Exhibit 10.1
STOCKERYALE, INC.
SUMMARY OF 2009 STOCK OPTION AND
CASH INCENTIVE COMPENSATION PLAN
On January 16, 2009, the Governance, Nominating
and Compensation Committee of the Board of Directors of
StockerYale, Inc. (the “Corporation”) established a
performance-based stock option and cash incentive compensation plan
pursuant to which (i) grants of performance-based stock options to
purchase shares of the Corporation’s common stock at the
closing price of the Corporation’s common stock on the Nasdaq
Capital Market on January 16, 2009 and (ii) cash bonuses to each of
the Corporation’s executive officers and other senior
executives were approved.
The stock options granted under this plan only
vest and become exercisable if the Corporation is cash flow neutral
for fiscal 2009 and will vest and become exercisable or terminate
on the day the Corporation publicly releases its financial results
for the fiscal year ending December 31, 2009, provided the
recipient continues to remain employed by the Corporation, or a
subsidiary of the Corporation, until such date.
The stock options granted to the executive
officers of the Corporation (as defined by Section 16 of the
Securities Exchange Act of 1934, as amended) under this plan
are
