Q COMM INTERNATIONAL, INC. STOCK OPTION AGREEMENT Date:_______________
Exhibit
10.25
Q
COMM INTERNATIONAL, INC.
Date:_______________
Q
COMM INTERNATIONAL, Inc.,
a Utah
corporation (the “Company”), pursuant to Section 6 of the Company’s 2004 Stock
Option Plan (the “Plan”), hereby grants to _______________ (the “Optionee”)
options to purchase a total of ______ shares of the Company’s common stock, par
value $.001 per share (“Common Stock”), at the price of $____ per
share
(the “Exercise Price”) on the terms and conditions set forth herein and in the
Plan (the “Options”).
1.
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Duration.
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(a)
The
Options are granted as of _____________ (the “Grant Date”) with a vesting start
date of _______________.
(b)
The
Options shall expire at and may not be exercised at any time after the close
of
business on ___________ (the “Termination Date”).
2.
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Vesting.
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The
Options shall vest and be exerciseable ratably over
____________________.
3. Qualification
as Incentive Stock Option.
It
is
intended that these options will qualify as “Incentive Stock Options” as defined
in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). If
at any time, these options no longer qualify as “Incentive Stock Options,” they
shall constitute “non-qualified stock options”, subject to Section 83 of the
Code.
4.
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Written
Notice of Exercise.
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The
Options, to the extent they are exercisable as provided in Section 10 herein,
may be exercised only by delivering to the Secretary of the Company, at its
principal office within the time specified in Paragraph 1 hereof or such shorter
time as is otherwise provided for herein, a written notice of exercise
substantially in the form described in Section 10 together with a payment equal
to the product obtained by multiplying the Exercise Price by the number of
Options being exercised.
5.
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Anti-Dilution
Provisions.
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(a)
If
there
is any stock dividend or recapitalization resulting in a stock split, or
combination or exchange of shares of Common Stock of the Company, the aggregate
number of shares of Common Stock then subject to the Options shall be
proportionately and appropriately adjusted; no change shall be made in the
aggregate Exercise Price to be paid for all shares subject to the Options,
but
the aggregate Exercise Price shall be allocated among all shares subject to
the
Options after giving effect to the adjustment; provided, however, that any
fractional shares resulting from any such adjustment shall be
eliminated.
(b)
If
there
is any other change in the Common Stock of the Company, including
recapitalization, reorganization, sale or exchange of assets, exchange of
shares, offering of subscription rights, or a merger or consolidation in which
the Company is the surviving corporation, an adjustment, if any, shall be made
in the shares then subject to the Options as the Company’s Board of Directors
(the “Board”) or the Compensation Committee of the Board (the “Committee”) may
deem equitable. Failure of the Board or the Committee to provide for an
adjustment pursuant to this subparagraph prior to the effective date of any
Company action referred to herein shall be conclusive evidence that no
adjustment is required in consequence of such action.
(c)
Notwithstanding
any other provision of this Agreement, in the event there occurs a “Change in
Control”, as defined in section 2(d) of the Plan, with respect to the Company,
all of the Options, not previously forfeited, shall immediately vest and be
exercisable in full (or, at the election of the Optionee, in part).
6.
|
Investment
Representation and Legend of Certificates.
|
The
Optionee agrees that until such time as a registration statement under the
Securities Act of 1933, as amended, becomes effective with respect to the
Options and/or the shares issuable upon exercise of the Options, the Optionee
is
taking the Options and will take the stock underlying the Options, for
investment and not for resale or distribution. The Company shall have the right
to place upon the face of any stock certificate or certificates evidencing
shares issuable upon the exercise of the Options such legend as the Board on
the
Committee may prescribe for the purpose of preventing disposition of such shares
in violation of the Securities Act of 1933, as amended.
7.
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Non-Transferability.
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The
Options shall not be transferable by the Optionee other than by will or by
the
laws of descent and distribution, and are exercisable during the lifetime of
the
Optionee only by the Optionee.
