Document:

Exhibit 10.2

 

NON-QUALIFIED STOCK OPTION
AGREEMENT

FOR COMPANY EMPLOYEES

 

UNDER NEUROMETRIX, INC.

2004 STOCK OPTION AND INCENTIVE PLAN

 

Name of Optionee:

No. of Option Shares:

Option Exercise Price per
Share:

Grant Date:

Expiration Date:

 

Pursuant to NeuroMetrix,
Inc. 2004 Stock Option and Incentive Plan (the “Plan”) as amended through the
date hereof, NeuroMetrix, Inc. (the “Company”) hereby grants to the Optionee
named above an option (the “Stock Option”) to purchase on or prior to the
Expiration Date specified above all or part of the number of shares of Common
Stock, par value $0.0001 per share (the “Stock”) of the Company specified above
at the Option Exercise Price per Share specified above subject to the terms and
conditions set forth herein and in the Plan.

 

1      Exercisability
Schedule.  No portion of this Stock
Option may be exercised until such portion shall have become exercisable.  Except as otherwise set forth below, and
subject to the discretion of the Administrator (as defined in Section 2 of
the Plan) to accelerate the exercisability schedule hereunder, this Stock
Option shall be exercisable with respect to                 
Option Shares (        % of the total
Option Shares) on                           and
an additional            
of the total  Option Shares on each                            ,                       ,                     ,
and                                  ,thereafter
until the Stock Option has become exercisable with respect to all of the Option
Shares; provided that the total number of Option Shares for which this Stock
Option is exercisable will be rounded down to the nearest whole Option Share.

 

Once exercisable, this Stock Option shall continue to be exercisable at
any time or times prior to the close of business on the Expiration Date,
subject to the provisions hereof and of the Plan.

 

1.             Manner
of Exercise.

 

(a)           The
Optionee may exercise this Stock Option only in the following manner:  from time to time on or prior to the
Expiration Date of this Stock Option, the Optionee may give written notice to
the Administrator of his or her election to purchase some or all of the Option
Shares purchasable at the time of such notice. 
This notice shall specify the number of Option Shares to be purchased.

 

Payment of the purchase
price for the Option Shares may be made by one or more of the following
methods:  (i) in cash, by certified
or bank check or other instrument acceptable to the

 

 

Administrator;
(ii) through the delivery (or attestation to the ownership) of shares of
Stock that have been purchased by the Optionee on the open market or that have
been beneficially owned by the Optionee for at least six months and are not
then subject to any restrictions under any Company plan; (iii) by the
Optionee delivering to the Company a properly executed exercise notice together
with irrevocable instructions to a broker to promptly deliver to the Company
cash or a check payable and acceptable to the Company to pay the option
purchase price, provided that in the event the Optionee chooses to pay the
option purchase price as so provided, the Optionee and the broker shall comply
with such procedures and enter into such agreements of indemnity and other
agreements as the Administrator shall prescribe as a condition of such payment
procedure; or (iv) a combination of (i), (ii) and (iii) above.  Payment instruments will be received subject
to collection.

 

The delivery of
certificates representing the Option Shares will be contingent upon the Company’s
receipt from the Optionee of full payment for the Option Shares, as set forth
above and any agreement, statement or other evidence that the Company may
require to satisfy itself that the issuance of Stock to be purchased pursuant
to the exercise of Stock Options under the Plan and any subsequent resale of
the shares of Stock will be in compliance with applicable laws and
regulations.  In the event the Optionee
chooses to pay the purchase price by previously-owned shares of Stock through
the attestation method, the number of shares of Stock transferred to the
Optionee upon the exercise of the Stock Option shall be net of the Shares
attested to.

 

(b)           Certificates
for shares of Stock purchased upon exercise of this Stock Option shall be
issued and delivered to the Optionee upon compliance to the satisfaction of the
Administrator with all requirements under applicable laws or regulations in
connection with such issuance and with the requirements hereof and of the
Plan.  The determination of the
Administrator as to such compliance shall be final and binding on the
Optionee.  The Optionee shall not be
deemed to be the holder of, or to have any of the rights of a holder with
respect to, any shares of Stock subject to this Stock Option unless and until
this Stock Option shall have been exercised pursuant to the terms hereof, the
Company shall have issued and delivered the shares to the Optionee, and the
Optionee’s name shall have been entered as the stockholder of record on the
books of the Company.  Thereupon, the
Optionee shall have full voting, dividend and other ownership rights with
respect to such shares of Stock.

