Exhibit 10.03


 


BUILDABLOCK CORP. 


2012 EQUITY INCENTIVE PLAN 


 


STOCK OPTION GRANT NOTICE 


 


Buildablock Corp., a Florida corporation,
(the “Company”), pursuant to its 2012 Equity Incentive Plan, as amended from time to time (the “Plan”),
hereby grants to the holder listed below (“Participant”), an option to purchase the number of shares
of Common Stock set forth below (the “Option”). This Option is subject to all of the terms and conditions
set forth herein and in the Stock Option Agreement attached hereto as Exhibit A (the “Stock Option Agreement”)
and the Plan, each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan
shall have the same defined meanings in this Grant Notice and the Stock Option Agreement.


 


Participant:


 


Grant Date:


 


Exercise Price per Share:


 


Total Exercise Price:


 


Total Number of Shares


Subject to the Option:


 


Expiration Date:


 


Vesting Schedule:


 


Type of Option:             ̈    Incentive
Stock Option     ̈    Non-Qualified Stock
Option


 


By his or her signature and the Company’s signature below,
Participant agrees to be bound by the terms and conditions of the Plan, the Stock Option Agreement and this Grant Notice. Participant
has reviewed the Stock Option Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the
advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Stock Option
Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of
the Administrator upon any questions arising under the Plan, this Grant Notice or the Stock Option Agreement.


 


	BUILDABLOCK CORP.:	 	PARTICIPANT:
	 	 	 	 	 
	By:	 	 	By:	 
	Print Name:	 	 	Print Name:	 
	Title:	 	 	 	 
	Address:	 	 	Address:	 
	 	 	 	 	 


 



    	 



    	 



    

 


Exhibit 10.03


 


EXHIBIT A


 


TO STOCK OPTION GRANT NOTICE


 


STOCK OPTION AGREEMENT


 


Pursuant to the Stock Option Grant Notice
(the “Grant Notice”) to which this Stock Option Agreement (this “Agreement”)
is attached, Buildablock Corp., a Florida corporation (the “Company”), has granted to Participant an
option (the “Option”) to purchase the number of shares of the Company’s Common Stock, par value
$0.00001 per share (“Stock”), specified in the Grant Notice, upon the terms and conditions set forth
in the Buildablock Corp. 2012 Equity Incentive Plan, as such plan may be amended from time to time (the “Plan”),
the Grant Notice and this Agreement.


 


ARTICLE I


 


GENERAL


 


1.1 Defined Terms. Capitalized terms
not specifically defined herein shall have the meanings specified in the Grant Notice or, if not defined therein, the Plan.


 


1.2 Incorporation of Terms of Plan.
The Option is subject to the terms and conditions of the Plan which are incorporated herein by reference.


 


ARTICLE II


 


GRANT OF OPTION


 


2.1 Grant of Option. In consideration
of Participant’s agreement to remain in the service or employ of the Company or a Subsidiary and for other good and valuable
consideration, effective as of the “Grant Date” set forth in the Grant Notice (the “Grant Date”),
the Company irrevocably grants to Participant an Option to purchase any part or all of an aggregate of the number of shares of
Stock set forth in the Grant Notice, upon the terms and conditions set forth in the Plan, the Grant Notice and this Agreement,
subject to adjustment as provided in Section 12.3 of the Plan. Unless designated as an Incentive Stock Option in the Grant
Notice, the Option shall be a Non-Qualified Stock Option.


 


2.2 Exercise Price. The exercise
price of the shares of Stock subject to the Option shall be as set forth in the Grant Notice, without commission or other charge;
provided, however, that the exercise price per share of Stock subject to the Option shall not be less than 100% of
the Fair Market Value of a share of Stock on the Grant Date. Notwithstanding the foregoing, if this Option is designated as an
Incentive Stock Option and Participant owns (within the meaning of Section 424(d) of the Code) more than 10% of the total
combined voting power of all classes of stock of the Company or any Subsidiary Corporation or “parent corporation”
of the Company (as defined in Section 424(e) of the Code), the exercise price per share of Stock subject to the Option shall
not be less than 110% of the Fair Market Value of a share of Stock on the Grant Date (or the date the Option is modified, extended
or renewed for purposes of Section 424(h) of the Code).


