Document:

Exhibit 10.22

 

	
Name:
    	
 
    	
[·]
    
	
Number   of Shares of Stock subject to Stock Option:
    	
 
    	
[·]
    
	
Exercise Price Per Share:
    	
 
    	
$[·]
    
	
Date of Grant:
    	
 
    	
[·]
    
	
Vesting Start Date:
    	
 
    	
[·]
    

 

ACCELERON PHARMA INC.

 

2013 EQUITY INCENTIVE PLAN

 

INCENTIVE STOCK OPTION AGREEMENT

 

This agreement (this “Agreement”) evidences a stock option granted by Acceleron Pharma Inc. (the “Company”) to the undersigned (the “Optionee”) pursuant to and subject to the terms of the Acceleron Pharma Inc. 2013 Equity Incentive Plan (as amended from time to time, the “Plan”).

 

1.                                      Grant of Stock Option.  The Company grants to the Optionee on the date set forth above (the “Date of Grant”) an option (the “Stock Option”) to purchase, on the terms provided herein and in the Plan, up to the number of shares of Stock set forth above (the “Shares”) with an exercise price per Share as set forth above, in each case subject to adjustment pursuant to Section 7(b) of the Plan in respect of transactions occurring after the date hereof.

 

The Stock Option evidenced by this Agreement is intended to be an incentive stock option under Section 422 of the Code and is granted to the Optionee in connection with the Optionee’s employment by the Company or a “subsidiary corporation” of the Company, as such term is defined in Section 424 of the Code.

 

2.                                      Meaning of Certain Terms.  Except as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan.  The following terms have the following meanings:

 

(a)                                 “Beneficiary” means, in the event of the Optionee’s death, the beneficiary named in the written designation (in form acceptable to the Administrator) most recently filed with the Administrator by the Optionee prior to the Optionee’s death and not subsequently revoked, or, if there is no such designated beneficiary, the executor or administrator of the Optionee’s estate.  An effective beneficiary designation will be treated as having been revoked only upon receipt by the Administrator, prior to the Optionee’s death, of an instrument of revocation in form acceptable to the Administrator.

 

(b)                                 “Option Holder” means the Optionee or, if as of the relevant time the Stock Option has passed to a Beneficiary, the Beneficiary.

 

 

3.                                      Vesting; Method of Exercise; Treatment of the Stock Option Upon Cessation of Employment.

 

(a)                                 Vesting.  As used herein with respect to the Stock Option or any portion thereof, the term “vest” means to become exercisable and the term “vested” as applied to any outstanding Stock Option means that the Stock Option is then exercisable, subject in each case to the terms of the Plan.  Unless earlier terminated, forfeited, relinquished or expired, the Stock Option will vest as to [1/4th of the Shares on [the first anniversary of the Vesting Start Date](1) and thereafter as to 1/16th of the Shares on each subsequent three-month anniversary of [the one-year anniversary of the Vesting Start Date](2)]  [1/16th of the Shares on the three-month anniversary of the Vesting Start Date and thereafter as to 1/16th of the Shares on each subsequent three-month anniversary of the Vesting Start Date],(3) with the number of Shares that vest on any such date being rounded down to the nearest whole Share and the Stock Option becoming vested as to 100% of the Shares on the fourth anniversary of the Vesting Start Date.  Notwithstanding the foregoing, Shares subject to the Stock Option shall not vest on any vesting date unless the Optionee has remained in continuous Employment from the Date of Grant through such vesting date.

 

(b)                                 Exercise of the Stock Option.  No portion of the Stock Option may be exercised until such portion vests.  Each election to exercise any vested portion of the Stock Option will be subject to the terms and conditions of the Plan and shall be in writing, signed by the Option Holder (or in such other form as is acceptable to the Administrator).  Each such written exercise election must be received by the Company at its principal office or by such other party as the Administrator may prescribe and be accompanied by payment in full as provided in the Plan.  The exercise price may be paid (i) by cash or check acceptable to the Administrator, [(ii) to the extent permitted by the Administrator, through a broker-assisted cashless exercise program acceptable to the Administrator,](4) (iii) by such other means, if any, as may be acceptable to the Administrator, or (iv) by any combination of the foregoing permissible forms of payment.  In the event that the Stock Option is exercised by a person other than the Optionee, the Company will be under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority of the Option Holder to exercise the Stock Option and compliance with applicable securities laws.  The latest date on which the Stock Option or any portion thereof may be exercised will be the 10th anniversary of the Date of Grant (the “Final Exercise Date”).  If the Stock Option is not exercised by

 

(1)  Note to Draft:  Insert appropriate date.

