Document:

Exhibit 10.3

 

NATIONAL STORM MANAGEMENT, INC.

2005 EQUITY INCENTIVE PLAN

NONQUALIFIED STOCK

OPTION AWARD AGREEMENT

 

1.             An
Option to acquire 2,500,001 shares of Common Stock of National Storm Management, Inc.
(hereinafter referred to as the “Company”) is hereby granted to DONALD HUMPHREY (hereinafter referred to as
the “Optionee”), subject in all respects to the terms and conditions of the
National Storm Management, Inc. 2005 Equity Incentive Plan (hereinafter
referred to as the “Plan”) and such other terms and conditions as are set forth
herein. Capitalized terms which are not defined herein shall have the meaning
provided under the Plan.

 

2.             The
Option is not intended to constitute an Incentive Stock Option under Section 422
of the Internal Revenue Code of 1986.

 

3.             The
Option price as determined by the Committee is twelve cents ($. 12) per Share.
The Option price may be paid in any one or a combination of cash, personal
check, Shares already owned for at least six (6) months, Broker Exercise
Notice or Net Issuance.

 

	
  4.

  	
  a.

  	
  The Option shall vest with respect to
  166,667 Shares immediately upon the grant hereof, with respect to an
  additional 666,667 Shares on January 1, 2006, and with respect to the
  final 1,666,667 Shares on January 1, 2007, provided that the Option
  shall not further vest after the employment or service of the Optionee is
  terminated. Vested options shall be immediately exercisable provided that
  Optionee has repaid any outstanding loans or advances received from the
  Company.

  
	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  In the event the Optionee should be
  terminated for Cause, or shall Compete, the Option shall be immediately
  forfeited and any Shares, or Share sale proceeds, received pursuant to this
  Agreement shall be returned to the Company and the Option price shall be
  repaid to the Optionee.

  

 

5.             Share
issuances shall at all times be subject to the Securities Law restrictions of Section 6
of the Plan. The Option may not be exercised if the issuance of Shares
upon such exercise would constitute a violation of any applicable federal or
state securities law, or any other valid law or regulation. Without limitation,
as a condition to the exercise of the Option, the Optionee shall represent to
the Company that the Shares being acquired under the Option are for investment
and not with a present view for distribution or resale, unless counsel for the
Company is then of the opinion that such a representation is not required under
any applicable law, regulation or rule of any governmental agency.

 

6.             The
Option may not be transferred in any manner except as provided under the
Plan, and generally may be exercised during the lifetime of the Optionee
only by him. The terms of this Option shall be binding upon the Optionee’s
executors, administrators, heirs, assigns and successors.

 

 

7.             The
Optionee hereby agrees that in the event of a Registration, the Optionee shall
not offer, sell, contract to sell, pledge, hypothecate, grant any option to
purchase or make any short sale of, or otherwise dispose of any shares of stock
of the Company or any rights to acquire stock of the Company for such period of
time from and after the effective date of such registration statement as may be
established by the underwriter for such public offering; provided, however,
that such period of time shall not exceed one hundred eighty (180) days from
the effective date of the registration statement to be filed in connection with
such public offering. The Optionee shall be subject to this provision provided
and only if other Plan Participants are also subject to similar arrangements.

 

8.             Vested
Options may not be exercised more than ten (10) years after the date
indicated below and may be exercised at any time during the two (2) years
following termination of service. The exercise of the Option shall otherwise be
made in accordance with the terms and conditions set forth in the Plan.

 

9.             The
Committee shall make all determinations concerning rights to benefits under the
Plan.

 

	
  Dated: May 1, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  NATIONAL STORM MANAGEMENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Terry
  Kiefer

  	
   

  
	
   

  	
  Committee

  	
   

  
					

 

ATTEST:

 

The Optionee
acknowledges that he has received a copy of the Plan and is familiar with the
terms and conditions set forth therein. The Optionee agrees to accept as
binding, conclusive, and final all decisions and interpretations of the Committee.
As a condition of this Agreement, the Optionee authorizes the Company to
withhold from any regular cash compensation payable by the Company any taxes
required to be withheld under any federal, state or local law as a result of
exercising this Option.

 

 

	
  Dated: May 1, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald Humphrey

  	
   

  
	
   

  	
   

  	
  Donald HumphreyExhibit 10.4

 

NATIONAL
STORM MANAGEMENT, INC.