 


2.3 Consideration to the Company; No
Employment Rights. In consideration of the grant of the Option by the Company, Participant agrees to render faithful and efficient
services to the Company or any Subsidiary. Nothing in the Plan or this Agreement shall confer upon Participant any right to continue
in the employ or service of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company
and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any
time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement
between the Company or a Subsidiary and Participant.


 


ARTICLE III


 


PERIOD OF EXERCISABILITY


 


3.1 Commencement of Exercisability.


 


(a) Subject to Sections 3.2, 3.3 and 3.4,
the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice.


 



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Exhibit 10.03


 


(b) No portion of the Option which has
not become vested and exercisable at the date of Participant’s Termination of Employment or Termination of Consultancy, as
applicable, shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set
forth in a written agreement between the Company and Participant.


 


3.2 Duration of Exercisability.
The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such installment which
becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable
until it becomes unexercisable under Section 3.3.


 


3.3 Expiration of Option. The Option
may not be exercised to any extent by anyone after the first to occur of the following events:


 


(a) The expiration of ten years following
the Grant Date;


 


(b) If this Option is designated as an Incentive Stock Option
and Participant owned (within the meaning of Section 424(d) of the Code), at the time the Option was granted, more than 10%
of the total combined voting power of all classes of stock of the Company or any Subsidiary Corporation or any “parent corporation”
of the Company (as defined in Section 424(e) of the Code), the expiration of five years from the Grant Date;


 


(c) The expiration of three months following
the date of Participant’s Termination of Employment or Termination of Consultancy, as applicable, unless such termination
occurs by reason of Participant’s death, Participant’s “permanent and total disability” (within the meaning
of Section 22(e)(3) of the Code) or Participant’s engagement in willful misconduct that injures the Company or any of
its Subsidiaries;


 


(d) The expiration of 12 months following
the date of Participant’s Termination of Employment or Termination of Consultancy, as applicable, by reason of Participant’s
death or Participant’s “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code);


 


(e) The date of Participant’s Termination
of Employment or Termination of Consultancy by the Company or Subsidiary by reason of Participant’s engagement in willful
misconduct that injures the Company or any of its Subsidiaries; or


 


Participant acknowledges that an Incentive
Stock Option exercised more than three months after Participant’s Termination of Employment, other than by reason of death
or Participant’s “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code),
will be taxed as a Non-Qualified Stock Option.


 


3.4 Acceleration of Exercisability.
The Option shall vest and become exercisable as to all shares of Stock covered thereby, notwithstanding that the Option may not
yet have become fully vested and exercisable under Section 3.1(a), as follows:


 


(a) immediately prior to (or such time
prior thereto as shall allow for the exercise thereof) a Change in Control as described in Section 1.6(c) of the Plan if the Option
shall not continue in effect or be assumed by the Successor Entity or its parent or subsidiary or substituted with an equivalent
replacement option by a Successor Entity or its parent or subsidiary in connection with such a Change in Control, and shall in
such case terminate upon the consummation of such a Change in Control;


 


(b) upon a Change in Control as described
in Section 1.6(d) of the Plan;


 


(c) upon a Termination of Employment within
one year following a Change in Control as described in Section 1.6(a) or (b) if such termination is by the Participant for "good
reason" or by the employer without "cause";


 


(d) upon a Termination of Employment within
one year following a Change in Control as described in Section 1.6(c) where the Option continues in effect or is assumed or substituted,
if such termination is by the Participant for "good reason" or by the employer without "cause."


