EXHIBIT 10 (z)
COMPUTERIZED THERMAL IMAGING, INC.
EMPLOYEE STOCK OPTION AGREEMENT
Pursuant to that certain letter confirming terms for Personal Services
Agreement (the "Employment Agreement") dated June 12, 1995 between
Computerized Thermal Imaging, Inc. (the "Company") and Xxxxxxx X. Xxxxxx (the
"Employee"), and under and subject to all terms and conditions of that
certain Computerized Thermal Imaging, Inc. 1995 Stock Option Plan (the
"Plan") of the Company, a copy of which is attached hereto and incorporated
by reference herein for all purposes, the Company hereby grants to Employee
the option to purchase 1,000,000 shares of the Company's Common Stock, $0.001
par value, at a price of $1.25 per share, subject to adjustment as provided
in the Plan and to all terms and conditions set forth herein.
Subject to forfeiture as hereafter provided, this Option becomes fully
vested and may be exercised by Employee after June 1, 1996, and must be
exercised, if at all, on or before the expiration of five (5) years from and
after the Start Date (as defined in the Employment Agreement). This Option
will expire, if not earlier exercisable and exercised, ten (10) years after
the date hereof.
The Option evidenced hereby shall be forfeited in its entirety by the
Employee if on or before June 1, 1996 Employee's employment with the Company
is terminated by the Company for cause or is voluntarily terminated by the
Employee.
If, as, and when Employee desires to exercise this Option, he may do so
by delivering written notice of such exercise to the Company at its offices
in Lake Oswego, Oregon, together with appropriate payment for the number of
shares covered by such notice.
The Employee hereby accepts and agrees to be bound by all the terms and
conditions of the Plan, to which this Option is subject.
Computerized Thermal Imaging, Inc.
By: /s/ Xxxxx X. Xxxxxxxx
------------------------------------
Xxxxx X. Xxxxxxxx, President
AGREED TO AND ACCEPTED effective as of
June 12, 1995.
/s/ Xxxxxxx X. Xxxxxx
------------------------------------
Xxxxxxx X. Xxxxxx, Employee
