Document:

Exhibit
10.15

Option
Number «OptionNumber»

MERGE TECHNOLOGIES INCORPORATED

NONQUALIFIED STOCK OPTION

This
NONQUALIFIED STOCK OPTION (hereinafter, “Stock Option” or “Stock Option
Agreement”) is granted [Grant Date], by MERGE TECHNOLOGIES INCORPORATED, a Wisconsin
corporation (hereinafter, the “Company”), to «FirstName» «LastName» (hereinafter, the “Eligible Participant”), pursuant to the 2005 Equity Incentive Plan of
Merge Technologies Incorporated adopted March 4, 2005 by the Board of Directors
of the Company and approved by the shareholders of the Company on May 24, 2005
(hereinafter, the “Plan”), and resolutions adopted by the Board of Directors
(hereinafter, the “Board”) on [Date of Resolutions].

In
consideration of the Eligible Participant’s covenants contained in the Eligible
Participant’s Acknowledgement and Receipt hereof, appearing below, the
Company hereby grants to the Eligible Participant the option to purchase from
time to time, all or any part of a total of «ShareWordAmount»
(«ShareNumberAmount») shares of the Company’s Common Stock, One Cent ($0.01)
par value, at a price of ______________ Dollars and ______________ Cents in the
currency of the United States of America (US $_____) per share (hereinafter,
the “Options”), upon the following terms and conditions:

1.             The term of the Stock Option shall
be for six (6) years from the date hereof, and it shall expire on [Expiration
Date], unless sooner terminated as hereinafter provided.

2.             (a)           At any time or times after the date
hereof (but in no event after the above expiration date or, except as provided
in Paragraph 3 hereof, the prior termination of this Stock Option), the
Eligible Participant may exercise this Stock Option, in whole or in part, to
the extent of Twenty Five Percent (25%) of such number of shares on [Vest Date
One], and thereafter an additional Twenty Five Percent (25%) of such number of
shares as of [Vest Date Two], [Vest Date Three] and [Vest Date Four].  The Options granted hereunder are nonqualified
stock options and are not incentive stock options as described in Section 422
of the Internal Revenue Code of 1986, as amended.

Exercise may only be
made in multiples of ten (10) shares, except when the quantity under Stock
Option is not evenly divisible by such sum. 
In the latter case, the amount remaining after such division may be
purchased coincident with or after the exercise producing such odd sum.

(b)           This Stock Option shall be exercised
only by timely signed written notice delivered to the Company’s Corporate
Secretary or his or her office, in terms of the prescribed “Exercise of Option” form attached hereto
as Exhibit A, specifying the
number of shares and accompanied by payment, in U. S. Dollars, in
immediately available funds provided by check, money order, certified check, or
wire transfer, of the full Stock Option purchase price therefore and any amount
required to be withheld by the Company for Federal, state and/or local tax
purposes (including any applicable Canadian tax requirements).  The certificate or certificates for shares as
to which the Option shall have been so exercised shall be registered in the
name of the person or persons exercising the Option.

 

 

(c)           The obligation of the Company to sell
and deliver shares upon the due exercise of this Stock Option shall be subject
to:  (i) all applicable laws, rules and
regulations and to such approvals of any governmental agencies as may be
required, including, but not by way of limitation, the effectiveness of a
Registration Statement under the Securities Act of 1933, as amended (the “Act”),
or the availability of an exemption from registration under said Act, whichever
may be deemed necessary or appropriate by counsel for the Company; and
(ii) the satisfaction of all stock exchange requirements, if any,
necessary to accomplish the listing or complete the listing of the shares upon
the stock exchange upon which the shares of the Company may be listed.

3.             This Stock Option, to the extent
not then already exercised or otherwise terminated or lapsed or expired, shall
terminate and all vesting shall cease on the effective date of the Eligible
Participant’s termination of service (“Termination of Participation”); provided,
however, that the Eligible Participant (or his personal representative
of his estate) shall have the right to purchase such quantity of shares which
the Eligible Participant could have purchased pursuant to this Stock Option as
of the effective date of the Eligible Participant’s Termination of
Participation, within six (6) months following such Termination of Participation.

The foregoing
notwithstanding, in no event may this Stock Option be exercised by the Eligible
Participant or the Eligible Participant’s personal representative after the
expiration date specified in Paragraph 1 hereof.

