EXHIBIT
4.3
THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED
UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY
STATE, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED
PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES
LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION
UNDER FEDERAL AND STATE SECURITIES LAWS IS NOT
REQUIRED.
SPEEDEMISSIONS,
INC.
2005 Omnibus Stock Grant and
Option Plan
NONSTATUTORY STOCK OPTION
AGREEMENT
Speedemissions, Inc. (the
“Company”), hereby grants an Option to purchase shares
of its common stock (“Shares”) to the Optionee named
below. The terms and conditions of the Option are set forth in this
cover sheet, in the attachment and in the Company’s 2005
Omnibus Stock Grant and Option Plan (the
“Plan”).
Date of
Grant:__________________________________
Name of
Optionee:________________________________________
Optionee’s Social Security
Number:___________________________
Number of
Shares Covered by Option:_________________________
Exercise Price
per Share: $__________________________
Vesting Start
Date:_______________________________
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Check here if
Optionee is a 10% owner (so that exercise price must be 100% of
fair market value).
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By
signing this cover sheet, you agree to all of the terms and
conditions described in the attached Agreement and in the Plan, a
copy of which is also attached.
Optionee:______________________________________
Company:______________________________________
Title:____________________________
THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED
UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY
STATE, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED
PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES
LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION
UNDER FEDERAL AND STATE SECURITIES LAWS IS NOT
REQUIRED.
SPEEDEMISSIONS,
INC.
2005 Omnibus Stock Grant and
Option Plan
NONSTATUTORY STOCK OPTION
AGREEMENT
Nonstatutory Stock Option
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This Option is
not intended to be an incentive stock option under section 422 of
the Internal Revenue Code and will be interpreted
accordingly.
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No Shares will
vest until you have performed _______ (____) months of Service from
the commencement of your employment with the Company. Your Option
shall vest as to _______ of the Shares on the date _______ (____)
months from the Vesting Start Date as shown on the cover sheet.
Thereafter, Shares shall vest at the rate of ________ of the Shares
at the end of each full month thereafter. After you have completed
________ (____) months of Service, the number of Shares which vest
under this Option at the Exercise Price shall be equal to the
product of the number of full months of your continuous employment
with the Company (“Service”) (including any approved
leaves of absence) from the Vesting Start Date times the number of
Shares covered by this Option times ________. The resulting number
of Shares will be rounded to the nearest whole number. No
additional Shares will vest after your Service has terminated for
any reason.
You should note
that you may exercise the Option prior to vesting. In that case,
the Company has a right to repurchase the unvested shares at the
original exercise price if you terminate employment before vesting
in all shares you purchased. Also, if you exercise before vesting,
you should consider making an 83(b) election. Please see the
attached Tax Summary. The 83(b) election must be filed within 30
days of the date you exercise.
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Your Option
will expire in any event at the close of business at Company
headquarters on the day before the tenth anniversary of the Date of
Grant, as shown on the cover sheet. (It will expire earlier if your
Service terminates, as described below.)
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If your Service
terminates for any reason except death, Disability, or for
“Cause” your Option will expire at the close of
business at Company headquarters on the 30th day after your
termination date. During such 30-day period, you may exercise that
portion of your Option that was vested on your termination
date.
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If you die
while in Service with the Company, your Option will expire at the
close of business at Company headquarters on the date
six months after the date of death. During that six-month
period, your estate or heirs may exercise that portion of your
Option that was vested on your date of death.
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If your Service
terminates because of your Disability, your Option will expire at
the close of business at Company headquarters on the date
six months after your termination date. During that six-month
period, you may exercise that portion of your Option that was
vested on your date of Disability.
“Disability” means that you are
unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental
impairment.
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For purposes of
this Option, your Service does not terminate when you go on a
bona fide leave of absence that was approved by the
Company in writing, if the terms of the leave provide for continued
service crediting, or when continued service crediting is required
by applicable law. However, your Service will be treated as
terminating 30 days after you went on leave, unless your right to
return to work is guaranteed by law or by a contract. Your service
terminates in any event when the approved leave ends unless you
immediately return to Service. The Company determines which leaves
count for this purpose, and when your Service terminates for all
purposes under the Plan. The Company also determines the extent to
which you may exercise the vested portion of your Option during a
leave of absence.
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When you wish
to exercise this Option, you must execute Exhibit A (and if
exercise is prior to vesting you must also execute Exhibits B and
D). Your Exercise will be effective when it is received by the
Company. If someone else wants to exercise this Option after your
death, that person must prove to the Company’s satisfaction
that he or she is entitled to do so.
