Document:

EX-10.8

 EXHIBIT 10.8 
 CYTODYN INC. 
 2012 EQUITY INCENTIVE PLAN 

FORM OF STOCK OPTION AWARD AGREEMENT 
 (FOR EMPLOYEES) 
 This STOCK OPTION AWARD AGREEMENT (this “Option
Agreement”) is made effective as of             , 201_, by and between CytoDyn Inc., a Colorado corporation (the “Corporation”), and
             (the “Participant”). 
 1. Grant of
Option. 
 The Corporation hereby grants to the Participant an option (the “Option”) to purchase
             shares of Common Stock (the “Shares”) as of             , 201_ (the “Date of
Grant”) at the exercise price per Share of $             (the “Exercise Price”) subject to the terms and conditions of this Option Agreement. 

2. Application of Plan Terms. 
 Unless otherwise defined herein, the capitalized terms in this Option Agreement will have the same defined meanings as set forth in the Corporation’s 2012 Equity Incentive Plan (the
“Plan”). 
 3. Term. 
 The Option will automatically terminate on [five years following the Date of Grant] (the “Expiration Date”), to the extent not exercised, unless terminated earlier in accordance with this Option
Agreement. After the Expiration Date or such earlier date, the Option shall be of no further force or effect and may not be exercised. 
 4. Exercise of Option. 
 (a) Right to Exercise. The Option will become
Vested and exercisable cumulatively according to the following Vesting Schedule: 
  

			
	 Percentage of Option

Vested and Exercisable
	  	 Vesting Date

	 33.3%
	  	One year after Date of Grant
	 33.3%
	  	Two years after Date of Grant
	 33.4%
	  	Three years after Date of Grant

  
 1 

 (b) Acceleration of Exercisability. Notwithstanding the schedule provided in
subsection (a), the Option will become fully Vested (unless the Participant chooses to decline accelerated Vesting of all or any portion of the Option) upon the occurrence of a Change in Control Date. 

(c) Method of Exercise. The Option shall be exercisable by delivery of an exercise notice (a form of which is attached as Exhibit A),
stating the election to exercise the Option, the number of whole Shares in respect of which the Option is being exercised, the form of payment, and such other provisions as may be required by the Committee. The exercise notice shall be delivered to
the Corporation in accordance with Section 15 below accompanied by full payment of the Exercise Price, which must be made by one or a combination of the following: 
 (1) Payment in cash; 
 (2) Delivery of previously owned Shares having a Fair
Market Value equal to the exercise price; or 
 (3) Delivery of an irrevocable direction to a securities broker acceptable to
the Committee (subject to the provisions of the Sarbanes-Oxley Act of 2002 and any other applicable statute or rule) to sell Shares subject to the Option and to pay a sufficient portion of the net proceeds of the sale to the Corporation in
satisfaction of the Exercise Price. 
 The Option shall be deemed to be exercised upon receipt by the Corporation of such notice
accompanied by the Exercise Price and Tax Payment (defined below). 
 (d) Taxes. No portion of the Option may be exercised and
no Shares will be delivered to the Participant or other person pursuant to the exercise of the Option until the Participant or other person has made arrangements acceptable to the Committee for the satisfaction of applicable income tax and tax
withholding obligations, if any, including, without limitation, such other tax obligations of the Participant incident to the receipt of Shares (the “Tax Payment”). Upon exercise of the Option, the Corporation may offset or withhold (from
any amount owed by the Corporation to the Participant) or collect from the Participant or other person an amount sufficient to satisfy such Tax Payment obligation. 
 The Participant understands that the Participant may suffer adverse tax consequences as a result of the Participant’s purchase or disposition of the Shares. The Participant represents that the
Participant has consulted with any tax consultants the Participant deems advisable in connection with the purchase or disposition of the Shares and that the Participant is not relying on the Corporation for any tax advice. 

5. Restrictions on Exercise. 
 The Option may not be exercised if the issuance of the Shares subject to the Option upon such exercise would constitute a violation of any applicable federal or state securities law. If the exercise of
the Option within the time periods set forth in Sections 6, 7, or 8 of this Option Agreement is prevented by the provisions of this Section 5, the Option shall remain exercisable until one month after the date the Participant is notified by the
Corporation that the Option is exercisable, but in any event no later than the Expiration Date. 

