UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): October 22, 2009
PEREGRINE PHARMACEUTICALS,
INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-17085
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95-3698422
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(State
of other jurisdiction of
incorporation)
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(Commission
File Number)
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(IRS
Company Identification
No.)
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14282
Franklin Avenue, Tustin, California 92780
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(Address
of Principal Executive Offices)
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Registrant’s
telephone number, including area code: (714)
508-6000
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Not
Applicable
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(Former
name or former address, if changed since last
report)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2 below):
o Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425).
o Soliciting material pursuant to
Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR.14d-2(b))
o Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
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The
purpose of the 2009 Incentive Plan is to help the Company:
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·
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Attract,
retain, motivate and reward officers, employees, directors, consultants
and other service providers of the
Company;
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·
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Provide
equitable and competitive compensation
opportunities;
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·
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Recognize
individual contributions and reward achievement of our goals;
and
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·
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Promote
the creation of long-term value for stockholders by closely aligning
the interests of participants with the interests of
stockholders.
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A total
of 3,000,000 shares of the Company’s common stock are authorized for the
granting of Awards under the 2009 Incentive Plan (after giving effect to the
Company’s 1-for-5 reverse stock split effective October 19,
2009). The number of shares available for Awards, as well as the
terms of outstanding Awards are subject to adjustment as provided in the 2009
Incentive Plan for stock splits, stock dividends, recapitalizations and other
similar events.
Awards
may be granted under the 2009 Incentive Plan until October 22, 2019 or until all
shares available for Awards under the 2009 Incentive Plan have been purchased or
acquired.
This
summary of the 2009 Incentive Plan is qualified in its entirety by reference to
the full text of the 2009 Incentive Plan, a copy of which is attached as Exhibit
A to the Company’s Definitive Proxy for its 2009 Annual Stockholders Meeting
filed with the Securities and Exchange Commission on August 28, 2009 and
incorporated herein by this reference. In addition, a more detailed
summary of the 2009 Incentive Plan can be found in such Definitive Proxy
Statement, which is incorporated herein by this reference. A copy of
the form of Incentive Stock Option Award Agreement under the 2009 Incentive
Plan is attached
hereto as Exhibit 4.14 and incorporated herein by this reference.
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Item
9.01
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Financial
Statements and Exhibits.
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(d) Exhibits
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Exhibit No.
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Description
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4.14
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Form
of Incentive Stock Option Award Agreement under the Peregrine
Pharmaceuticals, Inc. 2009 Stock Incentive Plan
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4.15
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Form
of Non-Qualified Stock Option Award Agreement under the Peregrine
Pharmaceuticals, Inc. 2009 Stock Incentive
Plan
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2
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| PEREGRINE PHARMACEUTICALS, INC. | |||
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Date:
October 27, 2009
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By:
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/s/ Paul J. Lytle | |
| Paul J. Lytle | |||
| Chief Financial Officer and | |||
| Corporate Secretary | |||
3
Exhibit
Index
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Exhibit No.
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Description
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4.14
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Form
of Incentive Stock Option Award Agreement under the Peregrine
Pharmaceuticals, Inc. 2009 Stock Incentive Plan
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4.15
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Form
of Non-Qualified Option Award Agreement under the Peregrine
Pharmaceuticals, Inc. 2009 Stock Incentive
Plan
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4
EXHIBIT
4.14
PEREGRINE
PHARMACEUTICALS, INC.
2009
STOCK INCENTIVE PLAN
INCENTIVE
STOCK OPTION AGREEMENT
INCENTIVE
STOCK OPTION AGREEMENT (the “Agreement”) dated as of _________, between
PEREGRINE PHARMACEUTICALS, INC., a Delaware corporation (collectively with its
direct and indirect subsidiaries, the “Company”), and ________, an employee of
the Company (“Optionee” or “Participant”).
The
Compensation Committee of the Board of Directors of the Company (the
“Committee”) has determined that the objectives of the Peregrine
Pharmaceuticals, Inc. 2009 Stock Incentive Plan (the “Plan”) will be furthered
by granting to Optionee options and/or other incentives pursuant to the
Plan. Any capitalized terms not otherwise defined in this Agreement
shall have the meaning ascribed to them in the Plan.
In
consideration of the foregoing and of the mutual undertakings set forth in this
Agreement, the Company and Optionee agree as follows:
1. Grant
of Option
and other rights.
