Document:

Unassociated Document

    
      
        

        

      

      EXHIBIT
10.16

      

       

       

       

       

      

      

      

      

      

      FORM
OF STOCK OPTION AGREEMENT

       

       

       

       

       

       

       

       

       

       

      
 

      
        
           

        

        
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      STOCK OPTION
AGREEMENT

      

      This
Stock Option Agreement (the "Agreement"), made as of the ______________, _____
(the "DATE OF GRANT"), by and between PHYSICIANS HEALTHCARE MANAGEMENT GROUP,
INC. ("PHYHEALTH") and ___________________________ __________________(the
"GRANTEE"), evidences the grant, by PHYHEALTH, of a Stock Option (the "Option")
to the Grantee on such date and the Grantee's acceptance of the Option.
PHYHEALTH and the Grantee agree as follows:

       

      1.           SHARES
OPTIONED AND OPTION PRICE. The Grantee shall have an option to purchase
_________ shares of PHYHEALTH Common Stock, for the price of ______ per share,
subject to the terms and conditions of this Agreement.

       

      2.         VESTING. Except
as otherwise provided in section 3 below and subject to the

      "acceleration
of vesting upon termination of employment provisions" of the GRANTEE's
Employment Agreement, this Option shall be deemed vested with respect to the
number of shares described in section 1 as follows:

       

      
        	
                (a)   

              	
                ______________________________________________________

              

      

      
        	
                (b)   

              	
                ______________________________________________________

              

      

      
        	
                (c)   

              	
                ______________________________________________________

              

      

       

      3.           EXERCISE
PERIOD. The Option may be exercised from time to time, for a period of
___ ____ years, with respect to all or any number of the then unexercised shares
as to which the Option has vested under section 2, on any regular business day
of PHYHEALTH at its then executive offices.

       

      4.           EXERCISE.    (a)
During the period that the Option is exercisable, it may be exercised
in

      full or
in part by the Grantee, his or her legal representatives, guardian or Successor,
by delivering or mailing written notice of the exercise to the Secretary of
PHYHEALTH. The written notice shall be signed by each person entitled to
exercise the Option and shall specify the address and Social Security number of
each such person. If any person other than the Grantee purports to be entitled
to exercise all or any portion of the Option, the written notice shall be
accompanied by proof, satisfactory to the Secretary of PHYHEALTH, of that
entitlement.

       

      (b) The
written notice shall be accompanied by full payment of the exercise price for
the shares as to which the Option is exercised in either (i) cash, certified or
bank cashier's check or money order, payable to PHYHEALTH, or ((ii) pursuant to
a cashless exercise whereby PHYHEALTH will issue shares of the Company's Common
Stock (less those shares used as consideration of the exercise price) ("OPTION
SHARES") directly to GRANTEE. The value of the shares used as consideration for
the OPTION SHARES shall be calculated by using the closing price of a share of
PHYHEALH's Common Stock on the business day immediately preceding the date of
exercise as reported on the principal securities exchange or other securities
market on which the common stock is then being traded, or (iii) in any
combination of the foregoing.

       

      
        
          
          

        

        
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      (c) The
written notice of exercise will be effective and the Option shall be deemed
exercised to the extent specified in the notice on the date that the written
notice (together with required accompaniments respecting payment of the exercise
price) is received by the Secretary of PHYHEALTH at its then executive offices
during regular business hours.

      

      5. PIGGYBACK RIGHTS. Whenever
PHYHEALTH proposes to register any of its common equity securities under the
Securities Act of 1933, as Amended, whether for its own account or for the
account of one or more stockholders of the Company, and the registration form to
be used may be used for any registration of the Shares (a Piggyback
Registration"), PHYHEALTH shall give the GRANTEE prompt written notice (in any
event within 10 business days after its receipt of notice of any exercise of
other demand registration rights) of its intention to effect such a registration
and, at the option of GRANTEE, shall include in such registration all Shares
with respect to which GRANTEE has given a written request to PHYHEALTH for
inclusion therein within 15 days after the receipt of PHYHEALTH's
notice.

