Document:

FULL
      CIRCLE INDUSTRIES INC.

    

    STOCK
      OPTION GRANT NOTICE

    

    FULL
      CIRCLE INDUSTRIES INC., (the “Company’), pursuant to its 2004 Stock Option Plan
      (the “Plan’) hereby grants to the Optionee named below a stock option to
      purchase the number of shares of the Company’s common stock set forth below. As
      designated below; this stock option either is or is not intended to qualify
      for
      the federal income tax benefits available to an “incentive stock option” within
      the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.
      This option is subject to all of the terms and conditions as set forth herein
      and in Attachment I and the Plan which are incorporated herein in their
      entirety.

     

    
      
        	
                Optionee/Employee:

              	
                Employee
                  I.D. #: 

              
	 	 
	
                Grant
                  No.:

              	
                Date
                  of Grant:

              
	 	 
	
                Shares
                  Subject to Option:

              	
                Exercise
                  Price Per Share: $

              
	 	 
	
                Expiration
                  Date:

              	 

      

    

    

    TYPE
      OF
      OPTION: I I Incentive Stock Option I I Nonstatutory Stock Option

    

    VESTING
      SCHEDULE

     

    

    ADDITIONAL
      TERMS/ACKNOWLEDGMENTS: The undersigned Optionee acknowledges receipt of, and
      understands and agrees to the terms of the following: this Giant Notice, the
      Stock Option Agreement and the Plan. Optionee further acknowledges that as
      of
      the Date of Grant, this Grant Notice, the Stock Option Agreement and the Plan
      set forth the entire understanding between Optionee and the Company regarding
      the acquisition of stock in the Company and supersedes all prior oral and
      written agreements pertaining to this particular option.

    

    
      	
              FULL
                CIRCLE INDUSTRIES INC.

            	
              OPTIONEE:

            
	 	 	 	 	 	 
	
              By:
                

            	  
	 	 	 	 
	 	 	 	
              Signature

            	  
	 
	 	 	 	 	 	 
	
              Dated:

            	  
	 	
              Date:

            	  
	 

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    Attachment
      I: Stock Option Agreement

    

    FULL
      CIRCLE INDUSTRIES INC.

    

    STOCK
      OPTION AGREEMENT

    

    Pursuant
      to the Grant Notice and this Stock Option Agreement, the Company has granted
      you
      an option to purchase the number of shares of the Company’s common stock
      (“Common Stock”) indicated in the
      Grant
      Notice at the exercise pike indicated in the Grant Notice. Defined terms not
      explicitly defined in this Stock Option Agreement but defined in die Plan shall
      have the same definitions as in the Plan.

    

    The
      details of this option are as follows:

    

    1. VESTING.
      Subject to the limitations contained herein, this option will vest as provided
      in the Grant Notice, provided that vesting will cease upon the termination
      of
      your Continuous Service.

    

    2. METHOD
      OF
      PAYMENT. Payment of the exercise price by cash (or check) is due upon exercise
      of all or any pail of this option which has become exercisable by you.
      Notwithstanding the foregoing, this option may be exercised pursuant to a
      program developed under Regulation T as promulgated by the Federal Reserve
      Board
      which, prior to the issuance of Common Stock, results in either the receipt
      of
      cash (or check) by die Company or the receipt of irrevocable instructions to
      pay
      the aggregate exercise price to the Company. Payment of the exercise price
      may
      also be made by a combination of the above methods.

    

    3. EXERCISE
      FOR MINIMUM NUMBER OF SHARES. The minimum number of shares with respect to
      which
      this option may he exercised at any one time is one hundred (100), except (a)
      as
      to an installment subject to exercise, as set forth in paragraph 1, which
      amounts to fewer than one hundred (100) shares, in which case, as to the
      exercise of that installment, the number of such shares in such installment
      shall be the minimum number of shares, and (b) with respect to the final
      exercise of this option, this minimum shall not apply. This option may only
      be
      exercised for whole shares.

    

    4. SECURITIES
      LAW COMPUANCE. Notwithstanding anything to the contrary contained herein, this
      option may not be exercised unless the shares issuable upon exercise of this
      option are then registered under the Securities Act or, if such shares are
      not
      then so registered, the Company has determined that such exercise and issuance
      would be exempt from the registration requirements of the Securities
      Act.

    

    5. TERM.

    

    (a) The
      term
      of this option commences on die Date of Grant (as specified in the Grant Notice)
      and expires upon the earliest of:

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (i)
      the
      Expiration Date indicated in die Grant Notice; or

    

    (ii)
      the
      tenth (10th) anniversary of the Date of Grant.

     

    (b) Notwithstanding
      die foregoing:

    

    (i)
      If
      your Continuous Service terminates due to your Disability, then this option
      will
      continue to die extent of vested by unexercised options for a period of one
      (1)
      year after the date such service was terminated, but no later than the
      Expiration Date.

