Document:

exhibit-10_15.htm

Bonds.com 8-K

 

Exhibit 10.15

BONDS.COM GROUP, INC.

NON-QUALIFIED STOCK OPTION AGREEMENT

*  *  *  *  *

	
Optionee:

	
George O’Krepkie

	
Grant Date:

	
February __, 2011

Per Share Exercise Price:  [$0.07/Share][the “vested option”][$0.105/Share] [the “unvested option”]

Number of Option Shares subject to this Option: [5% of the Company’s issued and outstanding Common Stock (calculated assuming the exercise and conversion of warrants and other securities exercisable or convertible for Common Stock, including options granted to current and former directors, officers and employees but excluding contingently issued performance shares)]1

*  *  *  *  *

THIS NON-QUALIFIED STOCK OPTION AGREEMENT (this "Agreement"), dated as of the Grant Date specified above, is entered into by and between Bonds.com Group, Inc., a Delaware corporation (the "Company"), and the Optionee specified above;

WHEREAS, it has been determined that it would be in the best interests of the Company to grant the non-qualified stock option provided for herein to the Optionee; and

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:

1.           Grant of Option.  The Company hereby grants to the Optionee, as of the Grant Date specified above, a non-qualified stock option (this "Stock Option") to acquire from the Company at the Per Share Exercise Price specified above, the aggregate number of shares of the Company Common Stock  (the “Common Stock”) specified above (the "Option Shares").  This Stock Option is not to be treated as (and is not intended to qualify as) an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).

 

	
1

	
50% of this amount will be at $0.07 per share and 50% of this amount will be at $0.105 per share.

 

  

  

  

2

2.           Exercise of this Stock Option.

2.1           For so long as the Optionee is employed by the Company (and as otherwise provided in Section 5), this Stock Option shall [be fully exercisable on and after the Grant Date]2[become exercisable as to 1/12th of the Option Shares at the beginning of each calendar quarter commencing after the Grant Date (each a “Vesting Date”), such that on and after January 1, 2014 the Stock Option shall be fully exercisable]3.

2.2           Unless earlier terminated in accordance with the terms and provisions of this Agreement, this Stock Option shall expire and shall no longer be exercisable after the expiration of seven (7) years from the Grant Date (the "Option Period").

3.           Method of Exercise and Payment.  This Stock Option shall be exercised by the Optionee by delivering to the Secretary of the Company or his designated agent on any business day (the "Exercise Date") a written notice specifying the number of the Option Shares the Optionee then desires to acquire (the "Exercise Notice").  The Exercise Notice shall be accompanied by either (a) payment of (i) the aggregate Per Share Exercise Price for such number of the Option Shares to be acquired upon such exercise and (ii) the amount necessary to cover any applicable withholding or other taxes due upon exercise of this Stock Option, or (b) at the Optionee’s election, a notice directing the Company to withhold Option Shares having a fair market value equal to the sum of (i) and (ii).  Such payment shall be made in cash, by certified check, bank draft or money order payable to the order of the Company or as set forth in clause (b) above.  Fair market value of the Option Shares shall be determined in accordance with the Company’s 2011 Equity Plan.

4.           Adjustments Upon Changes in Capitalization, Merger or Certain Other Transactions.

 

(a) Changes in Capitalization. The number of Option Shares covered by this Stock Option and the Per Share Exercise Price shall be equitably adjusted for any increase or decrease in the number of issued Shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination, recapitalization or reclassification of the Common Stock.

 

(b) Corporate Transaction. In the event of a Change of Control (as defined in the Company’s 2011 Equity Plan), this Stock Option shall be assumed or an equivalent option or right shall be substituted by such successor corporation or a parent or subsidiary of such successor corporation (the “Successor Corporation”), unless the Successor Corporation does not agree to assume the award or to substitute an equivalent option or right, in which case this Stock Option shall terminate upon the consummation of such transaction; provided, however, that if

  

	
  

	
2 For the option to purchase shares at $0.07/Share.

 

	
  

	
3 For the option to purchase shares at $0.105/Share.

 

  

  

  

3

this Stock Option is not assumed and terminated upon the consummation of such transaction, then this entire Stock Option shall be exercisable for not less than ten (10) business days prior to the consummation of such transaction.  For purposes hereof, this Stock Option shall be considered assumed, without limitation, if, at the time of issuance of the stock or other consideration upon a Change of Control, as the case may be, the holder of this Stock Option would be entitled to receive upon exercise of the award the same number and kind of shares of stock or the same amount of property, cash or securities as such holder would have been entitled to receive upon the occurrence of the transaction if the holder had been, immediately prior to such transaction, the holder of the number of Shares of Common Stock covered by the award at such time (after giving effect to any adjustments in the number of Option Shares covered by this Stock Option).

