2012 STOCK OPTION PLAN OF


 


 


 


GreenCell, Inc.


 


A Florida Corporation


 


 


 


 


May 10, 2012


 


 


 


 


 


 


 


 



     

     

    

STOCK OPTION PLAN OF


GreenCell, Inc.


 


TABLE OF CONTENTS


 


Page No.


 


	PURPOSE OF THE PLAN	1
	 	
	TYPES OF STOCK OPTIONS	1
	 	
	DEFINITIONS	1
	 	
	ADMINISTRATION OF THE PLAN	2
	 	
	GRANT OF OPTIONS	3
	 	
	STOCK SUBJECT TO PLAN	4
	 	
	TERMS AND CONDITIONS OF OPTIONS	4
	 	
	TERMINATION OR AMENDMENT OF THE PLAN	9
	 	
	INDEMNIFICATION	9
	 	
	EFFECTIVE DATE AND TERM OF THE PLAN	10
	 	
	MISCELLANEOUS	10


 



     

     

    

STOCK OPTION PLAN OF


GreenCell, Inc.


 


A Florida Corporation





 


		1.	PURPOSE OF THE PLAN



 


The purpose of this Plan is to strengthen GreenCell,
Inc. (hereinafter the “Company”) by providing incentive stock options as a means to attract, retain and motivate
key corporate personnel, through ownership of stock of the Company, and to attract individuals of outstanding ability to render
services to and enter the employment of the Company or its subsidiaries.


 


		2.	TYPES OF STOCK OPTIONS



 


There shall be two types of Stock Options (referred
to herein as "Options" without distinction between such different types) that may be granted under this Plan: (1) Options
intended to qualify as Incentive Stock Options under Section 422 of the Internal Revenue Code (“Qualified Stock Options”),
and (2) Options not specifically authorized or qualified for favorable income tax treatment under the Internal Revenue Code (“Non-Qualified
Stock Options”).


 


		3.	DEFINITIONS



 


The following definitions are applicable to
the Plan:


 


		(1)	Board. The Board of Directors of the Company.



 


		(2)	Code. The Internal Revenue Code of 1986, as amended from time to time.



 


		(3)	Common Stock. The shares of Common Stock of the Company.



 


		(4)	Company. GreenCell, Inc., a Florida corporation.



 


		(5)	Consultant. An individual or entity that renders professional services to the Company as an independent
contractor and is not an employee or under the direct supervision and control of the Company.



 


		(6)	Disabled or Disability. For the purposes of Section 7, a disability of the type defined in Section
22(e)(3) of the Code. The determination of whether an individual is Disabled or has a Disability is determined under procedures
established by the Plan Administrator for purposes of the Plan.




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		(7)	Fair Market Value. For purposes of the Plan, the “fair market value" per share of Common
Stock of the Company at any date shall be: (a) if the Common Stock is listed on an established stock exchange or exchanges or the
NASDAQ National Market, the closing price per share on the last trading day immediately preceding such date on the principal exchange
on which it is traded or as reported by NASDAQ; or (b) if the Common Stock is not then listed on an exchange or the NASDAQ National
Market, but is quoted on the NASDAQ Small Cap Market, the NASDAQ electronic bulletin board or the National Quotation Bureau pink
sheets, the average of the closing bid and asked prices per share for the Common Stock as quoted by NASDAQ or the National Quotation
Bureau, as the case may be, on the last trading day immediately preceding such date; or (c) if the Common Stock is not then listed
on an exchange or the NASDAQ National Market, or quoted by NASDAQ or the National Quotation Bureau, an amount determined in good
faith by the Plan Administrator.



 


		(8)	Incentive Stock Option. Any Stock Option intended to be and designated as an "incentive stock
option" within the meaning of Section 422 of the Code.



 


		(9)	Non-Qualified Stock Option. Any Stock Option that is not an Incentive Stock Option.



 


		(10)	Optionee. The recipient of a Stock Option.



 


		(11)	Plan Administrator. The board or the Committee designated by the Board pursuant to Section 4 to
administer and interpret the terms of the Plan.



 


		(12)	Stock Option. Any option to purchase shares of Common Stock granted pursuant to Section 7.



