Exhibit 10.15

IVAX DIAGNOSTICS, INC.
Form of
Nonqualified Stock Option Award Agreement
(Independent Director)

1.           Grant of Stock Option.  In accordance with and subject to the terms
and conditions of (a) the IVAX Diagnostics, Inc. 2009 Equity Incentive Plan, as
it may be amended from time to time (the “Plan”), a copy of which is attached
hereto as Exhibit A, and (b) this Nonqualified Stock Option Award Agreement (the
“Award Agreement”), IVAX Diagnostics, Inc., a Delaware corporation (the
“Company”), grants to the optionee identified on Schedule 1 attached hereto (the
“Optionee”) a nonqualified stock option (the “Stock Option”) to purchase the
number of shares (the “Shares”) of the Company’s common stock, par value $0.01
per share, set forth on Schedule 1, at the per Share exercise price set forth on
Schedule 1.

2.           Acceptance by Optionee.  The exercise of the Stock Option, or any
portion thereof, is conditioned upon acceptance by the Optionee of the terms and
conditions of this Award Agreement, as evidenced by the Optionee’s execution of
Schedule 1, and the delivery to the Company of a copy of Schedule 1 which has
been executed by the Optionee.

3.           Vesting of Stock Option.  The Stock Option shall become exercisable
in accordance with the vesting schedule set forth on Schedule 1.

4.           Expiration of Stock Option.  The Stock Option shall expire on, and
may not be exercised after, the expiration date set forth on Schedule 1 (the
“Expiration Date”). Notwithstanding the foregoing, if, prior to the Expiration
Date, the Optionee’s service as a director of the Company ceases for any reason
(including, without limitation, by reason of the Optionee’s retirement or
resignation, whether with or without good reason, the Optionee’s refusal to
stand for re-election as a director of the Company for any reason whatsoever,
the removal of the Optionee as a director of the Company by the Company’s
stockholders, whether with or without cause, the Optionee’s failure to be
re-elected to serve as a director of the Company upon the expiration of his or
her term or the Optionee’s death or “disability,” as determined under the
procedures established by the Compensation Committee of the Board of Directors
of the Company for purposes of the Plan), then the Stock Option shall expire on
the earlier of (i) the Expiration Date and (ii) the date which is thirty (30)
days after the effective date of the cessation of the Optionee’s service as a
director of the Company.
 
 
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5.           Procedure for Exercise.  The Stock Option may be exercised for the
number of Shares specified in a written notice which has been executed by the
Optionee and delivered to the Company at least ten (10) days prior to the date
on which purchase is requested, accompanied by full payment for the Shares with
respect to which the Stock Option is being exercised, in the manner and subject
to the terms and conditions set forth in the Plan.  Notwithstanding the
foregoing, the Stock Option may not be exercised as to less than ten (10) Shares
at any time or, if less than ten (10) Shares, the number of Shares subject to
the Stock Option.  If any applicable law, rule or regulation requires the
Company to take any action with respect to the Shares specified in such notice
or if any action remains to be taken under the Certificate of Incorporation or
Bylaws of the Company, as they may be amended from time to time, to effect due
issuance of the Shares, then the Company shall take such action and the day for
delivery of such Shares shall be extended for the period necessary to take such
action.  Neither the Optionee nor any other Person entitled to exercise the
Stock Option, if any, shall be, or have any rights or privileges of, a
stockholder of the Company in respect of any of the Shares issuable upon
exercise of the Stock Option, unless and until the Shares are issued to the
Optionee by the Company.

6.           No Right to Employment.  Neither the grant of the Stock Option nor
the issuance of any Shares pursuant to the Stock Option shall give the Optionee
any right to be employed or retained in the employ of the Company.

7.           Representations as to Purchase of Shares.  As a condition of the
Company’s obligation to issue Shares upon exercise of the Stock Option, if
requested by the Company, then the Optionee shall, concurrently with the
delivery of the stock certificate representing the Shares so purchased, give
such written assurances to the Company, in the form and substance that the
Company’s counsel reasonably requests, to the effect that the Optionee is
acquiring the Shares for investment and without any present intention of
reselling or redistributing the same in violation of any applicable law, rule or
regulation.  If the Company elects to register, or has registered, the Shares
under the Securities Act of 1933, as amended, and any applicable state laws,
rules and regulations, then the issuance of such Shares shall not be subject to
the aforementioned conditions contained in this Section 7.

8.           Compliance with Applicable Law.  The issuance of the Shares
pursuant to the exercise of this Stock Option is subject to compliance with all
applicable laws, rules and regulations, including, without limitation, laws,
rules and regulations governing withholding from employees and nonresident
aliens for income tax purposes.

IN WITNESS WHEREOF, the Company has caused this Award Agreement to be executed
as of the date of grant set forth on Schedule 1.

IVAX Diagnostics, Inc.
   
By:
 
Name:
 
Title:
 

 
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Schedule 1
to
Form of Nonqualified Stock Option Award Agreement
(Independent Director)

Name of Optionee:
__________________________________ 
Number of Shares:
__________________________________ 
Exercise Price Per Share:
$_________________________________
Date of Grant:
__________________________________ 
Expiration Date:
__________________________________ 
Vesting Schedule:
Fully vested as of Date of Grant

 
The undersigned agrees to the terms and conditions of the Nonqualified Stock
Option Award Agreement of which this Schedule 1 is a part, and acknowledges
receipt of the prospectus relating to the Plan and of the Company’s most recent
annual report to stockholders.

 

_________________________________________ 
Name:____________________________________
Social Security No.:_________________________
Date of Acceptance:_________________________

 
 
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