Document:

exv10w3

 

Exhibit 10.3

Option No.: _______

CANYON RESOURCES CORPORATION

2006 OMNIBUS EQUITY INCENTIVE PLAN

INCENTIVE STOCK OPTION AGREEMENT

Canyon Resources Corporation, a Delaware corporation (the “Company”), hereby grants an option to
purchase shares of its common stock, $0.01 par value, (the “Stock”) to the optionee named below.
The terms and conditions of the option are set forth in this cover sheet, in the attachment, and in
the Company’s 2006 Omnibus Equity Incentive Plan (the “Plan”).

Grant Date:                , 200___

Name of Optionee:                                                             

Optionee’s Employee Identification Number:           -          -          

Number of Shares Covered by Option:                

Option Price per Share: $          .      (At least 100% of Fair Market Value)

Vesting Start Date:                     ,      

     By signing this cover sheet, you agree to all of the terms and conditions described in the
attached Agreement and in the Plan, a copy of which is also attached. You acknowledge that you
have carefully reviewed the Plan, and agree that the Plan will control in the event any provision
of this Agreement should appear to be inconsistent.

	 	 	 	 	 	 	 
	Optionee:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	(Signature)
	 	 
	 
	 	 	 	 	 	 
	Company:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	(Signature)
	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Attachment

This is not a stock certificate or a negotiable instrument.

 

 

CANYON RESOURCES CORPORATION

2006 OMNIBUS EQUITY INCENTIVE PLAN

INCENTIVE STOCK OPTION AGREEMENT

	 	 	 
	Incentive Stock Option

	 	This option is intended to be an
incentive stock option under
Section 422 of the Internal
Revenue Code and will be
interpreted accordingly. If you
cease to be an employee of the
Company, its parent or a
subsidiary (“Employee”) but
continue to provide Service, this
option will be deemed a
nonstatutory stock option three
months after you cease to be an
Employee. In addition, to the
extent that all or part of this
option exceeds the $100,000 rule
of section 422(d) of the Internal
Revenue Code, this option or the
lesser excess part will be deemed
to be a nonstatutory stock
option.
	 
	 	 
	Vesting

	 	This option is only exercisable
before it expires and then only
with respect to the vested
portion of the option. Subject
to the preceding sentence, you
may exercise this option, in
whole or in part, to purchase a
whole number of vested shares not
less than 100 shares, unless the
number of shares purchased is the
total number available for
purchase under the option, by
following the procedures set
forth in the Plan and below in
this Agreement.
	 
	 	 
	 

	 	[Your right to purchase shares of
Stock under this option vests as
to one-fourth (1/4) of the total
number of shares covered by this
option, as shown on the cover
sheet, on the one-year
anniversary of the Vesting Start
Date (“Anniversary Date”),
provided you then continue in
Service. Thereafter, for each
such vesting date that you remain
in Service, the number of shares
of Stock which you may purchase
under this option shall vest at
the rate of one-forty eighth
(1/48) per month as of the first
day of each month following the
month of the Anniversary Date.
The resulting aggregate number of
vested shares will be rounded to
the nearest whole number, and you
cannot vest in more than the
number of shares covered by this
option.]
	 
	 	 
	 

	 	No additional shares of Stock
will vest after your Service has
terminated for any reason.
	 
	 	 
	Term

	 	Your option will expire in any
event at the close of business at
Company headquarters on the day
before the 10th anniversary of
the Grant Date, as shown on the
cover sheet. Your option will
expire earlier if your Service
terminates, as described below.

 

 

	 	 	 
	Regular Termination

	 	If your Service terminates for
any reason, other than death,
Disability or Cause, then your
option will expire at the close
of business at Company
headquarters on the 90th day
after your termination date.
	 
	 	 
	Termination for Cause

	 	If your Service is terminated for
Cause, then you shall immediately
forfeit all rights to your option
and the option shall immediately
expire.
	 
	 	 
	Death

	 	If your Service terminates
because of your death, then your
option will expire at the close
of business at Company
headquarters on the date twelve
(12) months after the date of
death. During that twelve month
period, your estate or heirs may
exercise the vested portion of
your option.
	 
	 	 
	 

	 	In addition, if you die during
the 90-day period described in
connection with a regular
termination (i.e., a termination
of your Service not on account of
your death, Disability or Cause),
and a vested portion of your
option has not yet been
exercised, then your option will
instead expire on the date twelve
(12) months after your
termination date. In such a
case, during the period following
your death up to the date twelve
(12) months after your
termination date, your estate or
heirs may exercise the vested
portion of your option.
	 
