This Stock Option Agreement involves
Title: NEW YORK HEALTH CARE, INC. NON-QUALIFIED STOCK OPTION AGREEMENT
Industry: Biotechnology and Drugs Sector: Healthcare
NEW YORK HEALTH CARE, INC.
NON-QUALIFIED STOCK OPTION AGREEMENT
This NON-QUALIFIED STOCK OPTION AGREEMENT (this " Agreement ") is made as of February 28, 2007 between New York Health Care, Inc., a New York corporation (the " Company "), and Yoram Hacohen (the " Optionee ").
W I T N E S S E T H:
WHEREAS, the Company desires to grant to the Optionee Non-Qualified Stock Options pursuant to the Company’s 2004 Stock Incentive Plan (the “ Plan ”); and
WHEREAS, the Optionee is a director of the Company and eligible to participate in the Plan;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and in consideration of services rendered to the Company by the Optionee, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
THIS AGREEMENT AND THE TERMS HEREOF ARE SUBJECT TO THE TERMS OF THE PLAN, WHICH ARE INCORPORATED HEREIN IN THEIR ENTIRETY. IN THE EVENT OF ANY INCONSISTENCY BETWEEN THIS AGREEMENT AND THE PLAN, THE PROVISIONS OF THE PLAN SHALL GOVERN.
All capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan.
1. Grant . The Company hereby grants to the Optionee non-qualified stock options pursuant to the Plan (the " Options "), to purchase 25,000 shares of the Company’s Common Stock, par value of $0.01 per share, (the “ Common Stock ”), vesting on the date hereof. The Options are exercisable in whole or in part at an exercise price of $0.13 per share for a period of ten (10) years commencing the date hereof and ending on February 27, 2017, subject to the terms and conditions set forth herein and in the Plan. It is intended by the parties that the Options be Non-Qualified Stock Options under the Plan.
2. Procedure for Exercise . The Options may be exercised, in whole or in part, by giving written notice of exercise to the Company specifying the number of shares of Common Stock to be purchased. Such notice shall be accompanied by payment in full of the purchase price, which shall be in cash, or in whole shares of Common Stock which are already owned by the Optionee, or partly in cash and partly in such owned Common Stock, or other cashless exercise, in accordance with Section 5 of the Plan.
3. Adjustment of Number of Options . The number of Options shall be subject to adjustment from time to time in accordance with Section 3 of the Plan.
4. No Employment . Nothing herein shall confer upon the Optionee any right to continue as a director or an employee, as applicable, of the Company or its affiliates, or interfere in any way with any right of the Company or its affiliates to terminate such directorship or employment, as applicable, subject to the terms of any agreement to which the Optionee may be a party.
5. Transferability . No Options shall be transferable by the Optionee other than in accordance