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THIS AGREEMENT is made between CANYON COPPER CORP. , a Nevada corporation (hereinafter referred to as the "Company"), and [Name of Optionee] of [Address of Optionee] (hereinafter referred to as the “Optionee”), a director or officer of the Company, or a director or officer of the Company’s subsidiary, effective as of [Grant Date].
1. Option Granted
The Company hereby grants the Optionee a non-qualified option to purchase [Number of Shares] shares of the Company’s Common Stock at a purchase price of [Exercise Price] US per share for a term commencing on the effective date of this Agreement and expiring at 5:00 pm (Pacific Time) on the [Expiration Date] (the “Expiration Date”), subject to termination as set forth herein. All options will be fully vested upon execution of this Agreement.
2. Time of Exercise of Option
The Optionee may exercise the option granted herein at any time after the effective date of this Agreement until the date of termination of the option as provided herein.
3. Method of Exercise
This option shall be exercised by written notice delivered to the Company at its principal place of business, stating the number of shares for which the option is being exercised. The notice must be accompanied by a check or other methods of payment acceptable to the Plan Administrator for the amount of the purchase price, and comply with all the requirements of the Company’s 2009 Stock Option Plan dated August 21, 2009, a copy of which has been provided to the Optionee.
4. Capital Adjustments
The existence of this option shall not affect in any way the right or power of the