NonQualifiedStockOptionandStockRepurchaseAgreement优先认股权条约及股权赎回条约doc.docx
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NonQualifiedStockOptionandStockRepurchaseAgreement优先认股权条约及股权赎回条约doc.docx
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NonQualifiedStockOptionandStockRepurchaseAgreement优先认股权条约及股权赎回条约doc
Non-QualifiedStockOptionandStockRepurchaseAgreement优先认股权协议及股权赎回协议-
AAA,Inc.
NON-QUALIFIEDSTOCKOPTIONANDSTOCKREPURCHASEAGREEMENTTERMSANDCONDITIONS
1.GRANTUNDER_________(YEAR)STOCKPLAN.ThisoptionisgrantedpursuanttoandisgovernedbytheCompany’s_________(YEAR)StockPlan,asamendedon(thePlan)and,unlessthecontextotherwiserequires,termsusedhereinshallhavethesamemeaningasinthePlan.DeterminationsmadeinconnectionwiththisoptionpursuanttothePlanshallbegovernedbythePlanasitexistsonthisdate.
2.GRANTASNON-QUALIFIEDOPTION;OTHEROPTIONS.ThisoptionshallbetreatedforfederalincometaxpurposesasaNon-QualifiedOptionandisnotintendedtoqualifyasanincentivestockoptionunderSection422oftheInternalRevenueCodeof1986,asamended,andtheregulationsthereunder(theCode).ThisoptionisinadditiontoanyotheroptionsheretoforeorhereaftergrantedtotheOptioneebytheCompanyoranyRelatedCorporation(asdefinedinthePlan),butaduplicateoriginalofthisinstrumentshallnoteffectthegrantofanotheroption.
3.VESTINGOFOPTIONIFBUSINESSRELATIONSHIPCONTINUES.
(a)FULLEXERCISABILITY.SubjecttoSections4and5hereof,thisoptionmaybeexercisedatanytimeandfromtimetotimeforalloranyportionoftheOptionShares,exceptthatthisoptionmaynotbeexercisedforafractionofashare.
(b)VESTING.IftheOptioneehascontinuedtoservetheCompanyoranyRelatedCorporationinthecapacityofanemployee,officer,directororconsultant(suchserviceisdescribedhereinasmaintainingorbeinginvolvedinaBusinessRelationshipwiththeCompany)throughthevestingdatesspecifiedbelow,UnvestedSharesshallbecomeVestedShares(orshallvest)onsuchdatesinanamountequaltothenumberofOptionSharessetforthoppositetheapplicabledate:
Lessthanoneyearfrom-0OptionShares
theVestingStartDate
Oneyearfrom-25%of
theVestingStartDate(thetheOptionShares
AnniversaryDate)
EverymonthaftertheAnniversaryDate-anadditional
(e.g.,iftheAnniversaryDateis2.0833%of
August10,theOptionShares
thenonthe10thdayofeach
monththereafter;iftheAnniversary
Dateisonadayofthemonthforwhich
thereisnocorrespondingdayina
givenmonth,thenonthelastdayof
suchmonth)uptoandincludingthe
35thmonthaftertheAnniversaryDate)
The36thmonthaftertheAnniversaryThebalanceoftheOptionShares
Date
OptionSharesshallbecalledUnvestedSharesand,whenissued,shallbesubjecttotheCompany’sRepurchaseOptiondescribedinSection6unlessanduntiltheybecomeVestedSharesinaccordancewiththevestingschedulesetforthabove(atwhichtimesuchRepurchaseOptionshallterminateastosuchVestedShares).AnyvestingofOptionSharesunderthisoptionshallfirstbedeemedtoapplytosharesissueduponexerciseofthisoption(intheorderofsuchexercise)andthentounissuedsharessubjecttothisoption;andanyexerciseofthisoptionshallbedeemedtoapplyfirsttoanythenunissuedVestedShares.ThetermOptionSharesusedwithoutreferencetoeitherUnvestedSharesorVestedSharesshallmeanbothUnvestedSharesandVestedShares,withoutdistinction.
Inaddition,intheeventtheCompany’sRepurchaseOptionistriggeredpursuanttoSection6below,andtheCompanyelectsnottoexerciseitsoptionfortherepurchaseofanyoralloftheUnvestedShares,thenupontheexpirationoftheRepurchaseOptionPeriod,anyandallOptionSharesnotrepurchasedbytheCompanyshallbecomeVestedShares.