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When you submit
Exhibit A, you must include payment of the Exercise Price for the
Shares you are purchasing. Payment may be made in one (or a
combination) of the following forms at the discretion of the
committee:
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·
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Your personal
check, a cashier’s check or a money order.
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·
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Shares which
you have owned for six months and which are surrendered to the
Company. The value of the Shares, determined as of the effective
date of the Option exercise, will be applied to the Exercise
Price.
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·
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To the extent
that a public market for the Shares exists as determined by the
Company, by delivery (on a form prescribed by the Committee) of an
irrevocable direction to a securities broker to sell Shares and to
deliver all or part of the sale proceeds to the Company in payment
of the aggregate Exercise Price.
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Any other form
of legal consideration approved by the Committee.
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You will not be
allowed to exercise this Option unless you make acceptable
arrangements to pay any withholding or other taxes that may be due
as a result of the Option exercise or the sale of Shares acquired
upon exercise of this Option.
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Restrictions on Resale
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By signing this
Agreement, you agree not to exercise this Option or sell any Shares
acquired upon exercise of this Option at a time when applicable
laws, regulations or Company or underwriter trading policies
prohibit exercise or sale. In particular, the Company shall have
the right to designate one or more periods of time, each of which
shall not exceed 180 days in length, during which this Option shall
not be exercisable if the Company determines (in its sole
discretion) that such limitation on exercise could in any way
facilitate a lessening of any restriction on transfer pursuant to
the Securities Act or any state securities laws with respect to any
issuance of securities by the Company, facilitate the registration
or qualification of any securities by the Company under the
Securities Act or any state securities laws, or facilitate the
perfection of any exemption from the registration or qualification
requirements of the Securities Act or any applicable state
securities laws for the issuance or transfer of any securities.
Such limitation on exercise shall not alter the vesting schedule
set forth in this Agreement other than to limit the periods during
which this Option shall be exercisable.
Furthermore, in
respect of any underwritten public offering by the Company, you
agree that you will not sell or otherwise transfer or dispose of
any Shares covered by this Option during a reasonable and customary
period of time as agreed to by the Company and the underwriters,
not to exceed the greater of (a) 180 days following the effective
date of the registration statement of the Company filed under the
Securities Act in respect of such offering and (b) such other
period of time as agreed to by holders of a majority of the then
outstanding Shares. By signing this Agreement you agree to execute
and deliver such other agreements as may be reasonably requested by
the Company or the underwriter which are consistent with the
foregoing or which are necessary to give further effect thereto.
The Company may impose stop-transfer instructions with respect to
the Shares subject to the foregoing restriction until the end of
such period.
If the sale of
Shares under the Plan is not registered under the Securities Act of
1933, as amended (the “Securities Act”), but an
exemption is available which requires an investment or other
representation, you shall represent and agree at the time of
exercise that the Shares being acquired upon exercise of this
Option are being acquired for investment, and not with a view to
the sale or distribution thereof, and shall make such other
representations as are deemed necessary or appropriate by the
Company and its counsel.
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The
Company’s Right of First Refusal
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In the event
that you propose to sell, pledge or otherwise transfer to a third
party any Shares acquired under this Agreement, or any interest in
such Shares, the Company shall have the “Right of First
Refusal” with respect to all (and not less than all) of such
Shares. If you desire to transfer Shares acquired under this
Agreement, you must give a written “Transfer Notice” to
the Company describing fully the proposed transfer, including the
number of Shares proposed to be transferred, the proposed transfer
price and the name and address of the proposed transferee. The
Transfer Notice shall be signed both by you and by the proposed
transferee and must constitute a binding commitment of both parties
to the transfer of the Shares.
The Company and
its assignees shall have the right to purchase all, and not less
than all, of the Shares on the terms described in the Transfer
Notice (subject, however, to any change in such terms permitted in
the next paragraph) by delivery of a notice of exercise of the
Right of First Refusal within 30 days after the date when the
Transfer Notice was received by the Company.
The
Company’s rights under this Subsection shall be freely
assignable, in whole or in part.
