Document:

Exhibit 10.12

 

FORM OF STOCK OPTION GRANT

Laidlaw Energy Group, Inc.

 

This stock Option Agreement is dated as of November 15, 2007 between Laidlaw Energy Group Inc., a New York corporation (the "Company"), and Michael B. Bartoszek (the "Grantee").

 

	
1)

	
The Company hereby grants to the Grantee, as of the date set forth above in consideration of the Grantee's continued employment with the Company (including direct and indirect subsidiaries, an option (the "Option") to purchase an aggregate of 150,000,000 shares of the Common Stock of the Company, at an exercise price of US$.0001 per share, subject to the vesting, exercise provisions and other terms and conditions set forth below.

 

	
2)

	
The shares subject to the Option shall vest 100% as of the date hereof.

 

	
3)

	
If the Grantee ceases for any reason to be an employee of the Company or any direct or indirect subsidiary of the Company, any part of the Option not then vested will be cancelled and will be of no further force or effect.

 

	
4)

	
If the Grantee dies while in the employ of the Company, or any director indirect subsidiary of the Company, the Option may be exercised, to the extent of the number of shares with respect to which the Grantee could have exercised it on the date of his death, by his estate, personal representative or beneficiary, at any time within five (5) years after the date of death. If the Grantee ceases to be employed by the Company, or a direct or indirect subsidiary of the Company, by reason of his Disability, the Option may be exercised, to the extent of the number of shares with respect to which he could have exercised it on the date of the termination of his employment, at any time within five (5) years after such termination. "Disability" shall mean "permanent and total disability" as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended, or any successor statute.

 

	
5)

	
The Option (or any part or installment thereof) may be exercised by the Grantee's delivering to the Company a duly executed Notice of Exercise of Option as described below, together with provision for payment of the full purchase price in accordance with this Agreement for the shares as to which the Option is being exercised, and upon compliance with any other conditions set forth in this Agreement. Such written notice must be signed  by the Grantee, state the number of shares with respect to which the Option is being exercised and contain any representations required by this Agreement. Payment of the purchase price for the shares as to which the Option is being exercised may be made (i) in United States dollars in cash or by check, or (ii) at the discretion of the Company's Board of Directors, by any other means, including a promissory note of the Grantee, which the Board of Directors determines to be acceptable.

 

  

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6)

	
The Option granted herein is subject to the following additional terms and provisions:

 

	
  

	
a)

	
The Option is not transferable by the Grantee otherwise than by will or laws of descent and distribution to the Grantee's spouse and lineal descendants, and is exercisable, during the Grantee's lifetime, only by him or her.

 

	
  

	
b)

	
The Option may be exercised in whole or in part from time to time, provided that the Option may not be exercised as to less than one hundred (100) shares at any one time, unless it is being exercised in full and the balance of shares subject to the Option is less than one hundred.

 

	 	
c)

	
The shares of Common Stock underlying the Option and the exercise price therefor and the minimum number of shares that may be purchased at any one time will be appropriately adjusted from time to time for stock splits, reverse stock splits, stock dividends and reclassifications of shares.

 

	 	
d)

	
If the Company is to be consolidated with or acquired by another  entity in a merger, or in the event of a sale of all or substantially all of the Company's assets (an "Acquisition"), the Company may take such action with respect to the Option as the Company's Board of Directors may deem to be equitable and in the best interests of the Company and its stockholders under the circumstances, including, without limitation, (i) making appropriate provision for the continuation of the Option by substituting on an equitable basis for the shares then subject to the Option either the consideration payable with respect to the outstanding shares of Common Stock in connection with the Acquisition or securities of any successor or acquiring entity or (ii) giving the Grantee reasonable advance notice of the pendency of the Acquisition and canceling the Option effective upon the Acquisition if it is not exercised prior to the Acquisition. Nothing contained herein will be deemed to require the Company to take, or refrain from taking, any one or more of the foregoing actions.

 

	
  

	
e)

	
The Grantee will not have any rights as a stockholder with respect to any shares of Common Stock covered by the Option except after due exercise of the Option and tender of the full purchase price for the shares being purchased pursuant to such exercise and registration of the shares in the Company's share register in the name of the Grantee.

 

	
7)

	
At any time when the Grantee wishes to exercise the Option, in whole or in part, the Grantee will submit to the Company, a duly executed Notice of Exercise of Option in the form attached hereto as Exhibit A.

 

  

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8)

	
All notices made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party (b) when received, if sent by an overnight delivery service, postage prepaid, addressed, if to the Grantee, as set forth below and if to the Company, to the Company's principal offices.

