Document:

Form of ULURU Inc. Incentive Stock Option Agreement

    
      

      

    

    
       

      EXHIBIT
        4.2

      

      Option
        No: ____

      

      ULURU
        Inc.

       

      2006
        EQUITY INCENTIVE PLAN

       

      Incentive
        Stock Option Agreement

       

      

       

      Incentive
        Stock Option Agreement (this
        “Agreement”),
        dated
        as of ________________________, between ULURU Inc., a corporation organized
        under the laws of the state of Nevada (the “Company”),
        and
        ________________________, an individual residing at the address set forth
        below
        (the “Optionee”).
        Capitalized terms used but not defined herein shall have the meaning assigned
        under the Company's 2006 Equity Incentive Plan, as amended from time to time
        (the “Plan”).

       

      1. Grant
        of Option.
        Pursuant
        and subject to the Plan, the Company grants
        to
        you, the Optionee, an option (the “Option”)
        to
        purchase from the Company all
        or
        any part of a total of ________________________ shares (the “Optioned Shares”)
        of the
        common stock, par value $0.001 per share, of the Company, at a price of
        $__________ per share1 1/
        Price must be fair market value of the common stock or 110% of fair market
        value
        for a 10% stockholder on the date of grant./.
        The
        Option is
        granted as of the date hereof (the “Grant
        Date”).

       

      2. Character
        of Option.
        This
        Option is to be treated as an “incentive stock option” within the meaning of
        Section 422 of the Internal Revenue Code of 1986, as amended. 

       

      3. Duration
        of Option.
        Subject
        to the following sentence, this Option shall
        expire and cease to be exercisable in any respect at 5:00 p.m. on
        ________________________2 2/
        The day immediately preceding the tenth anniversary of the Grant Date or
        the
        fifth anniversary for a 10% stockholder on the date of
        grant./
        (the
“Expiration
        Date”).
        If
        your employment or other association with the Company or
        any of
        its Parents or Subsidiaries ends prior to the Expiration Date, this
        Option shall
        expire and cease to be exercisable in any respect at the earlier of (a) 5:00
        p.m. on the Expiration Date and (b)(i) in the event that the termination
        of your
        employment or other association is on account of your death or disability,
        the
        first anniversary of the date your employment ends, or (ii) in the event
        that
        the termination of your employment or other association is due to any other
        reason, the 90th
        day
        after your employment or other association ends.

       

      4. Exercise
        of Option. Until
        this Option expires, you may exercise it as to the number of Optioned Shares
        identified in the table below, in full or in part, at any time on or after
        the
        applicable exercise date or dates identified in the table. However, during
        any
        period that this Option remains outstanding after your employment or other
        association with the Company or
        any of
        its Parents or Subsidiaries
        ends,
        you may exercise it only to the extent it was exercisable immediately prior
        to
        the end of your employment or other association. You must complete, sign
        and
        return the attached Stock Option Exercise Notice to the Company to exercise
        any
        Option granted to you under this Agreement. 

       

      
        	
                Number
                  of Shares

                in
                  Each Installment

              	
                Initial
                  Exercise Date

                for
                  Shares in Installment

              
	 	 
	 	 
	 	 
	 	 

      

      

      5. Transfer
        of Option.
        You may
        not transfer this Option except
        by
        will or the laws of descent and distribution, and, during your lifetime,
        only
        you may exercise this Option.

       

      6. Incorporation
        of Plan Terms.
        This
        Option is
        granted subject to all of the applicable terms, provisions and limitations
        of
        the Plan, which are incorporated herein by reference. 

       

      7. No
        Violation of Law.
        Notwithstanding any other provision of the Plan or this Agreement, if, at
        any
        time, in the reasonable opinion of the Company, the issuance of shares of
        common
        stock covered by an Award may constitute a violation of law, the Company
        may
        delay such issuance and the delivery of a certificate for such shares until
        (i)
        approval shall have been obtained from such governmental agencies, other
        than
        the Securities and Exchange Commission (the “SEC”),
        as
        may be required under applicable law, rule, or regulation and (ii) in the
        case
        where such issuance would constitute a violation of a law administered by
        or a
        regulation of the SEC, one of the following conditions shall have been
        satisfied:

       

      (a)
        the
        shares are at the time of the issue of such shares effectively registered
        under
        the Securities Act of 1933, as amended (the “Securities
        Act”);
        or

       

      (b)
        the
        Company shall have determined, on such basis as it deems appropriate (including
        an opinion of counsel in form and substance satisfactory to the Company)
        that
        the sale, transfer, assignment, pledge, encumbrance or other disposition
        of such
        shares or such beneficial interest, as the case may be, does not require
        registration under the Securities Act, or any applicable State securities
        laws.

