OFFICER NON-QUALIFIED STOCK
OPTION AGREEMENT
OF
IRELAND INC.
A Nevada Corporation
THIS AGREEMENT
is made between IRELAND INC.
, a Nevada corporation (hereinafter referred to as the "Company"),
and ROBERT D. McDOUGAL of 4320 Aspenwood Court, Reno, NV
89519 (hereinafter referred to as the “Optionee”), an
officer of the Company, effective as of the 24th day of August,
2011 (the “Grant Date”).
1.
Options Granted. The Company hereby grants the Optionee
non-qualified stock options to purchase an aggregate of Three
Hundred Thousand (300,000) shares of the Company’s Common
Stock at the exercise prices per share set below (the
“Exercise Price”) for a term commencing on the vesting
dates set out below (the “Vesting Date”) and expiring
at 5:00 pm (Pacific Time) on the expiration dates set out below
(the “Expiration Date”), subject to termination as set
forth herein:
|
(a)
|
Options to purchase an aggregate
of 150,000 shares of the Corporation’s common stock
vesting on the dates and in the amounts, exercisable at the price
of $0.75 per share, and expiring on the dates, each as set
out below, subject to the Compensation Committee of the
Company’s Board of Directors, or if there are no active
members of the Compensation Committee, a majority of the
Company’s Board of Directors not including the Optionee,
determining that the Optionee has, from the Grant Date to the
respective vesting dates set out below, reasonably fulfilled his
duties and obligations as an officer of the Company, the options
will vest on the following schedule:
|
|
Number of
|
Exercise
Price
|
Vesting
Date
|
Expiration Date
|
|
Options to
Vest
|
Per Share
|
|
|
|
25,000
|
$0.75
|
The Grant
Date
|
June 29,
2016
|
|
25,000
|
$0.75
|
December 31,
2011
|
December 30,
2016
|
|
25,000
|
$0.75
|
June 30,
2012
|
June 29,
2017
|
|
25,000
|
$0.75
|
December 31,
2012
|
December 30,
2017
|
|
25,000
|
$0.75
|
June 30,
2013
|
June 30,
2018
|
|
25,000
|
$0.75
|
December 31,
2013
|
December 30,
2018
|
|
(b)
|
Options to purchase an aggregate
of 75,000 shares of the Corporation’s common stock at
an exercise price of $0.75 per share, vesting on the dates
and in the amounts, and expiring on the dates, each as set out
below:
|
|
|
Number of
Options
|
|
|
|
|
|
to Vest
|
Vesting
Date
|
|
Expiration Date
|
|
|
75,000
|
The first date
after the Grant Date that the closing price for the
Corporation’s common stock (as quoted by the principal market
or exchange on which such shares trades) exceeds $1.50 per share
for 20 consecutive trading days.
|
|
The date that
is 5 years after the vesting date.
|
|
(c)
|
Options to purchase an aggregate
of 75,000 shares of the Corporation’s common stock at
an exercise price of $0.75 per share, vesting upon the Board
of Directors determining, by resolution, that the Corporation has,
from the Grant Date, made adequate and sufficient progress on its
technical and feasibility programs for the Corporation’s
Columbus Mineral Project, and expiring on the date that is 5 years
after the vesting date.
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- 2 -
No option may be exercised unless
the option has vested. The vesting of all options will be
cumulative. All options which have not vested will terminate on the
date of termination of the options in accordance with this
Agreement.
2.
Method of Exercise. The
options may be exercised to the extent they have vested and become
exercisable and not yet been forfeited or terminated 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
requiremen
 |