Exhibit 10.2


 


NUTRIBAND INC. 2021 EMPLOYEE STOCK OPTION PLAN


 


OPTION AWARD AGREEMENT


 


You have been granted an option to purchase Common Stock of NUTRIBAND
INC., a Nevada corporation (the “Company”), as follows:


 


	Date of Grant:	 
	Exercise Price Per Share:	 
	Total Number of Shares:	 
	Total Exercise Price:	 
	Type of Option:	 
	Expiration Date:	 
	Vesting Commencement Date:	 
	Vesting/Exercise Schedule:	So long as your Continuous Service Status does not terminate, the Shares underlying this Option shall vest and become exercisable in accordance with the following schedule: Fully vested on [VCD Written].
	Termination Period:	You may exercise this Option for three (3) months after termination of your Continuous Service Status except as set out in Section 5 of the Stock Option Agreement (but in no event later than the Expiration Date).  You are responsible for keeping track of these exercise periods following the termination of your Continuous Service Status for any reason.  The Company will not provide further notice of such periods.
	Transferability:	You may not transfer this Option.


 


By your signature and the signature of the Company’s representative
below, you and the Company agree that this Option is granted under and governed by the terms and conditions of the Nutriband Inc. 2021
Stock Option Plan and the Stock Option Agreement, both of which are attached to and made a part of this document.


 




    


    


    

 


In addition, you agree and acknowledge that your rights to any Shares
underlying this Option will be earned only as you provide services to the Company over time, that the grant of this Option is not as consideration
for services you rendered to the Company prior to your date of hire, and that nothing in this Notice or the attached documents confers
upon you any right to continue your employment or consulting relationship with the Company for any period of time, nor does it interfere
in any way with your right or the Company’s right to terminate that relationship at any time, for any reason, with or without cause.
Also, to the extent applicable, the Exercise Price Per Share has been set in good faith compliance with the applicable guidance issued
by the IRS under Section 409A of the Code. However, there is no guarantee that the IRS will agree with the valuation, and by signing below,
you agree and acknowledge that the Company shall not be held liable for any applicable costs, taxes, or penalties associated with this
Option if, in fact, the IRS were to determine that this Option constitutes deferred compensation under Section 409A of the Code. You should
consult with your own tax advisor concerning the tax consequences of such a determination by the IRS.


 


You hereby appoint and constitute the Company’s Chief Executive
Officer as your attorney and proxy with the full power of substitution and resubstitution, to the full extent of your rights, with respect
to all voting capital stock of the Company owned by you as a result of exercising the Option, which proxy (the “Proxy”)
shall be perpetual and irrevocable and coupled with an interest, to vote all shares of capital stock then held by you as a result of exercising
the Option, in the manner consistent with the manner approved by holders of a majority of shares of Common Stock outstanding at any time
and from time to time. You agrees to enter into any agreements, and execute and deliver any additional documents, as may be required by
the Company’s Chief Executive Officer to give effect to the Proxy granted hereunder.


 


	THE COMPANY:	 
	 	 	 
	NUTRIBAND INC.	 
	 	 	 
	By:	 	 
	(Signature)	 
	Name: 	 	 
	Title:	Chief Executive Officer	 
	 	 
	OPTIONEE:	 
	 	 
	[Name]	 
	 	 
	(Signature)	 


 




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2014 Stock Incentive Plan


 


STOCK OPTION AGREEMENT


 


Grant of Option. BOUXTIE INC., a Delaware corporation
(the “Company”), hereby grants to [Name] (“Optionee”), an option (the “Option”)
to purchase the total number of shares of Common Stock (the “Shares”) set forth in the Notice of Stock Option Grant
(the “Notice”), at the exercise price per Share set forth in the Notice (the “Exercise Price”) subject
to the terms, definitions and provisions of the BOUXTIE INC. 2014 Stock Incentive Plan (the “Plan”) adopted by the
Company, which is incorporated in this Agreement by reference. Unless otherwise defined in this Agreement, the terms used in this Agreement
shall have the meanings defined in the Plan.


 


Designation of Option. This Option is intended to be
an Incentive Stock Option as defined in Section 422 of the Code only to the extent so designated in the Notice, and to the extent
it is not so designated or to the extent this Option does not qualify as an Incentive Stock Option, it is intended to be a Nonstatutory
Stock Option.


 


Notwithstanding the above, if designated as an Incentive Stock Option,
in the event that the Shares subject to this Option (and all other Incentive Stock Options granted to Optionee by the Company or any Parent
or Subsidiary, including under other plans of the Company) that first become exercisable in any calendar year have an aggregate fair market
value (determined for each Share as of the date of grant of the option covering such Share) in excess of $100,000, the Shares in excess
of $100,000 shall be treated as subject to a Nonstatutory Stock Option, in accordance with Section 5(c) of the Plan.


