Document:

Exhibit 10.4

NON-QUALIFIED STOCK OPTION
AGREEMENT

FOR COMPANY EMPLOYEES

UNDER OPTIUM CORPORATION

2006 STOCK OPTION AND INCENTIVE PLAN

Pursuant to the Optium
Corporation 2006 Stock Option and Incentive Plan as amended through the date
hereof (the “Plan”), Optium Corporation (the “Company”) hereby grants to the
Optionee named in the applicable Grant Notice an option (the “Stock Option”) to
purchase on or prior to the Expiration Date specified above all or part of the
number of shares of Common Stock, par value $0.0001 per share, of the Company
(the “Stock”) specified in the Grant Notice at the Option Exercise Price per
Share specified in the applicable Grant Notice subject to the terms and
conditions set forth herein and in the Plan. 
This Stock Option is not intended to be an “incentive stock option”
under Section 422 of the Internal Revenue Code of 1986, as amended.

1.             Exercisability Schedule.  No portion of this Stock Option may be
exercised until such portion shall have become exercisable.  Except as set forth below, and subject to the
discretion of the Committee (as defined in Section 2 of the Plan) to
accelerate the exercisability schedule hereunder, this Stock Option shall be
exercisable with respect to the number of Option Shares indicated as vested Option
Shares on the dates as set forth on the applicable Grant Notice.  Once exercisable, this Stock Option shall
continue to be exercisable at any time or times prior to the close of business
on the Expiration Date set forth in the applicable Grant Notice, subject to the
provisions hereof and of the Plan.

2.             Manner of Exercise.

(a)           The Optionee may
exercise this Stock Option only in the following manner:  from time to time on or prior to the
Expiration Date of this Stock Option, the Optionee may give written notice to
the Committee of his or her election to purchase some or all of the Option
Shares purchasable at the time of such notice. 
This notice shall specify the number of Option Shares to be purchased.

Payment of the purchase price for the Option Shares
may be made by one or more of the following methods:  (i) in cash, by certified or bank check
or other instrument acceptable to the Committee; (ii) through the delivery
(or attestation to the ownership) of shares of Stock that have been purchased
by the Optionee on the open market or that are beneficially owned by the
Optionee and are not then subject to any restrictions under any Company plan
and that otherwise satisfy any holding periods as may be required by the
Committee; (iii) by the Optionee delivering to the Company a properly
executed exercise notice together with irrevocable instructions to a broker to
promptly deliver to the Company cash or a check payable and acceptable to the
Company to pay the option purchase price, provided that in the event the
Optionee chooses to pay the option purchase price as so provided, the Optionee
and the broker shall comply with such procedures and enter into such agreements
of indemnity and other agreements as the Committee shall prescribe as a
condition of such payment procedure; or (iv) a combination of (i), (ii)
and (iii) above.  The Optionee may also
exercise pursuant to a paperless method if the Company establishes, for itself
or using the services of a third party, an automated 

 

system, such as a system
using an internet website or interactive voice response.  Payment instruments will be received subject
to collection.

The transfer to the Optionee on the records of the
Company or of the transfer agent of the Option Shares will be contingent upon
the Company’s receipt from the Optionee of full payment for the Option Shares,
as set forth above and any agreement, statement or other evidence that the
Company may require to satisfy itself that the issuance of Stock to be
purchased pursuant to the exercise of Stock Options under the Plan and any
subsequent resale of the shares of Stock will be in compliance with applicable
laws and regulations.  In the event the
Optionee chooses to pay the purchase price by previously-owned shares of Stock
through the attestation method, the number of shares of Stock transferred to
the Optionee upon the exercise of the Stock Option shall be net of the Shares
attested to.