(a) The Company
hereby grants to Optionee options (the “Options”) to purchase
_______ Shares of Common Stock of the Company (the “Shares”) at a purchase
price of ___ per Share. It is intended that _______ of the Options
qualify as "Incentive Stock Options" to the maximum extent permissible under the
Internal Revenue Code.
(b) For purposes
of this Agreement, the term “Cause” means the Participant’s (i) embezzlement,
fraud or any conduct related to the performance of the Participant’s duties for
the Company that constitutes a crime, (ii) unauthorized
disclosure of confidential information or breach of any confidentiality or
non-disclosure agreement with the Company or any of its Subsidiaries, (iii) willful and
habitual breach of duties,
after notice to the Participant affording the Participant a reasonable
opportunity to cure, or (iv) breach or
violation of any statutory or common law duty of loyalty to the Company or the
Company’s Affiliates.
2. Exercisability. Subject to the further terms of this Agreement, the Options shall vest and become exercisable in accordance with Schedule 1 hereto. Unless earlier terminated pursuant to the provisions of the Plan or paragraph 5 of this Agreement, the unexercised portion of the Options shall expire and cease to be exercisable at 5:00 pm PST ten (10) years from the date of this Agreement. This Agreement shall not confer upon Optionee any right with respect to continuation of her/his employment or consulting relationship with the Company, nor shall it interfere with or affect in any manner the right or power of the Company, or a parent or subsidiary of the Company, to terminate any agreement with Optionee in accordance with the terms thereof.
3. Method of
Exercise. The Options or any part of them may be exercised
only by the giving of written notice to the Company in substantially the form
annexed hereto as Schedule 2 hereto, or on such other form and in such other
manner as the Committee shall prescribe from time to time. Such
written notice must be accompanied by payment of the full purchase price for the
number of Shares with respect to which the Options are being
exercised. Such payment may be made by one or a combination of the
following methods: (i) by a check acceptable to the Company; or
(ii) by such other
method as the Committee may authorize including, in the discretion of the
Committee, the recourse promissory note of the Optionee. The date of
exercise of the Options shall be the date on which written notice of exercise is
hand delivered to the Company and payment of the full purchase price for the
number of Shares with respect to which the Options are being exercised, during
normal business hours, at its address as provided in Section 7 of this
Agreement, or, if mailed, the date on which it is postmarked, provided such
notice is actually received.
1
4. Optionee's
Representations. As a condition to the exercise of an Option,
the Company may require Optionee to make any representation and warranty to the
Company as may be required by any applicable law or regulation.
5. Termination
of Employment; Death. Upon termination of Optionee’s
employment with or status as a consultant to, the Company for any reason, the
Options will immediately terminate and expire, except as provided in paragraphs
(a) or (b) of this Section 5.
(a) If Optionee
resigns as an employee of, or consultant to, the Company with the Company's
prior written consent, or if the Company terminates Optionee's employment by the
Company without Cause (as defined herein), the Option will be exercisable but
only to the extent it was exercisable at
the time of such termination or resignation and only until the earlier of the
expiration date of the Option, determined pursuant to Section 2 of this
Agreement, or the expiration of three (3) months following such termination or
resignation.
(b) If Optionee
dies or becomes Permanently Disabled while employed by, or rendering services as
a consultant to, the Company or after Optionee's employment or status as a
consultant to the Company terminates but during a period in which the
Option is exercisable pursuant to paragraph (a) of this Section 5, the
Option will be exercisable but only to the extent it was exercisable at the time
of death and only until the earlier of the expiration date of the Option,
determined pursuant to Section 2 of this Agreement, or the expiration of twelve
(12) months following the date of Optionee's death.
6. Plan
Provisions to Prevail. This Agreement is subject to all of the
terms and provisions of the Plan. Without limiting the generality of
the foregoing, by entering into this Agreement Optionee agrees that no member of
the Committee shall be liable for any action or determination made in good faith
with respect to the Plan or any award thereunder or this
Agreement. In the event that there is any inconsistency between the
provisions of this Agreement and of the Plan, the provisions of the Plan shall
govern.
