Document:

EX-10.3

EXHIBIT 10.3

HUTCHINSON TECHNOLOGY INCORPORATED

1996 INCENTIVE PLAN

Non-Statutory Stock Option Agreement

(Director)

Name of Optionee:

No. of Shares Covered: Date of Grant:

Exercise Price Per Share:

This is a Non-Statutory Stock Option Agreement (“Agreement”) between Hutchinson Technology
Incorporated, a Minnesota corporation (the “Company”), and the optionee identified above (the
“Optionee”), effective as of the date of grant specified above.

Recitals

WHEREAS, the Company maintains the Hutchinson Technology Incorporated 1996 Incentive
Plan (“Plan”); and

WHEREAS, pursuant to the Plan, a committee (the “Committee”), which shall be the Board
of Directors of the Company (the “Board”) if no separate committee has been appointed by
the Board, has the authority to determine the awards to be granted under the Plan; and

WHEREAS, the Committee has determined that the Optionee is eligible to receive an award
under the Plan in the form of a non-statutory stock option (the “Option”).

NOW, THEREFORE, the Company hereby grants this Option to the Optionee under the terms
and conditions as follows.

1

Terms and Conditions*

	 	1.	 	Grant. The Optionee is granted this Option to purchase the number of Shares
specified at the beginning of this Agreement.

	 	2.	 	Exercise Price. The price to the Optionee of each Share subject to this Option shall
be the exercise price specified at the beginning of this Agreement.

	 	3.	 	Non-Statutory Stock Option. This Option is not intended to be an “incentive
stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”).

	 	4.	 	Exercise Schedule. This Option shall vest on the first anniversary of the date of
grant of this Option. If this Option has not expired prior thereto, it may be exercised in
whole or in part with respect to any Shares as to which this Option has vested.

This Option may also be exercised under the circumstances described in Section 8 of this
Agreement if it has not expired prior thereto.

5. Expiration. This Option shall expire at 5:00 p.m. Central Time on the earliest of:

(a) The date occurring ten years after the date of grant of this Option;

	 	(b)	 	The last day of the period following the termination of employment of the Optionee
during which this Option can be exercised (as specified in Section 7 of this Agreement);
or

(c) The date (if any) fixed for cancellation pursuant to Section 8 of this Agreement.

In no event may anyone exercise this Option, in whole or in part, after it has expired,
notwithstanding any other provision of this Agreement.

6. Procedure to Exercise Option.

Method of Exercise. This Option may be exercised by delivering written notice of exercise to
the Company at the principal executive office of the Company, to the attention of the
Company’s Vice President, Human Resources (which written notice shall state the number of
Shares to be purchased and shall be signed by the person exercising this Option), or by such
other means as the Board or Committee may approve. If the person exercising this Option is
not the Optionee, he/she also must submit appropriate proof of his/her right to exercise this
Option.

Tender of Payment. Upon giving notice of any exercise hereunder, the Optionee shall provide
for payment of the purchase price of the Shares being purchased through one or a combination
of the following methods:

	 	*	 	 Unless the context indicates otherwise, terms that are not defined in this
Agreement shall have the meaning set forth in the Plan as it currently exists or as it is
amended in the future.

(a) Cash;

	 	(b)	 	To the extent permitted by law, a broker-assisted cashless exercise in which the
Optionee irrevocably instructs a broker to deliver proceeds of a sale of all or a portion
of the Shares to be issued pursuant to the exercise (or a loan secured by such Shares) to
the Company in payment of the purchase price of such Shares;

	 	(c)	 	By delivery to the Company of unencumbered Shares having an aggregate Fair Market
Value (as defined in paragraph 7 of the Plan) on the date of exercise equal to the
purchase price of such Shares; or

	 	(d)	 	By a reduction in the number of Shares delivered to the Optionee upon exercise,
such number of Shares having an aggregate Fair Market Value on the date of exercise equal
to the purchase price of such Shares.

Notwithstanding the foregoing, the Optionee shall not be permitted to pay any portion of the
purchase price with Shares if the Committee, in its sole discretion, determines that payment
in such manner is undesirable.

Issuance of Shares. As soon as practicable after the Company receives notice of the exercise
in a manner approved by the Board or Committee and the purchase price provided for above, it
shall arrange for the delivery of the Shares being purchased in accordance with the delivery
instructions related to such notice. The Company shall pay any original issue or transfer
taxes with respect to the issue or transfer of the Shares and all fees and expenses incurred
by it in connection therewith. All Shares so issued shall be fully paid and nonassessable.
Notwithstanding anything to the contrary in this Agreement, the Company shall not be required
to issue or deliver any Shares prior to the completion of such registration or other
qualification of such Shares under any state or federal law, rule or regulation as the Company
shall determine to be necessary or desirable.