  
 2 

 6. Termination or Change of Continuous Service. 

In the event the Participant’s Continuous Service terminates, other than “for cause” (as defined in the Plan), the
Participant may, but only during the Post-Termination Exercise Period, exercise the portion of the Option that was Vested at the date of such termination (the “Termination Date”). The “Post-Termination Exercise Period” is the
period commencing on the Termination Date and continuing for three months thereafter. In the event of termination of the Participant’s Continuous Service for Cause, the Participant’s right to exercise the Option shall, except as otherwise
determined by the Committee, terminate concurrently with the termination of the Participant’s Continuous Service (also the “Termination Date”). In no event, however, shall the Option be exercised later than the Expiration Date.

 In the event of the Participant’s change in status from employee, Non-Employee Director or Consultant to any other
status of employee, Non-Employee Director or Consultant, the Option shall remain in effect. In the event of the Participant’s change in status from employee to Non-Employee Director or Consultant, Vesting of the Option shall continue only to
the extent determined by the Committee as of such change in status. Except as provided in Sections 7 and 8 below, to the extent that the Option was unvested on the Termination Date, or if the Participant does not exercise the Vested portion of the
Option within the Post-Termination Exercise Period, the Option shall terminate. 
 7. Death of Participant. 

In the event of the Participant’s death, the person who acquires the right to exercise the Option pursuant to will or the laws of
descent and distribution may exercise the portion of the Option that was Vested on the date of death within 12 months commencing on the date of death (but in no event later than the Expiration Date). To the extent that the Option was unvested on the
date of death, or if the Vested portion of the Option is not exercised within the time specified herein, the Option shall terminate. 
 8. Disability of Participant. 
 If the Participant’s employment by the
Corporation terminates as a result of the Participant’s Disability, the Participant may exercise the portion of the Option that was Vested on the date of such termination of employment within 12 months commencing on the date of termination of
employment (but in no event later than the Expiration Date). To the extent that the Option was unvested on the date of termination, or if the Vested portion of the Option is not exercised within the time specified herein, the Option shall terminate.

 9. Transferability of Option. 
 Subject to restrictions on transferability set forth in the Plan, this Option Agreement will be binding upon and benefit the parties, their successors and assigns. 

  
 3 

 10. Engaging in Competition With the Corporation. 

If the Participant terminates employment with the Corporation or an Affiliate for any reason whatsoever, and within 12 months after the
date thereof accepts employment with any competitor of (or otherwise engages in competition with) the Corporation, the Committee, in its sole discretion, may require such Participant to return to the Corporation the economic value of any Award that
is realized or obtained (measured at the date of exercise, Vesting, or payment) by such Participant at any time during the period beginning on the date that is one year prior to the date of such Participant’s termination of employment with the
Corporation. 
 11. Governing Law. 
 This Option Agreement will be administered, interpreted and enforced in accordance with the laws of the State of Oregon, without regard to principles of conflicts of laws. 

12. Rights as Shareholder. 
 Until the stock certificate representing the Shares is issued, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the
exercise of the Option. The Corporation shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the
stock certificate is issued, except as provided in Article 10 of the Plan. 
 13. Adjustments upon Changes in
Capitalization. 
 The Option shall be subject to the provisions of Article 11 of the Plan relating to adjustments upon
changes in capitalization and similar corporate events. 
 14. Venue and Waiver of Jury Trial. 

The Corporation, the Participant, and the Participant’s assignees pursuant to Section 9 (the “parties”) agree that any
suit, action, or proceeding arising out of or relating to the Notice or this Option Agreement shall be brought in the United States District Court for the District of Oregon (or should such court lack jurisdiction to hear such action, suit or
proceeding, in an Oregon state court in the County of Multnomah) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the
laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this
Section 14 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

  
 4 

 15. Notices. 
 Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (a) upon personal delivery, (b) one business day after deposit for overnight delivery
by a nationally recognized air courier service, (c) five business days after deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, (d) on the date of facsimile
transmission, with confirmed transmission, or (e) by email transmission, addressed to the party to be notified as follows: 
 If to the Corporation: 
 CytoDyn Inc. 

5 Centerpointe Drive, Suite 400 
 Lake Oswego, Oregon 97035 
 Facsimile: (971) 204-0386

 Attn: Secretary 
 If to the Participant: 
 or such other address as such party may designate by 10 days’
advance written notice to the other party. 
  

