ContractNonqualified Inducement Stock Option Agreement • March 18th, 2004 • Medtox Scientific Inc • Services-medical laboratories • Minnesota
Exhibit 10.24 NONQUALIFIED INDUCEMENT STOCK OPTION AGREEMENT (Shares not issued under the Equity Compensation Plan) THIS AGREEMENT is dated effective as of the grant date set forth on Exhibit A attached hereto, between MEDTOX Scientific, Inc., a Delaware corporation (the “Corporation”), and the individual listed on Exhibit A (“Grantee”). WHEREAS, the Corporation desires to grant and the Grantee desires to accept the Stock Options to purchase Common Stock of the Corporation (as defined below); NOW THEREFORE, in consideration of the premises and of the covenants and agreements set forth below, it is mutually agreed as follows: 1. Grant of Options. The Corporation hereby grants to Grantee an Inducement Option to purchase from the Corporation all or any part of an aggregate amount of the shares of the Common Stock of the Corporation, $.15 par value per share (the “Common Stock”), at the Option price and on other terms, as set forth in Exhibit A attached hereto and made a part hereof, and
