ANTON DIST. INC.
STOCK OPTION PLAN
This stock option plan (the “ Plan ”) is adopted
in consideration of services rendered and to be rendered by key
personnel to Anton Dist. Inc., its subsidiaries and affiliates.
1.
Definitions.
The terms used in this Plan shall, unless otherwise indicated or
required by the particular context, have the following
meanings:
Board
:
The Board of Directors of Anton Dist. Inc.
Common Stock
: The U.S.
$0.001 par value common stock of Anton Dist. Inc.
Company
:
Anton Dist. Inc., a company incorporated under the laws of the
State of Montana, and any successors in interest by merger,
operation of law, assignment or purchase of all or substantially
all of the property, assets or business of the Company.
Date of Grant
:
The date on which an Option (see hereinbelow) is granted under the
Plan.
Fair Market Value : The
Fair Market Value of the Option Shares. Such Fair Market
Value as of any date shall be reasonably determined by the Board;
provided, however, that if there is a public market for the Common
Stock, the Fair Market Value of the Option Shares as of any date
shall not be less than the closing price for the Common Stock on
the last trading day preceding the date of grant; provided,
further, that if the Company’s shares are not listed on any
exchange the Fair Market Value of such shares shall not be less
than the average of the means between the bid and asked prices
quoted on each such date by any two independent persons or entities
making a market for the Common Stock, such persons or entities to
be selected by the Board. Fair Market Value shall be
determined without regard to any restriction other than a
restriction which, by its terms, will never lapse.
Incentive Stock Option
:
An Option as described in Section 9 hereinbelow intended to qualify
under section 422 of the United States Internal Revenue Code of
1986 , as amended.
Key Person
:
A person designated by the Board upon whose judgment, initiative
and efforts the Company or a Related Company may rely, who shall
include any Director, Officer, employee or consultant of the
Company. A Key Person may include a corporation that is
wholly-owned and controlled by a Key Person who is eligible for an
Option grant, but in no other case may the Company grant an option
to a legal entity other than an individual.
Option
:
The rights granted to a Key Person to purchase Common Stock
pursuant to the terms and conditions of an Option Agreement (see
hereinbelow).
Option Agreement : The written
agreement (and any amendment or supplement thereto) between the
Company and a Key Person designating the terms and conditions of an
Option.
Option Shares
:
The shares of Common Stock underlying an Option granted to a Key
Person.
Optionee
:
A Key Person who has been granted an Option.
Related Company : Any
subsidiary or affiliate of the Company or of any subsidiary of the
Company. The determination of whether a corporation is a
Related Company shall be made without regard to whether the entity
or the relationship between the entity and the Company now exists
or comes into existence hereafter.
2.
Purpose and scope.
(a) The purpose of the
Plan is to advance the interests of the Company and its
stockholders by affording Key Persons, upon whose judgment,
initiative and efforts the Company may rely for the successful
conduct of their businesses an opportunity for investment in the
Company and the incentive advantages inherent in stock ownership in
the Company.
(b) This Plan authorizes
the Board to grant Options to purchase shares of Common Stock to
Key Persons selected by the Board while considering criteria such
as employment position or other relationship with the Company,
duties and responsibilities, ability, productivity, length of
service or association, morale, interest in the Company,
recommendations by supervisors and other matters.
3.
Administration of the Plan.
The Plan shall be administered by the Board. The Board shall
have the authority granted to it under this section and under each
other section of the Plan.
In accordance with and subject to the provisions of the Plan, the
Board is hereby authorized to provide for the granting, vesting,
exercise and method of exercise of any Options all on such terms
(which may vary between Options and Optionees granted from time to
time) as the Board shall determine. In addition, and without
limiting the generality of the foregoing, the Board shall select
the Optionees and shall determine: (i) the number of shares of
Common Stock to be subject to each Option, however, in no event may
the maximum number of shares reserved for any one individual exceed
10% of the issued and outstanding share capital of the Company;
(ii) the time at which each Option is to be granted; (iii) the
purchase price for the Option Shares; (iv) the Option period; and
(v) the manner in which the Option becomes exercisable or
terminated. In addition, the Board shall fix such other terms
of each Option as it may deem necessary or desirable. The
Board may determine the form of Option Agreement to evidence each
Option.
The Board from time to time may adopt such rules and regulations
for carrying out the purposes of the Plan as it may deem proper and
in the best interests of the Company subject to the rules and
policies of any exchange or over-the-counter market which is
applicable to the Company.
The Board may from time to time make such changes in and additions
to the Plan as it may deem proper, subject to the prior approval of
any exchange or over-the-counter market which is applicable to the
Company, and in the best interests of the Company; provided,
however, that no such change or addition shall impair any Option
previously granted under the Plan. If the shares are not
listed on any exchange, then such approval is not necessary.
Each determination, interpretation or other action made or taken by
the Board shall be final, conclusive and binding on all persons,
including without limitation, the Company, the stockholders,
directors, officers and employees of the Company and the Related
Companies, and the Optionees and their respective successors in
interest.
4.
The Common Stock.
Save and except as may be determined by the Board at a duly
constituted meeting of the Board as set forth hereinbelow, the
Board is presently authorized to appropriate, grant Options, issue
and sell for the purposes of the Plan, a total number of shares of
the Company’s Common Stock not to exceed 700,000 prior to the
Forward Stock Split (9,100,000 post Forward Stock Split), or the
number and kind of shares of Common Stock or other securities which
in accordance with Section 10 shall be substituted for the shares
or into which such shares shall be adjusted. Save and except
as may otherwise be determined by the disinterested approval of the
shareholders of the Company at any duly called meeting of the
shareholders of the Company, at any duly constituted Board meeting
the Board may determine that the total number of shares of the
Company’s Common Stock which may be reserved for issuance for
Options granted and to be granted under this Plan, from time to
time, may be to the
maximum extent of up to 20% of the Company’s issued and
outstanding Common Stock as at the date of any such meeting of the
Board. In this regard, and subject to the prior disinterested
approval of the shareholders of the Company at any duly called
meeting of the shareholders of the Company, the total number of
shares of the Company’s Common Stock which may be reserved
for issuance for Options granted and to be granted under this Plan,
from time to time, may be increased to greater than 20% of the
Company’s issued and outstanding Common Stock as at the date
of notice of any such meeting of the shareholders of the Company
whereat such disinterested shareholders’ approval is sought
and obtained by the Company. All or any unissued shares
subject to an Option that for any reason expires or otherwise
terminates may again be made subject to Options under the Plan.
5.
Eligibility.
Options will be granted only to Key Persons. Key Persons may
hold more than one Option under the Plan and may hold Options under
the Plan and options granted pursuant to other plans or
otherwise.
6.
Option Price and number of Option Shares.
The Board shall, at
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