Exhibit 4.7
COX TECHNOLOGIES, INC.
NON-QUALIFIED STOCK OPTION AGREEMENT
THIS NON-QUALIFIED STOCK OPTION AGREEMENT ("Option Agreement"), dated as of
the 10th day of March, 2000, is by and between Cox Technologies, Inc., an
Arizona corporation (the "Company"), and the undersigned (the "Optionee"):
WHEREAS, the Company and the Optionee have entered into a Consulting
Agreement, dated of even date herewith, that provides for the grant of an option
to purchase shares of the Company's common stock to the Optionee in connection
with his engagement as a consultant to the Company; and
WHEREAS, the Company and the Optionee have reached certain agreements with
regard to the foregoing transaction, all upon the terms and conditions more
particularly described herein.
NOW, THEREFORE, in consideration of the promises, covenants and agreements
contained herein, the parties hereto hereby mutually covenant, contract and
agree as follows:
1. GRANT OF OPTION. The Company hereby grants to the Optionee an option to
purchase a total of 300,000 shares of common stock of the Company (the "Shares")
at an exercise price of $1.25 per share (the "Option"). The Option is not
intended to be an incentive stock option described in section 422 of the
Internal Revenue Code of 1986, as amended (the "Code"), and this Option
Agreement shall be construed to implement that intent.
2. VESTING OF OPTION. Subject to such limitations and restrictions as are
provided in this Option Agreement, the Option is fully vested and is exercisable
immediately upon grant.
3. EXPIRATION DATE. The Optionee's rights under this Option Agreement shall
expire ten (10) years from the date hereof.
4. EXERCISE UPON DEATH. The Option of an Optionee who dies before the
Option has been exercised as to all vested Shares, may be exercised by the
Optionee's estate or by the person who acquired the right to exercise the Option
by bequest or inheritance by reason of the death of the Optionee.
5. METHOD OF EXERCISE. The Option shall be exercised by the tender of cash,
or, at the discretion of the Company, by delivery of shares of Common Stock
already owned by Optionee or a combination of cash or such shares of Common
Stock, or through such other means that the Company determines are acceptable,
and delivery to the Company at its principal place of business of a written
notice of exercise, at least five (5) days prior to the date of exercise. The
written notice must:
(a) State the election to exercise the Option, the number of whole
Shares with respect to which the Option is being exercised (which may not
be less than ten thousand (10,000) Shares, unless the number being
exercised is the balance of the number of Shares that may be exercised
under the Option), the method of exercise elected by the Optionee, and the
name, address, and social security number of the person in whose name the
stock certificate for such Shares is to be registered;
(b) be signed by the person entitled to exercise the Option, and if
the Option is being exercised by any person or persons other than the
Optionee, be accompanied by proof, satisfactory to the Company, of the
right of such person or persons to exercise the Option; and
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(c) be delivered by hand or by registered or certified mail, postage
pre-paid, return receipt requested, to the Company's principal place of or
to such other location as may be specified in writing by the Company from
time to time.
Within ten (10) days after the Company receives such notice in a form
satisfactory to the Company and the acceptance of payment, the Company shall
deliver to the Optionee a certificate representing the Shares purchased
hereunder.
6. OTHER RESTRICTIONS. The Optionee shall not be entitled to the privileges
of stock ownership of any Shares subject to the Option until payment therefor
has been made in full as provided in the Option. An Option may be exercised and
certificates for Shares may be delivered hereunder only in compliance with all
applicable federal and state laws and regulations. Any Share certificate issued
to evidence Shares for which the Option is exercised may bear legends and
statements the Company deems advisable to assure compliance with federal and
state laws and regulations and this Option Agreement.
7. BINDING EFFECT. This Agreement shall be binding upon the heirs,
executors, administrators and successors of the parties hereto.
8. APPLICABLE LAW. This Option Agreement shall be construed under and the
relationship between the parties determined in accordance with the laws of the
State of North Carolina applicable to contracts made and to be performed in the
State of North Carolina, without reference to the laws of any other state
through any principles concerning choice or conflict of laws.
9. CONSTRUCTION. The unenforceability or invalidity of any provision of
this Option Agreement shall not affect the enforceability or validity of any
other provision. The parties may sign separate copies of this Option Agreement
which, taken together, will be deemed to constitute a valid agreement. This
Option Agreement may be signed in counterparts, each of which will be deemed an
original and all of which will constitute one and the same agreement. This
Option Agreement sets forth the entire understanding of the parties with respect
to the subject matter hereof.
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IN WITNESS WHEREOF, the parties hereto have executed this Option Agreement
effective as of the day and year first above written.
COX TECHNOLOGIES, INC.
/s/ James L. Cox
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James L. Cox
Chairman, President and Chief Executive
Officer
OPTIONEE:
/s/ Brian D. Fletcher
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Brian D. Fletcher
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