Document:

EXHIBIT
10.29

 

 

 

DIRECTOR
COMPENSATION

 

Mr. and Mrs. Gordon
do not receive fees for their service on the Board of Directors or committees.
Other directors receive an annual fee of $49,000 plus $1,500 per meeting
attended. Each member of the Audit Committee receives an annual retainer of
$7,500 and each member of the Compensation Committee receives $1,500 per
meeting attended. The Chairman of the Audit Committee receives an additional
annual fee of $5,500.  Board members are
reimbursed for reasonable travel expenses in connection with attending
meetings, and, in their capacity as ambassadors of the Company,  receive free samples of the Company’s
products at Halloween and at other times throughout the year.EXHIBIT 10.11

 

SUMMARY OF DIRECTOR COMPENSATION
ARRANGEMENTS

 

Non-employee directors of
Alexandria Real Estate Equities, Inc. (the “Company”) will receive the
following compensation in 2008:

 

·                  An annual retainer fee of $25,000;

 

·                  The committee chairpersons will receive additional
annual fees as follows:

 

	
  Lead Independent Director

  	
   

  	
  $15,000

  	
   

  
	
  Audit Committee Chairperson

  	
   

  	
  $25,000

  	
   

  
	
  Compensation Committee Chairperson

  	
   

  	
  $17,500

  	
   

  
	
  Nominating & Governance Committee
  Chairperson

  	
   

  	
  $12,500

  	
   

  

 

·                  A fee payable for each meeting attended of the Company’s
Board of Directors, or committee thereof, equal to $1,500 for each meeting
attended in person and $750 for each meeting attended telephonically;

 

·                  Reimbursement of out-of-pocket expenses incurred to
attend such meetings;

 

·                  A restricted stock grant of 1,500 shares of common
stock on January 1, 2008 under the Company’s Amended and Restated 1997
Stock Award and Incentive Plan, such shares vesting in full on January 1,
2011; and

 

·                  A tax “gross-up” fee of $61,002, equal to 40% of the
value of the restricted stock grant of 1,500 shares of common stock based on
the closing price of our common stock on January 1, 2008.

 

The Company’s
non-employee directors may elect to defer all or any portion of the fees above
in accordance with the Company’s deferred compensation plan for its directors.

 

Directors who are also
employees of the Company will not receive any compensation for their services
as directors of the Company.EXHIBIT 10.2

 

INCENTIVE STOCK OPTION AGREEMENT

PURSUANT TO THE

NBTY, INC.

YEAR 2008 STOCK OPTION PLAN

 

AGREEMENT
(“Agreement”), dated as of
          , 20    ,  by and between
NBTY, Inc., a Delaware corporation (the “Company”),
and                             
(the “Holder”).

 

Preliminary Statement

 

The
Compensation and Stock Option Committee of the Board of Directors of the
Company (the “Committee”) has granted this
incentive stock option (the “Option”) on
          , 20      (the “Grant
Date”), subject to the approval of the NBTY, Inc. Year 2008
Stock Option Plan (as the same may be amended from time to time, the “Plan”) by the Company’s
stockholders at the 2008 Annual Meeting of Stockholders (including any
adjournment thereof), to purchase the number of shares of the Company’s common
stock, $0.008 par value per share (the “Common Stock”)
set forth below to the Holder, as an eligible employee of the Company or a
subsidiary (a “Subsidiary”)
of the Company (within the meaning of Section 424 of the Internal Revenue Code of 1986, as
amended (the “Code”)).  If the stockholders of the Company do not
approve the Plan at the 2008 Annual Meeting of Stockholders, the Option will be
null and void.  Unless otherwise
indicated, any capitalized term used but not defined herein shall have the
meaning ascribed to such term in the Plan. 
A copy of the Plan as in effect on the date hereof has been delivered to
the Holder.  By signing and returning
this Agreement, the Holder acknowledges having received and read a copy of the
Plan as in effect on the date hereof and agrees to comply with the Plan, this
Agreement and all applicable laws and regulations.