      

      6. TRANSFER
OF SHARES; TAX WITHHOLDING. As soon as practicable after receipt of an
effective written notice of exercise and full payment of the exercise price as
provided in section 4 above, the Secretary of PHYHEALTH shall cause ownership of
the appropriate number of shares of PHYHEALTH Common Stock to be transferred to
the person or persons exercising the Option by having a certificate or
certificates for such number of shares registered in the name of such person or
persons and shall have each certificate delivered to the appropriate person.
Notwithstanding the foregoing, if PHYHEALTH or a Subsidiary requires
reimbursement of any tax required by law to be withheld with respect to shares
of PHYHEALTH Common Stock, the Secretary shall not transfer ownership of shares
until the required payment is made.

       

      7. TRANSFERABILITY.
Except for assignments made with PHYHEALTH's prior written approval (which may
be denied or conditioned in the sole discretion of PHYHEALTH), the rights under
this Agreement may not be transferred except by will or the laws of descent and
distribution. The rights under this Agreement may be exercised during the
lifetime of the Grantee only by the Grantee (or by his guardian, legal
representative or Successor). The terms of this Option shall be binding upon the
executors, administrators, heirs, successors, and assigns of the
Grantee.

       

      8. REOUIREMENTS
OF LAW. This Option may not be exercised if the issuance of shares of
PHYHEALTH Common Stock upon such exercise would constitute a violation of any
applicable federal or state securities or other law or valid regulation. The
Grantee, as a condition to his exercise of this Option, shall represent to
PHYHEALTH that the shares of PHYHEALTH Common Stock to be acquired by exercise
of this Option are being acquired for investment and not with a present view to
distribution or resale, unless counsel for PHYHEALTH is then of the opinion that
such a representation is not required under the Securities Act of 1933 or any
other applicable law, regulation, or rule of any governmental
agency.

       

      
        
          
          

        

        
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      9. GOVERNING
LAW AND JURISDICTION. This Agreement shall be governed by,

      and
construed under the laws of the State of Florida. Jurisdiction and venue for all
purposes shall be in the county of Miami-Dade, State of Florida.

       

      IN
WITNESS WHEREOF, The Compensation Committee of the Board of Directors has
approved this Agreement and PHYHEALTH, by its duly authorized officer, and the
GRANTEE has signed this Agreement as of the date first above
written.

       

       

       

       

      
      

       

      
        	 	Physicians
      Healthcare Management Group, Inc.	 

         

         

        
          	 	/s/ Robert
      Trinka	 
	 	By: Robert Trinka,
      CEO	 

        

         

         

        
          	 	Grantee	 

        

      

      

        
          
             

          

          
            4Unassociated Document

    
      
        

        

      

      EXHIBIT
10.17

      

      

      

      

      

      

      

      

      

       

      

      

      

      FORM
OF WARRANT AGREEMENT

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
           

        

        
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      THE
WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES TO BE ISSUED UPON ITS
EXERCISE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933
(THE "SECURITIES ACT") OR APPLICABLE STATE SECURITIES LAWS (THE "STATE ACTS")
AND SHALL NOT BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR TRANSFER HAS BEEN
REGISTERED UNDER THE SECURITIES ACT AND STATE ACTS, OR AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS IS AVAILABLE, THE AVAILABILITY OF WHICH MUST BE
ESTABLISHED TO THE SATISFACTION OF THE COMPANY.

       

      
      

       

      
        	 ____ STOCK PURCHASE
      WARRANT
	Warrant No.
    ____	 Number of Shares:
      __________
	
                PHYSICIANS
      HEALTHCARE MANAGEMENT GROUP, INC.

                COMMON
      STOCK, $0.001 par value PER SHARE

              
	VOID AFTER ________ EASTERN
      STANDARD TIME
	ON
      __________________

      

       

      This
Warrant is issued to ___________________________ ('Purchaser") by PHYSICIANS
HEALTHCARE MANAGEMENT GROUP, INC., a Nevada corporation (hereinafter with its
successors called the "Company").