4.             This Stock Option is not transferable
other than by Will or the laws of descent and distribution, may be exercised
during the life of the Eligible Participant only by the Eligible Participant
personally, and after the Eligible Participant’s death, only to the extent, if
any, as provided in Paragraph 3 hereof. 
Any attempted transfer by the Eligible Participant (voluntarily or by
operation of law) shall be null and void, and this Stock Option shall then
become null and void.

5.             Neither this Stock Option, shares
of stock issued upon the exercise of it, any excess of market value over option
price, nor any other rights, profits, values or interests resulting from the
granting of this Stock Option shall be considered as “compensation” for
purposes of any present or future employee benefit plan of the Company.

6.             This Stock Option is subject to the
terms and conditions of the Plan as of the date hereof and the uniform rules
and regulations from time to time issued by the Board or any committee of the
Board pursuant thereto.

7.             The Company hereby represents and
warrants to the Eligible Participant, that it has reserved and will at all
times while this Stock Option is in force, have available sufficient shares to
fulfill this Stock Option.

8.             This Stock Option and the
Acknowledgement and Receipt hereof have been executed in two (2) counterparts,
each of which when so executed and delivered shall be deemed an original and
all of which counterparts, taken together, shall constitute but one and the
same instrument.

 

	
  

  	
  MERGE
  TECHNOLOGIES INCORPORATED

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  , President

  

 

 2
 

 

ACKNOWLEDGEMENT AND RECEIPT

I hereby
acknowledge the receipt of the foregoing Stock Option upon the terms and
conditions therein stated.

In
consideration thereof, I hereby covenant and agree:

1.             That except as otherwise provided
in the aforesaid Stock Option Agreement, my rights, interests and benefits
thereunder are personal to me and may not be assigned, transferred or pledged
by me in any way, voluntarily or by operation of law.

2.             That this Stock Option Agreement shall be binding upon
me, my heirs, legatees, executors and administrators, and shall inure to the
benefit of and be binding upon the Company, its successors and assigns.

3.             That upon exercise of all or any
part of the aforesaid Stock Option, I will, as a condition to receiving such
shares, execute and deliver to the Company such instruments and undertakings as
may, in the opinion of counsel to the Company, be required to comply with those
matters described in Section 2(c) of the Stock Option.

I
hereby acknowledge receipt of a copy of the 2005 Equity Incentive Plan of Merge
Technologies Incorporated adopted March 4, 2005 by the Board of Directors of
the Company and approved by the shareholders of the Company on May 24, 2005, a
signed counterpart of the foregoing Stock Option and this Acknowledgement and
Receipt.

Dated
this __________ day of [month / year].

	
   

  	
   

  
	
  

  	
   

  

«FirstName»
«LastName»

 3

 

 

Exhibit
A

Exercise
of Option

Corporate Secretary

MERGE TECHNOLOGIES INCORPORATED

6737 West Washington Street

Suite 2250

Milwaukee,
Wisconsin  53214

RE:                              Stock
Option Dated:        [Date of Grant]

                        Stock
Option Number:        «OptionNumber»

I hereby
exercise the foregoing Stock Option to the extent of
___________________________ shares of the Common Stock of Merge Technologies
Incorporated, one cent ($.01) par value, at the option price of
________________ Dollars and __________________ Cents in the currency of the
United States of America (US $_____) per share, in accordance with the terms
and conditions of the aforesaid 2005 Equity Inventive Plan of Merge
Technologies Incorporated adopted March 4, 2005 by the Board of Directors of
the Company and approved by the shareholders of the Company on May 24, 2005,
under which it was issued.

Unless
a registration statement under the Securities Act of 1933 is in effect with
respect to the shares to be issued, I hereby certify that I intend by this
exercise of such Stock Option to acquire such shares for purposes of investment
and that I have no intention of reselling them after I have acquired them.

I
further agree that said shares when issued to me (and any additional or other
shares acquired by me in relation to such number of shares whether as a stock
dividend or otherwise) shall be subject to the Plan and that I will comply with
said provisions and perform all of the covenants on my part required under the
Plan, the Stock Option and my Acknowledgement and Receipt thereof.

