Amendment to Nonstatutory Stock Option Agreement
Amendment
to Nonstatutory Stock Option Agreement
This
agreement is an amendment (the “Amendment”)
of the
Nonstatutory Stock Option Agreement by and between you, ___________, and
Pure
Biofuels Corp., a Nevada corporation (the “Company”),
representing the Company’s grant of nonstatutory stock options (each, an
“Option”
or
collectively, the “Options”)
to
you, on June 11, 2007, to purchase ________________ shares of common stock,
no
par value (“Common
Stock”),
of
the Company under the Pure Biofuels Corp. Stock Incentive Plan
(the “Plan”),
at an
exercise price (the “Exercise
Price”)
of
$0.98 per share (the “Outstanding
Option Agreement”).
The
Company and you agree that the Outstanding Option Agreement is hereby amended
in
the following respects effective as of the date that the Board of Directors
of
the Company (the “Board”)
approves this Amendment:
| · |
The
Exercise Price per share is replaced with the greater of (i) $0.60,
or
(ii) the Fair Market Value (as defined in the Plan) of the Common
Stock on
the date that the Board approves this
Amendment.
|
| · |
None
of the Options may be exercised before the date that the Company
obtains
shareholder approval of an amendment to the Company’s Articles of
Incorporation to increase the number of authorized shares of Common
Stock
from 93,750,000 shares to at least 250,000,000
shares.
|
You
agree
that you have received good and valuable consideration for this agreement,
and
the Amendment, once approved by the Board, shall be binding against you,
and all
persons who may claim a right through you, with respect to the
Options.
The
parties hereto have executed this Amendment this 4th day of September,
2007.
| PURE BIOFUELS CORP. | |
| By: _____________________________ | |
| Name: Xxxx Xxxxxxxx | |
| ____________________________ | Title: Chief Executive Officer |
