Document:

Exhibit

Exhibit 10.16

STOCK OPTION GRANT
 
 
Dear Mr. Geoffrey Wolf (“Optionee”),
 
Reference is hereby made to (i) the Stock Option Plan of Lightlake Therapeutics Inc. (the “Company”) effective December 15, 2010 (the “Stock Option Plan”), and (ii) the Director Agreement dated December 31, 2012, between the Company and Geoffrey Wolf (as amended, restated, or otherwise modified from time to time, the “Letter”). Capitalized terms utilized herein shall have the meanings ascribed to them in the Stock Option Plan unless otherwise defined herein or in the Letter.
 
You have been granted options to purchase Common Stock of the Company (with each share of Common Stock of the Company, a “Share”) as follows:
 
	
		
	Board Approval Date:
	 June 12, 2014

	 
	 

	Date of Grant:
	 June 15, 2014

	 
	 

	Exercise Price per Share:
	 US$0.05

	 
	 

	Total Number of Shares Granted:
	 7,500,000

	 
	 

	Total Exercise Price:
	Cashless exercise as per the Letter

	 
	 

	Type of Options:
	Non-Qualified Stock Options

	 
	 

	Expiration Date:
	June 14, 2024

	 
	 

	Termination Period:
	These Options may be exercised for a period of ten (10) years from the Date of Grant.  Optionee is responsible for keeping track of these exercise periods following termination for any reason of his service relationship with the Company, it being understood that Optionee is entitled to all rights, including compensation and vesting rights, with respect to these Options, as set forth in the Letter.  The Company will not provide further notice of such periods.

	 
	 

	Transferability:
	These Options may not be transferred, except as permitted by applicable laws and regulations.

	 
	 

	Restriction on Exercise:
	These options may only be exercised between the following dates: (i) the first to occur of: (A) the commencement of the next trial with respect to the opioid overdose reversal treatment; (B) the entrance into a distribution, licensing, royalty, partnership, collaboration or other significant transaction with respect to the opioid overdose reversal treatment; or (C) the filing of a New Drug Application with the U.S. Food and Drug Administration with respect to the opioid overdose reversal treatment; and (ii) the Expiration Date.

	 
	 

	Vesting:
	100% on June 15, 2014

Exhibit 10.16

 
 
Following receipt by the Company of evidence and/or an indemnity from the Optionee to the Company in a form reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of these Options or any certificates for representing the Shares underlying these Options and, in the event of mutilation, following the surrender and cancellation of such Options or stock certificate, the Company will make and deliver replacement Options or stock certificate of like tenor and dated as of such cancellation, in lieu of these Options or stock certificates, without any charge therefor, it being understood that the making and/or delivery of such replacement Options or stock certificates by the Company will not be unreasonably withheld.  Any such replacement Options or stock certificates shall be subject to the same terms, conditions, and restrictions as these Options and any Shares underlying these Options. Subject to the restrictions and requirements of applicable law, these Options are exchangeable at any time for an equal aggregate number of options of different denominations, as reasonably requested by the Optionee surrendering the same, or in such denominations as may be requested by the Optionee (but not exceeding the number of Shares underlying the Options in these Options in the aggregate).  No service charge will be made for such registration or transfer, exchange or reissuance.
 
Shares issued to you upon exercise of these Options shall be registered under the Securities Act of 1933, as amended, and shall be freely transferrable. To the extent that the terms of the Stock Option Plan differ from the terms of this Notice of Stock Option Grant (the “Notice”), the terms of this Notice supersede the terms of the Stock Option Plan.
 
By your signature and the signature of the Company’s representative below, you and the Company agree to the terms of these Options.
 
 
	
			
	 
	 
	LIGHTLAKE THERAPEUTICS INC.

	 
	 
	 

	/s/ Geoffrey Wolf
	 
	 /s/ Roger Crystal

	Optionee
	 
	Roger Crystal, Chief Executive OfficerExhibit

Exhibit 10.18

STOCK OPTION GRANT
 
 
Dear Arvind Agrawal (the “Option Holder”),
 
As per the Letter Agreement dated November 12, 2014 between Lightlake Therapeutics Inc. (the “Company”) and you, you have been granted options (the “Options”) to purchase common stock (the “Common Stock”) of the Company (with each share of Common Stock of the Company, a “Share”) as follows:
	
		
	 
	 

	 
	 

	Date of Grant:
	November 12, 2014

	 
	 

	Exercise Price per Share:
	US$0.10

	 
	 

	Total Number of Shares Granted:
	3,000,000

	 
	 

	Total Exercise Price:
	Cashless exercise

	 
	 

	Type of Options:
	Non-Qualified Stock Options

	 
	 

	Expiration Date:
	November 11, 2019

	 
	 

	Termination Period:
	These Options may be exercised for a period of five (5) years from the Date of Grant.  You are responsible for keeping track of this exercise period. The Company will not provide further notice of such period.

