EXHIBIT 10.14
OPTION AGREEMENT
This agreement ("Agreement") is entered into between Inmold, Inc., an Indiana
corporation ("Corporation"), and Xxxx X. Xxxxxxxx, an individual ("Xxxxxxxx"),
residing at 000 Xxxxxxxxx Xxxxx, Xxxx Xxxxx, Xxxxxxxx 00000.
Purpose. The purpose of this Agreement is to advance the interests of the
Corporation by providing an opportunity for Xxxxxxxx to acquire common stock of
the Corporation under this Agreement.
Effective date. This Agreement becomes effective on____________, the date that
it was approved by the Board of Directors of the Corporation.
Stock Subject to the Agreement. The number of shares of common stock of the
Corporation which may be issued to Xxxxxxxx under this Agreement shall not
exceed Fifty Thousand (50,000) shares.
Duration of the Agreement. This Agreement shall terminate five (5) years from
the Effective Date hereof, unless terminated earlier under the provisions of the
Early Termination paragraph included hereinafter.
Date of Exercise. Xxxxxxxx may exercise his option at any time during the
duration of this Agreement but not before April 1, 1999.
Price. The price at which Xxxxxxxx may exercise his option to purchase shares of
common stock of the Corporation shall be one-half (1/2) of the market price of
said common stock established by the average of the bid and asked price on the
over-the-counter market, or in any alternative, the average between the high and
low prices for said stock in any alternative market for a given date, but in no
eve nt shall the price be less than_______per share.
Stock Dividends and Stock Splits. The Board of Directors of the Corporation
shall make appropriate adjustment in the number of shares of common stock
subject to this Agreement to give effect to any stock dividends, stock splits,
stock combinations, recapitalization and other similar changes in the capital
structure of the Corporation after the effective date of this Agreement.
Termination of the Agreement. This Agreement shall be terminated before the
Date of Termination provided for hereinbefore upon Xxxxxxxx'x termination,
voluntary or involuntary, of employment with the Corporation or with any
corporation in which the Corporation has a direct or indirect equity interest.
Entire Agreement. This Agreement constitutes the entire agreement between
the Corporation and Xxxxxxxx as to the granting of this Option. Any
modifications to this Agreement must be in writing and signed by all parties.
INMOLD, INC.
Witness:
[illegible] By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx, President
XXXX X. XXXXXXXX
[illegible] /s/ Xxxx X. Xxxxxxxx
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