Second Stock Option Clause Samples

Second Stock Option. Upon the terms and conditions of this Section 2, the Company shall ▇▇▇▇▇ ▇▇▇▇▇▇ the right to purchase shares of the Company's common stock (the "Second Stock Option"). The Second Stock Option shall terminate and shall be of no force or effect unless ▇▇▇▇▇▇ pays to the Company a non-refundable option fee of One Thousand Dollars ($1,000) (the "Second Option Fee"), within one hundred twenty (120) days from the Effective Date. 2.1. If ▇▇▇▇▇▇ pays the Second Option Fee to the Company, the Company shall grant him the right to purchase 8,250 Shares, as adjusted for all stock splits or stock dividends from and after the date hereof, if any, (hereinafter referred to as the "Second Option Shares").

Second Stock Option. In addition to the Initial Option, the Company management will recommend to the Board that Executive be granted a second incentive stock option entitling Executive to purchase an additional number of shares of the Company’s common stock equivalent to 0.5% of the Company’s fully diluted share count based on the treasury stock method as of the Effective Date (the “Second Option”). The Second Option shall vest and become exercisable pursuant to a 48 month vesting schedule which will provide that 1/4th of the shares subject to the Second Option shall become vested and exercisable after twelve (12) months of continuous service with the Company following the grant date of the Second Option, and 1/48th of the shares subject to the Second Option shall vest and become exercisable as and when Executive completes each month of continuous service with the Company thereafter; provided, however, that no portion of the Second Option shall vest and the entire Second Option shall be forfeited in its entirety for no consideration unless, within the twelve (12) month period following the Effective Date (the “Measurement Period”), the weighted average trading price (as reported on the Australian Stock Exchange) of a CHESS Depositary Interest (CDI) with respect to the Company over any thirty (30) consecutive calendar days during the Measurement Period equals or exceeds A$4.79 (the offering price of a CDI on the date of the Company’s Initial Public Offering in Australian dollars).

Second Stock Option. The Company hereby grants to Executive an additional option to purchase up to three hundred eighty-five thousand (385,000) shares of the Company’s common stock for a price of Eighteen Cents ($0.18) per share, in the form annexed hereto as Appendix A. This second option shall be subject to vesting criteria as set forth in the annexed form. Executive hereby assigns the second option to the ▇▇▇▇▇▇▇ Family Trust Dated February 8, 2022, and directs the Company to issue the option to that entity.