	 	7.	 	Employment Requirement. This Option may be exercised only while the Optionee remains
employed with the Company or a parent or subsidiary thereof, and only if the Optionee has been
continuously so employed since the date of this Agreement (it being understood that solely for
purposes of the Plan and this Agreement, as provided in paragraph 4 of the Plan, service as a
director of the Company constitutes employment with the Company for purposes hereof); provided
that:

	 	(a)	 	This Option may be exercised for three months (or such longer period, if any, as
the Committee, in its sole discretion, may determine) following the day the Optionee’s
employment by the Company ceases if such cessation of employment is for a reason other
than death or disability, but only to the extent that it was exercisable immediately
prior to termination of employment (i.e., termination of employment occurs on or after a
date one year after the date of grant of this Option).

	 	(b)	 	This Option may be exercised within three years after the Optionee’s employment by
the Company ceases if such cessation of employment is because of death or disability.

	 	(c)	 	If the Optionee’s employment terminates after a declaration made pursuant to
Section 8 of this Agreement in connection with an Event, this Option may be exercised at
any time permitted by such declaration.

	 	(d)	 	Notwithstanding paragraph (a) of this Section 7, if the Optionee has served as a
director of the Company for at least five years (whether or not consecutive), then this
Option may be exercised at any time within three years following the day the Optionee
ceases to be a member of the Board, but only to the extent that it was exercisable
immediately prior to such cessation of membership.

	 	(e)	 	Notwithstanding paragraphs (a), (b) and (d) of this Section 7, if (i) the Optionee
has served as a director of the Company for at least five years (whether or not
consecutive), and (ii) the Optionee ceases to be a member of the Board after the Optionee
has reached age 65, then this Option may be exercised at any time during its full
original term (i.e., before 5:00 p.m., central time, on **[date]**) but only to the
extent that it was exercisable immediately prior to termination of employment.

Notwithstanding the above, this Option may not be exercised after it has expired.

8. Acceleration of Option.

Death or Disability. This Option may be exercised in full, regardless of whether such
exercise occurs prior to a date on which this Option would otherwise vest, upon the death or
disability of the Optionee; provided that the Optionee shall have been continuously employed
by the Company or a parent or subsidiary thereof between the date of this Agreement and the
date of such death or disability.

Change in Control. In the event of a Change in Control as defined in paragraph 12 of the
Plan, then, without any action by the Committee or the Board, this Option, to the extent not
already exercised in full or otherwise terminated, expired or canceled, shall become
immediately exercisable in full and the Committee may, as provided in paragraph 12(c) of the
Plan, make certain cash payments with respect to this Option.

Event. In the event of an Event as defined in paragraph 13 of the Plan, the Committee may,
but shall not be obligated to:

	 	(a)	 	if the Event is a merger or consolidation or statutory share exchange, make
appropriate provision for the protection of this Option by the substitution for this
Option of options or voting common stock of the corporation surviving any merger or
consolidation or, if appropriate, the parent corporation of the Company or such surviving
corporation, as provided in paragraph 13 of the Plan; or

	 	(b)	 	at least 20 days prior to the occurrence of the Event, declare, and provide written
notice to the Optionee of the declaration, that this Option, whether or not then
exercisable, shall be canceled at the time of, or immediately prior to the occurrence of
the Event (unless it shall have been exercised prior to the occurrence of the Event). In
connection with any such declaration, the Committee may, but shall not be obligated to,
cause payment to be made to the Optionee of cash equal to, for each Share covered by the
canceled Option, the amount, if any, by which the Event Proceeds per Share, as defined in
paragraph 13 of the Plan, exceeds the exercise price per Share covered by this Option.
At the time of any such declaration, this Option shall immediately become exercisable in
full and the Optionee shall have the right, during the period preceding the time of
cancellation of the Option, to exercise this Option as to all or any part of the Shares
covered by this Option. In the event of a declaration pursuant to this subsection, to
the extent this Option has not been exercised prior to the Event, the unexercised part of
this Option shall be canceled at the time of, or immediately prior to, the Event, as
provided in the declaration. Notwithstanding the foregoing, the holder of this Option
shall not be entitled to the payment provided for in this subsection if this Option shall
have expired pursuant to Section 5 above.

Discretionary Acceleration. The Committee has the power, in its sole discretion, to declare
at any time that this Option shall be immediately exercisable.

	 	9.	 	Limitation on Transfer. Except as otherwise provided in this Section 9, while the
Optionee is alive, only the Optionee or his/her guardian or legal representative may exercise
this Option. Except as otherwise provided in this Section 9, this Option may not be assigned
or transferred other than by will or the laws of descent and distribution or pursuant to a
qualified domestic relations order as defined by the Code or Title I of the Employee
Retirement Income Security Act, or the rules thereunder. This Option may be transferred at
any time that it remains outstanding and unexpired to (a) any member of the Optionee’s
“immediate family” (as such term is defined in Rule 16a-1(e) promulgated under the Securities
Exchange Act of 1934, as amended, or any successor rule or regulation), (b) one or more trusts
whose beneficiaries are members of the Optionee’s “immediate family” or the Optionee, or (c)
partnerships in which such family members or the Optionee are the only partners; provided,
however, that the Optionee receives no consideration for the transfer. Following any such
transfer, this Option, when held by any such permitted transferee, shall continue to be
subject to the same terms and conditions that were applicable to this Option immediately prior
to its transfer and may be exercised by such permitted transferee as and to the extent that
this Option has become exercisable and has not terminated in accordance with the provisions of
the Plan and this Agreement.

