Exhibit 10.2
Form of Stock Option
Grant Letter for Employees
[Date of
Grant]
[Name]
[Address]
[City, State
Zip]
Dear
[Optionee],
I am pleased to
advise you that PLC Systems Inc. (the “Company”) has,
on this date, pursuant to its 2005 Stock Incentive Plan (the
“Plan”), awarded you [an incentive stock option/a
nonstatutory stock option] to purchase
shares of the Common Stock, no par value per share, of the Company,
at a price of
$ per
share.
In addition to the
terms of the Plan, the following terms and conditions are
applicable with respect to this option, and your signature below
shall constitute your acknowledgement and acceptance of
same:
1.
This option shall not be transferable under any circumstances
except by operation of law.
2.
The price at which this option may be exercised shall be
$ per share.
3.
This option is subject to the following terms:
(a)
Should your employment with the Company (or a parent or subsidiary
of the Company) be terminated for any reason other than death or
disability (as defined in the Internal Revenue Code of 1986, as
amended (the “Code”)) or for “Cause” (as
defined below), all unexercised options shall terminate 90 days
after the date of your termination (but in no event after 10 years
from the date of grant); provided , however , that
(i) if, as of the date of such termination for any reason
other than death, disability or for Cause, you are at least 59.5
years old and have been employed by the Company continuously for at
least the five years prior to such date, then all of your
unexercised options shall instead terminate 3 years after the date
of your termination (but in no event after 10 years from the date
of grant), and (ii) this option shall be exercisable only to
the extent that you were entitled to exercise this option on the
date of such cessation of employment.
(b)
In the event of termination of your employment as a result of your
death, the outstanding options exercisable by you at the date of
your death may be exercised by your estate until one year from the
date of your death (but in no event after 10 years from the date of
grant), provided that this option shall be exercisable only
to the extent that this option was exercisable by you on the date
of your death.
(c)
In the event of termination of your employment as a result of
your
