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VERITEC, INC.
STOCK OPTION AGREEMENT
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Veritec, Inc.
(the “Company”)
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[OPTIONEE]
(“Optionee”)
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Effective
Date:
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On [DATE], the Board of Directors of the Company
(the “Board”) authorized the granting of non-qualified
stock options to Optionee to purchase an aggregate of
_____ shares of the Company’s $.01 par value
common stock (the “Options”) pursuant to the terms and
conditions set forth herein. The parties desire to enter into this
Stock Option Agreement (“Agreement”) to memorialize the
terms and conditions of the grant of Options to the
Optionee.
Subject to the terms and conditions contained
herein, the Company grants to Optionee the Options in accordance
with the terms and conditions set forth in the table below and
described herein. Upon vesting, each Option shall be exercisable by
Optionee within five years of its Vesting Date as described in the
table below and, unless sooner terminated as provided herein, shall
expire at the end of such period. Options shall only vest if
Optionee continues to be employed by the Company on or after
Vesting Date.
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No. of Shares of
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Date of
Grant
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Vesting Date
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Option Exercisable
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Expiration Date
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Exercise Price
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The full purchase price of the shares acquired
upon exercise of each Option or any portion thereof shall be paid
in cash, or by personal, certified or cashier’s check or,
with the approval of the Board, by tender of a promissory note for
all or a portion of the exercise price, secured by the shares to be
received upon exercise. Any promissory note must convey interest at
the published IRS applicable federal rate for similar instruments.
Upon exercising each Option or any portion thereof, Optionee shall
use the form of Notice of Exercise of Stock Option for Shares of
Veritec, Inc. attached to this Agreement as Exhibit A
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If Optionee’s employment with the Company
is terminated for any reason other than death, Optionee shall have
ninety (90) days from the date of such termination of his
position as an employee to exercise any part of the Options vested
pursuant to Section 1 of this Agreement. Upon the expiration
of such ninety (90) day period or, if earlier, upon the
expiration date of the Options as set forth above, the Option shall
terminate and become null and void. If termination of employment is
effected by death of Optionee, any vested but unexercised portion
of the Option may be exercised by the personal
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