Exhibit 10.3
Form of Stock Option
Grant Letter for Non-Employee Directors
[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 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 service as a Director of the Company terminate for any
reason other than death or disability (as defined in the Internal
Revenue Code of 1986, as amended (the “Code”)), all
unexercised options shall terminate 90 days after the date of such
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 or
disability, you have been a Director of 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 such 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 termination.
(b)
In the event your service as a Director of the Company terminates
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 your service as a Director of the Company term
