Document:

Exhibit 10.30

 

2014 SENIOR VICE PRESIDENT NQSO AGREEMENT

 

<Participant Full Name>

 

Dear <Participant First Name>

 

Congratulations, you have been awarded a stock option grant in recognition of your contributions to the success of HMS Holdings Corp. (the “Company”) and its Affiliates.  A stock option grant gives you the right to purchase a specific number of shares of the Company’s common stock at a fixed price, assuming that you satisfy conditions of the Company’s Fourth Amended and Restated 2006 Stock Plan (the “Plan”) and the implementing agreement.  We would like you to have an opportunity to share in the continued success of the Company through this stock option grant under the Plan.  The following represents a brief description of your grant.  Additional details regarding your award are provided in the attached Nonqualified Stock Option Agreement (the “Grant Agreement”) and in the Plan.

 

Stock Option Grant Summary:

 

	
Date of Grant
    	
 
    	
November 12, 2014
    
	
Option Shares
    	
 
    	
<Number of Shares Granted>
    
	
Exercise Price per Share
    	
 
    	
$           
    
	
Exercisability
    	
 
    	
One-sixth of the Option Shares on each of the first,   second and third anniversaries of the Date of Grant, with the remainder   becoming exercisable as provided in Exhibit A to the Grant   Agreement. Each of those dates is an “Exercisability Date.”
    
	
Term Expiration Date
    	
 
    	
              ,           
    

 

·                  You have been granted a nonqualified stock option to purchase Shares of the Company’s common stock.  The total number of Shares under your grant is in the chart above under “Option Shares” and the price per share is under “Exercise Price per Share.”

 

·                  The potential value of your stock option grant increases if the price of the Company’s stock increases, but you also have to continue to provide services to the Company (except as the Grant Agreement provides) to actually receive such value.  Of course, the value of the stock may go up and down over time.

 

·                  You can’t exercise the stock option (actually purchase the shares) until it becomes exercisable.  Your stock option becomes exercisable as provided in the chart above under Exercisability, assuming you remain an employee of or member of the Board of Directors of the Company and subject to the terms in the Grant Agreement.

 

·                  Whether or not you decide to exercise your stock option and purchase the stock is your decision, and, you have until the stock option expires (which will be no later than the seventh anniversary of the Date of Grant but can end earlier in various situations) to make that decision.

 

·                  Once you have purchased the Shares, you will own them and may decide whether to hold the stock, sell the stock or give the stock to someone as a gift.

 

You can access the Merrill Lynch portal updates and information: https://www29.benefits.ml.com/login/login.aspx.  Please email IR@hms.com with any questions.

 

 

HMS HOLDINGS CORP.

NONQUALIFIED STOCK OPTION GRANT AGREEMENT FOR SENIOR VICE PRESIDENTS

 

HMS Holdings Corp. (the “Company”) has granted you an option (the “Option”) under the HMS Holdings Corp. Fourth Amended and Restated 2006 Stock Plan (as it may be amended from time to time) (the “Plan”).  The Option lets you purchase a specified number (the “Option Shares”) of Shares of the Company’s common stock, at a specified price per Share (the “Exercise Price”).

 

The individualized communication you received (the “Cover Letter”) provides the details for your Option.  It specifies the number of Option Shares, the Exercise Price, the Date of Grant, the schedule for exercisability, and the latest date the Option will expire (the “Term Expiration Date”).

 

The Option is subject in all respects to the applicable provisions of the Plan.  This Grant Agreement does not cover all of the rules that apply to the Option under the Plan; please refer to the Plan document.  Capitalized terms are defined either further below in this grant agreement (the “Grant Agreement”) or in the Plan.

 

The Plan document is available on the Merrill Lynch website.  The Prospectus for the Plan, the Company’s S-8, Annual Report on Form 10-K, and other filings the Company makes with the Securities and Exchange Commission are available for your review under the Investor Relations tab on the Company’s web site.  You may also obtain paper copies of these documents upon request to the Company’s Investor Relations department (IR@HMS.com).

 

Neither the Company nor anyone else is making any representations or promises regarding the duration of your service, exercisability of the Option, the value of the Company’s stock or of this Option, or the Company’s prospects.  The Company is not providing any advice regarding tax consequences to you or regarding your decisions regarding the Option; you agree to rely only upon your own personal advisors.

 

NO ONE MAY SELL, TRANSFER, OR DISTRIBUTE THE OPTION OR THE SECURITIES THAT MAY BE PURCHASED UPON EXERCISING THE OPTION WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATING THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO HMS HOLDINGS CORP. OR OTHER INFORMATION AND REPRESENTATIONS SATISFACTORY TO IT THAT SUCH REGISTRATION IS NOT REQUIRED.

 

2

 

In addition to the Plan’s terms and restrictions, the following terms and restrictions apply:

 

	
Option   Exercisability
    	
 
    	
While   your Option remains in effect under the Option Expiration section,   you may exercise any exercisable portions of the Option (and buy the Option   Shares) under the timing rules of this section, provided that you may   not exercise the Option for fewer than 100 full shares at any particular time   unless fewer than 100 remain unexercised.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The   Option will become exercisable on the schedule provided in the Cover Letter   to this Grant Agreement assuming that through each Exercisability Date,   (i) if you received the Option in your capacity as an employee of the   Company, you remain an employee or (ii) if you received the Option in   your capacity as a member of the Company’s Board, you remain a member of the   Company’s Board. Any fractional shares will be carried forward to the   following Exercisability Date, unless the Committee selects a different   treatment. For purposes of this Grant Agreement, employment with the Company   will include employment with any Affiliate whose employees are then eligible   to receive Awards under the Plan. Unless the Committee determines otherwise,   if an entity employing you ceases to be an Affiliate, your employment with   the Company will be treated as ended even though you continue to be employed   by that entity.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Exercisability will accelerate fully on your disability or death,   including with respect to the Performance Option Shares (as defined below).   For this purpose, “disability”   means permanent and total disability as defined by   Section 22(e)(3) of the Code. Exercisability will continue and   increase (until fully exercisable) over the two years following your date of   Retirement. “Retirement” for this   purpose means cessation of service on or after attaining age 60 and   completing five years of service with the Company.
    
