Document:

Prepared by MerrillDirect

Exhibit 10.3(f)

INCENTIVE STOCK OPTION AGREEMENT

UNDER THE STOCKERYALE, INC.

2000 STOCK OPTION AND INCENTIVE PLAN

	IF THIS STOCK OPTION IS GRANTED IN TANDEM WITH
  STOCK APPRECIATION RIGHTS, THEN, UPON THE EXERCISE OF ANY OF SUCH STOCK
  APPRECIATION RIGHTS, AN EQUAL NUMBER OF OPTION SHARES SHALL AUTOMATICALLY
  TERMINATE AND SHALL NO LONGER BE EXERCISABLE.

	Check
  box if granted in tandem with SAR’s	o

 

Name of Optionee:  ___________________________

No. of Option Shares:  _________________________

Option Exercise Price per Share:  _____________________________________

                                                                   [FMV
(110% of FMV if a 10% owner)]

Grant Date:  ____________________

Expiration Date:
_____________________________________________

                                                                   [up
to 10 years (5 if a 10% owner)]

                                                                   

 

             Pursuant to the StockerYale, Inc.
2000 Stock Option and Incentive Plan (the “Plan”) as amended through the date
hereof, StockerYale, Inc.  (the
“Company”) hereby grants to the Optionee named above an option (the “Stock
Option”) to purchase on or prior to the Expiration Date specified above all or
part of the number of shares of Common Stock, par value $.001 per share (the
“Stock”) of the Company specified above at the Option Exercise Price per Share
specified above subject to the terms and conditions set forth herein and in the
Plan.

             1.          Vesting
Schedule.  No portion of this Stock
Option may be exercised until such portion shall have vested.  Except as set forth below, and subject to
the discretion of the Committee (as defined in Section 2 of the Plan) to
accelerate the vesting schedule hereunder, this Stock Option shall be vested
and exercisable with respect to the following number of Option Shares on the
dates indicated:

	Number of	 	 	 	 	 
	Option Shares Exercisable*	 	 	 	 	Vesting Date
	_____________________	(	___________	%	)	____________
	_____________________	(	___________	%	)	____________
	_____________________	(	___________	%	)	____________
	_____________________	(	___________	%	)	____________

* Max. of
$100,000 per yr.

             In
the event of a Change of Control of the Company as defined in Section 17 of the
Plan, this Stock Option shall become immediately vested and exercisable in
full, whether or not this Stock Option or any portion hereof is vested and
exercisable at such time.  Once vested,
this Stock Option shall continue to be exercisable at any time or times prior
to the close of business on the Expiration Date, subject to the provisions
hereof and of the Plan.

             2.          Manner
of Exercise.

                           (a)         The Optionee may exercise this Option
only in the following manner:  from time
to time on or prior to the Expiration Date of this Option, the Optionee may
give written notice to the Committee of his or her election to purchase some or
all of the vested Option Shares purchasable at the time of such notice.  This notice shall specify the number of Option
Shares to be purchased.

             Payment of the purchase price for
the Option Shares may be made by one or more of the following methods:  (i) in cash, by certified or bank check
or other instrument acceptable to the Committee; (ii) in the form of
shares of Stock that are not then subject to restrictions under any Company
plan and that have been held by the Optionee for at least six months;
(iii) by the Optionee delivering to the Company a properly executed
exercise notice together with irrevocable instructions to a broker to promptly
deliver to the Company cash or a check payable and acceptable to the Company to
pay the option purchase price, provided that in the event the Optionee chooses
to pay the option purchase price as so provided, the Optionee and the broker
shall comply with such procedures and enter into such agreements of indemnity
and other agreements as the Committee shall prescribe as a condition of such
payment procedure; or (iv) a combination of (i), (ii) and (iii) above.  Payment instruments will be received subject
to collection.

             The delivery of certificates
representing the Option Shares will be contingent upon the Company’s receipt
from the Optionee of full payment for the Option Shares, as set forth above and
any agreement, statement or other evidence that the Company may require to
satisfy itself that the issuance of Stock to be purchased pursuant to the
exercise of Options under the Plan and any subsequent resale of the shares of
Stock will be in compliance with applicable laws and regulations.

                           (b)        Certificates for the shares of Stock
purchased upon exercise of this Stock Option shall be issued and delivered to
the Optionee upon compliance to the satisfaction of the Committee with all
requirements under applicable laws or regulations in connection with such
issuance and with the requirements hereof and of the Plan.  The determination of the Committee as to
such compliance shall be final and binding on the Optionee.  The Optionee shall not be deemed to be the
holder of, or to have any of the rights of a holder with respect to, any shares
of Stock subject to this Stock Option unless and until this Stock Option shall
have been exercised pursuant to the terms hereof, the Company shall have issued
and delivered the shares to the Optionee, and the Optionee’s name shall have
been entered as the stockholder of record on the books of the Company.  Thereupon, the Optionee shall have full
voting, dividend and other ownership rights with respect to such shares of
Stock.