	 	 
	Disability

	 	If your Service terminates
because of your Disability, then
your option will expire at the
close of business at Company
headquarters on the date twelve
(12) months after your
termination date.
	 
	 	 
	Leaves of Absence

	 	For purposes of this option, your
Service does not terminate when
you go on a bona fide employee
leave of absence that was
approved by the Company in
writing, if the terms of the
leave provide for continued
Service crediting, or when
continued Service crediting is
required by applicable law.
However, your Service will be
treated as terminating 90 days
after you went on employee leave,
unless your right to return to
active work is guaranteed by law
or by a contract. Your Service
terminates in any event when the
approved leave ends unless you
immediately return to active
employee work.
	 
	 	 
	 

	 	The Company determines, in its
sole discretion, which leaves
count for this purpose, and when
your Service terminates for all
purposes under the Plan.

 

 

	 	 	 
	Notice of Exercise

	 	When you wish to exercise this
option, you must notify the
Company by filing the proper
“Notice of Exercise” form at the
address given on the form. Your
notice must specify how many
shares you wish to purchase (in a
parcel of at least 100 shares
generally). Your notice must
also specify how your shares of
Stock should be registered (in
your name only or in your and
your spouse’s names as joint
tenants with right of
survivorship). The notice will
be effective when it is received
by the Company.
	 
	 	 
	 

	 	If someone else wants to exercise
this option after your death,
that person must prove to the
Company’s satisfaction that he or
she is entitled to do so.
	 
	 	 
	Form of Payment

	 	When you submit your notice of
exercise, you must include
payment of the option price for
the shares you are purchasing.
Payment may be made in one (or a
combination) of the following
forms:
	 
	 	 
	 

	 	• Cash, your personal
check, a cashier’s check, a money
order or another cash equivalent
acceptable to the Company.
	 
	 	 
	 

	 	• Shares of Stock which are
surrendered to the Company. The
value of the shares, determined
as of the effective date of the
option exercise, will be applied
to the option price.
	 
	 	 
	 

	 	• By delivery (on a form
prescribed by the Company) of an
irrevocable direction to a
licensed securities broker
acceptable to the Company to sell
Stock and to deliver all or part
of the sale proceeds to the
Company in payment of the
aggregate option price and any
withholding taxes (if approved in
advance by the Compensation
Committee of the Board if you are
either an executive officer or a
director of the Company).
	 
	 	 
	Withholding Taxes

	 	You will not be allowed to
exercise this option unless you
make acceptable arrangements to
pay any withholding or other
taxes that may be due as a result
of the option exercise or sale of
Stock acquired under this option.
In the event that the Company
determines that any federal,
state, local or foreign tax or
withholding payment is required
relating to the exercise or sale
of shares arising from this
grant, the Company shall have the
right to require such payments
from you, or withhold such
amounts from other payments due
to you from the Company or any
Affiliate.

 

 

	 	 	 
	Transfer of Option

	 	During your lifetime, only you
(or, in the event of your legal
incapacity or incompetency, your
guardian or legal representative)
may exercise the option. You
cannot transfer or assign this
option. For instance, you may
not sell this option or use it as
security for a loan. If you
attempt to do any of these
things, this option will
immediately become invalid. You
may, however, dispose of this
option in your will or it may be
transferred upon your death by
the laws of descent and
distribution.
	 
	 	 
	 

	 	Regardless of any marital
property settlement agreement,
the Company is not obligated to
honor a notice of exercise from
your spouse, nor is the Company
obligated to recognize your
spouse’s interest in your option
in any other way.
	 
	 	 
	Retention Rights

	 	Neither your option nor this
Agreement give you the right to
be retained by the Company (or
any parent, Subsidiaries or
Affiliates) in any capacity. The
Company (and any parent,
Subsidiaries or Affiliates)
reserve the right to terminate
your Service at any time and for
any reason.
	 
	 	 
	Shareholder Rights

	 	You, or your estate or heirs,
have no rights as a shareholder
of the Company until a
certificate for your option’s
shares has been issued (or an
appropriate book entry has been
made). No adjustments are made
for dividends or other rights if
the applicable record date occurs
before your stock certificate is
issued (or an appropriate book
entry has been made), except as
described in the Plan.
	 
