Document:

form8k_exhibit10-2.htm

    Exhibit
10.2

     

     

    
      RESTRICTED
STOCK BONUS AGREEMENT

      

      This
Restricted Stock Bonus Agreement (this “Agreement”), effective as of «GrantDate»
(the “Grant Date”), is by and between Lexicon Pharmaceuticals, Inc., a Delaware
corporation (the “Company”), and «Name» (“Employee”).

      

      To carry
out the purposes of the Company’s 2000 Equity Incentive Plan (the “Plan”), and
the determination of the compensation committee (the “Compensation Committee”)
of the Company’s board of directors (the “Board”) to award Employee a stock
bonus under the Plan, subject to the terms and conditions of this Agreement, of
shares of the Company’s Common Stock, par value $0.001 per share (“Stock”), and
in consideration of the mutual agreements and other matters set forth herein and
in the Plan, the Company and Employee hereby agree as follows:

      

      1.           Grant of
Shares.  The Company hereby grants to Employee a stock bonus,
on the terms and conditions set forth in this Agreement and in
the Plan, consisting of an aggregate of «Shares» shares of Stock (the
“Shares”).

      

      2.           Vesting.  (a)
Subject to the terms and conditions set forth in this Agreement and the Plan,
the interest of Employee in the Shares shall vest with respect to (i) 50% of the
total number of Shares on «VestingDate» and (ii) the remaining Shares on the
first anniversary of the Grant Date; provided that the interest of
Employee in the Shares
shall become fully vested upon (x) a Change in Control (as defined below) or (y)
the termination of Employee’s Continuous Service (as defined in the Plan) by the
Company without Cause (as defined below), by Employee for Good Reason (as
defined below), or as a result of Employee’s death or Disability (as defined in
the Plan).

      

      (b)           For
purposes of the foregoing, the following terms shall have the meanings indicated
below:

       

      
        
          (i)           A
“Change in Control” shall be deemed to have occurred if any of the following
shall have taken place: (A) any “person” (as such term is used in Sections 13(d)
and 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”)) other
than Invus, L.P. and its affiliates (collectively, “Invus”) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act, or any
successor provisions thereto), directly or indirectly, of securities of the
Company representing 35% or more of the combined voting power of the Company’s
then-outstanding voting securities; (B) Invus becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act, or any successor provisions
thereto), directly or indirectly, of securities of the Company representing 50%
or more of the combined voting power of the Company’s then-outstanding voting
securities; (C) the consummation of a reorganization, merger, or consolidation,
in each case with respect to which persons who were stockholders of the Company
immediately prior to such reorganization, merger or consolidation do not,
immediately thereafter, own or control more than 50% of the combined voting
power of the reorganized, merged or consolidated Company’s then-outstanding
securities entitled to vote generally in the election of directors in
substantially the same proportions as their ownership of the Company’s
outstanding voting securities prior to such reorganization, merger or
consolidation; (D) a liquidation or dissolution of the Company or the sale of
all or substantially all of the Company’s assets; or (E) following the election
or removal of directors, a majority of the Board consists of individuals who
were not members of the Board two years before such election or removal, unless
the election of each director who is not a director at the beginning of such
two-year period has been approved in advance by directors representing at least
a majority of the directors then in office who were directors at the beginning
of the two-year period.  The Compensation Committee, in its
discretion, may deem any other corporate event affecting the Company to be a
“Change in Control” hereunder.

          

          (ii)           “Cause”
means a termination of Employee’s employment directly resulting from (A)
Employee having engaged in intentional misconduct causing a material violation
by the Company of any state or federal laws, (B) Employee having engaged in a
theft of Company funds or Company assets or in a material act of fraud upon the
Company, (C) an act of personal dishonesty taken by Employee that was
intended to result in personal enrichment of Employee at the expense of the
Company, (D) Employee’s final conviction (or the entry of any plea other than
not guilty) in a court of competent jurisdiction of a felony, or (E) a breach by
Employee of any contractual or fiduciary obligation to the Company, if such
breach results in a material injury to the Company.

          

          (iii)           “Good
Reason” means the occurrence of any of the following events without Employee’s
express written consent: (A) a material diminution in Employee’s base salary,
(B) a material diminution in Employee’s authority, duties, or responsibilities,
or (C) any other action or inaction that constitutes a material breach by the
Company of any contractual obligation to Employee.

