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Document Preview Non-Qualified Stock Option Agreement |
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Title: |
Non-Qualified Stock Option Agreement |
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Entities: |
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Date: |
2004 |
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Preview shows 4KB of 13KB total |
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Price: |
$32 |
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ID: |
#1342371 |
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NON-QUALIFIED STOCK OPTION AGREEMENT
THIS AGREEMENT, made as of January 22, 2004 by and between CERISTAR,
INC., a Delaware corporation (the "Company"), and Robert Lester (the
"Optionee").
W I T N E S S E T H:
WHEREAS, Optionee, is an officer and director of the Company;
WHEREAS, the Company desires to grant an option to purchase shares of
its common stock, $.001 par value per share (the "Common Stock"), to Optionee;
and
WHEREAS, Optionee and the Company desire to establish the terms and
conditions of such options in this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants set forth
herein, and other good and valuable consideration, the receipt and adequacy of
which is hereby acknowledged, the parties hereto agree as follows:
1. Grant of Option. Subject to and upon the terms and conditions set
forth in this Agreement, the Company hereby grants to Optionee a Non-Qualified
Stock Option (sometimes hereinafter referred to as "Option") to purchase Six
Hundred Fifty Thousand (650,000) shares (the "Option Shares") during the
specified term of this Option, at a price equal to forty-six cents ($0.38) per
share.
2. Specified Term; Time of Exercise. This Option shall vest in its
entirety and shall be exercisable subject to the provisions of Section 6 hereof.
All rights with respect to any unexercised Option Shares shall expire, and this
option shall become null and void on January 22, 2014.
3. Transferability of Option. This Option shall not be transferable by
the Optionee other than at death of Optionee, and this Option is exercisable
during the Optionee's lifetime only by the Optionee. In the event an Option
Transfer due to death of Optionee, all terms and conditions of the Option
continue in force.
4. Adjustment in the Event of Change in Capital Structure,
Reorganization, Anti-Dilution or Accounting Changes. In the event of a change in
the corporate structure or shares of the Company, subject to any required action
by the shareholders, the Company shall make such equitable adjustments with
respect to dilution or accretion as it may deem appropriate in the number, kind
and in the exercise price of the unexercised Option Shares granted by this
Agreement. For purposes of this section, a change in the corporate structure or
1
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shares of the Company shall include, but is not limited to, changes resulting
from a recapitalization, stock split, reverse split, or stock dividend,
reorganization or liquidation. This Agreement shall not in any way affect the
right of the Company to make changes in its capital structure including, without
limitation, the issuance of any additional shares of any class of its capital
stock, or to merge or dissolve, liquidate or sell all or any part of its
business or assets. In no event shall Optionee be entitled to any adjustments as
a result of the issuance of any additional shares of any class of the Company's
capital stock where the Company receives consideration.
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