AXS-One Inc. Notice of Grant of Stock Options and Option Agreement (2005 Stock Incentive Plan)
AXS-One Inc. grants an employee the option to purchase 20,000 company shares at a set price under the 2005 Stock Incentive Plan. The options vest in four equal parts over four years, with one-fourth becoming available each year after the grant date. Both the employee and the company must sign to accept the terms, which are governed by the plan and the attached agreement.
EXHIBIT 10.5
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| AXS-One Inc. | ||||
| Notice of Grant of Stock Options and Option Agreement | ID: 132966911 | ||||
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| 301 Route 17 North | ||||
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| Rutherford, NJ 07070 | ||||
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| employee name |
| Option Number: |
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| employee address |
| Plan: |
| 2005 Stock Incentive Plan |
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| city, state zip |
| ID: |
| Ss# or emp Id# |
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Effective {grant date}, you have been granted a(n) Incentive Stock Option {or Non-Qualified Stock Option} to buy 20,000 shares of AXS-One Inc. (the Company) stock at ${closing price on day shares were granted} per share.
The total option price of the shares granted is ${# of shares times grant price}.
Shares in each period will become fully vested on the date shown.
| Options |
| Vesting Date |
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| 1/4 of options |
| 1 year after grant date |
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| 1/4 of options |
| 2 years after grant date |
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| 1/4 of options |
| 3 years after grant date |
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| 1/4 of options |
| 4 years after grant date |
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By your signature and the Company’s signature below, you and the Company agree that these options are granted under and governed by the terms and conditions of the Company’s 2005 Stock Incentive Plan and the Option Agreement, all of which are attached and made a part of this document.
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| AXS-One Inc. |
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