    

    (ii)
      If
      your Continuous Service terminates due to (xl your death, or (y) your Disability
      and you subsequently die prior to the Expiration Date, (hen this option shall
      immediately become fully vested and exercisable for all of the option shares
      as
      of the date of your death. This option will then expire on the earlier occurring
      of either the Expiration Date or one (1) year alter die date of your
      death.

    

    (c) If
      tins
      option is designated an incentive stock option, then to obtain the federal
      income tax advantages associated with an “incentive stock option,” the Code
      requires that at all times beginning on the Date of Grant and ending on the
      day
      three (3) months before the date of exercise, you must be an employee of the
      Company or a “parent corporation” or a “subsidiary corporation” (as those terms
      are defined in Section 424 of the Code), except in the event of your death
      or
      your Disability. The Company has provided for extended exercisability of this
      option under certain circumstances for your benefit, but does not represent
      or
      guarantee that this option will necessarily be treated as an “incentive stock
      option.”

    

    6. EXERCISE.

    

    (a) You
      may
      exercise die vested portion of this option during its term by delivering a
      notice of exercise (in a form designated by die Company) together with the
      exercise price to the Secretary of the Company, or to such other person as
      the
      Company may designate, during regular business hours, together with such
      additional documents as die Company may then require pursuant to the
      Plan.

    

    (b) By
      exercising this option you agree that as a condition to any exercise of this
      option, the Company may require you to enter an arrangement providing for die
      payment by you to the Company of any tax withholding obligation of the Company
      arising by reason of (1) the exercise of this option; (2) the
      lapse
      of any substantial risk of forfeiture to which the shares are subject at the
      time of exercise; or (3) die disposition of shares acquired upon such
      exercise.

    

    (c) If
      this
      option is an incentive stock option, then by exercising tins option you agree
      to
      notify the Company in writing within fifteen (15)
      days
      after the date of any disposition of any of the shares of the Common Stock
      issued upon exercise of this option that occurs within two (2)
      years
      after the Date of Grant or within one (1) year after such shares of Common
      Stock
      are transferred upon exercise of this option.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (d) If
      this
      option is a non-statutory stock option, it may be subject to certain terms
      or
      restrictions such that shares issued upon exercise of die option are
      nontransferable or subject to a substantial risk of forfeiture (i.e., the stock
      is not vested). In that event, you may be eligible for an election under Section
      83W) of die Internal Revenue Code, which would allow’ you to report compensation
      income when you receive the stock rather than when it becomes vested. If you
      make an election pursuant to Section 83W), the value of the stock is determined
      when you receive it, and you will have noting to report at the time the stock
      vests. Because failure to file a Section 83(b) election may result in adverse
      tax consequences, you are advised to consult your personal tax advisor with
      respect to the advisability of such an election. 

    

    AN
      ELECTION UNDER SECTION 83W) MUST BE FILED WITHIN 30 DAYS AFTER THE DATE ON
      WHICH
      THE OPTIONE PURCHASES SHARES. THIS TIME PERIOI) CANNOT BE EXTENDED. THE OPTIONEE
      ACKNOWLEDGES THATTIMELY FILING OF A SECTION 83W) ELEGI’ION IS THE OPTIONEE’S
      SOLE RESPONSIBILITY, EVEN IF THE OPTIONEE REQUESTS THE COMPANY OR ITS
      REPRESENTATIVE TO FILE SUCH ELECTION ON HIS OR HER BEHALF.

    

    7. TRANSFERABILITY.
      This option is not transferable, except by will or by the laws of descent and
      distribution or pursuant to a domestic relations order as defined by die Code
      or
      Title I of die Employee Retirement Income Securities Act of 1974, as amended
      (a
‘DRO’), or the rules (hereunder, and is exercisable during your life only by you
      or any transferee pursuant to a DRO.

    

    8. OPTION
      NOT A SERVICE CONTRACT. This option is not an employment or service contract
      and
      noting in this option shall be deemed to create in any way whatsoever any
      obligation on your part to continue in the service of die Company or an
      Affiliate, or of the Company or an Affiliate to continue your service with
      the
      Company or the Affiliate. In addition, nothing in this option shall obligate
      the
      Company or any Affiliates, their stockholders, Board of Directors, Officers
      or
      Employees to continue any relationship as a Director or Consultant for the
      Company or any Affiliate.

    

    9. NOTICES.
      Any notices provided for in this option or die Plan shall be given in writing
      and shall be deemed effectively given upon receipt or, in the case of notices
      delivered by die Company to you, five (5) days
      after deposit in die United States mail, postage prepaid, addressed to you
      at
      die last address you provided to the Company.

    

    10. GOVERNING
      PLAN DOCUMENT. This option is subject to all die provisions of the Plan, the
      provisions of which are hereby made a pail of tins option, and is further
      subject to all interpretations, amendments, rules and regulations which may
      from
      time to time he promulgated and adopted pursuant to the Plan. In die event
      of
      any conflict between the provisions of this option and those of the Plan, die
      provisions of the Plan shall control.

