Exhibit 10.11
Stock Option Agreement
Number of Shares: 500,000 Date of Grant: 14 February 2000
This Stock Option Agreement is made this 30 December 1999 by and between Xxxxx
X. Xxxxxx (the "Optionee") and MedGrup Corporation, a Colorado corporation (the
"Company").
1. Grant of Option. The Company, pursuant to the provisions of the
Company's Incentive Stock Option Plan (`Plan"), attached hereto,
hereby grants to the Optionee, subject to the terms and conditions set
forth or incorporated herein, an Option to purchase from the Company
all or any part of an aggregate of the number of Common Shares
indicated above, all at the purchase price of $1.31 per Share. All of
the terms and provisions of the Plan are incorporated herein by
reference.
In the event of any conflict between this Agreement and the Plan, the
Plan shall control.
2. Exercise. This Option shall be exercisable in whole or in part (in
multiples of 1,000 Shares, unless for the balance of this Option).
This Option shall expire on the seventh anniversary of the Date of
Grant stated above.
This Option vests at a rate of 83,333 every six months beginning on
the sixth month anniversary of the aforementioned Date of Grant.
This Option shall be exercisable by delivery to the Company of a copy
of this Stock Option Agreement and manually signed notice of election
to exercise, in the form attached hereto, specifying the number of
Shares to be purchase. Payment of the purchase price shall be as
stated in the Plan or allowed by the Board of Directors.
MedGrup Corporation
Xxxxxxx X. Xxxxxx
CEO