 

Accordingly,
the parties hereto agree as follows:

 

1.             Grant of Option.  Subject in all respects to the Plan and the
terms and conditions set forth herein and therein, the Holder is hereby granted
an option to purchase from the Company • shares of Common Stock, at a price per
share of $•  (the “Option Price”), which may not be less
than Fair Market Value on the Grant Date.

 

2.             Tax Status.  The Option granted hereby is intended to
qualify as an “incentive stock option” under Section 422 of the Code.  Notwithstanding the foregoing, the Option
will not qualify as an “incentive stock option,” if any of the following events
occur: (a) if the Holder disposes of the Common Stock acquired pursuant to
the Option at any time during the two-year period following the date of this
Agreement or the one-year period following the date of any exercise of the
Option; (b) except in the event of the Holder’s death or disability (as
defined in Section 22(e)(3) of the Code), if the Holder is not
employed by the Company or a Subsidiary at all times during the period
beginning on the date of this Agreement and ending on the day that is three
months before the date of any exercise of the Option; or (c) the aggregate
fair market value of the Common Stock subject to “incentive stock options” held
by the Holder which become exercisable for the 

 

 

first time in any calendar year (under all plans of the Company or a
Subsidiary) exceeds $100,000.  For
purposes of clause (c) above, the “fair market value” of the Common Stock
shall be determined as of the Grant Date. 
To the extent that all or a portion of the Option does not qualify as an
“incentive stock option,” it shall not affect the validity of the Option (or
portion thereof) and shall constitute a separate non-qualified stock option
without any further action by the Company or the Holder.

 

3.             Vesting and Exercise.

 

(a)           Except as set forth in subsection (b) below,
the Option shall vest and become exercisable in installments as provided below,
which shall be cumulative.  To the extent
that the Option has become vested and exercisable as provided below, the Option
thereafter may be exercised in accordance with Section 4.  Upon expiration of the Option, the Option
shall be canceled and no longer exercisable.

 

                                The
following table indicates each date upon which the Holder shall be vested and
entitled to exercise the Option with respect to the percentage of the shares of
Common Stock indicated beside such date, provided that the Holder has not had a
termination of employment (a “Termination”)
with the Company or any of its Subsidiaries at any time prior to such date
(each of the dates set forth below being herein called a “Vesting
Date”):

 

	
  Vesting Date

  	
   

  	
  Total 

  Percentage Vested

  
	
  1st
  Anniversary of Grant Date

  	
   

  	
  0%

  
	
  2nd
  Anniversary of Grant Date

  	
   

  	
  331/3%

  
	
  3rd
  Anniversary of Grant Date

  	
   

  	
  662/3%

  
	
  4th Anniversary of Grant Date

  	
   

  	
  100%

  

 

There
shall be no proportionate or partial vesting in the periods prior to each
Vesting Date and all vesting shall occur only on the appropriate Vesting Date.

 

(b)           Upon
the occurrence of a Change in Control (as defined in Exhibit A hereto),
the Option shall immediately become exercisable with respect to all shares of
Common Stock subject thereto.

 

4.             Method of Exercise; Issuance of Shares; Notification.  (a)  Subject to the provisions of Section 3
and Section 5, to the extent vested, the Option may be exercised,
in whole or in part, at any time or from time to time prior to the expiration
or the earlier termination of the Option as provided herein, by giving written
notice of exercise to the Company, in form and substance satisfactory to
counsel for the Company, specifying the number of shares of Common Stock to be
purchased.  Such notice shall be 

 

