Employee Stock Option Agreement Sample

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3.2 Termination of employment or service. In the event that your employment with the company or related business ends for a reason other than retirement (as in section 3.3 below) or termination for substantive reasons (as defined in section 3.4 below), this option remains exerciseable to the extent that it can be exercised after such termination , but it expires and expires at 4 p.m.m for all non-exercised option actions. (Minneapolis time) on the 91st day after the date of such termination. unless the expiry date precedes the 91st day. The vesting schedule no longer applies even after the termination date and, subsequently, only option shares exercised at the time of termination can be exercised. To be clear, the termination of the employment relationship is made when the company that employs you is no longer qualified as a related company of the company. The change in status from an employee to an independent advisor, agent, advisor or contractor is also considered a termination of the employment relationship. 5.2 Payment by stock tender. If you pay all or part of the total price through a share exchange exercise, you can make this delivery by providing proof of economic ownership of these shares instead of physical delivery. The company accepts such a delivery by certificate as payment and deducts the same number of shares from the number of option shares issued during the year. 3.4 Dismissal for cause.

In the event that your employment with the company or an affiliate for cause is terminated, this option expires and expires by 16:00 p.m with respect to all non-exercised option actions. (Minneapolis time) on the effective date of this termination. For the purposes of this agreement, “cause” is defined as:(i) wrongdoings or faults that affect the business or a related company, or any act that clearly tends to discredit the business or a related business; (ii) breach of employment contracts or services, obligation not to compete, or confidentiality obligation regarding the company or related company; (iii) the introduction of conduct that constitutes a conflict of interest with the company or a related company; (iv) violation of the guidelines, procedures or working rules of the company153s or a related company153s, including, but not limited to, the Navarre Code of Conduct and the Insider Trading Directive, which would justify termination after one or more infringements; or (v) to perform the essentially incorrect task, unless such a failure can be duly excused due to circumstances beyond your control.

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