7. Notices. Any
notice to be given to the Company hereunder shall be in writing and shall be
addressed to Paul J. Lytle, Corporate Secretary, or at such other address as the
Company may hereafter designate to Optionee by notice as provided in this
Section 7. Any notice to be given to Optionee hereunder shall be addressed to
Optionee at the address set forth beneath her/his signature hereto, or at such
other address as Optionee may hereafter designate to the Company by notice as
provided herein. A notice shall be deemed to have been duly given
when personally delivered or mailed by registered or certified mail to the party
entitled to receive it. Optionee expressly agrees to notify the
Company of any transfer of the Common Stock or other action reasonably expected
to cause any Option designated as an Incentive Stock Option to be retroactively
classified for tax purposes as a Non-Qualified Option.
2
8. Successors
and Assigns. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and the successors and assigns of the Company
and to the extent consistent with Section 5 of this Agreement and with the Plan,
the heirs and personal representatives of Optionee.
9. Governing
Law. This Agreement shall be interpreted, construed and
administered in accordance with the laws of the State of California as they
apply to contracts made, delivered and performed in the State of
California. Any dispute arising hereunder shall be resolved by
binding arbitration before the American Arbitration Association under its
Commercial Arbitration Rules, before a single arbitrator in Orange County,
California. The parties will mutually determine the arbitrator from a list of
arbitrators obtained from the American Arbitration Association office located in
Orange County, California. If the parties are unable to agree on the
arbitrator, the arbitrator will be selected by the American Arbitration
Association with a preference for selecting a retired federal district judge or
state superior court judge as the arbitrator.
10. Withholding. If
the Optionee takes any action that would cause the Options to be classified as
nonqualified options for tax purposes, the Optionee will promptly provide the
necessary tax withholding, if applicable, in the Committee’s view, pursuant to
Article IV, Section V of the Plan.
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
and year first written above.
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PEREGRINE
PHARMACEUTICALS, INC.
By:________________________________
OPTIONEE:
___________________________________
Signature
Name:______________________________
Social
Security Number:
___________________________________
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3
SCHEDULE 1 TO INCENTIVE STOCK OPTION AGREEMENT
PURSUANT
TO PEREGRINE PHARMACEUTICALS, INC., INC.
2009
STOCK INCENTIVE PLAN
(This
Schedule 1 shall be incorporated by reference and become a part of the Incentive
Stock Option Agreement between the Company and the Optionee.)
I. INCENTIVE
STOCK OPTIONS: Incentive stock options do not result in
compensation income on exercise by the Optionee and result in capital gain or
loss when the stock is sold. Incentive stock options may only be
issued to employees of the Company. There are a number of other legal
requirements that the Company and the Optionee must satisfy in order for options
to be classified as incentive stock options. Some of the rules
affecting incentive stock options are (a) the stock received on the exercise of
an incentive stock option must be held for two years from the date of grant of
the option and one year from the date of exercise of the option, (b) no more
than $100,000 in options may first become exercisable in any one year, and (c)
the exercise of the incentive stock option may generate an item of tax
preference for purposes of calculating the alternative minimum tax liability of
the Optionee. Violation of any of those requirements by the Company
or the Optionee can result in the Option being treated as a Non-qualified stock
option.
Date of
Grant:
Earliest
Exercise Date:
Exercise
Price:
Number of
Shares:
Vesting
Schedule:
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Vesting Date
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Options Vested
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Expiration
Date:
Governing Law; Resolution of
Disputes. This Agreement has been made, executed and delivered
in, and the interpretation, performance and enforcement hereof shall be governed
by and construed under the laws of the State of California. Any
dispute arising hereunder shall be resolved by binding arbitration before the
American Arbitration Association under its Commercial Arbitration Rules, before
a single arbitrator in Orange County, California The parties will mutually
determine the arbitrator from a list of arbitrators obtained from the American
Arbitration Association office located in Orange County,
California. If the parties are unable to agree on the arbitrator, the
arbitrator will be selected by the American Arbitration Association with a
preference for selecting a retired federal district judge or state superior
court judge as the arbitrator.
4
I have
read the Peregrine Pharmaceuticals, Inc. 2009 Stock Incentive Plan, the terms of
which are incorporated herein. As Optionee, I hereby acknowledge that
as of the date of the Options referenced above, it sets forth the entire
understanding between the undersigned Optionee and the Company and its
Affiliates regarding the Options and supersedes all prior oral and written
agreements on that subject with the exception of (i) the options and any other
stock awards previously granted and delivered to the undersigned under stock
award plans of the Company, and (ii) the following agreements only:
NONE _________
(Initial)
OTHER ______________________________________________________________________________________
IN
WITNESS WHEREOF, this Incentive Stock Option Agreement pursuant to the Peregrine
Pharmaceuticals, Inc. 2009 Stock Incentive Plan has been delivered by the
parties hereto.
| Date: _______________ | “Optionee”
_________________________________________
Name
____________________________________
Address
__________________________________
_________________________________________
_________________________________________
Social
Security Number
_______________________
|
The
Company hereby agrees to
all the
terms of the Agreement.