	
 
    	
 
    	
 
    
	
Change in
    	
 
    	
If   a Change in Control occurs, your Option will be treated as provided in
    
	
Control
    	
 
    	
Section 11 of the Plan if, within 24 months   following the Change in Control, your employment or service ends on a   termination without cause (as determined by the Committee or the Board),   provided also that the Option will remain outstanding for 12 months following   such termination but not beyond the Term Expiration Date.
    
	
 
    	
 
    	
 
    
	
Option   Expiration
    	
 
    	
The   Option will expire no later than the close of business on the Term Expiration   Date. Unexercisable portions of the Option expire immediately when you cease   to be employed (unless you are concurrently remaining or becoming a member of   the Board, or, for a Board member, concurrently remaining or becoming an   employee of the Company). If the Company terminates your employment or   service for cause, the Option will immediately expire without regard to   whether it is then exercisable.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Exercisable   portions of the Option remain exercisable until the first to occur of the   following (the “Final Exercise Date”), each   as defined further in the Plan or the Grant Agreement:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·      Three months   (measured to the corresponding date in the month) after your employment (or   directorship) ends if you resign or if the Company terminates your employment   or service without cause (as determined under the Plan), except as provided   above under Change in Control
    

 

3

 

	
 
    	
 
    	
·      For death or   Disability, the first anniversary of the date employment or service ends
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·      For   Retirement, the end of the second year following your date of Retirement
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·      The Term   Expiration Date
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The   Committee can override the expiration provisions of this Grant Agreement.
    
	
 
    	
 
    	
 
    
	
Method   of Exercise and Payment for Shares
    	
 
    	
Subject   to this Grant Agreement and the Plan, you may exercise the Option only by providing   a written notice (or notice through another previously approved method, which   could include a web-based or voice- or e-mail system) to the Secretary of the   Company or to whomever the Committee designates, received on or before the   date the Option expires. Each such notice must satisfy whatever then-current   procedures apply to that Option and must contain such representations   (statements from you about your situation) as the Company requires. You must,   at the same time, pay the Exercise Price using one or more of the following   methods:
    
	
 
    	
 
    	
 
    
	
Cash/Check
    	
 
    	
cash   or check in the amount of the Exercise Price payable to the order of the   Company;
    
	
 
    	
 
    	
 
    
	
Cashless Exercise
    	
 
    	
an   approved cashless exercise method, including directing the Company to send   the stock certificates (or other acceptable evidence of ownership) to be   issued under the Option to a licensed broker acceptable to the Company as   your agent in exchange for the broker’s tendering to the Company cash (or   acceptable cash equivalents) equal to the Exercise Price and, if you so   elect, any required tax withholdings;
    
	
 
    	
 
    	
 
    
	
Net Exercise
    	
 
    	
by   delivery of a notice of “net exercise” to or as directed by the Company, as a   result of which you will receive (i) the number of shares underlying the   portion of the Option being exercised less (ii) such number of shares as   is equal to (A) the aggregate Exercise Price for the portion of the   Option being exercised divided by (B) the Fair Market Value on the date   of exercise;
    
	
 
    	
 
    	
 
    
	
Stock
    	
 
    	
if   permitted by the Committee, by delivery of Shares owned by you, valued at   their Fair Market Value, provided (i) applicable law then permits such   method of payment, (ii) you owned such Shares, if acquired directly from   the Company, for such minimum period of time, if any, as the Committee may establish   in its discretion, and (iii) the Shares are not subject to any   repurchase, forfeiture, unfulfilled vesting, or other similar restrictions;   or
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
any   combination of the above permitted forms for payment.
    
	
 
    	
 
    	
 
    
	
Withholding
    	
 
    	
Issuing   the Option Shares is contingent on satisfaction of all obligations with   respect to required tax or other required withholdings (for example, in the   U.S., Federal, state, and local taxes). The Company may take any action   permitted under Section 14(c) of the Plan to satisfy such   obligation, including satisfying the tax obligations by (i) reducing the   number of Option Shares to be issued to you in connection with any exercise   of the Option by that number of Option Shares (valued at their Fair Market   Value on the date of exercise) that would equal all taxes required to be   withheld (at their minimum withholding levels), (ii) accepting payment   of the withholdings from a broker in connection with a Cashless
    

 

4

 

	
 
    	
 
    	
Exercise   of the Option or directly from you, or (iii) taking any other action   under Section 14(c) of the Plan. If a fractional share remains   after deduction for required withholding, the Company will pay you the value   of the fraction in cash.
    
	
 
    	
 
    	
 
    
	
Compliance   with Law
    	
 
    	
You   may not exercise the Option if the Company’s issuing stock upon such exercise   would violate any applicable Federal or state securities laws or other laws   or regulations. You may not sell or otherwise dispose of the Option Shares in   violation of applicable law. As part of this prohibition, you may not use the   Cashless Exercise methods if the Company’s insider trading policy then   prohibits you from selling to the market.
    
	
 
    	
 
    	
 
    
	
Additional   Conditions to Exercise
    	
 
    	
The   Company may postpone issuing and delivering any Option Shares for so long as   the Company determines to be advisable to satisfy the following:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
its   completing or amending any securities registration or qualification of the   Option Shares or its or your satisfying any   exemption from registration under any Federal or state law, rule, or   regulation;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
its   receiving proof it considers satisfactory that a person seeking to exercise   the Option after your death is entitled to do so;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
your   complying with any requests for representations under the Plan; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
your   complying with any Federal, state, or local tax withholding obligations.
    
