Document:

Form of Management Agreement

 Exhibit 10.1 
 Approved 7/06 
 MANAGEMENT AGREEMENT 
 This Severance Agreement, dated as of
                    , 200     is among GTC Biotherapeutics, Inc., a Massachusetts corporation (together with its
affiliates and subsidiaries, ‘GTC’) with its principal offices at 175 Crossing Blvd., Framingham, MA 01702, and                     
(the ‘Employee) residing at                     . 
 The Employee is employed by GTC as
                                 
 Accordingly, the parties hereto agree as follows: 
 SECTION 1. SEVERANCE PAYMENT; BENEFITS. 
 1.1 Termination Events Resulting in Severance
Payments. In the event of the termination of the Employee’s employment by GTC without cause, then GTC shall make a severance payment to the Employee in the amount set forth in, and payable in accordance with, Section 1.2. No severance
shall be payable in the event that the Employee’s employment is terminated (a) by the Employee, (b) by GTC in the event of the Employee’s death or inability, by reason of physical or mental impairment, to perform substantially
all of the Employee’s duties for a continuous period of 120 days, or (c) by GTC in the event of the Employee’s breach of any material duty or obligation to GTC, or intentional or grossly negligent conduct that is materially injurious
to GTC (as reasonably determined by GTC’s Board of Directors) or willful failure to follow the reasonable directions of GTC’s executive officers. 
 1.2 Amount and Payment of Severance. The aggregate severance payment referred to above shall be paid in a lump sum, payable with thirty (30) days following the date of termination, in an aggregate
severance amount (the “Severance Amount”) equal to (i) twelve (12) months of Base Salary in effect on the date of termination. 
 1.3 Benefits. The Employee’s coverage under GTC’s health and dental insurance plans will remain in effect at GTC’s normal co-pay expense, during any period over which severance payments are being
made hereunder, unless the Employee notifies GTC in writing that such coverage is no longer necessary. If, because of limitations required by third parties or imposed by law, the Employee cannot be provided such benefits through GTC’s plans,
then GTC will provide the Employee with substantially equivalent benefits, on an aggregate basis, at its expense, which may include paying the cost of COBRA payments to the extent available under the Company’s plans. 
 SECTION 2. CONFIDENTIAL INFORMATION ANT) NON-COMPETITION COVENANT. 
 2.1 Confidentiality and Inventions Agreement. The Employee confirms that he or she has executed, or agrees that he or she will
execute, GTC’s standard confidentiality and inventions agreement pertaining to GTC’s intellectual property and confidential information. 

 2.2 Non-Competition Covenant. During the Employee’s employment by GTC and,
subject to the terms of Section 2.3, during the period of one year after such termination, the Employee will not: 
 (a)
become or be interested in (whether as an officer, director, stockholder, partner, proprietor, associate, representative or otherwise), or directly or indirectly engage in activities or render services for or to, any contract research organization
located anywhere in North America which engages in activities or services which are directly related to any specific product or services or ongoing project of GTC on which the Employee was working during the Employee’s employment; provided,
however, that notwithstanding the foregoing, the Employee may own, as an inactive investor, securities of any competitor corporation, so long as the Employee’s holding in any one such corporation shall not in the aggregate constitute more than
1% of the voting stock of such corporation; or 
 (b) recruit, entice, or induce any of GTC’s other consultants or
employees to engage in any activity which, were it done by the Employee, would violate the foregoing clause (a). 
 2.3 Non-Competition
Payments; Enforcement of Non-Competition Covenant. 
 (a) Subject to Section 2.3(b), following the termination of the
Employee’s employment with GTC, GTC may enforce its rights with respect to the Employee’s non-competition covenant set forth in Section 2.2 only if: 
 (i) GTC makes severance payments to the Employee hereunder; or 
 (ii) in the event that the employment of the Employee by GTC is terminated and the Employee is not entitled to severance payments under
the terms of Section 1.1 or any other agreement or understanding between the parties, GTC makes payments to the Employee, biweekly in arrears for twelve (12) months commencing with the first month after termination, each in an amount equal
to 100% of the Employee’s biweekly base salary at the time of such termination; or 
 (iii) during the twelve month
period commencing with the first month after termination, GTC makes severance payments under another agreement or understanding between the parties which, together with any voluntary payments by GTC, equal or exceed the amount payable under
Section 2.3(a)(ii). 
 (b) GTC’s obligations under Section 2.3 are subject to the following: 
 (i) The aggregate payments under Section 2.3(a) may be reduced by the amount of any salary or wages earned, or expected to be earned
assuming continued employment at any new employment of Employee, as a result of any new employment of the Employee during such period, provided that to the extent severance payments are due under Section 1.1 or any other agreement, in no event
shall such payments be less than the amount of such required severance. 
 (ii) In the event that Employee breaches the
covenant set forth in Section 2.2, GTC may enforce such covenant without continuing payments under Section 2.3(a) after the date of such breach. 