							
	CYTODYN INC.	 		 	PARTICIPANT
				
	By:	 	 	 		 	 
	Name:	 		 		 	
	Title:	 		 		 	

  
 5 

 EXHIBIT A 
 CYTODYN INC. 
 2012 EQUITY INCENTIVE PLAN 

EXERCISE NOTICE 
 CytoDyn
Inc. 
 5 Centerpointe Drive, Suite 400 

Lake Oswego, Oregon 97035 
 Telephone:
(971) 204-0382 
 Facsimile: (971) 204-0386 
 Attention: Secretary 
  

					
	Participant:	 	  
	  	
		 	Print Name	  	
			
	Mailing Address:	 	  
	  	
			
		 	  
	  	
			
		 	  
	  	
			
	Telephone Number:	 	  
	  	

 Option: The option evidenced by a Stock Option Award Agreement dated
            ,         . 
 OPTION EXERCISE 
 I hereby elect to exercise the Option to purchase shares
(“Shares”) of common stock of CytoDyn Inc. covered by the Option as follows: 
  

					
			
	Number of Shares Purchased (a)	  	                             
             	  	
			
	Per-Share Option Price (b)	  	$                             
           	  	
			
	Aggregate Purchase Price (a times b)	  	$                             
           	  	
			
	Closing Date of Purchase	  	                             
              	  	
			
	Form of Payment [Check One]:	  		  	
	
	  ̈         My check in
the full amount of the Aggregate Purchase Price (as well as a check for any withholding taxes, if this box  ̈ is checked). See “Instructions” below.

  
 A-1

					
	
	  ̈          Delivery
of previously owned shares of CytoDyn common stock with a fair market value equal to the Aggregate Purchase Price. See “Instructions” below. Note that restricted shares acquired from CytoDyn under one of its stock plans may be used for
this purpose only if such shares have become vested.

	
	
 ̈          My
irrevocable direction to my securities broker (see below) to sell Shares subject to the Option and deliver a portion of the sales proceeds to CytoDyn Inc., in full payment of the Aggregate Purchase Price (as well as any withholding taxes, if this
box  ̈ is checked). See “Instructions” below. I hereby confirm that any sale of Shares will be in compliance with CytoDyn’s policies on insider trading and Rule 144, if applicable. I
HEREBY IRREVOCABLY AUTHORIZE
                                     to

                   
                                         
       (name        of         broker)

            transfer funds to CytoDyn Inc., from my
account in payment of the Aggregate Purchase Price (and withholding taxes, if applicable) and CytoDyn Inc., is hereby directed to issue the Shares for my account with such broker and to transmit the Shares to the broker indicated
above.

 Instructions: 
 (1) If payment is to be by check, a certified or cashier’s check for the amount of the Aggregate Purchase Price payable to CytoDyn Inc., should be submitted with this Notice. If you wish to pay by
wire transfer, please contact CytoDyn Inc. for instructions. 
 (2) If payment is to be by surrender of previously owned shares
or by attestation of ownership (see Attestation Form below), either a certificate for the shares accompanied by a stock power endorsed in blank or the completed Attestation Form should be submitted with this Notice. If applicable, a certificate for
any shares in excess of those needed to satisfy the Aggregate Purchase Price will be returned to you with the certificate for your option shares. Any change in registration between the payment shares and the new shares will require a properly
executed stock power that is guaranteed by an institution participating in a recognized medallion signature guarantee program. 

(3) Withholding tax is due immediately upon exercise of a nonqualified stock option by an employee or former employee. Non-employee
directors are not currently subject to withholding. If withholding tax is due at the time of exercise, you will be notified of the amount and satisfactory arrangements must be made for payment before a stock certificate for your option shares will
be delivered to you (or your broker, if applicable). 

  
 A-2

 ISSUANCE INSTRUCTIONS FOR STOCK CERTIFICATES 

Please register the stock certificate(s) in the following name(s): 

 

                   
                                         

                    
                                        

                    
                                        

 If applicable, please check one:     ̈ JT
TEN     ̈ TEN COM     ̈ Other 
 Please deliver the stock certificate(s) to (check one): 
  ̈ My brokerage account 

                   
                                      

                   
                                      

                   
                                      

Attn:
                                         
        
 Account No.:
                                ; or 

 ̈ My mailing address set forth above. 