(b)           The shares of Stock
purchased upon exercise of this Stock Option shall be transferred to the
Optionee on the records of the Company or of the transfer agent upon compliance
to the satisfaction of the Committee with all requirements under applicable
laws or regulations in connection with such issuance and with the requirements
hereof and of the Plan.  The
determination of the Committee as to such compliance shall be final and binding
on the Optionee.  The Optionee shall not
be deemed to be the holder of, or to have any of the rights of a holder with
respect to, any shares of Stock subject to this Stock Option unless and until
this Stock Option shall have been exercised pursuant to the terms hereof, the
Company or the transfer agent shall have transferred the shares to the
Optionee, and the Optionee’s name shall have been entered as the stockholder of
record on the books of the Company. 
Thereupon, the Optionee shall have full voting, dividend and other
ownership rights with respect to such shares of Stock.

(c)           The minimum number
of shares with respect to which this Stock Option may be exercised at any one
time shall be 100 shares, unless the number of shares with respect to which
this Stock Option is being exercised is the total number of shares subject to
exercise under this Stock Option at the time.

(d)           Notwithstanding any
other provision hereof or of the Plan, no portion of this Stock Option shall be
exercisable after the Expiration Date hereof.

3.             Termination of Employment.  If the Optionee’s employment by the Company
or a Subsidiary (as defined in the Plan) is terminated, the period within which
to exercise the Stock Option may be subject to earlier termination as set forth
below.

(a)           Termination Due
to Death.  If the Optionee’s
employment terminates by reason of the Optionee’s death, any portion of this
Stock Option outstanding on such date shall become fully exercisable and may
thereafter be exercised by the Optionee’s legal representative or legatee for a
period of 12 months from the date of death or until the Expiration Date, if
earlier.

(b)           Termination Due
to Disability.  If the Optionee’s
employment terminates by reason of the Optionee’s disability (as determined by
the Committee), any portion of this Stock Option outstanding on such date shall
become fully exercisable and may thereafter be exercised by the Optionee for a
period of 12 months from the date of termination or until the Expiration Date,
if earlier.  The death of the Optionee
during the 12-month period provided in 

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this
Section 3(b) shall extend such period for another 12 months from the date
of death or until the Expiration Date, if earlier.

(c)           Termination for
Cause.  If the Optionee’s employment
terminates for Cause, any portion of this Stock Option outstanding on such date
shall terminate immediately and be of no further force and effect.  For purposes hereof, “Cause” shall mean a
determination by the Company that the Optionee shall be dismissed as a result
of (i) any material breach by the Optionee of any agreement between the
Optionee and the Company; (ii) the conviction of, indictment for or plea of
nolo contendere by the Optionee to a felony or a crime involving moral
turpitude; or (iii) any material misconduct or willful and deliberate
non-performance (other than by reason of disability) by the Optionee of the
Optionee’s duties to the Company.

(d)           Other Termination.  If the Optionee’s employment terminates for
any reason other than the Optionee’s death, the Optionee’s disability or Cause,
and unless otherwise determined by the Committee, any portion of this Stock
Option outstanding on such date may be exercised, to the extent exercisable on
the date of termination, for a period of 90 days from the date of termination
or until the Expiration Date, if earlier. 
Any portion of this Stock Option that is not exercisable on the date of
termination shall terminate immediately and be of no further force or effect.

The Committee’s determination of the reason for
termination of the Optionee’s employment shall be conclusive and binding on the
Optionee and his or her representatives or legatees.

4.             Incorporation of Plan.  Notwithstanding anything herein to the contrary,
this Stock Option shall be subject to and governed by all the terms and
conditions of the Plan, including the powers of the Committee set forth in
Section 2(b) of the Plan.  Capitalized
terms in this Agreement shall have the meaning specified in the Plan, unless a
different meaning is specified herein.

5.             Transferability. 
This Agreement is personal to the Optionee, is non-assignable and is not
transferable in any manner, by operation of law or otherwise, other than by
will or the laws of descent and distribution. 
This Stock Option is exercisable, during the Optionee’s lifetime, only
by the Optionee, and thereafter, only by the Optionee’s legal representative or
legatee.

