion, the applicable performance period and
performance goals to be achieved during the performance period, as well as such
other conditions as the Committee deems appropriate.  The Committee
may also determine a target payment amount or a range of payment amounts for
each Award.  The performance goals applicable to a Performance Award
grant may be subject to adjustments as the Committee shall deem appropriate to
reflect significant unforeseen events, such as changes in law, accounting
practices or unusual or nonrecurring items or occurrences.  The
Committee’s authority to make such adjustments shall be subject to such
limitations as the Committee deems appropriate in the case of a Performance
Award that is a Section 162(m) Award.  In the case of any Performance
Award that is a Section 162(m) Award, performance goals shall be based upon the
performance criteria identified in Section 12.2 hereof, and the terms of the
Award shall otherwise comply with the requirements described in Section 12.3
hereof.  The maximum amount of cash compensation that may be paid to a
Participant during any one calendar year under Performance Awards shall be $1
million.

       

      Section
11.2                     Payment of Performance
Awards.  At the end of the performance period, the Committee
shall determine the extent to which performance goals have been attained, or a
degree of achievement between minimum and maximum levels, in order to establish
the level of payment to be made, if any.  Payments of Performance
Awards shall generally be made as soon as practicable following the end of the
performance period, subject to any tax withholding requirements.  In
the case of a Participant who is a “specified employee” as defined in Section
409A of the Code at the time of any payment of a Performance Award upon the
Participant’s termination of Service, the payments under the Performance Award
shall be deferred until the date that is six months following the Participant’s
termination of Service to the extent necessary to comply with Section 409A of
the Code, with the terms of such deferral and payment to be made in the manner
determined by the Committee and set forth in the Award Agreement.

       

      12.       
SECTION 162(M) AWARDS

       

      Section
12.1                     Awards.  Awards of
Stock Options and Stock Appreciation Rights granted under the Plan are intended
by their terms to qualify as Section 162(m) Awards.  Restricted Stock
Awards, Stock Unit Awards, Stock Awards and Performance Awards granted under the
Plan may qualify as Section 162(m) Awards if the Awards are granted or become
payable or vested based upon pre-established performance goals in accordance
with this Section 12.

       

      
        
           
10

        

        
           

          
            

          

        

        
           

        

      

       

      Section
12.2                     Performance
Criteria.  In the case of a Restricted Stock Award, Stock Unit
Award, Stock Award or Performance Award that is intended to be a Section 162(m)
Award, the performance criteria upon which the grant, payment or vesting may be
based shall be limited to one or more of the following performance measures,
which may be applied with respect to the Company, any Subsidiary or any business
unit: (i) total stockholder return; (ii) stock price increase; (iii) return on
equity; (iv) return on capital; (v) return on investment; (vi) earnings per
share, diluted or basic; (vii) EBIT (earnings before interest and taxes); (viii)
EBITDA (earnings before interest, taxes, depreciation and amortization); (ix)
cash flow (including operating cash flow, free cash flow, discounted cash flow,
and cash flow in excess of costs of capital); (x) net or gross revenue; (xi)
operating expenses; (xii) gross or operating margin; (xiii) execution of a
corporate collaboration agreement relating to a product candidate of the
Company; (xiv) acceptance by the U.S. Food and Drug Administration (“FDA”) or a
comparable foreign regulatory authority of a final New Drug Application, a
Biologic License Application or similar document; (xv) approval for marketing of
a product candidate of the Company by the FDA or a comparable foreign regulatory
authority; (xvi) obtaining a specified level of financing for the Company, as
determined by the Committee, including through government grants (or similar
awards) and the issuance of securities; and (xvii) commencement of a particular
stage of clinical trials for a product candidate of the Company.  The
foregoing performance criteria shall have any reasonable definitions that the
Committee may specify, which may include or exclude any items specified by the
Committee, including but not limited to any or all of the following items:
discontinued operations, extraordinary, unusual or non-recurring items, effects
of accounting changes, effects of currency or interest rate fluctuations,
effects of financing activities (e.g., effect on earnings per share of issuing
convertible debt securities), changes in tax rates, expenses for restructuring
or productivity initiatives, litigation losses, non-operating items, effects of
acquisitions or divestitures and changes of law or regulation affecting the
Company’s business.  The foregoing performance measures may be
determined on an absolute basis or relative to internal goals or relative to
levels attained in prior years, or related to other companies or indices, or as
ratios expressing relationships between two or more performance
measures.  In the case of Awards that are not Section 162(m) Awards,
the Committee may designate performance criteria from among the foregoing or
such other performance criteria as it shall determine in its sole
discretion.