	 	 
	Adjustments

	 	In the event of a stock split, a
stock dividend or a similar
change in the Stock, the number
of shares covered by this option
and the option price per share
shall be adjusted (and rounded
down to the nearest whole number)
if required pursuant to the Plan.
Your option shall be subject to
the terms of the agreement of
merger, liquidation or
reorganization in the event the
Company is subject to such
corporate activity.
	 
	 	 
	Applicable Law

	 	This Agreement will be
interpreted and enforced under
the laws of the State of
Delaware, other than any
conflicts or choice of law rule
or principle that might otherwise
refer construction or
interpretation of this Agreement
to the substantive law of another
jurisdiction.

 

 

	 	 	 
	The Plan

	 	The text of the Plan is
incorporated in this Agreement by
reference. Certain capitalized
terms used in this Agreement are
defined in the Plan, and have the
meaning set forth in the Plan.
	 
	 	 
	 

	 	This Agreement and the Plan
constitute the entire
understanding between you and the
Company regarding this option.
Any prior agreements, commitments
or negotiations concerning this
option are superseded.
	 
	 	 
	Data Privacy

	 	In order to administer the Plan,
the Company may process personal
data about you. Such data
includes but is not limited to
the information provided in this
Agreement and any changes
thereto, other appropriate
personal and financial data about
you such as home address and
business addresses and other
contact
	 
	 	 
	 

	 	information, payroll information
and any other information that
might be deemed appropriate by
the Company to facilitate the
administration of the Plan.
	 
	 	 
	 

	 	By accepting this option, you
give explicit consent to the
Company to process any such
personal data. You also give
explicit consent to the Company
to transfer any such personal
data outside the country in which
you work or are employed,
including, with respect to
non-U.S. resident Optionees, to
the United States, to transferees
who shall include the Company and
other persons who are designated
by the Company to administer the
Plan.
	 
	 	 
	Consent to Electronic Delivery

	 	The Company may choose to deliver
certain statutory materials
relating to the Plan in
electronic form. By accepting
this option grant you agree that
the Company may deliver the Plan
prospectus and the Company’s
annual report to you in an
electronic format. If at any
time you would prefer to receive
paper copies of these documents,
as you are entitled to, the
Company would be pleased to
provide copies. Please contact
___at ___to request paper
copies of these documents.
	 
	 	 
	Certain Dispositions

	 	If you sell or otherwise dispose
of Stock acquired pursuant to the
exercise of this option sooner
than the one year anniversary of
the date you acquired the Stock,
then you agree to notify the
Company in writing of the date of
sale or disposition, the number
of shares of Stock sold or
disposed of and the sale price
per share within 30 days of such
sale or disposition.

By signing the cover sheet of this Agreement, you agree to all of the terms and
conditions described above and in the Plan.exv10w4

 

Exhibit 10.4

Option No.: _______

CANYON RESOURCES CORPORATION

2006 OMNIBUS EQUITY INCENTIVE PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

Canyon Resources Corporation, a Delaware corporation (the “Company”), hereby grants an option to
purchase shares of its common stock, $0.01 par value, (the “Stock”) to the optionee named below.
The terms and conditions of the option are set forth in this cover sheet, in the attachment, and in
the Company’s 2006 Omnibus Equity Incentive Plan (the “Plan”).

Grant Date:                , 200___

Name of Optionee:                                                             

Optionee’s Employee Identification Number:           -          -          

Number of Shares Covered by Option:                

Option Price per Share: $          .      (At least 100% of Fair Market Value)

Vesting Start Date:                     ,      

     By signing this cover sheet, you agree to all of the terms and conditions described in the
attached Agreement and in the Plan, a copy of which is also attached. You acknowledge that you
have carefully reviewed the Plan, and agree that the Plan will control in the event any provision
of this Agreement should appear to be inconsistent.

	 	 	 	 	 	 	 
	Optionee:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	(Signature)
	 	 
	 
	 	 	 	 	 	 
	Company:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	(Signature)
	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Attachment

This is not a stock certificate or a negotiable instrument.

 

 

CANYON RESOURCES CORPORATION

2006 OMNIBUS EQUITY INCENTIVE PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

	 	 	 
	Nonqualified Stock Option

	 	This option is not intended to be
an incentive stock option under
Section 422 of the Internal
Revenue Code and will be
interpreted accordingly.
	 
