As filed with the Securities and Exchange Commission
on July 6, 2023
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Precigen, Inc.
(Exact name of registrant as specified in its
charter)
Virginia |
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26-0084895 |
(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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20374 Seneca Meadows Parkway
Germantown, Maryland
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20876 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Precigen, Inc. 2023 Omnibus Incentive Plan
(Full title of the plan)
Helen Sabzaveri
President and Chief Executive Officer
Precigen, Inc.
20374 Seneca Meadows Parkway
Germantown, Maryland
(Name and address of agent for service)
(301) 556-9900
(Telephone number, including area code, of agent
for service)
Copies to:
Kyoko Takahashi Lin
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, New York 10017
(212) 450-4000
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
“large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth
company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. ☐
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified
in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified by Rule 428(b)(1) under
the Securities Act of 1933, as amended (the “Securities Act”). In accordance with the rules and regulations of
the U.S. Securities and Exchange Commission (the “Commission”) and the instructions to Form S-8, such documents
are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant
to Rule 424 under the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents are incorporated herein
by reference:
| a. | The Registrant’s Annual Report on Form
10-K for the fiscal year ended December 31, 2022 (the “2023 Annual Report”), filed with the Commission on March
6, 2023 (File No. 001-36042), including the sections of the Registrant’s Definitive Proxy Statement on Form
DEF 14A for the 2023 Annual Meeting of Stockholders, filed with the Commission on April 25, 2023, that are incorporated by reference
in the 2023 Annual Report; |
| b. | All other reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) since the end of the fiscal year covered by the document referred to in (a) above, including the Registrant’s Quarterly
Report on Form 10-Q for the
fiscal quarter ended March 31, 2023, filed with the Commission on May 10, 2023 (File No. 001-36042) and the Registrant’s Current
Reports on Form 8-K filed with the Commission on January
27, 2023, April 5, 2023 and
June 9, 2023; and |
| c. | Description of the Registrant’s securities registered pursuant to Section 12 of the Exchange Act, which is incorporated by reference
to Exhibit 4.5 to the Registrant’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the Commission on March 2, 2020 (File No. 001-36042). |
In addition, all documents subsequently filed by
the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters
all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part
hereof from the date of the filing of such documents. The Registrant is not incorporating by reference any documents or portions thereof,
whether specifically listed above or filed in the future, that are not deemed “filed” with the Commission.
Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein, (or in any other subsequently filed document which also is incorporated or deemed to
be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Article 10 of Chapter 9 of Title 13.1 of the Code
of Virginia, as amended, or the Virginia Stock Corporation Act (the “VSCA”), permits a Virginia corporation before final disposition
of a proceeding to advance funds to pay for or reimburse any officer or director for expenses incurred in connection with the proceeding
if the individual is a party to the proceeding because the individual is an officer or director, and if the individual delivers to the
corporation a written undertaking to repay any funds advanced if it is ultimately determined that the individual is not entitled to indemnification.
In addition, a corporation is permitted to indemnify
a director or officer who is party to a proceeding because the individual is or was a director or officer against liability incurred in
the proceeding.
Authorization to advance funds to, reimburse,
or indemnify a director or officer must be made by the disinterested members of the board of directors, a committee of the board of directors
consisting solely of disinterested directors, or shareholders, and the authorization to indemnify requires that a determination be made
that the individual’s conduct was in good faith and otherwise met the required standards of conduct and belief.
In a proceeding by or in the right of the corporation,
no indemnification shall be made in respect of any matter as to which a director or officer is adjudged to be liable to the corporation,
except for expenses incurred in connection with the proceeding if it is determined that the individual has met the relevant standard of
conduct and belief. In any other proceeding, no indemnification shall be made if the director or officer is adjudged liable to the corporation
on the basis that the individual improperly received a personal benefit. Corporations are given the power to make any other or further
indemnity, including advance of expenses, to any director or officer that may be authorized by the articles of incorporation or any bylaw
made by the shareholders, or any resolution adopted, before or after the event, by the shareholders, except an indemnity against the individual’s
willful misconduct or a knowing violation of criminal law. Unless limited by its articles of incorporation, indemnification against the
reasonable expenses incurred by a director or officer is mandatory who is wholly successful, on the merits or otherwise, in the defense
of any proceeding to which the individual is a party because the individual is or was a director or officer. In addition, the VSCA limits
the personal liability of an officer or director in any proceeding brought by or in the name of the corporation or its shareholders except
if the individual engaged in willful misconduct or a knowing violation of the criminal law or any federal or state securities law, including
without limitation any claim of unlawful insider trading or market manipulation.
The Company is a Virginia corporation. The Company’s
Amended and Restated Articles of Incorporation contain provisions limiting the liability of and indemnifying its directors and officers
to the extent not prohibited by Virginia law.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
* Filed herewith.
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers
or sales are being made, a post-effective amendment to the Registration Statement:
(i) to include any prospectus required
by Section 10(a)(3) of the Securities Act,
(ii) to reflect in the prospectus
any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration
fee” table in the effective Registration Statement; and
(iii) to include any material information
with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information
in the Registration Statement;
provided, however, that
paragraphs (1)(i) and (1)(ii) shall not apply if the information required to be included in a post-effective amendment by those
clauses is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference into the Registration Statement;
(2) That, for the purpose of determining any
liability under the Securities Act, each such post-effective amendment shall be deemed to be a new Registration Statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof; and
(3) To remove from registration by means of
a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference into the Registration Statement shall
be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the indemnification
provisions summarized in Item 6 above, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Germantown, State of Maryland on July 6, 2023.
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PRECIGEN, INC. |
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By: |
/s/ Harry Thomasian Jr. |
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Harry Thomasian Jr. |
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Chief Financial Officer |
POWER OF ATTORNEY
The undersigned officers and directors of Precigen,
Inc., a Virginia corporation (the “Company”), hereby constitute and appoint Helen Sabzevari, Harry Thomasian Jr. and Donald
P. Lehr, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this registration statement and any and all additional registration statements pursuant to Rule 462(b) of the
Securities Act of 1933, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities
and Exchange Commission, granting unto each said attorney-in-fact and agents full power and authority to do and perform each and every
act in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or their or his or her substitute
or substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature |
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Title |
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Date |
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/s/ Helen
Sabzevari
Helen Sabzevari
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Chief Executive Officer
and Director
(Principal Executive Officer)
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July 6, 2023 |
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/s/ Harry
Thomasian Jr.
Harry Thomasian Jr.
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Chief Financial Officer
(Principal Financial and Accounting Officer)
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July 6, 2023 |
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/s/ Randal
J. Kirk
Randal J. Kirk
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Executive Chairman |
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July 6, 2023 |
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/s/ Cesar
L. Alvarez
Cesar L. Alvarez
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Director |
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July 6, 2023 |
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/s/ Steven
R. Frank
Steven R. Frank
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Director |
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July 6, 2023 |
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/s/ Vinita
D. Gupta
Vinita D. Gupta
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Director |
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July 6, 2023 |
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/s/ Fred
Hassan
Fred Hassan
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Director |
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July 6, 2023 |
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/s/ Jeffrey
B. Kindler
Jeffrey B. Kindler
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Director |
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July 6, 2023 |
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/s/ Dean
J. Mitchell
Dean J. Mitchell
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Director |
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July 6, 2023 |
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/s/ James
S. Turley
James S. Turley
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Director |
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July 6, 2023 |
Exhibit 5.1
![HL_color](https://www.sec.gov/Archives/edgar/data/1356090/000095010323009985/image_001.jpg) |
Hogan Lovells
US LLP
Harbor East
100 International
Drive
Suite 2000
Baltimore, MD
21202
T +1 410 659
2700
F +1 410 659
2701
www.hoganlovells.com
|
July 6, 2023
Board of Directors
Precigen, Inc.