 


Exercise of Option. This Option shall be exercisable
during its term in accordance with the Vesting/Exercise Schedule set out in the Notice and with the provisions of Section 10 of the
Plan as follows:


 


Right to Exercise.


 


This Option may not be exercised for a fraction of a share.


 


In the event of Optionee’s death, Disability or other termination
of Continuous Service Status, the exercisability of this Option is governed by Section 5 below, subject to the limitations contained
in this Section 3.


 


In no event may this Option be exercised after the Expiration Date
set forth in the Notice.


 


Method of Exercise.


 


This Option shall be exercisable by execution and delivery of the Exercise
Agreement attached hereto as Exhibit A or of any other form of written notice approved for such purpose by the Company which shall
state Optionee’s election to exercise this Option, the number of Shares in respect of which this Option is being exercised, and
such other representations and agreements as to the holder’s investment intent with respect to such Shares as may be required by
the Company pursuant to the provisions of the Plan. Such written notice shall be signed by Optionee and shall be delivered to the Company
by such means as are determined by the Plan Administrator in its discretion to constitute adequate delivery. The written notice shall
be accompanied by payment of the aggregate Exercise Price for the purchased Shares.


 


As a condition to the exercise of this Option and as further set forth
in Section 12 of the Plan, Optionee agrees to make adequate provision for federal, state or other tax withholding obligations, if any,
which arise upon the grant, vesting or exercise of this Option, or disposition of Shares, whether by withholding, direct payment to the
Company, or otherwise.


 




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The Company is not obligated, and will have no liability for failure,
to issue or deliver any Shares upon exercise of this Option unless such issuance or delivery would comply with the Applicable Laws, with
such compliance determined by the Company in consultation with its legal counsel. This Option may not be exercised until such time as
the Plan has been approved by the holders of capital stock of the Company, or if the issuance of such Shares upon such exercise or the
method of payment of consideration for such Shares would constitute a violation of any Applicable Laws, including any applicable U.S.
federal or state securities laws or any other law or regulation, including any rule under Part 221 of Title 12 of the Code of
Federal Regulations as promulgated by the Federal Reserve Board. As a condition to the exercise of this Option, the Company may require
Optionee to make any representation and warranty to the Company as may be required by the Applicable Laws. Assuming such compliance, for
income tax purposes the Shares shall be considered transferred to Optionee on the date on which this Option is exercised with respect
to such Shares.


 


Subject to compliance with Applicable Laws, this Option shall be deemed
to be exercised upon receipt by the Company of the appropriate written notice of exercise accompanied by the Exercise Price and the satisfaction
of any applicable withholding obligations.


 


Method of Payment. Payment of the Exercise Price shall
be by any of the following, or a combination of the following, at the election of Optionee:


 


cash or check;


 


cancellation of indebtedness;


 


at the discretion of the Plan Administrator on a case by case basis,
by surrender of other shares of Common Stock of the Company (either directly or by stock attestation) that Optionee previously acquired
and that have an aggregate Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Shares as to which
this Option is being exercised; or


 


at the discretion of the Plan Administrator on a case by case basis,
by Cashless Exercise.


 


Termination of Relationship. Following the date of termination
of Optionee’s Continuous Service Status for any reason (the “Termination Date”), Optionee may exercise this Option
only as set forth in the Notice and this Section 5. If Optionee does not exercise this Option within the Termination Period set forth
in the Notice or the termination periods set forth below, this Option shall terminate in its entirety. In no event, may any Option be
exercised after the Expiration Date of this Option as set forth in the Notice.


 


Termination. In the event of termination of Optionee’s
Continuous Service Status other than as a result of Optionee’s Disability or death [or for Cause], Optionee may, to the extent
Optionee is vested in the Option Shares, exercise this Option during the Termination Period set forth in the Notice.


 




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Other Terminations. In connection with any termination
other than a termination covered by Section 5(a), Optionee may exercise this Option only as described below:


 


Termination upon Disability of Optionee.  In the event
of termination of Optionee’s Continuous Service Status as a result of Optionee’s Disability, Optionee may, but only within
six (6) months following the Termination Date, exercise this Option to the extent Optionee is vested in the Option Shares.


 


Death of Optionee. In the event of termination of Optionee’s
Continuous Service Status as a result of Optionee’s death, or in the event of Optionee’s death within six (6) months following
Optionee’s Termination Date, this Option may be exercised at any time within six (6) months following the date of death (or, if
earlier, the date Optionee’s Continuous Service Status terminated) by Optionee’s estate or by a person who acquired the right
to exercise this Option by bequest or inheritance, but only to the extent Optionee is vested in this Option.