Peregrine
Pharmaceuticals, Inc.
By:
__________________________________________
Name:
Title:
5
SCHEDULE
2
PEREGRINE
PHARMACEUTICALS, INC.
EXERCISE
NOTICE
Peregrine
Pharmaceuticals, Inc.
14272
Franklin Avenue
Tustin,
CA 92780
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1.
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Exercise of
Option.
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Effective
as of today,
, ______________ the undersigned (“Optionee”) hereby
elects to exercise Optionee's Options to purchase ________ shares of
Common Stock (the “Shares”) of Peregrine Pharmaceuticals,
Inc. (the “Company”) under and pursuant to the Incentive Stock Option
Agreement dated as of
(the “Option Agreement”) between the Company and Optionee pursuant
to the Option Agreement.
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2.
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Rights as
Shareholder
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(i)
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Until
the certificate evidencing the Shares is issued (as evidenced by the
appropriate entry on the stock ownership register of the Company or of a
duly authorized transfer agent of the Company), no right to receive
distributions or any other rights as a shareholder shall exist with
respect to the Shares, notwithstanding the exercise of the
Option. The Company shall issue (or cause to be issued) such
certificate promptly upon exercise of the
Option.
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(ii)
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Upon
issuance of the certificate, Optionee shall enjoy rights as a shareholder
of Common Stock until such time as Optionee disposes of the Shares or the
Company.
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3.
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Governing Law;
Severability. This Notice shall be governed by and construed in
accordance with the laws of the State of California excluding that body of
law pertaining to conflicts of law. Should any provision of
this Notice be determined by a court of law to be illegal or
unenforceable, the other provisions shall nevertheless remain effective
and shall remain enforceable. Any dispute arising hereunder
shall be resolved by binding arbitration before the American Arbitration
Association under its Commercial Arbitration Rules, before a single
arbitrator in Orange County. The parties will mutually determine the
arbitrator from a list of arbitrators obtained from the American
Arbitration Association office located in Orange County. If the
parties are unable to agree on the arbitrator, the arbitrator will be
selected by the American Arbitration Association with a preference for
selecting a retired federal district judge or state superior court judge
as the arbitrator.
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4.
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Notices. Any
notice required or permitted hereunder shall be given in writing and shall
be deemed effectively given upon personal delivery or upon deposit in the
United States mail by certified mail, with postage and fees prepaid,
addressed to the other party at its address as shown below beneath its
signature, or to such other address as such party may designate in writing
from time to time to the other
party.
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6
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5.
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Further
Instruments. The parties agree to execute such further
instruments and to take such further action as may be reasonably necessary
to carry out the purposes and intent of this
Notice.
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6.
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Delivery of
Payment. Optionee herewith delivers to the Company the
full purchase price for the Shares as set forth in paragraph 1 of the
Option Agreement.
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7.
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Entire
Agreement. The Option Agreement is incorporated herein
by reference. This Notice, the Option Agreement and the Plan
constitute the entire agreement of the parties and supersede in their
entirety all prior undertakings and agreements of the Company and Optionee
with respect to the subject matter hereof. In the event of a
conflict or discrepancy between the terms of this Agreement and the
Peregrine Pharmaceuticals, Inc. 2009 Stock Incentive Plan (the “Plan”),
the terms of the Plan shall
control.
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8.
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Representatives of
Optionee. Optionee acknowledges that Optionee has
received, read and understood the Option Agreement and this Notice and
agrees to abide by and be bound by the terms and conditions of the Option
Agreement and this Notice.
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Submitted
by:
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Accepted
by:
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OPTIONEE:
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PEREGRINE
PHARMACEUTICALS, INC.
|
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By:
____________________________
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By:
__________________________
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Name:
__________________________
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|
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Address:
________________________
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| _______________________________ |
7
EXHIBIT
4.15
PEREGRINE
PHARMACEUTICALS, INC.