 

(2)  Note to Draft:  Insert appropriate date.

 

(3)  Note to Draft:  Alternative vesting terms to be confirmed.

 

(4)  Note to Draft:  Consider whether to allow cashless exercise for ISOs, which will result in disqualifying dispositions of the shares that are sold to pay the exercise price.

 

 

the Final Exercise Date the Stock Option or any remaining portion thereof will thereupon immediately terminate.

 

(c)                                  Treatment of the Stock Option Upon Cessation of Employment.  If the Optionee’s Employment ceases, the Stock Option, to the extent not already vested will be immediately forfeited, and any vested portion of the Stock Option that is then outstanding will be treated as follows:

 

(i)                                     Subject to clauses (ii) and (iii) below and Section 4 of this Agreement, the Stock Option, to the extent vested immediately prior to the cessation of the Optionee’s Employment, will remain exercisable until the earlier of (A) the date that is three months following the date of such cessation of Employment, or (B) the Final Exercise Date, and except to the extent previously exercised as permitted by this Section 3(c)(i) will thereupon immediately terminate.

 

(ii)                                  Subject to clauses (iii) below and Section 4 of this Agreement, the Stock Option, to the extent vested immediately prior to the cessation of the Optionee’s Employment due to death, will remain exercisable until the earlier of (A) the first anniversary of the Optionee’s death or (B) the Final Exercise Date, and except to the extent previously exercised as permitted by this Section 3(c)(ii) will thereupon immediately terminate.

 

(iii)                               If the Optionee’s Employment is terminated by the Company and its subsidiaries in connection with an act or failure to act constituting Cause (as the Administrator, in its sole discretion, may determine), or such termination occurs in circumstances that in the determination of the Administrator would have entitled the Company and its subsidiaries to terminate the Optionee’s Employment for Cause, the Stock Option (whether or not vested) will immediately terminate and be forfeited upon such termination.

 

4.                                      Forfeiture; Recovery of Compensation.

 

(a)                                 The Administrator may cancel, rescind, withhold or otherwise limit or restrict the Stock Option at any time if the Optionee is not in compliance with all applicable provisions of this Agreement and the Plan.

 

(b)                                 By accepting the Stock Option, the Optionee expressly acknowledges and agrees that his or her rights, and those of any permitted transferee of the Stock Option, under the Stock Option, including to any Stock acquired under the Stock Option or proceeds from the disposition thereof, are subject to Section 6(a)(5) of the Plan (including any successor provision). Nothing in the preceding sentence shall be construed as limiting the general application of Section 8 of this Agreement.

 

5.                                      Transfer of Stock Option.  The Stock Option may not be transferred except as expressly permitted under Section 6(a)(3) of the Plan.

 

 

6.                                      Taxes.

 

(a)                                 Withholding.  If at the time this Stock Option is exercised the Company determines that under applicable law and regulations it could be liable for the withholding of any federal or state tax upon such exercise or with respect to a disposition of any Stock acquired upon such exercise, the Optionee expressly acknowledges and agrees that the Optionee’s rights hereunder, including the right to be issued Shares upon exercise, are subject to the Optionee promptly paying to the Company in cash (or by such other means as may be acceptable to the Administrator in its discretion) all taxes required to be withheld.  No Shares will be transferred pursuant to the exercise of this Stock Option unless and until the person exercising this Stock Option has remitted to the Company an amount in cash sufficient to satisfy any federal, state, or local withholding tax requirements, or has made other arrangements satisfactory to the Company with respect to such taxes.  The Optionee authorizes the Company and its subsidiaries to withhold such amount from any amounts otherwise owed to the Optionee, but nothing in this sentence shall be construed as relieving the Optionee of any liability for satisfying his or her obligation under the preceding provisions of this Section.

 

(b)                                 Disqualifying Disposition.  If the Optionee disposes of the Shares acquired upon exercise of this Stock Option within two years from the Grant Date or one year after such Shares were acquired pursuant to the exercise of this Stock Option, within 15 days of such disposition, the Optionee shall notify the Company in writing of such disposition.

 

(c)                                  Annual Limit for Incentive Stock Options.  To the extent that the aggregate fair market value (determined at the time of grant) of the shares of Stock subject to this Stock Option and all other incentive stock options the Optionee holds that are exercisable for the first time during any calendar year (under all plans of the Company and its related corporations) exceeds $100,000, the options held by the Optionee or portions thereof that exceed such limit (according to the order in which they were granted in accordance with the regulations under Section 422 of the Code) shall be treated as an NSO.