                           (c)         The minimum number of shares with
respect to which this Stock Option may be exercised at any one time shall be
100 shares, unless the number of shares with respect to which this Stock Option
is being exercised is the total number of shares subject to exercise under this
Stock Option at the time.

                           (d)        Notwithstanding any other provision
hereof or of the Plan, no portion of this Stock Option shall be exercisable
after the Expiration Date hereof.

             3.          Termination
of Employment.  If the Optionee’s
employment by the Company or a Subsidiary (as defined in the Plan) is
terminated, the period within which to exercise the Option may be subject to
earlier termination as set forth below.

                           (a)         Termination Due to Death.  If the Optionee’s employment terminates by
reason of death, any Option held by the Optionee shall become fully exercisable
and may thereafter be exercised by the Optionee’s legal representative or
legatee for a period of 12 months from the date of death or until the
Expiration Date, if earlier.

 

                           (b)        Termination Due to Disability.  If the Optionee’s employment terminates by
reason of Disability (as defined in the Plan), any Option held by the Optionee
shall become fully exercisable and may thereafter be exercised by the Optionee
for a period of 12 months from the date of termination or until the Expiration
Date, if earlier.  The death of the
Optionee during the twelve-month period provided in this Section 3(b)
shall extend such period for another 12 months from the date of death or until
the Expiration Date, if earlier.

                           (c)         Termination for Cause.  If the Optionee’s employment terminates for
Cause (as defined in the Plan), any Option held by the Optionee shall terminate
immediately and be of no further force and effect.

                           (d)        Other Termination.  If the Optionee’s employment terminates for
any reason other than death, Disability, or Cause, and unless otherwise
determined by the Committee, any Option held by the Optionee may be exercised,
to the extent exercisable on the date of termination, for a period of [three
months][three years]1 from the date of termination or until the Expiration
Date, if earlier.  Any Option that is
not exercisable at such time shall terminate immediately and be of no further
force or effect.

	1	Select three months if the Optionee is an
  employee of the Company but not a Director. 
  Select three years if the Optionee is a Director of the Company.

The Committee’s
determination of the reason for termination of the Optionee’s employment shall
be conclusive and binding on the Optionee and his or her representatives or
legatees.

             4.          Incorporation
of Plan.  Notwithstanding anything
herein to the contrary, this Stock Option shall be subject to and governed by
all the terms and conditions of the Plan. 
Capitalized terms in this Agreement shall have the meaning specified in
the Plan, unless a different meaning is specified herein.

             5.          Transferability.  This Agreement is personal to the Optionee,
is non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution.  This Stock Option is exercisable, during the
Optionee’s lifetime, only by the Optionee, and thereafter, only by the
Optionee’s legal representative or legatee.

             6.          Status
of the Stock Option.  This Stock
Option is intended to qualify as an “incentive stock option” under Section 422
of the Internal Revenue Code of 1986, as amended (the “Code”), but the Company
does not represent or warrant that this Option qualifies as such.  The Optionee should consult with his or her
own tax advisors regarding the tax effects of this Option and the requirements
necessary to obtain favorable income tax treatment under Section 422 of
the Code, including, but not limited to, holding period requirements.  If the Optionee intends to dispose or does
dispose (whether by sale, gift, transfer or otherwise) of any Option Shares
within the one-year period beginning on the date after the transfer of such
shares to him or her, or within the two-year period beginning on the day after
the grant of this Stock Option, he or she will notify the Company within 30
days after such disposition.

             7.          Miscellaneous.

                           (a)         Notice hereunder shall be given to the
Company at its principal place of business, and shall be given to the Optionee
at the address set forth below, or in either case at such other address as one
party may subsequently furnish to the other party in writing.

                           (b)        This Stock Option does not confer upon
the Optionee any rights with respect to continuance of employment by the
Company or any Subsidiary.

                           (c)         Pursuant to Section 15 of the Plan, the
Committee may at any time amend or cancel any outstanding portion of this Stock
Option, but no such action may be taken which adversely affects the Optionee’s
rights under this Agreement without the Optionee’s consent.

 

	

	By:	 	 
	 	 	

	 	 	Title:

 

The foregoing
Agreement is hereby accepted and the terms and conditions thereof hereby agreed
to by the undersigned.

