YAYI INTERNATIONAL INC. AWARD AGREEMENT
Exhibit 10.2
2010 EMPLOYEE STOCK OPTION AND STOCK AWARD PLAN
AWARD AGREEMENT
Yayi International Inc., a Delaware corporation (the "Company"), has granted to the Participant named on the Notice of Grant of Options (the "Notice of Grant"), which is attached hereto, an option (the "Option") to purchase that number of shares ("Shares") set forth on the Notice of Grant at the exercise price per Share set forth on the Notice of Grant (the "Exercise Price"), subject to all of the terms, definitions and provisions in this Yayi International Inc. 2010 Employee Stock Option and Stock Award Plan Award Agreement ("Agreement") and the Company's 2010 Employee Stock Option and Stock Award Plan (as applicable, the "Plan"), which is incorporated herein by reference. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan shall prevail. The terms defined in the Plan shall have the same defined meanings in this Agreement.
3. Performance Conditions. The Option is subject to the performance requirements set forth in Appendix I, which must be satisfied as a condition of the Option becoming vested and exercisable.
7. Termination Period. Subject to applicable laws, if the Participant ceases to be an
Employee, he or she may, but only within three (3) months after the date Participant ceases to be an Employee, exercise this Option to the extent that he or she was entitled to exercise it as of the date of such cessation. To the extent he or she was not entitled to exercise this Option as of the date of such cessation, or if he or she does not exercise the Option within the time specified herein, the Option shall terminate.
Notwithstanding the provisions above, if Participant ceases to be an employee as a result of his or her Disability, he or she may, but only within twelve (12) months from the date of such cessation, exercise his or her Option to the extent he or she was entitled to exercise it at the date of cessation. To the extent that he or she was not entitled to exercise this Option at the date of such cessation, or if he or she does not exercise such Option within the time specified herein, the Option shall terminate.
In the event of the death of the Participant during the term of this Option and while an employee, the Option shall become fully exercisable, including as to Shares for which it would not otherwise be exercisable, and may be exercised, at any time within twelve (12) months following the date of death, by Participant's estate or by a person who acquired the right to exercise the Option by bequest or inheritance.
Notwithstanding the foregoing, in no event may this Option be exercised after the expiration date as provided above.
9. Rights as Stockholder. Neither Participant nor any person claiming under or through
Participant shall have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares shall have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant. After such issuance, recordation and delivery, Participant shall have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.
10. Acknowledgments. In accepting the Option, the Participant acknowledges that:
(a) Any notice period mandated under applicable laws shall not be treated as continuous service for the purpose of determining the vesting of the Option; and the Participant's right to receive Shares in settlement of the Option after termination of service, if any, will be measured by the date of termination of the Participant's service and will not be extended by any notice period mandated under applicable laws. Subject to the foregoing and the provisions of the Plan, the Company, in its sole discretion, shall determine whether the Participant's service has terminated and the effective date of such termination.
(b) The Plan is established voluntarily by the Company. It is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement.
(c) All decisions with respect to future Option grants, if any, will be at the sole discretion of the Company.
(d) The Participant's participation in the Plan shall not create a right to continued service with the Company (or any Subsidiary).
(e) The Participant is voluntarily participating in the Plan.
(f) The Option is an extraordinary item that does not constitute compensation of any kind for service of any kind rendered to the Company (or any Subsidiary), and which is outside the scope of the Participant's employment contract, if any.
(g) The Option is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance payments, resignation, termination, redundancy, end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. This applies to any payment even in those jurisdictions requiring such payments upon termination of employment.
(h) In the event that the Participant is not an employee of the Company, the Option grant will not be interpreted to form an employment contract or relationship with the Company; and furthermore the Option grant will not be interpreted to form an employment contract with any Subsidiary .
(i) The future value of the underlying Shares is unknown and cannot be predicted with certainty. If the Participant obtains Shares upon exercise of the Option, the value of those Shares may increase or decrease.
11. Address for Notices. Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company at Xxxxxxxxx Xxxx Xx. 0, Xxxxxxxx Xxxxxxxxxx Xxxx xx Xxxxxxxx Xxxx, Xx Xxxx Xxxxxxxx, Xxxxxxx Xxxx, 000000, Xxxxx or at such other address as the Company may hereafter designate in writing.
14. Data Privacy Consent. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant's personal data as described in this document by and among the Company and each Subsidiary for the exclusive purpose of implementing, administering and managing the Participant's participation in the Plan.
(a) The Participant understands that the Company (or any Subsidiary) holds certain personal information about the Participant, including, but not limited to, the Participant's name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all Options or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant's favor, for the purpose of implementing, administering and managing the Plan ("Data").
(b) The Participant understands that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Participant's country or elsewhere, and that the recipient's country may have different data privacy laws and protections than the Participant's country. The Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting the Participant's local human resources representative. The Participant authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Participant may elect to deposit any Shares acquired upon settlement of the Option. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant's participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Participant's local human resources representative. The Participant understands, however, that refusing or withdrawing the Participant's consent may affect the Participant's ability to participate in the Plan. For more information on the consequences of the Participant's refusal to consent or withdrawal of consent, the Participant understands that he or she may contact the Participant's local human resources representative.
25. Amendment, Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has received an Option under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time.
26. Governing Law. Subject to applicable laws, this Agreement and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by the federal laws of the United States, shall be governed by the laws of the State of Delaware without giving effect to principles of conflicts of laws.
APPENDIX I
PERFORMANCE CONDITIONS
2010 EMPLOYEE STOCK OPTION AND STOCK AWARD PLAN
NOTICE OF GRANT
Unless otherwise defined herein, the terms defined in the Yayi International Inc. 2010 Employee Stock Option and Stock Award Plan (the "Plan") will have the same defined meanings in this Notice of Grant (the "Notice of Grant") and the Yayi International Inc. 2010 Employee Stock Option and Stock Award Plan Award Agreement (together, the "Agreement").
Participant: |
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ID Number: |
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Address: |
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Participant has been granted an Option to purchase Shares of common stock, subject to the terms and conditions of the Plan and this Agreement, as follows:
Grant Number |
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Date of Grant |
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Vesting Commencement Date |
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Number of Shares Granted |
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Exercise Price per Share |
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Total Exercise Price |
$ |
Type of Option |
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Term/Expiration Date |
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Vesting Schedule: |
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Performance Conditions
By Participant's signature and the signature of the Company's representative below, Participant and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan and this Agreement. Participant has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of the Plan and Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Plan Administrator upon any questions relating to the Plan and Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated below.
PARTICIPANT | YAYI INTERNATIONAL INC. | |
Signature | By | |
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Address: | ||