	 
	 

	Transferability:
	These Options may not be transferred, except as permitted by applicable laws and regulations.

	 
	 

	Restriction on Exercise:
	Your ability to exercise these Options is contingent on your and your officers, agents, and representatives keeping confidential information shared with you and your officers, agent, and representatives confidential and complying with all applicable laws and regulations.

	 
	 

	Vesting:
	250,000 at the end of each calendar quarter for each of the next 12 calendar quarters.

 
 
Following receipt by the Company of evidence and/or an indemnity from you to the Company in a form reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of these Options or any certificates for representing the Shares underlying these Options and, in the event of mutilation, following the surrender and cancellation of such Options or stock certificate, the Company will make and deliver replacement Options or stock certificate of like tenor and dated as of such cancellation, in lieu of these Options or stock certificates, without any charge therefor, it being understood that the making and/or delivery of such replacement Options or stock certificates by the Company will not be unreasonably withheld.  Any such replacement Options or stock certificates shall be subject to the same terms, conditions, and restrictions as these Options and any Shares underlying these Options. Proportionate adjustments shall automatically be made to both the Exercise Price and number of these Options in the event of a stock split, recapitalization, change of control and fundamental transaction.  Upon the exercise of these Options, the fair market value per Share shall be equal to the closing price of the Shares on the day prior to such exercise.

Exhibit 10.18

By your signature and the signature of the Company’s representative below, you and the Company agree to the terms of these Options.
 
 
	
			
	 ARVIND AGRAWAL
	 
	LIGHTLAKE THERAPEUTICS INC.

	 
	 
	 

	 /s/ Arvind Agrawal
	 
	 /s/ Kevin Pollack

	Optionee
	 
	Name: Kevin Pollack 
Title: Chief Financial OfficerExhibit

Exhibit 10.19

STOCK OPTION GRANT
 
 
Dear Arvind Agrawal (the “Option Holder”),
 
As per the Letter Agreement dated November 12, 2014 between Lightlake Therapeutics Inc. (the “Company”) and you, you have been granted options (the “Options”) to purchase common stock (the “Common Stock”) of the Company (with each share of Common Stock of the Company, a “Share”) as follows:
	
		
	 
	 

	 
	 

	Date of Grant:
	November 12, 2014

	 
	 

	Exercise Price per Share:
	US$0.15

	 
	 

	Total Number of Shares Granted:
	2,000,000

	 
	 

	Total Exercise Price:
	Cashless exercise

	 
	 

	Type of Options:
	Non-Qualified Stock Options

	 
	 

	Expiration Date:
	November 11, 2019

	 
	 

	Termination Period:
	These Options may be exercised for a period of five (5) years from the Date of Grant.  You are responsible for keeping track of this exercise period. The Company will not provide further notice of such period.

	 
	 

	Transferability:
	These Options may not be transferred, except as permitted by applicable laws and regulations.

	 
	 

	Restriction on Exercise:
	Your ability to exercise these Options is contingent on your and your officers, agents, and representatives keeping confidential information shared with you and your officers, agent, and representatives confidential and complying with all applicable laws and regulations.

	 
	 

	Vesting:
	166,666 at the end of each calendar quarter for each of the next 11 calendar quarters and 166,674 at the end of the subsequent calendar quarter.

 
 
Following receipt by the Company of evidence and/or an indemnity from you to the Company in a form reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of these Options or any certificates for representing the Shares underlying these Options and, in the event of mutilation, following the surrender and cancellation of such Options or stock certificate, the Company will make and deliver replacement Options or stock certificate of like tenor and dated as of such cancellation, in lieu of these Options or stock certificates, without any charge therefor, it being understood that the making and/or delivery of such replacement Options or stock certificates by the Company will not be unreasonably withheld.  Any such replacement Options or stock certificates shall be subject to the same terms, conditions, and restrictions as these Options and any Shares underlying these Options. Proportionate adjustments shall automatically be made to both the Exercise Price and number of these Options in the event of a stock split, 

Exhibit 10.19

recapitalization, change of control and fundamental transaction.  Upon the exercise of these Options, the fair market value per Share shall be equal to the closing price of the Shares on the day prior to such exercise.

By your signature and the signature of the Company’s representative below, you and the Company agree to the terms of these Options.
 
 
	
			
	 ARVIND AGRAWAL
	 
	LIGHTLAKE THERAPEUTICS INC.

	 
	 
	 

	/s/ Arvind Agrawal
	 
	 /s/ Kevin Pollack

	Optionee
	 
	Name: Kevin Pollack 
Title: Chief Financial Officer

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