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EXHIBIT
10.9
VIA PHARMACEUTICALS,
INC.
2004 STOCK
PLAN
STOCK OPTION
AGREEMENT
Unless otherwise defined
herein, the terms defined in the 2004 Stock Plan shall have the
same defined meanings in this Stock Option Agreement.
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NOTICE OF STOCK OPTION GRANT |
Name:
Address:
The undersigned Optionee has
been granted an Option to purchase Common Stock of the Company,
subject to the terms and conditions of the Plan and this Option
Agreement, as follows:
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| Date of
Grant |
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| Vesting
Commencement Date |
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| Exercise
Price per Share |
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$
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| Total Number
of Shares Granted |
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| Total
Exercise Price |
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$
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| Type of
Option: |
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Incentive Stock Option |
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Nonstatutory Stock Option |
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| Term/Expiration Date: |
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Vesting Schedule
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This Option shall be
exercisable, in whole or in part, according to the following
vesting schedule:
Termination Period
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This Option shall be
exercisable for [three (3) months] after Optionee
ceases to be a Service Provider. Upon Optionee’s death or
Disability, this Option may be exercised for [one
(1) year] after Optionee ceases to be a Service Provider.
In no event may Optionee exercise this Option after the
Term/Expiration Date as provided above.
1. Grant of Option .
The Plan Administrator of the Company hereby grants to the Optionee
named in the Notice of Grant (the “Optionee”), an
option (the “Option”) to purchase the number of Shares
set forth in the Notice of Grant, at the exercise price per Share
set forth in the Notice of Grant (the “Exercise
Price”), and subject to the terms and conditions of the Plan,
which is incorporated herein by reference. Subject to
Section 15(c) of the Plan, in the event of a conflict between
the terms and conditions of the Plan and this Option Agreement, the
terms and conditions of the Plan shall prevail.
If designated in the Notice
of Grant as an Incentive Stock Option (“ISO”), this
Option is intended to qualify as an Incentive Stock Option as
defined in Section 422 of the Code. Nevertheless, to the
extent that it exceeds the $100,000 rule of Code
Section 422(d), this Option shall be treated as a Nonstatutory
Stock Option (“NSO”).
2. Exercise of Option
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(a) Right to Exercise
. This Option shall be exercisable during its term in accordance
with the Vesting Schedule set out in the Notice of Grant and with
the applicable provisions of the Plan and this Option
Agreement.
(b) Method of Exercise
. This Option shall be exercisable by delivery of an exercise
notice in the form attached as Exhibit A (the
“Exercise Notice”) which shall state the election to
exercise the Option, the number of Shares with respect to which the
Option is being exercised, and such other representations and
agreements as may be required by the Company. The Exercise Notice
shall be accompanied by payment of the aggregate Exercise Price as
to all Exercised Shares. This Option shall be deemed to be
exercised upon receipt by the Company of such fully executed
Exercise Notice accompanied by the aggregate Exercise
Price.
No Shares shall be issued
pursuant to the exercise of an Option unless such issuance and such
exercise complies with Applicable Laws. Assuming such compliance,
for income tax purposes the Shares shall be considered transferred
to the Optionee on the date on which the Option is exercised with
respect to such Shares.
3. Optionee’s
Representations . In the event the Shares have not been
registered under the Securities Act of 1933, as amended, at the
time this Option is exercised, the Optionee shall, if required by
the Company, concurrently with the exercise of all or any portion
of this Option, deliver to the Company his or her Investment
Representation Statement in the form attached hereto as
Exhibit B .
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4. Lock-Up Period .
Optionee hereby agrees that Optionee shall not offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase
any option or contract to sell, grant any option, right or warrant
to purchase, lend, or otherwise transfer or dispose of, directly or
indirectly, any Common Stock (or other securities) of the Company
or enter into any swap, hedging or other arrangement that transfers
to another, in whole or in part, any of the economic consequences
of ownership of any Common Stock (or other securities) of the
Company held by Optionee (other than those included in the
registration) for a period specified by the representative of the
underwriters of Common Stock (or other securities) of the Company
not to exceed one hundred eighty (180) days following the
effective date of any registration statement of the Company filed
under the Securities Act.