 (iii) In the event that GTC commences payments under Section 2.3, GTC may only
terminate such payments under subsections 2.3(a)(ii) or (iii), if applicable, prior to the end of such twelve month period in the event that GTC has provided the Employee with two months prior written notice of such termination; provided however,
that this clause (iii) does not entitle GTC to terminate payments required by Section 1.1 or under any other severance agreement prior to payment in full. In the event of any such early termination of payments, GTC’s right to enforce
the Employee’s non-competition covenant set forth in Section 2.2 will terminate upon the date of the last payment hereunder. 
 SECTION 3. MISCELLANEOUS. 
 3.1 Assignment. This Agreement may not be assigned, in whole or in part, by either party without
the prior written consent of the other party, except that GTC may, without the consent of the Employee, assign its rights and obligations under this Agreement to any corporation, firm or other business entity with or into which GTC may merge or
consolidate, or to which GTC may sell or transfer all or substantially all of its assets, or of which 50% or more of the equity investment and of the voting control is owned, directly or indirectly, by, or is under common ownership with, GTC. After
any such assignment by GTC, GTC shall be discharged from all further liability hereunder and such assignee shall have all the rights and obligations of GTC under this Agreement. 
 3.2 Notices. All notices, requests, demands and other communications to be given pursuant to this Agreement shall be in writing and shall be deemed
to have been duly given if delivered by hand or mailed by registered or certified mail, return receipt requested, postage prepaid, to the addresses set forth at the beginning of this Agreement or such other address as a party shall have designated
by notice in writing to the other party, provided that notice of any change in address must actually have been received to be effective hereunder. 
 3.3 Integration. This Agreement is the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreement or understanding relating to the subject matter hereof. This Agreement may not be
superseded amended, supplemented or otherwise modified except by a writing signed by the Employee and GTC. 
 3.4 Binding Effect.
Subject to Section 3.1, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their successors, assigns, heirs and personal representatives. 
 3.5 Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an original and shall together constitute one
and the same instrument. 
 3.6 Severability. If any provision hereof shall, for any reason, be held to be invalid or unenforceable in
any respect, such invalidity or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid or unenforceable provision had not been included herein. If any provision hereof shall for any
reason be held by a court to be excessively broad as to duration, geographical scope, activity or subject matter, it shall be construed by limiting and reducing it to make it enforceable to the extent compatible with applicable law as then in
effect. 

 3.7 Governing Law. This Agreement shall be governed by the laws of the Commonwealth of
Massachusetts, without regard to its conflict-of-law provisions. 
 3.8 Termination. Nothing in this Agreement is intended to or shall
modify the at-will nature of the Employee’s employment relationship with GTC. The Employee may terminate his or her employment at any time with or without notice and with or without cause and GTC may do likewise, subject only to the express
provisions of this Agreement. 
 3.9 Survival of Obligations; Enforcement. The Employee’s duties hereunder shall survive
termination of the Employee’s employment by GTC. The Employee acknowledges that a remedy at law for any breach or threatened breach by the Employee of the provisions of this Agreement may be inadequate and the Employee therefore agrees that GTC
shall be entitled to injunctive relief in case of any such breach or threatened breach. 
 3.10 Notice to Future Employers. For the
period of twelve (12) months immediately following the end of the Employee’s employment by GTC, the Employee will inform each new employer, prior to accepting employment, of the existence of this Agreement and provide such new employer
with a copy of it. 
 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement as of the date first written above.