 

							
	 	 		 		 	 
	Date	 		 		 	Signature of Participant

 ATTESTATION FORM 
 As indicated above, I have elected to use shares of CytoDyn common stock that I already own to pay the Aggregate Purchase Price of the Option. 

I attest to the ownership of the shares represented by the certificate(s) listed below or to the beneficial ownership of the shares held
in the name of my broker, as indicated in the attached copy of my brokerage statement. I will be deemed to have delivered such shares to CytoDyn in connection with the exercise of my Option. 

I understand that, because I (and any joint owner) will retain ownership of the shares (the “Payment Shares”) deemed delivered
to pay the Aggregate Purchase Price, the number of shares to be issued to me upon exercise of my Option will be reduced by the number of Payment Shares. I represent that I have full power to deliver and convey certificates representing the Payment
Shares to CytoDyn and by such delivery and conveyance could have caused CytoDyn to become sole owner of the Payment Shares. The joint owner of the Payment Shares, if any, by signing this Form, consents to these representations and to the exercise of
the Option by this attestation. 

  
 A-3

 I certify that any Payment Shares originally issued to me as restricted shares are now fully
vested. 
 List certificate(s) and number of shares covered, or attach a copy of your brokerage statement: 

 

			
	 Common Stock
Certificate Number
	  	 Number of

Shares Covered

 Date:
                                        

  

					
	Print Name of Optionholder:	  	 	  	
			
	Signature of Optionholder:	  	 	  	
			
	Print Name of Joint Owner:	  	 	  	
			
	Signature of Joint Owner:	  	 	  	

 If you are attaching a copy of your brokerage statement, you must have your securities broker complete
the following: 
 The undersigned hereby certifies that the foregoing attestation is correct. 

 

			
	
	 
	Name of Brokerage Firm
		
	By:	 	 
	
	
                    
     

	Print Name of Signing Broker

  

			
		
	Date:	 	 

  

			
		
	Telephone No.:	 	 

  

  
 A-4EX-10.9

 EXHIBIT 10.9 
 CYTODYN INC. 
 2012 EQUITY INCENTIVE PLAN 

FORM OF STOCK OPTION AWARD AGREEMENT 
 (FOR NON-EMPLOYEE DIRECTORS) 
 This STOCK OPTION AWARD AGREEMENT (this
“Option Agreement”) is made effective as of                     , 201_, by and between CytoDyn Inc., a Colorado corporation (the
“Corporation”), and                  (the “Participant”). 
 1. Grant of Option. 
 The Corporation hereby grants to the Participant an
option (the “Option”) to purchase              shares of Common Stock (the “Shares”) as of
                    , 201_ (the “Date of Grant”) at the exercise price per Share of
$            (the “Exercise Price”) subject to the terms and conditions of this Option Agreement. 
 2. Application of Plan Terms. 
 Unless otherwise defined herein, the
capitalized terms in this Option Agreement will have the same defined meanings as set forth in the Corporation’s 2012 Equity Incentive Plan (the “Plan”). 
 3. Term. 
 The Option will automatically terminate on [five years following
Date of Grant] (the “Expiration Date”), to the extent not exercised, unless terminated earlier in accordance with this Option Agreement. After the Expiration Date or such earlier date, the Option shall be of no further force or effect and
may not be exercised. 
 4. Exercise of Option. 
 (a) Right to Exercise. The Option will become Vested and exercisable cumulatively according to the following Vesting Schedule: 

 

			
	 Percentage of Option

Vested and Exercisable
	  	 Vesting Date

	25%	  	3 months after Date of Grant
	25%	  	6 months after Date of Grant
	25%	  	9 months after Date of Grant
	25%	  	One year after Date of Grant

  
 1 

 (b) Acceleration of Exercisability. Notwithstanding the schedule provided in
subsection (a), the Option will become fully Vested (unless the Participant chooses to decline accelerated Vesting of all or any portion of the Option) upon the occurrence of a Change in Control Date. 