6.             Tax Withholding. 
The Optionee shall, not later than the date as of which the exercise of
this Stock Option becomes a taxable event for Federal income tax purposes, pay
to the Company or make arrangements satisfactory to the Committee for payment
of any Federal, state, and local taxes required by law to be withheld on
account of such taxable event.  The
Optionee may elect to have the minimum required tax withholding obligation
satisfied, in whole or in part, by (i) authorizing the Company to withhold from
shares of Stock to be issued, or (ii) transferring to the Company, a number of
shares of Stock with an aggregate Fair Market Value that would satisfy the
withholding amount due.

7.             No Obligation to Continue Employment.  Neither the Company nor any Subsidiary is
obligated by or as a result of the Plan or this Agreement to continue the
Optionee in 

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employment and neither the Plan nor this Agreement
shall interfere in any way with the right of the Company or any Subsidiary to
terminate the employment of the Optionee at any time.

8.             Notices. 
Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Optionee at
the address on file with the Company or, in either case, at such other address
as one party may subsequently furnish to the other party in writing.

 4Exhibit 10.5

NON-QUALIFIED
STOCK OPTION AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

UNDER OPTIUM
CORPORATION

2006 STOCK OPTION AND INCENTIVE PLAN

Pursuant to the Optium Corporation 2006 Stock Option
and Incentive Plan as amended through the date hereof (the “Plan”), Optium
Corporation (the “Company”) hereby grants to the Optionee named in the
applicable Grant Notice an option (the “Stock Option”) to purchase on or prior
to the Expiration Date specified above all or part of the number of shares of
Common Stock, par value $0.0001 per share, of the Company (the “Stock”)
specified in the Grant Notice at the Option Exercise Price per Share specified
in the applicable Grant Notice subject to the terms and conditions set forth
herein and in the Plan.  This Stock
Option is not intended to be an “incentive stock option” under Section 422 of
the Internal Revenue Code of 1986, as amended.

1.             Exercisability Schedule.  No portion of this Stock Option may be
exercised until such portion shall have become exercisable.  Except as set forth below, and subject to the
discretion of the Committee (as defined in Section 2 of the Plan) to
accelerate the exercisability schedule hereunder, this Stock Option shall be
exercisable with respect to the number of Option Shares indicated as vested
Option Shares on the dates as set forth on the applicable Grant Notice.  Once exercisable, this Stock Option shall
continue to be exercisable at any time or times prior to the close of business
on the Expiration Date set forth in the applicable Grant Notice, subject to the
provisions hereof and of the Plan.

2.             Manner of Exercise.

(a)           The Optionee may
exercise this Stock Option only in the following manner:  from time to time on or prior to the
Expiration Date of this Stock Option, the Optionee may give written notice to
the Committee of his or her election to purchase some or all of the Option
Shares purchasable at the time of such notice. 
This notice shall specify the number of Option Shares to be purchased.

Payment of the purchase price for the Option Shares
may be made by one or more of the following methods:  (i) in cash, by certified or bank check
or other instrument acceptable to the Committee; (ii) through the delivery
(or attestation to the ownership) of shares of Stock that have been purchased
by the Optionee on the open market or that are beneficially owned by the
Optionee and are not then subject to any restrictions under any Company plan
and that otherwise satisfy any holding periods as may be required by the
Committee; (iii) by the Optionee delivering to the Company a properly
executed exercise notice together with irrevocable instructions to a broker to
promptly deliver to the Company cash or a check payable and acceptable to the
Company to pay the option purchase price, provided that in the event the
Optionee chooses to pay the option purchase price as so provided, the Optionee
and the broker shall comply with such procedures and enter into such agreements
of indemnity and other agreements as the Committee shall prescribe as a
condition of such payment procedure; or (iv) a combination of (i), (ii)
and (iii) above.  The Optionee may also
exercise pursuant to a paperless method if the Company establishes, for itself
or using the services of a third party, an automated 

 

system, such as a system using an internet website or
interactive voice response.  Payment
instruments will be received subject to collection.