2

 

accompanied by payment in full of the Option Price multiplied by the
number of shares of Common Stock underlying the portion of the Option exercised
as follows: (i) in cash or by check, bank draft or money order payable to
the order of the Company; (ii) solely to the extent permitted by
applicable law, if the Common Stock is traded on a national securities exchange
or quoted on a national quotation system sponsored by the National Association
of Securities Dealers, and the Committee authorizes, through a “cashless
exercise” procedure whereby the Holder delivers irrevocable instructions to a
broker acceptable to the Committee to deliver promptly to the Company an amount
in cash equal to the purchase price; (iii) by the relinquishment of a
portion of the Option or by payment in full or in part in the form of Common
Stock which, solely to the extent necessary to avoid adverse accounting
consequences for the Company, have been owned by the Holder for a period of at
least six months (and for which the Holder has good title free and clear of any
liens and encumbrances) based on the Fair Market Value of the Common Stock on
the payment date as determined by the Committee, in its sole discretion; (iv) by
any combination of the foregoing; or (v) any other means expressly authorized
by the Committee.

 

(b)           As
promptly as is practicable after the receipt of a written notice of exercise to
the Company, in form and substance satisfactory to counsel for the Company,
payment of the Option Price and satisfaction of applicable withholding
requirements, the Company shall issue the shares of Common Stock registered in
the name of the Holder, Holder’s authorized assignee, or Holder’s legal
representative, and shall deliver certificates representing the shares of
Common Stock with the appropriate legends affixed thereto.  The Company may postpone such delivery until
it receives satisfactory proof that the issuance of such shares of Common Stock
will not violate any of the provisions of the Securities Act of 1933, as
amended, or the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or the requirements
of applicable state law relating to authorization, issuance or sale of
securities, or until there has been compliance with the provisions of such acts
or rules.  The Holder understands that
the Company is under no obligation to register or qualify the shares of Common
Stock with the Securities and Exchange Commission, any state securities
commission or any stock exchange to effect such compliance.

 

(c)           By
exercising the Option, the Holder agrees to notify the Company in writing
within 15 days after the date of any disposition of any of the shares of Common
Stock issued upon exercise of the Option that occurs within two years after the
Grant Date or within one year after such shares of Common Stock are transferred
upon exercise of the Option.

 

5.             Option Term.  The term of the Option shall be 10 years
after the Grant Date and the Option shall expire at 5:00 p.m. (Eastern
Time) on the 10th anniversary of the Grant Date, subject to earlier termination
in the event of the Holder’s Termination with the Company and its Subsidiaries
as specified in Section 6.

 

6.             Termination.  Subject to Section 5 and the
terms of the Plan and this Agreement, the Option shall remain exercisable as
follows:

 

3

 

(a)           In
the event of the Holder’s Termination by reason of death or disability (as
defined in Section 22(e)(3) of the Code), the Option, to the extent
vested at the time of the Holder’s Termination, shall remain exercisable until
the earlier of (i) one year from the date of such Termination or (ii) the
expiration of the stated term of the Option pursuant to Section 5
hereof.

 

(b)           In
the event of the Holder’s involuntary Termination without “cause” (as determined
by the Committee consistent with the provisions of Section 16 of the Plan), the Option, to the extent vested at the time of the
Holder’s Termination, shall remain exercisable until the earlier of (i) three
months from the date of such Termination or (ii) the expiration of the
stated term of the Option pursuant to Section 5 hereof.

 

(c)           In
the event of the Holder’s voluntary Termination (other than a voluntary
termination described in Section 6(d) below), the Option, to
the extent vested at the time of the Holder’s Termination, shall remain
exercisable until the earlier of (i) 30 days from the date of such
Termination or (ii) the expiration of the stated term of the Option
pursuant to Section 5 hereof.

 

(d)           In
the event of the Holder’s Termination for “cause” or in the event of the Holder’s
voluntary Termination within 90 days after an event that would be grounds for a
Termination for “cause”, the Holder’s entire Option (whether or not vested)
shall be forfeited and canceled in its entirety upon such Termination.

 

(e)           Any
portion of the Option that is not vested as of the date of the Holder’s
Termination for any reason shall terminate and expire as of the date of such
Termination.