        

         

      

      3.           Forfeiture of Unvested
Shares upon Termination of Service.  Simultaneously with
termination of Employee’s Continuous Service, Employee shall automatically
forfeit, and the Company shall reacquire, for no consideration, all of the
Shares as to which the interest of Employee has not vested in accordance with
Section 2 of this Agreement, unless the Company, in its sole discretion, agrees
to waive such right as to some or all of such unvested Shares.

      

      4.           Escrow.  The
certificate or certificates evidencing the Shares shall be delivered to and
deposited with the Secretary of the Company as escrow agent (the “Escrow
Agent”). The Shares may also be held in a restricted book entry account in the
name of Employee.  Such certificates or such book entry shares shall
be held by the Escrow Agent until the interest of Employee in the Shares
represented thereby vests in accordance with Section 2 of this Agreement,
at which time such certificates or book entry shares shall be released by said
Escrow Agent to Employee. Pending such release, all certificates representing
Shares subject to the provisions of this Agreement shall have endorsed thereon
the following legend: “The shares represented by this certificate are subject to
an agreement between the Corporation and the registered holder, a copy of which
is on file at the principal office of this Corporation.” Employee shall have all
the rights of a stockholder with respect to the Shares held in escrow, including
the right to vote such Shares and to receive any cash dividends paid to or made
with respect to such Shares, except for the right to transfer such Shares as
provided in Section 5.

      

      5.           Non-Transferability.  Employee’s
rights under this Agreement, including with respect to any Shares as to which
the interest of Employee has not vested in accordance with Section 2 of this
Agreement, may not be transferred by Employee otherwise than by will or the laws
of descent and distribution or pursuant to a qualified domestic relations order
(as defined in Title I of the Employee Retirement Income Security Act of 1974,
as amended, or the rules thereunder).

      

      6.           Withholding of
Tax.   Employee shall be liable for any and all taxes,
including withholding taxes, arising out of the grant or vesting of Shares
hereunder. Employee may elect to satisfy such withholding tax obligation by
having the Company retain Shares having a Fair Market Value (as defined in the
Plan) equal to the Company’s minimum withholding obligation.  No
Shares shall be released from escrow unless Employee shall have paid or
otherwise satisfied the withholding tax obligations with respect
thereto.

      

      7.           No Right to Continued
Employment. Nothing in this Agreement or the Plan shall confer upon
Employee any right to continue in the employ of the Company or shall interfere
with or restrict in any way the right of the Company, which is hereby expressly
reserved, to terminate Employee’s employment at any time for any reason
whatsoever, with or without Cause and with or without advance
notice.

      

      8.           Equity Incentive
Plan.  The Plan, a copy of which is available for inspection by
Employee at the Company’s principal executive office during business hours, is
incorporated by reference in this Agreement.  This Agreement is
subject to, and the Company and Employee agree to be bound by, all of the terms
and conditions of the Plan. In the event of a conflict between this Agreement
and the Plan, the terms of the Plan shall control.  Subject to the
terms of the Plan, the administrator of the Plan shall have authority to
construe the terms of this Agreement, and the determinations of the
administrator of the Plan shall be final and binding on Employee and the
Company.

      

      9.           Binding
Agreement.  This Agreement shall be binding upon and inure to
the benefit of any successors to the Company and all persons lawfully claiming
under Employee.

      

      10.           Governing
Law.  This Agreement and all actions taken hereunder shall be
governed by and construed in accordance with the laws of the State of
Delaware.

      

      IN
WITNESS WHEREOF, the Company has caused this Agreement to be duly executed and
Employee has executed this Agreement effective for all purposes as of the Grant
Date.

      

      
        
          	 
      	
                  Lexicon
      Pharmaceuticals, Inc.

                
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  By:

                	 
      
	 
      	 
      	
                  Arthur
      T. Sands, M.D., Ph.D.

