EXHIBIT 10.2
YEAR 2000 SUPPLEMENTAL EMPLOYEE/CONSULTANT
STOCK COMPENSATION PLAN
I. PURPOSE OF THE PLAN.
The purpose of this Plan is to further the growth of Medical Technology &
Innovations, Inc. and its Subsidiaries (together being the "Company") by
allowing the Company to compensate Employee/Consultants and certain other
persons who have provided bona fide services to the Company, through the award
of Common Stock of the Company.
II. DEFINITIONS.
Whenever used in this Plan, the following terms shall have the meanings set
forth in this Section:
1. "Award" means any grant of (i) Common Stock or (ii) options or
warrants to purchase Common Stock made under this Plan.
2. "Board of Directors" means the Board of Directors of the Company.
3. "Code" means the Internal Revenue Code of 1986, as amended.
4. "Common Stock" means the Common Stock of the Company.
5. "Date of Grant" means the day the Board of Directors authorized
the grant of an Award or such later date as may be specified by the Board of
Directors as the date a particular Award will become effective
6. "Employee/Consultant" means any person or entity (i) who has
rendered or will render bona fide services to the Company, and (ii) who, in the
opinion of the Board of Directors, are in a position to make, or who have
previously made, a significant contribution to the success of the Company.
7. 'Subsidiary" means any corporation that is a subsidiary with regard
to as that term is defined in Section 424(f) of the Code.
III. EFFECTIVE DATE OF THE PLAN.
The effective date of this Plan is June 1, 2000.
IV. ADMINISTRATION OF THE PLAN.
The Board of Directors will be responsible for the administration of this
Plan, and will grant Awards under this Plan. Subject to the express provisions
of this Plan and applicable law, the Board of Directors shall have full
authority and sole and absolute discretion to interpret this Plan, to prescribe,
amend and rescind rules and regulations relating to it, and to make all other
determinations which it believes to be necessary or advisable in administering
this Plan. The determinations of the Board of Directors on the matters referred
to in this Section shall be
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conclusive. The Board of Directors shall have sole and absolute discretion to
amend this Plan. No member of the Board of Directors shall be liable for any act
or omission in connection with the administration of this Plan unless it
resulted from the member's willful misconduct.
V. STOCK SUBJECT TO THE PLAN.
The maximum number of shares of Common Stock as to which Awards may be
granted under this Plan is 2,000,000 shares which number represents 2,000,000
shares not yet issued under the Plan. The Board of Directors may increase the
maximum number of shares of Common Stock as to which Awards may be granted at
such time as it deems available.
VI. PERSONS ELIGIBLE TO RECEIVE AWARDS.
Awards may be granted only to Employee/Consultants.
VII. GRANTS OF AWARDS.
Except as otherwise provided herein, the Board of Directors shall have
complete discretion to determine when and to which Employee/Consultant Awards
are to be granted, and the number of shares of Common Stock as to which Awards
granted to each Employee/Consultant will relate, and the terms and conditions
upon which an Award may be issued (including, without limitation, the date of
exercisability, exercise price and term of any Award which constitutes an option
or warrant to purchase Common Stock). No grant will be made if, in the judgment
of the Board of Directors, such a grant would constitute a public distribution
within the meaning of the Securities Act of 1933, as amended (the "Act"), or the
rules and regulations promulgated thereunder.
VIII. DELIVERY OF STOCK CERTIFICATES.
As promptly as practicable after authorizing the grant of an Award, the
Company shall deliver to the person who is the recipient of the Award, a
certificate or certificates registered in that person's name, representing the
number of shares of Common Stock that were granted. If applicable, each
certificate shall bear a legend to indicate that the Common Stock represented by
the certificate was issued in a transaction which was not registered under the
Act, and may only be sold or transferred in a transaction that is registered
under the Act or is exempt from the registration requirements of the Act.
IX. RIGHT TO CONTINUED ENGAGEMENT.
Nothing in this Plan or in the grant of an Award shall confer upon any
Employee/Consultant the right to continued engagement by the Company nor shall
it interfere with or restrict in any way the rights of the Company to discharge
any Employee/Consultant or to terminate any consulting relationship at any time.
X. LAWS AND REGULATIONS.
1. The obligation of the Company to sell and deliver shares of Common Stock
on the grant of an Award under this Plan shall be subject to the condition that
counsel for the Company be satisfied that the sale and delivery thereof will not
violate the Act or any other applicable laws, rules or regulations.
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2. This Plan is intended to meet the requirements of Rule 16b-3 in order to
provide officers and directors with certain exemptions from Section 16(b) of the
Securities Exchange Act of 1934, as amended.
XI. TERMINATION OF THE PLAN.
The Board of Directors may suspend or terminate this Plan at any time or
from time to time, but no such action shall adversely affect the rights of a
person granted an Award under this Plan prior to that date.
XII. DELIVERY OF PLAN.
A copy of this Plan shall be delivered to all participants, together with a
copy of the resolution or resolutions of the Board of Directors authorizing the
granting of the Award and establishing the terms, if any, of participation.