 


For purposes of this Section 3.4, "cause"
shall mean (i) the willful and continued failure by the Participant to substantially perform his duties with the Company and its
subsidiaries (other than any such failure resulting from his incapacity due to physical or mental illness) after a written demand
for substantial performance is delivered to the Participant by the Company which demand specifically identifies the manner in which
the Company believes that the Participant has not substantially performed his duties, (ii) the willful engaging by the Participant
in conduct which is demonstrably and materially injurious to the Company or its subsidiaries, monetarily or otherwise, or (iii)
the Participant’s conviction of, or entering a plea of nolo contendere to, a felony. For purposes of clauses (i) and (ii),
no act or failure to act on the Participant’s part shall be deemed “willful” unless done, or omitted to be done,
by the Participant not in good faith or without reasonable belief that his action or omission was in the best interest of the Company
and its subsidiaries. For purposes of this Section 3.4, "good reason" shall mean (a) a material reduction or change in
the Participant’s employment duties or reporting responsibilities, (b) a reduction in the annual base salary made available
by the Company to the Participant from the annual base salary in effect immediately prior to a Change in Control, or (c) a material
diminution in the Participant’s status, working conditions (including a material change in Participant’s primary work
location of more than 50 miles) or other economic benefits from those in effect immediately prior to a Change in Control.


 



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Exhibit 10.03


 


3.5 Special Tax Consequences. Participant
acknowledges that, to the extent that the aggregate Fair Market Value (determined as of the time the Option is granted) of all
shares of Stock with respect to which Incentive Stock Options, including the Option, are exercisable for the first time by Participant
in any calendar year exceeds $100,000, the Option and such other options shall be Non-Qualified Stock Options to the extent necessary
to comply with the limitations imposed by Section 422(d) of the Code. Participant further acknowledges that the rule set forth
in the preceding sentence shall be applied by taking the Option and other “incentive stock options” into account in
the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder.


 


ARTICLE IV


 


EXERCISE OF OPTION


 


4.1 Person Eligible to Exercise.
Except as provided in Sections 5.2(b) and 5.2(c), during the lifetime of Participant, only Participant may exercise the Option
or any portion thereof. After the death of Participant, any exercisable portion of the Option may, prior to the time when the Option
becomes unexercisable under Section 3.3, be exercised by Participant’s personal representative or by any person empowered
to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution.


 


4.2 Partial Exercise. Any exercisable
portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior
to the time when the Option or portion thereof becomes unexercisable under Section 3.3; provided, however, that
each partial exercise shall be for not less than 100 shares (or, if less, the maximum number of shares for which the Option is
vested and exercisable at such time) and shall be for whole shares only.


 


4.3 Manner of Exercise. The Option,
or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company or the Secretary’s
office of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under Section 3.3:


 


(a) Written evidence of exercise of the
Option or any portion thereof by Participant or any other person then entitled to exercise the Option or portion thereof, in such
form or forms deemed acceptable by the Company (including an exercise notification confirmation statement provided by a broker),
stating that the Option or portion thereof is thereby exercised, such written evidence complying with all applicable rules established
by the Administrator;


 


(b) The receipt by the Company of full
payment for the shares with respect to which the Option or portion thereof is exercised, including payment of any applicable withholding
tax, which may be in one or more of the forms of consideration permitted under Section 4.4;


 


(c) Such representations and documents
as the Administrator, in its discretion, deems necessary or advisable to effect compliance with all applicable provisions of the
Securities Act and any other federal, state or foreign securities laws or regulations. The Administrator may, in its discretion,
also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends
on share certificates and issuing stop-transfer orders to transfer agents and registrars; and


 


(d) In the event the Option or portion
thereof shall be exercised pursuant to Section 4.1 by any person or persons other than Participant, appropriate proof of the
right of such person or persons to exercise the Option.


 


4.4 Method of Payment. Payment of
the exercise price shall be by any of the following, or a combination thereof, at the election of Participant:


 


(a) cash;


 


(b) check;


 



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Exhibit 10.03


 


(c) to the extent permitted under applicable
laws, delivery of a notice that Participant has placed a market sell order with a broker with respect to shares of Stock then issuable
upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale
to the Company in satisfaction of the aggregate exercise price; provided, that payment of such proceeds is then made to
the Company upon settlement of such sale;


 


(d) with the consent of the Administrator,
through the delivery of shares of Stock which have been owned by Participant for at least six months, duly endorsed for transfer
to the Company with a Fair Market Value on the date of exercise equal to the aggregate exercise price of the Option or exercised
portion thereof; or


 


(e) any combination of the foregoing.