 

5.           Termination of Employment.

5.1           [for vested option] If the Optionee’s employment with the Company and/or one of its subsidiaries is terminated by the Company without Cause (as defined in the Employment between the Company and the Optionee dated as of January _, 2011 (the “Employment Agreement”)) or by the Executive for “Good Reason” (as defined in the Employment Agreement), then the Stock Option shall continue to be fully exercisable until the date eighteen (18) months from the date of termination.

5.1           [for unvested option] If the Optionee’s employment with the Company is terminated by the Company without Cause (as defined in the Employment between the Company and the Optionee dated as of January _, 2011 (the “Employment Agreement”)) or by the Executive for “Good Reason” (as defined in the Employment Agreement), then the Stock Option shall continue to become exercisable for the next seven Vesting Dates following the date of termination and Optionee shall have until the date eighteen (18) months after the date of termination to exercise the Stock Option; provided, however, (i) the Optionee shall have at least 30 days to exercise the Stock Option following the date the last tranche vests, and (ii) in the event that a Change in Control has occurred prior to the Optionee’s termination of employment then, notwithstanding the provision above, the Stock Option shall become fully exercisable upon the termination of Optionee’s employment by the Company without Cause or by the Optionee for Good Reason.

5.2           [for vested option] If the Optionee’s employment with the Company is terminated as a result of death or Disability (as defined in the Employment Agreement) then the Stock Option shall continue to be exercisable until eighteen (18) months from the date of termination.

5.2           [for unvested option] If the Optionee’s employment with the Company is terminated as a result of death or Disability (as defined in the Employment Agreement) then the Stock Option shall immediately become exercisable as to an additional 50% of the Stock Option and such Stock Option shall continue to be exercisable until eighteen (18) months after the date of termination.

  

  

  

4

5.3           If the Optionee’s employment with the Company is terminated by the Optionee without Good Reason, then the Stock Option shall remain exercisable for 90 days following the termination of employment.

5.4           If the Optionee’s employment with the company is terminated for Cause, then the Company shall, within 10 business days following the termination of employment, issue and deliver to the Optionee such number of shares as would have been issuable to Optionee had Optionee exercised the vested portion of this Stock Option as of the date of termination and paid the aggregate Per Share Exercise Price and the amount necessary to cover any applicable withholding or other taxes due upon exercise solely in the manner contemplated by Section 3(b).

For avoidance of doubt, any remaining portion of this Stock Option that does not become vested pursuant to Sections 2 or 5 shall be forfeited and no longer exercisable immediately upon the termination of Optionee’s employment.

6.           Non-transferability.  (i) this Stock Option, and any rights or interests therein, shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way at any time by the Optionee (or any beneficiary(ies) of the Optionee), other than by testamentary disposition by the Optionee or by the laws of descent and distribution, (ii) this Stock Option shall not be pledged, encumbered or otherwise hypothecated in any way at any time by the Optionee (or any beneficiary(ies) of the Optionee) and shall not be subject to execution, attachment or similar legal process, and (iii) any attempt to sell, exchange, pledge, transfer, assign, encumber or otherwise dispose of or hypothecate this Stock Option, or the levy of any execution, attachment or similar legal process upon this Stock Option, contrary to the terms of this Agreement shall be null and void and without legal force or effect.  Notwithstanding the above, the Optionee may transfer without consideration all or any portion of this Stock Option to one or more members of his or her Immediate Family (as defined below), to a trust established for the exclusive benefit of one or more members of his or her Immediate Family, to a partnership in which all the partners are members of his or her Immediate Family, or to a limited liability company in which all the members are members of his or her Immediate Family.  For purposes of this Agreement, “Immediate Family” means the Optionee’s children, stepchildren, grandchildren, parents, stepparents, grandparents, spouse, siblings (including half-brothers and half-sisters), in-laws, and all such arrangements arising because of legal adoption.

7.           Entire Agreement; Amendment.  This Agreement contains the entire agreement between the parties hereto with respect to the Stock Options granted hereunder, and supersedes all prior agreements or prior understandings respect to the Stock Options, whether written or oral, between the parties; provided, however that this Agreement shall not supersede any other stock options granted by the Company to the Optionee.  This Agreement may only be modified or amended by a writing signed by both the Company and the Optionee.  The Company shall give written notice to the Optionee of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.

