Document:

Nonqualified Stock Option Agreement

 Exhibit 10.1 
  
 2004 Plan 
  
 IVAX CORPORATION 
 Nonqualified
Stock Option Agreement 
 (Employee) 
  
 1. Grant of Option. In accordance with and subject to the terms and conditions of (A) the IVAX Corporation 2004 Incentive Compensation Plan,
as it may be amended from time to time (the “Plan”), a copy of which is attached hereto as Exhibit A and (B) this Nonqualified Stock Option Agreement (the “Agreement”), IVAX Corporation, a Florida corporation (the
“Company”), grants to the optionee identified on Schedule 1 attached hereto (the “Optionee”) a nonqualified stock option (the “Option”) to purchase the number of shares (the
“Shares”) of its Common Stock, $.10 par value, set forth on Schedule 1, at the option price set forth in Schedule 1. 
  
 2. Acceptance by Optionee. The exercise of the Option or any portion thereof is conditioned upon acceptance by the Optionee of the terms and
conditions of this Agreement, as evidenced by the Optionee’s execution of Schedule 1 to this Agreement and the delivery of an executed copy of Schedule 1 to the Company. 
  
 3. Vesting of Option. The Option shall become exercisable in accordance with the vesting schedule set forth in
Schedule 1. In the event that the Optionee’s employment with the Company or its subsidiaries is terminated prior to the date on which the Option or any portion thereof becomes vested, the non-vested portion of the Option will be void, and will
not become exercisable by the Optionee. 
  
 4. Expiration of
Option. The Option shall expire on the date set forth in Schedule 1, and may not be exercised after such date. 
  
 5. Procedure for Exercise. The Option may be exercised for the number of Shares specified in a written notice delivered to the Company at
least ten days prior to the date on which purchase is requested, accompanied by full payment for the Shares with respect to which the Option is being exercised, in the manner and subject to the terms and conditions set forth in the Plan.
Notwithstanding the foregoing, the Option may not be exercised as to less than ten Shares at any time, or, if less than ten Shares, the number of Shares subject to the Option. If any applicable law requires the Company to take any action with
respect to the Shares specified in such notice, or if any action remains to be taken under the Articles of Incorporation or Bylaws of the Company to effect due issuance of the Shares, then the Company shall take such action and the day for delivery
of such Shares shall be extended for the period necessary to take such action. Neither the Optionee nor any other person entitled to exercise the Option shall be, or have any rights or privileges of, a shareholder of the Company in respect of any of
the Shares issuable upon exercise of the Option, unless and until the Shares are issued to the Optionee. 

 6. No Right to Employment. The issuance of the Option or any Shares pursuant to the Option
shall not give the Optionee any right to be employed or retained in the employ of the Company nor shall it affect the right of the Company to discharge or discipline the Optionee or the right of the Optionee to terminate his or her employment.

  
 7. Representations as to Purchase of Shares. As
a condition of the Company’s obligation to issue Shares upon exercise of the Option, if requested by the Company, the Optionee shall, concurrently with the delivery of the stock certificate representing the Shares so purchased, give such
written assurances to the Company, in the form and substance that its counsel reasonably requests, to the effect that the Optionee is acquiring the Shares for investment and without any present intention of reselling or redistributing the same in
violation of any applicable law. In the event that the Company elects to register the Shares under the Securities Act of 1933 and any applicable state laws, the issuance of such Shares shall not be subject to the restrictions contained in this
paragraph 7. 
  
 8. Compliance With Applicable Law.
The issuance of the Shares pursuant to the exercise of this Option is subject to compliance with all applicable laws, including without limitation laws governing withholding from employees and nonresident aliens for income tax purposes. 

 
 9. Cancellation and Rescission of Options Due to Detrimental
Activity. The Company may cancel, rescind, or otherwise withhold any Options held by an Optionee, whether Vested or non-Vested, and any such Options shall immediately be forfeited by such Optionee at any time that the Optionee is not in
compliance with all applicable provisions of this Agreement and the Plan, or if the Optionee engages in any “Detrimental Activity.” “Detrimental Activity” shall include: (i) the rendering of services, directly or indirectly, to
or for the benefit of any organization or engaging directly or indirectly in any business which is competitive with the Company, or which organization or business, or the rendering of services to or for the benefit of such organization, is
prejudicial to or in conflict with the interests of the Company; (ii) the disclosure to anyone outside the Company, or the use in other than the Company’s business, without prior written authorization from the Company, of any “confidential
information,” as defined in the Company’s Employee Handbook, acquired by the Optionee either during or after employment with the Company; (iii) the failure or refusal to disclose promptly and to assign exclusively to the Company, all right
title and interest in any invention or idea, patentable or not, made or conceived by the Optionee during employment with the Company, relating in any manner to the actual or anticipated business, research or development work of the Company or the
failure or refusal to do anything reasonably necessary to enable the Company to secure a patent where appropriate in the United States and in other countries; (iv) a violation of any rule, policy, procedure or guideline of the Company, including but
not limited to the Company’s Code of Conduct; (v) any attempt, directly or indirectly, to induce any employee of the Company to be employed or render services other than for the Company, or any attempt directly or indirectly to solicit the
trade or business of any current or prospective customer, supplier, or 

