On January 18, 2010, the Compensation Committee of Quidel Corporation (the "Company") approved the Company's 2010 Equity Incentive Plan (the "2010 Equity Incentive Plan"). The 2010 Equity Incentive Plan provides for grants of equity awards to eligible employees of the Company, including the Company's executive officers, subject to the terms described below and as set forth on Exhibit 10.1 hereto.
Under the 2010 Equity Incentive Plan, each participating employee receives, at his or her election, an award in the form of either (i) 100% of the award dollar value in non-qualified stock options; or (ii) a split of the award dollar value equally (50/50) between non-qualified stock options and time-based restricted shares. In each case, the vesting period for both the non-qualified stock options and the time-based restricted shares is four years with the first 50% of such stock options and restricted shares vesting at the end of the second-year anniversary of the grant date and the remainder vesting 25% annually thereafter.
In addition, on January 18, 2010, and subject to the Audit Committee's review and confirmation of Company performance for 2009, the Compensation Committee approved the grant of discretionary cash awards to the Company's executive officers as set forth on Exhibit 10.2 hereto, in light of (i) the Compensation Committee's decision in 2009 not to adopt a cash incentive plan for that year; and (ii) the Company's performance in 2009 exceeding certain targeted performance metrics (the "2009 Award Program"). Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed with this current report on Form 8-K:

Exhibit Number    Description of Exhibit

10.1              2010 Equity Incentive Plan Grants to the Company's Executive Officers.

10.2              2009 Award Program Grants to the Company's Executive Officers.