Dated:
                                                                                   

___________________________________________

«FirstName» «LastName»Exhibit 10.16

Option
Number «OptionNumber»

MERGE TECHNOLOGIES
INCORPORATED

INCENTIVE STOCK
OPTION

This
INCENTIVE STOCK OPTION, designated as an Incentive Stock Option intended to
qualify under Section 422(b) of the Internal Revenue Code of 1986, as amended (“Stock
Option”), is granted [Date of Grant], by MERGE TECHNOLOGIES INCORPORATED, a
Wisconsin corporation (the “Company”), to «FirstName» «LastName» (“Employee”),
pursuant to the 2005 Equity Incentive Plan of Merge Technologies Incorporated
adopted March 4, 2005 by the Board of Directors of the Company and approved by
the shareholders of the Company on May 24, 2005 (hereinafter, the “Plan”), and
resolutions adopted by the Board of Directors (hereinafter, the “Board”) on
[Date of Resolutions].

In
order to give the Employee an incentive, to induce the Employee to remain in
the employ of the Company (or its present or future subsidiaries), to encourage
the Employee to acquire or increase a proprietary interest in the Company and
in consideration of the Employee’s covenants contained in the Employee’s
Acknowledgement and Receipt hereof appearing below, the Company hereby grants
to the Employee the option to purchase from time to time, all or any part of a
total of «ShareWordAmount» («ShareNumberAmount») shares of the Company’s Common
Stock, One Cent ($0.01) par value, at a price of ______________ Dollars and
________________ Cents in the currency of the United States of America (US
$______) per share (hereinafter, the “Options”), upon the following terms and
conditions:

1.             The term of the Stock Option shall
be for six (6) years from the date hereof, and it shall expire on [Expiration Date], unless sooner
terminated as hereinafter provided.

2.             (a)           At any time or times after the date
hereof (but in no event after the above expiration date or, except as provided
in Paragraph 3 hereof, the prior termination of this Stock Option), the
Employee may exercise this Stock Option, in whole or in part, to the extent of
Twenty Five Percent (25%) of such number of shares on [Vest Date One], and,
thereafter, an additional Twenty Five Percent (25%) of such number of shares as
of [Vest Date Two], [Vest Date Three] and [Vest Date Four].

Exercise may only be
made in multiples of ten (10) shares, except when the quantity under Stock Option
is not evenly divisible by such sum.  In
the latter case, the amount remaining after such division may be purchased
coincident with or after the exercise producing such odd sum.

(b)           This Stock Option shall be exercised
only by timely signed written notice delivered to the Company’s Corporate
Secretary or his or her office, in terms of the prescribed “Exercise of Option” form attached hereto
as Exhibit A, specifying the
number of shares and accompanied by payment, in U. S. Dollars, in
immediately available funds provided by check, money order, certified check, or
wire transfer, of the full Stock Option purchase price therefore and any amount
required to be withheld by the Company for Federal, state and/or local tax
purposes (including any applicable Canadian tax requirements). The certificate
or certificates for shares as to which the Option shall have been so exercised
shall be registered in the name of the person or persons exercising the Option.

(c)           The obligation of the Company to sell
and deliver shares upon the due exercise of this Stock Option shall be subject
to:  (i) all applicable laws, rules and
regulations

 

 

 and to such approvals of any governmental
agencies as may be required, including, but not by way of limitation, the
effectiveness of a Registration Statement under the Securities Act of 1933, as
amended (the “Act”), or the availability of an exemption from registration
under the said Act, whichever may be deemed necessary or appropriate by counsel
for the Company; and (ii) the satisfaction of all stock exchange requirements,
if any, necessary to accomplish the listing or complete the listing of the
shares upon the stock exchange upon which the shares of the Company may be
listed.

3.             This Stock Option, to the extent
not then already exercised or otherwise terminated or lapsed or expired, shall
termi­nate and all vesting shall cease on the effective date of the Employee’s
cessation of employment; provided, however, that the Employee (or
his personal representative of his estate) shall have the right to purchase
such quantity of shares which the Employee could have purchased pursuant to
this Stock Option as of the effective date of the Employee’s cessation of
employment for a period of six (6) months following such cessation of
employment; provided, further, however, that such Options
shall not be eligible for treatment as an Incentive Stock Option in the event
such Options are not exercised within ninety (90) days following the Employee’s
cessation of employment.

