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EXHIBIT 10.6
STOCK OPTION AGREEMENT FOR
1995 INCENTIVE STOCK OPTION PLAN FOR
EMPLOYEES AND EMPLOYEE DIRECTORS
OF
DYNACQ INTERNATIONAL, INC.
The parties to this Agreement are DYNACQ INTERNATIONAL, INC., a Nevada
corporation (the "Company"), and XXXXXX XXXX, (the "Participant").
GRANT OF OPTION
The Company hereby grants to Participant the right, privilege, and
option to purchase up to 157,606 shares of common stock of the Company at a
purchase (grant) price of $ 15/16 per share, in accordance with the terms and
conditions of the 1995 Incentive Stock Option Plan for Employees and Employee
Directors approved by the Company's Board of Directors on August 31, 1995 (the
"Plan"). The Plan, a copy of which is attached hereto, is incorporated herein by
this reference.
1. Notice of Exercise. Subject to the provisions set forth in
paragraph 8 of the Plan, any option granted under this
Agreement may be exercised at any time and from time to time
in whole or in part by written notice delivered to the
Company. Such notice shall state the number of shares being
exercised and shall specify a date, not more than (10) days
from the date of such notice, as the date on which full
payment for the option price for the number of shares
specified shall be made thereof at the principal office of the
Company. Upon receipt of payment, the Company shall instruct
its transfer agent to issue such shares, provided that if any
law or regulation requires the Company to take action with
respect to the shares specified in the notice, before the
issuance thereof, then the date of delivery of such shares
shall be extended for the period necessary to take such action
which may include registration of the stock under applicable
law.
2. No Shareholder Rights. The Participant acknowledges that he
has no rights as a shareholder with respect to shares for
which the option has not been exercised, and the Participant
shall have no rights with respect to such shares unless
otherwise conferred hereby.
3. Option Rights and Holding Period. The options granted
hereunder shall be fully vested and exercisable by the
Participant one year from the Effective Date hereof. The
option rights herein are exercisable for the full amount or
for any part hereof from time to time during the period of
five (5) years from the Effective Date hereof and only by such
participant.
4. Nontransferability. No option granted hereby shall be
transferable other than by Will or by the laws of descent and
distribution. No option or interest therein may be
transferred, assigned, pledged, or hypothecated by the
Participant
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during the lesser of (1) five years from the Effective Date
hereof, or (2) his lifetime, by operation of law or otherwise,
or be made subject to execution, attachment, or similar
process.
5. Effective Date. The Effective Date of this Agreement shall be
May 15, 1996.
6. Acknowledgment. The undersigned Participant has read and
understands this Agreement and the laws and the terms and
conditions of the Plan and hereby agrees to be bound by all of
the terms and conditions thereof.
COMPANY:
DYNACQ INTERNATIONAL, INC.
By: /s/ Xxxx Xxxx
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Title:
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PARTICIPANT:
/s/ Xxxxxx Xxxx
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