 

7.             Change in Control.  Notwithstanding the provisions of Section 14
of the Plan, in the event of a Change in Control, the Option shall be
treated, to the extent determined by the Committee to be
permitted under Section 409A of the Code, in accordance with one of
the following methods as determined by the Committee in its sole discretion: (i) the Option may be cancelled for fair value (as determined in the
sole discretion of the Committee) which, may equal the excess, if any, of the
value of the consideration to be paid in the Change in Control transaction to
holders of the same number of shares of Common Stock over the aggregate exercise
price of the Option; (ii) a new award may be issued in substitution of the
Option that will substantially preserve the otherwise applicable terms of the
Option, as determined by the Committee in its sole discretion; or (iii) for
a period of at least 20 days prior to the Change in Control, the Option may be
exercisable as to all shares of Common Stock subject thereto (but any such
exercise will be contingent upon and subject to the occurrence of the Change in
Control and if the Change in Control does not take place within a specified
period after giving such notice for any reason whatsoever, the exercise will be
null and void) and any portion of the Option not exercised prior to the consummation
of the Change in Control will terminate and be of no further force and effect
as of the consummation of the Change in Control.  For the avoidance of doubt, in the event of a
Change in Control, the Committee may, in its sole discretion, terminate the
Option if the exercise price is equal 

 

4

 

to or exceeds the per share value of the
consideration to be paid in the Change in Control transaction without payment
of consideration therefor.

 

8.             Restriction on Transfer of Option.  No part of the Option shall be anticipated,
alienated, attached, sold, assigned, pledged, encumbered, charged, hypothecated
or otherwise transferred other than by will or by the laws of descent and
distribution.  During the lifetime of the
Holder, the Option may be exercised only by the Holder or the Holder’s guardian
or legal representative.  The Option
shall not be subject to levy by reason of any execution, attachment or similar
process.  Upon any attempt to anticipate,
alienate, attach, sell, assign, pledge, encumber, charge, hypothecate or
otherwise transfer the Option or in the event of any levy upon the Option by
reason of any execution, attachment or similar process contrary to the
provisions hereof, the Option shall immediately and automatically become null
and void.

 

9.             Rights as a Stockholder; Adjustments.  (a)  The Holder shall have no rights as
a stockholder with respect to any shares of Common Stock covered by the Option
unless and until the Holder has become the holder of record of such
shares.  No adjustments shall be made to
the Option, the shares of Common Stock covered by the Option or the Option
Price for dividends in cash or other property, distributions or other rights in
respect of any such shares, except as otherwise may be specifically provided
for in the Plan.  No shares of Common
Stock shall be issued unless and until payment therefor has been made or
provided.

 

(b)           The
Committee will adjust the terms of the Option (including, without limitation,
the number of shares of Common Stock subject to the Option, the type of
property to which the Option relates and the Option Price), in such manner as
it deems appropriate (including, without limitation, by payment of cash) to
prevent the enlargement or dilution of rights, or otherwise as it deems
appropriate, for any increase or decrease in the number of issued shares of
Common Stock (or issuance of shares of stock other than shares of Common Stock)
resulting from a recapitalization, stock split, reverse stock split, stock dividend,
spinoff, splitup, combination, reclassification or exchange of shares of Common
Stock, merger, consolidation, rights offering, separation, reorganization or
liquidation, or any other change in the corporate structure or shares of the
Company, including any extraordinary dividend or extraordinary
distribution.  After any adjustment made
pursuant to this Section 9(b), the number of shares of Common Stock
subject to the Option will be rounded down to the nearest whole number.