 

(c)           The
minimum number of shares with respect to which this Stock Option may be
exercised at any one time shall be 100 shares, unless the number of shares with
respect to which this Stock Option is being exercised is the total number of
shares subject to exercise under this Stock Option at the time.

 

(d)           Notwithstanding
any other provision hereof or of the Plan, no portion of this Stock Option
shall be exercisable after the Expiration Date hereof.

 

2.             Termination
of Employment.  If the Optionee’s
employment by the Company or a Subsidiary (as defined in the Plan) is
terminated, the period within which to exercise the Stock Option may be subject
to earlier termination as set forth below.

 

(a)           Termination
Due to Death.  If the Optionee’s
employment terminates by reason of death, any Stock Option held by the Optionee
shall become fully exercisable and may

 

2

 

thereafter be exercised
by the Optionee’s legal representative or legatee for a period of 12 months
from the date of death or until the Expiration Date, if earlier.

 

(b)           Termination
Due to Disability.  If the Optionee’s
employment terminates by reason of disability (as determined by the
Administrator), any Stock Option held by the Optionee shall become fully
exercisable and may thereafter be exercised by the Optionee for a period of 12
months from the date of termination or until the Expiration Date, if
earlier.  The death of the Optionee
during the 12-month period provided in this Section 3(b) shall extend such
period for another 12 months from the date of death or until the Expiration
Date, if earlier.

 

(c)           Termination
for Cause.  If the Optionee’s
employment terminates for Cause, any Stock Option held by the Optionee shall
terminate immediately and be of no further force and effect.  For purposes hereof, “Cause” shall mean a
vote by the Board resolving that the Optionee shall be dismissed as a result of
(i) any material breach by the Optionee of any agreement between the Optionee
and the Company; (ii) the conviction of or plea of nolo contendere by the
Optionee to a felony or a crime involving moral turpitude; or (iii) any
material misconduct or willful and deliberate non-performance (other than by
reason of disability) by the Optionee of the Optionee’s duties to the Company.

 

(d)           Other
Termination.  If the Optionee’s
employment terminates for any reason other than death, disability or Cause, and
unless otherwise determined by the Administrator, any Stock Option held by the
Optionee may be exercised, to the extent exercisable on the date of
termination, for a period of three months from the date of termination or until
the Expiration Date, if earlier.  Any
Stock Option that is not exercisable at such time shall terminate immediately
and be of no further force or effect.

 

The Administrator’s
determination of the reason for termination of the Optionee’s employment shall
be conclusive and binding on the Optionee and his or her representatives or
legatees.

 

3.             Incorporation
of Plan.  Notwithstanding anything
herein to the contrary, this Stock Option shall be subject to and governed by
all the terms and conditions of the Plan, including the powers of the
Administrator set forth in Section 2(b) of the Plan.  Capitalized terms in this Agreement shall
have the meaning specified in the Plan, unless a different meaning is specified
herein.

 

4.             Transferability.  This Agreement is personal to the Optionee,
is non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution.  This Stock Option is exercisable, during the
Optionee’s lifetime, only by the Optionee, and thereafter, only by the Optionee’s
legal representative or legatee.

 

5.             Tax
Withholding.  The Optionee shall, not
later than the date as of which the exercise of this Stock Option becomes a
taxable event for Federal income tax purposes, pay to the Company or make
arrangements satisfactory to the Administrator for payment of any Federal,
state, and local taxes required by law to be withheld on account of such
taxable event.  The Optionee may elect to
have the minimum required tax withholding obligation satisfied, in

 

3

 

whole or in part, by (i)
authorizing the Company to withhold from shares of Stock to be issued, or (ii)
transferring to the Company, a number of shares of Stock with an aggregate Fair
Market Value that would satisfy the withholding amount due.