 


		4.	ADMINISTRATION OF THE PLAN



 


This Plan shall be administered by the Board
of Directors or by a Compensation Committee (hereinafter the “Committee”) composed of members selected by, and serving
at the pleasure of, the Board of Directors (the “Plan Administrator”). Subject to the provisions of the Plan, the Plan
Administrator shall have authority to construe and interpret the Plan, to promulgate, amend, and rescind rules and regulations
relating to its administration, to select, from time to time, among the eligible employees and non-employee consultants (as determined
pursuant to Section 5) of the Company and its subsidiaries those employees and consultants to whom Stock Options will be granted,
to determine the duration and manner of the grant of the Options, to determine the exercise price, the number of shares and other
terms covered by the Stock Options, to determine the duration and purpose of leaves of absence which may be granted to Stock Option
holders without constituting termination of their employment for purposes of the Plan, and to make all of the determinations necessary
or advisable for administration of the Plan. The interpretation and construction by the Plan Administrator of any provision of
the Plan, or of any agreement issued and executed under the Plan, shall be final and binding upon all parties. No member of the
Committee or Board shall be liable for any action or determination undertaken or made in good faith with respect to the Plan or
any agreement executed pursuant to the Plan.


 


If a Committee is established, all of the members
of the Committee shall be persons who, in the opinion of counsel to the Company, are outside directors and "non-employee directors"
within the meaning of Rule 16b-3(b)(3)(i) promulgated by the Securities and Exchange Commission. From time to time, the Board may
increase or decrease the size of the Committee, and add additional members to, or remove members from, the Committee. The Committee
shall act pursuant to a majority vote, or the written consent of a majority of its members, and minutes shall be kept of all of
its meetings and copies thereof shall be provided to the Board. Subject to the provisions of the Plan and the directions of the
Board, the Committee may establish and follow such rules and regulations for the conduct of its business as it may deem advisable.



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At the option of the Board, the entire Board
of Directors of the Company may act as the Plan Administrator during such periods of time as all members of the Board are “outside
directors” as defined in Treas. Regs. §1.162-27(e)(3), except that this requirement shall not apply during any period
of time prior to the date the Company's Common Stock becomes registered pursuant to Section 12 of the Securities Exchange Act of
1934, as amended.


 


		5.	GRANT OF OPTIONS



 


The Company is hereby authorized to grant Incentive
Stock Options as defined in section 422 of the Code to any employee or director (including any officer or director who is an employee)
of the Company, or of any of its subsidiaries; provided, however, that no person who owns stock possessing more than 10% of the
total combined voting power of all classes of stock of the Company, or any of its parent or subsidiary corporations, shall be eligible
to receive an Incentive Stock Option under the Plan unless at the time such Incentive Stock Option is granted the Option price
is at least 110% of the fair market value of the shares subject to the Option, and such Option by its terms is not exercisable
after the expiration of five years from the date such Option is granted.


 


An employee may receive more than one Option
under the Plan. Non-Employee Directors shall be eligible to receive Non-Qualified Stock Options in the discretion of the Plan Administrator.
In addition, Non-Qualified Stock Options may be granted to employees, officers, directors and consultants who are selected by the
Plan Administrator.



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		6.	STOCK SUBJECT TO PLAN



 


The stock available for grant of Options under
the Plan shall be shares of the Company's authorized but unissued, or reacquired, Common Stock. Subject to adjustment as provided
herein, the maximum aggregate number of shares of the Company’s common stock that may be optioned and sold under the Plan
is fifteen percent (15%) of the issued and outstanding shares of the Company’s Common Stock on the date this Plan is adopted
by the Company’s Board of Directors. The maximum aggregate number of shares of the Company’s Common Stock that may
be optioned and sold under the Plan will be increased effective the first day of each of the Company’s fiscal quarters, by
an amount equal to the lesser of:


 


		(1)	The number of shares which is equal to 15% of the outstanding shares of the Common Stock on the
first day of the applicable fiscal quarter, less the number of shares of Common Stock which may be optioned and sold under the
Plan prior to the first day of the applicable fiscal quarter; and



 


		(2)	a lesser number of shares of Common Stock determined by the board of directors of the Company.



 


The maximum number of shares for which an Option
may be granted to any Optionee during any calendar year shall not exceed three percent (3%) of the issued and outstanding common
shares of the Company. In the event that any outstanding Option under the Plan for any reason expires or is terminated, the shares
of Common Stock allocable to the unexercised portion of the Option shall again be available for Options under the Plan as if no
Option had been granted with regard to such shares.


 


		7.	TERMS AND CONDITIONS OF OPTIONS



 


Options granted under the Plan shall be evidenced
by agreements (which need not be identical) in such form and containing such provisions that are consistent with the Plan as the
Plan Administrator shall from time to time approve. Such agreements may incorporate all or any of the terms hereof by reference
and shall comply with and be subject to the following terms and conditions:


 


		(1)	Number of Shares. Each Option agreement shall specify the number of shares subject to the Option.