 


(iii)       Termination for
Cause. In the event of termination of Optionee’s Continuous Service Status for Cause, this Option (including any vested
portion thereof) shall immediately terminate in its entirety upon first notification to Optionee of such termination for Cause. If Optionee’s
Continuous Service Status is suspended pending an investigation of whether Optionee’s Continuous Service Status will be terminated
for Cause, all Optionee’s rights under this Option, including the right to exercise this Option, shall be suspended during the investigation
period.


 


Non-Transferability of Option. This Option may not be
transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of
Optionee only by him or her. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns
of Optionee.


 


Lock-Up Agreement. In connection with the initial public
offering of the Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the
Company’s securities, Optionee hereby agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or
otherwise dispose of any securities of the Company however and whenever acquired (other than those included in the registration) without
the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) from
the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting
the foregoing as may be requested by the underwriters at the time of the public offering; provided however that, if during the last 17
days of the restricted period the Company issues an earnings release or material news or a material event relating to the Company occurs,
or prior to the expiration of the restricted period the Company announces that it will release earnings results during the 16-day period
beginning on the last day of the restricted period, then, upon the request of the managing underwriter, to the extent required by any
FINRA rules, the restrictions imposed by this subsection (a) shall continue to apply until the end of the third trading day following
the expiration of the 15-day period beginning on the issuance of the earnings release or the occurrence of the material news or material
event. In no event will the restricted period extend beyond 216 days after the effective date of the registration statement.


 




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Effect of Agreement. Optionee acknowledges receipt of
a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof (and has had an opportunity to consult
counsel regarding the Option terms), and hereby accepts this Option and agrees to be bound by its contractual terms as set forth herein
and in the Plan. Optionee hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Plan Administrator
regarding any questions relating to this Option. In the event of a conflict between the terms and provisions of the Plan and the terms
and provisions of the Notice and this Agreement, the Plan terms and provisions shall prevail.


 


Grant of Proxy. You hereby appoint and constitute the
Company’s Chief Executive Officer as your attorney and proxy with the full power of substitution and resubstitution, to the full
extent of your rights, with respect to all voting capital stock of the Company owned by you as a result of exercising the Option, which
proxy (the “Proxy”) shall be perpetual and irrevocable and coupled with an interest, to vote all shares of capital
stock then held by you as a result of exercising the Option, in the manner consistent with the manner approved by holders of a majority
of shares of Common Stock outstanding at any time and from time to time. You agrees to enter into any agreements, and execute and deliver
any additional documents, as may be required by the Company’s Chief Executive Officer to give effect to the Proxy granted hereunder.


 


Miscellaneous.


 


Governing Law. This Agreement and all acts and transactions
pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the
laws of the State of California, without giving effect to principles of conflicts of law.


 


Entire Agreement; Enforcement of Rights. This Agreement,
together with the Notice of Stock Option Grant to which this Agreement is attached and the Plan, sets forth the entire agreement and understanding
of the parties relating to the subject matter herein and therein and merges all prior discussions between the parties. Except as contemplated
under the Plan, no modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective
unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall
not be construed as a waiver of any rights of such party.


 


Severability. If one or more provisions of this Agreement
are held to be unenforceable under Applicable Laws, the parties agree to renegotiate such provision in good faith. In the event that the
parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded
from this Agreement, (ii) the balance of this Agreement shall be interpreted as if such provision were so excluded and (iii) the
balance of this Agreement shall be enforceable in accordance with its terms.


 


Notices. Any notice required or permitted by this Agreement
shall be in writing and shall be deemed sufficient when delivered personally or sent by telegram or fax or forty-eight (48) hours after
being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at
such party’s address as set forth below or as subsequently modified by written notice.


 


Counterparts. This Option may be executed in two or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.


 


Successors and Assigns. The rights and benefits of this
Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations
of Optionee under this Agreement may not be assigned without the prior written consent of the Company.


 


[Signature Page Follows]


 




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IN WITNESS WHEREOF, the parties have executed or caused this Agreement
to be executed by their officers thereunto duly authorized, effective as of the Date of Grant set forth in the accompanying Notice of
Stock Option Grant.


 


THE COMPANY:


 


NUTRIBAND INC.


 


	By:	 	 
	(Signature)	 
	Name:	 	 
	Title:	 Chief Executive Officer	 
	OPTIONEE:	 
	 	 	 
	[Name]	 
	 	 
	(Signature)	 	 


 






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