(c) Method of Exercise. The Option shall be exercisable by delivery of an exercise notice (a form of which is attached as Exhibit A),
stating the election to exercise the Option, the number of whole Shares in respect of which the Option is being exercised, the form of payment, and such other provisions as may be required by the Committee. The exercise notice shall be delivered to
the Corporation in accordance with Section 15 below accompanied by full payment of the Exercise Price, which must be made by one or a combination of the following: 
 (1) Payment in cash; 
 (2) Delivery of previously owned Shares having a Fair
Market Value equal to the exercise price; or 
 (3) Delivery of an irrevocable direction to a securities broker acceptable to
the Committee (subject to the provisions of the Sarbanes-Oxley Act of 2002 and any other applicable statute or rule) to sell Shares subject to the Option and to pay a sufficient portion of the net proceeds of the sale to the Corporation in
satisfaction of the Exercise Price. 
 The Option shall be deemed to be exercised upon receipt by the Corporation of such notice
accompanied by the Exercise Price and Tax Payment (defined below), if required. 
 (d) Taxes. No portion of the Option may be
exercised and no Shares will be delivered to the Participant or other person pursuant to the exercise of the Option until the Participant or other person has made arrangements acceptable to the Committee for the satisfaction of applicable income tax
and tax withholding obligations, if any, including, without limitation, such other tax obligations of the Participant incident to the receipt of Shares (the “Tax Payment”). Upon exercise of the Option, the Corporation may offset or
withhold (from any amount owed by the Corporation to the Participant) or collect from the Participant or other person an amount sufficient to satisfy such Tax Payment obligation, if any. 

The Participant understands that the Participant may suffer adverse tax consequences as a result of the Participant’s purchase or
disposition of the Shares. The Participant represents that the Participant has consulted with any tax consultants the Participant deems advisable in connection with the purchase or disposition of the Shares and that the Participant is not relying on
the Corporation for any tax advice. 
 5. Restrictions on Exercise. 

The Option may not be exercised if the issuance of the Shares subject to the Option upon such exercise would constitute a violation of any
applicable federal or state securities law. If the exercise of the Option within the time periods set forth in Sections 6, 7, or 8 of this Option Agreement is prevented by the provisions of this Section 5, the Option shall remain exercisable
until one month after the date the Participant is notified by the Corporation that the Option is exercisable, but in any event no later than the Expiration Date. 

  
 2 

 6. Termination or Change of Continuous Service. 

In the event the Participant’s Continuous Service terminates, other than “for cause” (as defined in the Plan), the
Participant may, but only during the Post-Termination Exercise Period, exercise the portion of the Option that was Vested at the date of such termination (the “Termination Date”). The “Post-Termination Exercise Period” is the
period commencing on the Termination Date and continuing for three months thereafter. In the event of termination of the Participant’s Continuous Service for cause, the Participant’s right to exercise the Option shall, except as otherwise
determined by the Committee, terminate concurrently with the termination of the Participant’s Continuous Service (also the “Termination Date”). In no event, however, shall the Option be exercised later than the Expiration Date.

 In the event of the Participant’s change in status from Non-Employee Director, employee or Consultant to any other
status of Non-Employee Director, employee or Consultant, the Option shall remain in effect. In the event of the Participant’s change in status from Non-Employee Director to employee or Consultant, Vesting of the Option shall continue only to
the extent determined by the Committee as of such change in status. Except as provided in Sections 7 and 8 below, to the extent that the Option was unvested on the Termination Date, or if the Participant does not exercise the Vested portion of the
Option within the Post-Termination Exercise Period, the Option shall terminate. 
 7. Death of Participant. 

In the event of the Participant’s death, the person who acquires the right to exercise the Option pursuant to will or the laws of
descent and distribution may exercise the portion of the Option that was Vested on the date of death within 12 months commencing on the date of death (but in no event later than the Expiration Date). To the extent that the Option was unvested on the
date of death, or if the Vested portion of the Option is not exercised within the time specified herein, the Option shall terminate. 
 8. Disability of Participant. 
 If the Participant’s Continuous Service
terminates as a result of the Participant’s Disability, the Participant may exercise the portion of the Option that was Vested on the date of such termination of Continuous Service within three months commencing on the date of termination of
Continuous Service (but in no event later than the Expiration Date). To the extent that the Option was unvested on the date of termination of Continuous Service, or if the Vested portion of the Option is not exercised within the time specified
herein, the Option shall terminate. 
 9. Transferability of Option. 

Subject to restrictions on transferability set forth in the Plan, this Option Agreement will be binding upon and benefit the parties,
their successors and assigns. 

