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NATURE VISION, INC. NONSTATUTORY OPTION AGREEMENT

Stock Option Agreement

NATURE VISION, INC. NONSTATUTORY OPTION AGREEMENT | Document Parties: Exhibit 10.6 NATURE VISION, INC. | Nature Vision, Inc. | Photo Control Corporation You are currently viewing:
This Stock Option Agreement involves

Exhibit 10.6 NATURE VISION, INC. | Nature Vision, Inc. | Photo Control Corporation

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Title: NATURE VISION, INC. NONSTATUTORY OPTION AGREEMENT
Governing Law: Minnesota     Date: 3/31/2006
Industry: Photography     Sector: Consumer Cyclical

NATURE VISION, INC. NONSTATUTORY OPTION AGREEMENT, Parties: exhibit 10.6 nature vision  inc. , nature vision  inc. , photo control corporation
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Exhibit 10.6

NATURE VISION, INC.
NONSTATUTORY OPTION AGREEMENT

          This nonstatutory option agreement (this “ Agreement ”) among Nature Vision, Inc., f/k/a Photo Control Corporation, a Minnesota corporation (the “ Company ”) and _____________ (the “ Optionee ”), takes effect on ______________ (the “ Grant Date ”). Subject to the terms and conditions of this Agreement, the Company hereby grants to the Optionee an option (the “ Option ”) under the Company’s 2004 Stock Incentive Plan (the “ Plan ”) to purchase _________ shares of Common Stock (the “ Shares ”).

 

 

1.

Nonstatutory Stock Option. The Option shall be a Nonqualified Stock Option, as that term is used and defined in the Plan.

 

 

2.

Purchase Price. The purchase price of the Shares shall be $_____ per Share.

 

 

3.

Period of Exercise . The Option will expire on November 3, 2009, the fifth anniversary of the Grant Date (the “ Expiration Date ”).The Option may be exercised only while the Optionee is actively engaged in providing services to the Company as an Eligible Employee, Consultant or Director and as otherwise provided in Section 6 of this Agreement.

 

 

4.

Vesting Schedule . The Option will vest as follows:

 

 

 

 

 

 

(a)

The Option may not be exercised before November 3, 2005.

 

 

 

 

 

 

(b)

_______ Shares will vest and may be purchased in accordance with the terms of this Agreement on November 3, 2005.

 

 

 

 

 

 

(c)

An additional _______ Shares will vest and may be purchased in accordance with the terms of this Agreement on November 3, 2006.

 

 

 

 

 

 

(d)

An additional _______Shares will vest and may be purchased in accordance with the terms of this Agreement on May 3, 2009. Notwithstanding the foregoing, the vesting and purchase schedule of the Shares described in this Section 4(d) may be accelerated and adjusted as follows: (i) ______of the Shares will vest and may be purchased on March 31, 2006 if certain performance targets for the Company are met in the Company’s 2005 fiscal year; and (ii) ______of the Shares will vest and may be purchased on March 31, 2007 if certain performance targets for the Company are met in the Company’s 2006 fiscal year. The performance targets described above shall be set by the Administrator (as defined in the Plan) and the Administrator shall determine, in its sole and absolute discretion, whether such performance targets have been met by the Company for the applicable fiscal year.

 

 

 

 

5.

Transferability. The Option is not transferable except by will or the laws of descent and distribution and may only be exercised during the lifetime of the Optionee by the Optionee.

 

 

6.

Termination of Services. Except as otherwise agreed to by the Company and the Optionee in writing, in the event that the Optionee ceases to provide services to the Company as an Eligible Employee, Consultant or Director, the Optionee may purchase Shares which have vested under Section 4 in the three months following the date of the termination, subject to the following:

 

 

 

 

 

(a)

If the Optionee’s services were terminated due to the Optionee’s Retirement or Total Disability, the Optionee may purchase Shares which have vested under Section 4 in the 12 months following the date of the termination.

 


 

 

 

 

 

(b)

If the Optionee dies, the Option may be exercised (to the extent exercisable by the Optionee at the date of death) by the legal representative of the Optionee or by a person who acquired the right to exercise the Option by bequest or inheritance or by reason of the death of the Optionee, but the Option must be exercised within one year after the date of the Optionee’s death.

 

 

 

 

(c)

If the Optionee’s services were terminated by the Company for cause, as determined by the Administrator in his, her or its sole discretion, the Option and all of the Optionee’s rights under this Agreement shall terminate immediately.

 

 

 

 

(d)

Notwithstanding the foregoing, in no event may any Shares be purchased after the Expiration Date.

 

 

 

7.

Right to Terminate . Nothing in the Option or in any agreement entered into pursuant to the Option will interfere with or limit in any way the right of the Company to terminate the employment or service of any Eligible Employee, Consultant or Director at any time, nor confer upon any Eligible Employee, Consultant or Director any right to continue in the employ or service of the Company.

 

 

8.

No Rights of Shareholders. The Optionee does not have any dividend rights, voting rights or other rights or privileges of a shareholder with respect to any Shares covered by the Option until the date of issuance of a stock certificate for such Shares. No adjustment shall be made for cash dividends or other rights for which the record date is before the date of such an issuance, except as expressly provided in the Plan.

 

 

9.

Method of Exercise.

 

 

 

 

 

(a)

The Option may be exercised and Shares may be purchased by the Optionee’s delivery of written notice to the Company in the form attached to this Agreement as Exhibit A (each, an “ Exercise Notice ”). Each Exercise Notice must be accompanied by (i) payment of the full purchase price of the Shares to be purchased, in such form or combination of forms as described in this Section 9, and, if applicable, (ii) proof of the right to exercise the Option and purchase Shares if the exercise and purchase are pursuant to the terms described in Sections 6(a) and (b) of this Agreement.

 

 

 

 

(b)

As soon as practicabl


 
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