	 	10.	 	No Shareholder Rights Before Exercise. No person shall have any of the rights of a
shareholder of the Company with respect to any Share subject to this Option until the Share
actually is issued to him/her upon exercise of this Option.

	 	11.	 	Discretionary Adjustment. In the event of any reorganization, merger, consolidation,
recapitalization, liquidation, reclassification, stock dividend, stock split, combination of
 shares, rights offering, or extraordinary dividend or divestiture (including a spin-off), or
any other change in the corporate structure or Shares of the Company, the Committee (or if the
Company does not survive any such transaction, a comparable committee of the Board of
Directors of the surviving corporation) may, without the consent of the Optionee, make such
adjustment as it determines in its discretion to be appropriate as to the number and kind of
securities subject to and reserved under the Plan and, in order to prevent dilution or
enlargement of rights of the Optionee, the number and kind of securities issuable upon
exercise of this Option and the exercise price hereof.

	 	12.	 	Tax Withholding. Delivery of Shares upon exercise of this Option shall be subject to
any required withholding taxes. As a condition precedent to receiving Shares upon exercise of
this Option, the Optionee may be required to pay to the Company, in accordance with the
provisions of paragraph 10 of the Plan, an amount equal to the amount of any required
withholdings.

	 	13.	 	Interpretation of This Agreement. All decisions and interpretations made by the
Committee with regard to any question arising hereunder or under the Plan shall be binding and
conclusive upon the Company and the Optionee. If there is any inconsistency between the
provisions of this Agreement and the Plan, the provisions of the Plan shall govern.

	 	14.	 	Discontinuance of Employment. This Agreement shall not give the Optionee a right to
continued employment with the Company or any parent or subsidiary of the Company, and the
Company or any such parent or subsidiary employing the Optionee may terminate his/her
employment at any time and otherwise deal with the Optionee without regard to the effect it
may have upon him/her under this Agreement.

	 	15.	 	Option Subject to Plan, Articles of Incorporation and By-Laws. The Optionee
acknowledges that this Option and the exercise thereof is subject to the Plan, the Articles of
Incorporation, as amended from time to time, and the By-Laws, as amended from time to time, of
the Company, and any applicable federal or state laws, rules or regulations.

	 	16.	 	Obligation to Reserve Sufficient Shares. The Company shall at all times during the
term of this Option reserve and keep available a sufficient number of Shares to satisfy this
Agreement.

	 	17.	 	Binding Effect. This Agreement shall be binding in all respects on the heirs,
representatives, successors and assigns of the Optionee.

	 	18.	 	Choice of Law. This Agreement is entered into under the laws of the State of
Minnesota and shall be construed and interpreted thereunder (without regard to its conflict of
law principles).

IN WITNESS WHEREOF, the Optionee and the Company have executed this Agreement as of the
     day of    ,    .

**[OPTIONEE’S NAME]**

   

HUTCHINSON TECHNOLOGY INCORPORATED

By   

Its   

2Articles Supplementary

OMEGA HEALTHCARE INVESTORS, INC.

ARTICLES SUPPLEMENTARY

 

Omega Healthcare Investors, Inc., a Maryland corporation ("Company"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

FIRST: Pursuant to authority contained in the Charter: (i) Two Million Three Hundred Thousand (2,300,000) shares of authorized but unissued shares of the Company’s Series A Cumulative Preferred Stock; and (ii) Nine Hundred Sixty Thousand Five Hundred (960,500) shares of authorized but unissued shares of the Company’s Series C Convertible Preferred Stock, have been duly reclassified by the Board of Directors of the Company as authorized but unissued shares of the Company’s Preferred Stock, par value $1.00 per share as described in Article IV, Section 2 of the Articles of Incorporation of the Company, without designation as to series. 

SECOND. The re-classification and classification of authorized but unissued shares as set forth in these Articles Supplementary does not increase the authorized capital of the Company or the aggregate par value thereof.

 

THIRD: These Articles Supplementary have been approved by the Board of Directors in the manner and by the vote required by law.

 

FOURTH: The undersigned President of the Company acknowledges these Articles Supplementary to be the corporate act of the Company and, as to all matters or facts required to be verified under oath, the undersigned President of the Company acknowledges that to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury. 

 

	 
    

	 	 	 
	

	 

 

IN WITNESS WHEREOF, the Company has caused these Articles Supplementary to be executed under seal in its name and on its behalf by its President and attested to by its Secretary on this 30th day of June, 2004. 

 

	
ATTEST

         By: /S/ DANIEL J. BOOTH

Name:   Daniel J. Booth

Title:   Secretary and Chief Operating Officer
	
OMEGA HEALTHCARE INVESTORS, INC.

          By: /S/ C. TAYLOR PICKETT

Name:     C. Taylor Pickett

Title:    President and Chief Executive Officer

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