 

6.             Miscellaneous.

 

(a)           Notice
hereunder shall be given to the Company at its principal place of business, and
shall be given to the Optionee at the address set forth below, or in either
case at such other address as one party may subsequently furnish to the other
party in writing.

 

(b)           This
Stock Option does not confer upon the Optionee any rights with respect to
continuance of employment by the Company or any Subsidiary.

 

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  

 

 

The foregoing Agreement
is hereby accepted and the terms and conditions thereof hereby agreed to by the
undersigned.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  Optionee’s
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Optionee’s
  name and address:

  

 

 

 

4Exhibit
10.3

 

NON-QUALIFIED STOCK OPTION AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

 

UNDER NEUROMETRIX, INC.

2004 STOCK OPTION AND INCENTIVE PLAN

 

Name
of Optionee:

No. of
Option Shares:

Option
Exercise Price per Share:

Grant
Date:

Expiration
Date:

 

Pursuant to NeuroMetrix, Inc. 2004 Stock Option and
Incentive Plan (the “Plan”) as amended through the date hereof, NeuroMetrix,
Inc. (the “Company”) hereby grants to the Optionee named above, who is a
Director of the Company but is not an employee of the Company, an option (the “Stock
Option”) to purchase on or prior to the Expiration Date specified above all or
part of the number of shares of Common Stock, par value $0.0001 per share (the “Stock”)
of the Company specified above at the Option Exercise Price per Share specified
above subject to the terms and conditions set forth herein and in the Plan.

 

1.             Exercisability Schedule.  No
portion of this Stock Option may be exercised until such portion shall have
become exercisable.  Except as otherwise set
forth below, and subject to the discretion of the Administrator (as defined in
Section 2 of the Plan) to accelerate the exercisability schedule hereunder,
this Stock Option shall be exercisable with respect to                                    
Option Shares (           %
of the total Option Shares) on                                  and
an additional                 
of the total Option Shares on each                    ,
                     ,                ,
and                       thereafter
until the Stock Option has become exercisable with respect to all of the Option
Shares; provided that the total number of Option Shares for which this Stock
Option is exercisable will be rounded down to the nearest whole Option Share.

 

In the event of (i) the termination of the
Optionee’s service as a director of the Company because of death, or
(ii) a Change of Control of the Company as defined in Section 17 of the
Plan, this Stock Option shall become immediately exercisable in full, whether
or not exercisable at such time.  Once
exercisable, this Stock Option shall continue to be exercisable at any time or
times prior to the close of business on the Expiration Date, subject to the
provisions hereof and of the Plan.

 

 

2.             Manner of Exercise.

 

(a)           The
Optionee may exercise this Stock Option only in the following manner:  from time to time on or prior to the
Expiration Date of this Stock Option, the Optionee may give written notice to
the Administrator of his or her election to purchase some or all of the Option
Shares purchasable at the time of such notice. 
This notice shall specify the number of Option Shares to be purchased.

 

Payment of the purchase price for the Option Shares
may be made by one or more of the following methods:  (i) in cash, by certified or bank check
or other instrument acceptable to the Administrator; (ii) through the
delivery (or attestation to the ownership) of shares of Stock that have been
purchased by the Optionee on the open market or that have been beneficially
owned by the Optionee for at least six months and are not then subject to
restrictions under any Company plan; (iii) by the Optionee delivering to
the Company a properly executed exercise notice together with irrevocable
instructions to a broker to promptly deliver to the Company cash or a check payable
and acceptable to the Company to pay the option purchase price, provided that
in the event the Optionee chooses to pay the option purchase price as so
provided, the Optionee and the broker shall comply with such procedures and
enter into such agreements of indemnity and other agreements as the
Administrator shall prescribe as a condition of such payment procedure; or
(iv) a combination of (i), (ii) and (iii) above.  Payment instruments will be received subject
to collection.

 

The delivery of certificates representing the Option
Shares will be contingent upon the Company’s receipt from the Optionee of full
payment for the Option Shares, as set forth above and any agreement, statement
or other evidence that the Company may require to satisfy itself that the
issuance of Stock to be purchased pursuant to the exercise of Stock Options
under the Plan and any subsequent resale of the shares of Stock will be in
compliance with applicable laws and regulations.  In the event the Optionee chooses to pay the
purchase price by previously-owned shares of Stock through the attestation
method, the number of shares of Stock transferred to the Optionee upon the
exercise of the Stock Option shall be net of the Shares attested to.