	
 
    	
 
    	
 
    
	
Additional   Representations from You
    	
 
    	
If   you exercise the Option at a time when the Company does not have a current registration   statement (generally on Form S-8) under the Securities Act of 1933 (the   “Act”) that covers issuances of   shares to you, you must comply with the following before the Company will   issue the Option Shares to you. You must —
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
represent   to the Company, in a manner satisfactory to the Company’s counsel, that you   are acquiring the Option Shares for your own account and not with a view to   reselling or distributing the Option Shares; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
agree   that you will not sell, transfer, or otherwise dispose of the Option Shares   unless:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
a   registration statement under the Act is effective at the time of disposition   with respect to the Option Shares you propose to sell, transfer, or otherwise   dispose of; or
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
the   Company has received an opinion of counsel or other information and   representations it considers satisfactory to the effect that, because of   Rule 144 under the Act or otherwise, no registration under the Act is   required.
    
						

 

5

 

	
No   Effect on Employment or Other Relationship
    	
 
    	
Nothing   in this Grant Agreement restricts the Company’s rights or those of any of its   Affiliates to terminate your employment or other relationship at any time and   for any or no reason. The termination of employment or other relationship, whether   by the Company or any of its Affiliates or otherwise, and regardless of the   reason for such termination, has the consequences provided for under the Plan   and any applicable employment or severance agreement or plan.
    
	
 
    	
 
    	
 
    
	
Not a   Shareholder
    	
 
    	
You   understand and agree that the Company will not consider you a shareholder for   any purpose with respect to any of the Option Shares until you have exercised   the Option, paid for the shares, and received evidence of ownership.
    
	
 
    	
 
    	
 
    
	
No   Effect on Running Business
    	
 
    	
You   understand and agree that the existence of the Option will not affect in any way   the right or power of the Company or its shareholders to make or authorize   any adjustments, recapitalizations, reorganizations, or other changes in the   Company’s capital structure or its business, or any merger or consolidation   of the Company, or any issuance of bonds, debentures, preferred or other   stock, with preference ahead of or convertible into, or otherwise affecting   the Company’s common stock or the rights thereof, or the dissolution or   liquidation of the Company, or any sale or transfer of all or any part of its   assets or business, or any other corporate act or proceeding, whether or not   of a similar character to those described above.
    
	
 
    	
 
    	
 
    
	
Governing   Law
    	
 
    	
The   laws of the State of New York will govern all matters relating to the Option,   without regard to the principles of conflict of laws.
    
	
 
    	
 
    	
 
    
	
Restrictive Covenants Clawback
    	
 
    	
If the Board or the Committee determines,   in its sole discretion, that you violated or are violating any of the   Restrictive Covenants set forth below under the section titled “Restrictive   Covenants,” the Option will immediately terminate without regard to whether   it is then Vested in whole or in part.    In addition, the Board or the Committee may, in its sole discretion,   require from you payment or transfer   to the Company of the Gain from the Option, where the “Gain” consists of the   greatest of (i) the value of the Option Shares on the date, within the   Recovery Measurement Period, on which you exercised the Option with respect   to such Option Shares, (ii) the value of the Option Shares received upon   exercise during the Recovery Measurement Period, as determined on the date of   the request by the Committee to pay or transfer, (iii) the gross (before   tax) proceeds you received from any sale of the Option Shares during the   Recovery Measurement Period, and (iv) if transferred without sale during   the Recovery Measurement Period, the value of the Option Shares when so   transferred.  The Board or the   Committee may determine the recoupment method in its sole discretion for any   portion of the Option transferred (where permitted) before being   exercised.  The “Recovery Measurement Period”   means the 12 months before the date of the determination of violation.  The provisions in this section are   essential economic conditions to the Company’s grant of the Option to you. By   acknowledging receipt of the grant of the Option hereunder, you agree that   the Company may deduct from any amounts it owes you from time to time (such as   any severance or other payments owed following a termination of employment,   as well as any other amounts owed to you by the Company, as permitted by   applicable law) to the extent of any amounts you owe the Company under this Restrictive Covenants Clawback section.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
You acknowledge that you would not be   receiving the Option described herein but for your agreement to comply with   the Restrictive Covenants.  Likewise,   you 
    

 

6

 

	
 
    	
 
    	
acknowledge that you would be unjustly   enriched if you violate the Restrictive Covenants, while being able to retain   some or all of the Option Shares or the gain associated with them.  Furthermore, you acknowledge and agree that   the damages for your breach of the Restrictive Covenants are not subject to   calculation and that the remedies set forth in this Restrictive Covenants Clawback section,   therefore, will only reimburse the Company for a portion of the damage   done.  For this reason, the Company   shall be entitled to recover from you any and all damages Company has   suffered and, in addition, Company will be entitled to injunctive   relief.  The parties agree that the   forfeiture of the Option and payments described in this section are expressly   not Company’s exclusive or sole remedy.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
This remedy is in addition to any other   remedies that the Company may have available in law or equity with respect to   breaches of the Restrictive Covenants below.    It is also in addition to, and not in substitution for, any other   clawback policies that may be adopted from time to time, including any   required by Federal law, such as under Section 304 of the Sarbanes-Oxley   Act of 2002 or the Dodd-Frank Wall Street Reform and Consumer Protection Act.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Payment is due in cash or cash equivalents   within 10 days after the Board or the Committee provides notice to you that   it is enforcing this clawback.  Payment   will be calculated on a gross basis, without reduction for taxes or   commissions.  The Company may, but is   not required to, accept retransfer of shares in lieu of cash payments.
    