       

      Section
12.3                     Section 162(m)
Requirements.  In the case of a Restricted Stock Award, Stock
Unit Award, Stock Award or Performance Award that is intended to be a Section
162(m) Award, the Committee shall make such determinations with respect to an
Award as required by section 162(m) of the Code within 90 days after the
beginning of the performance period (or such other time period as is required
under section 162(m) of the Code).  As and to the extent required by
section 162(m) of the Code, the terms of an Award that is a Section 162(m) Award
must state, in terms of an objective formula or standard, the method of
computing the amount of compensation payable under the Award, and must preclude
discretion to increase the amount of compensation payable under the terms of the
Award (but may allow the Committee discretion to decrease the amount of
compensation payable).

       

      13.       
CHANGE IN CONTROL

       

      Section
13.1                     Effect of Change in
Control.  The Committee may, at the time of the grant of an
Award and as set forth in an Award Agreement, provide for the effect of a
“Change in Control” on an Award.  Such provisions may include any one
or more of the following: (i) the acceleration or extension of time periods for
purposes of exercising, vesting in, or realizing gain from any Award, (ii) the
elimination or modification of performance or other conditions related to the
payment or other rights under an Award, (iii) provision for the cash settlement
of an Award for an equivalent cash value, as determined by the Committee, or
(iv) such other modification or adjustment to an Award as the Committee deems
appropriate to maintain and protect the rights and interests of Participants
upon or following a Change in Control.  To the extent necessary for
compliance with Section 409A of the Code, an Award Agreement shall provide that
an Award subject to the requirements of Section 409A that would otherwise become
payable upon a Change in Control shall only become payable to the extent that
the requirements for a “change in control” for purposes of Section 409A have
been satisfied.

       

      
        
           
11

        

        
           

          
            

          

        

        
           

        

      

       

      Section
13.2                     Definition of Change in
Control.  For purposes of the Plan, unless otherwise defined in
an Award Agreement, a “Change in Control” shall be deemed to have occurred
upon:

       

      
        	
                (i)

              	
                a
      change in the composition of the Board such that during any period of two
      consecutive years, individuals who at the beginning of such period
      constitute the Board, and any new director (other than a director
      designated by a person who has entered into an agreement with the Company
      to effect a transaction described in clause (ii) or (iii) of this Section
      13.2) whose election by the Board or nomination for election by the
      Company’s stockholders was approved by a vote of at least two-thirds of
      the directors then still in office who either were directors at the
      beginning of the period or whose election or nomination for election was
      previously so approved, cease for any reason to constitute at least a
      majority of the members thereof;

              
	
                (ii)

              	
                the
      consummation of  a merger, consolidation, reorganization or
      similar corporate transaction, whether or not the Company is the surviving
      corporation in such transaction, in which outstanding shares of Common
      Stock are converted into (A) shares of stock of another company, other
      than a conversion into shares of voting common stock of the successor
      corporation (or a holding company thereof) representing more than 50% of
      the voting power of all capital stock thereof outstanding immediately
      after the merger or consolidation, or (B) other securities (of either the
      Company or another company) or cash or other property;

              
	
                (iii)

              	
                any
      “Person” (as such term is used in Sections 13(d)(3) and 14(d)(2) of the
      Exchange Act), except that such term shall not include (A) the Company,
      (B) a trustee or other fiduciary holding securities under an employee
      benefit plan of the Company, (C) an underwriter temporarily holding
      securities pursuant to an offering of such securities, or (D) a
      corporation owned, directly or indirectly, by the stockholders of the
      Company in substantially the same proportions as their ownership of stock
      of the Company, who is or becomes the “Beneficial Owner” (as defined in
      Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
      of the Company (not including in the securities Beneficially Owned by such
      Person any securities acquired directly from the Company) representing 30%
      or more of the voting power of all capital stock thereof outstanding,
      excluding any Person who is an officer or director of the Company or who
      becomes such a Beneficial Owner in connection with a transaction described
      in clause (ii) of this Section 13.2; or

              
	
                (iv)

              	
                the
      consummation of (A) the sale or other disposition of all or substantially
      all of the assets of the Company, or (B) a complete liquidation or
      dissolution of the Company.