Optionee agrees to execute
and deliver such other agreements as may be reasonably requested by
the Company or the underwriter which are consistent with the
foregoing or which are necessary to give further effect thereto. In
addition, if requested by the Company or the representative of the
underwriters of Common Stock (or other securities) of the Company,
Optionee shall provide, within ten (10) days of such request,
such information as may be required by the Company or such
representative in connection with the completion of any public
offering of the Company’s securities pursuant to a
registration statement filed under the Securities Act. The
obligations described in this Section shall not apply to a
registration relating solely to employee benefit plans on Form S-1
or Form S-8 or similar forms that may be promulgated in the future,
or a registration relating solely to a Commission Rule 145
transaction on Form S-4 or similar forms that may be promulgated in
the future. The Company may impose stop-transfer instructions with
respect to the shares of Common Stock (or other securities) subject
to the foregoing restriction until the end of said one hundred
eighty (180) day period. Optionee agrees that any transferee
of the Option or shares acquired pursuant to the Option shall be
bound by this Section.
5. Method of Payment .
Payment of the aggregate Exercise Price shall be by any of the
following, or a combination thereof, at the election of the
Optionee:
(a) cash or check;
(b) consideration received by
the Company under a formal cashless exercise program adopted by the
Company in connection with the Plan; or
(c) surrender of other Shares
which, (i) in the case of Shares acquired from the Company,
either directly or indirectly, have been owned by the Optionee, and
not subject to a substantial risk of forfeiture, for more than
six (6) months on the date of surrender, and (ii) have a
Fair Market Value on the date of surrender equal to the aggregate
Exercise Price of the Exercised Shares.
6. Restrictions on
Exercise . This Option may not be exercised until such time as
the Plan has been approved by the shareholders of the Company, or
if the issuance of such Shares upon such exercise or the method of
payment of consideration for such shares would constitute a
violation of any Applicable Law.
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7. Restrictions on
Shares . Optionee hereby agrees that Shares purchased upon the
exercise of the Option shall be subject to such terms and
conditions as the Committee shall determine in its sole discretion,
including, without limitation, restrictions on the transferability
of Shares, the right of the Company to repurchase Shares, and a
right of first refusal in favor of the Company with respect to
permitted transfers of Shares. Such terms and conditions may, in
the Committee’s sole discretion, be contained in the Exercise
Notice with respect to the Option or in such other agreement as the
Committee shall determine and which the Optionee hereby agrees to
enter into at the request of the Company
8. Non-Transferability of
Option . This Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Optionee only by
Optionee. The terms of the Plan and this Option Agreement shall be
binding upon the executors, administrators, heirs, successors and
assigns of the Optionee.
9. Term of Option .
This Option may be exercised only within the term set out in the
Notice of Grant, and may be exercised during such term only in
accordance with the Plan and the terms of this Option.
10. Tax Obligations
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(a) Withholding Taxes
. Optionee agrees to make appropriate arrangements with the Company
(or the Parent or Subsidiary employing or retaining Optionee) for
the satisfaction of all Federal, state, local and foreign income
and employment tax withholding requirements applicable to the
Option exercise. Optionee acknowledges and agrees that the Company
may refuse to honor the exercise and refuse to deliver Shares if
such withholding amounts are not delivered at the time of
exercise.
(b) Notice of
Disqualifying Disposition of ISO Shares . If the Option granted
to Optionee herein is an ISO, and if Optionee sells or otherwise
disposes of any of the Shares acquired pursuant to the ISO on or
before the later of (1) the date two years after the Date of
Grant, or (2) the date one year after the date of exercise,
the Optionee shall immediately notify the Company in writing of
such disposition. Optionee agrees that Optionee may be subject to
income tax withholding by the Company on the compensation income
recognized by the Optionee.
11. Entire Agreement;
Governing Law . The Plan is incorporated herein by reference.
The Plan and this Option Agreement constitute the entire agreement
of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements
of the Company and Optionee with respect to the subject matter
hereof, and may not be modified adversely to the Optionee’s
interest except by means of a writing signed by the Company and
Optionee. This agreement is governed by the internal substantive
laws but not the choice of law rules of California.
12. No Guarantee of
Continued Service . OPTIONEE ACKNOWLEDGES AND AGREES THAT THE
VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED
ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY
(NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR
ACQUIRING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND
AGREES THAT THIS AGREEMENT,
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THE TRANSACTIONS CONTEMPLATED HEREUNDER
AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN
EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE
PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND
SHALL NOT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE
COMPANY’S RIGHT TO TERMINATE OPTIONEE’S RELATIONSHIP AS
A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.
Optionee acknowledges receipt
of a copy of the Plan and represents that he or she is familiar
with the terms and provisions thereof, and hereby accepts this
Option subject to all of the terms and provisions thereof. Optionee
has reviewed the Plan and this Option in their entirety, has had an
opportunity to obtain the advice of counsel prior to executing this
Option and fully understands all provisions of the Option. Optionee
hereby agrees to accept a
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