	
 
    	
 
    	
 
    
	
Restrictive   Covenants
    	
 
    	
In consideration of the terms of this Option and   your access to Proprietary Information (as defined below), you agree to the   Restrictive Covenants set forth below. 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Confidential Information 
    	
 
    	
You have or will be given access to and provided   with sensitive, confidential, proprietary and/or trade secret information   (collectively, “Proprietary   Information”) in the course of your employment. Examples of   Proprietary Information include inventions, new product or marketing plans,   business strategies and plans, merger and acquisition targets, financial and   pricing information, software of the Company in various stages of   development, including computer programs in source code and binary code form,   software designs, specifications, programming aids (including “library   subroutines” and productivity tools), programming languages, interfaces,   visual displays, technical documentation, user manuals, data files and   databases of the Company, analytical models, customer/client lists and   information, and supplier and vendor lists and information. You agree not to   disclose or use Proprietary Information, either during or after your   employment with the Company, except as necessary to perform your duties or as   the Company may consent in writing. 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Non-competition and Non-solicitation 
    	
 
    	
You   agree that while the Company employs you and for a period of 12 months after   your employment ends for any reason, you will not directly or indirectly   (whether as an owner, partner, officer, employee, director, investor, lender,   consultant, independent contractor or otherwise) do any of the following: 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
                                                (i)                                     Compete.  In the geographical area   where the Company does business or, at the time your employment ends, plans   to do business, you will not engage or assist others in 
    
							

 

7

 

	
 
    	
 
    	
 
    	
 
    	
engaging   in any business or enterprise that competes with the Company’s business,   including any business or enterprise that develops, designs, produces,   manufactures, markets, licenses, sells, renders, or provides any product or   service that competes with any product or service actually or planned to be   developed, designed, produced, manufactured, marketed, licensed, sold,   rendered, or provided by the Company while you are or were employed by the   Company; provided that your passive ownership of not more than 1% of the   outstanding stock of a publicly-held company will not, by itself, violate   this provision.  For purposes of this   Grant Agreement, you agree that the Company does business throughout and   plans to do business throughout the United States; 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
                                                (ii)                                  Solicit   Clients, Customers, or Accounts.  You will not, either alone or in   association with others, actually or attempt to solicit, divert, or take away   the business or patronage of any of the Company’s clients, customers, or   accounts, or prospective clients, customers, or accounts, that the Company   contacted, solicited, or served while you were employed by the Company or about   which you have Proprietary Information, provided that this provision does not   prevent you from soliciting clients, customers, or accounts (if you are not   using Proprietary Information to do so) for purposes that are not in actual   or potential competition with the Company; 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
                                                (iii)                               Solicit   or Hire Company Employees and Independent Contractors.  You will not, either alone or in   association with others, actually or attempt to (x) solicit, recruit or   induce any Company employee or independent contractor to leave the Company’s   service or (y) solicit, recruit, hire, or engage as an employee or   independent contractor any individual whom the Company employed or engaged at   any time while you were employed by the Company, except for an individual   whose employment or other service relationship with the Company ended at   least six months before the date of your action; and/or 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
                                                (iv)                              Disclose   or Utilize Product Development.  You will not, either alone or in   association with others, disclose to, or utilize for the benefit of, any   entity other than the Company, any systems or product development ideas,   concepts, or strategies that you or others in communication with you   explored, generated, initiated, or discussed for potential implementation   during your employment with the Company, even if the Company has not   implemented such ideas, concepts, or strategies by the time your employment   with the Company ends.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
  For the purposes of subsection (ii) “Solicit Clients, Customers, or Accounts”, the terms   “customer,” “client,” or “account” as applied to governmental agencies will   mean the agency or department for which any of the products or services of   the Company are sold or performed during the applicable period, any related   program office, and any agency, department, or office that succeeds to the   functions of any agency, department, or office to which the Company then   provides or within the preceding 12 months provided goods or services (to the   extent that the successor replaces part or all of the customer or client to   which the Company provided goods or services).
    

 

8

 

	
 
    	
 
    	
General
    	
 
    	
To   the extent that you and the Company agree at any time to enter into separate   agreements containing restrictive covenants with different or inconsistent   terms than those contained herein, you and the Company acknowledge and agree   that such different or inconsistent terms shall not in any way affect or have   relevance to the Restrictive Covenants contained herein, and the terms of   these Restrictive Covenants do not supersede or amend any others currently or   in the future in place.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
By   accepting this Option grant, you agree that the provisions of this   Restrictive Covenants section (and the related Restrictive Covenants Clawback   section) are reasonable and necessary to protect the legitimate interests of   the Company. 
    
	
 
    	
 
    	
 
    
	
Notices
    	
 
    	
Any   notice you give to the Company must follow the procedures then in effect. If   no other procedures apply, you must send your notice in writing by hand or by   mail to the office of the Company’s Secretary (or to the Chair of the   Committee if you are then serving as the sole Secretary). If mailed, you   should address it to the Company’s Secretary (or the Chair of the Committee)   at the Company’s then corporate headquarters, unless the Company directs   optionees to send notices to another corporate department or to a third party   administrator or specifies another method of transmitting notice. The Company   and the Committee will address any notices to you using its standard   electronic communications methods or at your office or home address as   reflected on the Company’s personnel or other business records. You and the   Company may change the address for notice by like notice to the other, and the   Company can also change the address for notice by general announcements to   optionees.
    
	
 
    	
 
    	
 
    
	
Amendment
    	
 
    	
Subject   to any required action by the Committee or the shareholders of the Company,   the Company may cancel the Option and provide a new Award in its place,   provided that the Award so replaced will satisfy all of the requirements of   the Plan as of the date such new Award is made and no such action will   adversely affect the Option to the extent then exercisable.
    
	
 
    	
 
    	
 
    
	
Plan   Governs
    	
 
    	
Wherever   a conflict may arise between the terms of this Grant Agreement and the terms   of the Plan, the terms of the Plan will control. The Committee may adjust the   number of Option Shares and the Exercise Price and other terms of the Option   from time to time as the Plan provides.
    
							

 

9

 

EXHIBIT A

 

The exercisability of 50% of the Shares covered by the Option (the “Performance Option Shares”) is subject to the following conditions:

 

A.   Service Condition

 

The Performance Option Shares will become exercisable according to the applicable schedule described in Paragraph C below, provided you remain employed by the Company as of each applicable exercisability date set forth below.

 

B.   Performance Conditions

 

1.   The Company’s average closing price per Share as reported on the NASDAQ Global Select Market during at least one measurement period (as described below) must be at least 25% higher than the Exercise Price per Share specified in the Stock Option Grant Summary.

 

2.   The measurement period will consist of the applicable trading days in any consecutive 30 (thirty) calendar day period preceding the first, second and/or third anniversaries of the Date of Grant.