2005
EQUITY INCENTIVE PLAN

INCENTIVE
STOCK OPTION AWARD AGREEMENT

 

1.             An
Option to acquire 2,000,000 shares of Common Stock of National Storm
Management, Inc. (hereinafter referred to as the “Company”) is hereby granted
to MARK V. NOFFKE (hereinafter referred to as the “Optionee”), subject in all
respects to the terms and conditions of the National Storm Management, Inc.
2005 Equity Incentive Plan (hereinafter referred to as the “Plan”) and such
other terms and conditions as are set forth herein. Capitalized terms which are
not defined herein shall have the meaning provided under the Plan.

 

2.             The
Option is intended to constitute an Incentive Stock Option under Section 422 of
the Internal Revenue Code of 1986.

 

3.             The
Option price as determined by the Committee is twelve cents ($. 12) per Share.
The Option price may be paid in any one or a combination of cash, personal
check, Shares already owned for at least six (6) months, Broker Exercise Notice
or Net Issuance.

 

	
  4.

  	
  a.

  	
  The Option shall vest with respect to
  400,000 Shares on May 15, 2005 with respect to an additional 800,000 Shares
  on May 15, 2006, and with respect to the final 800,000 Shares on May 15,
  2007, provided that the Option shall not further vest after the employment or
  service of the Optionee is terminated. Vested options shall be immediately
  exercisable provided that Optionee has repaid any outstanding loans or
  advances received from the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  In the event the Optionee should be
  terminated for Cause, or shall Compete: (i) unexercised Options shall be
  immediately forfeited; and (ii) at the Company’s discretion, any Shares, or
  Share sale proceeds, received pursuant to this Option Agreement shall be
  returned to the Company and the Option price shall be repaid to the Optionee.

  

 

5.             Share
issuances shall at all times be subject to the Securities Law restrictions of
Section 6 of the Plan. The Option may not be exercised if the issuance of
Shares upon such exercise would constitute a violation of any applicable
federal or state securities law, or any other valid law or regulation. Without
limitation, as a condition to the exercise of the Option, the Optionee shall
represent to the Company that the Shares being acquired under the Option are
for investment and not with a present view for distribution or resale, unless
counsel for the Company is then of the opinion that such a representation is
not required under any applicable law, regulation or rule of any governmental
agency.

 

6.             The
Option may not be transferred in any manner except as provided under the Plan,
and generally may be exercised during the lifetime of the Optionee only by him.
The terms of this Option shall be binding upon the Optionee’s executors,
administrators, heirs, assigns and successors.

 

 

7.             The
Optionee hereby agrees that in the event of a Registration, the Optionee shall
not offer, sell, contract to sell, pledge, hypothecate, grant any option to
purchase or make any short sale of, or otherwise dispose of any shares of stock
of the Company or any rights to acquire stock of the Company for such period of
time from and after the effective date of such registration statement as may be
established by the underwriter for such public offering; provided, however,
that such period of time shall not exceed one hundred eighty (180) days from
the effective date of the registration statement to be filed in connection with
such public offering. The Optionee shall be subject to this provision provided
and only if other Plan Participants are also subject to similar arrangements.

 

8.             Vested
Options may not be exercised more than ten (10) years after the date indicated
below and may be exercised at any time during the two (2) years following
termination of service. If the Option is not exercised within three (3) months
after termination of service, it shall no longer be treated as an Incentive
Stock Option if it was originally intended to be treated as such. The exercise
of the Option shall otherwise be made in accordance with the terms and conditions
set forth in the Plan.

 

9.             The
Committee shall make all determinations concerning rights to benefits under the
Plan.

 

	
  Dated: May 1, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  NATIONAL STORM MANAGEMENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Terry
  Kiefer

  	
   

  
	
   

  	
  Committee

  	
   

  
					

 

ATTEST:

 

The Optionee acknowledges that he has
received a copy of the Plan and is familiar with the terms and conditions set
forth therein. The Optionee agrees to accept as binding, conclusive, and final
all decisions and interpretations of the Committee. As a condition of this
Agreement, the Optionee authorizes the Company to withhold from any regular
cash compensation payable by the Company any taxes required to be withheld
under any federal, state or local law as a result of exercising this Option.

 

	
  Dated: May 1, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Noffke

  	
   

  
	
   

  	
   

  	
  Mark Noffke

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