                
	 
      	 
      	
                  President
      and Chief Executive Officer

                
	 
      	 
      	 
      

        

      

      

      

      
        
          	 
      	
                  Employee

                
	 
      	 
      
	 
      	 
      
	 
      	
                  Nameexh10_01.htm

     

    
      

      

    

    Exhibit
10.01
 

    

     

    Exclusive
Option to Purchase Unimproved Land

     

     

    THIS OPTION AGREEMENT
("Agreement") made and entered into this 12th day of February, 2009, by and
between The Nacelle Corporation, whose principal address is 23760 Oakfield Rd,
Hidden Hills, CA 91302, hereinafter referred to as "Seller" and Green St.
Energy, Inc., whose principal address is 123 Green Street, Tehachapi,
CA  93561, hereinafter referred to as "Purchaser":

     

     

    W I T N E S S E T
H:

     

     

    WHEREAS, Seller is the fee
simple owner of certain real property being, lying and situated in the County of
Kern, State of California, such real property having Assessor Parcel Numbers of
________________________ ("Property") and such property being more particularly
described as follows:

     

     

    (Insert Legal
Description)

     

     

    and,

     

     

    WHEREAS, Purchaser desires to
procure an option to purchase the Property upon the terms and provisions as
hereinafter set forth;

     

     

    NOW, THEREFORE, for good and
valuable consideration the receipt and sufficiency of which is hereby
acknowledged by the parties hereto and for the mutual covenants contained
herein, Seller and Purchaser hereby agree as follows:

     

     

    1.      DEFINITIONS. For the purposes
of this Agreement, the following terms shall have the following
meanings:

     

     

    (a)           "Execution Date" shall mean the
day upon which the last party to this Agreement shall duly execute this
Agreement;

     

     

    (b)           "Option Fee" shall mean a $16
million Convertible Debenture (the “Debenture”) in the form annexed hereto as
Exhibit I, issuable upon Board approval of Purchaser and the monetary sum
of $260,000.00 less amounts paid to date by Purchaser to Seller and/or any
shareholder, officer (“Affiliate”) or related party of an Affiliate with said
unpaid monetary amounts due to Seller within sixty (60) days of the effective
date of this Agreement, all of which to be applied toward the Purchase Price of
the Property (as hereinafter defined) and all closing costs should Purchaser
exercise this exclusive Option;

     

     

    (c)           “Purchase Price” for the
Property shall be mutually agreed to by and between Purchaser and Seller during
the Option Term but in
no event will the Purchase Price for the Property exceed its current fair market
value.  If there is a dispute between the parties as to the current
fair market value of the Property, each party shall select an independent
appraiser.  In the even the independent appraisers so selected can not
agree as to fair market value (as of the date of this Agreement) then the
independent appraisers shall select a third independent appraiser and the
Parties agree to take the average of the three (3) appraisal values as the fair
market value.  In the event the Purchaser exercises the Option and the
Option Fee exceeds the Purchase Price, the principal value of the Debenture will
be adjusted accordingly to reflect the Purchase Price less any monetary
consideration paid under this Option;

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (d)           "Option Term" shall mean that
period of time commencing on the Execution Date and ending on or before February
12, 2012;

     

     

    (e)           "Option Exercise Date" shall
mean that date, within the Option Term, upon which the Purchaser shall send a
written notice to Seller exercising all or a portion of its Option to
Purchase;

     

     

    (f)           "Closing Date" shall mean the
last day of the closing term or such other date during the closing term selected
by Purchaser.

     

     

    2.  GRANT OF OPTION. For and in
consideration of the Option Fee payable to Seller as set forth herein, Seller
does hereby grant to Purchaser the exclusive right and Option ("Option") to
purchase the Property upon the terms and conditions as set forth herein. In the
event the Purchaser exercises the Option and the Option Fee exceeds the Purchase
Price, the principal value of the Debenture will be adjusted accordingly to
reflect the Purchase Price less any monetary consideration paid under this
Option.

     

     

    3. PAYMENT OF OPTION FEE.
Purchaser agrees to pay the Seller the Option Fee as set forth in Section 1(b)
to be applied as a down payment toward the total Purchase Price of the Property
in accordance with Section 1(c), plus all closing costs in accordance with the
terms set forth herein.

     

     

    4. EXERCISE OF OPTION. Purchaser
may exercise its exclusive right to purchase the Property pursuant to the
Option, at any time during the Option Term, by giving written notice thereof to
Seller. As provided for above, the date of sending of said notice shall be the
Option Exercise Date.
Except as otherwise provided by this Agreement, in the event the Purchaser does
not exercise its exclusive right to purchase the Property granted by the Option
during the Option Term, Seller shall be entitled to retain the Option Fee, and
this agreement shall become absolutely null and void and neither party hereto
shall have any other liability, obligation or duty
hereinunder.