              

      

      

       

      14.       
GENERAL PROVISIONS

       

      Section
14.1                     Award Agreement.  To
the extent deemed necessary by the Committee, an Award under the Plan shall be
evidenced by an Award Agreement in a written or electronic form approved by the
Committee setting forth the number of shares of Common Stock or units subject to
the Award, the exercise price, base price, or purchase price of the Award, the
time or times at which an Award will become vested, exercisable or payable and
the term of the Award.  The Award Agreement may also set forth the
effect on an Award of termination of Service under certain
circumstances.  The Award Agreement shall be subject to and
incorporate, by reference or otherwise, all of the applicable terms and
conditions of the Plan, and may also set forth other terms and conditions
applicable to the Award as determined by the Committee consistent with the
limitations of the Plan.  Award Agreements evidencing Incentive Stock
Options shall contain such terms and conditions as may be necessary to meet the
applicable provisions of section 422 of the Code.  The grant of an
Award under the Plan shall not confer any rights upon the Participant holding
such Award other than such terms, and subject to such conditions, as are
specified in the Plan as being applicable to such type of Award (or to all
Awards) or as are expressly set forth in the Award Agreement.  The
Committee need not require the execution of an Award Agreement by a Participant,
in which case, acceptance of the Award by the Participant shall constitute
agreement by the Participant to the terms, conditions, restrictions and
limitations set forth in the Plan and the Award Agreement as well as the
administrative guidelines of the Company in effect from time to
time.

       

      
        
           
12

        

        
           

          
            

          

        

        
           

        

      

       

      Section
14.2                     Forfeiture
Events/Representations.  The Committee may specify in an Award
Agreement at the time of the Award that the Participant’s rights, payments and
benefits with respect to an Award shall be subject to reduction, cancellation,
forfeiture or recoupment upon the occurrence of certain specified events, in
addition to any otherwise applicable vesting or performance conditions of an
Award.  Such events shall include, but shall not be limited to,
termination of Service for cause, violation of material Company policies, breach
of noncompetition, confidentiality or other restrictive covenants that may apply
to the Participant, or other conduct by the Participant that is detrimental to
the business or reputation of the Company.  The Committee may also
specify in an Award Agreement that the Participant’s rights, payments and
benefits with respect to an Award shall be conditioned upon the Participant
making a representation regarding compliance with noncompetition,
confidentiality or other restrictive covenants that may apply to the Participant
and providing that the Participant’s rights, payments and benefits with respect
to an Award shall be subject to reduction, cancellation, forfeiture or
recoupment on account of a breach of such representation.

       

      Section
14.3                     No Assignment or Transfer;
Beneficiaries.  Except as provided in Section 6.6 hereof,
Awards under the Plan shall not be assignable or transferable by the
Participant, except by will or by the laws of descent and distribution, and
shall not be subject in any manner to assignment, alienation, pledge,
encumbrance or charge.  Notwithstanding the foregoing, the Committee
may provide in an Award Agreement that the Participant shall have the right to
designate a beneficiary or beneficiaries who shall be entitled to any rights,
payments or other benefits specified under an Award following the Participant’s
death.  During the lifetime of a Participant, an Award shall be
exercised only by such Participant or such Participant’s guardian or legal
representative.  In the event of a Participant’s death, an Award may,
to the extent permitted by the Award Agreement, be exercised by the
Participant’s beneficiary as designated by the Participant in the manner
prescribed by the Committee or, in the absence of an authorized beneficiary
designation, by the legatee of such Award under the Participant’s will or by the
Participant’s estate in accordance with the Participant’s will or the laws of
descent and distribution, in each case in the same manner and to the same extent
that such Award was exercisable by the Participant on the date of the
Participant’s death.

