EXHIBIT 10.8
 
GOFISH CORPORATION

Form of Incentive Stock Option Agreement

 
[Date]
 
Dear ________________________:
 
I am pleased to inform you that GoFish Corporation (the “Company”) has granted
you an incentive stock option to purchase shares of the Company’s Common Stock,
par value $0.001 per share (the “Common Stock”), on the terms and conditions set
forth below. [Reference any other applicable agreement between the Company and
the optionee.]
 
The grant of this stock option is made pursuant to the GoFish Corporation Equity
Incentive Plan (the “Plan”). This stock option is intended to qualify as an
“incentive stock option” under Section 422 of the Internal Revenue Code of 1986,
as amended. The terms of the Plan are incorporated into this letter and in the
case of any conflict between the Plan and this letter, the terms of the Plan
shall control.
 
Now, therefore, in consideration of the foregoing and the mutual covenants
hereinafter set forth:
 
1. Stock Option. The Company hereby grants you an incentive stock option (the
“Stock Option”) to purchase from the Company [______] shares of Common Stock at
a price of [$_____] per share. The Date of Grant is [________________]. Unless
earlier exercised or terminated in accordance with the terms hereunder and in
the Plan, this Stock Option will expire on the date that is the tenth (10th)
anniversary of the Date of Grant.
 
2. Entitlement to Exercise the Stock Option. The grant of the Stock Option is
subject to the following terms and conditions:
 
(a) The Stock Option shall be exercisable in accordance with the following
schedule:
 
[                     ]
 
The Stock Option shall cease to vest as of the date of the termination, for any
reason, of your employment or other relationship underlying the issuance of this
Stock Option.
 
(b) If you die when any portion of the Stock Option is exercisable, then the
person to whom your rights under the Stock Option shall have passed by will or
by the laws of descent and distribution may exercise any of the exercisable
portion of the Stock Option within one (1) year after your death, provided that
no Stock Option may be exercised in any event more than ten (10) years after the
Date of Grant.
 
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3. Method of Exercise & Payment. You may exercise the vested portion of the
Stock Option in whole or in part, by giving written notice to the Company. The
written notice shall clearly state your intent to elect to exercise the Stock
Option and the number of shares of Common Stock with respect to which the Stock
Option is being exercised. Further, the written notice shall be signed by you
(or, in the case of your death, the person exercising the Stock Option) and
shall be delivered to the Corporate Secretary of the Company at the Company’s
principal executive office. Except as otherwise provided in the Plan, payment of
the exercise price for the number of shares of Stock being purchased pursuant to
any Option shall be made (i) by cash or check payable to the order of the
Company; (ii) by delivery or attestation of shares of Common Stock (valued at
their Fair Market Value) in satisfaction of all or any part of the exercise
price; (iii) by delivery of a properly executed exercise notice with irrevocable
instructions to a broker to deliver to the Company the amount necessary to pay
the exercise price from the sale or proceeds of a loan from the broker with
respect to the sale of Company Stock or a broker loan secured by the Company
Stock; (iv) by such other consideration as may be approved by the Committee from
time to time to the extent permitted by applicable law; or (v) by any
combination of (i) through (iv) hereof.
 
4. Tax Withholding. As a condition of exercise, you agree that at the time of
exercise that you will pay to the Company any applicable withholding taxes, if
any, that the Company is required to withhold in connection with the exercise of
the Stock Option. To satisfy the applicable withholding taxes, you may elect to
(a) make cash payment or authorize additional withholding from your cash
compensation; (b) deliver freely tradable shares of Common Stock (which will be
valued at their Fair Market Value as of the date of delivery); or (c) request
that the Company retain that number of shares of Common Stock that would satisfy
all or a portion of the applicable withholding taxes.
 
5. Transferability of Stock Option. Other than upon your death by will or by the
laws of descent and distribution, the Stock Option is not transferable by you
and may be exercised during your lifetime only by you.
 
6. Termination of Stock Option. [Specific vesting and forfeiture provisions to
be added in accordance with the terms of the Plan.]
 
7. Adjustments. If the number of outstanding shares of Common Stock is increased
or decreased as a result of one or more stock splits, reverse stock splits,
stock dividends, recapitalizations, mergers, share exchange acquisitions,
combinations or reclassifications, the number of shares with respect to which
you have an unexercised Stock Option and the Stock Option price shall be
appropriately adjusted as provided in the Plan.
 
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8. Delivery of Certificate. The Company may delay delivery of the certificate
for shares of Common Stock purchased pursuant to the exercise of an Stock Option
until (i) it receives any required representation by you or completion of any
registration or other qualification of such shares under any state or federal
law regulation that the Company’s counsel shall determine as necessary or
advisable, or (ii) it receives advice of counsel that all applicable legal
requirements have been complied with. As a condition of exercising the Stock
Option, you may be required to execute a customary written indication of your
investment intent and such other agreements the Company deems necessary or
appropriate to comply with applicable securities laws.
 
9. No Guaranteed Right of Employment. If you are employed by the Company,
nothing contained herein shall confer upon you any right to be continued in the
employment of the Company or interfere in any way with the right of the Company
to terminate your employment at any time for any cause.
 
10. Notice of Certain Dispositions. You agree to notify the Company in writing
immediately after you make a disposition of any shares acquired upon exercise of
this Stock Option if you are required to report information related to your
ownership of Common Stock pursuant to any applicable securities laws, or if such
disposition occurs before the later of (a) the date that is two years after the
Date of Grant, or (b) the date that is one year after the date that you acquired
such shares upon exercise of this Stock Option.

11. Notices. Notices hereunder shall be mailed or delivered to the Company at
its principal place of business, and shall be delivered to you in person or
mailed or delivered to you at the address set forth below, or in either case at
such other address as one party may subsequently furnish to the other party in
writing.

12. Choice of Law. This Agreement shall be governed by New York law, without
giving effect to the conflicts or choice of laws principles thereof.

[Signature page follows]

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        GoFish Corporation  
   
   
    By:        

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    Name:      

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Title:
   

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ACKNOWLEDGEMENT BY OPTIONEE

The foregoing Stock Option is hereby accepted and the terms and conditions
thereof hereby
agreed to by the undersigned as of the Date of Grant specified above.

       
   
   
         

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Optionee's Signature          

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Printed Name           Optionee's Address:      

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