  

			
	EMPLOYEE
	
	  

	
	GTC BIOTHERAPEUTICS, INC.
		
	By:Form of Executive Change in Control Agreement

 Exhibit 10.2 
 Approved 7/06 
 EXECUTIVE CHANGE IN CONTROL AGREEMENT 
 This Executive Change in Control Agreement (this “Agreement”) is dated as of
                    , 200     by and between GTC Biotherapeutics, Inc. (the “Company”), a Massachusetts
corporation with its principal executive offices at 175 Crossing Boulevard, 4th Floor, Suite 410, Framingham, MA 01702-9322; and
                     (“Executive”). 
 Executive is employed by the Company and the Company and Executive desire to arrange for certain provisions applicable in the event of termination of Executive’s employment after a Change in Control of the
Company, as provided herein. 
 Accordingly, the parties hereto agree as follows: 
 ARTICLE 1 
 TERMINATION FOLLOWING CHANGE IN CONTROL 
 1.1 Termination of Employment Following Change in Control. If a Change in Control of the Company shall have occurred, Executive shall be entitled
to the benefits provided in Section 1.2 hereof upon the subsequent termination of Executive’s employment within twelve (12) months after the effective date of such Change in Control, unless such termination is (a) because of
Executive’s death or Retirement, (b) by the Company for Cause or (c) by Executive other than for Good Reason. For purposes of this Agreement: 
 (a) “Cause” shall mean (i) Executive’s breach of any material duty or obligation hereunder after written notice of such breach has been given to the Executive by the Board of Directors or Chief
Executive Officer of the Company and such breach shall have continued for thirty (30) days after receipt of such notice, or intentional or grossly negligent conduct that is materially injurious to GTC, as determined in good faith by GTC’s
Board of Directors, or (ii) willful failure to follow the reasonable directions of GTC’s Board of Directors or Chief Executive Officer after written notice of such failure has been given to the Executive and such failure shall have
continued for thirty (30) days after receipt of such notice. 
 (b) “Change in Control of the Company” shall mean: 

(i) the acquisition (A) by any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934) from
any party of an amount of the Company’s Common Stock so that it holds or controls 50% or more of the Company’s Common Stock; 
 (ii) a merger or similar combination after which 50% or more of the voting stock of the surviving corporation is held by persons who were not stockholders of the Company immediately prior to such merger or combination; 

 (iii) the election by the stockholders of the Company of 50% or more of the directors of the
Company other than pursuant to nomination by the Company’s independent directors; or 
 (iv) the sale by the Company of all or
substantially all of its assets or business. 
 (c) “Good Reason” shall mean any of the following: 
 (i) any change in the duties assigned to Executive, without Executive’s express written consent, that represents a material diminution of
Executive’s duties and responsibilities with the Company in effect immediately prior to the Change in Control; provided, however, that a mere change in Executive’s title or reporting relationships shall not constitute “Good
Reason”; 
 (ii) a reduction by the Company in Executive’s Base Salary as in effect on the date hereof or as the same may be
increased from time to time, except as otherwise agreed by Executive; 
 (iii) the Company requiring Executive to be based anywhere other
than within sixty (60) miles of Executive’s office location immediately prior to the Change in Control, except for required travel on the Company’s business to an extent substantially consistent with Executive’s business travel
obligations in the twelve (12) months immediately prior to the Change in Control, without Executive’s express written consent; or 
 (iv) the failure by the Company to obtain the assumption of the agreement to perform this Agreement by any successor as contemplated in Section 3.4 hereof. 
 (d) “Retirement” shall mean termination of Executive’s employment in accordance with the Company’s retirement policy, including early retirement, generally applicable to its salaried employees.