20374 Seneca Meadows Parkway
Germantown, Maryland 20876
To the addressee referred to
above:
We are acting as counsel to Precigen,
Inc., a Virginia corporation (the “Company”), in connection with its registration statement on Form S-8 (the “Registration
Statement”), filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Act”)
relating to the proposed offering of up to 16,418,137 newly issued shares of the common stock, no par value, of the Company (the “Shares”),
all of which shares are issuable pursuant to the Precigen, Inc. 2023 Omnibus Incentive Plan (the “Plan”). This opinion
letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R.
§ 229.601(b)(5), in connection with the Registration Statement.
For purposes of this opinion letter, we have examined
copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter
expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all
natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity
to authentic original documents of all documents submitted to us as copies (including pdfs). As to all matters of fact, we have relied
on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so
relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.
This opinion letter is based as to matters of law
solely on the Virginia Stock Corporation Act, as amended. We express no opinion herein as to any other statutes, rules or regulations.
Based upon, subject to and limited
by the foregoing, we are of the opinion that following (i) effectiveness of the Registration Statement, (ii) issuance of the
Shares pursuant to the terms of the Plan, and (iii) receipt by the Company of the consideration for the Shares specified in
the applicable resolutions of the Board of Directors and in the Plan, the Shares will be validly issued, fully paid, and nonassessable.
Hogan Lovells US
LLP is a limited liability partnership registered in the District of Columbia. “Hogan Lovells” is an international legal
practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam Baltimore Beijing
Birmingham Boston Brussels Colorado Springs Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Houston Johannesburg
London Los Angeles Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Munich New York Northern Virginia Paris Philadelphia
Rome San Francisco São Paulo Shanghai Silicon Valley Singapore Sydney Tokyo Warsaw Washington, D.C. Associated Offices: Budapest
Jakarta Riyadh Shanghai FTZ Ulaanbaatar. Business Service Centers: Johannesburg Louisville. Legal Services Center: Berlin. For more information
see www.hoganlovells.com
Precigen, Inc. |
- 2 - |
July 6, 2023 |
This opinion letter has been
prepared for use in connection with the Registration Statement. We assume no obligation to advise of any changes in the foregoing subsequent
to the effective date of the Registration Statement.
We hereby consent to the filing
of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not thereby admit that we are an “expert”
within the meaning of the Act.
Very truly yours,
/s/ HOGAN LOVELLS US LLP
HOGAN LOVELLS US LLP
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference
in this Registration Statement on Form S-8 of our reports dated March 6, 2023 relating to the financial statements of Precigen, Inc.
and the effectiveness of Precigen, Inc.'s internal control over financial reporting, appearing in the Annual Report on Form 10-K of Precigen,
Inc. for the year ended December 31, 2022.
/s/ Deloitte & Touche LLP
Baltimore, Maryland
July 6, 2023
Exhibit 99.1
Precigen,
Inc.
2023 OMNIBUS INCENTIVE PLAN
Section 1. Purpose.
The purpose of the Precigen, Inc. 2023 Omnibus Incentive Plan (as amended from time to time, the “Plan”) is to motivate
and reward employees and other individuals to perform at the highest level and contribute significantly to the success of Precigen, Inc.
(the “Company”), thereby furthering the best interests of the Company and its shareholders.
Section 2. Definitions.
As used in the Plan, the following terms shall have the meanings set forth below:
(a) “Affiliate”
means any entity that, directly or indirectly through one or more intermediaries controls, is controlled by or is under common control
with, the Company.
(b) “Award”
means any Option, SAR, Restricted Stock, RSU, Performance Award, Other Cash-Based Award or Other Stock-Based Award granted under the
Plan.
(c) “Award
Agreement” means any agreement, contract or other instrument or document (including in electronic form) evidencing any Award
granted under the Plan, which may, but need not, be executed or acknowledged by a Participant.
(d) “Beneficial
Owner” has the meaning ascribed to such term in Rule 13d-3 under the Exchange Act.
(e) “Beneficiary”
means a Person entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of a
Participant’s death. If no such Person can be named or is named by a Participant, or if no Beneficiary designated by a Participant
is eligible to receive payments or other benefits or exercise rights that are available under the Plan at a Participant’s death,
such Participant’s Beneficiary shall be such Participant’s estate.
(f) “Board”
means the Board of Directors of the Company.
(g) “Cause”
has the meaning as such term is defined in any Service Agreement, except as otherwise determined by the Committee and set forth in the
applicable Award Agreement. If no such Service Agreement exists or if such Service Agreement does not contain any such definition, except
as otherwise determined by the Committee and set forth in the applicable Award Agreement, “Cause” means (i) the Participant’s
willful and continued failure to comply with the lawful directives of the Board or any supervisory personnel of the Participant, (ii)
the material breach by the Participant of the terms of any confidentiality, non-competition, non-solicitation or other agreement that
the Participant has with the Company or any Affiliate, (iii) one or more acts by the Participant of willful malfeasance or gross negligence,
(iv) any commission of an act of fraud, embezzlement, theft, misappropriation or misuse by the Participant of the funds or property of
the Company or any Affiliate, (v) any falsification by the Participant of any record or report in connection with the Participant’s
duties and obligations to the Company or any Affiliate, (vi) the breach by the Participant of any fiduciary duty against
the Company or any
Affiliate, (vii) the material breach by the Participant of any policy of the Company or any Affiliate, (viii) the Participant being indicted
for a felony that has a material adverse effect on the property, operations, business or reputation of the Company or any Affiliate or
being convicted of any other felony or plea of guilty or nolo contendre to any other felony or (ix) the Participant’s possession,
use or sale of illegal drugs, the abuse of alcohol or prescribed medication, or any other act or omission which the Company or an Affiliate
considers to be a violation of federal, state or local law or regulations other than a simple traffic violation. For purposes of the
Plan, other than where the definition of Cause is determined under any Service Agreement, in which case such Service Agreement shall
control, in no event shall any termination of employment or service be deemed for Cause unless the Company’s Legal Department (or
in the case of a Participant who is an officer covered by Section 16 of the Exchange Act, the Committee) concludes that the situation
warrants a determination that the Participant’s employment or service be terminated for Cause; and in the case of the Chief Executive
Officer or any member of the Board, any determination that the Chief Executive Officer’s employment or the Board member’s
service be terminated for Cause shall be made by the Board acting without the Chief Executive Officer or the Board member, as applicable.
