2012 Equity Incentive Plan
Exhibit 10.3
2012 Equity Incentive Plan
The 2012 Equity Incentive Plan provides for the issuance of equity incentive awards in the form of (i) non-qualified stock options; and (ii) performance-based restricted stock units.
| Executive Officer | Performance-Based Restricted Stock Units (# shares) | Non-Qualified Stock Options (# shares) | ||||||
| Douglas Bryant President and Chief Executive Officer | 5,618 | 120,393 | ||||||
| Robert Bujarski Senior Vice President, Business Development and General Counsel | 1,962 | 42,038 | ||||||
| Scot McLeod Senior Vice President, Operations | 1,452 | 31,125 | ||||||
| Mark Smits Senior Vice President, Commercial Operations, North America | 1,635 | 35,031 | ||||||
| Timothy Stenzel Chief Scientific Officer | 1,962 | 42,038 | ||||||
| Randall Steward Chief Financial Officer | 1,452 | 31,125 | ||||||
| John Tamerius Senior Vice President, Clinical and Regulatory Affairs | 1,635 | 35,031 | ||||||
The vesting period for the non-qualified stock options is four years with the first 50% of such stock options vesting at the end of the second-year anniversary of the grant date and the remainder vesting 25% annually on each of the following two anniversaries thereafter. Vesting for the performance-based restricted stock units has a three-year cliff and is tied to achievement of a performance metric of compounded annual growth rate in earnings-per-share (EPS) in 2014 compared to a baseline EPS determined by the Compensation Committee for 2011. In addition, in the event that the Company achieves certain elevated performance metrics prior to the end of the three-year vesting period (defined by the Compensation Committee with pre-determined elevated EPS targets in either 2012 or 2013), the performance-base restricted stock units will be deemed to have met the performance requirements and will convert to time-based vesting for the remainder of the three-year term.
