STOCK OPTION
AGREEMENT
This Stock Option
Agreement is made as of June 11, 2009 by and between Anavex Life
Sciences Corp. (the “Corporation”), and
Alexandre Vamvakides (the
“Optionee”).
RECITALS
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A.
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The Corporation has adopted a
Stock Option Plan to which Participants (as defined therein) may be
granted options to purchase Common Shares (“Shares”) in
the capital stock of the Corporation.
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B.
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The Optionee is the Chief
Scientific Officer of the Corporation and the Corporation has
agreed to provide incentive to the Optionee the granting of an
option to purchase Shares;
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NOW THEREFORE, specifically
incorporating these recitals herein, it is agreed as
follows:
AGREEMENT
GRANT OF OPTIONS
NUMBER OF SHARES.
Subject to the terms and conditions of this Agreement, the
Corporation grants to Optionee, Options to purchase from the
Corporation five hundred thousand (500,000) shares (the
“Option Shares”).
EXERCISE PRICE.
Each Option Share is exercisable at a price of US $2.50 per share
(the “Option Price”).
TERM. The
Expiration Date for all Options shall be June 11, 2014.
VESTING. The
Options granted herein vest in accordance with the milestone set
out below:
All
options will vest upon the commencement of phase 3 for Anavex
2-73.
CONDITIONS OF
OPTION. The Options may be exercised immediately upon vesting,
subject to the terms and conditions as set forth in this
Agreement.
EXERCISE OF OPTION
DATE EXERCISABLE.
The Options shall become exercisable by Optionee in accordance with
the vesting terms as above.
MANNER OF EXERCISE
OF OPTIONS AND PAYMENT FOR COMMON STOCK. The Options may be
exercised by the Optionee, in whole or in part, by giving written
notice to the Secretary of the Corporation, setting forth the
number of Shares with respect to which Options are being exercised.
The purchase price of the Option Shares upon exercise of the
Options by the Optionee shall be paid in full in cash.
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