 1.2 Payments Upon Termination Without Cause, Following Change in Control. If, within twelve (12) months after a Change in
Control of the Company, Executive’s employment is terminated by the Company or its successor in interest other than for Cause or Retirement, then Executive shall be entitled to the benefits provided below: 
 (a) Back Salary Payment. The Company shall pay Executive any unpaid Base Salary accrued through the date of termination at the rate in effect at
the time notice of termination is given, plus credit for any vacation earned but not taken and the amount, if any, and any bonus awarded for the past fiscal year which has not yet been paid to Executive; 

 (b) Severance Payment. The Company shall pay Executive in a lump sum, payable with thirty
(30) days following the date of termination, an aggregate severance amount (the “Severance Amount”) equal to (i) twelve (12) months of Base Salary in effect on the date of termination and (ii) an amount equal to
Executive’s incentive bonus most recently paid to him, pro rated on the basis of the number of days that have elapsed between the beginning of the bonus period in which such termination occurs and the date of termination,; 
 (c) Continuation of Benefits. The Company shall maintain in full force and effect, for Executive’s continued benefit until the earlier of(a)
the end of the 12th calendar month following the date of termination of employment or (b) Executive’s
commencement of full time employment with a new employer, all life insurance, medical, health and accident insurance, and disability plans, programs or arrangements in which Executive was entitled to participate immediately prior to the date of
termination, provided that Executive’s continued participation is possible under the general terms and provisions of such plans and programs. In the event that Executive’s participation in any such plan or program is barred, the Company
shall arrange to provide Executive with benefits substantially similar to those which Executive was entitled to receive under such plans and programs at its expense, which may include paying the cost of COBRA payments to the extent available under
the Company’s plans; and 
 (d) Accelerated Vesting of Stock Options. Any stock options to purchase Common Stock of the Company
then held by Executive on the date of termination which are then subject to vesting shall, notwithstanding any contrary provision in this Agreement or the Plan pursuant to which such options had been granted, become fully vested and exercisable on
the date of termination. 
 1.3 Payments Upon Termination For Good Reason, Following Change in Control. If, within twelve
(12) months after a Change in Control of the Company, Executive’s employment is terminated by Executive for a Good Reason which has not been cured within ten (10) days after Executive has given notice thereof to the Company, then
Executive shall be entitled to the benefits provided below: 
 (a) Back Salary Payment. The Company shall pay Executive any unpaid Base
Salary accrued through the date of termination at the rate in effect at the time notice of termination is given, plus credit for any vacation earned but not taken and the amount, if any, and any bonus awarded for the past fiscal year which has not
yet been paid to Executive; 
 (b) Severance Payment. The Company shall pay Executive in a lump sum, payable 185 days following the
date of termination, the Severance Amount; 