	Dated:	 	 
	 	

	

	 	 	Optionee’s Signature
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Optionee’s name and address:Prepared by MerrillDirect

Exhibit 10.3(g)

NON-QUALIFIED STOCK OPTION AGREEMENT

FOR COMPANY EMPLOYEES

UNDER THE STOCKERYALE, INC.

2000 STOCK OPTION AND INCENTIVE PLAN

	IF THIS STOCK OPTION IS GRANTED IN TANDEM
  WITH  STOCK APPRECIATION RIGHTS, THEN,
  UPON THE EXERCISE  OF ANY OF SUCH STOCK
  APPRECIATION RIGHTS, AN EQUAL  NUMBER
  OF OPTION SHARES SHALL AUTOMATICALLY 
  TERMINATE AND SHALL NO LONGER BE EXERCISABLE.

 

	Check
  box if granted in tandem with SAR’s	o

Name of
Optionee:_______________________________

No. of Option Shares:_____________________________

Option Exercise Price per Share:____________________

                                                                   [min.
85% of FMV]

Grant Date:_____________________________________

Expiration Date:_________________________________

                                        [up
to 10 years and 1 day]

 

             Pursuant to the StockerYale, Inc.
2000 Stock Option and Incentive Plan (the “Plan”) as amended through the date
hereof, StockerYale, Inc. (the “Company”) hereby grants to the Optionee named
above an option (the “Stock Option”) to purchase on or prior to the Expiration
Date specified above all or part of the number of shares of Common Stock, par
value $.001 per share (the “Stock”) of the Company specified above at the
Option Exercise Price per Share specified above subject to the terms and
conditions set forth herein and in the Plan.

             1.          Vesting
Schedule.  No portion of this Stock
Option may be exercised until such portion shall have vested.  Except as set forth below, and subject to
the discretion of the Committee (as defined in Section 2 of the Plan) to
accelerate the vesting schedule hereunder, this Stock Option shall be vested
and exercisable with respect to the following number of Option Shares on the
dates indicated:

	Number of	 	 	 	 	 
	Option Shares Exercisable*	 	 	 	 	Vesting Date
	_____________________	(	___________	%	)	____________
	_____________________	(	___________	%	)	____________
	_____________________	(	___________	%	)	____________
	_____________________	(	___________	%	)	____________

 

             In the event of a Change of Control of
the Company as defined in Section 17 of the Plan, this Stock Option shall
become immediately vested and exercisable in full, whether or not this Stock
Option or any portion hereof is vested and exercisable at such time.  Once vested, this Stock Option shall
continue to be exercisable at any time or times prior to the close of business
on the Expiration Date, subject to the provisions hereof and of the Plan.

             2.          Manner
of Exercise.

                           (a)         The Optionee may exercise this Option
only in the following manner:  from time
to time on or prior to the Expiration Date of this Option, the Optionee may
give written notice to the Committee of his or her election to purchase some or
all of the vested Option Shares purchasable at the time of such notice.  This notice shall specify the number of
Option Shares to be purchased.

             Payment of the purchase price for
the Option Shares may be made by one or more of the following methods:  (i) in cash, by certified or bank check
or other instrument acceptable to the Committee; (ii) in the form of
shares of Stock that are not then subject to restrictions under any Company
plan and that have been held by the Optionee for at least six months;
(iii) by the Optionee delivering to the Company a properly executed
exercise notice together with irrevocable instructions to a broker to promptly deliver
to the Company cash or a check payable and acceptable to the Company to pay the
option purchase price, provided that in the event the Optionee chooses to pay
the option purchase price as so provided, the Optionee and the broker shall
comply with such procedures and enter into such agreements of indemnity and
other agreements as the Committee shall prescribe as a condition of such
payment procedure; or (iv) a combination of (i), (ii) and (iii)
above.  Payment instruments will be
received subject to collection.

             The delivery of certificates
representing the Option Shares will be contingent upon the Company’s receipt
from the Optionee of full payment for the Option Shares, as set forth above and
any agreement, statement or other evidence that the Company may require to
satisfy itselfthat the issuance of Stock to be purchased pursuant to the
exercise of Options under the Plan and any subsequent resale of the shares of
Stock will be in compliance with applicable laws and regulations.