       

      The
        Company shall make all reasonable efforts to bring about the occurrence of
        said
        events.

       

      8. Miscellaneous.
        This
        Agreement shall be construed and enforced in accordance with the laws of
        the
        State of Nevada, without regard to the conflict of laws principles thereof
        and
        shall be binding upon and inure to the benefit of any successor or assign
        of the
        Company and
        any
        executor, administrator, trustee, guardian, or other legal representative
        of
        you. This Agreement may be executed in one or more counterparts all of which
        together shall constitute but one instrument.

          ____________________________

      1/
        Price
        must be fair market value of the common stock or 110% of fair market value
        for a
        10% stockholder on the date of grant.

      1/
        The day
        immediately preceding the tenth anniversary of the Grant Date or the fifth
        anniversary for a 10% stockholder on the date of grant.

      
        
          
          

        

        
          -
            1
            -

          
            

          

        

        
          
          

        

      

      9. Tax
        Consequences.
        The
        Company makes no representation or warranty as to the tax treatment to you
        of
        your receipt or exercise of this Option or upon your sale or other disposition
        of the Optioned Shares. You should rely on your own tax advisors for such
        advice. 

       

      

       

      In
        Witness Whereof,
        the
        parties have executed this Agreement as a sealed instrument
        as of the date first above written.

       

      

      ULURU
        Inc.                                                                     OPTIONEE

      

      

      
        	 	 
	
                By:___________________________

              	
                ___________________________

              
	
                Name:______________________

              	
                Signature
                  of Optionee

              
	
                Title:_______________________

              	 
	 	
                ___________________________

              
	 	
                Name
                  of Optionee

              
	 	 
	 	 
	 	
                Optionee's
                  Address:

              
	 	
                ___________________________

              
	 	
                ___________________________

              
	 	
                ___________________________

              
	 	
                ___________________________

              
	 	 
	 	 

      

      

      
        
          
          

        

        
          -
            2
            -

          
            

          

        

        
          
          

        

      

      

      STOCK
        OPTION EXERCISE NOTICE

      

      

      ULURU
        Inc.

      4452
        Beltway Drive

      Addison,
        TX 75001

      Attention: Chief
        Financial Officer

      

      Dear
        Sir:

      

      In
        accordance with and subject to the terms and conditions of the ULURU Inc.
        2006
        Equity Incentive Plan (the “Plan”),
        I
        hereby elect to exercise my option granted under the Incentive Stock Option
        Agreement, dated as of ________________________ (the “Option
        Agreement”),
        between myself and ULURU Inc. (the “Company”),
        to
        purchase ________________________ shares of the Company's common stock, par
        value $0.001 per share. 

       

      Enclosed
        herewith is payment to the Company in
        the
        amount of $________________________ in full payment of the option price for
        said
        shares. 

       

      I
        hereby represent and warrant that I am acquiring the shares purchased hereunder
        for investment and not with a view to the sale or distribution thereof. I
        acknowledge I understand that such shares may not have been registered under
        the
        Securities Act of 1933, as amended (the “Act”),
        by reason of their issuance in a transaction exempt from the registration
        requirement of the Act pursuant to Section 4(2) thereof and that the shares
        may
        not be resold or otherwise transferred except pursuant to a registration
        statement which has become effective under the Act unless the Company determines
        that such resale or other transfer may be effected without registration under
        the Act by virtue of an exemption therefrom.

       

      I
        hereby acknowledge that the Company has advised me to obtain separate tax,
        legal
        and/or accounting advice in making the decision to exercise, and that I have
        not
        received or relied upon any tax, legal and/or accounting advice from the
        Company
        in deciding to exercise the option granted to me pursuant to the Option
        Agreement.