       

      Section
14.4                     Deferrals of
Payment.  The Committee may in its discretion permit a
Participant to defer the receipt of payment of cash or delivery of shares of
Common Stock that would otherwise be due to the Participant by virtue of the
exercise of a right or the satisfaction of vesting or other conditions with
respect to an Award.  If any such deferral is to be permitted by the
Committee, the Committee shall establish rules and procedures relating to such
deferral in a manner intended to comply with the requirements of Section 409A of
the Code, including, without limitation, the time when an election to defer may
be made, the time period of the deferral and the events that would result in
payment of the deferred amount, the interest or other earnings attributable to
the deferral and the method of funding, if any, attributable to the deferred
amount.

       

      Section
14.5                     Rights as
Stockholder.  A Participant shall have no rights as a holder of
shares of Common Stock with respect to any unissued securities covered by an
Award until the date the Participant becomes the holder of record of such
securities.  Except as provided in Section 4.2 hereof, no adjustment
or other provision shall be made for dividends or other stockholder rights,
except to the extent that the Award Agreement provides for dividend payments or
dividend equivalent rights.

       

      Section
14.6                     Employment or
Service.  Nothing in the Plan, in the grant of any Award or in
any Award Agreement shall confer upon any Eligible Person or Participant any
right to continue in the Service of the Company or any of its Subsidiaries, or
interfere in any way with the right of the Company or any of its Subsidiaries to
terminate the employment or other service relationship of an Eligible Person or
Participant for any reason at any time.

       

      
        
           
13

        

        
           

          
            

          

        

        
           

        

      

       

      Section
14.7                     Securities Laws.  No
shares of Common Stock will be issued or transferred pursuant to an Award unless
and until all then applicable requirements imposed by Federal and state
securities and other laws, rules and regulations and by any regulatory agencies
having jurisdiction, and by any exchanges upon which the shares of Common Stock
may be listed, have been fully met.  As a condition precedent to the
issuance of shares pursuant to the grant or exercise of an Award, the Company
may require the Participant to take any reasonable action to meet such
requirements.  The Committee may impose such conditions on any shares
of Common Stock issuable under the Plan as it may deem advisable, including,
without limitation, restrictions under the Securities Act of 1933, as amended,
under the requirements of any exchange upon which such shares of the same class
are then listed, and under any blue sky or other securities laws applicable to
such shares.  The Committee may also require the Participant to
represent and warrant at the time of issuance or transfer that the shares of
Common Stock are being acquired only for investment purposes and without any
current intention to sell or distribute such shares.

       

      Section
14.8                     Tax
Withholding.  The Participant shall be responsible for payment
of any taxes or similar charges required by law to be withheld from an Award or
an amount paid in satisfaction of an Award, which shall be paid by the
Participant on or prior to the payment or other event that results in taxable
income in respect of an Award.  The Award Agreement may specify the
manner in which the withholding obligation shall be satisfied with respect to
the particular type of Award.

       

      Section
14.9                     Unfunded Plan.  The
adoption of the Plan and any reservation of shares of Common Stock or cash
amounts by the Company to discharge its obligations hereunder shall not be
deemed to create a trust or other funded arrangement.  Except upon the
issuance of Common Stock pursuant to an Award, any rights of a Participant under
the Plan shall be those of a general unsecured creditor of the Company, and
neither a Participant nor the Participant’s permitted transferees or estate
shall have any other interest in any assets of the Company by virtue of the
Plan.  Notwithstanding the foregoing, the Company shall have the right
to implement or set aside funds in a grantor trust, subject to the claims of the
Company’s creditors or otherwise, to discharge its obligations under the
Plan.

       

      Section
14.10                   Other Compensation and Benefit
Plans.  The adoption of the Plan shall not affect any other
stock incentive or other compensation plans in effect for the Company or any
Subsidiary, nor shall the Plan preclude the Company from establishing any other
forms of stock incentive or other compensation or benefit program for employees
of the Company or any Subsidiary.  The amount of any compensation
deemed to be received by a Participant pursuant to an Award shall not constitute
includable compensation for purposes of determining the amount of benefits to
which a Participant is entitled under any other compensation or benefit plan or
program of the Company or any Subsidiary, including, without limitation, under
any bonus, pension, profit-sharing, life insurance, salary continuation or
severance benefits plan, except to the extent specifically provided by the terms
of any such plan.