2009
STOCK INCENTIVE PLAN
NON-QUALIFIED
STOCK OPTION AGREEMENT
NON-QUALIFIED
STOCK OPTION AGREEMENT (the “Agreement”) dated as of __________, between
PEREGRINE PHARMACEUTICALS, INC., a Delaware corporation (collectively with its
direct and indirect subsidiaries, the “Company”), and ________, an employee of
the Company (“Optionee” or “Participant”).
The
Compensation Committee of the Board of Directors of the Company (the
“Committee”) has determined that the objectives of the Peregrine
Pharmaceuticals, Inc. 2009 Stock Incentive Plan (the “Plan”) will be furthered
by granting to Optionee options pursuant to the Plan. Any capitalized
terms not otherwise defined in this Agreement shall have the meaning ascribed to
them in the Plan.
In
consideration of the foregoing and of the mutual undertakings set forth in this
Agreement, the Company and Optionee agree as follows:
1. Grant
of Option.
(a) The Company
hereby grants to Optionee options (the “Options”) to purchase ______ Shares
of Common Stock of the Company (the “Shares”) at a purchase price of ___
per Share. The Options shall not qualify as incentive stock options
as described under Section 422 of the Internal Revenue Code.
(b) For purposes
of this Agreement, the term “Cause” means the Participant’s (i) embezzlement,
fraud or any conduct related to the performance of the Participant’s duties for
the Company that constitutes a crime, (ii) unauthorized
disclosure of confidential information or breach of any confidentiality or
non-disclosure agreement with the Company or any of its Subsidiaries, (iii) willful and
habitual breach of duties,
after notice to the Participant affording the Participant a reasonable
opportunity to cure, or (iv) breach or
violation of any statutory or common law duty of loyalty to the Company or the
Company’s Affiliates.
2. Exercisability. Subject to the further terms of this Agreement, the Options shall vest and become exercisable in accordance with Schedule 1 hereto. Unless earlier terminated pursuant to the provisions of the Plan or paragraph 5 of this Agreement, the unexercised portion of the Options shall expire and cease to be exercisable at 5:00 pm PST ten (10) years from the date of this Agreement. This Agreement shall not confer upon Optionee any right with respect to continuation of her/his employment or consulting relationship with the Company, nor shall it interfere with or affect in any manner the right or power of the Company, or a parent or subsidiary of the Company, to terminate any agreement with Optionee in accordance with the terms thereof.
3. Method of
Exercise. The Options or any part of them may be exercised
only by the giving of written notice to the Company in substantially the form
annexed hereto as Schedule 2 hereto, or on such other form and in such other
manner as the Committee shall prescribe from time to time. Such
written notice must be accompanied by payment of the full purchase price for the
number of Shares with respect to which the Options are being
exercised. Such payment may be made by one or a combination of the
following methods: (i) by a check acceptable to the Company; or
(ii) by such other
method as the Committee may authorize including, in the discretion of the
Committee, the recourse promissory note of the Optionee. The date of
exercise of the Options shall be the date on which written notice of exercise is
hand delivered to the Company and payment of the full purchase price for the
number of Shares with respect to which the Options are being exercised, during
normal business hours, at its address as provided in Section 7 of this
Agreement, or, if mailed, the date on which it is postmarked, provided such
notice is actually received.
1
4. Optionee's
Representations. As a condition to the exercise of an Option,
the Company may require Optionee to make any representation and warranty to the
Company as may be required by any applicable law or regulation.
5. Termination
of Employment; Death. Upon termination of Optionee’s
employment with or status as a consultant to, the Company for any reason, the
Options will immediately terminate and expire, except as provided in paragraphs
(a) or (b) of this Section 5.
(a) If Optionee
resigns as an employee of, or consultant to, the Company with the Company's
prior written consent, or if the Company terminates Optionee's employment by the
Company without Cause (as defined herein), the Option will be exercisable but
only to the extent it was exercisable at
the time of such termination or resignation and only until the earlier of the
expiration date of the Option, determined pursuant to Section 2 of this
Agreement, or the expiration of three (3) months following such termination or
resignation.
(b) If Optionee
dies or becomes Permanently Disabled while employed by, or rendering services as
a consultant to, the Company or after Optionee's employment or status as a
consultant to the Company terminates but during a period in which the
Option is exercisable pursuant to paragraph (a) of this Section 5, the
Option will be exercisable but only to the extent it was exercisable at the time
of death and only until the earlier of the expiration date of the Option,
determined pursuant to Section 2 of this Agreement, or the expiration of twelve
(12) months following the date of Optionee's death.
