EXHIBIT 10.32
STOCK OPTION
AGREEMENT
AND
NOTICE OF GRANT
Date of Grant: January 21,
2009
David R.
LaVance
c/o Century
Capital Associates LLC
215 Morris
Avenue
Spring Lake,
New Jersey 07762
Dear
David:
In recognition of your continued service to
Scivanta Medical Corporation (“Scivanta”) and to
encourage you to continue to take into account the long-term
interests of Scivanta, the Board of Directors of Scivanta (the
“Board”) has authorized the grant to you of an option
(the “Option”) to purchase two-hundred fifty thousand
(250,000) shares (the “Shares”) of Scivanta’s
common stock, par value $.001 per share (“Common
Stock”), under the Scivanta Medical Corporation 2007 Equity
Incentive Plan (the “Equity Incentive
Plan”).
1.
Equity Incentive Plan .
The Option is a Nonqualified Option and subject
to each and every provision of the Equity Incentive Plan which are
incorporated by reference herein, as well as the terms and
provisions set forth in this Stock Option Agreement and Notice of
Grant (this “Stock Option Agreement”). The
Equity Incentive Plan shall govern and be conclusive as to all
matters not expressly provided for in this Stock Option
Agreement. In the event of any conflict between the
terms of this Stock Option Agreement and the Equity Incentive Plan,
the terms of this Stock Option Agreement shall
govern. All capitalized terms contained herein which are
not otherwise defined herein shall have the meanings ascribed to
them in the Equity Incentive Plan. By accepting the
Option you agree to be bound by the provisions of the Equity
Incentive Plan and this Stock Option Agreement. A copy
of the Equity Incentive Plan has been previously provided to
you.
2.
Exercise Price and Procedure .
The per share exercise price of the Option is
$0.14 (the “Option Price”), which is equal to the
closing price of Scivanta’s Common Stock on January 21,
2009. The Option Price may be adjusted as provided for
in the Equity Incentive Plan. Full payment shall be made
for any Shares to be purchased under the Option at the time of
exercise of the Option. Payment for the Shares to be
purchased upon the exercise of the Option shall be made by personal
check or in cash in an amount equal to the aggregate Option
Price. Alternatively, payment for the Shares to be
purchased upon the exercise of the Option may be made by (a)
delivery of a number of shares of Common Stock owned by you which
have an aggregate Fair Market Value equal to or greater than the
aggregate Option Price, or (b) instructing Scivanta to withhold
from the Shares deliverable upon exercise of the Option that number
of Shares which have an aggregate Fair Market Value equal to or
greater than the aggregate Option Price. The portion of
any payment in the form of Common Stock which exceeds the aggregate
Option Price, will be returned to you in the form of a cash
payment.
Subject to the terms of this Stock Option
Agreement and the Equity Incentive Plan, the Option shall become
exercisable on the date or dates, and subject to such conditions,
as are set forth herein. To the extent that a portion of
the Option is or becomes exercisable and is not exercised, such
portion shall accumulate and be exercisable by you in whole or in
part at any time prior to expiration of the Option, subject to the
terms of this Stock Option Agreement and the Equity Incentive
Plan. You expressly acknowledge that the Option may vest
and be exercisable only upon such terms and conditions as are
provided in this Stock Option Agreement and the Equity Incentive
Plan.
To exercise all or any portion of the Option,
you must provide to Scivanta (a) written notice of such exercise,
which is to include the number of Shares of Scivanta’s Common
Stock to be purchased upon such exercise (the “Notice of
Exercise”), and (b) payment of the aggregate Option Price as
provided above. A form of Notice of Exercise is attached
hereto. The Notice of Exercise is to be delivered to
Scivanta at the following address:
Scivanta
Medical Corporation
Spring Lake,
New Jersey 07762
Executive Vice
President,
Chief Financial
Officer and Secretary
Upon the
exercise of the Option in whole or in part and payment of the
aggregate Option Price in accordance with the provisions of this
Stock Option Agreement, Scivanta shall, as soon thereafter as
practicable, deliver to you a certificate or certificates for the
Shares purchased.
3.
Term and Vesting of Options .
The date of grant of the Option is January 21,
2009 and the Option shall expire on and may not be exercised after
January 21, 2019 (the “Term”), un