(h) “Change
in Control” means the occurrence of any one or more of the following events:
(i) The
accumulation in any number of related or unrelated transactions by any Person of beneficial ownership (as such term is used in Rule 13d-3
promulgated under the Exchange Act) of more than fifty percent (50%) of the combined voting power of the Company’s voting stock;
provided that for purposes of this subsection (i), a Change in Control will not be deemed to have occurred if the accumulation
of more than fifty percent (50%) of the voting power of the Company’s voting stock results from any acquisition of voting stock
(i) directly from the Company that is approved by the Incumbent Board, (ii) by the Company, (iii) by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any Affiliate, or (iv) by any Person pursuant to a merger, consolidation, reorganization
or other transaction (a “Business Combination”) that would not cause a Change in Control under subsections (ii), (iii)
or (iv) below;
(ii) The
consummation of a Business Combination, unless, immediately following that Business Combination, (i) all or substantially all of the
Persons who were the beneficial owners of the voting stock of the Company immediately prior to that Business Combination beneficially
own, directly or indirectly, more than fifty percent (50%) of the then outstanding shares of common stock and more than fifty percent
(50%) of the combined voting power of the then outstanding voting stock entitled to vote generally in the election of directors of the
entity resulting from that Business Combination (including, without limitation, an entity that as a result of that Business Combination
owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially
the same proportions relative to each other as their ownership, immediately prior to that Business Combination, of the voting stock of
the Company;
(iii) A
sale or other disposition of all or substantially all of the assets of the Company;
(iv) Approval
by the shareholders of the Company of a complete liquidation or dissolution of the Company; or
(v) During
any period of two consecutive years, the Incumbent Board ceases to constitute a majority of the Board.
Notwithstanding the foregoing, a Change
in Control shall only be deemed to have occurred with respect to a Participant in connection with the time or form of payment of an Award
that is subject to Section 409A of the Code (or as otherwise required for the 409A Award to be in compliance with Section 409A of the
Code) if the Change in Control otherwise constitutes a change in the ownership or effective control of the Company, or in the ownership
of a substantial portion of the assets of the Company, within the meaning of Section 409A of the Code.
(i) “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference
to a provision in the Code shall include any successor provision thereto.
(j) “Committee”
means the compensation committee of the Board unless another committee is designated by the Board. If there is no compensation committee
of the Board and the Board does not designate another committee, references herein to the “Committee” shall refer to the
Board.
(k) “Consultant”
means any individual, including an advisor, who is providing services to the Company or any Subsidiary or who has accepted an offer of
service or consultancy from the Company or any Subsidiary.
(l) “Director”
means any member of the Board.
(m) “Effective
Date” means the date on which the Plan is adopted by the Board and approved by the shareholders of the Company.
(n) “Employee”
means any individual, including any officer, employed by the Company or any Subsidiary or any prospective employee or officer who has
accepted an offer of employment from the Company or any Subsidiary, with the status of employment determined based upon such factors
as are deemed appropriate by the Committee in its discretion, subject to any requirements of the Code or applicable laws.
(o) “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder.
Any reference to a provision in the Exchange Act shall include any successor provision thereto.
(p) “Fair
Market Value” means i) with respect to Shares, the closing price of a Share on the applicable date of determination (or, if
there is no reported sale on such date, on the last preceding date on which any reported sale occurred), on the principal stock market
or exchange on which the Shares are quoted or traded, or if Shares are not
so quoted or traded,
the fair market value of a Share as determined by the Committee, and ii) with respect to any property other than Shares, the fair market
value of such property determined by such methods or procedures as shall be established from time to time by the Committee.
(q) “Incentive
Stock Option” means an option representing the right to purchase Shares from the Company, granted pursuant to Section
6, that meets the requirements of Section 422 of the Code.
(r) “Incumbent
Board” means at least a majority of the members of the Board consisting of individuals who either are (a) members of the Board
at the beginning of any period of two consecutive years or (b) members who become members of the Board subsequent to such time whose
election, or nomination for election by the Company’s shareholders, was approved by a vote of at least two-thirds (2/3) of the
directors then comprising such Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which
that person is named as a nominee for director, without objection to that nomination), but excluding, for that purpose, any individual
whose initial assumption of office occurs as a result of an actual or threatened election contest (within the meaning of Rule 14a-11
of the Exchange Act) with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents
by or on behalf of a Person other than the Board.
(s) “Intrinsic
Value” with respect to an Option or SAR Award means iii) the excess, if any, of the price or implied price per Share in
a Change in Control or other event over iv) the exercise or hurdle price of such Award multiplied by v) the number
of Shares covered by such Award.
(t) “Non-Qualified
Stock Option” means an option representing the right to purchase Shares from the Company, granted pursuant to Section
6, that is not an Incentive Stock Option.
(u) “Option”
means an Incentive Stock Option or a Non-Qualified Stock Option.
(v) “Other
Cash-Based Award” means an Award granted pursuant to Section 11, including cash awarded as a bonus or upon the
attainment of specified performance criteria or otherwise as permitted under the Plan.
(w) “Other
Stock-Based Award” means an Award granted pursuant to Section 11 that may be denominated or payable in, valued
in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of Shares,
including convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares,
dividend rights or dividend equivalent rights or Awards with value and payment contingent upon performance of the Company or business
units thereof or any other factors designated by the Committee.
(x) “Participant”
means the recipient of an Award granted under the Plan.
(y) “Performance
Award” means an Award granted pursuant to Section 10.
(z) “Performance
Period” means the period established by the Committee with respect to any Performance Award during which the performance goals
specified by the Committee with respect to such Award are to be measured.
(aa) “Person”
has the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including
a “group” as defined in Section 13(d) thereof.
(bb) “Prior
Plan” means the Intrexon Corporation Amended and Restated 2013 Omnibus Incentive Plan (as amended from time to time).
(cc) “Prior
Plan Award” means any award previously granted under the Prior Plan that is outstanding as of the Effective Date.
(dd) “Restricted
Stock” means any Share subject to certain restrictions and forfeiture conditions, granted pursuant to Section
8.
(ee) “RSU”
means a contractual right granted pursuant to Section 9 that is denominated in Shares. Each RSU represents a right to receive
the value of one Share (or a percentage of such value) in cash, Shares or a combination thereof. Awards of RSUs may include the right
to receive dividend equivalents.
(ff) “SAR”
means a right granted pursuant to Section 7 to receive upon
exercise by the Participant or settlement, in cash, Shares or a combination thereof, the excess of vi) the Fair Market Value of
one Share on the date of exercise or settlement over vii) the exercise or hurdle price of the right on the date of grant.
(gg) “Service
Agreement” means any employment, service, severance, consulting or similar agreement between the Company or any of its Subsidiaries
and a Participant.
(hh) “Share”
means a share of the Company’s common stock, no par value.
(ii) “Subsidiary”
means an entity of which the Company directly or indirectly holds all or a majority of the value of the outstanding equity interests
of such entity or a majority of the voting power with respect to the voting securities of such entity. Whether employment by or service
with a Subsidiary is included within the scope of the Plan shall be determined by the Committee.
(jj) “Substitute
Award” means an Award granted in assumption of, or in substitution for, an outstanding award previously granted by a company
or other business acquired by the Company or with which the Company combines.