 
partner of the Company, other than in connection with the Company’s business; (vi) the Optionee being convicted of, or entering a guilty plea with
respect to a crime, whether or not connected with the Company; (vii) any other conduct or act determined to be injurious, detrimental or prejudicial to any interest of the Company or (viii) any agreement, whether or not in writing, to do any of the
foregoing. Upon exercise, payment or delivery pursuant to this Agreement, the Optionee may be required to certify, in a manner acceptable to the Company, that he or she is in compliance with all of the terms and conditions of this Agreement and the
Plan and is not and has not engaged in any Detrimental Activity. In the event an Optionee fails to comply with these provisions after the grant of this Option and prior to, or during the six months after any exercise, payment or delivery pursuant to
this Agreement, such exercise, payment or delivery may be rescinded within two years thereafter. In the event of any such rescission, the Optionee shall pay to the Company the amount of any gain realized or payment received as a result of the
rescinded exercise, payment or delivery, in such manner and on such terms and conditions as may be required, and the Company shall be entitled to set-off against the amount of any such gain any amount owed to the Optionee by the Company. 

 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed
as of the Date of Grant set forth in Schedule 1. 
  

			
	 IVAX CORPORATION

		
	 By:
	 	 /s/ Phillip Frost, M.D.

	 	 	 Phillip Frost, M.D.

	 	 	 Chairman of the Board

	 	 	 and Chief Executive Officer

 Schedule 1 
 Nonqualified Stock Option Agreement 
 (Employee) 
  

			
	 Name of Optionee:
	  	 
		
	 Number of Shares:
	  	 XXXXXXX

		
	 Option Price Per Share:
	  	 $XXXXXX

		
	 Date of Grant:
	  	 XXXXXXX

		
	 Expiration Date:
	  	 XXXXXXX

		
	 Vesting Schedule:
	  	 XXXXXXX

		
	 Plan:
	  	 2004

  
 The undersigned agrees
to the terms and conditions of the Nonqualified Stock Option Agreement of which this Schedule 1 is a part, and acknowledges receipt of the prospectus relating to the Plan and of the Company’s most recent annual report to shareholders.

  

			
	 Date Accepted:                 
	  	  

	 	  	 Optionee

		
	 	  	  

	 	  	 Social Security NumberSecured Promissory Note

 Exhibit 10.1 
  
 SECURED PROMISSORY NOTE 
  

			
	 $1,000,000
	 	Portland, Oregon
	 	 	March 7, 2005

  
 FOR VALUE RECEIVED,
Microvision, Inc., a Delaware corporation (“Maker”), promises to pay to the order of Paulson Capital Corporation, an Oregon corporation (“Holder”), the principal sum of one million dollars ($1,000,000), in lawful
money of the United States, with interest thereon, payable in the manner and on the terms hereinafter set forth. Such amount includes $995,000 transferred to Maker upon execution of this note and $5,000 retained by Holder to pay legal fees related
to the loan. 
  
 1. Maturity Date. The maturity date of
this Note is April 6 (the “Maturity Date”) at which time the entire outstanding balance shall be immediately due and payable, provided, however, that, if Maker completes the financing that it is currently negotiating before the
Maturity Date, it will promptly prepay this Note. 
  
 2.
Interest Rate. Interest shall accrue on the principal amount of this Note at the rate of six percent (6%) per annum, computed on the basis of a 360-day year and actual days elapsed, effective as of the date hereof and continuing until all
sums due hereunder are paid in full. 
  
 3. Payment. On the
Maturity Date, Maker will pay, in lawful money of the United States of America, the entire unpaid balance of principal and accrued interest immediately to Holder. All payments received shall be applied first against costs of collection (if any),
then against accrued and unpaid interest, then against principal. The failure of Holder of this Note to promptly exercise Holder’s rights hereunder, including upon the occurrence of an Event of any Default (as defined below), shall not
constitute a waiver of such rights while such Event of Default continues nor a waiver of such rights in connection with the occurrence of any future Event of Default. 
  