       

      Section
14.11                   Plan Binding on
Transferees.  The Plan shall be binding upon the Company, its
transferees and assigns, and the Participant, the Participant’s executor,
administrator and permitted transferees and beneficiaries.

       

      Section
14.12                  Severability.  If
any provision of the Plan or any Award Agreement shall be determined to be
illegal or unenforceable by any court of law in any jurisdiction, the remaining
provisions hereof and thereof shall be severable and enforceable in accordance
with their terms, and all provisions shall remain enforceable in any other
jurisdiction.

       

      Section
14.13                  Foreign
Jurisdictions.  The Committee may adopt, amend and terminate
such arrangements and grant such Awards, not inconsistent with the intent of the
Plan, as it may deem necessary or desirable to comply with any tax, securities,
regulatory or other laws of other jurisdictions with respect to Awards that may
be subject to such laws.  The terms and conditions of such Awards may
vary from the terms and conditions that would otherwise be required by the Plan
solely to the extent the Committee deems necessary for such purpose. Moreover,
the Board may approve such supplements to or amendments, restatements or
alternative versions of the Plan, not inconsistent with the intent of the Plan,
as it may consider necessary or appropriate for such purposes, without thereby
affecting the terms of the Plan as in effect for any other purpose.

       

      
        
           
14

        

        
           

          
            

          

        

        
           

        

      

       

      Section
14.14                  Substitute Awards in Corporate
Transactions.  Nothing contained in the Plan shall be construed
to limit the right of the Committee to grant Awards under the Plan in connection
with the acquisition, whether by purchase, merger, consolidation or other
corporate transaction, of the business or assets of any corporation or other
entity.  Without limiting the foregoing, the Committee may grant
Awards under the Plan to an employee or director of another corporation who
becomes an Eligible Person by reason of any such corporate transaction in
substitution for awards previously granted by such corporation or entity to such
person.  The terms and conditions of the substitute Awards may vary
from the terms and conditions that would otherwise be required by the Plan
solely to the extent the Committee deems necessary for such
purpose.  Any shares of Common Stock subject to these substitute
Awards shall not be counted against any of the maximum share limitations set
forth in the Plan.

       

      Section
14.15                  Governing Law.  The
Plan and all rights hereunder shall be subject to and interpreted in accordance
with the laws of the State of Delaware, without reference to the principles of
conflicts of laws, and to applicable Federal securities laws.

       

      Section
14.16                  Section 409A
Compliance.  To the extent applicable, it is intended that the
Plan and all Awards hereunder comply with the requirements of Section 409A of
the Code, and the Plan and all Award Agreements shall be interpreted and applied
by the Committee in a manner consistent with this intent in order to avoid the
imposition of any additional tax under Section 409A of the Code.  In
the event that any provision of the Plan or an Award Agreement is determined by
the Committee to not comply with the applicable requirements of Section 409A of
the Code, the Committee shall have the authority to take such actions and to
make such interpretations or changes to the Plan or an Award Agreement as the
Committee deems necessary to comply with such requirements, provided that the
Committee shall act in a manner that is intended to preserve the economic value
of the Award to the Participant.  Notwithstanding the foregoing or
anything elsewhere in the Plan or an Award Agreement to the contrary, if a
Participant is a “specified employee” as defined in Section 409A of the Code at
the time of termination of Service with respect to an Award, then solely to the
extent necessary to avoid the imposition of any additional tax under Section
409A of the Code, the commencement of any payments or benefits under the Award
shall be deferred until the date that is six months following the Participant’s
termination of Service (or such other period as required to comply with Section
409A).

       

      15.       
EFFECTIVE DATE; AMENDMENT AND TERMINATION

       

      Section
15.1                     Effective Date.  The
Plan became effective following its adoption by the Board and its approval by
the Company’s stockholders on the date of the 2005 Annual Meeting of
Stockholders.  The term of the Plan shall be ten (10) years from the
date of such adoption by the Board, subject to Section 15.3
hereof.  The Plan as amended and restated herein became effective
following its adoption by the Board and its approval by the Company’s
stockholders on the date of the 2007 Annual Meeting of
Stockholders.