    

    
      
         

      

      
        4SUBSCRIPTION
      AGREEMENT 

     

    Dear
      Biogold Fuels Corporation: 

     

    1.                                       
                                    _____________________
      hereby
      subscribes for                     ____________________
      Shares
      of Common Stock (the “Shares”) of Biogold Fuels Corporation (the “Company”) at a
      purchase price of $0.50 per Share for a total purchase price of $               ______      
      (the
“Subscription Purchase Price”). The Subscription Purchase Price is deemed paid
      in cash at time of issuance of the Shares. 

     

    2.
      I
      understand that the Company reserves the right to reject, in whole or in part,
      any offer to subscribe, for any reason whatsoever, and that no subscription
      may
      be withdrawn once made. 

     

    3.
      I
      understand that once accepted by the Company, the proceeds will be used by
      the
      Company for general working capital, overhead and operating purposes. I further
      understand that no assurance can be given as to the Company’s ability to access
      capital as and when required. 

     

    4.
      I
      represent that: (a) my commitment to all investments is reasonable in relation
      to my net worth; (b) I have the requisite knowledge or have relied upon the
      advice of my own counsel, accountants or others, each of whom qualifies as
      an
      Investor Representative with regard to all of the considerations involved in
      making this subscription; (c) I will be acquiring the Shares of the Company
      for
      investment and not with a view for resale or distribution of the Shares; (d)
      I
      am aware that the right to transfer the Shares is restricted in accordance
      with
      state and federal securities laws; (e) I have the financial ability to bear
      the
      economic risk of the investment in the Company (including the complete loss
      of
      the entire investment), adequate means of providing for my current and
      anticipated needs and personal contingencies, and no need for liquidity with
      respect to my investment in the Company; (f) my overall commitment to
      investments which are not readily marketable is not disproportionate to my
      net
      worth and my investment in Shares of the Company will not cause such overall
      commitment to become excessive; (g) I am an “accredited investor” as defined in
      Regulation D promulgated under the Securities Act; (h) I acknowledge that the
      Company will require additional capital and financing and that it does not
      currently have a binding commitment for the required capital or financing;
      (i)
      the per-share purchase price of the shares of Shares was arbitrarily established
      by the Company without the benefit of independent appraisal and I may experience
      substantial dilution to my investment; (j) I understand that the Company may
      offer instruments to strategic investors which may be granted preferences and
      rights senior and superior to the shares of Shares; (k) I acknowledge that
      the
      Company’s shares of Common Stock are not trading over any recognized exchange or
      at all, and accordingly, the Shares being purchased hereunder are considered
      by
      me to be non-tradeable and illiquid and no assurance can be given as to when,
      if
      at all, its Shares will be traded; (l) additional capital will be required
      by
      the Company to implement its business objectives. The Company may be unable
      to
      raise such required capital on favorable or timely terms or at all; (m) if
      the
      Company can raise additional capital it will result in the sale of additional
      common or preferred stock of the Company, and will result in dilution to the
      interests of the subscriber hereunder. 

     

    5.
      I have
      relied upon my own independent investigation in connection with this
      subscription. I have had access to all the following information:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (a)
      All
      books and financial records of the Company and its subsidiary; 

     

    (b)
      All
      material contracts and documents relating to the Company and its subsidiary;
      

     

    (c)
      All
      financial statements of the Company and its subsidiaries; and

     

    (d)
      An
      opportunity to question each of the officers, directors, consultants and others
      affiliated with the Company and its subsidiaries.

     

    6.
      I do
      not require a prospectus or full disclosure offering or private placement
      memorandum concerning the Company or its subsidiaries and I am relying upon
      my
      right of access to information and documents and right to ask questions in
      connection with the subscription hereunder. 

     

    7.
      By
      reason of my prior business and financial experience, I have the capacity to
      protect my own interest in connection with this subscription. The information
      set forth in this Subscription Agreement is accurate and complete in all
      respects. Furthermore, I am purchasing the Shares described in this Subscription
      Agreement with a view not to resale or otherwise distribute same, except in
      accordance with federal and state securities laws. I expressly represent that
      I
      am an “accredited investor” as defined by the rules and regulations under the
      Securities Act of 1933 and am a sophisticated and suitable investor for a
      development and early stage company, which is subject to a high degree of risk.
      

     

    8.
      In the
      event that this subscription is accepted, in whole or in part, I request that
      the Certificates be registered in the name(s) printed below. Delivery will
      be
      made to the address printed below: 

     

    
      	
              Subscriber
                Name:

              As
                it should appear on certificate

            	 
	
              Subscriber
                Address:

               

            	 

    

     

    
      
        	
                ACCEPTANCE
                  OF SUBSCRIPTION

              	
                Subscriber
                  Signature 

              
	
                Biogold
                  Fuels Corporation

              	
                .

              	 	 	 	 
	 	 	 	 	
                Printed
                  Name: 

              	 	 
	
                By:

              	
                  
                  

              	
                 

              	
                 

              	
                Title:
                  

              	  
	
                 

              
	
                 

              	
                Dated

              	 
	
                 

              	
                 

              	
                Dated

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