DAYSTAR TECHNOLOGIES INC - FORM 8-K - EX-10.2 - OPTION AGREEMENT - February 17, 2010

Attached files

file filename
8-K - DAYSTAR TECHNOLOGIES INCrrd266637.htm
EX-10.1 - EMPLOYMENT AGREEMENT - DAYSTAR TECHNOLOGIES INCrrd266637_31263.htm
EX-99.2 - PRESS RELEASE, "DAYSTAR TECHNOLOGIES REPORTS INDUCEMENT GRANT TO CEO MAGNUS RYDE UNDER NASDAQ MARKETPLACE RULE 5635," DATED FEBRUARY 17, 2010 - DAYSTAR TECHNOLOGIES INCrrd266637_31270.htm
EX-17.1 - WILLIAM STECKEL RESIGNATION LETTER - DAYSTAR TECHNOLOGIES INCrrd266637_31265.htm
EX-99.1 - PRESS RELEASE, "DAYSTAR TECHNOLOGIES APPOINTS MAGNUS RYDE CHIEF EXECUTIVE OFFICER," DATED FEBRUARY 16, 2010 - DAYSTAR TECHNOLOGIES INCrrd266637_31266.htm

Exhibit 10.2

DAYSTAR TECHNOLOGIES, INC.
STOCK OPTION GRANT NOTICE

DayStar Technologies, Inc. (the “Company”), hereby grants to the Optionholder set forth below an option to purchase the number of shares of the Company’s Common Stock set forth below. This option is subject to all of the terms and conditions as set forth herein and in the Option Agreement and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety.

                                         Optionholder:    Magnus Ryde 
                                         Date of Grant:    February 15, 2010 
                                         Number of Shares Subject to Option:    5,000,000 
                                         Exercise Price (Per Share):    FMV (market closing price on 2-16-10) 
                                         Total Exercise Price:     
                                         Expiration Date:    February 15, 2020 
 
                     Type of Grant:    Nonstatutory Stock Option     
                     Exercise Schedule: Same as Vesting Schedule     
                     Vesting:    Options to purchase 1,500,000 shares are vested as of the date of grant and 
    options to purchase an additional 1,500,000 shares shall become vested on 
    December 31, 2010. An option to purchase additional shares shall vest upon 
    the achievement of the performance threshold set forth below: 
    Additional Shares Vested    Performance Threshold 
    2,000,000    Capital raise of at least $20,000,000 
 
    Vesting will be accelerated upon the occurrence of a change of control as 
    defined in your employment agreement. 
Payment:    By one or a combination of the following items (described in the Option 
    Agreement):     

·      By cash, check bank draft or money order payable to the Company
 
·      Pursuant to a Regulation T Program if the shares are publicly traded
 
·      Subject to the Company’s consent at the time of exercise, by delivery of already-owned shares
 
·      Subject to the Company’s consent at the time of exercise, by a “net exercise” arrangement
 

Additional Terms/Acknowledgements: The undersigned Optionholder acknowledges receipt of, and understands and agrees to, this Stock Option Grant Notice and the Option Agreement. Optionholder further acknowledges that as of the Date of Grant, Optionholder’s employment agreement, this Stock Option Grant Notice and the Option Agreement set forth the entire

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BOS 46,581,777v5

Exhibit 10.2

understanding between Optionholder and the Company regarding the acquisition of stock in the Company and supersede all prior oral and written agreements on that subject.

DAYSTAR TECHNOLOGIES, INC.    OPTIONHOLDER: 
By:        By: 
                                   Signature                                                       Signature 
Name: Peter A. Lacey    Name: Magnus Ryde 
Title:    Chairman    Date: 
Date:    February 15, 2010     

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BOS 46,581,777v5

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