Document:

Exhibit 10.12

Exhibit 10.12

POSITIVEID CORPORATION

NON-QUALIFIED STOCK OPTION AWARD GRANTED UNDER THE

VERICHIP CORPORATION 2009 STOCK INCENTIVE PLAN

Name of Option Recipient: [insert name of Grantee]

On [insert applicable date], the Company awarded you a stock option. You were granted an
option to buy [insert applicable number] Shares of the Common Stock at the price of $[insert
applicable amount] per Share on or after [insert vesting date], and on or before [insert expiration
date]. [Where the option award is to vest in tranches, use the following sentence as a replacement
for the one immediately prior: You were granted an option to buy [insert applicable number] Shares
of the Common Stock at the price of $[insert applicable amount] per Share on or after the following
dates—[insert number for first tranche] on [insert first vesting date]; [insert number for second
tranche] on [insert second vesting date]; and [insert number for third tranche] on [insert third
vesting date]—and no later than [insert expiration date]. If to vest over more than, or less than,
three tranches, customize as necessary.]

IMPORTANT: By signing below, you agree to be bound by, and acknowledge receipt of, the
attached Terms and Conditions of this Non-Qualified Stock Option Award and the VeriChip Corporation
2009 Stock Incentive Plan.

PositiveID Corporation

By:

Read and agreed to this

                     day of                                                             
, 20__.

[insert name of Grantee]

 

 

 

TERMS AND CONDITIONS

NON-QUALIFIED STOCK OPTION AWARD GRANTED UNDER

VERICHIP CORPORATION 2009 STOCK INCENTIVE PLAN

	 	 	 	 	 
	1.

	 	Definitions	 	 
	 
	 	 	 	 
	(a)

	 	Committee
	 	The Committee (or, in certain cases, its designees) who
administers the Stock Option Plan
	 
	 	 	 	 
	(b)

	 	Company
	 	PositiveID Corporation, a Delaware corporation, f/k/a VeriChip Corporation
	 
	 	 	 	 
	(c)

	 	Grantee
	 	The recipient of an Option Award
	 
	 	 	 	 
	(d)

	 	Option
	 	The option granted by the Option Award
	 
	 	 	 	 
	(e)

	 	Option Award
	 	The Non-Qualified Stock Option Award to which the Terms
and Conditions are attached together with, except where
the context requires otherwise, these Terms and
Conditions
	 
	 	 	 	 
	(f)

	 	Stock Option Plan
	 	VeriChip Corporation 2009 Stock Incentive Plan, as amended

All capitalized terms not otherwise defined herein shall have the meanings given to such terms by
the Stock Option Plan.

	2.	 	Evidence of Option Grant and Option not an Incentive Stock Option

The Option Award evidences a grant to the Grantee of an Option to purchase that number of
Shares (“Optioned Shares”) of the Common Stock of the Company (“Stock”) set forth on the Option
Award. The Grantee may exercise the Option as shown on the Option Award. In no event shall the
Option or any part of the Option be exercisable after [insert expiration date] (the “Option
Expiration Date”). The Option shall not be treated as an “Incentive Stock Option,” as defined in
Section 422 of the Internal Code of 1986, as amended (“Code”).

	3.	 	Exercise of Option

The Option shall be exercised by the Grantee delivering a written notice of exercise to the
Company’s corporate headquarters at 1690 S. Congress Ave., Suite 200, Delray Beach, Florida 33445.
This notice shall specify the number of Optioned Shares the Grantee then desires to purchase.

	4.	 	Payment of Option Price

Payment for the Shares purchased under the Option shall be made to the Company in cash
(including cashier’s check, bank draft or money order).

 

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In addition to the foregoing methods of payment, payment of the Option price may, at the
discretion of the Committee, be made in whole or in part in other property, rights and credits,
including the Grantee’s promissory note.

	5.	 	Form of Notice of Exercise

The Grantee’s notice as required by Section 3 shall be signed by the Grantee and shall be in
substantially the following form:

“I hereby exercise my Option to purchase                      Shares in accordance with my
Option Award dated                                         ,                     ,
granted under the Company’s 2009 Stock Incentive Plan.
The aggregate Option price of the Shares I am purchasing is $                    . I hereby tender in payment of such
price, my cashier’s check, bank draft or money order made payable to the Company in the amount of
$                    .