       

      
        	
                Sincerely
                  yours,

              
	 
	 
	
                Signature

              
	 
	 
	
                Print
                  Name

              
	 
	
                DateForm of ULURU Inc. Nonstatutory Stock Option Agreement

     

    
      

      

    

     

    EXHIBIT
      4.3

     

    Option
      No: ____

     

    ULURU
      Inc. 

     

    2006
      EQUITY INCENTIVE PLAN

     

    Nonstatutory
      Stock Option Agreement

     

    

     

    Nonstatutory
      Stock Option Agreement (this
      “Agreement”),
      dated
      as of ________________________, between ULURU Inc., a corporation organized
      under the laws of the state of Nevada (the “Company”),
      and
      ________________________, an individual residing at the address set forth below
      (the “Optionee”).
      Capitalized terms used but not defined herein shall have the meaning assigned
      under the Company's 2006 Equity Incentive Plan, as amended from time to time
      (the “Plan”).

     

    1. Grant
      of Option.
      Pursuant
      and subject to the Plan, the Company grants
      to
      you, the Optionee, an option (the “Option”)
      to
      purchase from the Company all
      or
      any part of a total of ________________________ shares (the “Optioned Shares”)
      of the
      common stock, par value $0.001 per share, of the Company, at a price of
      $__________ per share. The Option is granted as of the date hereof (the
“Grant
      Date”).

     

    2. Character
      of Option.
      This
      Option is not
      to
      be
      treated as an “incentive stock option” within the meaning of Section 422 of the
      Internal Revenue Code of 1986, as amended. 

     

    3. Duration
      of Option.
      Subject
      to the following sentence, this Option shall
      expire and cease to be exercisable in any respect at 5:00 p.m. on ________________________1  1/
      Generally the day immediately preceding the tenth anniversary of the Grant
      Date.
      Note: the expiration date can be earlier but not
      later than the tenth anniversary of the Grant Date and for 10% stockholders,
      the
      expiration date cannot be later than the fifth anniversary of the Grant
      Date./ (the
      “Expiration
      Date”).
      If
      your employment or other association with the Company or
      any of
      its Parents or Subsidiaries ends prior to the Expiration Date, this
      Option shall
      expire and cease to be exercisable in any respect at the earlier of (a) 5:00
      p.m. on the Expiration Date and (b)(i) in the event that the termination of
      your
      employment or other association is on account of your death or disability,
      the
      first anniversary of the date your employment ends, or (ii) in the event that
      the
      termination of your employment or other association is due to any other reason,
      the 90th
      day
      after your employment or other association ends.

     

    4. Exercise
      of Option. Until
      this Option expires, you may exercise it as to the number of Optioned Shares
      identified in the table below, in full or in part, at any time on or after
      the
      applicable exercise date or dates identified in the table. However, during
      any
      period that this Option remains outstanding after your employment or other
      association with the Company or any of its Parents or Subsidiaries ends, you
      may
      exercise it only to the extent it was exercisable immediately prior to the
      end
      of your employment or other association. You must complete, sign and return
      the
      attached Stock Option Exercise Notice to the Company to exercise any Option
      granted to you under this Agreement.

     

    
      	
              Number
                of Shares

              in
                Each Installment

            	
              Initial
                Exercise Date

              for
                Shares in Installment

            
	 	 
	 	 
	 	 
	 	 

    

    

    5. Transfer
      of Option.
      You may
      not transfer this Option except
      by
      will or the laws of descent and distribution, and, during your lifetime, only
      you may exercise this Option.

     

    6. Incorporation
      of Plan Terms.
      This
      Option is
      granted subject to all of the applicable terms, provisions and limitations
      of
      the Plan, which are incorporated herein by reference.

     

    7. No
      Violation of Law.
      Notwithstanding any other provision of the Plan or this Agreement, if, at any
      time, in the reasonable opinion of the Company, the issuance of shares of common
      stock covered by an Award may constitute a violation of law, the Company may
      delay such issuance and the delivery of a certificate for such shares until
      (i)
      approval shall have been obtained from such governmental agencies, other than
      the Securities and Exchange Commission (the “SEC”),
      as
      may be required under applicable law, rule, or regulation and (ii) in the case
      where such issuance would constitute a violation of a law administered by or
      a
      regulation of the SEC, one of the following conditions shall have been
      satisfied:

     

    (a)
      the
      shares are at the time of the issue of such shares effectively registered under
      the Securities Act of 1933, as amended (the “Securities
      Act”);
      or

     

    (b)
      the
      Company shall have determined, on such basis as it deems appropriate (including
      an opinion of counsel in form and substance satisfactory to the Company) that
      the sale, transfer, assignment, pledge, encumbrance or other disposition of
      such
      shares or such beneficial interest, as the case may be, does not require
      registration under the Securities Act, or any applicable State securities
      laws.