  
 3 

 10. Engaging in Competition With the Corporation. 

If the Participant terminates Continuous Service with the Corporation or an Affiliate for any reason whatsoever, and within 12 months
after the date thereof accepts employment with any competitor of (or otherwise engages in competition with) the Corporation, the Committee, in its sole discretion, may require such Participant to return to the Corporation the economic value of any
Award that is realized or obtained (measured at the date of exercise, Vesting, or payment) by such Participant at any time during the period beginning on the date that is one year prior to the date of such Participant’s termination of
Continuous Service with the Corporation. 
 11. Governing Law. 

This Option Agreement will be administered, interpreted and enforced in accordance with the laws of the State of Oregon, without regard to
principles of conflicts of laws. 
 12. Rights as Shareholder. 

Until the stock certificate representing the Shares is issued, no right to vote or receive dividends or any other rights as a shareholder
shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Corporation shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other
right for which the record date is prior to the date the stock certificate is issued, except as provided in Article 10 of the Plan. 
 13. Adjustments upon Changes in Capitalization. 
 The Option shall be
subject to the provisions of Article 11 of the Plan relating to adjustments upon changes in capitalization and similar corporate events. 
 14. Venue and Waiver of Jury Trial. 
 The Corporation, the Participant, and
the Participant’s assignees pursuant to Section 9 (the “parties”) agree that any suit, action, or proceeding arising out of or relating to the Notice or this Option Agreement shall be brought in the United States District Court
for the District of Oregon (or should such court lack jurisdiction to hear such action, suit or proceeding, in an Oregon state court in the County of Multnomah) and that the parties shall submit to the jurisdiction of such court. The parties
irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A
JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 14 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the
minimum extent necessary to make it or its application valid and enforceable. 

  
 4 

 15. Notices. 
 Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (a) upon personal delivery, (b) one business day after deposit for overnight delivery
by a nationally recognized air courier service, (c) five business days after deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, (d) on the date of facsimile
transmission, with confirmed transmission, or (e) by email transmission, addressed to the party to be notified as follows: 
 If to the Corporation: 
 CytoDyn Inc. 

5 Centerpointe Drive, Suite 400 
 Lake Oswego, Oregon 97035 
 Facsimile: (971) 204-0386

 Attn: Secretary 
 If to the Participant: 

                    
                                     

                    
                                     

                    
                                     

Fax:                   
                              
 or such other address as such party may designate by 10 days’ advance written notice to the other party. 
  

									
	CYTODYN INC.	 		 		 	PARTICIPANT
					
	By:	 	 	 		 		 	 
	Name:	 	 	 		 		 	
	Title:	 		 		 		 	

  
 5 

 EXHIBIT A 
 CYTODYN INC. 
 2012 EQUITY INCENTIVE PLAN 

EXERCISE NOTICE 
 CytoDyn
Inc. 
 5 Centerpointe Drive, Suite 400 

Lake Oswego, Oregon 97035 
 Telephone:
(971) 204-0382 
 Facsimile: (971) 204-0386 
 Attention: Secretary 
  

					
	 Participant:
	  	  
	  	
		  	Print Name	  	
	Mailing Address:	  	  
	  	
		  	  
	  	
		  	  
	  	
	Telephone Number:	  	  
	  	

  

	 	Option:	The option evidenced by a Stock Option Award Agreement dated             ,
        . 

 OPTION EXERCISE 

I hereby elect to exercise the Option to purchase shares (“Shares”) of common stock of CytoDyn Inc. covered by the Option as
follows: 
  

					
	Number of Shares Purchased (a)	  	                             
             	  	
			
	Per-Share Option Price (b)	  	$                             
           	  	
			
	Aggregate Purchase Price (a times b)	  	$                             
           	  	
			
	Closing Date of Purchase	  	                             
             	  	
			
	Form of Payment [Check One]:	  		  	
	
	  ̈          My check
in the full amount of the Aggregate Purchase Price (as well as a check for any withholding taxes, if this box  ̈ is checked). See “Instructions” below.

  
 A-1

	
	
	  ̈          Delivery of
previously owned shares of CytoDyn common stock with a fair market value equal to the Aggregate Purchase Price. See “Instructions” below. Note that restricted shares acquired from CytoDyn under one of its stock plans may be used for this
purpose only if such shares have become vested.