If the Shares purchased have not been registered under the Securities Act of 1933, I hereby further
represent to the Company that I am acquiring the                      Shares that I am
purchasing solely for investment and solely for my own account and that I have no present intention
of selling or offering for sale any of such Shares to any other person or persons.”

	6.	 	Stock Certificates

Upon the exercise of the Option solely for cash or cash and property, rights and/or credits
specifically permitted by the Committee, the Grantee shall be entitled to a certificate evidencing
the Shares acquired upon exercise.

	7.	 	Legends on Certificates

The certificate or certificates to be issued under Section 6 shall be issued as soon as
practicable. Such certificate or certificates shall contain thereon a legend in substantially the
following form if the Shares evidenced by such certificate have not been registered under the
Securities Act of 1933, as amended:
“The shares represented by this certificate have not been registered under the Securities Act of
1933 or any applicable state law. They may not be offered for sale, sold, transferred or pledged
without (1) registration under the Securities Act of 1933 and any applicable state law, or (2) at
holder’s expense, an opinion (satisfactory to the Company) that registration is not required.”

The certificates shall also contain such other legends as may be appropriate or required by law,
such as a legend relating to any stockholders’ agreement that may apply to the Shares.

 

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	8.	 	Termination of Employment; Nonassignability

	 	8.1	 	Voluntary Termination or Termination for Cause.

a. If the Grantee’s Continuous Status as an Employee or Consultant voluntarily terminates prior
to attainment of age 65, the Grantee will have a thirty (30) day period beginning on the date of
termination during which the Grantee may exercise the Option, but only to the extent the Option is
vested and exercisable on the date of termination. Any Option not exercised within such period
shall terminate and the Grantee’s rights thereunder shall cease.

b. If the Grantee’s Continuous Status as an Employee or Consultant is terminated by the Employer
for “Cause”, as defined below, then the Grantee’s full interest in the Option shall terminate on
the date of such termination of employment and all rights thereunder shall cease whether or not the
Option is then exercisable.

I. Whether a Grantee’s Continuous Status as an Employee or Consultant is terminated for
Cause shall be determined by the Committee.

II. Cause shall mean gross negligence, willful misconduct, flagrant or repeated
violations of the Employer’s policies, rules or ethics, a material breach by the Grantee of
any employment agreement between the Grantee and the Employer, intoxication, substance
abuse, sexual or other unlawful harassment, disclosure of confidential or proprietary
information, engaging in a business competitive with the Employer, or dishonest, illegal or
immoral conduct.

	 	8.2	 	Other Termination.

a. Death, Disability or Retirement. If the Grantee’s Continuous Status as an Employee or
Consultant is terminated for disability (as such term is defined in Section 22(e)(3) of the Code),
death, or voluntary termination by the Grantee after attainment of age 65 (“Retirement”), such
termination shall have no effect on his or her rights under the Option, regardless of whether the
Option is then exercisable. The Option shall continue to vest and remain outstanding and
exercisable until it expires by its terms.

b. Termination by the Employer without Cause. If the Grantee’s Continuous Status as an Employee
or Consultant is be terminated by the Employer without Cause, such termination shall have no effect
on his or her rights under the Option, regardless of whether the Option is then exercisable. The
Option shall continue to vest and remain outstanding and exercisable until it expires by its terms.
The Grantee’s service as a Director shall be deemed to have been terminated without Cause if the
Grantee ceases to serve in such a position solely due to the failure to be reelected or
reappointed, as the case may be, and such failure is not a result of an act or omission which would
constitute Cause.

 

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8.3 Non-Transferability of Rights; Designation of Beneficiaries. The Option shall
not be transferable by the Grantee otherwise than by will or the laws of descent and distribution
or as provided in this Section 8.3. During the lifetime of the Grantee the Option shall be
exercisable only by the Grantee. The Grantee, however, may file with the Company a written
designation of a beneficiary or beneficiaries to exercise, in the event of death of the Grantee,
the Option granted hereunder, subject to all of the provisions of this Section 8. A Grantee may
from time to time revoke or change any such designation of beneficiary and any designation of
beneficiary under the Plan shall be controlling over any other disposition, testamentary or
otherwise; provided, however, that if the Committee shall be in doubt as to the right of any such
beneficiary to exercise the Option, the Committee may determine to recognize only an exercise by
the personal representative of the estate of the Grantee, in which case the Company, the Committee
and the members thereof shall not be under any further liability to anyone.