 


4.5 Conditions to Issuance of Shares.
The shares of Stock deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but
unissued shares or issued shares which have then been reacquired by the Company. Such shares shall be fully paid and nonassessable.
The Company shall not be required to issue or deliver any shares of Stock purchased upon the exercise of the Option or portion
thereof prior to fulfillment of all of the following conditions:


 


(a) The admission of such shares to listing
on all stock exchanges on which such Stock is then listed;


 


(b) The completion of any registration
or other qualification of such shares under any federal, state or foreign law or under rulings or regulations promulgated by the
Securities and Exchange Commission or any other governmental regulatory body, which the Administrator shall, in its discretion,
deem necessary or advisable;


 


(c) The obtaining of any approval or other
clearance from any federal, state or foreign governmental agency which the Administrator shall, in its discretion, determine to
be necessary or advisable;


 


(d) The receipt by the Company of full
payment for such shares, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration
permitted under Section 4.4;


 


(e) Unless a Registration Statement under
the Securities Act is in effect with respect to the shares of Stock to be issued, the receipt of a written representation of Participant
that the shares of Stock are being acquired by Participant for investment and with no present intention of selling or transferring
them and that Participant will not sell or otherwise transfer the shares except in compliance with all applicable securities laws;
and


 


(f) The lapse of such reasonable period
of time following the exercise of the Option and the satisfaction of all other conditions to issuance as the Administrator may
from time to time establish for reasons of administrative convenience.


 


4.6 Rights as Stockholder. The holder
of the Option shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any shares
purchasable upon the exercise of any part of the Option unless and until such shares shall have been issued by the Company to such
holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).
No adjustment will be made for a dividend or other right for which the record date is prior to the date the shares are issued,
except as provided in Section 12.3 of the Plan.


 


ARTICLE V


 


OTHER PROVISIONS


 


5.1 Administration. The Administrator
shall have the power to (a) interpret the Plan and this Agreement, (b) adopt such rules for the administration, interpretation
and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules and (c) amend this
Agreement, subject to Section 5.9. All actions taken and all interpretations and determinations made by the Administrator
in good faith shall be binding, conclusive and final upon Participant, the Company and all other interested persons. No member
of the Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect
to the Plan, this Agreement or the Option. In its discretion, the Board may at any time and from time to time exercise any and
all rights and duties of the Administrator under the Plan.


 


5.2 Option Not Transferable.


 


(a) Subject to Section 5.2(b), the
Option may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution.
Neither the Option nor any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of
Participant or Participant’s successors in interest or shall be subject to sale or other disposition by transfer, alienation,
anticipation, pledge, encumbrance, assignment or any other means whether such sale or other disposition be voluntary or involuntary
or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted sale or other disposition thereof shall be null and void and of no effect, except to the extent that such sale
or other disposition is permitted by the preceding sentence.


 



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Exhibit 10.03


 


(b) Notwithstanding any other provision
in this Agreement, with the consent of the Administrator and to the extent the Option is not intended to qualify as an Incentive
Stock Option, the Option may be transferred to one or more Permitted Transferees, subject to the terms and conditions set forth
in Section 12.1(b) of the Plan.


 


(c) Unless transferred to a Permitted
Transferee in accordance with Section 5.2(b), during the lifetime of Participant, only Participant may exercise the Option
or any portion thereof. Subject to such conditions and procedures as the Administrator may require, a Permitted Transferee may
exercise the Option or any portion thereof during Participant’s lifetime. After the death of Participant, any exercisable
portion of the Option may, prior to the time when the Option becomes unexercisable under Section 3.3, be exercised by Participant’s
personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable
laws of descent and distribution.


 


5.3 Restrictive Legends and Stop-Transfer
Orders.


 


(a) The share certificate or certificates
evidencing the shares of Stock purchased hereunder shall be endorsed with any legends that may be required by any applicable federal,
state or foreign securities laws.