     

     

    5.  CONTRACT FOR PURCHASE & SALE OF
REAL PROPERTY. In the event that the Purchaser exercises its exclusive
Option as provided for in the preceding paragraph, Seller agrees to sell and
Purchaser agrees to buy the Property and both parties agree to execute a
contract for such purchase and sale of all or a portion of the Property in
accordance with the following terms and conditions:

     

        (a)           Purchase Price. The Purchase
Price for the Property shall be no greater than the current Fair Market Value;
however,
Purchaser shall receive a credit toward such Purchase Price in the amount of the
Option Fee thus, Purchaser shall pay to Seller at closing the sum of the agreed
to Purchase Price less the Option Fee;

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b)           Closing Date. The closing date
shall be at a date during the Option Term as may be selected by
Purchaser;

     

     

    (c)           Closing Costs. Purchaser's and
Seller's costs of closing the Contract shall be borne by Purchaser;

     

     

    (d)           Assignment or
Pledge.  Purchaser has the right to assign and/or pledge the
option created under this Agreement provided said assignment or pledge does not
encumber the Property beyond what is provided for in this Option
Agreement.

     

     

    (e)           Default by Purchaser. Remedies of Seller. In the
event Purchaser, after exercise of the Option, fails to proceed with the closing
of the purchase of the Property pursuant to the terms and provisions as
contained herein and/or under the Contract, Seller shall be entitled to retain
the Option Fee as liquidated damages and shall have no further recourse against
Purchaser;

     

     

    (f)           Default by Seller. Remedies of Purchaser. In the
event Seller fails to close the sale of the Property pursuant to the terms and
provisions of this Agreement and/or under the Contract, Purchaser shall be
entitled to either sue for specific performance of the real estate purchase and
sale contract or terminate such Contract and sue for damages.

     

     

    6.  MISCELLANEOUS.

     

     

    (a)           Execution by Both Parties.
This Agreement shall not become effective and binding until fully executed by
both Purchaser and Seller.

     

     

    (b)           Notice. All notices, demands
and/or consents provided for in this Agreement shall be in writing and shall be
delivered to the parties hereto by hand or by United States Mail with postage
pre-paid. Such notices shall be deemed to have been served on the date mailed,
postage pre-paid. All such notices and communications shall be addressed to the
Seller at 23760 Oakfield Rd, Hidden Hills, CA 91302, and to Purchaser at 123
Green St., Tehachapi, CA  93561 or at such other address as either may
specify to the other in writing.

     

     

    (c)           Fee Governing. This Agreement
shall be governed by and construed in accordance with the laws of the State of
California.

     

     

    (d)           Successors and Assigns. This
Agreement shall apply to, inure to the benefit of and be binding upon and
enforceable against the parties hereto and their respective heirs, successors,
and or assigns, to the extent as if specified at length throughout this
Agreement.

     

     

    (e)           Time. Time is of the essence
of this Agreement.

     

     

    (f)           Headings. The headings
inserted at the beginning of each paragraph and/or subparagraph are for
convenience of reference only and shall not limit or otherwise affect or be used
in the construction of any terms or provisions hereof.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (g)           Cost of this Agreement. Any
cost and/or fees incurred by the Purchaser or Seller in executing this Agreement
shall be borne by the respective party incurring such cost and/or
fee.

     

     

    (h)           Representation. Each party
understands the legal significance of this Agreement and confirms that they have
been afforded and encouraged to consult with their own legal counsel prior to
entering into this Agreement.

     

     

    (i)           Entire Agreement. This
Agreement contains all of the terms, promises, covenants, conditions and
representations made or entered into by or between Seller and Purchaser and
supersedes all prior discussions and agreements whether written or oral between
Seller and Purchaser with respect to the Option and all other matters contained
herein and constitutes the sole and entire agreement between Seller and
Purchaser with respect thereto. This Agreement may not be modified or amended
unless such amendment is set forth in writing and executed by both Seller and
Purchaser with the formalities hereof.

     

     

    IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed under proper
authority:

     

     

    As to
Purchaser this 12th day of February, 2009.

     

    
      	 Witnesses:
      "Purchaser" 	 Green St.
      Energy, Inc
	 	 
	  
      /s/ Anthony Cataldo        
    	 By: Anthony
      Cataldo – Chairman and CEO
	 	 
	 As to Seller
      this 12th day of February, 2009.	 
	 	 
	 Witnesses:
      "Seller" 	 The
      Nacelle  Corporation
	 	 
	 /s/
      David
      Dadon                  
      	 By: David
      Dadon          
      

    

     

     

    
4

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