       

      Section
15.2                     Amendment.  The
Board may at any time and from time to time and in any respect, amend or modify
the Plan.  The Board may seek the approval of any amendment or
modification by the Company’s stockholders to the extent it deems necessary or
advisable in its discretion for purposes of compliance with section 162(m) or
section 422 of the Code, the listing requirements of the NASDAQ or other
exchange or securities market or for any other purpose.  No amendment
or modification of the Plan shall adversely affect any Award theretofore granted
without the consent of the Participant or the permitted transferee of the
Award.  Notwithstanding the foregoing and notwithstanding anything to
the contrary in the Plan, the Board may amend the Plan and any outstanding Award
Agreement solely to comply with any new regulations or other guidance from the
Internal Revenue Service under section 409A of the Code without the consent of
the Participant or the permitted transferee of the Award.

       

      Section
15.3                     Termination.  The
Plan shall terminate on April 4, 2015, which is the date immediately preceding
the tenth anniversary of the date of the Plan’s adoption by the
Board.  The Board may, in its discretion and at any earlier date,
terminate the Plan.  Notwithstanding the foregoing, no termination of
the Plan shall adversely affect any Award theretofore granted without the
consent of the Participant or the permitted transferee of the
Award.

       

       

       

      14ex10_11998plan.htm

    Exhibit
10.1

    

    PROGENICS
PHARMACEUTICALS, INC.

    EMPLOYEE
STOCK PURCHASE PLAN

    3,400,000
Shares

     

    (Effective
as of June 8, 2009)

     

    
      	
              1.  

            	
              PURPOSE

            

    

     

    The
purpose of the Employee Stock Purchase Plan (the “Plan”) of Progenics
Pharmaceuticals, Inc. (the “Company”) is to attract, compensate and retain well
qualified employees by providing them with an equity interest in the Company’s
success.

     

    
      	
              2.  

            	
              STOCK
      SUBJECT TO THE
      PLAN

            

    

     

    The
Company may issue and sell a total of 3,400,000 shares of its common
stock, par value $.0013 per share (the “Common Stock”), pursuant to the
Plan.  Such shares may be either authorized but unissued shares or
treasury shares and may include shares that have previously been subject to
unexercised options, whether such options have terminated or expired by their
terms, by cancellation or otherwise.

     

    
      	
              3.  

            	
              ADMINISTRATION

            

    

     

    The Plan
shall be administered by a committee (the “Committee”) consisting of the entire
Board of Directors of the Company or of two or more non-employee directors
thereof.  The Committee shall have the power and authority as may be
necessary to carry out the provisions of the Plan, including the interpretation
and construction of the Plan and the option grants made under the Plan, the
adoption of such rules and regulations as it may deem advisable and the
termination of further option grants under the Plan.

     

    
      	
              4.  

            	
              ELIGIBILITY

            

    

     

    Options
under the Plan shall be granted only to employees of the Company, all employees
of the Company are eligible to receive option grants and all employees granted
options under the Plan shall have the same rights and
privileges.  Notwithstanding the foregoing, (i) no employee shall
be granted an option if such employee, immediately after the option is granted,
owns stock possessing 5% or more of the total combined voting power or
value of all classes of stock of the Company, within the meaning of
Section 423(b)(3) of the Internal Revenue Code of 1986, as amended
(the “Code”) and (ii) no employee shall be granted an option which permits
his rights to purchase stock under the Plan to accrue at a rate which exceeds
$6,250 of the fair market value of such stock (determined at the time such
option is granted) for each fiscal quarter in which such option is outstanding
at any time.  Furthermore, the Committee may in its sole discretion
impose such restrictions on eligibility as may be permitted by
Section 423(b) (4) of the Code.

     

    
      	
              5.  

            	
              OPTION
      GRANTS

            

    

     

    Until
such time as the Committee in its sole discretion terminates further option
grants under the Plan, all eligible employees of the Company shall, on
July 1, October 1, January 1 and April 1 of each year (the
“Date of Grant”) starting July 1, 1998, be granted an option to purchase
the Common Stock, each such option to be subject and pursuant to the following
terms and conditions:

     

    
      	
              (a)  

            	
              Option
      Term.  The term of each option shall be from the Date of
      Grant to the date six months after the Date of Grant (the “Date of
      Expiration”).