6. Plan
Provisions to Prevail. This Agreement is subject to all of the
terms and provisions of the Plan. Without limiting the generality of
the foregoing, by entering into this Agreement Optionee agrees that no member of
the Committee shall be liable for any action or determination made in good faith
with respect to the Plan or any award thereunder or this
Agreement. In the event that there is any inconsistency between the
provisions of this Agreement and of the Plan, the provisions of the Plan shall
govern.
7. Notices. Any
notice to be given to the Company hereunder shall be in writing and shall be
addressed to Paul J. Lytle, Corporate Secretary, or at such other address as the
Company may hereafter designate to Optionee by notice as provided in this
Section 7. Any notice to be given to Optionee hereunder shall be addressed to
Optionee at the address set forth beneath her/his signature hereto, or at such
other address as Optionee may hereafter designate to the Company by notice as
provided herein. A notice shall be deemed to have been duly given
when personally delivered or mailed by registered or certified mail to the party
entitled to receive it.
8. Successors
and Assigns. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and the successors and assigns of the Company
and to the extent consistent with Section 5 of this Agreement and with the Plan,
the heirs and personal representatives of Optionee.
2
9. Governing
Law. This Agreement shall be interpreted, construed and
administered in accordance with the laws of the State of California as they
apply to contracts made, delivered and performed in the State of
California. Any dispute arising hereunder shall be resolved by
binding arbitration before the American Arbitration Association under its
Commercial Arbitration Rules, before a single arbitrator in Orange County,
California. The parties will mutually determine the arbitrator from a
list of arbitrators obtained from the American Arbitration Association office
located in Orange County, California. If the parties are unable to
agree on the arbitrator, the arbitrator will be selected by the American
Arbitration Association with a preference for selecting a retired federal
district judge or state superior court judge as the arbitrator.
10. Withholding. Upon
exercise, the Optionee hereby agrees to promptly provide the necessary tax
withholding, if applicable, in the Committee’s view, pursuant to Section V of
Article 4 of the Plan.
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
and year first written above.
|
PEREGRINE
PHARMACEUTICALS, INC.
By:________________________________
OPTIONEE:
___________________________________
Signature
Name:______________________________
Social
Security Number:
___________________________________
|
3
SCHEDULE 1 TO NON-QUALIFIED STOCK OPTION AGREEMENT
PURSUANT
TO PEREGRINE PHARMACEUTICALS, INC.
2009
STOCK INCENTIVE PLAN
(This
Schedule 1 shall be incorporated by reference and become a part of the Option
Agreement between the Company and the Optionee.)
I. NON-QUALIFIED
STOCK OPTIONS: Non-qualified stock options generally give rise
to ordinary compensation income for the Optionee when the option is
exercised. The Company may require the Optionee to make arrangements
for the payment of withholding taxes by the Company if the Optionee is an
employee of the Company at the time of the exercise of the Non-qualified stock
option.
Date of
Grant:
Earliest Exercise Date:
Exercise
Price:
Number of
Shares:
Vesting
Schedule:
|
Vesting Date
|
Options Vested
|
Expiration Date:
Governing Law; Resolution of
Disputes. This Agreement has been made, executed and delivered
in, and the interpretation, performance and enforcement hereof shall be governed
by and construed under the laws of the State of California. Any
dispute arising hereunder shall be resolved by binding arbitration before the
American Arbitration Association under its Commercial Arbitration Rules, before
a single arbitrator in Orange County, California The parties will mutually
determine the arbitrator from a list of arbitrators obtained from the American
Arbitration Association office located in Orange County,
California. If the parties are unable to agree on the arbitrator, the
arbitrator will be selected by the American Arbitration Association with a
preference for selecting a retired federal district judge or state superior
court judge as the arbitrator.
4
I have
read the Peregrine Pharmaceuticals, Inc. 2009 Stock Incentive Plan, the terms of
which are incorporated herein. As Optionee, I hereby acknowledge that
as of the date of the Options referenced above, it sets forth the entire
understanding between the undersigned Optionee and the Company and its
Affiliates regarding the Options and supersedes all prior oral and written
agreements on that subject with the exception of (i) the options and any other
stock awards previously granted and delivered to the undersigned under stock
award plans of the Company, and (ii) the following agreements only:
NONE _________
(Initial)
OTHER ______________________________________________________________________________________
IN
WITNESS WHEREOF, this Non-Qualified Stock Option Agreement pursuant to the
Peregrine Pharmaceuticals, Inc. 2009 Stock Incentive Plan has been delivered by
the parties hereto.
| Date: _______________ | “Optionee”
_________________________________________
Name
____________________________________
Address
__________________________________
_________________________________________
_________________________________________
Social
Security Number
_______________________
|
The
Company hereby agrees to
all the
terms of the Agreement.
