Document:

Exhibit
10.7

CONSULTANT STOCK OPTION AGREEMENT

THIS OPTION AGREEMENT is made and entered into as of                   
    , 200  , by and between IDENTITY REHAB
CORPORATION (the “Company”) and                            
(the “Optionee”) (together, the “Parties”).

RECITALS:

I.              As
of December 12, 2005, the Board of Directors and shareholders of the
Company approved the Company’s Equity Compensation Plan (the “Plan”), which
provides that Employees, Non-Employee Directors and Consultants of the Company
and its subsidiaries may receive options to purchase Common Stock of the
Company.

II.            The
Plan permits the granting of incentive stock options, which conform to the
requirements of Section 422 of the United States Internal Revenue Code of
1986, as amended (the “Code”), and non-incentive stock options, which do not
qualify as incentive stock options under that Section.

III.           The
Optionee has been selected to receive a non-incentive stock option pursuant to
the Plan.

IV.           The
Optionee is desirous of obtaining the stock option on the terms and conditions
herein contained.

AGREEMENT:

IT IS THEREFORE agreed by and between the Parties, for
and in consideration of the premises and the mutual covenants herein contained
and for other good and valuable consideration, as follows:

1.             The
Company has granted to the Optionee, on                  ,
200  , an option to purchase           
shares of Common Stock of the Company (the “Option”) upon the terms and
conditions herein set forth and subject to the terms and conditions of the
Plan.  The Option is granted as a matter
of separate agreement, and not in lieu of any regular or special compensation
for services.

2.             The
purchase price of the shares which may be purchased pursuant to the Option is $     
per share, which is, in the opinion of the Company, not less than the fair
market value of the shares on the grant date of the Option as specified in
paragraph 1.

3.             Unless
sooner terminated or modified under the provisions of this Agreement, the
Option shall continue and shall automatically expire at the close of business
on                
   , 20  , the fifth anniversary of the Option grant.

4.             The Option shall vest and may be
exercised by the Optionee to purchase the total number of shares specified in
paragraph 1 as follows:

On the       
day of                ,
20  , the option shall vest and be exercisable as to 1/3rd of the
total number of shares covered by the Option, and on the same day of each month
thereafter the Option shall vest and be exercisable for an additional 1/3rd of
such total number of Option shares, until the Option is vested and exercisable
as to all the Option shares.  The Option
shall remain exercisable as to all shares as to which the Option has vested and
become exercisable, until expiration or forfeiture of the Option as provided
herein.  The Optionee need not exercise
any part of the Option when it becomes exercisable, but may accrue the
fractional increments described above and exercise them in any later period,
prior to expiration or forfeiture of the Option.  If the Optionee’s status as a consultant of
the Company shall terminate for any reason, the vested portion of the Option
shall remain exercisable after such termination until the expiration of the
Option, and shall not be forfeited as a result of the Optionee’s termination as
a consultant.

5.             In the event of the
Optionee’s death, the Option may be exercised by the personal representative of
the Optionee’s estate or, if no personal representative has been appointed, by
the successor or successors in interest determined under the Optionee’s will or
under the applicable laws of descent and distribution.  The Option may not be transferred, assigned,
encumbered or alienated in any way by the Optionee except pursuant to a
qualified domestic relations order as defined by the Code, Title I of the
Employee Retirement Income Security Act, or the rules thereunder, and any
attempt to do so shall render the Option and any unexercised portion thereof,
at the discretion of the Company, null and void and unenforceable by the
Optionee.

6.             The Option may be
exercised in whole or in part by delivering to the Company written notice of
exercise together with payment in full for the shares being purchased upon such
exercise.

7.             The Company will, upon receipt of
said notice and payment, issue or cause to be issued to the Optionee (or to his
personal representative or other person entitled thereto) a stock certificate
for the number of shares purchased thereby. The Optionee may designate a member
of the Optionee’s immediate family as a co-owner of the said shares.

8.             The Company may, in
its discretion, file and maintain effective with the Securities and Exchange
Commission a Registration Statement on Form S-8 under the Securities Act
of 1933, as amended (the “Act”), covering the sale of the optioned shares to
Optionee upon exercise of the Option. 
If, at the time of exercise, the Company does not have an effective
Registration Statement on file covering the sale of the optioned shares, the Optionee
represents and agrees that:  (i) the
Option shall not be exercisable unless the purchase of optioned shares upon the
exercise of the Option is pursuant to an applicable effective registration
statement under the Act, or unless in the opinion of counsel for the Company,
the proposed purchase of such optioned shares would be exempt from the
registration requirements of the Act, and from the qualification requirements
of any state securities law; (ii) upon exercise of the Option, he will
acquire the optioned shares for his own account for investment and not with any
intent or view to any distribution, resale or other disposition of the optioned
shares; and (iii) he will not sell or transfer the optioned shares, unless
they are registered under the Act, except in a transaction that is exempt from
registration under the Act, and each certificate issued to represent any of the
optioned shares shall bear a legend calling attention to the foregoing
restrictions and agreements.  The Company
may require, as a condition of the exercise of the Option, that the Optionee
sign such further representations and agreements as it 

 2
 

reasonably
determines to be necessary or appropriate to assure and to evidence compliance
with the requirements of the Act.

9.             The Optionee shall
have no rights as a stockholder with respect to the shares of Common Stock
which may be purchased pursuant to the Option until such shares are issued to
the Optionee.