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	
              (b)  

            	
              Option
      Price.  The purchase price per share for each option (the
      “Option Price”) shall be the lesser of (i) the fair market value of
      the Common Stock on the Date of Grant or (ii) 85% of the fair market value
      of the Common Stock on the Date of Exercise (as such term is defined
      below).  As used herein, the fair market value of the Common
      Stock on the Date of Grant shall be the closing price of the Common Stock
      on the Nasdaq National Market on the date prior to the Date of Grant and
      the fair market value of the Common Stock on the Date of Exercise shall be
      the closing price of the Common Stock on the Nasdaq National Market on the
      Date of Exercise provided, however, that, if the employee exercising the
      option resells the shares on the Date of Exercise, the average selling
      price for such shares, before the payment of brokerage commissions and
      expenses, shall be the fair market value on the Date of
      Exercise.  In the event the Common Stock ceases at any time to
      be traded on the Nasdaq National Market, the fair market value of the
      Common Stock shall be determined in such manner as may be set by the
      Committee.

            

    

     

    
      	
              (c)  

            	
              Number of Option Shares.
      Unless and until the Committee in its sole discretion determines
      otherwise, the number of shares subject to each option shall be the whole
      number equal to (i) up to 25% of each employee’s total
      compensation during the fiscal quarter starting with the Date of Grant, as
      such percentage shall be determined by the Committee prior to the Date of
      Grant, divided by (ii) the lesser of the fair market value of the
      Common Stock on the Date of Grant or 85% of the closing price of the
      Common Stock on the Nasdaq National Market on the date prior to the Date
      of Exercise (or such other manner for determining the fair market value of
      the Common Stock on such date if not then traded on the Nasdaq National
      Market).  In no event, however, shall the number of shares
      subject to any option exceed $6,250 divided by the fair market value of
      the Common Stock on the Date of
Grant.

            

    

     

    
      	
              (d)  

            	
              Exercise.  The
      date of exercise of each option (the “Date of Exercise”) shall be the
      date or dates specified by the Committee in writing prior to the Date of
      Grant of an option that occurs during the three-month period starting with
      the date three months after the Date of Grant of the option and ending on
      the Date of Expiration of the option.  Exercise shall not be
      made with respect to less than the total number of shares subject to each
      option and shall be effected by delivering to the Company written notice
      of exercise at least one day prior to the Date of
  Exercise.

            

    

     

    
      	
              (e)  

            	
              Payment.  Payment
      for the shares purchased upon exercise of each option (including the
      amount, if any, necessary to satisfy federal, state or local income tax
      withholding requirements) shall be in cash within five business days
      following the Date of Exercise and, in the event payment is not received,
      the Company may withhold the shares and cancel the
      option.  Notwithstanding the foregoing, the Committee may in its
      sole discretion permit employees (i) to pay for shares acquired upon
      exercise of options by delivering shares of the Common Stock owned by such
      employee or (ii) to forgo payment for the shares and receive instead
      the net number of shares that would be received if such employee borrowed
      shares of the Common Stock for payment of the purchase price and returned
      the borrowed shares from the shares acquired upon exercise of the
      option.

            

    

     

    
      	
              (f)  

            	
              Termination of
      Employment.  In the event an employee’s employment with
      the Company terminates for any reason other than the employee’s death, any
      option held by such employee shall forthwith terminate without any further
      rights on the part of the employee.  In the event of an
      employee’s death, the employee’s estate, legal representative or
      beneficiary may exercise any option held by such employee at any time
      prior to the Date of Expiration with respect to such
      option.  Nothing herein shall be deemed to confer any right of
      continued employment with the Company or to limit the right of the Company
      to terminate employment with any
employee.

            

    

     

    
      
        2 

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	
              6.  

            	
              RIGHTS
      AS A STOCKHOLDER

            

    

     

    Until
such time as each option has been exercised and the shares acquired thereby have
been issued and delivered to the employee pursuant to such exercise, the
employee shall have no rights as a stockholder with respect to the shares of the
Common Stock subject to the option.