     

    The
      Company shall make all reasonable efforts to bring about the occurrence of
      said
      events.

     

    8. Miscellaneous.
      This
      Agreement shall be construed and enforced in accordance with the laws of the
      State of Nevada, without regard to the conflict of laws principles thereof
      and
      shall be binding upon and inure to the benefit of any successor or assign of
      the
      Company and
      any
      executor, administrator, trustee, guardian, or other legal representative of
      you. This Agreement may be executed in one or more counterparts all of which
      together shall constitute but one instrument.

    ____________________________

          1/
        Generally the day immediately preceding the tenth anniversary of the Grant
        Date.
        Note: the expiration date can be earlier but not
        later
        than the tenth anniversary of the Grant Date and for 10% stockholders, the
        expiration date cannot be later than the fifth anniversary of the Grant
        Date.

    

    
      
        
        

      

      
        -
          1 -

        
          

        

      

      
        
        

      

    

    9. Tax
      Consequences.
      The
      Company makes no representation or warranty as to the tax treatment to you
      of
      your receipt or exercise of this Option or upon your sale or other disposition
      of the Optioned Shares. You should rely on your own tax advisors for such
      advice.

     

    In
      Witness Whereof,
      the
      parties have executed this Agreement as a sealed instrument
      as of the date first above written.

     

    

    
      	
              ULURU
                Inc.

            	
              OPTIONEE

            
	 	 
	 	 
	 	 
	
              By:___________________________

            	
              ___________________________

            
	
              Name:______________________

            	
              Signature
                of Optionee

            
	
              Title:_______________________

            	 
	 	
              ___________________________

            
	 	
              Name
                of Optionee

            
	 	 
	 	 
	 	
              Optionee's
                Address:

            
	 	
              ___________________________

            
	 	
              ___________________________

            
	 	
              ___________________________

            
	 	
              ___________________________

            
	 	 
	 	 

    

    

    

    

    
      
        
        

      

      
        -
          2 -

        
          

        

      

      
        
        

      

    

    

    STOCK
      OPTION EXERCISE NOTICE

    

    

    ULURU
      Inc.

    4452
      Beltway Drive

    Addison,
      TX 75001

    Attention: Chief
      Financial Officer

    

    Dear
      Sir:

    

    In
      accordance with and subject to the terms and conditions of the ULURU Inc. 2006
      Equity Incentive Plan (the “Plan”),
      I
      hereby elect to exercise my option granted under the Nonstatutory Stock Option
      Agreement, dated as of ________________________ (the “Option
      Agreement”),
      between myself and ULURU Inc. (the “Company”),
      to
      purchase ________________________ shares of the Company's common stock, par
      value $0.001 per share. 

     

    Enclosed
      herewith is payment to the Company in
      the
      amount of $________________________ in full payment of the option price for
      said
      shares. 

     

    I
      hereby represent and warrant that I am acquiring the shares purchased hereunder
      for investment and not with a view to the sale or distribution thereof. I
      acknowledge I understand that such shares may not have been registered under
      the
      Securities Act of 1933, as amended (the “Act”),
      by reason of their issuance in a transaction exempt from the registration
      requirement of the Act pursuant to Section 4(2) thereof and that the shares
      may
      not be resold or otherwise transferred except pursuant to a registration
      statement which has become effective under the Act unless the Company determines
      that such resale or other transfer may be effected without registration under
      the Act by virtue of an exemption therefrom.

     

    I
      hereby acknowledge that the Company has advised me to obtain separate tax,
      legal
      and/or accounting advice in making the decision to exercise, and that I have
      not
      received or relied upon any tax, legal and/or accounting advice from the Company
      in deciding to exercise the option granted to me pursuant to the Option
      Agreement.

     

    
      	
              Sincerely
                yours,

            
	 
	 
	
              Signature

            
	 
	 
	
              Print
                Name

            
	 
	
              Date

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