STOCK OPTION AGREEMENT
This Stock Option Agreement is made as of October 19, 2009 by and between Anavex Life Sciences Corp. (the “Corporation”), and Xxxxxxxxx Xxxxxxxxxx (the “Optionee”).
A. |
The Corporation has adopted a Stock Option Plan to which Participants (as defined therein) may be granted options to purchase Common Shares (“Shares”) in the capital stock of the Corporation. | |
B. |
The Optionee is a director, officer, full-time employee, or consultant of the Corporation and the Corporation has agreed to provide incentive to the Optionee the granting of an option to purchase Shares; |
NOW THEREFORE, specifically incorporating these recitals herein, it is agreed as follows:
AGREEMENT
TERM. The Expiration Date for all Options shall be October 19, 2013.
VESTING. The Options granted herein vest in accordance with the milestones set out below:
100,000 per compound entered in Phase II trial.
EXERCISE OF OPTION
DATE EXERCISABLE. The Options shall become exercisable by Optionee in accordance with the vesting terms as above.
STOCK CERTIFICATES. Promptly after any exercise in whole or in part of the Options by Optionee, the Corporation shall deliver to Optionee a certificate or certificates for the number of Shares with respect to which the Options were so exercised, registered in Optionee’s name.
NONTRANSFERABILITY
RESTRICTION. The Options are not transferable by Optionee.
NO RIGHTS AS SHAREHOLDER PRIOR TO EXERCISE
Optionee shall not be deemed for any purpose to be a shareholder of Corporation with respect to any shares subject to the Options under this Agreement to which the Options shall not have been exercised.
Anavex Life Sciences Corp. | |
/s/ Xxxxxx Lalach | |
Name: Xxxxxx Lalach | |
Title: President |
The undersigned Optionee hereby acknowledges receipt of an executed original of this Stock Option Agreement, accepts the Options granted there under, and agrees to the terms and conditions thereof and the related Employment Agreement.
OPTIONEE | |
/s/ Xxxxxxxxx Xxxxxxxxxx | |
Xxxxxxxxx Xxxxxxxxxx |
NOTICE OF EXERCISE OF STOCK OPTION
The undersigned hereby exercises the Stock Options granted by Anavex Life Sciences Corp. and seeks to purchase ________________shares of Common Stock of the Corporation pursuant to said Options. The undersigned understands that this exercise is subject to all the terms and provisions of the Stock Option Agreement dated as of October 19, 2009.
Enclosed is a check in the sum of US $_______________in payment for such shares.
Signature of Optionee |
Date: __________________________________________ |