     

    
      	
              7.  

            	
              NONTRANSFERABILITY
      OF THE OPTION

            

    

     

    Any
option granted under the Plan may not be assigned or transferred except by will
or by the laws of descent and distribution and is exercisable during the life of
the employee only by the employee.

     

    
      	
              8.  

            	
              COMPLIANCE
      WITH SECURITIES LAWS

            

    

     

    If the
shares to be issued upon exercise of any option granted under the Plan have not
been registered under the Securities Act of 1933, as amended, and any
applicable state securities laws, the Company’s obligation to issue such shares
shall be conditioned upon receipt of a representation in writing that the
employee is acquiring such shares for his or her own account and not with a view
to the distribution thereof and the certificate representing such shares shall
bear a legend in such form as the Company’s counsel deems necessary or
desirable.  In no event shall the Company be obligated to issue any
shares pursuant to the exercise of an option if, in the opinion of the Company’s
counsel, such issuance would result in a violation of any federal or state
securities laws.

     

    
      	
              9.  

            	
              CHANGE
      OF CONTROL

            

    

     

    In the
event of a Change of Control (as such term is defined below), all outstanding
options under the Plan shall immediately become fully exercisable and all of the
rights and benefits relating thereto shall become fixed and not subject to
change or revocation by the Company.  As used herein, a Change of
Control shall be deemed to have occurred if (i) any person within the
meaning of Section 13(d) and 14(d) of the Exchange Act, other than the
Company or any officer or director of the Company, becomes the beneficial owner,
within the meaning of Rule 13d-3 under the Exchange Act, of 20% or
more of the combined voting securities of the Company or (ii) a change
of 20% or more in the composition of the Board of Directors of the Company
occurs without the approval of the majority of said Board of Directors as it
exists at the time immediately preceding such change in
composition.

     

    
      	
              10.  

            	
              STOCK
      ADJUSTMENTS

            

    

     

    
      	
              (a)  

            	
              In
      the event of a stock dividend, stock split, recapitalization, merger in
      which the Company is the surviving corporation or other capital adjustment
      affecting the outstanding shares of the Common Stock, an appropriate
      adjustment shall be made, as determined by the Board of Directors of the
      Company, to the number of shares subject to the Plan and the exercise
      price per share with respect to any option granted under the
      Plan.

            

    

     

    
      	
              (b)  

            	
              In
      the event of the complete liquidation of the Company or of a
      reorganization, consolidation or merger in which the Company is not the
      surviving corporation, any option granted under the Plan shall continue in
      full force and effect unless either (i) the Board of Directors of the
      Company modifies such option so that it is fully exercisable with respect
      to the number of shares measured by the then current compensation prior to
      the effective date of such transaction or (ii) the surviving
      corporation issues or assumes a stock option contemplated by
      Section 424(a) of the Code.

            

    

     

    
      
         
3

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	
              11.  

            	
              EFFECTIVENESS
      OF THE PLAN

            

    

     

    The Plan
has been adopted on April 22, 1998 by resolution of the Board of Directors
of the Company and shall become effective upon the approval by the affirmative
votes of the holders of a majority of the Common Stock present, or represented,
and entitled to vote at a meeting duly held in accordance with the applicable
laws of the State of Delaware.  The Plan as amended and restated
herein became effective following its adoption by the Board and its approval by
the Company’s stockholders on the date of the 2008 Annual Meeting of
Stockholders.

     

    
      	
              12.  

            	
              AMENDMENT
      OF THE PLAN

            

    

     

    The Board
may at any time alter, amend, suspend or terminate the Plan in whole or in part,
provided, however, that (i) no alteration, amendment, suspension or
termination shall adversely affect the rights of an employee with respect to any
outstanding options granted under the Plan and (ii) any amendment which
must be approved by the stockholders of the Company in order to ensure that all
transactions under the Plan continue to be exempt under Rule 16b-3 under
the Exchange Act or any successor provision or to comply with any rule or
regulation of a governmental authority, applicable securities exchange or Nasdaq
National Market shall not be effective unless and until such stockholder
approval has been obtained in compliance with such rule or
regulation.

     

    

    4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]