Document:

ex10-2.htm

Exhibit 10.2

 

COCRYSTAL PHARMA, INC.

2015 EQUITY INCENTIVE PLAN, AS AMENDED

NON-QUALIFIED STOCK OPTION AGREEMENT

FOR

WALT LINSCOTT

 

Agreement

 

1. Grant of Option.   Cocrystal Pharma, Inc. (the “Company”) hereby grants, as of July 21, 2015 (“Date of Grant”), to Walt Linscott (the “Optionee”) an option (the “Option”) to purchase up to 1,200,000 shares of the Company’s Common Stock, $0.001 par value per share (the “Shares”), at an exercise price per share equal to $0.98 (the “Exercise Price”).  The Option shall be subject to the terms and conditions set forth herein.  The Option is being granted pursuant to the Cocrystal Pharma, Inc. 2015 Equity Incentive Plan (the “Plan”), which was adopted by the Company and which is incorporated herein for all purposes.  The Option is a Nonqualified Stock Option, and not an Incentive Stock Option. The Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and conditions hereof and thereof and all applicable laws and regulations.

 

2. Definitions.  Unless otherwise provided herein, terms used herein that are defined in the Plan and not defined herein shall have the meanings attributed thereto in the Plan.

 

3. Exercise Schedule.  Except as otherwise provided in Sections 6 or 9 of this Agreement, or in the Plan, the Option is exercisable in installments as provided below, which shall be cumulative. To the extent that the Option has become exercisable with respect to a percentage of Shares as provided below, the Option may thereafter be exercised by the Optionee, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided herein. The following table indicates each date (the “Vesting Date”) upon which the Optionee shall be entitled to exercise the Option with respect to the percentage of Shares granted as indicated beside the date, provided that the continuous service of the Optionee with the Company through and on the applicable Vesting Date:

 

Percentage of Shares                   Vesting Date

1/4                                First Anniversary of the Grant Date

1/4                                Second Anniversary of the Grant Date

1/4                                Third Anniversary of the Grant Date

1/4                                Fourth Anniversary of the Grant Date

Except as otherwise specifically provided herein, there shall be no proportionate or partial vesting in the periods prior to each Vesting Date, and all vesting shall occur only on the appropriate Vesting Date. Upon the termination of the Optionee’s continuous service with the Company, any unvested portion of the Option shall terminate and be null and void.

 

4. Method of Exercise.  The vested portion of this Option shall be exercisable in whole or in part in accordance with the exercise schedule set forth in Section 3 hereof by written notice which shall state the 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 the Optionee and shall be delivered in person or by certified mail to the Secretary of the Company, provided, however, that notice shall be considered given if transmitted via email to an officer of the Company, and receipt of such notice is acknowledged by such officer in return email.  The written notice shall be accompanied by payment of the Exercise Price.  This Option shall be deemed to be exercised after both (a) receipt by the Company of such written notice accompanied by the Exercise Price and (b) arrangements that are satisfactory to the Plan Administrator in its sole discretion have been made for Optionee’s payment to the Company of the amount, if any, that is necessary to be withheld in accordance with applicable Federal or state withholding requirements.  No Shares shall be issued pursuant to the Option unless and until such issuance and such exercise shall comply with all relevant provisions of applicable law, including the requirements of any stock exchange upon which the Shares then may be traded.

  

  

  

5. Method of Payment.  Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee:  (a) cash; (b) check; (c) pursuant to a “cashless exercise” procedure, by delivery of a properly executed exercise notice together with such other documentation, and subject to such guidelines, as the Plan Administrator shall require to effect an exercise of the Option and delivery to the Company by a licensed broker acceptable to the Company of proceeds from the sale of Shares sufficient to pay the Exercise Price and any applicable income or employment taxes, or (d) such other consideration or in such other manner as may be determined by the Plan Administrator in its absolute discretion.

 

6. Termination of Option.  The Option shall terminate on the tenth anniversary of the Date of Grant, if not earlier terminated in accordance with the provisions of Section 14 of the Plan.

 

7. Transferability.  Unless otherwise determined by the Plan Administrator, the Option granted hereby is not transferable otherwise than by will or under the applicable laws of descent and distribution, and during the lifetime of the Optionee the Option shall be exercisable only by the Optionee, or the Optionee’s guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void.  The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

8. No Rights of Stockholders.  Neither the Optionee nor any personal representative (or beneficiary) shall be, or shall have any of the rights and privileges of, a stockholder of the Company with respect to any Shares purchasable or issuable upon the exercise of the Option, in whole or in part, prior to the date on which the Shares are issued.

