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Title: |
Non-Qualified Stock Option Agreement |
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Entities: |
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Date: |
2001 |
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Preview shows 5KB of 22KB total |
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Price: |
$39 |
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ID: |
#1119829 |
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<SEQUENCE>4
<FILENAME>0004.txt
<DESCRIPTION>OPTION AGREEMENT WITH MATTHEW HAYES
<TEXT>
NON-QUALIFIED STOCK OPTION AGREEMENT
THIS NON-QUALIFIED STOCK OPTION AGREEMENT ("Agreement") is entered into
as of July 1, 2000, by and between KWIKWEB.COM, INC., a Nevada corporation
("Corporation"), and Matthew Hayes ("Optionee").
R E C I T A L S
---------------
A. On July 1, 2000, the Board of Directors of the Corporation adopted,
subject to the approval of the Corporation's stockholders, the KwikWeb.com, Inc.
2000 Stock Option Plan (the "Plan").
B. Pursuant to the Plan, on July 1, 2000, the Board of Directors of the
Corporation acting as the Plan Committee ("Committee") authorized granting to
Optionee options to purchase shares of the common stock, $.001 par value
("Common Stock"), of the Corporation ("Shares") for the term and subject to the
terms and conditions hereinafter set forth.
A G R E E M E N T
-----------------
It is hereby agreed as follows:
1. CERTAIN DEFINITIONS. Unless otherwise defined herein, or the context
otherwise clearly requires, terms with initial capital letters used herein shall
have the meanings assigned to such terms in the Plan.
2. GRANT OF OPTIONS. The Corporation hereby grants to Optionee, options
("Options") to purchase all or any part of 200,000 Shares, upon and subject to
the terms and conditions of the Plan, which is incorporated in full herein by
this reference, and upon the other terms and conditions set forth herein.
3. OPTION PERIOD. The Options shall be exercisable at any time during
the period commencing on the date of this Agreement and expiring on the date
June 30, 2010 (10) years from the date of grant, unless earlier terminated
pursuant to Section 7.
4. METHOD OF EXERCISE. The Options shall be exercisable by Optionee by
giving written notice to the Corporation of the election to purchase and of the
number of Shares Optionee elects to purchase, such notice to be accompanied by
such other executed instruments or documents as may be required by the Committee
pursuant to this Agreement, and unless otherwise directed by the Committee,
Optionee shall at the time of such exercise tender the purchase price of the
Shares he has elected to purchase. An Optionee may purchase less than the total
number of Shares for which the Option is exercisable, provided that a partial
exercise of an Option may not be for less than One Hundred (100) Shares. If
Optionee shall not purchase all of the Shares which he is entitled to purchase
under the Options, his right to purchase the remaining unpurchased Shares shall
continue until expiration of the Options. The Options shall be exercisable with
respect of whole Shares only, and fractional Share interests shall be
disregarded.
1
<PAGE>
5. AMOUNT OF PURCHASE PRICE. The purchase price per Share for each
Share which Optionee is entitled to purchase under the Options shall be $0.25
per Share.
6. PAYMENT OF PURCHASE PRICE. At the time of Optionee's notice of
exercise of the Options, Optionee shall tender in cash or by certified or bank
cashier's check payable to the Corporation, the purchase price for all Shares
then being purchased. Provided, however, the Board of Directors may, in its sole
discretion, permit payment by the Corporation of the purchase price in whole or
in part with Shares. If the Optionee is so permitted, and the Optionee elects to
make payment with Shares, the Optionee shall deliver to the Corporation
certificates representing the number of Shares in payment for new Shares, duly
endorsed for transfer to the Corporation, together with any written
representations relating to title, liens and encumbrances, securities laws,
rules and regulatory compliance, or other matters, reasonably requested by the
Board of Directors. The value of Shares so tendered shall be their Fair Market
Value Per Share on the date of the Optionee's notice of exercise.
7. EFFECT OF TERMINATION OF EMPLOYMENT OR OTHER RELATIONSHIP. If an
Optionee's employment or other relationship with the Corporation (or a
Subsidiary) terminates for any reason other than a Change in Control (as defined
below), the effect of the termination on the Optionee's rights to acquire Shares
shall be as follows:
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