	 	 
	Vesting

	 	This option is only exercisable
before it expires and then only
with respect to the vested portion
of the option. Subject to the
preceding sentence, you may
exercise this option, in whole or
in part, to purchase a whole
number of vested shares not less
than 100 shares, unless the number
of shares purchased is the total
number available for purchase
under the option, by following the
procedures set forth in the Plan
and below in this Agreement.
	 
	 	 
	 

	 	[Your right to purchase shares of
Stock under this option vests as
to one-fourth (1/4) of the total
number of shares covered by this
option, as shown on the cover
sheet, on the one-year anniversary
of the Vesting Start Date
(“Anniversary Date”), provided you
then continue in Service.
Thereafter, for each such vesting
date that you remain in Service,
the number of shares of Stock
which you may purchase under this
option shall vest at the rate of
one-forty eighth (1/48) per month
as of the first day of each month
following the month of the
Anniversary Date. The resulting
aggregate number of vested shares
will be rounded to the nearest
whole number, and you cannot vest
in more than the number of shares
covered by this option.]
	 
	 	 
	 

	 	No additional shares of Stock will
vest after your Service has
terminated for any reason.
	 
	 	 
	Term

	 	Your option will expire in any
event at the close of business at
Company headquarters on the day
before the 10th anniversary of the
Grant Date, as shown on the cover
sheet. Your option will expire
earlier if your Service
terminates, as described below.
	 
	 	 
	Regular Termination

	 	If your Service terminates for any
reason, other than death,
Disability or Cause, then your
option will expire at the close of
business at Company headquarters
on the 90th day after your
termination date.
	 
	 	 
	Termination for Cause

	 	If your Service is terminated for
Cause, then you shall immediately
forfeit all rights to your option
and the option shall immediately
expire.

 

 

	 	 	 
	Death

	 	If your Service terminates because
of your death, then your option
will expire at the close of
business at Company headquarters
on the date twelve (12) months
after the date of death. During
that twelve month period, your
estate or heirs may exercise the
vested portion of your option.
	 
	 	 
	 

	 	In addition, if you die during the
90-day period described in
connection with a regular
termination (i.e., a termination
of your Service not on account of
your death, Disability or Cause),
and a vested portion of your
option has not yet been exercised,
then your option will instead
expire on the date twelve (12)
months after your termination
date. In such a case, during the
period following your death up to
the date twelve (12) months after
your termination date, your estate
or heirs may exercise the vested
portion of your option.
	 
	 	 
	Disability

	 	If your Service terminates because
of your Disability, then your
option will expire at the close of
business at Company headquarters
on the date twelve (12) months
after your termination date.
	 
	 	 
	Leaves of Absence

	 	For purposes of this option, your
Service does not terminate when
you go on a bona fide employee
leave of absence that was approved
by the Company in writing, if the
terms of the leave provide for
continued Service crediting, or
when continued Service crediting
is required by applicable law.
However, your Service will be
treated as terminating 90 days
after you went on employee leave,
unless your right to return to
active work is guaranteed by law
or by a contract. Your Service
terminates in any event when the
approved leave ends unless you
immediately return to active
employee work.
	 
	 	 
	 

	 	The Company determines, in its
sole discretion, which leaves
count for this purpose, and when
your Service terminates for all
purposes under the Plan.
	 
	 	 
	Notice of Exercise

	 	When you wish to exercise this
option, you must notify the
Company by filing the proper
“Notice of Exercise” form at the
address given on the form. Your
notice must specify how many
shares you wish to purchase (in a
parcel of at least 100 shares
generally). Your notice must also
specify how your shares of Stock
should be registered (in your name
only or in your and your spouse’s
names as joint tenants with right
of survivorship). The notice will
be effective when it is received
by the Company.
	 
	 	 
	 

	 	If someone else wants to exercise
this option after your death, that
person must prove to the Company’s
satisfaction that he or she is
entitled to do so.

 

 

	 	 	 
	Form of Payment

	 	When you submit your notice of
exercise, you must include payment
of the option price for the shares
you are purchasing. Payment may
be made in one (or a combination)
of the following forms:
	 
	 	 
	 

	 	• Cash, your personal check,
a cashier’s check, a money order
or another cash equivalent
acceptable to the Company.
	 
	 	 
	 

	 	• Shares of Stock which are
surrendered to the Company. The
value of the shares, determined as
of the effective date of the
option exercise, will be applied
to the option price.
	 