(kk) “Termination
of Service” means, in the case of a Participant who is an Employee, cessation of the employment relationship such that the
Participant is no longer an employee of the Company or any Subsidiary, or, in the case of a Participant who is a
Consultant, non-employee
Director or other service provider, the date the performance of services for the Company or any Subsidiary has ended; provided,
however, that, unless the Committee determines otherwise, in the case of a Participant who is an Employee, the transfer of employment
from the Company to a Subsidiary, from a Subsidiary to the Company, from one Subsidiary to another Subsidiary, or the cessation of employee
status but the continuation of the performance of services for the Company or a Subsidiary as a Director or Consultant shall not be deemed
a cessation of service that would constitute a Termination of Service; provided, further, that, unless the Committee determines
otherwise, a Termination of Service shall be deemed to occur for a Participant employed by, or performing services for, a Subsidiary
when such Subsidiary ceases to be a Subsidiary unless such Participant’s employment or service continues with the Company or another
Subsidiary. Notwithstanding the foregoing, with respect to any Award subject to Section 409A of the Code (and not exempt therefrom),
a Termination of Service occurs when a Participant experiences a “separation of service” (as such term is defined under Section
409A of the Code).
Section 3. Eligibility.
(a) Any
Employee, non-employee Director or Consultant shall be eligible to be selected to receive an Award under the Plan, to the extent that
an offer or receipt of an Award is permitted by applicable law, stock market or exchange rules and regulations or accounting or tax rules
and regulations.
(b) Holders
of equity compensation awards granted by a company that is acquired by the Company (or whose business is acquired by the Company) or
with which the Company combines are eligible for grants of Substitute Awards under the Plan to the extent permitted under applicable
regulations of any stock exchange on which the Company is listed.
Section 4. Administration.
(a) Administration
of the Plan. The Plan shall be administered by the Committee. All decisions of the Committee shall be final, conclusive and binding
upon all parties, including the Company, its shareholders, Participants and any Beneficiaries thereof. The Committee may issue rules
and regulations for administration of the Plan.
(b) Delegation
of Authority. To the extent permitted by applicable law, the Committee may delegate to one or more officers of the Company some or
all of its authority under the Plan, including the authority to grant Options and SARs or other Awards in the form of Share rights (except
that such delegation shall not apply to any Award for a Person then covered by Section 16 of the Exchange Act), and the Committee
may delegate to one or more committees of the Board (which may consist of solely one Director) some or all of its authority under the
Plan, including the authority to grant all types of Awards, in accordance with applicable law.
(c) Authority
of Committee. Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full discretion and
authority to:
(i) designate
Participants;
(ii) determine
the type or types of Awards (including Substitute Awards) to be granted to each Participant under the Plan;
(iii) determine
the number of Shares to be covered by (or with respect to which payments, rights or other matters are to be calculated in connection
with) Awards;
(iv)
determine the terms and conditions of any Award and prescribe the form of each Award Agreement, which need not be identical for each
Participant;
(v) determine
whether, to what extent, under what circumstances and by which methods Awards may be settled or exercised in cash, Shares, other Awards,
other property, net settlement (including broker-assisted cashless exercise or sell-to-cover), or any combination thereof, or canceled,
forfeited or suspended;
(vi) determine
whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts payable with respect
to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee;
(vii) amend
terms or conditions of any outstanding Awards;
(viii) correct
any defect, supply any omission and reconcile any inconsistency in the Plan or any Award, in the manner and to the extent it shall deem
desirable to carry the Plan into effect;
(ix) interpret
and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan;
(x) establish,
amend, suspend or waive such rules and regulations and appoint such agents, trustees, brokers, depositories and advisors and determine
such terms of their engagement as it shall deem appropriate for the proper administration of the Plan and due compliance with applicable
law, stock market or exchange rules and regulations or accounting or tax rules and regulations; and
(xi) make
any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan
and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.
Notwithstanding
anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards or
administer the Plan. In any such case, the Board shall have all of the authority and responsibility granted to the Committee herein.
Section 5. Shares
Available for Awards.
(a) Subject
to adjustment as provided in Section 5(c) and except for
Substitute Awards, the maximum number of Shares available for issuance under the Plan shall not exceed in the aggregate the sum of (i)
12,500,000 Shares and (ii) the total number of Shares remaining available for issuance under the Prior Plan as of the Effective Date.
Shares underlying Substitute Awards and Shares remaining available for grant under a plan of an acquired company or of a company with
which the Company combines (whether by way of amalgamation, merger, sale and purchase of shares or other securities or otherwise), appropriately
adjusted to reflect the acquisition or combination transaction, shall not reduce the number of Shares remaining available for grant hereunder.
(b) If
any Award or Prior Plan Award is forfeited, cancelled, expires, terminates or otherwise lapses or is settled in cash, in whole or in
part, without the delivery of Shares, then the Shares covered by such forfeited, expired, terminated or lapsed Award shall again be available
for grant under the Plan. For the avoidance of doubt, the following shall become available for issuance under the Plan: (i) any
Shares withheld in respect of taxes relating to any Award or Prior Plan Award and (ii) any Shares tendered or withheld to pay the
exercise price of Options or SARs (including any stock options or stock appreciation rights that are Prior Plan Awards).
(c) In
the event that the Committee determines that, as a result of any dividend or other distribution (other than an ordinary dividend or distribution),
recapitalization, stock split (stock subdivision), reverse stock split (stock consolidation), reorganization, merger, amalgamation, consolidation,
separation, rights offering, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance
of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions
of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws,
regulations or accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan, then the Committee shall, subject to Section 20 and applicable law,
adjust equitably so as to ensure no undue enrichment or harm (including by payment of cash), any or all of:
(i) the
number and type of Shares (or other securities) which thereafter may be made the subject of Awards, including the aggregate limits specified
in Section 5(a) and Section 5(f);
(ii) the
number and type of Shares (or other securities) subject to outstanding Awards;
(iii) the
grant, acquisition, exercise or hurdle price with respect to any Award or, if deemed appropriate, make provision for a cash payment to
the holder of an outstanding Award; and
(iv) the
terms and conditions of any outstanding Awards, including the performance criteria of any Performance Awards;
provided, however, that
the number of Shares subject to any Award denominated in Shares shall always be a whole number.
(d) Any
Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or Shares acquired by the Company.
(e) A
Participant who is a non-employee Director may not receive compensation for any calendar year in excess of $750,000 (or $1,000,000 for
the year in which a non-employee Director is first elected or appointed to the Board) in the aggregate, including cash payments and Awards.
For purposes of applying the limitation in this Section 5(e), Awards will be considered compensation in the calendar year
in which the date of grant occurs and the value of such Award shall be its grant date fair value for financial reporting purposes.
(f) Subject
to adjustment as provided in Section 5(c)(i), the maximum number of Shares available for issuance with respect to Incentive
Stock Options shall be 12,500,000.
Section 6. Options.
The Committee is authorized to grant Options to Participants with the following terms and conditions and with such additional terms and
conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:
(a) The
exercise price per Share under an Option shall be determined by the Committee at the time of grant; provided, however,
that, except in the case of Substitute Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date
of grant of such Option.
(b) The
term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such Option. Subject to Section
13, the Committee shall determine the time or times at which an Option becomes vested and exercisable in whole or in part.
(c) The
Committee shall determine the methods by which, and the forms in which payment of the exercise price with respect thereto may be made
or deemed to have been made, including cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless
exercise) or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price.
