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STOCK OPTION AGREEMENT

Option Agreement

STOCK OPTION AGREEMENT | Document Parties: LMWH Management Partners LLC | Micro Component Technology, Inc You are currently viewing:
This Option Agreement involves

LMWH Management Partners LLC | Micro Component Technology, Inc

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Title: STOCK OPTION AGREEMENT
Date: 8/15/2008
Industry: Scientific and Technical Instr.     Sector: Technology

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EXHIBIT 4.2

 

STOCK OPTION AGREEMENT

 

Parties :   Micro Component Technology, Inc. (the “Company”); LMWH Management Partners LLC (“Optionee”).

 

Date :       May 8, 2008 (the “Date of Grant”).

 

Agreement

 

1.             Grant of Option .   The Company irrevocably grants to Optionee the right and option to purchase all or any part of the aggregate of 3,000,000 shares of the Company’s Common Stock at a price of $0.11 per share upon the terms and conditions set forth herein.  This Option is non-qualified for tax purposes.

 

2.             Option Period .   The Option shall continue for a period of five years from the Date of Grant or, if earlier, one year from the date of termination of the Consulting Agreement between the Company and Optionee (the “Consulting Agreement”).

 

3.             Exercise of Option .   The Option shall vest and become exercisable in increments, upon satisfaction of the following milestones, as follows:

 

Milestone

 

Shares Vested

 

 

 

Execution by the Company of financial restructuring agreement with Laurus

 

1,500,000 Shares

 

 

 

Execution by the Company of first strategic agreement (e.g, joint venture, license, joint marketing or joint development) generating possibility of near term revenues in excess of $3M

 

500,000 Shares

 

 

 

Execution by the Company of second strategic agreement (e.g, joint venture, license, joint marketing or joint development) generating possibility of near term revenues in excess of $3M

 

500,000 Shares

 

 

 

Execution by the Company of third strategic agreement (e.g, joint venture, license, joint marketing or joint development) generating possibility of near term revenues in excess of $3M

 

500,000 Shares

 

Prior to the execution of the strategic agreement milestones, the Chairman of the Board and the Optionee will provide the Board a detailed description of the potential strategic agreements the Optionee plans to undertake to ensure the satisfaction of the Board that such strategic agreements will satisfy the requirements of the milestones.

 

The Option


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