 

9. Acceleration of Exercisability of Option.  The Option shall be subject to accelerated vesting in accordance with Section 13.1 of the Plan.

 

10. No Right to Continued Employment.  Neither the Option nor this Agreement shall confer upon the Optionee any right to continued employment or service with the Company.

 

11. Law Governing.  This Agreement shall be governed in accordance with and governed by the internal laws of the State of Delaware.

 

12. Interpretation / Provisions of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan adopted by the Plan Administrator as may be in effect from time to time. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly. The Optionee accepts the Option subject to all of the terms and provisions of the Plan and this Agreement.  The undersigned Optionee hereby accepts as binding, conclusive and final all decisions or interpretations of the Plan Administrator upon any questions arising under the Plan and this Agreement, unless shown to have been made in an arbitrary and capricious manner.

 

13. Notices.  Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally or when deposited in the United States mail, registered, postage prepaid, and addressed, in the case of the Company, to Cocrystal Pharma, Inc., 1860 Montreal Road, Tucker, Georgia 30084, Attention: Chief Executive Officer, or if the Company should move its principal office, to such principal office, and, in the case of the Optionee, to the Optionee’s last permanent address as shown on the Company’s records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section.

 

  

  

  

14. Section 409A.

 

    (a) It is intended that the Option awarded pursuant to this Agreement be exempt from Section 409A of the Code (“Section 409A”) because it is believed that (i) the Exercise Price may never be less than the Fair Market Value of a Share on the Date of Grant and the number of shares subject to the Option is fixed on the original Date of Grant, (ii) the transfer or exercise of the Option is subject to taxation under Section 83 of the Code and Treas. Reg. 1.83-7, and (iii) the Option does not include any feature for the deferral of compensation other than the deferral of recognition of income until the exercise of the Option.  The provisions of this Agreement shall be interpreted in a manner consistent with this intention, and the provisions of this Agreement may not be amended, adjusted, assumed or substituted for, converted or otherwise modified without the Optionee’s prior written consent if and to the extent that such amendment, adjustment, assumption or substitution, conversion or modification would cause the award to violate the requirements of Section 409A.  In the event that either the Company or the Optionee believes, at any time, that any benefit or right under this Agreement is subject to Section 409A, then the Plan Administrator may (acting alone and without any required consent of the Optionee) amend this Agreement in such manner as the Plan Administrator deems necessary or appropriate to be exempt from or otherwise comply with the requirements of Section 409A (including without limitation, amending the Agreement to increase the Exercise Price to such amount as may be required in order for the Option to be exempt from Section 409A).

 

    (b) Notwithstanding the foregoing, the Company does not make any representation to the Optionee that the Option awarded pursuant to this Agreement is exempt from, or satisfies, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Optionee or any Beneficiary for any tax, additional tax, interest or penalties that the Optionee or any Beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification thereof or any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A.

 

  

  

  

 

    IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the 21st day of July, 2015.

 

COMPANY:

 

Cocrystal Pharma, Inc.

 

By:     /s/ Jeffrey Meckler 

          Jeffrey A. Meckler

         Chief Executive Officer

 

    The Optionee acknowledges receipt of a copy of the Plan and represents that he or she has reviewed the provisions of the Plan and this Option Agreement in their entirety, is familiar with and understands their terms and provisions, and hereby accepts this Option subject to all of the terms and provisions of the Plan and the Option Agreement.  The Optionee further represents that he or she has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement.

 

Dated: July 21, 2015                                                                OPTIONEE:

 

                                                                                                  By:       /s/ Walt Linscott    

                                                                                                               Walt LinscottExhibit 10.5

 

Translation of Warehouse Lease Agreement

 

(Agreement # 3310222010A21045)

 

Landlord (Party A): Zhejiang Special
Plastics Technology Co., Ltd.

 

Tenant (Party B): Taizhou Fuling
Plastics Co., Ltd.

 

According to relevant regulations, Party and
Party B agree upon the matters regarding leasing the warehouse legally owned by Party A to Party B and sign this agreement as below.

 

		I.	Warehouse Situation

 

The warehouse is located at 8 Shengpan
Road, Guanweitong Village, Wenqiao Village. The leased construction floor is 5,120 square meters.