(c)VESTINGONSALE.Notwithstandingtheforegoing,upontheconsummationofaSaleoftheCompany(asdefinedbelow),50%oftheOptionShareswhichremainUnvestedSharesatthetimeoftheconsummationofsuchSaleoftheCompanyshallimmediatelybecomeVestedShares,andtheremainingUnvestedShares(theRemainingUnvestedShares)shallcontinuetovestattheratesetforthinSubsection3(b)hereof(providingthatforpurposesofthisSubsection,OptionShares,asusedinSubsection3(b),shallmeanthenumberofOptionSharessetforthontheCoverSheettothisAgreement),beginningwiththefirstsuchdatefollowingtheconsummationofsuchSaleoftheCompanyonwhichOptionShareswouldhavecontinuedtovesthadtherenotbeenaSaleoftheCompany,andprovidedfurtherthatalloftheRemainingUnvestedSharesshallbecomeVestedShares(i)atthetimeoftheconsummationoftheSaleoftheCompanyif,atorpriortotheSaleoftheCompany,theOptioneeisnotofferedemploymentbythesuccessortotheCompany
(1)atthesameorhighertotalcompensationlevelthanineffectfortheOptioneeasanemployeeoftheCompanypriortotheSaleoftheCompany,
(2)consistingofresponsibilitiesnotmateriallyreducedfromthelevelofresponsibilitiesundertakenbytheOptioneeasanemployeeoftheCompanypriortotheSaleoftheCompany,and(3)withina40-mileradiusoftheCompany’sprincipalofficespriortotheSaleoftheCompany(exceptforbusinesstravelconsistentwithOptionee’sresponsibilitiesasanemployeeoftheCompany),or(ii)iftheOptioneeisofferedandacceptsemploymentmeetingthecriteriasetforthinclause(i)ofthissentencebut,withinthe12monthsfollowingtheSaleoftheCompany,
(1)theOptionee’stotalcompensationlevelisreducedbelowthetotalcompensationineffectfortheOptioneeasanemployeeoftheCompanypriortotheSaleoftheCompany,
(2)theOptionee’sresponsibilitiesaremateriallyreducedbelowthelevelofresponsibilitiestheOptioneehadasanemployeeoftheCompanypriortotheSaleoftheCompany,(3)theOptioneeistransferredbythesuccessortotheCompany(theNewEmployer)toalocationbeyonda40-mileradiusoftheCompany’sprincipalofficespriortotheSaleoftheCompany(exceptforbusinesstravelconsistentwithOptionee’sresponsibilitiesasanemployeeoftheNewEmployer),or(4)theOptionee’semploymentwiththeNewEmployeristerminatedbytheNewEmployerwithoutCause,atthetimeofthehappeningofanyeventenumeratedinthisclause(ii).
Forpurposesoftheforegoing,SaleoftheCompanyshallmean(i)thesalebytheCompanyofall,orsubstantiallyall,ofitsassets;(ii)thesalebyCompanyshareholdersofgreaterthan50%ofthestockoftheCompanyinasingletransactionoragroupofrelatedtransactions;or,(iii)themergerorconsolidationoftheCompanywith,orinto,anothercompanywheretheoutstandingsharesoftheCompanyimmediatelypriortosuchmergerorconsolidationrepresentorareconvertedintoorexchangedforsecuritieswhichrepresentlessthan50%ofthevotingpowerofthesurvivingorresultingentity.
Forpurposesoftheforegoing,CauseshallmeanamaterialviolationbytheOptioneethatisnotcuredwithinareasonabletimeafterwrittennoticethereofofanynoncompetitionagreementbetweentheOptioneeandtheNewEmployeroranyofitssubsidiariesorafindinginacriminalproceedingthattheOptioneehascommittedfeloniouscriminalmisconductinconnectionwiththeOptionee’semploymentbytheNewEmployer,whichmisconducthasbeenmateriallyinjurioustotheinterestsoftheNewEmployer.Further,andwithoutlimitingthegeneralityoftheforegoing,thefollowingcircumstancesshallbedeemednottoinvolvethevoluntaryresignationbyaOptioneeoraterminationbytheNewEmployerforCause:
(i)thedeathoftheOptionee,(ii)thedisabilityorincapacityoftheOptioneewhichpreventstheOptioneefromcontinuinghisemploymentwiththeNewEmployer,inOptionee’sthen-currentcapacity,or(iii)theresignationoftheOptioneewithin_________daysofavoteoftheboardofdirectorsoftheNewEmployertoremoveaOptioneefromhisthen-currentoffice(otherthanforCause).
(d)OTHERACCELERATION.Notwithstandingtheforegoing,inaccordancewithandsubjecttotheprovisionsofthePlan,theCommitteemay,initsdiscretion,acceleratethedatethatanyUnvestedSharesbecomeVestedSharesunderthisOption.
Theforegoingrightsarecumulativeand(subjecttoSections4or5hereofiftheOptioneeceasestomaintainaBusinessRelationshipwiththeCompanyandallRelatedCorporations)maybeexerciseduptoandincludingthedatewhichistenyearsfromthedatethisoptionisgranted.
(e)PARTIALEXERCISE.Thisoptionmaybeexercisedinpartatanytimeandfromtimetotimewithintheabovelimits,exceptthatthisoptionmaynotbeexercisedforafractionofashareunlesssuchexerciseiswithrespecttothefinalinstallmentofstocksubjecttothisoptionandcashinlieuofafractionalsharemustbepaid,inaccordancewithParagraph13(G)ofthePlan,topermittheOptioneetoexercisecompletelysuchfinalinstallment.AnyfractionalsharewithrespecttowhichaninstallmentofthisoptioncannotbeexercisedbecauseofthelimitationcontainedintheprecedingsentenceshallremainsubjecttothisoptionandshallbeavailableforlaterpurchasebytheOptioneeinaccordancewiththetermshereof.
4.TERMINATIONOFBUSINESSRELATIONSHIP.IftheOptionee’sBusinessRelationshipwiththeCompanyandallRelatedCorporationsisterminated,otherthanbyreasonofdeath,disabilityordissolutionasdefinedinSection5,vestingofUnvestedSharesshallimmediatelycease,thisoptionmaybeexercisedonlyastoanyOptionSharesthatareVestedSharesonthedateofterminationoftheOptionee’sBusinessRelationshipandthisoptionshallterminate(andmaynolongerbeexercised)afterthepassageof90daysafterthedateofterminationoftheOptionee’sBusinessRelationship(butinnoeventlaterthanthescheduledexpirationdate
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