 

[SIGNATURE PAGE FOLLOWS)

 

  

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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name by its President and the Grantee has hereunto set his or her hand as of the date first above written.

	
LAIDLAW ENERGY GROUP, INC.

	  
	  	  	  
	
By:

	/s/ Michael B. Bartoszek	  
	  	
Name: Michael B. Bartoszek

	  
	  	
Title: President & CEO

	  
	  	  	  
	
/s/ Michael B. Bartoszek

	  
	
(Signature)

	  
	  	  
	

[Michael B. Bartoszek]

	  
	
(printed name)

	  
	  	  
	
c/o Laidlaw Energy

	  
	
(address)

	  
	  	  
	
90 John St 4th FL NY, NY 10038

	  

 

  

4Exhibit 10.13

 

INCENTIVE STOCK OPTION AGREEMENT

 

OPTION granted in New York, New York on December 31, 2010 (the "Date of Grant") by Laidlaw Energy Group, Inc., a New York corporation (the "Corporation"), to Louis T. Bravakis (the "Grantee".

 

I. GRANT OF OPTION. The Corporation hereby grants to the Grantee the irrevocable Option to purchase, on the terms and subject to the conditions herein set forth, up to 25,000,000 fully paid and non-assessable shares of the Corporation's Common Stock, par value $.001 per share, at the option price of $.0047 per share, being not less than 100% of the fair market value of such Common Stock on the Date of Grant.

 

II. PERIOD OF OPTION. The Option may be executed in whole or in part at any time subsequent to the date hereof without expiration.

 

III. METHOD OF EXERCISE OF OPTION. The Option may be exercised in whole or in part by the Grantee's giving written notice, specifying the number of shares which the Grantee elects to purchase and the date on which such purchase is to be made, to the Corporation by mail, postage prepaid, or delivering such notice by hand to the Corporation at its principal office in New York, NY, to the attention of the Chairman of the Board and Chief Executive Officer, at least ten and not more than thirty days prior to the date specified in such notice as the date on which such purchase is to be made.

 

If such exercise shall be in accordance with the provisions of the Option, as specified in this Stock Option Agreement, the Corporation shall, on the date specified in the notice and against receipt from the Grantee of the option price, deliver to Grantee, a certificate or certificates for the shares of Common Stock so purchased and shall pay all stamp taxes payable in connection therewith. For purposes of this Section 3, a person to whom the Option is transferred by will or pursuant to the laws of descent and distribution, shall be deemed to be the Grantee.

 

IV. INCENTIVE STOCK OPTION. The Option is designated an "incentive stock option" and is intended to qualify as such under Section 422(b) of the Internal Revenue Code of 1986 (the 'Code'). If the shares of stock subject to this Option are disposed of before the expiration of two years from the Date of Grant and one year from the date of exercise, the Option will cease to qualify as an 'incentive stock option' under Section 422(b) of the Code. In that event, under current law, the Grantee will recognize ordinary taxable income on the date of exercise in the amount of the difference between the market value of the stock on that date and the option price. If the Grantee meets the Section 422(b) holding period requirements set forth above, under current law the Grantee will recognize a capital gain or loss upon disposition of the stock, but will not recognize taxable income on the date of exercise.

 

  

  

  

 

V. TRANSFERABILITY. The Option is not transferable otherwise than by will or pursuant to the laws of descent and distribution, and is exercisable during the Grantee's lifetime only by the Grantee.

 

VI. BINDING AGREEMENT. This Stock Option Agreement shall be binding upon and shall inure to the benefit of any successor or assign of the Corporation, and, to the extent herein provided, shall be binding upon and inure to the benefit of the Grantee's beneficiary or legal representatives, as the case may be.

 

VII. ENTIRE AGREEMENT. This Stock Option Agreement contains the entire agreement of the parties with respect to the Option granted hereby and may not be changed orally but only by an instrument in writing signed by the party against whom enforcement of any change, modification or extension is sought.

 

If the foregoing is in accordance with your understanding and approved by you, please so confirm by signing and returning the duplicate of this Stock Option Agreement enclosed for that purpose.

 

	  	
LAIDLAW ENERGY GROUP, INC.

	 
	  	  	 
	  	
By

	/s/ Michael B. Bartoszek	 
	  	
Michael B. Bartoszek

Chairman of the Board

and Chief Executive Officer

	 

 

The foregoing is in accordance with my understanding and is hereby confirmed and agreed to as of the Date of Grant.

 

	 	/s/ Louis T. Bravakis	 
	  	
Louis T. Bravakis, Grantee

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