DIRECTOR NON-QUALIFIED STOCK OPTION AGREEMENT
THIS STOCK OPTION AGREEMENT (the “Agreement”) entered into as of this 25 th day of
September, 2008 between GelTech Solutions, Inc. (the “Company”) and ____________ (the “Director”), a
member of the Company’s board of directors (the “Board”).
WHEREAS, by action taken by the Board it has adopted the 2007 Equity Incentive Plan (the “Plan”);
WHEREAS, by action taken by the Board it has been determined that in order to enhance the ability of
the Company to attract and retain qualified directors it will grant the Director the right to purchase stock in the
Company pursuant to non-qualified options.
NOW THEREFORE, in consideration of the mutual covenants and promises hereafter set forth and for
other good and valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows:
Grant of Non-Qualified Options . The Company irrevocably grants to the Director, as a matter
of separate agreement and not in lieu of salary or other compensation for services, the right and option to
purchase all or any part of __________ shares of authorized but unissued or treasury common stock of the
Company (the “Options”) on the terms and conditions herein set forth. Of the Options, _______ shall be for
service as a director, _______shall be for service as Chairman of the Audit Committee, and ____________
shall be for service as a member of the Compensation Committee.
Price . The exercise price of the shares of common stock subject to the Options shall be $0.88
Vesting -When Exercisable .
The Options shall vest on June 30, 2009 as long as the Director remains with the
Company in the capacity in which the grant was received on such vesting date.
Subject to Sections 3(c) and 4 of this Agreement, Options may be exercised prior to
vesting and remain exercisable for 10 years from the date of grant or until 6:00 p.m. New York time on
September 25, 2018.