AWARD AGREEMENT COLUMBIA LABORATORIES, INC.
Exhibit
10.62
COLUMBIA
LABORATORIES, INC.
1996
LONG-TERM
PERFORMANCE
PLAN
This
Award Agreement sets forth the terms and conditions of shares of Stock granted
pursuant to the provisions of the 1996 Long-term Performance Plan (the
“Plan”)
of
Columbia Laboratories, Inc. (the “Company”)
to the
Participant whose name appears below, for the number of Shares of Stock of
the
Company set forth below, pursuant to the provisions of the Plan and on the
following express terms and conditions. Capitalized terms not otherwise
defined herein shall have the same meanings as set forth in the
Plan.
1.
Name
and address of Participant to whom the Shares are granted:
2.
Number
of Shares of Common Stock (“Shares”):
3.
Purchase
price of Shares:
$0.01
per
Share, the receipt of which is hereby acknowledged
4.
Date
of grant of the Shares:
5.
Vesting.
5.1 Vesting
Schedule.
Except
as otherwise provided in Section 5.2, the Shares shall vest pursuant to Schedule
1, attached hereto. Upon any termination of service of the Participant to
the Company, vesting of the Shares shall immediately cease and any unvested
Shares will automatically be canceled.
5.2
Death
of the Participant.
If, at any time before the Shares granted hereunder shall have vested as
provided in Section 5.1, the Participant shall die while an employee or
director of the Company or an
Affiliate, the Shares immediately shall vest.
5.3
Agreement
with respect to Tax Payments and Withholding.
The
Participant acknowledges and agrees that any income or other taxes due from
the
Participant with respect to the Shares issued pursuant to this Restricted Stock
Award, including on account of the vesting of the Shares, shall be the
Participant’s responsibility. By accepting this Restricted Stock Award,
the Participant agrees and acknowledges that (i) the Company promptly will
withhold from the Participant’s pay the amount of taxes the Company is required
to withhold upon any vesting of Shares pursuant to this Restricted Stock Award,
and (ii) the Participant shall make immediate payment to the Company in the
amount of any tax required to be withheld by the Company in excess of the
Participant’s pay available for such withholding. The Participant may elect to
have such withholding satisfied by a reduction of the number of shares otherwise
so deliverable (a “Stock Withholding Election”), or by delivery of shares of
Stock already owned by the Participant, with the amount of shares subject to
such reduction or delivery to be calculated based on the Fair Market Value
on
the date of such taxable event.
6.
Restrictions
on Transfer.
The Shares may not be sold, transferred, assigned, hypothecated, pledged,
encumbered or otherwise disposed of, whether voluntarily or by operation of
law,
at any time before they become vested Shares pursuant to Section 5.
Any such purported transfer shall be null and void, and shall not be recognized
by the Company or recorded on its books.
7.
Escrow.
Any Shares that have not vested pursuant to Section 5, together with any
securities distributed in respect thereof, such as through a stock split or
other recapitalization, shall be held by the Company in escrow until such Share
shall have vested. The Company promptly shall release vested Shares from
escrow.
8.
Plan.
The Participant hereby acknowledges receipt of a copy of the Plan as presently
in effect and the Prospectus with respect thereto. All of the terms and
provisions of the Plan are incorporated herein by reference, and this Restricted
Stock Award is subject to those terms and provisions in all
respects.
Participant
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Columbia
Laboratories, Inc.
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By:
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By:
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Date:
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Date:
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