8.4 Deemed Termination of Employment and Transfer. If the Employer that employs the
Grantee (or of which the Grantee is a Director) ceases to be an Employer, the Grantee’s Continuous
Status as an Employee or Consultant shall be deemed to have been terminated by such Employer
without Cause as of the date that it ceases to be an Employer. The transfer of a Grantee’s
employment (or a Director’s service as a Director) from one Employer to another Employer shall not
be deemed a termination of Continuous Status as an Employee or Consultant.

	9.	 	Withholding

The Company or any Affiliate that employs the Grantee shall have the right to deduct any sums
that federal, state or local tax law requires to be withheld with respect to the exercise of the
Option, or as otherwise may be required by such laws. The Company or any such Affiliate may require
as a condition to issuing Stock upon the exercise of the Option that the Grantee or other person
exercising the Option pay to the Company any sum that federal, state or local tax law requires to
be withheld with respect to such exercise or at 1690 S. Congress Avenue, Suite 200, Delray Beach,
Florida 33445, prior to or concurrently with exercise. In the alternative, the Grantee or other
person exercising the Option, may elect to have the necessary number of shares withheld, equal to
the amount of the amount of tax required to be withheld. There is no obligation that the Grantee be
advised of the existence of the tax or the amount which the employer corporation will be so
required to withhold.

	10.	 	Right to Exercise Acceleration

On or before the Option Expiration Date, the Option shall be immediately exercisable in full
(if not already exercisable) upon a Change of Control.

	11.	 	Stock Option Plan Controls

The Option Award and these Terms and Conditions are subject to all terms and provisions of the
Stock Option Plan which is incorporated herein by reference. In the event of any conflict, the
Stock Option Plan shall control over the Option Award and these Terms and Conditions.

 

4Exhibit 10.13

Exhibit 10.13

RESTRICTED STOCK AWARD AGREEMENT

UNDER VERICHIP CORPORATION 2009 STOCK INCENTIVE PLAN

This RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made as of [insert Grant Date] (the
“Grant Date”) between PositiveID Corporation, a Delaware corporation, f/k/a VeriChip Corporation (the “Company”) and [insert
name of Grantee] (the “Grantee”).

Background Information 

A. The Compensation Committee has granted to the Grantee an award of [insert applicable
number] restricted shares of common stock, par value $0.01 per share (the “Common Stock”), of the
Company (the “Award”) pursuant to the Company’s 2009 Stock Incentive Plan (the “2009 Plan”).

B. The Company and the Grantee are entering into this Agreement in order to evidence the
Award, which shall be governed in all respects by the terms and provisions hereof.

C. The Grantee desires to accept the Award grant and agrees to be bound by the terms and
conditions of this Agreement.

D. This Agreement shall be subject to and governed by the 2009 Plan, which is incorporated
herein by reference. For purposes of such incorporation, all references in such sections to the
term “Plan” shall be deemed to be references to this Agreement.

Agreement 

1. Restricted Stock. Subject to the terms and conditions provided in this Agreement,
the Company hereby grants to the Grantee [insert applicable number] shares of Common Stock (the
“Restricted Stock”) as of the Grant Date. The extent to which the Grantee’s rights and interest in
the Restricted Stock becomes vested and non-forfeitable shall be determined in accordance with the
provisions of Sections 2 and 3 of this Agreement.

2. Vesting. Except as may be otherwise provided in Section 3 of this Agreement, the
vesting of the Grantee’s rights and interest in the Restricted Stock shall be determined in
accordance with this Section 2. The Grantee’s rights and interest in the Restricted Stock shall
become fully vested and non-forfeitable and shall cease being restricted on [insert third-year
anniversary of Grant Date], provided that (1) the Grantee does not resign prior to [insert
third-year anniversary of Grant Date] and (2) the Company does not terminate the employment of the
Grantee for cause prior to [insert third-year anniversary of Grant Date], with said cause being
defined as a conviction of a felony or Grantee’s being prevented from providing services hereunder
as a result of Grantee’s violation of any law, regulation and/or rule.