The transfer to the Optionee on the records of the
Company or of the transfer agent of the Option Shares will be contingent upon
the Company’s receipt from the Optionee of full payment for the Option Shares,
as set forth above and any agreement, statement or other evidence that the
Company may require to satisfy itself that the issuance of Stock to be
purchased pursuant to the exercise of Stock Options under the Plan and any
subsequent resale of the shares of Stock will be in compliance with applicable
laws and regulations.  In the event the
Optionee chooses to pay the purchase price by previously-owned shares of Stock
through the attestation method, the number of shares of Stock transferred to
the Optionee upon the exercise of the Stock Option shall be net of the Shares
attested to.

(b)           The shares of Stock
purchased upon exercise of this Stock Option shall be transferred to the
Optionee on the records of the Company or of the transfer agent upon compliance
to the satisfaction of the Committee with all requirements under applicable
laws or regulations in connection with such transfer and with the requirements
hereof and of the Plan.  The determination
of the Committee as to such compliance shall be final and binding on the
Optionee.  The Optionee shall not be
deemed to be the holder of, or to have any of the rights of a holder with
respect to, any shares of Stock subject to this Stock Option unless and until
this Stock Option shall have been exercised pursuant to the terms hereof, the
Company or the transfer agent shall have transferred the shares to the
Optionee, and the Optionee’s name shall have been entered as the stockholder of
record on the books of the Company. 
Thereupon, the Optionee shall have full voting, dividend and other
ownership rights with respect to such shares of Stock.

(c)           The minimum number
of shares with respect to which this Stock Option may be exercised at any one
time shall be 100 shares, unless the number of shares with respect to which
this Stock Option is being exercised is the total number of shares subject to
exercise under this Stock Option at the time.

(d)           Notwithstanding any
other provision hereof or of the Plan, no portion of this Stock Option shall be
exercisable after the Expiration Date hereof.

3.             Termination as Director. If the Optionee ceases
to be a Director of the Company, the period within which to exercise the Stock
Option may be subject to earlier termination as set forth below.

(a)           Termination by
Reason of Death.  If the Optionee
ceases to be a Director by reason of the Optionee’s death, any portion of this
Stock Option outstanding on such date may be exercised by his or her legal
representative or legatee for a period of 12 months
from the date of death or until the Expiration Date, if earlier.

(b)           Other Termination.  If the Optionee ceases to be a Director for
any reason other than the Optionee’s death, any portion of this Stock Option
outstanding on such date may be exercised for a period of ninety days from the
date of termination or until the Expiration Date, if earlier.

 2
 

 

 

4.             Incorporation of Plan.  Notwithstanding anything herein to the
contrary, this Stock Option shall be subject to and governed by all the terms
and conditions of the Plan, including the powers of the Committee set forth in
Section 2(b) of the Plan.  Capitalized
terms in this Agreement shall have the meaning specified in the Plan, unless a
different meaning is specified herein.

5.             Transferability. 
This Agreement is personal to the Optionee, is non-assignable and is not
transferable in any manner, by operation of law or otherwise, other than by
will or the laws of descent and distribution. 
This Stock Option is exercisable, during the Optionee’s lifetime, only
by the Optionee, and thereafter, only by the Optionee’s legal representative or
legatee.

6.             No Obligation to Continue as a Director.  Neither the Plan nor this Stock Option
confers upon the Optionee any rights with respect to continuance as a Director.

7.             Notices. 
Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Optionee at
the address on file with the Company or, in either case, at such other address
as one party may subsequently furnish to the other party in writing.

8.             Amendment. 
Pursuant to Section 16 of the Plan, the Committee may at any time amend
or cancel any outstanding portion of this Stock Option, but no such action may
be taken that adversely affects the Optionee’s rights under this Agreement
without the Optionee’s consent.

 

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