 

		II.	Lease period

 

		1.	Total lease period is 3 years, from January 1, 2013 to December 31, 2016.

 

		2.	Upon the expiration of the lease, Party A has the right to collect the warehouse, and Party B shall
return it timely. If Party B needs to continue renting it, it shall send a written request to Party A three months before the end
of the lease, and resign a lease after Party A’s approval.

 

		III.	Rent and Way of Payment

 

		1.	The rent is RMB 6 per month per square meter. The annual rent is RMB 368,640 which shall be paid at
the end of every year one time.

 

		IV.	Other fees

 

		1.	During the lease period, the fees of water, electricity, gas, telecommunication including phone incurred
by using this warehouse shall be paid by Party B.

 

		V.	Usage Requirement and Repair Responsibility

 

		1.	During the lease period, if Party B discovers any damage or malfunction, it shall timely notify Party
A for repair. Party A shall repair it within 3 days after receipt of Party B’s notice. If Party A does not repair it timely,
Party B could repair on its behalf and the fee shall be paid by Party A.

 

		2.	During the lease period, Party B shall reasonably use and protect the warehouse and its fixtures.
For any damage or malfunction due to unsuitable or unreasonable usage, Party B shall be responsible for the repair. If Party B
refuses to repair, Party A could repair on its behalf and the fee shall be paid by Party B.

 

		3.	During the lease period, Party A shall ensure the warehouse and its fixtures to be in the normally
usable and safe status. If Party A conducts check or maintenance of the warehouse, it shall notify Party B three days in advance.
Party B shall cooperate at the time of the check and maintenance. Party A shall reduce the implication on the usage of the warehouse
by Party B.

 

		4.	If Party B needs to decorate or add fixtures and equipment, it shall get written approval of Party
A in advance. If this action needs to be approved by relevant governmental agencies according to relevant regulations, it can only
conduct this action after Party A applies and obtains the approval from relevant governmental agency.

 

    	1

    	 

    

 

		VI.	Warehouse Sublease and Return

 

		1.	During the lease period, if Party B subleases the warehouse, it shall get written approval of Party
A in advance. If it subleases or transfers the warehouse without authorization, Party A will not return the rent and deposit.

 

		2.	At the end of the lease period, when the warehouse is returned, it should be in the status that it
could be normally used.

 

		VII.	Other Arrangements during the Lease Period

 

		1.	During the lease period, Party A and Party B shall both comply with national laws and regulations,
and shall not use the warehouse to conduct illegal activities.

 

		2.	During the lease period, Party A has the right to monitor and assist Party B to accomplish matters
about fire control, security and hygiene.

 

		3.	During the lease period, if this agreement can’t be performed due to force majeure or municipal
renewal and relocation, both parties do not bear responsibilities.

 

		4.	During the lease period, Party B can decorate according to its own operating characteristics, but
principally it shall not break the original building structure. Party B shall pay for the decoration fee by itself. At the end
of lease period, if Party B does not renew the lease, Party A does not pay for any compensation.

 

		5.	When the lease period ends, if Party A continues to lease the warehouse, Party B has the priority
to rent. If Party A does not lease the warehouse, Party B shall move out timely, otherwise it shall be responsible for all the
damages and results occurred.

 

		VIII.	Other Provisions

 

		1.	During the lease period, if Party A breaches this agreement by terminating it in advance, it shall
compensate Party B for the damage of three months’ rent. During the lease period, if Party B breaches this agreement by terminating
it in advance, it shall compensate Party A for the damage of three months’ rent.

 

		2.	During the lease period, for any loss incurred to Party B’s normal operation by the property
ownership issue, Party A shall be responsible for all damages.

 

		3.	After this agreement is signed, if any party’s enterprise name is changed, it could be confirmed
by seal and signatures of both parties. The original terms of the agreement keep the same and shall be performed until the end
of the agreement.

 

		4.	When the electric power supply bureau charges electricity fee from Party A, it will charge contribution
fee based on the planned usage and the actual fee of electricity used. Therefore, Party A will charge Party B in the same way.

 

		IX.	Any matter not mentioned herein shall be agreed by both parties according to the law.

 

		X.	This agreement has four originals. Party A and Party B each have two copies. This agreement is
effective after seal and signatures.

 

    	2

    	 

    

 

Landlord : /s/ Zhejiang Special Plastics
Technology Co., Ltd.

 

January 2, 2013

 

Tenant: /s/ Taizhou Fuling Plastics Co., Ltd.

 

January 2, 2013

 

    	3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]