The foregoing
notwithstanding, in no event may this Stock Option be exercised by the Employee
or the Employee’s personal representative after the expiration date specified
in Paragraph 1 hereof.

4.             This Stock Option is not
transferable other than by Will or the laws of descent and distribution, may be
exercised during the life of the Employee only by the Employee personally, and
after the Employee’s death, only to the extent, if any, as provided in
Paragraph 3 hereof.  Any attempted
transfer by the Employee (voluntarily or by operation of law) shall be null and
void, and this Stock Option shall then become null and void.

5.             Neither this Stock Option, shares
of stock issued upon the exercise of it, any excess of market value over option
price, nor any other rights, profits, values or interests resulting from the
granting of this Stock Option shall be considered as “compensation” for
purposes of any present or future employee benefit plan of the Company.

6.             This Stock Option is subject to the
terms and conditions of the Plan as of the date hereof and the uniform rules
and regulations from time to time issued by the Board or committee of the Board
pursuant thereto.

7.             The Company hereby represents and
warrants to the Employee that it has reserved and will at all times while this
Stock Option is in force, have available sufficient shares to fulfill this
Stock Option.

8.             This Stock Option
and the Acknowledgement and Receipt hereof have been executed in two (2)
counterparts, each of which when so executed and delivered shall be deemed an
original and all of which counterparts, taken together, shall constitute but
one and the same instrument.

	
   

  	
  MERGE TECHNOLOGIES
  INCORPORATED

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  , President

  
				

 2
 

 

ACKNOWLEDGEMENT AND RECEIPT

I hereby
acknowledge the receipt of the foregoing Stock Option upon the terms and
conditions therein stated.

In
consideration thereof, I hereby covenant and agree:

1.             That except as otherwise provided
in the aforesaid Stock Option Agreement, my rights, interests and benefits
thereunder are personal to me and may not be assigned, transferred or pledged
by me in any way, voluntarily or by operation of law.

2.             That this Stock Option Agreement shall be binding upon
me, my heirs, legatees, executors and administrators, and shall inure to the
benefit of and be binding upon the Company, its successors and assigns.

3.             That upon exercise of all or any
part of the aforesaid Stock Option, I will, as a condition to receiving such
shares, execute and deliver to the Company such instruments and undertakings as
may, in the opinion of counsel to the Company, be required to comply with those
matters described in Section 2(c) of the Stock Option.

I
hereby acknowledge receipt of a copy of the 2005 Equity Incentive Plan of Merge
Technologies Incorporated adopted March 4, 2005 by the Board of Directors of
the Company and approved by the shareholders of the Company on May 24, 2005, a
signed counterpart of the foregoing Stock Option and this Acknowledgement and
Receipt.

Dated
this _______ day of [month / year].

________________________________________

«FirstName»
«LastName»

 3

 

 

Exhibit A

Exercise of Option

Corporate Secretary

MERGE TECHNOLOGIES INCORPORATED

6737 West Washington Street, Suite 2250

Milwaukee, Wisconsin  53214

RE:          Stock Option Dated:                            [Date
of Grant]

       Stock Option Number:                         «OptionNumber»

I
hereby exercise the foregoing Stock Option to the extent of
___________________________ shares of the Common Stock of Merge Technologies
Incorporated, One Cent ($.01) par value, at the option price of __________________ Dollars and
________________ Cents in the currency of the United States of America (US
$______) per share, in accordance with the terms and conditions of the
aforesaid 2005 Equity Inventive Plan of Merge Technologies Incorporated adopted
March 4, 2005 by the Board of Directors of the Company and approved by the shareholders
of the Company on May 24, 2005, under which it was issued.

Unless
a registration statement under the Securities Act of 1933 is in effect with
respect to the shares to be issued, I hereby certify that I intend by this
exercise of such Stock Option to acquire such shares for purposes of investment
and that I have no intention of reselling them after I have acquired them.

I further
agree that said shares when issued to me (and any additional or other shares
acquired by me in relation to such number of shares whether as a stock dividend
or otherwise) shall be subject to the Plan and that I will comply with said
provi­sions and perform all of the covenants on my part required under the
Plan, the Stock Option and my Acknowledgement and Receipt thereof.

Dated:                                                                                    

_____________________________________________

«FirstName» «LastName»

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