StockOptionAgreement优先认股权协议10doc.docx
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StockOptionAgreement优先认股权协议10doc.docx
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StockOptionAgreement优先认股权协议10doc
StockOptionAgreement优先认股权协议-
StockOptionAgreementdatedasof_________,_________,_________(M,D,Y)betweenAAAInc.,a_________(Placename)corporation(theCompany),and_________(theGrantee).1)TheCompanyherebygrantstotheGrantee,asofthedatesetforthabove,inconsiderationoftheGrantee’scontinuedemploymentwiththeCompanyoradirectorindirectsubsidiaryoftheCompany,anoption(theOption)topurchaseanaggregateof[_________]sharesoftheCommonStockoftheCompany,$,_________parvaluepershare,atanexercisepriceof$,_________pershare,subjecttothevesting,exerciseprovisionsandothertermsandconditionssetforthbelow.2)ThesharessubjecttotheOptionshallvest(a)asto25%ofthesharessubjecttotheOption,onthefirstanniversaryofthedateofgrantoftheOption;and(b)astotheremaining75%ofthesharessubjecttotheOption,in12equalquarterlyinstallmentsbeginningonecalendarquarterafterthedateofsuchanniversary.3)IftheGranteeceasesforanyreasontobeanemployeeoftheCompany,oranydirectorindirectsubsidiaryoftheCompany,anypartoftheOptionnotthenvestedwillbecancelledandwillbeofnofurtherforceoreffect.IftheGranteeceasesforanyreason,otherthandeathorDisability(asdefinedbelow),tobeanemployeeoftheCompany,oranydirectorindirectsubsidiaryoftheCompany,anypartoftheOptionthenvestedandnotexercisedwithinninety(90)daysafterthedateoftheterminationofhisemploymentwillbecancelledandwillbeofnofurtherforceoreffect,providedthatsuch90-dayperiodmaybeextendedbytheCompany’sBoardofDirectorsinitssolediscretion.4)IftheGranteedieswhileintheemployoftheCompany,oranydirectorindirectsubsidiaryoftheCompany,theOptionmaybeexercised,totheextentofthenumberofshareswithrespecttowhichtheGranteecouldhaveexerciseditonthedateofhisdeath,byhisestate,personalrepresentativeorbeneficiary,atanytimewithin180daysafterthedateofdeath.IftheGranteeceasestobeemployedbytheCompany,oradirectorindirectsubsidiaryoftheCompany,byreasonofhisDisability,theOptionmaybeexercised,totheextentofthenumberofshareswithrespecttowhichhecouldhaveexerciseditonthedateoftheterminationofhisemployment,atanytimewithinone
(1)yearaftersuchtermination.Attheexpirationofsuch180-dayoroneyearperiod,whicheveristheearlier,theOptionshallterminateandtheonlyrightshereundershallbethoseastowhichtheOptionwasproperlyexercisedbeforesuchtermination.DisabilityshallmeanpermanentandtotaldisabilityasdefinedinSection22(e)(3)oftheInternalRevenueCodeof_________(Year),asamended,oranysuccessorstatute.5)IftheCompanydeterminesingoodfaiththattheGranteehasviolatedanyobligationofconfidentiality,non-competitionornon-solicitationofemployees,customersorsuppliersowedtotheCompany,then,inthesolediscretionoftheCompany’sBoardofDirectors,
(1)anypartoftheOptionnotyetexercisedwillbecancelledandwillbeofnofurtherforceoreffect,effectiveuponwrittennoticefromtheCompanytotheGranteeand
(2)anysharesofthecapitalstockoftheCompanyheldbytheGranteewhichwerepurchasedbytheGranteethroughexerciseoftheOptionoranypartoftheOptionwillberepurchasedbytheCompanyatapriceequaltotheexercisepricepaidbytheGrantee,effectiveuponwrittennoticefromtheCompanytotheGranteeaccompaniedbytheCompany’stenderofthepriceforsuchrepurchase,andwillceasetobeheldbytheGrantee.TheCompanymay,inthesolediscretionoftheCompany’sBoardofDirectors,exerciseeither,bothorneitheroftheforegoingremedies,andsuchremediesshallbeinadditiontoallotherremediesavailabletotheCompanyforviolationsofanysuchobligation.6)TheOptionisexercisable,inwholeorinpart,withrespecttoanythenvestedsharesonlyfromandafterthefirsttooccurofthefollowingevents:
(a)theclosingofanunderwrittenpublicofferingofsharesofCommonStockoftheCompany;or(b)anyliquidation,dissolutionorwindingupoftheCompanyoranyconsolidationormergeroftheCompanywithorintoanyothercorporationorcorporationsinwhichthestockholdersoftheCompanyimmediatelypriortosuchtransactionown50%orlessofthevotingpowerofthesurvivingentityimmediatelyfollowingsuchtransaction,orasale,conveyanceordispositionofallorsubstantiallyalloftheassetsoftheCompany,ortheeffectuationbytheCompanyofatransactionorseriesofrelatedtransactionsinwhichmorethan50%ofthevotingpoweroftheCorporationisdisposedof.7)TheOption(oranypartorinstallmentthereof)maybeexercisedbytheGrantee’sdeliveringtotheCompanyadulyexecutedNoticeofExerciseofOptionasdescribedbelow,togetherwithprovisionforpaymentofthefullpurchasepriceinaccordancewiththisAgreementforthesharesastowhichtheOptionisbeingexercised,anduponcompliancewithanyotherconditionssetforthinthisAgreement.SuchwrittennoticemustbesignedbytheGrantee,statethenumberofshareswithrespecttowhichtheOptionisbeingexercisedandcontainanyrepresentationsrequiredbythisAgreement.PaymentofthepurchasepriceforthesharesastowhichtheOptionisbeingexercisedmaybemade(i)inUnitedStatesdollarsincashorbycheck,or(ii)atthediscretionoftheCompany’sBoardofDirectors,byanyothermeans,includingapromissorynoteoftheGrantee,whichtheBoardofDirectorsdeterminestobeacceptable.8)TheOptiongrantedhereinissubjecttothefollowingadditionaltermsandprovisions:
a)TheOptionisnottransferablebytheGranteeotherwisethanbywillorlawsofdescentanddistributiontotheGrantee’sspouseandlinealdescendants,andisexercisable,duringtheGrantee’slifetime,onlybyhimorher.b)TheOptionmaybeexercisedinwholeorinpartfromtimetotime,providedthattheOptionmaynotbeexercisedastolessthanonehundred(100)sharesatanyonetime,unlessitisbeingexercisedinfullandthebalanceofsharessubjecttotheOptionislessthanonehundred.c)ThesharesofCommonStockunderlyingtheOptionandtheexercisepricethereforandtheminimumnumberofsharesthatmaybepurchasedatanyonetimewillbeappropriatelyadjustedfromtimetotimeforstocksplits,reversestocksplits,stockdividendsandreclassificationsofshares.d)IftheCompanyistobeconsolidatedwithoracquiredbyanotherentityinamerger,orintheeventofasaleofallorsubstantiallyalloftheCompany’sassets(anAcquisition),theCompanymaytakesuchactionwithrespecttotheOptionastheCompany’sBoardofDirectorsmaydeemtobeequitableandinthebestinterestsoftheCompanyanditsstockholdersunderthecircumstances,including,withoutlimitation,(i)makingappropriateprovisionforthecontinuationoftheOptionbysubstitutingonanequitablebasisforthesharesthensubjecttotheOptioneithertheconsiderationpayablewithrespecttotheoutstandingsharesofCommonStockinconnectionwiththeAcquisitionorsecuritiesofanysuccessororacquiringentityor(ii)givingtheGranteereasonableadvancenoticeofthependencyoftheAcquisitionandcancelingtheOptioneffectiveupontheAcquisitionifitisnotexercisedpriortotheAcquisition.NothingcontainedhereinwillbedeemedtorequiretheCompanytotake,orrefrainfromtaking,anyoneormoreoftheforegoingactions.e)TheGranteewillnothaveanyrightsasastockholderwithrespecttoanysharesofCommonStockcoveredbytheOptionexceptafterdueexerciseoftheOptionandtenderofthefullpurchasepriceforthesharesbeingpurchasedpursuanttosuchexerciseandregistrationofthesharesintheCompany’sshareregisterinthenameoftheGrantee.f)UnlesstheofferingandsaleofthesharestobeissuedupontheexerciseoftheOptionhasbeenregisteredundertheSecuritiesActandanyapplicableStateBlueSkylaws,theCompanywillbeundernoobligationtoissuethesharescoveredbysuchexerciseunlessi)thepersonwhoexercisestheOptionrepresentsandwarrantstotheCompanyatthetimeofsuchexercisethatsuchpersonisacquiringsuchsharesforhisorherownaccountforinvestmentandnotwithaviewto,orforsaleinconnectionwith,thedistributionofanysuchsharesandii)theCompanyhasreceivedanopinionofitscounselthatthesharesmaybeissueduponsuchexerciseincompliancewiththeSecuritiesActandanyapplicableStateBlueSkylawswithoutregistrationthereunder.g)EachcertificaterepresentingsharesofCommonStockissueduponexerciseoftheOption(excepttotheextentthattherestrictionsdescribedinanysuchlegendarenolongerapplicable)willbebearlegendsinsubstantiallythefollowingform(inadditiontoanylegendrequiredunderapplicablestatesecuritieslaws):
THESHARESREPRESENTEDBYTHISCERTIFICATEHAVENOTBEENREGISTEREDUNDERTHESECURITIESACTOF1933,ASAMENDED,ORANYSTATESECURITIESLAWS.THEYMAYNOTBESOLD,OFFEREDFORSALE,PLEDGED,HYPOTHECATEDOROTHERWISETRANSFERREDINTHEABSENCEOFANEFFECTIVEREGISTRATIONSTATEMENTORANOPINIONOFCOUNSELSATISFACTORYTOTHECOMPANYTHATSUCHREGISTRATIONISNOTREQUIRED.THESHARESREPRESENTEDBYTHISCERTIFICATEARESUBJECTTOALOCK-UPRESTRICTIONOFUPTO180DAYSFOLLOWINGTHEINITIALUNDERWRITTENPUBLICOFFERINGOFTHECOMPANY’SSECURITIES.h)InconnectionwiththeinitialunderwrittenpublicofferingoftheCompany’sCommonStock,theGranteewillnot,withoutthepriorwrittenconsentoftheCompany,sell,makeanyshortsaleof,loan,grantanyoptionforthepu
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