(d) The
Committee may, in its discretion, specify in the applicable Award Agreement that to the extent an Option is not previously exercised
as to all of the Shares subject thereto, and, if the Fair Market Value of one Share is greater than the exercise price then in effect,
then the Option shall be deemed automatically exercised immediately before its expiration.
(e) No
grant of Options may be accompanied by a tandem award of dividend equivalents or provide for dividends, dividend equivalents or other
distributions to be paid on such Options (except as provided under Section 5(c)).
(f) The
terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the
Code. Incentive Stock Options may be granted only to employees of the Company or of a parent or subsidiary corporation (as defined in
Section 424 of the Code). Notwithstanding any designation as an Incentive Stock Option, to the extent that the aggregate Fair Market
Value of Shares subject to a Participant’s incentive stock options that become exercisable for the first time during any calendar
year exceeds $100,000, such excess Options shall be treated as Non-Qualified Stock Options. For purposes of the foregoing, Incentive
Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares shall be determined
as of the date of the grant of such Option. No Incentive Stock Options may be issued more than ten years following the earlier of (i)
the date of adoption of the Plan or (ii) the most recent date of approval of the Plan by the shareholders of the Company.
Section 7. Stock
Appreciation Rights. The Committee is authorized to grant SARs to Participants with the following terms and conditions and with such
additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:
(a) SARs
may be granted under the Plan to Participants either alone (“freestanding”) or in addition to other Awards granted under
the Plan (“tandem”) and may, but need not, relate to a specific Option granted under Section 6.
(b) The
exercise or hurdle price per Share under a SAR shall be determined by the Committee; provided, however, that, except in
the case of Substitute Awards, such exercise or hurdle price shall not be less than the Fair Market Value of a Share on the date of grant
of such SAR.
(c) The
term of each SAR shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such SAR. Subject to Section
13, the Committee shall determine the time or times at which a SAR may be exercised or settled in whole or in part.
(d) Upon
the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of Shares subject to the SAR multiplied
by the excess, if any, of the Fair Market Value of one Share on the exercise date over the exercise or hurdle price of such SAR. The
Company shall pay such excess in cash, in Shares valued at Fair Market Value, or any combination thereof, as determined by the Committee.
(e) The
Committee may, in its discretion, specify in the applicable Award Agreement that to the extent a SAR is not previously exercised as to
all of the Shares subject thereto, and, if the Fair Market Value of one Share is greater than the exercise price then in effect, then
the SAR shall be deemed automatically exercised immediately before its expiration.
(f) No
grant of SARs may be accompanied by a tandem award of dividend equivalents or provide for dividends, dividend equivalents or other distributions
to be paid on such SARs (except as provided under Section 5(c)).
Section 8. Restricted
Stock. The Committee is authorized to grant Awards of Restricted Stock to Participants with the following terms and conditions and
with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:
(a) The
Award Agreement shall specify the vesting schedule.
(b) Awards
of Restricted Stock shall be subject to such restrictions as the Committee may impose, which restrictions may lapse separately or in
combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate.
(c) Subject
to the restrictions set forth in the applicable Award Agreement, a Participant generally shall have the rights and privileges of a shareholder
with respect to Awards of Restricted Stock, including the right to vote such Shares of Restricted Stock and the right to receive dividends.
(d) The
Committee may, in its discretion, specify in the applicable Award Agreement that an Award of Restricted Stock shall convey the right
to receive dividend equivalents on the Shares subject to such Award with respect to any dividends or other distributions declared during
the period that such Award is outstanding, in which case, such dividend equivalent rights shall accumulate and shall be paid in cash
or Shares on the settlement date of the Award, subject to the vesting of the Award (or portion thereof) with respect to which such dividend
equivalents are credited. For the avoidance of doubt, any dividend equivalents in respect of any Award of Restricted Stock shall have
the same vesting conditions and vesting dates and shall be paid in accordance with the same terms as the Award to which they relate.
(e) Any
Award of Restricted Stock may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration.
(f) The
Committee may provide in an Award Agreement that an Award of Restricted Stock is conditioned upon the Participant making or refraining
from making an election with respect to the Award under Section 83(b) of the Code. If a Participant makes an election pursuant
to Section 83(b) of the Code with respect to an Award of Restricted Stock, such Participant shall be required to file promptly
a copy of such election with the Company and the applicable Internal Revenue Service office.
Section 9. RSUs.
The Committee is authorized to grant Awards of RSUs to Participants with the following terms and conditions and with such additional
terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:
(a) The
Award Agreement shall specify the vesting schedule and the delivery schedule (which may include deferred delivery later than the vesting
date).
(b) Awards
of RSUs shall be subject to such restrictions as the Committee may impose, which restrictions may lapse separately or in combination
at such time or times, in such installments or otherwise, as the Committee may deem appropriate.
(c) An
RSU shall not convey to a Participant the rights and privileges of a shareholder with respect to the Share subject to such RSU, such
as the right to vote or the right to receive dividends, unless and until and to the extent a Share is issued to such Participant to settle
such RSU.
(d) The
Committee may, in its discretion, provide in the applicable Award Agreement that an Award of RSUs shall convey the right to receive dividend
equivalents on the Shares subject to such Award with respect to any dividends or other distributions declared during the period that
such Award is outstanding, in which case, such dividend equivalent rights shall accumulate and shall be paid in cash or Shares on the
settlement date of the Award, subject to the vesting of the Award (or portion thereof) with respect to which such dividend equivalents
are credited. For the avoidance of doubt, any dividend equivalents in respect of any Award of RSUs shall have the same vesting conditions
and vesting dates and shall be paid in accordance with the same terms as the Award to which they relate.
(e) Shares
delivered upon the vesting and settlement of an RSU Award may be evidenced in such manner as the Committee may deem appropriate, including
book-entry registration.
(f) The
Committee may determine the form or forms (including cash, Shares, other Awards, other property or any combination thereof) in which
payment of the amount owing upon settlement of any RSU Award may be made.
Section 10. Performance
Awards. The Committee is authorized to grant Performance Awards to Participants with the following terms and conditions and with
such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:
(a) Performance
Awards may be denominated as a cash amount, number of Shares or units or a combination thereof and are Awards that may be earned upon
achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other
Award shall constitute a Performance Award by conditioning the grant to a Participant or the right of a Participant to exercise the Award
or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the
Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing
any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved during any Performance Period, the
length of any Performance Period, the amount of any Performance Award granted and the amount of
any payment or transfer
to be made pursuant to any Performance Award shall be determined by the Committee.
(b) Performance
criteria may be measured on an absolute (e.g., plan or budget) or relative basis, and may be established on a corporate-wide basis,
with respect to one or more business units, divisions, Subsidiaries or business segments, or on an individual basis. If the Committee
determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which
the Company conducts its business, or other events or circumstances render the performance objectives unsuitable, the Committee may modify
the performance objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate
and equitable such that it does not provide any undue enrichment or harm. Performance measures may vary from Performance Award to Performance
Award and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative. The Committee
shall have the power to impose such other restrictions on Awards subject to this Section 10(b) as it may deem necessary or
appropriate to ensure that such Awards satisfy all requirements of any applicable law, stock market or exchange rules and regulations
or accounting or tax rules and regulations.
