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Exhibit 10.3
WORLD WASTE TECHNOLOGIES, INC.
STOCK OPTION AGREEMENT
THIS STOCK OPTION AGREEMENT ("Agreement"), is made as of the
________ day
of ________, 200_ by and between World Waste Technologies, Inc.,
a California
corporation (the "Company"), and ("Optionee").
R E C I T A L
Pursuant to the 2007 Stock Plan (the "Plan") of the Company, the
Board of
Directors of the Company or a committee to which administration
of the Plan is
delegated by the Board of Directors (in either case, the
"Administrator") has
authorized the granting to Optionee of a stock option to
purchase the number of
shares of common stock of the Company specified in Section 1
hereof, at the
price specified therein, such option to be for the term and upon
the terms and
conditions hereinafter stated.
A G R E E M E N T
NOW, THEREFORE, in consideration of the promises and of the
undertakings of
the parties hereto contained herein, it is hereby agreed:
1. Number of Shares; Option Price. Pursuant to said action of
the
Administrator, the Company hereby grants to Optionee the option
("Option") to
purchase, upon and subject to the terms and conditions of the
Plan, ________
shares of common stock of the Company ("Shares") at the price of
$________ per
share.
2. Term. This Option shall expire on the day before the tenth
(10th)
anniversary of the date of grant of the Option (the "Expiration
Date"), unless
such Option shall have been terminated prior to that date in
accordance with the
provisions of the Plan or this Agreement.
3. Shares Subject to Exercise. This Option shall be exercisable
in
installments as follows: [INSERT VESTING SCHEDULE]; provided,
however, that,
except as otherwise specifically provided for in this Option or
in the Plan, an
installment shall not become exercisable if the Optionee is not
serving as an
Employee or a Consultant as of such vesting date. Once
exercisable, the Option
shall thereafter remain exercisable as to such Shares for the
term specified in
Section 2 hereof, unless Optionee's service as an Employee or a
Consultant is
terminated, in which case the provisions of Section 5 hereof
will apply.
4. Method and Time of Exercise. The Option may be exercised by
written
notice delivered to the Company at its principal executive
office stating the
number of shares with respect to which the Option is being
exercised, together
with:
(A) a check or money order made payable to the Company in the
amount
of the exercise price and any withholding tax, as provided under
Section 5
hereof; or
(B) if expressly authorized in writing by the Administrator, in
its
sole discretion, at the time of the Option exercise, the tender
to the Company
of shares of the Company's common stock owned by Optionee having
a fair market
value not less than the exercise price, plus the amount of
applicable federal,
state and local withholding taxes; or
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(C) if expressly authorized in writing by the Administrator, in
its
sole discretion, at the time of the Option exercise, the
Optionee's full
recourse promissory note in a form approved by the Company;
or
(D) if any other method such as cashless exercise is
expressly
authorized in writing by the Administrator, in its sole
discretion, at the time
of the Option exercise, the tender of such consideration having
a fair market
value not less than the exercise price, plus the amount of
applicable federal,
state and local withholding taxes.
Only whole shares may be purchased.
5. Tax Withholding. As a condition to exercise of this Option,
the Company
may require Optionee to pay over to the Company all applicable
federal, state
and local taxes which the Company is required to withhold with
respect to the
exercise of this Option. At the discretion of the Administrator
and upon the
request of Optionee, the minimum statutory withholding tax
requirements may be
satisfied by the withholding of Shares otherwise issuable to
Optionee upon the
exercise of this Option.
6. Exercise on Termination of Employment. If for any reason
Optionee ceases
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