 (c) Continuation of Benefits. The Company shall maintain in full force and effect, for
Executive’s continued benefit until the earlier of (a) the end of the 12th calendar month following the
date of termination of employment or (b) Executive’s commencement of full time employment with a new employer, all life insurance, medical, health and accident insurance, and disability plans, programs or arrangements in which Executive
was entitled to participate immediately prior to the date of termination, provided that Executive’s continued participation is possible under the general terms and provisions of such plans and programs. In the event that Executive’s
participation in any such plan or program is barred, the Company shall arrange to provide Executive with benefits substantially similar to those which Executive was entitled to receive under such plans and programs at its expense, which may include
paying the cost of COBRA payments to the extent available under the Company’s plans; and 
 (d) Accelerated Vesting of Stock
Options. Any stock options to purchase Common Stock of the Company then held by Executive on the date of termination which are then subject to vesting shall, notwithstanding any contrary provision in this Agreement or the Plan pursuant to which
such options had been granted, become fully vested and exercisable on the date of termination. 
 1.4 Limitation on Benefit Payments.
In the event that any payment or benefit received or to be received by Executive in connection with a Change in Control or the termination of Executive’s employment (whether pursuant to the terms of this Agreement or any other plan, arrangement
or agreement with the Company, any person whose actions result in a Change in Control or any person affiliated with the Company or such person) (collectively “Parachute Payments”) would not be deductible (in whole or part) as a result of
section 280G of the Internal Revenue Code of 1986, as amended (the “Code) by the Company, an affiliate or other person making such payment or providing such benefit, the Parachute Payments shall be reduced until no portion of the Parachute
Payments is not deductible. For purposes of this limitation, 
 (a) no portion of the Parachute Payments the receipt or enjoyment of which
Executive shall have effectively waived in writing prior to the date of payment of the Parachute Payments shall be taken into account, 
 (b)
no portion of the Parachute Payments shall be taken into account which in the opinion of tax counsel selected by the Company’s independent auditors serving as such immediately prior to the Change in Control does not constitute a “parachute
payment” within the meaning of section 280G(b)(2) of the Code, 
 (c) the Parachute Payments shall be reduced only to the extent
necessary so that the Parachute Payments (other than those referred to in clauses (a) or (b)) in their entirety constitute reasonable compensation for services actually rendered within the meaning of section 280G(b)(4) of the Code or are
otherwise not subject to disallowance as deductions, in the opinion of the tax counsel referred to in clause (b), 

 (d) the value of any non-cash benefit or any deferred payment or benefit included in the Parachute
Payments shall be determined by the Company’s independent auditors based on Sections 280G and 4999 of the Code and on proposed or final regulations for applying those Code Sections, or on substantial authority within the meaning of
Section 6662 of the Code, and 
 (e) if any portion of the Parachute Payments are determined not to be deductible by reason of section
280G of the Code, then to the extent reasonably practicable and permitted by applicable law, the Company shall consult with Executive prior to reducing any particular Parachute Payments to afford Executive the opportunity to waive other Parachute
Payments. 
 Except to the extent prohibited by applicable law, the Company shall honor Executive’s preferences with respect to the order of waiver of
Parachute Payments to the extent that written notice of such preferences is received by the Company prior to the Change in Control. 
 ARTICLE
2 
 CONFIDENTIAL INFORMATION AND NON-COMPETITION 
 2.1 Confidential Information. As a condition to the Company’s obligations hereunder, Executive shall continue to be bound by the confidentiality and non-competition agreement pertaining to the intellectual
property and confidential information of the Company and the non-competition provision set forth in the Management Agreement (the “Severance Agreement”) between the Company and Executive. The obligations of Executive under this Article 2
and the agreements referenced in this paragraph shall survive termination of this Agreement for any reason. 
 ARTICLE 3 
 TERM AND TERMINATION 
 3.1 Term of
Agreement. If a Change in Control should occur while Executive is still an employee of the Company, then this Agreement shall continue in effect for a term from the date of such Change in Control for so long as Executive remains an employee of
the Company, but in no event for more than twelve (12) months following such Change in Control. If Executive’s employment is terminated by the Company without Cause prior to a Change in Control, this Agreement shall expire upon the date
that Executive’s employment is terminated. 
 3.2 Termination. This Agreement may be terminated by the Company at any time prior
to a Change in Control upon twelve month’s written notice to Executive. 
 3.3 Effect of Expiration or Termination. The
termination or expiration of the term of this Agreement shall not adversely affect Executive’s rights under this Agreement that have accrued prior to any such termination or expiration. 