 

(b)           Certificates
for shares of Stock purchased upon exercise of this Stock Option shall be
issued and delivered to the Optionee upon compliance to the satisfaction of the
Administrator with all requirements under applicable laws or regulations in
connection with such issuance and with the requirements hereof and of the
Plan.  The determination of the
Administrator as to such compliance shall be final and binding on the
Optionee.  The Optionee shall not be
deemed to be the holder of, or to have any of the rights of a holder with
respect to, any shares of Stock subject to this Stock Option unless and until
this Stock Option shall have been exercised pursuant to the terms hereof, the
Company shall have issued and delivered the shares to the Optionee, and the
Optionee’s name shall have been entered as the stockholder of record on the
books of the Company.  Thereupon, the
Optionee shall have full voting, dividend and other ownership rights with
respect to such shares of Stock.

 

(c)           The
minimum number of shares with respect to which this Stock Option may be
exercised at any one time shall be 100 shares, unless the number of shares with
respect to which this Stock Option is being exercised is the total number of
shares subject to exercise under this Stock Option at the time.

 

2

 

(d)           Notwithstanding
any other provision hereof or of the Plan, no portion of this Stock Option
shall be exercisable after the Expiration Date hereof.

 

3.             Termination as Director. If the Optionee ceases to be a Director of the
Company, the period within which to exercise the Stock Option may be subject to
earlier termination as set forth below.

 

(a)           Termination
For Cause.  If the Optionee ceases to
be a Director for Cause, any Stock Option held by the Optionee shall
immediately terminate and be of no further force and effect.  For purposes hereof, “Cause” shall mean a
vote by the Board resolving that the Optionee shall be dismissed as a result of
(i) any material breach by the Optionee of any agreement between the Optionee
and the Company; (ii) the conviction of or plea of nolo contendere by the
Optionee to a felony or a crime involving moral turpitude; or (iii) any
material misconduct or willful and deliberate non-performance (other than by
reason of disability) by the Optionee of the Optionee’s duties to the Company.

 

(b)           Termination
by Reason of Death.  If the Optionee
ceases to be a Director by reason of death, any Stock Option held by the
Optionee may be exercised by his or her legal representative or legatee for a
period of 12 months from the date of death or until the Expiration Date, if
earlier.

 

(c)           Other
Termination.  If the Optionee ceases
to be a Director for any reason other than Cause or death, any Stock Option
held by the Optionee may be exercised for a period of six months from the date
of termination or until the Expiration Date, if earlier.

 

4.             Incorporation of Plan. 
Notwithstanding anything herein to the contrary, this Stock Option shall
be subject to and governed by all the terms and conditions of the Plan,
including the powers of the Administrator set forth in Section 2(b) of the
Plan.  Capitalized terms in this
Agreement shall have the meaning specified in the Plan, unless a different
meaning is specified herein.

 

5.             Transferability.  This Agreement is personal to the
Optionee, is non-assignable and is not transferable in any manner, by operation
of law or otherwise, other than by will or the laws of descent and
distribution.  This Stock Option is
exercisable, during the Optionee’s lifetime, only by the Optionee, and thereafter,
only by the Optionee’s legal representative or legatee.

 

6.             Miscellaneous.

 

(a)           Notice
hereunder shall be given to the Company at its principal place of business, and
shall be given to the Optionee at the address set forth below, or in either case
at such other address as one party may subsequently furnish to the other party
in writing.

 

(b)           This Stock
Option does not confer upon the Optionee any rights with respect to continuance
as a Director.

 

3

 

(c)           Pursuant
to Section 15 of the Plan, the Committee may at any time amend or cancel any
outstanding portion of this Stock Option, but no such action may be taken which
adversely affects the Optionee’s rights under this Agreement without the
Optionee’s consent.

 

 

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

The
foregoing Agreement is hereby accepted and the terms and conditions thereof
hereby agreed to by the undersigned.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Optionee’s
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Optionee’s
  name and address:

  

 

 

 

4

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