Peregrine
Pharmaceuticals, Inc.
By:
___________________________________________
Name: Paul
J. Lytle
Title:
Chief Financial Officer
5
SCHEDULE
2
PEREGRINE
PHARMACEUTICALS, INC.
EXERCISE
NOTICE
Peregrine
Pharmaceuticals, Inc.
14272
Franklin Avenue
Tustin,
CA 92780
|
1.
|
Exercise of
Option.
|
Effective
as of today,
, ________________ the undersigned (“Optionee”) hereby elects to
exercise Optionee's Options to purchase shares
of Common Stock (the “Shares”) of Peregrine Pharmaceuticals,
Inc. (the “Company”) under and pursuant to the Non-Qualified Stock
Option Agreement dated as of
(the “Option Agreement”) between the Company and Optionee pursuant
to the Option Agreement.
|
2.
|
Rights as
Shareholder
|
|
(i)
|
Until
the certificate evidencing the Shares is issued (as evidenced by the
appropriate entry on the stock ownership register of the Company or of a
duly authorized transfer agent of the Company), no right to receive
distributions or any other rights as a shareholder shall exist with
respect to the Shares, notwithstanding the exercise of the
Option. The Company shall issue (or cause to be issued) such
certificate promptly upon exercise of the
Option.
|
|
(ii)
|
Upon
issuance of the certificate, Optionee shall enjoy rights as a shareholder
of Common Stock until such time as Optionee disposes of the Shares or the
Company.
|
|
3.
|
Governing Law;
Severability. This Notice shall be governed by and construed in
accordance with the laws of the State of California excluding that body of
law pertaining to conflicts of law. Should any provision of
this Notice be determined by a court of law to be illegal or
unenforceable, the other provisions shall nevertheless remain effective
and shall remain enforceable. Any dispute arising hereunder
shall be resolved by binding arbitration before the American Arbitration
Association under its Commercial Arbitration Rules, before a single
arbitrator in Orange County. The parties will mutually determine the
arbitrator from a list of arbitrators obtained from the American
Arbitration Association office located in Orange County. If the
parties are unable to agree on the arbitrator, the arbitrator will be
selected by the American Arbitration Association with a preference for
selecting a retired federal district judge or state superior court judge
as the arbitrator.
|
|
4.
|
Notices. Any
notice required or permitted hereunder shall be given in writing and shall
be deemed effectively given upon personal delivery or upon deposit in the
United States mail by certified mail, with postage and fees prepaid,
addressed to the other party at its address as shown below beneath its
signature, or to such other address as such party may designate in writing
from time to time to the other
party.
|
6
|
5.
|
Further
Instruments. The parties agree to execute such further
instruments and to take such further action as may be reasonably necessary
to carry out the purposes and intent of this
Notice.
|
|
6.
|
Delivery of
Payment. Optionee herewith delivers to the Company the
full purchase price for the Shares as set forth in paragraph 1 of the
Option Agreement.
|
|
7.
|
Entire
Agreement. The Option Agreement is incorporated herein
by reference. This Notice, the Option Agreement and the Plan
constitute the entire agreement of the parties and supersede in their
entirety all prior undertakings and agreements of the Company and Optionee
with respect to the subject matter hereof. In the event of a
conflict or discrepancy between the terms of this Agreement and the
Peregrine Pharmaceuticals, Inc. 2009 Stock Incentive Plan (the “Plan”),
the terms of the Plan shall
control.
|
|
8.
|
Representatives of
Optionee. Optionee acknowledges that Optionee has
received, read and understood the Option Agreement and this Notice and
agrees to abide by and be bound by the terms and conditions of the Option
Agreement and this Notice.
|
|
Submitted
by:
|
Accepted
by:
|
|
OPTIONEE:
|
PEREGRINE
PHARMACEUTICALS, INC.
|
|
By:
____________________________
|
By:
__________________________
|
|
Name:
__________________________
|
|
|
Address:
________________________
|
|
| _______________________________ |
7