 

3.   On each anniversary of the Date of Grant (or as promptly as practicable thereafter), the Company will calculate the average closing price for the applicable measurement periods preceding such date in order to determine if the performance condition has been satisfied.

 

C.   Exercisability

 

1.   Performance Condition Achieved prior to First Anniversary of Date of Grant. If the performance condition is achieved prior to the first anniversary of the Date of Grant, the Performance Option Shares will become exercisable in equal installments pursuant to the following schedule:

 

	
Exercisability Date
    	
 
    	
Proportion of Performance Option Shares Exercisable as
   of the Exercisability Date
    
	
1st anniversary of Date of Grant
    	
 
    	
One-third of the Performance Option   Shares
    
	
2nd anniversary of Date of Grant
    	
 
    	
One -third of the Performance Option   Shares
    
	
3rd anniversary of Date of Grant
    	
 
    	
One-third of the Performance Option   Shares
    

 

2.   Performance Condition Achieved after First Anniversary but before Second Anniversary of the Date of Grant. If the performance condition is achieved after the first anniversary but before the second anniversary of the Date of Grant, the Performance Option Shares will become exercisable pursuant to the following schedule:

 

	
Exercisability Date
    	
 
    	
Proportion of Performance Option Shares Exercisable as
   of the Exercisability Date
    
	
1st anniversary of Date of Grant
    	
 
    	
-0-
    
	
2nd anniversary of Date of Grant
    	
 
    	
Two-thirds of the Performance Option   Shares
    
	
3rd anniversary of Date of Grant
    	
 
    	
One-third of the Performance Option   Shares
    

 

3.   Performance Condition Achieved after Second Anniversary but before Third Anniversary of the Date of Grant. If the performance condition is achieved after the second anniversary but before the third anniversary of the Date of Grant, the Performance Option Shares will become fully exercisable as of such third anniversary pursuant to the following schedule:

 

10

 

	
Exercisability Date
    	
 
    	
Proportion of Performance Option Shares Exercisable as
   of the Exercisability Date
    
	
1st anniversary of Date of Grant
    	
 
    	
-0-
    
	
2nd anniversary of Date of Grant
    	
 
    	
-0-
    
	
3rd anniversary of Date of Grant
    	
 
    	
100% of the Performance Option Shares
    

 

4.   Performance Condition Not Achieved before the Third Anniversary of the Date of Grant. Except in the event of death, Disability or a Change of Control prior to the third anniversary of the Date of Grant (in which case the terms set forth in the Grant Agreement will apply and, for the avoidance of doubt, the performance condition will no longer be applicable), if the performance condition is not achieved by the third anniversary of the Date of Grant, no portion of the Performance Option Shares will become exercisable and the Performance Option Shares shall be forfeited.

 

11Exhibit 10.7

 

BIOCRYST PHARMACEUTICALS, INC.

STANDARD STOCK OPTION AGREEMENT

WITNESSETH:

 

RECITALS

 

A.The Board of
Directors of the Company has adopted the Company’s Stock Incentive Plan (the “Plan”) for the purpose of attracting
and retaining the services of selected key employees (including officers and directors), non-employee Board members and consultants
and other independent contractors who contribute to the financial success of the Company or its parent or subsidiary corporations.

 

B.Optionee is an
individual who is to render valuable services to the Company or its parent or subsidiary corporations, and this Agreement is executed
pursuant to, and is intended to carry out the purposes of, the Plan in connection with the Company’s grant of a stock option
to Optionee.

 

NOW, THEREFORE, it is hereby
agreed as follows:

 

1.                 
Grant of Option. Subject to and upon the terms and conditions set forth in this Agreement, the Company hereby
grants to Optionee, as of the grant date (the “Grant Date”) specified in the accompanying Notice of Grant of
Stock Option (the “Grant Notice”), a stock option to purchase up to that number of shares of the Company’s
Common Stock (the “Optioned Shares”) specified in the Grant Notice. The Optioned Shares shall be purchasable
from time to time during the option term at the option price per share (the “Option Price”) specified in the
Grant Notice.

 

2.                 
Option Term. This option shall expire at the close of business on the Expiration Date specified in the Grant
Notice, unless sooner terminated in accordance with Paragraph 5, 6 or 19 of this Agreement.

 

3.                 
Limited Transferability. During the lifetime of the Optionee, this option (together with its tandem stock
appreciation right), shall be exercisable only by the Optionee and shall not be assignable or transferable by the Optionee except
for a transfer by will or by the laws of descent and distribution following the Optionee’s death. Notwithstanding the foregoing,
this option may, to the extent it is a non-statutory stock option, in connection with the Optionee’s estate plan, be assigned
in whole or in part during the during Optionee’s lifetime either as (i) as a gift to one or more members of Optionee’s
immediate family, to a trust in which Optionee and/or one or more such family members hold more than fifty percent (50%) of the
beneficial interest or an entity in which more than fifty percent (50%) of the voting interests are owned by Optionee and/or one
or more such family members, or (ii) pursuant to a domestic relations order. The assigned portion shall be exercisable only by
the person or persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the
assigned portion shall be the same as those in effect for this option immediately prior to such assignment and shall be set forth
in such documents issued to the assignee as the Plan Administrator may deem appropriate.

 

    	1

    	 

    

4.                 
Exercisability. This option shall become exercisable for the Optioned Shares in installments as is specified
in the Grant Notice. As the option becomes exercisable for one or more installments, the installments shall accumulate and the
option shall remain exercisable for the accumulated installments until the Expiration Date or the sooner termination of the option
term under this Agreement.

 

5.                 
Acceleration; Termination. The option term specified in Paragraph 2 shall terminate (and this option shall
cease to be exercisable) prior to the Expiration Date should one of the following provisions become applicable:

 

(i)                
Except to the extent otherwise provided in subparagraphs (ii) through (v) below, should optionee cease to remain in Service
at any time during the option term, then the period for exercising this option shall be reduced to a three (3)-month period commencing
with the date of such cessation of Service, but in no event shall this option be exercisable at any time after the Expiration Date.
Upon the expiration of such three (3) month period or (if earlier) upon the Expiration Date, this option shall terminate and cease
to be outstanding. However, should Optionee die during the three (3)-month period following his or her cessation of Service, the
personal representative of the Optionee’s estate or the person or persons to whom this option is transferred pursuant to
the Optionee’s will or in accordance with the laws of descent or distribution shall have a twelve (12)-month period following
the date of the Optionee’s death during which to exercise this Option.