 


		(2)	Option Price. The purchase price for the shares subject to any Option shall be determined by the
Plan Administrator at the time of the grant, but shall not be less than 85% of Fair Market Value per share. Anything to the contrary
notwithstanding, the purchase price for the shares subject to any Incentive Stock Option shall not be less than 100% of the Fair
Market Value of the shares of Common Stock of the Company on the date the Stock Option is granted. In the case of any Incentive
Stock Option granted to an employee who owns stock possessing more than 10% of the total combined voting power of all classes of
stock of the Company, or any of its parent or subsidiary corporations, the Option price shall not be less than 110% of the Fair
Market Value per share of the Common Stock of the Company on the date the Option is granted. For purposes of determining the stock
ownership of an employee, the attribution rules of Section 424(d) of the Code shall apply.




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		(3)	Notice and Payment. Any exercisable portion of a Stock Option may be exercised only by: (a) delivery
of a written notice to the Company prior to the time when such Stock Option becomes unexercisable herein, stating the number of
shares bring purchased and complying with all applicable rules established by the Plan Administrator; (b) payment in full of the
exercise price of such Option by, as applicable, delivery of: (i) cash or check for an amount equal to the aggregate Stock Option
exercise price for the number of shares being purchased, (ii) in the discretion of the Plan Administrator, upon such terms as the
Plan Administrator shall approve, a copy of instructions to a broker directing such broker to sell the Common Stock for which such
Option is exercised, and to remit to the Company the aggregate exercise price of such Stock Option (a “cashless exercise”),
or (iii) in the discretion of the Plan Administrator, upon such terms as the Plan Administrator shall approve, shares of the Company's
Common Stock owned by the Optionee, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery
equal to the aggregate purchase price of the shares with respect to which such Stock Option or portion is thereby exercised (a
"stock-for-stock exercise"); (c) payment of the amount of tax required to be withheld (if any) by the Company, or any
parent or subsidiary corporation as a result of the exercise of a Stock Option. At the discretion of the Plan Administrator, upon
such terms as the Plan Administrator shall approve, the Optionee may pay all or a portion of the tax withholding by: (i) cash or
check payable to the Company, (ii) a cashless exercise, (iii) a stock-for-stock exercise, or (iv) a combination of one or more
of the foregoing payment methods; and (d) delivery of a written notice to the Company requesting that the Company direct the transfer
agent to issue to the Optionee (or his designee) a certificate for the number of shares of Common Stock for which the Option was
exercised or, in the case of a cashless exercise, for any shares that were not sold in the cashless exercise. Notwithstanding the
foregoing, the Company, in its sole discretion, may extend and maintain, or arrange for the extension and maintenance of credit
to any Optionee to finance the Optionee's purchase of shares pursuant to the exercise of any Stock Option, on such terms as may
be approved by the Plan Administrator, subject to applicable regulations of the Federal Reserve Board and any other laws or regulations
in effect at the time such credit is extended.



 


		(4)	Terms of Option. No Option shall be exercisable after the expiration of the earliest of: (a) ten
years after the date the Option is granted, (b) three months after the date the Optionee's employment with the Company and its
subsidiaries terminates, or a Non-Employee Director or Consultant ceases to provide services to the Company, if such termination
or cessation is for any reason other than Disability or death, (c) one year after the date the Optionee's employment with the Company,
and its subsidiaries, terminates, or a Non-Employee Director or Consultant ceases to provide services to the Company, if such termination
or cessation is a result of death or Disability; provided, however, that the Option agreement for any Option may provide for shorter
periods in each of the foregoing instances. In the case of an Incentive Stock Option granted to an employee who owns stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company, or any of its parent or subsidiary corporations,
the term set forth in (a) above shall not be more than five years after the date the Option is granted.




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		(5)	Exercise of an Option. No Option shall be exercisable during the lifetime of an Optionee by any
person other than the Optionee. Subject to the foregoing, the Plan Administrator shall have the power to set the time or times
within which each Option shall vest or be exercisable and to accelerate the time or times of vesting and exercise; provided, however
each Option shall provide the right to exercise at the rate of at least 20% per year over five years from the date the Option is
granted. Unless otherwise provided by the Plan Administrator, each Option will not be subject to any vesting requirements. To the
extent that an Optionee has the right to exercise an Option and purchase shares pursuant hereto, the Option may be exercised from
time to time by written notice to the Company, stating the number of shares being purchased and accompanied by payment in full
of the exercise price for such shares.



