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Form Of Consultant Stock Option Agreement

This is an actual contract by Regenerx Biopharmaceuticals Inc .
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EXHIBIT 99.3


ALPHA 1 BIOMEDICALS, INC.


NON-QUALIFIED STOCK OPTION AGREEMENT


NQSO NO. 4


This option is granted on August 16, 1999 (the "Grant Date") by ALPHA 1 BIOMEDICALS, INC. (the "Corporation") to __________________ (the "Consultant"), in accordance with the following terms and conditions:


1. OPTION GRANT AND EXERCISE PERIOD. The Corporation hereby grants to the Consultant an Option (the "Option") to purchase pursuant to the Consulting Agreement dated August 16, 1999 between the Consultant and the Corporation and upon the terms and conditions hereinafter set forth, an aggregate of 1,875,000 shares (the "Option Shares") of the Common Stock, par value $.01 per share ("Common Stock"), of the Corporation at the price (the "Exercise Price") of $.04 per share.


This Option shall be exercisable only during the period (the "Exercise Period") commencing on August 16, 1999 and ending at 5:00 P.M., August 15, 2009 time, such later time and date being hereinafter referred to as the "Expiration Date". During the Exercise Period, this Option shall be exercisable in whole at any time or in part from time to time subject to the provisions of this Agreement.


2. METHOD OF EXERCISE OF THIS OPTION. This Option may be exercised at any time during the Exercise Period by giving written notice to the Corporation specifying the number of Option Shares to be purchased. The notice must be directed to the address set forth in Section 9 below. The date of exercise is the date on which such notice is received by the Corporation. Such notice must be accompanied by payment in full of the aggregate Exercise Price for the Option Shares to be purchased upon such exercise. Payment shall be made in cash. Promptly after such payment, subject to Section 3 below, the Corporation shall issue and deliver to the Consultant or other person exercising this Option a certificate or certificates representing the shares of Common Stock so purchased, registered in the name of the Consultant (or such other person), or, upon request, in the name of the Consultant (or such other person) and in the name of another jointly with right of survivorship.


3. DELIVERY AND REGISTRATION OF SHARES OF COMMON STOCK. The Corporation's obligation to deliver shares of Common Stock hereunder shall, if the Corporation so requests, be conditioned upon the receipt of a representation as to the investment intention of the Consultant or any other person to whom such shares are to be delivered, in such form as the Corporation shall determine to be necessary or advisable to comply with the provi
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