(c) Settlement
of Performance Awards shall be in cash, Shares, other Awards, other property, net settlement, or any combination thereof, as determined
in the discretion of the Committee.
(d) A
Performance Award shall not convey to a Participant the rights and privileges of a shareholder with respect to the Share subject to such
Performance Award, such as the right to vote (except as relates to Restricted Stock) or the right to receive dividends, unless and until
and to the extent a Share is issued to such Participant to settle such Performance Award. The Committee, in its sole discretion, may
provide that a Performance Award shall convey the right to receive dividend equivalents on the Shares subject to such Performance Award
with respect to any dividends declared during the period that such Performance Award is outstanding, in which case, such dividend equivalent
rights shall accumulate and shall be paid in cash or Shares on the settlement date of the Performance Award, subject to the Participant’s
earning of the Shares with respect to which such dividend equivalents are paid upon achievement or satisfaction of performance conditions
specified by the Committee. Shares delivered upon the vesting and settlement of a Performance Award may be evidenced in such manner as
the Committee may deem appropriate, including book-entry registration. For the avoidance of doubt, unless otherwise determined by the
Committee, no dividend equivalent rights shall be provided with respect to any Shares subject to Performance Awards that are not earned
or otherwise do not vest or settle pursuant to their terms.
(e) The
Committee may, in its discretion, increase or reduce the amount of a settlement otherwise to be made in connection with a Performance
Award.
Section 11.
Other Cash-Based Awards and Other Stock-Based Awards. The Committee is authorized, subject to limitations under
applicable law, to grant Other Cash-Based Awards (either independently or as an element of or supplement to any other
Award under the Plan)
and Other Stock-Based Awards. The Committee shall determine the terms and conditions of such Awards.
Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 11 shall be purchased
for such consideration, and paid for at such times, by such methods and in such forms, including cash, Shares, other Awards, other property,
net settlement, broker-assisted cashless exercise or any combination thereof, as the Committee shall determine; provided that
the purchase price therefor shall not be less than the Fair Market Value of such Shares on the date of grant of such right.
Section 12. Effect
of Termination of Service or a Change in Control on Awards.
(a) The
Committee may provide, by rule or regulation or in any applicable Award Agreement, or may determine in any individual case, the
circumstances in which, and the extent to which, an Award may be exercised, settled, vested, paid or forfeited in the event of a Participant’s
Termination of Service prior to the end of a Performance Period or vesting, exercise or settlement of such Award.
(b) Subject
to the last sentence of Section 2(kk), the Committee may determine, in its discretion, whether, and the extent to which,
(i) an Award will vest during a leave of absence, (ii) a reduction in service level (for example, from full-time to part-time employment)
will cause a reduction, or other change, to an Award and (iii) a leave of absence or reduction in service will be deemed a Termination
of Service.
(c) In
the event of a Change in Control, the Committee may, in its sole discretion, and on such terms and conditions as it deems appropriate,
take any one or more of the following actions with respect to any outstanding Award, which need not be uniform with respect to all Participants
and/or Awards:
(i) continuation
or assumption of such Award by the Company (if it is the surviving corporation) or by the successor or surviving entity or its parent;
(ii) substitution
or replacement of such Award by the successor or surviving entity or its parent with cash, securities, rights or other property to be
paid or issued, as the case may be, by the successor or surviving entity (or a parent or subsidiary thereof), with substantially the
same terms and value as such Award (including any applicable performance targets or criteria with respect thereto);
(iii) acceleration
of the vesting of such Award and the lapse of any restrictions thereon and, in the case of an Option or SAR Award, acceleration of the
right to exercise such Award during a specified period (and the termination of such Option or SAR Award without payment of any consideration
therefor to the extent such Award is not timely exercised), in each case, either (A) upon a Participant’s involuntary Termination
of Service (including upon a termination of the Participant’s employment by the Company (or a successor corporation or its parent)
without Cause, by a Participant for “good reason” and/or due to a Participant’s death or “disability”,
as such terms may be defined in the applicable Award Agreement and/or a Participant’s Service Agreement, as the case may be) on
or within a specified period following the Change in Control or (B) if the
successor or surviving
entity (or its parent) fails to or otherwise does not continue or assume such Award;
(iv) in the case of a Performance Award, determination of the level of attainment of the applicable performance condition(s); and
(v) cancellation
of such Award in consideration of a payment, with the form, amount and timing of such payment determined by the Committee in its sole
discretion, subject to the following: (A) such payment shall be made in cash, securities, rights and/or other property; (B) the amount
of such payment shall equal the value of such Award, as determined by the Committee in its sole discretion; provided that, in
the case of an Option or SAR Award, if such value equals the Intrinsic Value of such Award, such value shall be deemed to be valid; provided
further that, if the Intrinsic Value of an Option or SAR Award is equal to or less than zero, the Committee may, in its sole discretion,
provide for the cancellation of such Award without payment of any consideration therefor (for the avoidance of doubt, in the event of
a Change in Control, the Committee may, in its sole discretion, terminate any Option or SAR Awards for which the exercise or hurdle price
is equal to or exceeds the per Share value of the consideration to be paid in the Change in Control transaction without payment of consideration
therefor); and (C) such payment shall be made promptly following such Change in Control or on a specified date or dates following such
Change in Control; provided that the timing of such payment shall comply with Section 409A of the Code.
Section 13. Minimum
Vesting Requirements. Notwithstanding anything to the contrary herein, and subject to Section 12, Awards shall vest over
a period of not less than one year following the date of grant (the “Minimum Vesting Requirements”); provided,
however, that the Committee may, in its sole discretion, (i) accelerate the vesting of Awards or otherwise lapse or waive the
Minimum Vesting Requirements upon (A) the Participant’s death or disability (as such term may be defined in the applicable Award
Agreement and/or a Participant’s Service Agreement, as the case may be ) or (B) a Change in Control (subject to the requirements
of Section 12) and (ii) grant Awards that are not subject to the Minimum Vesting Requirements with respect to 5% or less
of the Shares available for issuance under the Plan (as set forth in Section 5(a), as may be adjusted pursuant to Section
5(c)).
Section 14. General
Provisions Applicable to Awards.
(a) Awards
shall be granted for such cash or other consideration, if any, as the Committee determines; provided that in no event shall Awards
be issued for less than such minimal consideration as may be required by applicable law.
(b) Awards
may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other Award or any award granted
under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with
awards granted under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of
such other Awards or awards.
(c) Subject
to the terms of the Plan, payments or transfers to be made by the Company upon the grant, exercise or settlement of an Award may be made
in the form of cash, Shares, other Awards, other property, net settlement, or any combination thereof, as determined by the Committee
in its discretion at the time of grant, and may be made in a single payment or transfer, in installments or on a deferred basis, in each
case in accordance with rules and procedures established by the Committee. Such rules and procedures may include provisions for the payment
or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect
of installment or deferred payments.
(d) Except
as may be permitted by the Committee or as specifically provided in an Award Agreement, viii) no Award and no right under any Award
shall be assignable, alienable, saleable or transferable by a Participant other than by will or pursuant to Section 14(e)
and ix) during a Participant’s lifetime, each Award, and each right under any Award, shall be exercisable only by such Participant
or, if permissible under applicable law, by such Participant’s guardian or legal representative. The provisions of this Section
14(d) shall not apply to any Award that has been fully exercised or settled, as the case may be, and shall not preclude forfeiture of
an Award in accordance with the terms thereof.