 

(ii)              
Should Optionee, after completing five (5) full years of Service, die while in Service, then the exercisability of each
of his or her outstanding options shall automatically accelerate so that each such option shall become fully exercisable with respect
to the total number of Optioned Shares at the time subject to such option and may be exercised for all or any portion of such shares.
The personal representative of the Optionee’s estate or the person or persons to whom this option is transferred pursuant
to the Optionee’s will or in accordance with the laws of descent and distribution shall have a twelve (12)-month period following
the date of the Optionee’s death during which to exercise this option, but in no event shall this option be exercisable at
any time after the Expiration Date.

 

(iii)            
Should Optionee die while in Service prior to completing five (5) full years of Service, then the period for which each
outstanding vested option held by the Optionee at the time of death shall be exercisable by the Optionee’s estate or the
person or persons to whom the option is transferred pursuant to the Optionee’s will shall be limited to the twelve (12)-month
period following the date of the Optionee’s death, but in no event shall this option be exercisable at any time after the
Expiration Date.

 

(iv)            
Should Optionee become permanently disabled (as defined in Section 22(e)(3) of the Internal Revenue Code) and cease by reason
thereof to remain in Service at any time during the option term, then the period for exercising this option shall be reduced to
a twelve (12)-month period commencing with the date of such cessation of Service, but in no event shall this option be exercisable
at any time after the Expiration Date. Upon the expiration of such twelve (12)-month period or (if earlier) upon the Expiration
Date, this option shall terminate and cease to be outstanding.

 

    	2

    	 

    

(v)              
Should (A) the Optionee’s Service be terminated for misconduct (including, but not limited to, any act of dishonesty,
willful misconduct, fraud or embezzlement) or (B) the Optionee make any unauthorized use or disclosure of confidential information
or trade secrets of the Company or its parent or subsidiary corporations, then in any such event this option (vested and unvested)
shall terminate immediately and cease to be exercisable.

 

(vi)            
During the limited period of exercisability applicable in accordance with subparagraphs (i) through (iv) above, this option
may not be exercised for more than the number of the Optioned Shares (if any) for which this option is, at the time of the Optionee’s
cessation of Service, exercisable in accordance with the exercise provisions specified in this Agreement and the Grant Notice.

 

(vii)          
For purposes of this Paragraph 5 and for all other purposes under this Agreement, the following definitional provisions
shall be in effect:

 

A.The Optionee
shall be deemed to remain in Service for so long as the Optionee continues to render periodic services to the Company or any parent
or subsidiary corporation, whether as an Employee, a non-employee member of the Company’s Board of Directors or an independent
consultant or advisor.

 

B.The Optionee
shall be deemed to be an Employee and to continue in the Company’s employ for so long as the Optionee remains in the employ
of the Company or one or more of its parent or subsidiary corporations, subject to the control and direction of the employer entity
as to both the work to be performed and the manner and method of performance.

 

C.A corporation
shall be considered to be a subsidiary corporation of the Company if it is a member of an unbroken chain of corporations beginning
with the Company, provided each such corporation in the chain (other than the last corporation) owns, at the time of determination,
stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such
chain.

 

D.A corporation
shall be considered to be a parent corporation of the Company if it is a member of an unbroken chain ending with the Company, provided
each such corporation in the chain (other than the Company) owns, at the time of determination, stock possessing 50% or more of
the total combined voting power of all classes of stock in one of the other corporations in such chain.

 

6.                 
Corporate Transaction.

 

(a)In the event of one or more of the
following transactions (a “Corporate Transaction”):

 

(i)a merger or
consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change
the State of the Company’s incorporation,

 

(ii)the sale, transfer
or other disposition of all or substantially all of the assets of the Company in liquidation or dissolution of the Company, or

 

    	3

    	 

    

(iii)any reverse
merger in which the Company is the surviving entity but in which securities possessing more than fifty percent (50%) of the total
combined voting power of the Company’s outstanding securities are transferred to holders different from those who held such
securities immediately prior to such merger,

 

then the exercisability of this option
(if outstanding at the time) shall automatically accelerate so that such option shall, immediately prior to the specified effective
date for the Corporate Transaction, become fully exercisable for all of the Optioned Shares and may be exercised for all or any
portion of such shares. No such acceleration of this option, however, shall occur if and to the extent: (i) the option is, in connection
with the Corporate Transaction, either to be assumed by the successor corporation or parent thereof or be replaced with a comparable
option to purchase shares of the capital stock of the successor corporation or parent thereof or (ii) the option is to be replaced
by a comparable cash incentive program of the successor corporation based on the option spread (the excess of the fair market value
of the shares of Common Stock at the time subject to the option over the Option Price payable for such shares) at the time of the
Corporate Transaction. The determination of comparability under clause (i) or (ii) of the preceding sentence shall be made by the
Plan Administrator and its determination shall be final, binding and conclusive.

 

(b)This option, to
the extent not previously exercised, shall terminate upon the consummation of the Corporate Transaction and cease to be exercisable,
unless it is expressly assumed by the successor corporation or parent thereof. The Plan Administrator shall have complete discretion
to provide, on such terms and conditions as it sees fit, for a cash payment to be made to Optionee on account of such termination
of this option, in an amount equal to the excess (if any) of (A) the Fair Market Value (as defined below) of the Optioned Shares
subject to this option as of the date of the Corporate Transaction, over (B) the Option Price for such shares.

 

(c)In the event
of a Change in Control (as defined in the Plan), the exercisability of this option (if outstanding at the time) shall automatically
accelerate so that such option shall, immediately prior to the specified effective date for the Change in Control, become fully
exercisable for all of the Optioned Shares and may be exercised for all or any portion of such shares. 