If the Company
fails to exercise its Right of First Refusal within 30 days after
the date when it received the Transfer Notice, you may, not later
than 60 days following receipt of the Transfer Notice by the
Company, conclude a transfer of the Shares subject to the Transfer
Notice on the terms and conditions described in the Transfer
Notice. Any proposed transfer on terms and conditions different
from those described in the Transfer Notice, as well as any
subsequent proposed transfer by you, shall again be subject to the
Right of First Refusal and shall require compliance with the
procedure described in the paragraph above. If the Company
exercises its Right of First Refusal, you and the Company (or its
assignees) shall consummate the sale of the Shares on the terms set
forth in the Transfer Notice.
The
Company’s Right of First Refusal shall inure to the benefit
of its successors and assigns and shall be binding upon any
transferee of the Shares.
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Right
of Repurchase
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Following
termination of your Service for any reason, the Company shall have
the right to purchase all of those vested Shares that you have or
will acquire under this Option (unvested Shares which have been
exercised are subject to a Repurchase Option set forth in Exhibit
A). If the Company fails to provide you with written notice of its
intention to purchase such Shares before or within 30 days of the
date the Company receives written notice from you of your
termination of Service, the Company’s right to purchase such
Shares shall terminate. If the Company exercises its right to
purchase such Shares, the Company will consummate the purchase of
such Shares within 60 days of the date of its written notice to
you. The purchase price for any Shares repurchased shall be the
higher of the fair market value of the Shares on the date of
purchase or the aggregate Exercise Price for such Shares and shall
be paid in cash. The Company’s right of repurchase shall
terminate in the event that Stock is listed on an established stock
exchange or is quoted regularly on the Nasdaq National Market. The
fair market value shall be determined by the Board of Directors in
its sole discretion.
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Transfer of Option
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Prior to your
death, only you may exercise this Option. You cannot transfer or
assign this Option. For instance, you may not sell this Option or
use it as security for a loan. If you attempt to do any of these
things, this Option will immediately become invalid. You may,
however, dispose of this Option in your will.
Regardless of
any marital property settlement agreement, the Company is not
obligated to honor a Notice of Exercise from your spouse or former
spouse, nor is the Company obligated to recognize such
individual’s interest in your Option in any other
way.
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This Agreement
does not give you the right to be retained by the Company in any
capacity. The Company reserves the right to terminate your Service
at any time and for any reason.
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Neither you,
nor your estate or heirs, have any rights as a shareholder of the
Company until a certificate for the Shares acquired upon exercise
of this Option has been issued. No adjustments are made for
dividends or other rights if the applicable record date occurs
before your stock certificate is issued, except as described in the
Plan.
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In the event of
a stock split, a stock dividend or a similar change in the Company
Stock, the number of Shares covered by this Option and the Exercise
Price per share may be adjusted pursuant to the Plan. Your Option
shall be subject to the terms of the agreement of merger,
liquidation or reorganization in the event the Company is subject
to such corporate activity.
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All
certificates representing the Shares issued upon exercise of this
Option shall, where applicable, have endorsed thereon the following
legends:
“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET
FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED
HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST. SUCH
AGREEMENT IMPOSES CERTAIN TRANSFER RESTRICTIONS AND GRANTS CERTAIN
REPURCHASE RIGHTS TO THE COMPANY (OR ITS ASSIGNS) UPON THE SALE OF
THE SHARES OR UPON TERMINATION OF SERVICE WITH THE COMPANY. A COPY
OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY
AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE
COMPANY BY THE HOLDER OF SHARES REPRESENTED BY THIS
CERTIFICATE.
THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, OR THE SECURITIES LAWS OF ANY STATE, AND
MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT
TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR
IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL, SATISFACTORY TO
THE COMPANY AND ITS COUNSEL, THAT REGISTRATION AND QUALIFICATION
UNDER FEDERAL AND STATE SECURITIES LAWS IS NOT
REQUIRED.”
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This Agreement
will be interpreted and enforced under the laws of the State of
Georgia (without regard to their choice of law
provisions).
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The
Plan and Other Agreements
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The text of the
Plan is incorporated in this Agreement by reference. Certain
capitalized terms used in this Agreement are defined in the
Plan.
This Agreement
and the Plan constitute the entire understanding between you and
the Company regarding this Option. Any prior agreements,
commitments or negotiations concerning this Option are
superseded.
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By
signing the cover sheet of this Agreement, you agree to all of the
terms and conditions described above and in the Plan. You also
acknowledge that you have read Section 11, “Purchaser’s
Investment Representations” of Attachment A and that you can
and hereby do make the same representations with respect to the
grant of this Option.
EXHIBIT
A
SPEEDEMISSIONS,
INC.
Notice of Exercise and Common
Stock Purchase Agreement
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