Exhibit 10.6
STOCK OPTION AGREEMENT FOR
PURCHASE OF STOCK
TULLY’S COFFEE
CORPORATION
(the “Company”)
I am pleased to inform you that I am
granting to you (the “Optionee”) an option to purchase
stock of the Company (which term includes any subsidiary of the
Company) pursuant to this Stock Option Agreement. This Stock Option
Agreement is a contract between you and me, but for income tax
purposes it will be treated as though it is a nonqualified option
granted to you by the Company, Consequently, you may be subject to
certain adverse tax ramifications on which you should seek the
advice of tax counsel. This Stock Option Agreement warrants to you
certain defined rights, at certain times, and under certain
conditions, to purchase shares of the Company’s common stock,
which I own, and in exchange you accept certain obligations and
responsibilities, as described below,
FOR VALUABLE CONSIDERATION, I do
hereby grant to the Optionee, as of the Date of Option Grant
specified below, the right and option to purchase the Number of
Option Shares of common stock of the Company specified below (the
“Option Shares”) for the Exercise Price Per Share
specified below, and the right to purchase the Option Shares under
this Stock Option Agreement shall accrue and vest according to the
Vesting Schedule specified below:
|
|
|
|
|
Name of Optionee:
|
|
|
|
Type of Option:
|
|
Nonqualified
Stock Option
|
|
Number of Option Shares:
|
|
100
|
|
Exercise Price Per Share:
|
|
$
0.01
|
|
Date of Option Grant:
|
|
01/01/00
|
|
Term of Option:
|
|
25
Years
|
|
Vesting Schedule:
|
|
Immediate
|
EXECUTED as of the Date of Option
Grant.
By signing below and entering into
this Stock Option Agreement, Optionee agrees to the terms hereof,
and all obligations and responsibilities as described in Plan and
the attached Terms and Conditions.
- 1 -
TERMS AND CONDITIONS OF STOCK
OPTION AGREEMENT
1. Any Option Shares which become
purchasable (“vest”) but are not purchased on a vesting
date or anniversary date, as the case may be, may be purchased on
any subsequent date, provided all options for the purchase of
Option Shares must be exercised within the time periods specified
in Section 2 below.
2. Subject to the terms hereof, all
vested options (i.e., options for which the right to purchase has
accrued) shall expire at the end of the Term of Option specified on
the first page of this Agreement
3. This Stock Option may be
exercised at different times for portions of the total number of
Option Shares for which the right to purchase shall have accrued
and vested hereunder, provided that such portions are in multiples
often (10) shares if the Optionee holds vested portions for
ninety-nine (99) or fewer shares and otherwise in multiples of
one hundred (100) shares.
4. This Stock Option shall be
adjusted for recapitalizations, stock splits, stock dividends, and
the like as described in the Plan.
5. This is not an employment
contract and while the benefits, if any, of this Stock Option
may