10.           This Agreement is
entered into and shall be governed by, construed and enforced in accordance
with the laws of the State of Colorado.

11.           The terms and
conditions contained in the Plan, as it may be amended from time to time
hereafter, are incorporated into and made a part of this Agreement by
reference, as if the same were set forth herein in full, and all provisions of
the Option are made subject to any and all terms of the Plan.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures
in acknowledgment and acceptance of the above terms and conditions on the date
first above set forth.

	
   

  	
  IDENTITY REHAB CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Dennis Perkins

  
	
   

  	
   

  	
  Chief Financial Officer and Corporate Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  name

  

 

 3Exhibit
4.1

	
  COMMON STOCK

  	
   

  	
   

  	
   

  	
  COMMON
  STOCK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PAR VALUE $0.02

  	
   

  	
   

  	
   

  	
   

  

 

	
  

  	
   

  	
  Cyanotech

  	
   

  	
   

  
	
  Certificate

  	
   

  	
   

  	
   

  	
  Shares

  
	
  Number

  	
   

  	
  CYANOTECH
  CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
  INCORPORATED
  UNDER THE LAWS OF THE STATE OF NEVADA

  	
   

  	
   

  
	
   

  	
   

  	
  7,500,000
  AUTHORIZED SHARES $0.02 PAR VALUE

  	
   

  	
   

  

 

	
  THIS CERTIFIES THAT

  	
   

  	
   

  	
   

  	
  CUSIP 232437 30
  1

  
	
   

  	
   

  	
   

  	
   

  	
  SEE REVERSE FOR
  CERTAIN DEFINITIONS

  

 

is the owner of

FULLY-PAID AND
NON-ASSESSABLE SHARES OF THE COMMON STOCK OF

Cyanotech Corporation
(hereinafter called the “Company”), transferable on the books
of the Company in person or by duly authorized attorney, upon surrender of this
Certificate properly endorsed. This Certificate and the shares represented
hereby, are issued and shall be held subject to all of the provisions of the
Articles of Incorporation, as amended, and the By-Laws, as amended, of the
Company (copies of which are on file with the Company and with the Transfer
Agent), to all of which each holder, by acceptance hereof, assents. This
Certificate is not valid unless countersigned and registered by the Transfer
Agent and Registrar.

Witness the facsimile
seal of the Company and the facsimile signatures of its duly authorized
officers.

	
  

  	
   

  	
  

  	
  DATED 06/22/2007

  
	
   

  
	
  COUNTERSIGNED AND REGISTERED

  
	
  COMPUTERSHARE TRUST COMPANY, N.A.

  
	
  President

  	
  (DENVER)

  
	
   

  	
  TRANSFER AGENT AND REGISTRAR,

  
	
  

  	
  By

  	
  

  
	
  Secretary

  
	
   

  	
   

  	
  AUTHORIZED
  SIGNATURE

  

 

SECURITY
INSTRUCTIONS ON REVERSE

CYANOTECH
CORPORATION

The following
abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations:

	
  TEN COM

  	
  - as tenants in common

  	
  UNIF GIFT MIN ACT-

  	
                                     Custodian

  
	
   

  	
   

  	
   

  	
  (Cust)

  	
  (Minor)

  
	
  TEN ENT

  	
  - as tenants by the entireties

  	
   

  	
  under Uniform Gifts to Minors Act

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
           (State)

  
	
  JT TEN

  	
  - as joint
  tenants with right of survivorship  and not as tenants in common

  	
  UNIF TRF MIN ACT

  	
     Custodian
  (until age      )

  
	
   

  	
   

  	
  (Cust)

  	
        (Minor)

  
	
   

  	
   

  	
   

  	
  under Uniform Transfers to Minors Act

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
         (State)

  
	
   

  	
  Additional abbreviations may also be used though not
  in the above list.

  
								

 

THE COMPANY WILL FURNISH
WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS,
DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER
SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS,
LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS
IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE
FIXED BY THE ARTICLES OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE
RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE
BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY
BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT.
THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK
CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO
INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY
BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH
CERTIFICATE.

	
  

  	
   

  	
  PLEASE INSERT SOCIAL
  SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

  
	
  For value received,

  	
  hereby sell, assign and
  transfer unto 

  	
   

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
  INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  	
   

  	
  Shares

  
	
  of the capital stock represented by the within
  Certificate, and do hereby irrevocably constitute and appoint

  
	
   

  
	
   

  	
   

  	
  Attorney

  
	
  to transfer the said stock on the books of the
  within-named Corporation with full power of substitution in the premises.

  
	
   

  
	
   

  	
  Signature(s)
  Guaranteed: Medallion Guarantee Stamp

  
	
  Dated:                                                                        20                             

  	
  THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR

  
	
   

  	
  INSTITUTION (Banks, Stockholders, Savings and Loan Associations
  and Credit Unions) 

  
	
   

  	
  WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
  MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  
	
   

  	
  Notice:

  	
  The signature to this assignment must correspond with
  the name

  	
   

  
	
   

  	
   

  	
  as written upon the face of the certificate, in every
  particular,

  	
   

  
	
   

  	
   

  	
  without alteration or enlargement, or any change
  whatever.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
									

 

SECURITY INSTRUCTIONS

THIS IS WATERMARKED PAPER.
DO NOT ACCEPT WITHOUT NOTING

WATERMARK. HOLD TO LIGHT TO VERIFY WATERMARK.

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