       

      For value
received and subject to the terms and conditions hereinafter set out, Purchaser
is entitled to purchase from the Company:

       

      ____________
shares of Common Shares at a purchase price of ______ per share,

       

      all being
fully paid and nonassessable shares of common stock, $0.001 par value per share
(“Common Shares") of the Company.   Such purchase price per
Common Share, as provided herein, is referred to as the "Purchase
Price."

       

      The
Purchaser may exercise this Warrant, in whole or in part, upon surrender of this
Warrant, with the exercise form annexed hereto duly executed, at the office of
the Company, or such other office as the Company shall notify the Purchaser in
writing, together with a certified or bank cashier's check payable to the order
of the Company in the amount of the Purchase Price times the number of Common
Shares being purchased.

      

      1.           The
person or persons in whose name or names any certificate representing Common
Shares is issued hereunder shall be deemed to have become the holder of record
of the Common Shares represented thereby as of the close of business on the date
on which this Warrant is exercised with respect to such shares, whether or not
the transfer books of the Company shall be closed. Until such time as this
Warrant is exercised or terminates, the Purchase Price payable and the number
and character of securities issuable upon exercise of this Warrant are subject
to adjustment as hereinafter provided.

      
        
           

        

        
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      2.           Unless
previously exercised, this Warrant shall expire at _______ Eastern Standard
Time, on ________________ and shall be void thereafter or can be extended at the
Company's discretion (“Expiration Date").

       

      3.           The
Company covenants that it will at all times reserve and keep available a number
of its authorized Common Shares, free from all preemptive rights, which will be
sufficient to permit the exercise of this Warrant. The Company further covenants
that such shares as may be issued pursuant to the exercise of this Warrant will,
upon issuance, be duly and validly issued, fully paid and nonassessable and free
from all taxes, liens, and charges.

      

      4.           If
the Company subdivides its outstanding Common Shares, by split-up or otherwise,
or combines its outstanding Common Shares, the Purchase Price then applicable to
shares covered by this Warrant shall forthwith be proportionately decreased in
the case of a subdivision, or proportionately increased in the case of a
combination.

      

      5.           If
(a) the Company reorganizes its capital, reclassifies its capital stock,
consolidates or merges with or into another corporation (but only if the Company
is not the surviving corporation and no longer has more than a single
shareholder) or sells, transfers or otherwise disposes of all or substantially
all its property, assets, or business to another corporation, and (b) pursuant
to the terms of such reorganization, reclassification, merger, consolidation, or
disposition of assets, shares of common stock of the successor or acquiring
corporation, or any cash, shares of stock, or other securities or property of
any nature whatsoever (including warrants or other subscription or purchase
rights) in addition to or in lieu of common stock of the successor or acquiring
corporation ("Other Property"), are to be received by or distributed to the
holders of Common Shares, then (c) Purchaser shall have the right thereafter to
receive, upon exercise of this Warrant, the same number of shares of common
stock of the successor or acquiring corporation and Other Property receivable
upon such reorganization, reclassification, merger, consolidation, or
disposition of assets as a holder of the number of Common Shares for which this
Warrant is exercisable immediately prior to such event. At the time of such
reorganization, reclassification, merger, consolidation or disposition of
assets, the successor or acquiring corporation shall expressly assume the due
and punctual observance and performance of each and every covenant and condition
of this Warrant to be performed and observed by the Company and all the
obligations and liabilities hereunder, subject to such modifications as may be
deemed appropriate (as determined by resolution of the Board of Directors of the
Company) in order to adjust the number of shares of the common stock of the
successor or acquiring corporation for which this Warrant is exercisable. For
purposes of this section, "common stock of the successor or acquiring
corporation" shall include stock of such corporation of any class which is not
preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock, or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon
the arrival of a specified date or the happening of a specified event and any
warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this section shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations, or disposition of
assets.