8.
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Certain
Rights Not Conferred by Option.
|
The
Optionee shall not, by virtue of holding the Options, be entitled to any rights
of a stockholder in the Company.
9.
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Expenses.
|
The
Company shall pay all original issue and transfer taxes with respect to the
issuance and transfer of shares of Common Stock issuable upon exercise of the
Options pursuant hereto and all other fees and expenses necessarily incurred
by
the Company in connection therewith.
10.
|
Exercise
of Options.
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(a) The
Options shall be exercisable, in whole or in part, by written notice of such
exercise, in the form prescribed by the Board or the Committee, to the Secretary
of the Company, at its principal office. The notice shall specify the number
of
Options being exercised (which number, if less than all of the Options, shall
be
100 or a multiple thereof) and shall be accompanied by payment (i) in cash
or by
check in the amount of the aggregate Exercise Price for the shares underlying
such Options or (ii) in such other manner as the Board or the Committee shall
deem acceptable.
(b) No
shares
shall be delivered upon exercise of any Option until all laws, rules and
regulations that the Board or the Committee may deem applicable have been
complied with. If a registration statement under the Securities Act of 1933,
as
amended, is not then in effect with respect to the shares issuable upon exercise
of the Options, the Company may require as a condition precedent that the
Optionee give to the Company a written representation and undertaking,
satisfactory in form and substance to the Board or the Committee, that he or
she
is acquiring the shares for his or her own account for investment and not with
a
view to the distribution thereof.
(c) The
Optionee shall not be considered a record holder of the shares issuable upon
exercise of an Option until the date on which such person is actually recorded
as the holder of such stock in the records of the Company.
(d) The
Options, to the extent exercisable under Section 1 hereof, shall be exercisable
only so long as the Optionee shall continue to be an employee of the Company
and
within the 90-day period after the date of termination of his or her employment
to the extent it was exercisable on the day prior to the date of termination.
Notwithstanding the foregoing, in no event shall the Options be exercisable
after the Termination Date.
(e) Notwithstanding
the provisions of Section 10(d) above, in the event the Optionee is unable
to
continue his employment with the Company as a result of his total and permanent
Disability (as defined in Section 2(i) of the Plan), he may, but only within
180
days from the date of such Disability, exercise the Options to the extent he
or
she was entitled to exercise it at the date of such Disability.
Notwithstanding
the foregoing, in no event shall the Options be exercisable after the
Termination Date.
(f) Notwithstanding
the provisions of Section 10(d) above, in the event of death of the
Optionee:
(i) who,
at
the time of his death, was an employee of the Company and who was an employee
of
the Company during the entire period beginning on the Grant Date,
or
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(ii) who
dies
within 90 days after the termination of his employment with the Company, and
who
was an employee of the Company during the entire period beginning on the Grant
Date, the Options may be exercised, at any time within 180 days following the
date of death, by the Optionee’s estate or by a person who acquired the right to
exercise the Option by bequest or inheritance, but only to the extent of the
right that would have accrued had the Optionee continued living through the
remainder of the calendar year in which his death occurred. Notwithstanding
the
provisions of this Section (f), in no event shall the Options be exercisable
after the Termination Date.
11.
|
Continued
Employment.
|
Nothing
herein shall be deemed to create any employment agreement or guaranty of
continued employment or limit in any way the Company’s right to terminate
Optionee’s employment at any time.
12.
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Construction.
|
Except
as
otherwise set forth herein, the Options shall be subject to and governed by
the
terms of the Plan. This Agreement is subject to, shall be governed by and shall
be interpreted consistent with the Plan. Capitalized terms used herein that
are
not defined shall have the meaning given to them in the Plan.
Q
Comm International, Inc.
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By:
______________________________
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Name:
|
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Title:
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Accepted
as of the date first set forth above.
________________________
Name:
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