	
	
 ̈          My
irrevocable direction to my securities broker (see below) to sell Shares subject to the Option and deliver a portion of the sales proceeds to CytoDyn Inc., in full payment of the Aggregate Purchase Price (as well as any withholding taxes, if this
box  ̈ is checked). See “Instructions” below. I hereby confirm that any sale of Shares will be in compliance with CytoDyn’s policies on insider trading and Rule 144, if applicable. I
HEREBY IRREVOCABLY AUTHORIZE
                                     to

                   
                                         
       (name        of         broker)

            transfer funds to CytoDyn Inc., from my
account in payment of the Aggregate Purchase Price (and withholding taxes, if applicable) and CytoDyn Inc., is hereby directed to issue the Shares for my account with such broker and to transmit the Shares to the broker indicated
above.

 Instructions: 
 (1) If payment is to be by check, a certified or cashier’s check for the amount of the Aggregate Purchase Price payable to CytoDyn Inc., should be submitted with this Notice. If you wish to pay by
wire transfer, please contact CytoDyn Inc. for instructions. 
 (2) If payment is to be by surrender of previously owned shares
or by attestation of ownership (see Attestation Form below), either a certificate for the shares accompanied by a stock power endorsed in blank or the completed Attestation Form should be submitted with this Notice. If applicable, a certificate for
any shares in excess of those needed to satisfy the Aggregate Purchase Price will be returned to you with the certificate for your option shares. Any change in registration between the payment shares and the new shares will require a properly
executed stock power that is guaranteed by an institution participating in a recognized medallion signature guarantee program. 

(3) Withholding tax is due immediately upon exercise of a nonqualified stock option by an employee or former employee. Non-employee
directors are not currently subject to withholding. If withholding tax is due at the time of exercise, you will be notified of the amount and satisfactory arrangements must be made for payment before a stock certificate for your option shares will
be delivered to you (or your broker, if applicable). 

  
 A-2

 ISSUANCE INSTRUCTIONS FOR STOCK CERTIFICATES 

Please register the stock certificate(s) in the following name(s): 

                    
                                         
        

                    
                                         
        

                    
                                         
        
 If applicable, please check one:     ̈ JT TEN     ̈ TEN COM      ̈ Other 

Please deliver the stock certificate(s) to (check one): 

 ̈ My brokerage account 

                   
                                         
         

                   
                                         
         

                   
                                         
         
 Attn:
                                         
                    
 Account
No.:                                        
        ; or 
  ̈ My
mailing address set forth above. 
  

					
	  	 		 	  
	Date	 		 	Signature of Participant

 ATTESTATION FORM 
 As indicated above, I have elected to use shares of CytoDyn common stock that I already own to pay the Aggregate Purchase Price of the Option. 

I attest to the ownership of the shares represented by the certificate(s) listed below or to the beneficial ownership of the shares held
in the name of my broker, as indicated in the attached copy of my brokerage statement. I will be deemed to have delivered such shares to CytoDyn in connection with the exercise of my Option. 

I understand that, because I (and any joint owner) will retain ownership of the shares (the “Payment Shares”) deemed delivered
to pay the Aggregate Purchase Price, the number of shares to be issued to me upon exercise of my Option will be reduced by the number of Payment Shares. I represent that I have full power to deliver and convey certificates representing the Payment
Shares to CytoDyn and by such delivery and conveyance could have caused CytoDyn to become sole owner of the Payment Shares. The joint owner of the Payment Shares, if any, by signing this Form, consents to these representations and to the exercise of
the Option by this attestation. 

  
 A-3

 I certify that any Payment Shares originally issued to me as restricted shares are now fully
vested. 
 List certificate(s) and number of shares covered, or attach a copy of your brokerage statement: 

 

			
	 Common Stock

Certificate Number
	  	 Number of

Shares Covered

 Date:                  
  

					
	Print Name of Optionholder:	  	 	  	
			
	Signature of Optionholder:	  	 	  	
			
	Print Name of Joint Owner:	  	 	  	
			
	Signature of Joint Owner:	  	 	  	

 If you are attaching a copy of your brokerage statement, you must have your securities broker complete
the following: 
 The undersigned hereby certifies that the foregoing attestation is correct. 

 

			
	
	  

	Name of Brokerage Firm
		
	By:	 	 
	
	  

	Print Name of Signing Broker

  

			
		
	Date:	 	 

  

			
		
	Telephone No.:	 	 

  
 A-4

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