       

      
        
          
          

        

        
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      6.           If
a voluntary or involuntary dissolution, liquidation or winding up of the Company
(other than in connection with a merger or consolidation of the Company) is at
any time proposed during the term of this Warrant, the Company shall give
written notice to the Purchaser at least thirty days prior to the record date of
the proposed transaction. The notice shall contain: (1) the date on which the
transaction is to take place; (2) the record date (which must be at least thirty
days after the giving of the notice) as of which holders of the Common Shares
entitled to receive distributions as a result of the transaction shall be
determined; (3) a brief description of the transaction; (4) a brief description
of the distributions, if any, to be made to holders of the Common Shares as a
result of the transaction; and (5) an estimate of the fair market value of the
distributions. On the date of the transaction, if it actually occurs, this
Warrant and all rights existing under this Warrant shall terminate.

      

      7.           In
no event shall any fractional Common Share of the Company be issued upon any
exercise of this Warrant. If, upon exercise of this Warrant as an entirety, the
Purchaser would, except as provided in this Section 7, be entitled to receive a
fractional Common Share, then the Company shall issue the next higher number of
full Common Shares, issuing a full share with respect to such fractional share.
If this Warrant is exercised at one time for less than the maximum number of
Common Shares purchasable upon the exercise hereof, the Company shall issue to
the Purchaser a new warrant of like tenor and date representing the number of
Common Shares equal to the difference between the number of shares purchasable
upon full exercise of this Warrant and the number of shares that were purchased
upon the exercise of this Warrant.

      

      8.           Whenever
the Purchase Price is adjusted, as herein provided, the Company shall promptly
deliver to the Purchaser a certificate setting forth the Purchase Price after
such adjustment and setting forth a brief statement of the facts requiring such
adjustment.

      

      9.           If
at any time prior to the expiration or exercise of this Warrant, the Company
shall pay any dividend or make any distribution upon its Common Shares or shall
make any subdivision or combination of, or other change in its Common Shares,
the Company shall cause notice thereof to be mailed, first class, postage
prepaid, to Purchaser at least thirty full business days prior to the record
date set for determining the holders of Common Shares who shall participate in
such dividend, distribution, subdivision, combination or other change. Such
notice shall also specify the record date as of which holders of Common Shares
who shall participate in such dividend or distribution is to be determined.
Failure to give such notice, or any defect therein, shall not affect the
legality or validity of any dividend or distribution.

      

      10.           The
Company will maintain a register containing the names and addresses of the
Purchaser and any assignees of this Warrant. Purchaser may change its address as
shown on the warrant register by written notice to the Company requesting such
change. Any notice or written communication required or permitted to be given to
the Purchaser may be delivered by confirmed facsimile or telecopy or by a
recognized overnight courier, addressed to Purchaser at the address shown on the
warrant register.

      

      11.           This
Warrant has not been registered under the Securities Act of 1933, as amended
(the "Securities Act"), or any state securities laws ("State Acts") or
regulations in reliance upon exemptions under the Securities Act, and exemptions
under the State Acts. Subject to compliance with the Securities Act and State
Acts, this Warrant and all rights hereunder are transferable in whole or in
part, at the office of the Company at which this Warrant is exercisable, upon
surrender of this Warrant together with the assignment hereof properly endorsed.
The Common Stock into which the Warrants are exercisable will have piggyback
registration rights, and the Warrants will be transferable. If by September 30,
2006, the Company does not register the shares of Common Stock into which the
Warrants are exercisable, or the shares of Common Stock into which the Warrants
are exercisable are not otherwise freely tradable, then, at Purchaser's option,
the Warrant exercise may be cashless.

