Back to top

PLATINUM RESEARCH ORGANIZATION, INC. STOCK INCENTIVE PLAN NON-QUALIFIED STOCK OPTION AGREEMENT

Option Agreement

PLATINUM RESEARCH ORGANIZATION, INC. STOCK INCENTIVE PLAN NON-QUALIFIED STOCK OPTION AGREEMENT | Document Parties: PLATINUM RESEARCH ORGANIZATION, INC. You are currently viewing:
This Option Agreement involves

PLATINUM RESEARCH ORGANIZATION, INC.

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: PLATINUM RESEARCH ORGANIZATION, INC. STOCK INCENTIVE PLAN NON-QUALIFIED STOCK OPTION AGREEMENT
Governing Law: Delaware     Date: 11/13/2007
Industry: Software and Programming     Sector: Technology

PLATINUM RESEARCH ORGANIZATION, INC. STOCK INCENTIVE PLAN NON-QUALIFIED STOCK OPTION AGREEMENT, Parties: platinum research organization  inc.
50 of the Top 250 law firms use our Products every day

Exhibit 10.3

PLATINUM RESEARCH ORGANIZATION, INC.

STOCK INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION AGREEMENT

This Non-Qualified Stock Option Agreement (the “ Agreement ”) is made and entered into by and between Platinum Research Organization, Inc., a Delaware corporation (the “ Company ”), and the participant named below (the “ Participant ”). Effective as of the Transaction Date, all Stock Options previously granted to Participant on April 18, 2007 (the “ Previous Stock Options ”), under the Company Stock Inventive Plan (the “ Plan ”) are terminated and Participant’s rights under the Previous Stock Options are cancelled. Capitalized terms not defined herein shall have the meaning ascribed to them in the Plan.

NOW, THEREFORE, it is agreed as follows:

Participant:

Social Security Number:                                 

 

Address:         2777 Stemmons Freeway
                    Suite 1440
                    Dallas, Texas 75207
                    Total Stock Option Shares:

Exercise Price Per Share: $                     

Grant Date:

Expiration Date:

Section 1. Grant of Stock Option . The Company hereby grants to Participant a Stock Option (this “ Stock Option ”) to purchase the total number of shares of Common Stock of the Company set forth above as Total Stock Option Shares (the “ Shares ”) at the Exercise Price Per Share set forth above (the “ Exercise Price ”), subject to all of the terms and conditions of this Agreement and the Plan. This Stock Option is not intended to qualify as an “incentive stock option” under Code Section 422.

Section 2. Vesting Schedule and Performance Criteria .

(a) Vesting Schedule and Performance Criteria . This Stock Option shall be exercisable with respect to forty percent (40%) of the Shares vesting, in accordance with the following vesting schedule:

 

 


Vesting Date

   Vesting Percentage  

1 st anniversary of Original Grant Date

   33 %

2 nd anniversary of Original Grant Date

   67 %

3 rd anniversary of Original Grant Date

   100 %

This Stock Option shall be exercisable with respect to the remaining sixty percent (60%) of the Shares upon satisfaction of performance standards set by the Board of Directors of the Company and communicated to the Participant prior to the beginning of the applicable performance period, or within the ninety (90) days period immediately thereafter.

If application of the vesting percentage causes a fractional Share, such Share shall be rounded up to the nearest whole Share for each vesting period except for the last vesting period, at the end of which period this Stock Option shall become exercisable for the remaining whole Shares subject to this Stock Option.

(b) Option Expiration . The Stock Option shall expire on the Expiration Date set forth above or earlier as provided in Section 4 below or, in the event of a Change in Control, pursuant to subsections 12.2 of the Plan.

Section 3. Termination . The Stock Option will not be exercisable on or after Participant’s termination of Continuous Service (“ Termination Date ”), except as otherwise specifically provided in this Section 4. For these purposes, the term “Continuous Service” shall mean that the Participant’s service with the Company (or any Affiliate), whether as an Employee, Director or Consultant, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company (or any Affiliate) as an Employee, Director or Consultant, or a change in the entity for which the Participant renders such service, provided there is no interruption or termination of the Participant’s Continuous Service.

(a) Voluntary Termination of Continuous Service . If Participant’s Continuous Service terminates for any reason, other than death, Disability or for Cause, Participant may exercise the Stock Option (to the extent that it would have been exercisable by Participant as of the Termination Date), but only within such period of time ending on the earlier of (i) the date ninety (90) days following Participant’s Termination Date or (ii) the Expiration Date, set forth above.

(b) Death of Participant . If Participant’s Continuous Service terminates as a result of Participant’s death, Participant’s estate or heirs may exercise the Stock Option (to the extent that it would have been exercisable by Participant as of the Termination Date), but only within such period of time ending on the earlier of (i) the date one year following Participant’s Termination Date or (ii) the Expiration Date, set forth above.

 

2

 


(c) Disability of Participant . If Participant’s Continuous Service terminates as a result of Participant’s Disability, Participant may exercise the Stock Option (to the extent that it would have been exercisable by Participant as of the Termination Date), but only within such period of time ending on the earlier of (i) the date one year following Participant’s Termination Date or (ii) the Expiration Date, set forth above.

(d) Termination for Cause . If Participant’s Continuous Service is terminated for Cause, then the Stock Option will expire on Participant’s Termination Date, whether or not such Stock Option was vested.

(e) Failure to Timely Exercise . Except as otherwise specifically permitted under the Plan, if Participant (or his personal representative, estate or heirs, as the case may be) fails to exercise Participant’s Stock Option within the time period specified in this Section 4, the Stock Option shall terminate and will no longer be exercisable.

(f) No Obligation to Employ . Nothing in the Plan or this Agreement shall confer on Participant any right to continue in the employ of, or other relationship with, the Company or any Affiliate, or limit in any way the right of the Company or any Affiliate to terminate Participant’s employment or other relationship at any time, with or without Cause.

Section 4. Manner of Exercise .

(a) Stock Option Exercise Agreement . To exercise this Stock Option, Participant (or in the case of exercise after Participant’s death or incapacity, Participant’s legal representative, estate or heirs, as the case may be) must deliver to the Company an executed Exer


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more