3. Change of Control. In the event of a Change in Control (as defined in the 2009
Plan), Restricted Stock that is not yet vested on the date such Change in Control is determined to
have occurred shall become fully vested on the date such Change in Control is determined to have
occurred.

4. Restrictions on Transfer; Legending of Shares. Until such time as any share of
Restricted Stock becomes vested pursuant to Section 2 or Section 3 of this Agreement, the Grantee
shall not have the right to make or permit to occur any transfer, pledge or hypothecation of all or
any portion of the Restricted Stock, whether outright or as security, with or without
consideration, voluntary or involuntary. Any transfer, pledge or hypothecation not made in
accordance with this Agreement shall be deemed null and void. The certificate evidencing the
Restricted Stock shall contain a legend in substantially the following form:

“The shares evidenced by this certificate are subject to restrictions on
transfer set forth in the Restricted Stock Award Agreement, dated [insert Grant
Date], between PositiveID Corporation (the “Company”) and [insert name of
Grantee], a copy of which may be obtained from the Company at its principal
executive offices.”

“The shares of common stock of the Company represented hereby have not been
registered under the Securities Act of 1933, as amended, or applicable state
securities laws and may not be transferred, pledged, hypothecated or otherwise
disposed of in the absence of an effective registration statement covering such
shares under that Act and any applicable state securities laws, unless, in the
opinion of counsel satisfactory to the Company, an exemption from registration
thereunder is available.”

 

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5. Forfeiture. The Grantee shall forfeit all of his rights and interest in the
Restricted Stock if the Grantee resigns or the Company terminates the employment of the Grantee for
cause (as defined in Section 2 above) before the Restricted Stock becomes fully vested in
accordance with Section 2 or Section 3 of this Agreement.

6. Shares Held by Custodian; Rights to Dividends and Voting Rights. The Grantee hereby
authorizes and directs the Company to deliver any share certificate issued by the Company to
evidence the award of Restricted Stock to the Secretary of the Company or such other officer of the
Company (other than the Grantee) as may be designated by the Company’s Board of Directors or the
Compensation Committee of such Board (the “Share Custodian”) to be held by the Share Custodian
until the Restricted Stock becomes fully vested in accordance with Section 2 or Section 3 of this
Agreement. When the Restricted Stock becomes vested, the Share Custodian shall deliver to the
Grantee (or his beneficiary in the event of death) a certificate representing the vested Restricted
Stock (which then will be unrestricted) and may delete the first paragraph of the legend set forth
in Section 4 above. The Grantee hereby irrevocably appoints the Share Custodian, and any successor
thereto, as the true and lawful attorney-in-fact of the Grantee with full power and authority to
execute any stock transfer power or other instrument necessary to transfer the Restricted Stock to
the Company, or to transfer the Restricted Stock to the Grantee on an unrestricted basis upon
vesting, pursuant to this Agreement, in the name, place, and stead of the Grantee. The term of such
appointment shall commence on the Grant Date and shall continue until the Restricted Stock becomes
vested or is forfeited. During the period that the Share Custodian holds the shares of Restricted
Stock subject to this Section 6, the Grantee shall be entitled to all rights applicable to shares
of Common Stock of the Company not so held, including the right to vote and receive dividends, but
provided, however, in the event of (i) any change in the Common Stock of the Company by reason of
any stock dividend, spin-off, split-up, spin-out, recapitalization, merger, consolidation,
reorganization, combination or exchange of shares or (ii) any distribution of Common Stock or other
securities of the Company in respect of such shares of Common Stock, the Grantee agrees that any
certificate representing shares of such additional Common Stock or other securities of the Company
issued as a result of any of the foregoing shall be delivered to the Share Custodian and shall be
subject to all of the provisions of this Agreement as if initially received hereunder.