      

      
        
          
          

        

        
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      12.           In
case this Warrant shall be mutilated, lost, stolen, or destroyed, the Company
may issue a new warrant of like tenor and denomination and deliver the same (a)
in exchange and substitution for and upon surrender and cancellation of any
mutilated Warrant, or (b) in lieu of any Warrant lost, stolen, or destroyed,
upon receipt of evidence satisfactory to the Company of the loss, theft or
destruction of such Warrant (including a reasonably detailed affidavit with
respect to the circumstances of any loss, theft, or destruction) and of
indemnity with sufficient surety satisfactory to the Company.

      

      13.           Unless
a current registration statement under the Securities Act, shall be in effect
with respect to the securities to be issued upon exercise of this Warrant, the
Purchaser, by accepting this Warrant, covenants and agrees that, at the time of
exercise hereof, and at the time of any proposed transfer of securities acquired
upon exercise hereof, the Company may require Purchaser to make such
representations, and may place such legends on certificates representing the
Common Shares issuable upon exercise of this Warrant, as may be reasonably
required in the opinion of counsel to the Company to permit such Common Shares
to be issued without such registration.

      

      14.           This
Warrant does not entitle Purchaser to any of the rights of a stockholder of the
Company.

      

      15.           Nothing
expressed in this Agreement and nothing that may be implied from any of the
provisions hereof is intended, or shall be construed, to confer upon, or give
to, any person or corporation other than the parties to this Agreement any
covenant, condition, stipulation, promise, or agreement contained herein, and
all covenants, conditions, stipulations, promises and agreements contained
herein shall be for the sole and exclusive benefit of the parties hereto and
their respective successors and assigns.

      

      16.           The
provisions and terms of this Warrant shall be construed in accordance with the
laws of the State of Nevada.

      

      IN
WITNESS WHEREOF, this Warrant has been duly executed by the Company as
of

      

      

      PHYSICIANS
HEALTHCARE MANAGEMENT GROUP, INC.

      
        
           

           

          	
                  By:
      

                	/s/ Robert Trinka	 
	 	Robert
      Trinka, CEO	 

        

         

      

      

        
          
             

          

          
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      FORM OF
EXERCISE

       

       

      
      

       

      
        	 	 Date:_____________________

      

       

      To:
PHYSICIANS HEALTHCARE MANAGEMENT GROUP, INC.

      

      The
undersigned hereby subscribes for                                
shares of common stock of PHYSICIANS HEALTHCARE MANAGEMENT GROUP, INC.
covered by this Warrant and hereby delivers $ in full payment of the purchase
price thereof. The certificate(s) for such shares should be issued in the name
of the undersigned or as otherwise indicated below:

      
 

       

      
        	 	 	 
	 	Signature:	 
	 	 	 
	 	 	 
	 	Printed
    Name	 
	 	 	 
	 	 	 
	 	Name for
      Registration, if different	 
	 	 	 
	 	 	 
	 	Street
    Address	 
	 	 	 
	 	 	 
	 	City, State and Zip
      Code	 
	 	 	 
	 	 	 
	 	Social Security
      Number	 

      

       

      
        
          
             

          

          
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      ASSIGNMENT

      

      For Value
Received, the undersigned hereby sells, assigns and transfers unto the
assignee(s) set forth below the within Warrant certificate, together with all
right, title and interest therein, and hereby irrevocably constitutes and
appoints attorney, to transfer the said Warrant on the books of the within-named
Company with respect to the number of Common Shares set forth below, with full
power of 

       

      
        	substitution
      in the premises.	 	 	 
	Social
      Security or other Identifying	 	 	 
	Name(s)
      of 	Number(s)
      of	 	 	 
	Assignee(s) 	Assignee(s).	Address	 	No.
      of  Shares

      

       

       

      
         

        
          	 Dated:	 	 
	 	 	 Signature
	 	 	 
	 	 	 NOTICE:
      THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN
      UPON THE FACE OF THE WARRANT IN EVERY PARTICULAR, WITHOUT ALTERATION OR
      ENLARGEMENT, OR ANY CHANGE WHATSOEVER.
	 	 	 
	 	 	 
	 	 	Print
      Name and Title
	 	 	 

        

        

          
            
               

            

            
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