Stock Repurchase Agreement with Insiders Dated December 8, 2003
On December 8, 2003, the company bought back 375,000 shares of its common stock from three insiders: Marshall G. Cox, Marc H. Hadrick, MD, and a trust for Christopher I. Calhoun's family, for a total of $1,393,000 in cash. The purchase price was set by the Board of Directors based on the average closing price of the stock over the previous 10 trading days on the Frankfurt Stock Exchange. The repurchased shares are now held as treasury stock by the company.
EXHIBIT 10.20
Description Of December 8, 2003 Stock Repurchase Transaction With Insiders
On December 8, 2003, we repurchased from Marshall G. Cox, Chairman of the Board of Directors, and Marc H. Hadrick, MD, Chief Scientific Officer and Director, and from a trust for the benefit of the family of Christopher I. Calhoun, Chief Executive Officer and Director, a total of 375,000 shares of common stock for $1,393,000 in cash. The repurchase price was established by the Board of Directors as 100% of the mean average of the closing sale prices of our common stock on the Frankfurt Stock Exchange over the 10 trading days before the repurchase. We are holding the 375,000 shares as treasury stock.