 

(d)This Agreement
shall not in any way affect the right of the Company to adjust, reclassify, reorganize or otherwise make changes in its capital
or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

 

7.                 
Adjustment in Optioned Shares.

 

(a)In the event any
change is made to the Common Stock issuable under the Plan by reason of any stock split, stock dividend, recapitalization, combination
of shares, exchange of shares, or other change affecting the outstanding Common Stock as a class without receipt of consideration,
then appropriate adjustments shall be made to (i) the total number and/or class of Optioned Shares subject to this option and (ii)
the Option Price payable per share in order to reflect such change and thereby preclude a dilution or enlargement of benefits hereunder.

 

    	4

    	 

    

(b)If this option
is to be assumed or is otherwise to remain outstanding after a Corporate Transaction, then this option shall be appropriately adjusted
to apply and pertain to the number and class of securities which would have been issuable to the Optionee in the consummation of
such Corporate Transaction had the option been exercised immediately prior to such Corporate Transaction, and appropriate adjustments
shall also be made to the Option Price payable per share, provided the aggregate Option Price payable hereunder shall remain
the same.

 

8.                 
Privilege of Stock Ownership. The holder of this option shall not have any shareholder rights with respect
to the Optioned Shares until such individual shall have exercised the option and paid the Option Price.

 

9.                 
Manner of Exercising Option. 

 

(a)In
order to exercise this option with respect to all or any part of the Optioned Shares for which this option is at the time exercisable,
Optionee (or in the case of exercise after Optionee’s death, the Optionee’s executor, administrator, heir or legatee,
as the case may be) must take the following actions:

 

(i)Provide
the Plan Administrator (or its designee) with written notice of the option exercise (the “Exercise Notice”) specifying
the number of Optioned Shares for which the option is being exercised.

 

(ii)Pay the aggregate Option
Price for the purchased shares in one of the following alternative forms:

 

1.full payment in cash or
check payable to the Company’s order; or

 

2.full
payment in shares of Common Stock held by Optionee for the requisite period necessary to avoid a charge to the Company’s
reported earnings and valued at Fair Market Value on the Exercise Date; or

 

3.full
payment in a combination of shares of Common Stock held for the requisite period necessary to avoid a charge to the Company’s
earnings and valued at Fair Market Value on the Exercise Date and cash or check drawn to the Company’s order; or

 

4.If
the Company’s outstanding Common Stock is registered under Section 12(g) of the Securities Exchange Act of 1934, as amended
(the “1934 Act”), at the time this option is exercised, then payment of the Option Price may also be effected through
a broker-dealer sale and remittance procedure pursuant to which Optionee (i) shall provide irrevocable written instructions to
a designated brokerage firm to effect the immediate sale of the purchased shares and remit to the Company, out of the sale proceeds
available on the settlement date, sufficient funds to cover the aggregate Option Price payable for the purchased shares plus all
applicable Federal and state income and employment taxes required to be withheld by the Company by reason of such purchase and
(ii) shall provide written directives to the Company to deliver the certificates for the purchased shares directly to such brokerage
firm in order to complete the sale.

 

    	5

    	 

    

(iii)Furnish
to the Company appropriate documentation that the person or persons exercising the option (if other than Optionee) have the right
to exercise this option.

 

(b)For
purposes of subparagraph (a) above and for all other valuation purposes under this Agreement, the Fair Market Value per share of
Common Stock on any relevant date shall be determined in accordance with the following provisions:

 

(i)If the
Common Stock is not at the time listed or admitted to trading on any national securities exchange but is traded in the over-the-counter
market, the Fair Market Value shall be the mean between the highest bid and lowest asked prices (or, if such information is available,
the closing selling price) per share of Common Stock on the date in question in the over-the-counter market, as such prices are
reported by the National Association of Securities Dealers through the Nasdaq system or any successor system. If there are no reported
bid and asked prices (or closing selling price) for the Common Stock on the date in question, then the mean between the highest
bid price and lowest asked price (or the closing selling price) on the last preceding date for which such quotations exist shall
be determinative of Fair Market Value.

 

(ii)If
the Common Stock is at the time listed or admitted to trading on any national securities exchange, then the Fair Market Value shall
be the closing selling price per share of Common Stock on the date in question on the securities exchange determined by the Plan
Administrator to be the primary market for the Common Stock, as such price is officially quoted in the composite tape of transactions
on such exchange. If there is no reported sale of Common Stock on such exchange on the date in question, then the Fair Market Value
shall be the closing selling price on the exchange on the last preceding date for which such quotation exists.

 

(iii)If
the Common Stock is on the date in question neither listed or admitted to trading on any stock exchange nor traded in the over-the-counter
market, then the fair market value shall be determined by the Plan Administrator after taking into account such factors as the
Plan Administrator shall deem appropriate.

 

(c)The
Exercise Date shall be the date on which the Exercise Notice is delivered to the Plan Administrator. Except to the extent the sale
and remittance procedure specified above is utilized for the exercise of the option, payment of the Option Price for the purchased
shares must accompany such notice.

 

(d)As
soon as practical after the Exercise Date, the Company shall issue to or on behalf of Optionee (or other person or persons exercising
this option) the Purchased Options Shares via electronic means or through delivery of a certificate or certificates representing
the purchased Optioned Shares.

 

    	6

    	 

    

(e)In
no event may this option be exercised for any fractional share.

 

10.             
Compliance with Laws and Regulations.

 

(a)The
exercise of this option (or of its tandem stock appreciation right) and the issuance of Common Stock hereunder shall be subject
to compliance by the Company and the Optionee with all applicable requirements of law relating thereto and with all applicable
regulations of any stock exchange or over-the-counter market on which shares of the Company’s Common Stock may be listed
or traded at the time of such exercise and issuance.

 

(b)In
connection with the exercise of this option (or its tandem stock appreciation right), Optionee shall execute and deliver to the
Company such representations in writing as may be requested by the Company in order for it to comply with the applicable requirements
of federal and state securities laws.