	 	 
	 

	 	• By delivery (on a form
prescribed by the Company) of an
irrevocable direction to a
licensed securities broker
acceptable to the Company to sell
Stock and to deliver all or part
of the sale proceeds to the
Company in payment of the
aggregate option price and any
withholding taxes (if approved in
advance by the Compensation
Committee of the Board if you are
either an executive officer or a
director of the Company).
	 
	 	 
	Withholding Taxes

	 	You will not be allowed to
exercise this option unless you
make acceptable arrangements to
pay any withholding or other taxes
that may be due as a result of the
option exercise or sale of Stock
acquired under this option. In
the event that the Company
determines that any federal,
state, local or foreign tax or
withholding payment is required
relating to the exercise or sale
of shares arising from this grant,
the Company shall have the right
to require such payments from you,
or withhold such amounts from
other payments due to you from the
Company or any Affiliate.
	 
	 	 
	Transfer of Option

	 	During your lifetime, only you
(or, in the event of your legal
incapacity or incompetency, your
guardian or legal representative)
may exercise the option. You
cannot transfer or assign this
option. For instance, you may not
sell this option or use it as
security for a loan. If you
attempt to do any of these things,
this option will immediately
become invalid. You may, however,
dispose of this option in your
will or it may be transferred upon
your death by the laws of descent
and distribution.
	 
	 	 
	 

	 	Regardless of any marital property
settlement agreement, the Company
is not obligated to honor a notice
of exercise from your spouse, nor
is the Company obligated to
recognize your spouse’s interest
in your option in any other way.

 

 

	 	 	 
	Retention Rights

	 	Neither your option nor this
Agreement give you the right to be
retained by the Company (or any
parent, Subsidiaries or
Affiliates) in any capacity. The
Company (and any parent,
Subsidiaries or Affiliates)
reserve the right to terminate
your Service at any time and for
any reason.
	 
	 	 
	Shareholder Rights

	 	You, or your estate or heirs, have
no rights as a shareholder of the
Company until a certificate for
your option’s shares has been
issued (or an appropriate book
entry has been made). No
adjustments are made for dividends
or other rights if the applicable
record date occurs before your
stock certificate is issued (or an
appropriate book entry has been
made), except as described in the
Plan.
	 
	 	 
	Adjustments

	 	In the event of a stock split, a
stock dividend or a similar change
in the Stock, the number of shares
covered by this option and the
option price per share shall be
adjusted (and rounded down to the
nearest whole number) if required
pursuant to the Plan. Your option
shall be subject to the terms of
the agreement of merger,
liquidation or reorganization in
the event the Company is subject
to such corporate activity.
	 
	 	 
	Applicable Law

	 	This Agreement will be interpreted
and enforced under the laws of the
State of Delaware, other than any
conflicts or choice of law rule or
principle that might otherwise
refer construction or
interpretation of this Agreement
to the substantive law of another
jurisdiction.
	 
	 	 
	The Plan

	 	The text of the Plan is
incorporated in this Agreement by
reference. Certain capitalized
terms used in this Agreement are
defined in the Plan, and have the
meaning set forth in the Plan.
	 
	 	 
	 

	 	This Agreement and the Plan
constitute the entire
understanding between you and the
Company regarding this option.
Any prior agreements, commitments
or negotiations concerning this
option are superseded.
	 
	 	 
	Data Privacy

	 	In order to administer the Plan,
the Company may process personal
data about you. Such data
includes but is not limited to the
information provided in this
Agreement and any changes thereto,
other appropriate personal and
financial data about you such as
home address and business
addresses and other contact
information, payroll information
and any other information that
might be deemed appropriate by the
Company to facilitate the
administration of the Plan.
	 
	 	 
	 

	 	By accepting this option, you give
explicit consent to the Company to
process any such personal data.
You also give explicit consent to
the Company to transfer any such
personal data outside the

 

 

	 	 	 
	 

	 	country
in which you work or are employed,
including, with respect to
non-U.S. resident Optionees, to
the United States, to transferees
who shall include the Company and
other persons who are designated
by the Company to administer the
Plan.
	 
	 	 
	Consent to Electronic Delivery

	 	The Company may choose to deliver
certain statutory materials
relating to the Plan in electronic
form. By accepting this option
grant you agree that the Company
may deliver the Plan prospectus
and the Company’s annual report to
you in an electronic format. If
at any time you would prefer to
receive paper copies of these
documents, as you are entitled to,
the Company would be pleased to
provide copies. Please contact
___ at ___ to request paper
copies of these documents.

By signing the cover sheet of this Agreement, you agree to all of the terms and
conditions described above and in the Plan.

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