NON-STATUTORY STOCK OPTION AGREEMENT PURSUANT
TO THE NET LNNX, INC. 1997 RESTRICTED STOCK PLAN
THIS AGREEMENT is made as of January 31, 1997, between Net
Lnnx, Inc., a Pennsylvania corporation (the "Company"), and
Xxxxxxxxx X. Xxxx (the "Optionee").
THE PARTIES AGREE AS FOLLOWS:
1. Option Grant. The Company hereby grants to the Optionee
an option (the "Option") to purchase the number of shares of the
Company's common stock (the "Shares"), for an exercise price per
share (the "Option Price") and based upon a Grant Date, all as set
forth below:
Shares under option: 100,000
Option Price per Share: $0.875
Grant Date: January 31, 1997
The Option will be subject to all of the terms and conditions
set forth herein and in the Company's 1997 Restricted Stock Plan
(the "Option Plan"), a copy of which is attached hereto and
incorporated by reference. The Option granted hereunder will be a
nonstatutory or nonqualified option for tax purposes.
2. Stockholder Rights. No rights or privileges of a
stockholder in the Company are conferred by reason of the granting
of the Option. Optionee will not become a stockholder in the
Company with respect to the Shares unless and until the Option has
been properly exercised and the Option Price fully paid as to the
portion of the Option exercised.
3. Termination. Subject to earlier termination as provided
in the Option Plan, this Option will expire, unless previously
exercised in full, on January 31, 1999.
4. Terms of the Option Plan. The Optionee understands that
the Option Plan includes important terms and conditions that apply
to this Option. Those terms include (without limitation):
important conditions to the right of the Optionee to exercise the
Option; and important restrictions on the ability of the Optionee
to transfer the Option or to transfer Shares received upon exercise
of the Option; The Optionee acknowledges that he or she has read
the Option Plan, agrees to be bound by its terms, and makes each of
the representations required to be made by the Optionee under it.
5. Miscellaneous. This Agreement (together with the Option
Plan) sets forth the complete agreement of the parties concerning
the subject matter hereof, superseding all prior agreements,
negotiations and understandings. This Agreement will be governed
by the substantive law of the State of Pennsylvania, and may be
executed in counterparts.
The parties hereby have entered into this Agreement as of the
date set forth above.
NET LNNX, INC.
__________________
By: Xxxxxx X. Xxxxx, Xx.
Director, President
"Optionee"
__________________
Xxxxxxxxx X. Xxxx
Address:
______________________________
______________________________
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Attachments:(1) 1997 Restricted Stock Plan