 

10.           Provisions of Plan Control.  This Agreement is subject to all the terms,
conditions and provisions of the Plan, including, without limitation, the
amendment provisions thereof, and to such rules, regulations and
interpretations relating to the Plan as may be adopted by the Committee and as
may be in effect from time to time.  The
Plan is incorporated herein by reference. 
If and to the extent that this Agreement conflicts or is inconsistent
with the terms, conditions and provisions of the Plan, the Plan shall control,
and this Agreement shall be deemed to be modified accordingly.  This Agreement contains the entire
understanding of the parties with respect to the subject matter hereof and
supersedes any prior agreements between the Company and the Holder with respect
to the subject matter hereof.

 

5

 

11.           Notices.  Any notice or communication given hereunder
(each a “Notice”) shall be
in writing and shall be sent by personal delivery, by courier or by United
States mail (registered or certified mail, postage prepaid and return receipt
requested), to the appropriate party at the address set forth below:

 

If to the Company, to:

 

NBTY, Inc.

90
Orville Drive

Bohemia,
New York 11716

Attention:  General Counsel

 

If to the Holder, to:  the address for the Holder on file with the
Company;

 

or
such other address or to the attention of such other person as a party shall
have specified by prior Notice to the other party.  Each Notice will be deemed given and
effective upon actual receipt (or refusal of receipt).

 

12.           No Obligation to Continue Employment.  This Agreement is not an
agreement of employment.  This Agreement
does not guarantee that the Company or its Subsidiaries will employ  or continue to employ the Holder during the entire term of this Agreement
(or any portion thereof), including but not limited to any period during which
the Option is outstanding, nor does it modify in any respect the Company’s or
its Subsidiaries’ right to terminate or modify the Holder’s employment or
compensation.

 

13.           Governing Law.  All questions concerning the construction,
validity and interpretation of this Agreement will be governed by, and
construed in accordance with, the domestic laws of the State of Delaware, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Delaware.

 

14.           Waiver of Jury Trial.  THE HOLDER WAIVES ANY RIGHT IT MAY HAVE
TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER
OR IN CONNECTION WITH THIS AGREEMENT OR THE PLAN.

 

15.           Choice of Forum.

 

(a)           Jurisdiction.  The Company and the Holder, as a condition to
the Holder’s receipt of the Option, hereby irrevocably submit to the exclusive
jurisdiction of any state or federal court located in Suffolk County, New York
over any suit, action or proceeding arising out of or relating to or concerning
the Plan or this Agreement.  The Company
and the Holder, as a condition to the Holder’s receipt of the Option,
acknowledge that the forum designated by this Section 15(a) has a
reasonable relation to the Plan and this Agreement and to the relationship
between the Holder and the Company. 
Notwithstanding the foregoing, nothing herein shall preclude the Company

 

6

 

from bringing any action or proceeding in any other court for the
purpose of enforcing the provisions of Section 15.

 

(b)           Acceptance of Jurisdiction.  The agreement by the Company and the Holder
as to forum is independent of the law that may be applied in the action, and
the Company and the Holder, as a condition to the Holder’s receipt of the
Option, (i) agree to such forum even if the forum may under applicable law
choose to apply non-forum law, (ii) hereby waive, to the fullest extent
permitted by applicable law, any objection which the Company or the Holder now
or hereafter may have to personal jurisdiction or to the laying of venue of any
such suit, action or proceeding in any court referred to in Section 15(a),
(iii) undertake not to commence any action arising out of or relating to
or concerning the Plan or this Agreement in any forum other than the forum
described in this Section 15 and (iv) agree that, to the
fullest extent permitted by applicable law, a final and non-appealable judgment
in any such suit, action or proceeding in any such court shall be conclusive
and binding upon the Company and the Holder.

 

(c)           Service of Process.  The Holder, as a condition to the Holder’s
receipt of the Option, hereby irrevocably appoints the General Counsel of the
Company as the Holder’s agent for service of process in connection with any
action, suit or proceeding arising out of or relating to or concerning the Plan
or this Agreement, who shall promptly advise the Holder of any such service of
process.