8.           Notices.  Any Exercise Notice or other notice which may be required or permitted under this Agreement shall be in writing, and shall be delivered in person or via facsimile

  

  

  

5

transmission, overnight courier service or certified mail, return receipt requested, postage prepaid, properly addressed as follows:

8.1           If such notice is to the Company, to the attention of the Chairman of the Board of Bonds.com Group, Inc., 529 5th Avenue, New York 10017 or at such other address as the Company, by notice to the Optionee, shall designate in writing from time to time.

8.2           If such notice is to the Optionee, at his or her address as shown on the Company’s records, or at such other address as the Optionee, by notice to the Company, shall designate in writing from time to time.

9.           Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without reference to the principles of conflict of laws thereof.

10.           Compliance with Laws.  The issuance of this Stock Option (and the Option Shares upon exercise of this Stock Option) pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act of 1933, the Securities Exchange Act of 1934 and the respective rules and regulations promulgated thereunder), any other law or regulation applicable thereto, and the rules of any exchange upon which the Common Stock is traded.  The Company shall register the issuance of the Option Shares on form S-8 within 6 months following the date hereof.

11.           Binding Agreement; Assignment.  This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns.  The Optionee shall not assign any part of this Agreement without the prior express written consent of the Company.

12.           Withholding.  The Company may satisfy the applicable withholding requirements by deducting from any payment or settlement under this Stock Option, any federal, state, local, foreign, or other taxes of any kind which the Company is required to withhold.

13.           Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

14.           Headings.  The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

15.           Severability.  The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

  

  

  

6

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Optionee has hereunto set his hand, all as of the Grant Date specified above.

	  	  	
BONDS.COM GROUP, INC.

	  	  	  
	  	  	
By:

	

 

	  	  	
Name:

	  
	  	  	
Title:

	  
	  	  	  	  
	  	  	  	  
	  	  	  
	  	  	
GEORGE O’KREPKIEexhibit-10_16.htm

Bonds.com 8-K

 

Exhibit 10.16

BONDS.COM GROUP, INC

2011 EQUITY PLAN

NOTICE OF STOCK OPTION GRANT

[__________]

[__________]

[__________]

You have been granted an option to purchase Common Stock of Bonds.com Group, Inc., a Delaware corporation (the “Company”), as follows:

 

	  	
Board Approval Date:

	
[______]

	 	 	 
	  	
Date of Grant:

	
[______]

	 	 	 
	  	
Exercise Price per Share:

	
$[____]

	 	 	 
	  	
Total Number of Shares Granted:   

	
[____]

	 	 	 
	  	
Total Exercise Price:

	
$[____]

	 	 	 
	  	
Type of Option:

	
Nonstatutory Stock Option

	 	 	 
	  	
Expiration Date:

	
[______]

	 	 	 
	  	
First Vest Date:

	
[______]

	 	 	 
	  	
Vesting/Exercise Schedule:

	
[______]

	 	 	 
	  	
Termination Period:

	
[______]

	 	 	 
	  	
Transferability:

	
This Option may not be transferred.

 

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 Bonds.com Group, Inc. 2011 Equity Plan and the Stock Option Agreement, both of which are attached and made a part of this document.

 

In addition, you agree and acknowledge that your rights to any Shares underlying the Option will be earned only as you provide services to the Company over time, that the grant of the Option is not as consideration for services you rendered to the Company prior to your Vesting Commencement Date, 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.

 

  

  

  

 

 

	  	  	
THE COMPANY:

	  	  	  
	  	  	
BONDS.COM GROUP, INC.

	  	  	  
	  	  	
By:

	  
	  	  	  	
(Signature)

	  	  	  	  
	  	  	
Name:

	  
	  	  	  	  
	  	  	
Title:

	  

	  	  	
OPTIONEE:

	  	  	  
	  	  	  	  
	  	  	  	  
	  	  	  
	  	  	  	  
	  	  	
Name:

	  

 

  

  

  

BONDS.COM GROUP, INC

2011 EQUITY PLAN

STOCK OPTION AGREEMENT

1.           Grant of Option.  Bonds.com Group, Inc., a Delaware corporation (the “Company”), hereby grants to ______________________ (“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 accompanying this Stock Option Agreement (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 Bonds.com Group, Inc. 2011 Equity 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.

 

2.           Designation of Option.  This Option does not qualify as an Incentive Stock Option, and it is intended to be a Nonstatutory Stock Option.

 

3.           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:

 

(a)           Right to Exercise.

 

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

 

(ii)           This Option may only be exercised with respect to Shares that already Vested as of the date of such exercise.

 

(iii)           This Option may not be exercised more than once in any six month period, without the consent of the Company.

 

(iv)           In the event of Optionee’s death, disability or other termination of employment, the exercisability of the Option is governed by Section 5 below, subject to the limitations contained in this Section 3.