7. Tax Consequences. Upon the occurrence of a vesting event specified in Section 2 or
Section 3 above, the Grantee must satisfy the federal, state, local or foreign income and social
insurance withholding taxes imposed by reason of the vesting of the Restricted Stock. The Grantee
shall make an election with respect to the method of satisfaction of such tax withholding
obligation in accordance with procedures established by the Compensation Committee of the Company’s
Board of Directors. Unless the Grantee delivers to the Company or its designee within ten (10) days
after the occurrence of the vesting event specified in Section 2 or Section 3 above a certified
check payable in the amount of all tax withholding obligations imposed on the Grantee and the
Company by reason of the vesting of the Restricted Stock, the Grantee’s actual number of vested
shares of Restricted Stock shall be reduced by the smallest number of whole shares which, when
multiplied by the Fair Market Value of the Common Stock on the vesting date, is sufficient to
satisfy the amount of such tax withholding obligations. For purposes of this Agreement, the term
“Fair Market Value” shall have the meaning specified in the 2009 Plan.

The Grantee understands that the Grantee may elect to be taxed at the Grant Date rather than
when the Restricted Stock becomes vested by filing with the Internal Revenue Service an election
under section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), within thirty
(30) days from the Grant Date. The Grantee acknowledges that it is the Grantee’s sole
responsibility, and not the Company’s responsibility, to timely file the Code section 83(b)
election with the Internal Revenue Service if the Grantee intends to make such an election. Grantee
agrees to provide written notification to the Company if the Grantee files a Code section 83(b)
election.

8. No Effect on Employment. Nothing in this Agreement shall confer upon the Grantee
the right to continue in the employment of the Company or affect any right which the Company may
have to terminate the employment of the Grantee regardless of the effect of such termination of
employment on the rights of the Grantee or this Agreement.

 

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9. Governing Laws. This Agreement shall be construed and enforced in accordance with
the laws of the State of Delaware, without regard to any applicable conflicts of law. By accepting
this Award, the Grantee irrevocably and unconditionally consents to submit to the exclusive
jurisdiction of the courts of the State of Florida or of the United States of America, in each case
located in Palm Beach County, Florida, for any litigation arising out of or
relating to this Agreement (and agrees not to commence any litigation relating thereto except
in such courts). The Grantee also irrevocably and unconditionally waives any objection to the
laying of venue of any litigation arising out of or related to this Award in the courts of the
State of Florida or of the United States of America, in each case located in Palm Beach County,
Florida, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim
in any such court that any such litigation brought in any such court has been brought in an
inconvenient forum.

10. Successors. This Agreement shall inure to the benefit of, and be binding upon, the
Company and the Grantee and their heirs, legal representatives, successors and permitted assigns.

11. Severability. In the event that any one or more of the provisions or portion
thereof contained in this Agreement shall for any reason be held to be invalid, illegal or
unenforceable in any respect, the same shall not invalidate or otherwise affect any other
provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or
unenforceable provision or portion thereof had never been contained herein.

12. Notices. All notices required or permitted hereunder shall be in writing and shall
be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent
by confirmed facsimile if sent during normal business hours of the recipient, if not, then on the
next business day; (c) three (3) business days after having been sent by registered or certified
mail, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt.
All communications shall be sent as follows:

If to the Company:

PositiveID Corporation

1690 South Congress Avenue, Suite 200

Delray Beach, Florida 33445

If to Grantee:

[insert name of Grantee]

[insert home address of Grantee]

13. Entire Agreement. Subject to paragraph D in the section of this Agreement under
the heading “Background Information,” this Agreement expresses the entire understanding and
agreement of the parties hereto with respect to the terms and conditions of this Award.

14. Headings. Section headings used herein are for convenience of reference only and
shall not be considered in construing this Agreement.

15. Additional Acknowledgements. By their signatures below (including electronic
signatures), the Grantee and the Company agree that the Restricted Stock is granted under and
governed by the terms and conditions of this Agreement. Grantee has reviewed the terms of this
Agreement, has had an opportunity to obtain the advice of counsel prior to executing this Agreement
and fully understands all provisions of this Agreement. Grantee hereby agrees to accept as binding,
conclusive and final all decisions or interpretations of the Compensation Committee of the
Company’s Board of Directors upon any questions relating to this Agreement.

IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the Grant
Date set forth above.

	 	 	 	 	 
	 	POSITIVEID CORPORATION

 	 
	 	By:  	 	 
	 
	 	GRANTEE: 	 
	 	 	 
	 	[insert name of Grantee] 	 
	 

 

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