 


(b) Participant agrees that, in order
to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions
to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the
same effect in its own records.


 


(c) The Company shall not be required:
(i) to transfer on its books any shares of Stock that have been sold or otherwise transferred in violation of any of the provisions
of this Agreement, or (ii) to treat as owner of such shares of Stock or to accord the right to vote or pay dividends to any
purchaser or other transferee to whom such shares shall have been so transferred.


 


5.4 Shares to Be Reserved. The Company
shall at all times during the term of the Option reserve and keep available such number of shares of Stock as will be sufficient
to satisfy the requirements of this Agreement.


 


5.5 Notices. Any notice to be
given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the
Company at the address for the Company appearing on the Grant Notice, and any notice to be given to Participant shall be
addressed to Participant at the address appearing for the Participant on the Grant Notice or at the last known address for
Participant contained in the Company’s records. By a notice given pursuant to this Section 5.5, either party may
thereafter designate a different address for notices to be given to that party. Any notice which is required to be given to
Participant shall, if Participant is then deceased, be given to the person entitled to exercise Participant’s Option
pursuant to Section 4.1 by written notice under this Section 5.5. Any notice shall be deemed duly given when sent
via email or enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a
post office or branch post office regularly maintained by the United States Postal Service.


 


5.6 Titles. Titles are provided
herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.


 


5.7 Governing Law; Severability.
This Agreement shall be administered, interpreted and enforced under the laws of the State of Florida, without regard to the conflicts
of laws principles thereof. Should any provision of this Agreement be determined by a court of law to be illegal or unenforceable,
the other provisions shall nevertheless remain effective and shall remain enforceable.


 


5.8 Conformity to Securities Laws.
Participant acknowledges that the Plan is intended to conform to the extent necessary with all applicable federal, state and foreign
securities laws (including the Securities Act and the Exchange Act) and any and all regulations and rules promulgated thereunder
by the Securities and Exchange Commission or any other governmental regulatory body. Notwithstanding anything herein to the contrary,
the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such laws,
rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent
necessary to conform to such laws, rules and regulations.


 


5.9 Amendments. This Agreement may
not be modified, amended or terminated, except by an instrument in writing, signed by a duly authorized representative of the Company
and, to the extent any such modification, amendment or termination may adversely affect the rights of Participant or such other
person as may be permitted to exercise the Option pursuant to Section 4.1, by Participant or such other person, except as
otherwise provided under the terms of the Plan.


 



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Exhibit 10.03


 


5.10 Successors and Assigns. The
Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the
benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 5.2,
this Agreement shall be binding upon Participant and Participant’s heirs, executors, administrators, successors and assigns.


 


5.11 Notification of Disposition.
If this Option is designated as an Incentive Stock Option, Participant shall give prompt notice to the Company of any disposition
or other transfer of any shares of Stock acquired under this Agreement if such disposition or transfer is made (a) within
two years from the Grant Date or (b) within one year after the transfer of such shares to Participant. Such notice shall specify
the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or
other consideration, by Participant in such disposition or other transfer.


 


5.12 Limitations Applicable to Section 16
Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of
the Exchange Act, the Plan, the Option and this Agreement shall be subject to any additional limitations set forth in any applicable
exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements
for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to
the extent necessary to conform to such applicable exemptive rule.


 


5.13 Entire Agreement. The Plan,
the Grant Notice (including all Exhibits thereto) and this Agreement constitute the entire agreement of the parties and supersede
in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof,
except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant.


 


5.14 Section 409A. This Option
is not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code
(together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation
any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). However,
notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines
that the Option (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole
discretion (without any obligation to do so or to indemnify Participant or any other person for failure to do so) to adopt such
amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies
and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate
either for the Option to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.


 


5.15 Limitation on Participant’s
Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only
a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither
the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the rights of a general unsecured
creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no
greater than the right to receive the Stock as a general unsecured creditor with respect to options, as and when exercised pursuant
to the terms hereof.


 



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