 

(d)           Confidentiality.  The Holder, as a condition to the Holder’s
receipt of the Option, agrees to keep confidential the existence of, and any
information concerning, a dispute, controversy or claim described in Section 15,
except that the Holder may disclose information concerning such dispute,
controversy or claim to the court that is considering such dispute, controversy
or claim or to the Holder’s legal counsel (provided that such counsel agrees
not to disclose any such information other than as necessary to the prosecution
or defense of the dispute, controversy or claim).

 

16.           Counterparts.  This Agreement may be executed with
counterpart signature pages or in separate counterparts, each of which
shall be an original and all of which taken together shall constitute one and
the same agreement.

 

                IN WITNESS WHEREOF, the parties have executed this Agreement
on the date and year first above written.

 

	
  HOLDER 

  	
  NBTY, INC. 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
  [Name]

  	
   

  	
  Name: 

  
	
   

  	
   

  	
  Title

  

 

 

7

 

Exhibit A

 

Definition of Change in Control

 

A
“Change in Control” means the happening of any of the following:

 

                (a)           the members of the Board of Directors of the Company (the “Board”) at the beginning of any
consecutive twenty-four calendar month period, but not including any period
prior to February 1, 2008 (the “Incumbent Directors”),
cease for any reason other than due to death or such director’s desire to not
stand for re-election to the Board to constitute at least a majority of the
members of the Board; provided that any director whose election, or nomination
for election by the Company’s stockholders, was approved by a vote of at least
a majority of the members of the Board then still in office who were members of
the Board at the beginning of such twenty-four calendar month period will be
deemed an Incumbent Director;

 

                (b)           any “person”, including a “group” (as such terms are used
in Sections 13(d) and 14(d) of the Exchange Act), but excluding the
Company, any of its affiliates or any employee benefit plan of the Company is
or becomes after February 1, 2008 a “beneficial owner” (as such term is
used in Section 13(d) and 14 of 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 25% or more of the combined voting power of the Company’s
then outstanding securities (the “Company Voting Securities”);
provided, however, such event will not be deemed to be a Change
in Control if it qualifies as a Non-Qualifying Transaction as defined in clause
(c) below;

 

                (c)           the consummation of a merger, consolidation, statutory
share exchange or similar form of corporate transaction involving the Company
or any of its subsidiaries that requires the approval of the Company’s
stockholders, whether for such transaction or the issuance of securities in the
transaction (a “Business Combination”),
unless immediately following such Business Combination:  (A) more than 50% of the total voting
power of (x) the corporation resulting from such Business Combination (the
“Surviving Corporation”), or (y) if
applicable, the ultimate parent corporation that directly or indirectly has
beneficial ownership of at least 95% of the voting securities eligible to elect
directors of the Surviving Corporation (the “Parent
Corporation”), is represented by Company Voting Securities that
were outstanding immediately prior to such Business Combination (or, if
applicable, is represented by shares into which such Company Voting Securities
were converted pursuant to such Business Combination), and such voting power
among the holders thereof is in substantially the same proportion as the voting
power of such Company Voting Securities among the holders thereof immediately
prior to the Business Combination, (B) no person (other than any employee
benefit plan (or related trust) sponsored or maintained by the Surviving
Corporation or the Parent Corporation), is or becomes the beneficial owner,
directly or indirectly, of 25%

 

 

or
more of the total voting power of the outstanding voting securities eligible to
elect directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) and (C) at least a majority of the
members of the board of directors of the Parent Corporation (or, if there is no
Parent Corporation, the Surviving Corporation) following the consummation of
the Business Combination were Incumbent Directors at the time of the Board’s
approval of the execution of the initial agreement providing for such Business
Combination (any Business Combination which satisfies all of the criteria
specified in (A), (B) and (C) above will be deemed to be a “Non-Qualifying Transaction”); or

 

                (d)           the stockholders of the Company approve a plan of complete
liquidation or dissolution of the Company or the consummation of a sale of all
or substantially all of the Company’s assets to a person that is not controlled
by the Company.

 

A-2

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