 

(d)                                 Limitation on Liability.  The Optionee acknowledges and agrees that the Company or the Administrator may take any action permitted under the Plan without regard to the effect such action may have on the status of this Stock Option as an incentive stock option under Section 422 of the Code and that such actions may cause this Stock Option to fail to be treated as an incentive stock option under Section 422 of the Code.  The Optionee further acknowledges and agrees that neither the Company, nor any of its Affiliates, nor the Administrator, nor any person acting on behalf of the Company, any of its Affiliates, or the Administrator, will be liable to the Optionee or to the estate or beneficiary of the Optionee or to any other person by reason of the failure the Stock Option to satisfy the requirements of Section 422 of the Code.

 

 

7.                                      Effect on Employment.  Neither the grant of the Stock Option, nor the issuance of Shares upon exercise of the Stock Option, will give the Optionee any right to be retained in the employ or service of the Company or any of its Affiliates, affect the right of the Company or any of its Affiliates to discharge or discipline such Optionee at any time, or affect any right of such Optionee to terminate his or her Employment at any time.

 

8.                                      Provisions of the Plan.  This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference.  A copy of the Plan as in effect on the Date of Grant has been furnished to the Optionee.  By exercising all or any part of the Stock Option, the Optionee agrees to be bound by the terms of the Plan and this Agreement.  In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan shall control.

 

9.                                      Acknowledgements.  The Optionee acknowledges and agrees that (i) this Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument, (ii) this agreement may be executed and exchanged using facsimile, portable document format (PDF) or electronic signature, which, in each case, shall constitute an original signature for all purposes hereunder and (iii) such signature by the Company will be binding against the Company and will create a legally binding agreement when this Agreement is countersigned by the Optionee.

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer.

 

	
 
    	
 
    	
ACCELERON   PHARMA INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
Dated:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Acknowledged   and Agreed:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By
    	
 
    	
 
    	
 
    
	
 
    	
[Optionee’s   Name]Lithium Exploration Group, Inc. - Exhibit 10.1 - Filed by newsfilecorp.com

AGREEMENT BETWEEN LITHIUM EXPLORAITON GROUP, INC.

AND HAGEN INVESTMENTS LTD. 

     This Agreement is dated as of
January 3, 2014 between Lithium Exploration Group, Inc., a Nevada corporation
(the “Company”), and JDF Capital Inc. (“Holder”).

     WHEREAS, the Company and the
Holder as assignee are parties to the Securities Purchase Agreement, dated March
28, 2012 as amended by amendment agreements dated May 15, 2012 and September 17,
2012, respectively(the “March 28, 2012 Securities Purchase Agreement); 

     WHEREAS, pursuant to the March
28, 2012 Securities Purchase Agreement, the Company issued to the Holder a
Senior Convertible Debenture dated May 15, 2012 (the “May 15, 2012 Debenture”),
due December 28, 2012 having an original principal balance of $1,680,000; 

     WHEREAS, as at the date of this
Agreement an aggregate principal amount of $298,674.25 remains payable to the
Holder pursuant to the May 15, 2012 Debenture; 

     WHEREAS, the Company and the
Holder have determined that it is in their mutual best interest to reduce the
conversion price of the May 15, 2012 Debenture (as amended); 

     WHEREAS, the Company and the
Holder are parties to the Securities Purchase Agreement, dated March 1, 2013
pursuant to which the Company has issued to the Holder a secured convertible
promissory note in an aggregate principal amount of $672,000 (the “March 1, 2013
Debenture”); 

     WHEREAS, by Assignment Agreement
dated October 31, 2013 by and among the Company, the Holder and Blu Citi LLC,
the Holder has assigned to Blu Citi LLC $150,000 of its right and interest in
the note;

     WHEREAS, the Company and the
Holder are parties to the Securities Purchase Agreement, dated September 16,
2013 pursuant to which the Company has issued to the Holder the following
secured convertible promissory notes: (i) a secured convertible promissory note
dated September 16, 2013 in an aggregate principal amount of $306,250 (the
“September 16, 2013 Debenture”);and (ii) a secured convertible promissory note
dated October 15, 2013 in an aggregate principal amount of $306,250 (the
“October 15, 2013 Debenture”); 

     WHEREAS, as at the date of this
Agreement an aggregate principal amount of $1,134,500 (the “Convertible
Debt”) is payable to the Holder pursuant to the March 1, 2013 Debenture, the
September 16, 2013 Debenture, and the October 15, 2013 Debenture; and 

     WHEREAS, the Company wishes, and
the Holder has agreed, to extinguish the Convertible Debt in consideration of
(i) the issuance to the Holder of preferred shares in the capital stock of the
Company; and (ii) the reduction of the exercise price of the May 15, 2012
Debenture. 