 

(v)           In no event may this Option be exercised after the Expiration Date of the Option as set forth in the Notice.

 

(vi)           If requested by the Company, the exercise of this Option shall be conditioned upon and subject to the receipt by the Company of an executed signature page to the Company’s Stockholder’s Agreement, if any.

 

(b)           Method of Exercise.

 

(i)           This Option shall be exercisable by execution and delivery of the Exercise Notice attached hereto as Exhibit A, or any other form of written notice approved for

 

  

  

  

such purpose by the Company which shall state Optionee’s election to exercise the Option, the number of Shares in respect of which the 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 Exercise Price.  This Option shall be deemed to be exercised upon receipt by the Company of such written notice accompanied by the Exercise Price.

 

(ii)           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 vesting or exercise of the Option, or disposition of Shares, whether by withholding, direct payment to the Company, or otherwise.

 

(iii)           The Company is not obligated, and will have no liability for failure, to issue or deliver any Shares upon exercise of the 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 stockholders 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 federal or state securities or 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 the Option is exercised with respect to such Shares.

 

4.           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:

 

(a)           cash or check;

 

(b)           cancellation of indebtedness;

 

(c)           by surrender of shares of Common Stock of the Company that have an aggregate Fair Market Value on the date of surrender equal to the Exercise Price of the Shares as to which the Option is being exercised;

 

(d)           by surrender of shares of Common Stock otherwise issuable pursuant to this Option have a Fair Market value equal to the Exercise Price; or

 

(e)           such other methods as may be consistent with the Plan and permitted by the Plan Administrator.

 

5.           Termination of Relationship.  Following the date of termination of Optionee’s Continuous Service Status for any reason (the “Termination Date”), Optionee may exercise the

 

  

  

  

Option only as set forth in the Notice and this Section 5.  To the extent that Optionee is not entitled to exercise this Option as of the Termination Date, or if Optionee does not exercise this Option within the Termination Period set forth in the Notice or the termination periods set forth below, the Option shall terminate in its entirety.  In no event, may any Option be exercised after the Expiration Date of the Option as set forth in the Notice.

 

(a)           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 (as defined in the Plan), Optionee may, to the extent Optionee is vested in the Option Shares at the date of such termination (the “Termination Date”), exercise this Option during the Termination Period set forth in the Notice.

 

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

 

(i)           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 months from the Termination Date, exercise this Option to the extent Optionee was vested in the Option Shares as of such Termination Date.

 

(ii)           Death of Optionee.  In the event of the death of Optionee (a) during the term of this Option and while an Employee or Consultant of the Company and having been in Continuous Service Status since the date of grant of the Option, or (b) within thirty (30) days after Optionee’s Termination Date, the Option may be exercised at any time within six months following the date of death by Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent Optionee was vested in the Option as of the Termination Date.

 

(iii)           Termination for Cause.  In the event Optionee’s Continuous Service Status is terminated for Cause, the Option shall terminate immediately upon such termination for Cause as set forth in Section 10(b)(iv) of the Plan.  In the event Optionee’s employment or consulting relationship with the Company is suspended pending investigation of whether such relationship shall be terminated for Cause, all Optionee’s rights under the Option, including the right to exercise the Option, shall be suspended during the investigation period, also as set forth in Section 10(b)(iv) of the Plan.

 

6.           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.

 

7.           Tax Consequences.  THE OPTIONEE HEREBY ACKNOWLEDGES THAT THE ISSUANCE AND EXERCISE OF THIS OPTION MAY HAVE TAX CONSEQUENCES TO THE OPTIONEE AND THAT ANY AND ALL SUCH TAX CONSEQUENCES ARE THE SOLE RESPONSIBILITY OF THE OPTIONEE.  OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE ACCEPTING AND/OR EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

  

  

  

8.           Lock-Up Agreement.  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.

 

9.           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 the 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.  The Option, including the Plan, constitutes the entire agreement between Optionee and the Company on the subject matter hereof and supersedes all proposals, written or oral, and all other communications between the parties relating to such subject matter.

 

[Signature Page Follows]

  

  

  

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

 

	  	  	
THE COMPANY:

	  	  	  
	  	  	
BONDS.COM GROUP, INC.

	  	  	  
	  	  	
By:

	  
	  	  	  	
(Signature)

	  	  	  	  
	  	  	
Name:

	  
	  	  	  	  
	  	  	
Title:

	  

	  	  	
OPTIONEE:

	  	  	  
	  	  	  	  
	  	  	  	  
	  	  	  
	  	  	  	  
	  	  	
Name:

	  

  

  

  

EXHIBIT A

EXERCISE NOTICE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}]]