 


		(6)	No Transfer of Option. No Option shall be transferable by an Optionee otherwise than by will or
the laws of descent and distribution.



 


		(7)	Limit on Incentive Stock Option. The aggregate Fair Market Value (determined at the time the Option
is granted) of the stock with respect to which an Incentive Stock Option is granted and exercisable for the first time by an Optionee
during any calendar year (under all Incentive Stock Option plans of the Company and its subsidiaries) shall not exceed $100,000.
To the extent the aggregate Fair Market Value (determined at the time the Stock Option is granted) of the Common Stock with respect
to which Incentive Stock Options are exercisable for the first time by an Optionee during any calendar year (under all Incentive
Stock Option plans of the Company and any parent or subsidiary corporations) exceeds $100,000, such Stock Options shall be treated
as Non-Qualified Stock Options. The determination of which Stock Options shall be treated as Non-Qualified Stock Options shall
be made by taking Stock Options into account in the Order in which they were granted.




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		(8)	Restriction on Issuance of Shares. The issuance of Options and shares shall be subject to compliance
with all of the applicable requirements of law with respect to the issuance and sale of securities, including, without limitation,
any required qualification under state securities laws. If an Optionee acquires shares of Common Stock pursuant to the exercise
of an Option, the Plan Administrator, in its sole discretion, may require as a condition of issuance of shares covered by the Option
that the shares of Common Stock be subject to restrictions on transfer. The Company may place a legend on the share certificates
reflecting the fact that they are subject to restrictions on transfer pursuant to the terms of this Section. In addition, the Optionee
may be required to execute a buy-sell agreement in favor of the Company or its designee with respect to all or any of the shares
so acquired. In such event, the terms of any such agreement shall apply to the optioned shares.



 


		(9)	Investment Representation. Any Optionee may be required, as a condition of issuance of shares covered
by his or her Option, to represent that the shares to be acquired pursuant to exercise will be acquired for investment and without
a view toward distribution thereof, and in such case, the Company may place a legend on the share certificate(s) evidencing the
fact that they were acquired for investment and cannot be sold or transferred unless registered under the Securities Act of 1933,
as amended, or unless counsel for the Company is satisfied that the circumstances of the proposed transfer do not require such
registration.



 


		(10)	Rights as a Shareholder or Employee. An Optionee or transferee of an Option shall have no right
as a stockholder of the Company with respect to any shares covered by any Option until the date of the issuance of a share certificate
for such shares. No adjustment shall be made for dividends (Ordinary or extraordinary, whether cash, securities, or other property),
or distributions or other rights for which the record date is prior to the date such share certificate is issued, except as provided
in paragraph (13) below. Nothing in the Plan or in any Option agreement shall confer upon any employee any right to continue in
the employ of the Company or any of its subsidiaries or interfere in any way with any right of the Company or any subsidiary to
terminate the Optionee's employment at any time.



 


		(11)	No Fractional Shares. In no event shall the Company be required to issue fractional shares upon
the exercise of an Option.



 


		(12)	Exercise in the Event of Death. In the event of the death of the Optionee, any Option or unexercised
portion thereof granted to the Optionee, to the extent exercisable by him or her on the date of death, may be exercised by the
Optionee's personal representatives, heirs, or legatees subject to the provisions of paragraph (4) above.




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		(13)	Recapitalization or Reorganization of the Company. Except as otherwise provided herein, appropriate
and proportionate adjustments shall be made (1) in the number and class of shares subject to the Plan, (2) to the Option rights
granted under the Plan, and (3) in the exercise price of such Option rights, in the event that the number of shares of Common Stock
of the Company are increased or decreased as a result of a stock dividend (but only on Common Stock), stock split, reverse stock
split, recapitalization, reorganization, merger, consolidation, separation, or like change in the corporate or capital structure
of the Company. In the event there shall be any other change in the number or kind of the outstanding shares of Common Stock of
the Company, or any stock or other securities into which such common stock shall have been changed, or for which it shall have
been exchanged, whether by reason of a complete liquidation of the Company or a merger, reorganization, or consolidation with any
other corporation in which the Company is not the surviving corporation, or the Company becomes a wholly-owned subsidiary of another
corporation, then if the Plan Administrator shall, in its sole discretion, determine that such change equitably requires an adjustment
to shares of Common Stock currently subject to Options under the Plan, or to prices or terms of outstanding Options, such adjustment
shall be made in accordance with such determination.



