Back to top

TRIMAX CORPORATION 2007 STOCK OPTION PLAN

Stock Option Agreement

TRIMAX CORPORATION 2007 STOCK OPTION PLAN | Document Parties: TRIMAX CORPORATION You are currently viewing:
This Stock Option Agreement involves

TRIMAX CORPORATION

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: TRIMAX CORPORATION 2007 STOCK OPTION PLAN
Governing Law: Nevada     Date: 5/9/2007

TRIMAX CORPORATION 2007 STOCK OPTION PLAN, Parties: trimax corporation
50 of the Top 250 law firms use our Products every day

EXHIBIT 10.2

 

TRIMAX CORPORATION

2007 STOCK OPTION PLAN

 

STOCK OPTION AGREEMENT

(Incentive Stock Option)

 

Employee/Optionee:

«Name»

 

 

Number of Shares :

«TotalShares» Shares

 

 

Option Exercise Price:

$ _________ per Share

 

 

Date of Grant:

<<Grant Date>>

 

 

Exercise Term:

A Period of _____ Years from the Date of Grant

 

 

Vesting Schedule:

Percentage

 

 

  of Shares

Date (from Grant Date)

 

________*

__________

 

________*

__________

 

________*

__________

 

________*

__________

 

*rounded to the next whole number of Shares

 

THIS OPTION AGREEMENT (the “ Agreement ”) is entered into effective as of the _______ day of __________, 2007 by and between Trimax Corporation , a Nevada corporation (the “ Company ”), and the individual designated above (the “ Optionee ”).

 

RECITALS

 

A.   The 2007 Stock Option Plan (the “ Plan ”) was adopted by the Company on ______________, 2007, and by the shareholders on ____________, 2007; and

 

B.   The Optionee performs valuable services for the Company, a Subsidiary or a Parent; and

 

C.   As of the date hereof, the Board of Directors of the Company granted the Option as provided herein;

 

2007 STOCK OPTION PLAN

8


 

NOW, THEREFORE, the parties agree to the terms and conditions herein, including the recitals.

 

1.   Grant of Option .

 

1.1   Option. An option to purchase shares of the Company’s Common Stock, $0.001 par value per share, (the “ Shares ”) is hereby granted to the Optionee (the “ Option” ).

 

1.2   Number of Shares . The number of Shares that the Optionee can purchase upon exercise of the Option and the dates upon which the Option can first be exercised are set forth above.

 

1.3   Option Exercise Price . The price the Optionee must pay to exercise the Option (the “ Option Exercise Price ”) is set forth above.

 

1.4   Date of Grant . The date the Option is granted (the “ Date of Grant ”) is set forth above.

 

1.5   Type of Option . The Option is intended to qualify as an Incentive Stock Option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended from time to time, or any successor provision thereto, and shall be so construed; provided, however, that nothing in this Agreement shall be interpreted as a representation, guarantee or other undertaking on the part of the Company that the Option is or will be determined to be an Incentive Stock Option within the meaning of Section 422 of the Code. To the extent this Option does not qualify and is not treated as an Incentive Stock Option, it will be treated as a Nonqualified Stock Option.

 

1.6   Construction . This Agreement shall be construed in accordance and consistent with, and subject to, the provisions of the Plan (the provisions of which are incorporated herein by reference) and, except as otherwise expressly set forth herein, the capitalized terms used in this Agreement shall have the same definitions as set forth in the Plan.

 

1.7   Condition . The Option is conditioned on the Optionee’s execution of this Agreement. If this Agreement is not executed by the Optionee it may be canceled by the Board.

 

2.   Duration .

 

The Option shall be exercisable to the extent and in the manner provided herein during the Exercise Term, which is set forth above; provided, however, that the Option may be earlier terminated as provided in the Plan or in Section 1.7 or Section 5 hereof.

 

3.   Vesting .

 

The Option shall vest, and may be exercised, with respect to the Shares, on or after the dates set forth above, subject to earlier termination of the Option as provided in Section 1.7 and Section 5 hereof or in the Plan. The right to purchase the Shares as they become vested shall be cumulative and shall continue during the Exercise Term unless sooner terminated as provided herein.

 

2007 STOCK OPTION PLAN

9


 

4.   Manner of Exercise and Payment .  

 

4.1   To exercise the Option, the Optionee must deliver a completed copy of the Option Exercise Form , attached hereto as Exhibit A , to the address indicated on such Form or such other address designated by the Company from time to time. The Option may be exercised in whole or in part with respect to the vested Shares; provided, however, the Committee may establish a minimum number of Shares (e.g., 100) for which an Option may be exercised at a particular time. Within thirty (30) days of delivery of the Option Exercise Form, the Company shall deliver certificates evidencing the Shares to the Optionee, duly endorsed for transfer to the Optionee, free and clear of all liens, security interests, pledges or other claims or charges. Contemporaneously with the delivery of the Option Exercise Form, Optionee shall tender the Option Exercise Price to the Company, by cash, check, wire transfer or such other method of payment (e.g., delivery or attestation of Shares already owned) as may be acceptable to the Committee pursuant to the Plan.

 

4.2   The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to any Shares subject to the Option until (i) the Option shall have been exercised pursuant to the terms of this Agreement and the Optionee shall have paid the full purchase price for the number of Shares in respect of which the Option was exercised, (ii) the Company shall have issued and delivered the Shares to the Optionee, and (iii) the Optionee’s name shall have been entered as a stockholder of record on the books of the Company, whereupon the Optionee shall have full voting and other ownership rights with respect to such Shares.

 

5.   Termination of Employment.

 

5.1   Termination of Employment Due to Death . In the event of the death of the Optionee, who at the time of his or her death was an Employee or Consultant and who had been in Continuous Status as an Employee or Consultant since the date of the grant of the option, any vested Option shall terminate on the earlier of (i) six (6) months after the date of the Optionee’s death, or (ii) the expiration date otherwise provided in this Agreement. Under these circumstances, the Option will be exercisable at any time prior to such termination by the Optionee’s estate, or by such person or persons who have acquired the right to exercise the Option by bequest or by inheritance or by reason of the death of the Optionee. Any nonvested Option terminates immediately upon the death of the Optionee.

 

5.2   Termination of Employment Due to Disability . If an Optionee's status as an Employee or Consultant is terminated at any time during the Option period by reason of a disability (within the meaning of Section 22(e)(3) of the Code) and if the Optionee had been in Continuous Status as an Employee at all times since the date of grant of the Option, any vested Option shall terminate on the earlier of (i) six (6) months after the date of termination of his or her status as an Employee or Consultant, or (ii) the expiration date otherwise provided in the Option agreeme


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more