 

11.             
Successors and Assigns. Except to the extent otherwise provided in Paragraph 3 or 6, the provisions of this
Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and
assigns of Optionee and the successors and assigns of the Company.

 

12.             
Liability of Company.

 

A.               
If the Optioned Shares covered by this Agreement exceed, as of the Grant Date, the number of shares of Common Stock which
may without shareholder approval be issued under the Plan, then this option shall be void with respect to such excess shares unless
shareholder approval of an amendment sufficiently increasing the number of shares of Common Stock issuable under the Plan is obtained
in accordance with the provisions of the Plan.

 

B.                
The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary
to the lawful issuance and sale of any Common Stock pursuant to this Agreement shall relieve the Company of any liability with
respect to the non-issuance or sale of the Common Stock as to which such approval shall not have been obtained. The Company, however,
shall use its best efforts to obtain all such approvals.

 

13.             
No Employment or Service Contract. Nothing in this Agreement or in the Plan shall confer upon the Optionee
any right to continue in the Service of the Company (or any parent or subsidiary corporation of the Company employing or retaining
Optionee) for any period of time or interfere with or otherwise restrict in any way the rights of the Company (or any parent or
subsidiary corporation of the Company employing or retaining Optionee) or the Optionee, which rights are hereby expressly reserved
by each, to terminate the Optionee’s Service at any time for any reason whatsoever, with or without cause.

 

    	7

    	 

    

14.             
Notices. Any notice required to be given or delivered to the Company under the terms of this Agreement shall
be in writing and addressed to the Company in care of the Corporate Secretary at its principal corporate offices. Any notice required
to be given or delivered to Optionee shall be in writing and addressed to Optionee at the address indicated below Optionee’s
signature line on the Grant Notice. All notices shall be deemed to have been given or delivered upon personal delivery or upon
deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified.

 

15.             
Construction. This Agreement and the option evidenced hereby are made and granted pursuant to the Plan and
are in all respects limited by and subject to the express terms and provisions of the Plan. All decisions of the Plan Administrator
with respect to any question or issue arising under the Plan or this Agreement shall be conclusive and binding on all persons having
an interest in this option.

 

16.             
Governing Law. The interpretation, performance, and enforcement of this Agreement shall be governed by the
laws of the State of Delaware without resort to that State’s conflict-of-laws rules.

 

17.             
Additional Terms Applicable to an Incentive Stock Option. In the event this option is designated as an incentive
stock option in the Grant Notice, the following terms and conditions shall also apply to the grant:

 

A.               
This option shall cease to qualify for favorable tax treatment as an incentive stock option under the federal tax laws if
(and to the extent) this option is exercised for one or more Optioned Shares: (i) more than three (3) months after the date the
Optionee ceases to be an Employee for any reason other than death or permanent disability (as defined in Paragraph 5) or (ii) more
than one (1) year after the date the Optionee ceases to be an Employee by reason of permanent disability.

 

B.                
No installment under this option (whether annual or monthly) shall qualify for favorable tax treatment as an incentive stock
option under the Federal tax laws if (and to the extent) the aggregate fair market value (determined at the Grant Date) of the
Common Stock for which such installment first becomes exercisable hereunder will, when added to the aggregate fair market value
(determined as of the respective date or dates of grant) of any earlier installments of Common Stock for which this option or one
or more other incentive stock options granted to the Optionee prior to the Grant Date (whether under the Plan or any other option
plan of the Company or any Parent or Subsidiary corporations) first become exercisable during the same calendar year, exceed One
Hundred Thousand Dollars ($100,000) in the aggregate.

 

C.                
Should the exercisability of this option be accelerated upon a Corporate Transaction or a Change in Control, then this option
shall quality for favorable tax treatment as an incentive stock option under the Federal tax laws only to the extent the aggregate
Fair Market Value (determined at the Grant Date) of the Common Stock for which this option first becomes exercisable in the calendar
year in which the Corporate Transaction or Change in Control occurs does not, when added to the aggregate Fair Market Value (determined
as of the respective date or dates of grant) of any earlier installments of Common Stock for which this option or one or more other
incentive stock options granted to the Optionee prior to the Grant Date (whether under the Plan or any other option plan of the
Company or any Parent or Subsidiary corporations) first become exercisable during the same calendar year, exceed One Hundred Thousand
Dollars ($100,000) in the aggregate.

 

    	8

    	 

    

D.               
To the extent this option should fail to qualify as an incentive stock option under the Federal tax laws, the Optionee will
recognize compensation income in connection with the acquisition of one or more Optioned Shares hereunder, and the Optionee must
make appropriate arrangements for the satisfaction of all Federal, State or local income tax withholding requirements and Federal
social security employee tax requirements applicable to such compensation income.

 

18.             
Additional Terms Applicable to a Non-Statutory Stock Option. In the event this option is designated as a non-statutory
stock option in the Grant Notice, Optionee hereby agrees to make appropriate arrangements with the Company or parent or subsidiary
corporation employing Optionee for the satisfaction of any federal, state or local income tax withholding requirements and federal
social security employee tax requirements applicable to the exercise of this option.

 

19.             
Restrictions on Optioned Shares. The Company may impose such restrictions, conditions or limitations as it
determines appropriate as to the timing and manner of any resales by Optionee or other subsequent transfers by Optionee of any
Optioned Shares, including without limitation (a) restrictions under an insider trading policy, (b) restrictions designed to delay
and/or coordinate the timing and manner of sales by Optionee and other optionees and (c) restrictions as to the use of a specified
brokerage firm for such resales or other transfers.

 

20.             
Conflict with Plan. In the event of a conflict between the terms and conditions of this Agreement and the
Plan, the Plan controls.

 

21.             
Electronic Delivery. Optionee hereby consents to the delivery of information (including, without limitation,
information required to be delivered to Recipient pursuant to applicable securities laws) regarding the Company and its subsidiaries
and affiliates, the Plan, and the option via Company web site or other electronic delivery.

 

22.             
Headings. The headings preceding the text of the sections hereof are inserted solely for convenience of reference,
and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect.

 

    	9

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