 


To the extent that the foregoing adjustments
relate to stock or securities of the Company, such adjustment shall be made by the Plan Administrator, the determination of which
in that respect shall be final, binding, and conclusive. No right to purchase fractional shares shall result from any adjustment
of Options pursuant to this Section. In case of any such adjustment, the shares subject to the Option shall he rounded down to
the nearest whole share. Notice of any adjustment shall be given by the Company to each Optionee whose Options shall have been
so adjusted and such adjustment (whether or not notice is given) shall be effective and binding for all purposes of the Plan.


 


In the event of a complete liquidation
of the Company or a merger, reorganization, or consolidation of the Company with any other corporation in which the Company is
not the surviving corporation, or the Company becomes a wholly-owned subsidiary of another corporation, any unexercised Options
granted under the Plan shall be deemed cancelled unless the surviving corporation in any such merger, reorganization, or consolidation
elects to assume the Options under the Plan or to issue substitute Options in place thereof; provided, however, that notwithstanding
the foregoing, if such Options would be cancelled in accordance with the foregoing, the Optionee shall have the right exercisable
during a ten-day period ending on the fifth day prior to such liquidation, merger, or consolidation to exercise such Option in
whole or in part without regard to any installment exercise provisions in the Option agreement.



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		(14)	Modification, Extension and Renewal of Options. Subject to the terms and conditions and within
the limitations of the Plan, the Plan Administrator may modify, extend or renew outstanding options granted under the Plan and
accept the surrender of outstanding Options (to the extent not theretofore exercised). The Plan Administrator shall not, however,
without the approval of the Board, modify any outstanding Incentive Stock Option in any manner that would cause the Option not
to qualify as an Incentive Stock Option within the meaning of Section 422 of the Code. Notwithstanding the foregoing, no modification
of an Option shall, without the consent of the Optionee, alter or impair any rights of the Optionee under the Option.



 


		(15)	Other Provisions. Each Option may contain such other terms, provisions, and conditions not inconsistent
with the Plan as may be determined by the Plan Administrator.



 


		8.	TERMINATION OR AMENDMENT OF THE PLAN



 


The Board may at any time terminate or amend
the Plan; provided that, without approval of the holders of a majority of the shares of Common Stock of the Company represented
and voting at a duly held meeting at which a quorum is present or the written consent of a majority of the outstanding shares of
Common Stock, there shall be (except by operation of the provisions of sections (6) or (7)(13) above) no increase in the total
number of shares covered by the Plan, no change in the class of persons eligible to receive options granted under the Plan, no
reduction in the limits for determination of the minimum exercise price of Options granted under the Plan, and no extension of
the limits for determination of the latest date upon which Options may be exercised; and provided further that, without the consent
of the Optionee, no amendment may adversely affect any then outstanding Option or any unexercised portion thereof.


 


		9.	INDEMNIFICATION



 


In addition to such other rights of indemnification
as they may have as members of the Board Committee that administers the Plan, the members of the Plan Administrator shall be indemnified
by the Company against reasonable expense, including attorney's fees, actually and necessarily incurred in connection with the
defense of any action, suit or proceeding, or in connection with any appeal therein to which they, or any of them, may be a party
by reason of any action taken or failure to act under or in connection with the Plan or any Option granted thereunder, and against
any and all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected
by the Company). In addition, such members shall be indemnified by the Company for any amount paid by them in satisfaction of a
judgment in any action, suit, or proceeding, except in relation to matters as to which it shall have been adjudged that such member
is liable for negligence or misconduct in the performance of his or her duties, provided however that within sixty (60) days after
institution of any such action, suit, or proceeding, the member shall in writing offer the Company the opportunity, at its own
expense, to handle and defend the same.



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		10.	EFFECTIVE DATE AND TERM OF THE PLAN



 


This Plan shall become effective on the date
of adoption by the Company’s Board of Directors. Unless sooner terminated by the Board in its sole discretion, this Plan
will expire five calendar years from the date of its adoption.


 


		11.	MISCELLANEOUS



 


Any dispute arising out of
this Plan or any provision hereof, or of any agreement issued or executed under the Plan shall be resolved by the Plan Administrator,
and the decision of the Plan Administrator shall be final and binding upon all parties.


 


IN WITNESS WHEREOF, the Company by its
duly authorized officer, has caused this Plan to be executed as of the 10th day of May, 2012.


 


 


GreenCell, Inc.


 


 


/s/ Dan Valladao


		By:	Dan Valladao



		Its:	President / CEO




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