 ARTICLE 4 
 MISCELLANEOUS 
 4.1 No Conflicting Commitments. During the period of Executive’s full time
employment with the Company, Executive will not undertake any commitments which might materially impair Executive’s performance of his duties as a full time Executive of the Company. 
 4.2 Taxes. The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be required
to be withheld pursuant to any applicable law or regulation. 
 4.3 Effect on Employment Status. This Agreement does not entitle
Executive to remain in the employ of the Company for any minimum or prescribed period or term, and it does not modify the at-will status of Executive’s employment. 
 4.4 Release. The payment of the compensation and the provision of the benefits to Executive set forth in Article 2 are contingent upon Executive’s execution and delivery of a release of claims against the
Company in a form reasonably acceptable to the Company and Executive. 
 4.5 Exclusion of Other Benefits. In the event that
compensation and benefits are due to Executive hereunder after a termination of Executive’s Employment upon a Change in Control, such compensation and benefits shall be in lieu of any other compensation or benefit for which Executive would be
eligible under any severance pay plan or policy of the Company, unless the Company has expressly provided that it shall be so payable in addition to the compensation and benefits due under this Agreement. 
 4.6 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together
shall be deemed to be one and the same instrument. 
 4.7 Binding Effect. This Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective lawful successors and assigns and upon Executive’s heirs and personal representatives. 
 4.8 Assignment. This Agreement may not be assigned, in whole or in part, by any party without the prior written consent of the other party, except that the Company may, without the consent of Executive, assign its rights and
obligations under this Agreement to any corporation, firm or other business entity with or into which the Company may merge or consolidate, or to which the Company may sell or transfer all or substantially all of its assets, or of which 50%
or more of the equity investment and of the voting control is owned, directly or 

 indirectly, by, or is under common ownership with, the Company. The Company shall require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to or in conjunction with the effectiveness of any such succession shall be a breach of this Agreement and
shall entitle the Executive to compensation from the Company or its successor in the same amount and on the same terms as he would be entitled to hereunder if he terminated his employment for Good Reason following a Change in Control, except that
for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. After any such assignment by the Company, the Company shall be discharged from all further liability
hereunder and such assignee shall have all the rights and obligations of the Company under this Agreement. 
 4.9 Entire Agreement.
This Agreement is the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreement or understanding relating thereto. In the event of any conflict between this Agreement and the Severance Agreement,
this Agreement shall control. 
 4.10 Notices. All notices, requests, demands and other communications to be given pursuant to this
Agreement shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed by registered or certified mail, return receipt requested, postage prepaid, as follows: 
  

			
	If to the Company, to:
		
		 	GTC Biotherapeutics, Inc.
		 	175 Crossing Boulevard
		 	4th Floor, Suite 410
		 	Framingham, MA 01702-9322
		 	Attention: Chief Executive Officer
		
		 	with a copy to:
		
		 	Nathaniel S. Gardiner, Esq.
		 	Edwards Angell Palmer & Dodge LLP
		 	111 Huntington Avenue
		 	Boston, Massachusetts 02199-7613

 If to Executive, at his then current address on the payroll records of the Company; or such other
address as either party hereto shall have designated by notice in writing to the other party. 

 4.11 Amendments. This Agreement may be amended, supplemented or otherwise modified at any time,
but only by an instrument in writing signed by the parties hereto. 
 4.12 Governing Law. This Agreement and the legal relations among
the parties hereto shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to its conflict of law provisions. 
 4.13 Severability. In case any provision hereof shall, for any reason, be held to be invalid or unenforceable in any respect, such invalidity or unenforceability shall not affect any other provision hereof, and
this Agreement shall be construed as if such invalid or unenforceable provision had not been included herein. If any provision hereof shall, for any reason, be held by a court to be excessively broad as to duration, geographical scope, activity or
subject matter, it shall be construed by limiting and reducing it to make it enforceable to the extent compatible with applicable law as then in effect. 
 4.14 Survival. Articles 1 and 2 shall survive the termination of this Agreement for the periods of time indicated therein or indefinitely if no period of time is indicated. 
 [Remainder of page intentionally left blank.] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement as of the date first
above written. 
  

	
	EXECUTIVE:
	
	  

	
	COMPANY:
	
	GTC BIOTHERAPEUTICS, INC.

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