OPTION TO PURCHASE SHARES OF
 KNOWFAT FRANCHISE COMPANY, INC.
 
 
Dated as of [                                  ]
 
No. of Shares
   

 
KNOWFAT FRANCHISE COMPANY, INC. (the “Company”), which term shall include its
successors as provided in the Plan, hereby grants to [name] (the “Optionee”) an
Option to purchase prior to March 26, 2014 (the “Expiration Date”), all or any
part of [                              ] Shares of the Company’s Common Stock,
par value $0.001 per share (the “Shares”) at a price of $0.01 (the “Option
Price”), subject to the terms and conditions set forth hereinafter.
 
1. Vesting Schedule
 
On the date of grant, this Option is vested and exercisable with [             ]
Shares. The remainder of this Option shall vest and become exercisable in
thirty-two equal monthly installments, with vesting to occur on
[                              ] and on each successive one-month anniversary
thereafter, ending on [                              ]. Options shall continue
to be exercisable at any time or times prior to the Expiration Date.
 
2. Manner of Exercise 
 
The Optionee may exercise this Option only in the following manner: From time to
time prior to the Expiration Date, the Optionee may give written notice to the
Company of his election to purchase some or all of the Shares then vested
hereunder. Said notice shall specify the amount of Shares to be purchased and
shall be accompanied by payment therefor either in cash or by check, bank draft
or money order payable to the order of the Company. No Shares so purchased shall
be issued to the Optionee until the Company has completed all steps required by
to be taken in connection with the issuance and sale of the Shares, including
without limitation, receipt of a representation from the Optionee upon each
exercise of this Option that he is purchasing the shares for his own account and
not with a view to any resale or distribution thereof, legending of any
certificate representing said Shares and other actions to prevent a resale or
distribution in violation of Federal or State securities laws. If requested upon
the exercise of the Option, Shares may be issued in the name of the Optionee
jointly with another person with rights of survivorship or in the name of the
executor or administrator of his estate, and the foregoing representations shall
be modified accordingly.
 
The Company may, in its discretion, require an Optionee to pay to the Company
the amount, or make such other arrangements (including the withholding of Shares
which would otherwise be delivered upon exercise), at the time of exercise or
thereafter, that the Company deems necessary to satisfy its obligation to
withhold federal, state or local income or other taxes incurred by reason of the
exercise.
 

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3. Transferability
 
This Option is personal to Optionee, is not transferable by the Optionee in any
manner otherwise than by will or the laws of descent and distribution and is
exercisable, during the Optionee’s lifetime, only by the Optionee. In the event
of any attempt by the Optionee to assign, pledge or otherwise dispose of this
Option (except as provided for herein) or in the event of any levy, attachment,
execution or similar process upon rights or interests conferred hereby, the
Company may terminate this Option by notice to the Optionee and this Option
shall thereupon become null and void.
 
4. Effect of Certain Transactions 
 
If the Company is merged into or consolidated with another corporation under
circumstances where the Company is not the surviving corporation, or if the
Company is liquidated or sells or otherwise disposes of all or substantially all
its assets to another corporation (any such transaction is referred to in this
Paragraph 4 as a “Merger”) while this Option remains outstanding, then
notwithstanding the vesting provisions hereof, this Option shall become fully
vested and exercisable with respect to all the Shares, effective upon the
consummation of such Merger. In addition, (i) subject to the provisions of
clause (ii) below, after the effective date of such Merger, the Optionee shall
be entitled, upon exercise of this Option, to receive, in lieu of Shares, shares
of stock or other securities as the other holders of Shares received pursuant to
the terms of the Merger; and (ii) the Option may be cancelled by the Board as of
the effective date of any such Merger, provided that notice of such cancellation
shall be given to the Optionee not less than thirty days prior to the effective
date of such Merger.
 
5. Dilution or Other Adjustments
 
The amount of the Shares which are the subject of this Option shall be equitably
adjusted in such manner as to prevent dilution or enlargement of option rights
in the event of a recapitalization of the Company under which interests in the
Company are distributed in exchange for or upon the Shares without payment of
any valuable consideration by the holders thereof.
 
The terms of any such adjustment shall be conclusively determined by the
Company.
 
6. Stockholders’ Agreement
 
By his execution and delivery hereof, the Optionee hereby agrees, as a condition
of the issuance of any Shares to the Optionee upon exercise hereof, to become a
party to and be bound by the term of the Stockholders’ Agreement among the
Company and its Stockholders, as such agreement may be in effect on the date of
exercise, a copy of which will be provided to Optionee upon request. Any
certificate evidencing Shares shall contain any legends required by such
Stockholders’ Agreement.
 
9. Miscellaneous  
 
(a) Notices hereunder shall be mailed or delivered to the Company at its
principal place of business, 20 Guest Street, Suite 450, Brighton, MA 02135 and
shall be mailed or delivered to Optionee at his address set forth below, or in
either case to such address as either party may subsequently furnish to the
other in writing.
 
(b) The Company and the Optionee, by written consent, may waive their respective
rights hereunder, or may modify or terminate this Agreement. Upon termination of
this Agreement, either as set forth in the preceding sentence or upon expiration
of its term, all obligations and rights of the Company and the Optionee
hereunder shall cease.
 

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(c) In any term of this Agreement shall be held invalid, illegal or
unenforceable in whole or in part, neither the validity of the remaining part of
such a term nor the validity of any other term of this Agreement shall in any
way be affected thereby.
 
(d) This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of the Company and the heirs, executors and
administrators of the Optionee.
 
(e) This Agreement may be executed in counterparts, each of which shall be
deemed an original and all of which together shall constitute a single
instrument.
 
(f) This Agreement shall be governed by the laws of the State of Delaware.
 
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals as of
the date first above written.
 
 

KNOWFAT FRANCHISE COMPANY, INC.     

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Optionee               By    

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Name:     

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Address Title:                  

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 City, State, Zip              

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 Social Security Number

 

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