                           (b)        Certificates for shares of Stock
purchased upon exercise of this Stock Option shall be issued and delivered to
the Optionee upon compliance to the satisfaction of the Committee with all
requirements under applicable laws or regulations in connection with such
issuance and with the requirements hereof and of the Plan.  The determination of the Committee as to
such compliance shall be final and binding on the Optionee.  The Optionee shall not be deemed to be the
holder of, or to have any of the rights of a holder with respect to, any shares
of Stock subject to this Stock Option unless and until this Stock Option shall
have been exercised pursuant to the terms hereof, the Company shall have issued
and delivered the shares to the Optionee, and the Optionee’s name shall have
been entered as the stockholder of record on the books of the Company.  Thereupon, the Optionee shall have full
voting, dividend and other ownership rights with respect to such shares of
Stock.

                           (c)         The minimum number of shares with
respect to which this Stock Option may be exercised at any one time shall be
100 shares, unless the number of shares with respect to which this Stock Option
is being exercised is the total number of shares subject to exercise under this
Stock Option at the time.

                           (d)        Notwithstanding any other provision
hereof or of the Plan, no portion of this Stock Option shall be exercisable
after the Expiration Date hereof.

             3.          Termination
of Employment.  If the Optionee’s
employment by the Company or a Subsidiary (as defined in the Plan) is terminated,
the period within which to exercise the Option may be subject to earlier
termination as set forth below.

                           (a)         Termination Due to Death.  If the Optionee’s employment terminates by
reason of death, any Option held by the Optionee shall become fully exercisable
and may thereafter be exercised by the Optionee’s legal representative or
legatee for a period of 12 months from the date of death or until the
Expiration Date, if earlier.

                           (b)        Termination Due to Disability.  If the Optionee’s employment terminates by
reason of Disability (as defined in the Plan), any Option held by the Optionee
shall become fully exercisable and may thereafter be exercised by the Optionee
for a period of 12 months from the date of termination or until the Expiration
Date, if earlier.  The death of the
Optionee during the 12-month period provided in this Section 3(b) shall
extend such period for another 12 months from the date of death or until the
Expiration Date, if earlier.

                           (c)         Termination for Cause.  If the Optionee’s employment terminates for
Cause (as defined in the Plan), any Option held by the Optionee shall terminate
immediately and be of no further force and effect.

                           (d)        Other Termination.  If the Optionee’s employment terminates for
any reason other than death, Disability or Cause, and unless otherwise
determined by the Committee, any Option held by the Optionee may be exercised,
to the extent exercisable on the date of termination, for a period of [three
months][three years]1 from the date of termination or until the Expiration
Date, if earlier.  Any Option that is
not exercisable at such time shall terminate immediately and be of no further
force or effect.

	1	Select three months if the Optionee is an
  employee of the Company but not a Director. 
  Select three years if the Optionee is a Director of the Company.

 

 The Committee’s determination of the reason
for termination of the Optionee’s employment shall be conclusive and binding on
the Optionee and his or her representatives or legatees.

 

             4.          Incorporation
of Plan.  Notwithstanding anything
herein to the contrary, this Stock Option shall be subject to and governed by
all the terms and conditions of the Plan. 
Capitalized terms in this Agreement shall have the meaning specified in
the Plan, unless a different meaning is specified herein.

             5.          Transferability.  This Agreement is personal to the Optionee,
is non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution.  This Stock Option is exercisable, during the
Optionee’s lifetime, only by the Optionee, and thereafter, only by the
Optionee’s legal representative or legatee.

             6.          Tax
Withholding.  The Optionee shall,
not later than the date as of which the exercise of this Stock Option becomes a
taxable event for Federal income tax purposes, pay to the Company or make
arrangements satisfactory to the Committee for payment of any Federal, state,
and local taxes required by law to be withheld on account of such taxable
event.  The Optionee may elect to have
such tax withholding obligation satisfied, in whole or in part, by (i)
authorizing the Company to withhold from shares of Stock to be issued, or (ii)
transferring to the Company, a number of shares of Stock with an aggregate Fair
Market Value that would satisfy the withholding amount due.

             7.          Miscellaneous.

                           (a)         Notice hereunder shall be given to the
Company at its principal place of business, and shall be given to the Optionee
at the address set forth below, or in either case at such other address as one
party may subsequently furnish to the other party in writing.

                           (b)        This Stock Option does not confer upon
the Optionee any rights with respect to continuance of employment by the
Company or any Subsidiary.

                           (c)         Pursuant to Section 15 of the
Plan, the Committee may at any time amend or cancel any outstanding portion of
this Stock Option, but no such action may be taken which adversely affects the
Optionee’s rights under this Agreement without the Optionee’s consent.

 

	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	Title:	 	 	 	 	 

 

The foregoing
Agreement is hereby accepted and the terms and conditions thereof hereby agreed
to by the undersigned.

 

	Dated:	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	

	 	 	 	

	 	 	 	 	 	 	 	Optionee’s Signature	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Optionee’s name and address:

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