 4. Non-Recourse Security Interest. Maker grants and pledges to Holder a continuing, non-recourse security interest in
the Shares (as defined in the Stock Pledge Agreement, dated as of even date herewith, between Maker and Holder) and such other property as may, from time to time be pledged as security for the payment of this Note, whether in addition to or in
substitution for the Shares, in order to secure the timely repayment of the obligations evidence hereby and any and all other obligations of Maker to Holder in connection with this Note (the Shares and any such other property being herein referred
to as the “Collateral”). Such security interest constitutes a valid security interest in the Shares. Maker agrees to execute such financing statements and to take whatever other actions are requested by Holder to perfect and continue
Holder’s security interest in the Shares. Maker authorizes Holder to file one or more financing statements describing the Collateral in any and all jurisdictions where, and with any and all governmental authorities with whom, the Lender deems
such filing to be necessary or appropriate including, without limitation, the Secretary of State for the State of Washington. Upon an Event of Default (as defined below), Lender shall have all the rights of a secured party under the Oregon Uniform
Commercial Code. Holder shall look solely to the Collateral to secure the repayment of the indebtedness evidenced 

  

 
hereby or any portion thereof. Holder shall have and may exercise any and all other rights and remedies it may have available at law, in equity or otherwise,
consistent with Holder’s non-recourse security interest in the Collateral. No property or assets of Maker other than the Collateral shall be subject to levy, execution or other enforcement procedure for the satisfaction of the remedies of
Holder, or for any payment required to be made under this Note; provided, however, the limitations set forth in this Section 4 shall not apply to any rights or remedies of Holder under the Stock Pledge Agreement. 
  
 5. Prepayment. Maker may prepay this Note at any time without a
penalty. Any partial prepayment shall be applied first to pay interest accrued to the date of prepayment and second to reduce the principal and interest balance. 
  
 6. Default. The occurrence of any one of the following events shall constitute a default by Maker (an “Event
of Default”) under this Note: 
  
 (i)
Maker’s failure to pay the principal of and interest on this Note when due; 
  
 (ii) Maker’s failure to comply with any other obligation under this Note within three business days following notice to Maker of such
failure; or 
  
 (iii) a proceeding under any
bankruptcy, reorganization, arrangement of debt, insolvency, readjustment of debt or receivership law or statute is filed against Maker which is not dismissed within sixty (60) days of its filing, or a proceeding under any bankruptcy,
reorganization, arrangement of debt, insolvency, readjustment of debt or receivership law or statute is filed by Maker or Maker makes an assignment for the benefit of creditors. 
  
 7. Acceleration. Upon the occurrence of an Event of Default hereunder, without demand, notice or legal process of any
kind, all outstanding principal and accrued and unpaid interest hereunder by Maker shall immediately become due and payable in full. 
  
 8. Costs. If suit or action is instituted to collect this Note, or any portion thereof, Maker promises to pay, in addition to costs and expenses
provided by statute or otherwise, such sums as the court may adjudge reasonable as attorneys’ fees in such suit or action, or on appeal therefrom, or upon any petition for review. Further, upon the occurrence of an Event of Default under
Section 6(i) of this Note, whether or not suit or action is instituted, Maker promises to pay all reasonable costs of collecting such delinquent payment. 
  
 9. Governing Law. This Note shall be governed by and construed in accordance with the laws of the state of Oregon, exclusive of choice of
law rules. 
  
 10. Amendment. This Note may not be
amended, modified or changed, nor shall any provision be deemed waived, except only by an instrument in writing signed by the party against whom enforcement of any such waiver, amendment, modification or change is sought. 
  

 11. Notices; Waiver of Notice. Any notice, demand or request required or permitted to be given
under this Note must be in writing and will be deemed given at the time it is (a) personally delivered to recipient; (b) deposited in the mail or delivered to a common carrier or courier with regularly scheduled deliveries with first-class postage
or delivery charges prepaid, in either case addressed, if to Holder, to 811 SW Naito Parkway, Portland, OR 97204, or at such other address as Holder may designate by ten (10) days’ advance written notice to the other party. Maker, except as
otherwise specifically set forth herein, for itself and for its successors, transferees and assigns, hereby irrevocably waives diligence, presentment and demand for payment, protest, notice, notice of protest and nonpayment, dishonor and notice of
dishonor and all other demands or notices of any and every kind whatsoever. Maker hereby agrees that this Note and any or all payments coming due hereunder may be extended from time to time in the sole discretion of Holder hereof without in any way
affecting or diminishing Maker’s liabilities hereunder. 
  
 13. Entire Agreement. This Note constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements with respect to the subject matter
hereof. 
  

					
	MICROVISION, INC.
		
	By:	 	/s/    RICHARD F.
RUTKOWSKI        
	 	 	 Name:
	 	Richard F. Rutkowski
	 	 	 Title:
	 	Chief Executive Officer

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