     NOW, THEREFORE, in consideration
of the mutual covenants contained in this Amendment, and for other good and
valuable consideration the receipt and adequacy of which are hereby
acknowledged, the undersigned agree as follows: 

	 	1. 	
      Amendment of May 15, 2012 Debenture.

	 		(a) 	
      Section 4b) of the May 15, 2012 Debenture is hereby
      deleted and replaced with the following: 4 b) Conversion Price. The
      Conversion Price shall mean the lesser of (i) seventy percent (70%) of the
      lowest reported sale price of the Common Stock for the twenty trading days
      immediately prior to the Conversion Date, or (ii) $0.20. In the event
      there shall be a Public Information Failure, and such failure shall cause
      Rule 144 to be unavailable for the resale of Common Stock issuable upon
      conversion of this Debenture in the reasonable opinion of counsel for the
      Holder, the Conversion Price set forth herein shall be reduced an additional ten
      percent (10%) of the lowest reported sale price of the Common Stock for
      the ten trading days immediately prior to the Conversion Date, for each
      such Public Information Failure. For purposes of clarity, it is understood
      that if there shall be a Public Information Failure which is cured and
      then repeated once, the Conversion Price shall be reduced an additional
      twenty percent (20%) of the lowest reported sale price of the Common Stock
      for the ten trading days immediately prior to the Conversion Date The
      Conversion Price may be adjusted pursuant to the other terms of this
  Debenture.

	 	(b) 	
      Section 5 b) (Subsequent Equity Sales) and Section 5 c)
      (Subsequent Rights Offerings) of the May 15, 2012 Debenture are hereby
      deleted in their entirety.

	 	2. 	
      Entire Agreement. Except as previously amended and
      amended by this Agreement, the May 15, 2012 Debenture remains in force and
      effect.

	 	 	 
	 	3. 	
      Settlement of Convertible Debt. In full
      consideration of the Convertible Debt, the Holder agrees to accept and the
      Company agrees to issue to the Holder 1,134,500 Series B Preferred Shares
      of the Company which shall have the rights and attributes set out in the
      certificate of designation attached hereto as Schedule “A”.

	 	 	 
	 	4. 	
      Release. The Holder hereby agrees that upon
      delivery of the Series B Preferred Shares by the Company in accordance
      with the provisions of this Agreement, the Convertible Debt will be fully
      satisfied and extinguished, and the Holder will remise, release and
      forever discharge the Company and its respective directors, officers,
      employees, successors, solicitors, agents and assigns from any and all
      obligations relating to the Convertible Debt.

	 	 	 
	 	5. 	
      Public Announcement. The Company shall, within
      four business days of the date hereof, file with the Securities and
      Exchange Commission, a Current Report on Form 8-K disclosing the material
      terms of this Agreement.

	 	 	 
	 	6. 	
      Amendments; Waivers. No provision of this
      Agreement may be waived or amended except in a written instrument signed,
      in the case of an amendment, by the Company and the Holder or in the case
      of a waiver, by the party against whom enforcement of any such waiver is
      sought. No waiver of any default with respect to any provision, condition
      or requirement of this Agreement shall be deemed to be a continuing waiver
      in the future or a waiver of any subsequent default or a waiver of any
      other provision, condition or requirement hereof, nor shall any delay or
      omission of either party to exercise any right hereunder in any manner
      impair the exercise of any such right.

	 	 	 
	 	7. 	
      Governing Law. All questions concerning the
      construction, validity, enforcement and interpretation of this Agreement
      shall be governed by and construed and enforced in accordance with the
      internal laws of the State of Nevada, without regard to the principles of
      conflicts of law thereof.

	 	 	 
	 	8. 	
      Execution. This Agreement may be executed in
      counterparts that, together, shall have the same effect as if all parties
      signed this Agreement on the same signature page.

	 	 	 
	 	9. 	
      Construction. The headings herein are for
      convenience only, do not constitute a part of this Agreement and shall not
      be deemed to limit or affect any of the provisions hereof. The language
      used in this Agreement will be deemed to be the language chosen by the
      parties to express their mutual intent, and no rules of strict
      construction will be applied against any party.

     IN WITNESS WHEREOF, the parties
hereto have caused this Agreement t to be duly executed by their respective
authorized signatories as of the date first indicated above. 

	Lithium Exploration Group, Inc. 	 	JDF Capital Inc. 
	  	 	  
	/s/ Alex
      Walsh 	 	/s/
      John Fierro 
	Name: Alex Walsh 	 	Name: John Fierro 
	Title: President 	 	Title: President

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