(e) A
Participant may designate a Beneficiary or change a previous Beneficiary designation only at such times as prescribed by the Committee,
in its sole discretion, and only by using forms and following procedures approved or accepted by the Committee for that purpose.
(f) All
certificates, if any, for Shares and/or other securities delivered under the Plan pursuant to any Award or the exercise or settlement
thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the
rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such Shares
or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends
to be put on any such certificates to make appropriate reference to such restrictions.
(g) The
Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously delivered under the
Plan until (i) all Award conditions have been met or removed to the Committee’s satisfaction, (ii) as determined by the Committee,
all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws,
stock market or exchange rules and regulations or accounting or tax rules and regulations and (iii) the Participant has executed and
delivered to the Company such representations or agreements as the Committee deems necessary or appropriate to satisfy any applicable
laws. The Company’s inability to obtain authority from any regulatory body having jurisdiction, which the Committee determines
is necessary to the lawful issuance and sale of any Shares, will relieve the Company of any liability for failing to issue or sell such
Shares as to which such requisite authority has not been obtained.
(h) The
Committee may impose restrictions on any Award with respect to non-competition, non-solicitation, confidentiality and other restrictive
covenants, or requirements to comply with minimum share ownership requirements, as it deems necessary or appropriate in its sole discretion,
which such restrictions may be set forth in any applicable Award Agreement or otherwise.
Section 15. Amendments
and Terminations.
(a) Amendment
or Termination of the Plan. Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award
Agreement or in the Plan, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time;
provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without
x) shareholder approval if such approval is required by applicable law or the rules of the stock market or exchange, if any, on
which the Shares are principally quoted or traded or xi) subject to Section 5(c) and Section 12, the consent
of the affected Participant, if such action would materially adversely affect the rights of such Participant under any outstanding Award,
except (x) to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to
comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations or (y) to
impose any “clawback” or recoupment provisions on any Awards (including any amounts or benefits arising from such Awards)
in accordance with Section 19. Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan, or
create sub-plans, in such manner as may be necessary or desirable to enable the Plan to achieve its stated purposes in any jurisdiction
in a tax-efficient manner and in compliance with local rules and regulations.
(b) Terms
of Awards. The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate
any Award theretofore granted (including by substituting another Award of the same or a different type), prospectively or retroactively,
without the consent of any relevant Participant or holder or Beneficiary of an Award; provided, however, that, subject
to Section 5(c) and Section 12, no such action shall materially adversely affect the rights of any affected Participant
or holder or Beneficiary under any Award theretofore granted under the Plan, except (x) to the extent any such action is made to
cause the Plan or Award to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and
regulations, or (y) to impose any “clawback” or recoupment provisions on any Awards (including any amounts or benefits
arising from such Awards) in accordance with Section 19. The Committee shall be authorized to make adjustments in the terms
and conditions of, and the criteria included in, Awards in recognition of events (including the events described in Section
5(c)) affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations or accounting
principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan.
(c) No
Repricing. Except as provided in Section 5(c), the Committee may not, without shareholder approval, seek to effect any
re-pricing of any previously granted “underwater” Option, SAR or similar Award by: (i) amending or modifying the terms
of the Option, SAR or similar Award to lower the exercise price; (ii) cancelling the underwater Option, SAR or similar Award and
granting either (A) replacement Options, SARs or similar Awards having a lower exercise price or (B) Restricted Shares, RSUs,
Performance Awards or Other Share-Based Awards in exchange; or (iii) cancelling or repurchasing the underwater Options, SARs or
similar Awards for cash or other securities. An Option, SAR or similar Award will be deemed to be “underwater” at any time
when the Fair Market Value of the Shares covered by such Award is less than the exercise price of the Award.
Section 16. Miscellaneous.
(a) No
Employee, Consultant, non-employee Director, Participant, or other Person shall have any claim to be granted any Award under the Plan,
and there is no obligation for uniformity of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan.
The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall be a one-time
Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available
future grants under the Plan.
(b) The
grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or to continue to provide
services to, the Company or any Affiliate. Further, the Company or any applicable Affiliate may at any time dismiss a Participant, free
from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement or in any
other agreement binding on the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving
Participant except as set forth in the applicable Award Agreement.
(c) No
payment pursuant to the Plan shall be taken into account in determining any benefits under any severance, pension, retirement, savings,
profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate, except to the extent otherwise expressly
provided in writing in such other plan or an agreement thereunder.
(d) Nothing
contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation
arrangements, including the grant of options and other stock-based awards, and such arrangements may be either generally applicable or
applicable only in specific cases.
(e) The
Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan
or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement,
or any combination thereof) of applicable withholding taxes due in respect of an Award, its exercise or settlement or any payment
or transfer under
such Award or under the Plan and to take such other action (including providing for elective payment of such amounts in cash or Shares
by such Participant) as may be necessary to satisfy all obligations for the payment of such taxes and, unless otherwise determined by
the Committee in its discretion, to the extent such withholding would not result in liability classification of such Award (or any portion
thereof) pursuant to FASB ASC Subtopic 718-10.
(f) If
any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction,
or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision
shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the
determination of the Committee, materially altering the intent of the Plan or the Award Agreement, such provision shall be stricken as
to such jurisdiction, Person or Award, and the remainder of the Plan and any such Award Agreement shall remain in full force and effect.
(g) Neither
the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between
the Company and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company
pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.
(h) No
fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash or other
securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall
be canceled, terminated or otherwise eliminated.
(i) Awards
may be granted to Participants who are non-United States nationals or employed or providing services outside the United States, or both,
on such terms and conditions different from those applicable to Awards to Participants who are employed or providing services in the
United States as may, in the judgment of the Committee, be necessary or desirable to recognize differences in local law, tax policy or
custom. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company’s obligation
with respect to tax equalization for Participants on assignments outside their home country.
Section 17. Effective
Date of the Plan. The Plan shall be effective as of the Effective Date.
Section 18. Term
of the Plan. No Award shall be granted under the Plan after the earliest to occur of xii) the 10-year anniversary of the Effective
Date; xiii) the maximum number of Shares available for issuance under the Plan have been issued; or xiv) the Board terminates
the Plan in accordance with Section 15(a). However, unless otherwise expressly provided in the Plan or in an applicable Award
Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend,
discontinue or terminate any such Award, or
to waive any conditions
or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date.
Section 19. Cancellation
or “Clawback” of Awards.
(a) The
Committee may specify in an Award Agreement that a Participant’s rights, payments and benefits with respect to an Award shall be
subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise
applicable vesting or performance conditions of an Award. Such events may include a Termination of Service with or without Cause (and,
in the case of any Cause that is resulting from an indictment or other non-final determination, the Committee may provide for such Award
to be held in escrow or abeyance until a final resolution of the matters related to such event occurs, at which time the Award shall
either be reduced, cancelled or forfeited (as provided in such Award Agreement) or remain in effect, depending on the outcome), violation
of material policies, breach of non-competition, non-solicitation, confidentiality or other restrictive covenants, or requirements to
comply with minimum share ownership requirements, that may apply to the Participant, or other conduct by the Participant that is detrimental
to the business or reputation of the Company and/or its Affiliates.
(b) The
Committee shall have full authority to implement any policies and procedures necessary to comply with Section 10D of the Exchange Act
and any related listing standards rules promulgated thereunder and any other regulatory regimes. Notwithstanding anything to the contrary
contained herein, any Awards granted under the Plan (including any amounts or benefits arising from such Awards) shall be subject to
any clawback or recoupment arrangements or policies the Company has in place from time to time, and the Committee may, to the extent
permitted by applicable law and stock exchange rules or by any applicable Company policy or arrangement, and shall, to the extent required,
cancel or require reimbursement of any Awards granted to the Participant or any Shares issued or cash received upon vesting, exercise
or settlement of any such Awards or sale of Shares underlying such Awards.
Section 20. Section 409A
of the Code. With respect to Awards subject to Section 409A of the Code, the Plan is intended to comply with the requirements of
Section 409A of the Code, and the provisions of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the
requirements of Section 409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition
of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed
amended so as to avoid this conflict. Notwithstanding anything in the Plan to the contrary, if the Board considers a Participant to be
a “specified employee” under Section 409A of the Code at the time of such Participant’s “separation from service”
(as defined in Section 409A of the Code), and any amount hereunder is “deferred compensation” subject to Section 409A of
the Code, any distribution of such amount that otherwise would be made to such Participant with respect to an Award as a result of such
“separation from service” shall not be made until the date that is six months after such “separation from service,”
except to the extent that earlier distribution would not result in such Participant’s incurring interest or
additional tax under
Section 409A of the Code. If an Award includes a “series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii)
of the Treasury Regulations), a Participant’s right to such series of installment payments shall be treated as a right to a series
of separate payments and not as a right to a single payment, and if an Award includes “dividend equivalents” (within the
meaning of Section 1.409A-3(e) of the Treasury Regulations), a Participant’s right to such dividend equivalents shall be treated
separately from the right to other amounts under the Award. Notwithstanding the foregoing, the tax treatment of the benefits provided
under the Plan or any Award Agreement is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion
of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of non-compliance with Section 409A
of the Code.
Section 21. Successors
and Assigns. The terms of the Plan shall be binding upon and inure to the benefit of the Company and any successor entity, including
any successor entity contemplated by Section 12(c).
Section 22. Data
Protection. In connection with the Plan, the Company or its Affiliates, as applicable, may need to process personal data (as such
term, “personal information,” “personally identifiable information,” or any other term of comparable intent,
is defined under applicable laws or regulations, in each case to the extent applicable) provided by the Participant to, or otherwise
obtained by, the Company or its Affiliates, their respective third party service providers or others acting on the Company’s or
its Affiliates’ behalf. Examples of such personal data may include, without limitation, the Participant’s name, account information,
social security number, tax number and contact information. The Company or its Affiliates may process such personal data for the performance
of the contract with the Participant in connection with the Plan and in its legitimate business interests for all purposes relating to
the operation and performance of the Plan, including but not limited to:
(a) administering
and maintaining Participant records;
(b) providing
the services described in the Plan;
(c) providing
information to future purchasers or merger partners of the Company or any Affiliate, or the business in which such Participant works;
and
(d) responding
to public authorities, court orders and legal investigations and complying with law, as applicable.
The Company or
its Affiliates may share the Participant’s personal data with (i) Affiliates, (ii) trustees of any employee benefit trust,
(iii) registrars, (iv) brokers, (v) third party administrators of the Plan, (vi) third party service providers acting on the Company’s
or its Affiliates’ behalf to provide the services described above, (vii) future purchasers or merger partners (as described above)
or (viii) regulators and others, as required by law or in order to provide the services described in the Plan.
If necessary, the
Company or its Affiliates may transfer the Participant’s personal data to any of the parties mentioned above in a country or territory
that may not provide
the same protection
for the information as the Participant’s home country. Any transfer of the Participant’s personal data to recipients in a
third country will be made subject to appropriate safeguards or applicable derogations provided for, and to the extent required, under
applicable law. Further information on those safeguards or derogations can be obtained through, and other questions regarding this Section
22 may be directed to, the contact set forth in the applicable employee privacy notice or other privacy policy that previously has been
made available by the Company or its applicable Affiliate to the Participant (as applicable, and as updated from time to time by the
Company or its applicable Affiliate upon notice to the Participant, the “Employee Privacy Notice”). The terms set
forth in this Section 22 are supplementary to the
terms set forth in the Employee Privacy Notice (which, among other things, further describes the Company’s and its Affiliates’
processing activities, and the rights of the Participant, with respect to the Participant’s personal data); provided that, in the
event of any conflict between the terms of this Section
22 and the terms of the Employee Privacy Notice, the terms of this Section
22 shall govern and control in relation to the processing of such personal data in connection with the Plan
The Company will
keep personal data collected in connection with the Plan for as long as necessary to operate the Plan or as necessary to comply with
any legal or regulatory requirements.
A Participant has
a right to (i) request access to and rectification or erasure of the personal data provided, (ii) request the restriction of the processing
of his or her personal data, (iii) object to the processing of his or her personal data, (iv) receive the personal data provided to the
Company and transmit such data to another party, and (v) to lodge a complaint with a supervisory authority.
Section 23. Governing
Law. The Plan and each Award Agreement shall be governed by the laws of the State of Delaware, without application of the conflicts
of law principles thereof.
Exhibit
107
Calculation
of Filing Fee Tables
Form
S-8
(Form
Type)
Precigen,
Inc. 2023 Omnibus Incentive Plan
(Exact
Name of Registrant as Specified in its Charter)
Newly
Registered Securities
Security
Type |
Security
Class Title |
Fee
Calculation Rule |
Amount
Registered(1) |
Proposed
Maximum Offering Price Per Unit(2)(3) |
Maximum
Aggregate Offering Price |
Fee
Rate |
Amount
of Registration Fee(2) |
Equity |
Common
Stock, no par value |
Rule
457(c) and Rule 457(h) |
16,418,137 |
$1.04 |
$17,074,862.48 |
0.0001102 |
$1,881.65 |
Total
Offering Amounts |
|
$17,074,862.48 |
|
$1,881.65 |
Total
Fee Offsets |
|
|
|
- |
Net
Fee Due |
|
|
|
$1,881.65 |
| (1) | This
Registration Statement on Form S-8 (this “Registration Statement”) covers shares
of common stock, no par value (“Common Stock”), of Precigen, Inc. (the “Company”
or the “Registrant”) (i) issuable pursuant to the Precigen, Inc. 2023 Omnibus
Incentive Plan (the “Plan”) and (ii) pursuant to Rule 416(a) under the Securities
Act of 1933, as amended (the “Securities Act”), any additional shares of Common
Stock that may become issuable under the Plan by reason of any share dividend, share split
or other similar transaction. |
| (2) | Rounded
down to the nearest whole cent. |
| (3) | Calculated
solely for the purpose of determining the registration fee pursuant to Rule 457(h) and Rule
457(c) under the Securities Act, based upon the average of the high and low sales prices
for a share of Common Stock as quoted on the Nasdaq Stock Market on June 29, 2023. |
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