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EXHIBIT (2)
Letter Agreements regarding Modification of Stock Options
between MigraTEC, Inc., and:
Xxxx X. Xxxxx,
W. Xxxxxx Xxxxxxxxxx,
Xxxx X. Xxxxxxx,
Xxxxxx X. Xxxxxxxx,
Xxxxxxxx Xxxxxxx,
Xxxxx X. Xxxxxx, Xx.,
Xxxxxxx X. Xxxx, Xx., and
Xxxxxx X. Xxxxx
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EXHIBIT (2)
September 7, 1999
Xx. Xxxx X. Xxxxx
0000 Xxxxxxxxx Xxxxx
Xxxxx, Xxxxx 00000
Re: Letter Agreement regarding Modification of Stock Options
Dear Xxxx:
Pursuant to our discussions, this letter agreement will act as a modification of
your employment agreement and any other agreements which MigraTEC, Inc., may
have with you with regard to any and all common stock options previously granted
to you by MigraTEC. It is understood, in this regard, that you are in agreement
with a reduction of the number of stock option shares currently granted to you
in exchange for certain consideration from MigraTEC set forth below.
The specific agreed upon changes to your stock option are as follows:
1) The total number of shares in your stock option are hereby reduced from
900,000 shares to 450,000 shares at an exercise price of $.20 per
share.
2) Your right to exercise all or any portion of the 450,000 shares covered
by your revised option, by tendering the appropriate payment to
MigraTEC, is fully vested as of the date of this letter agreement and
shall remain in effect for a period of four years after the date of any
termination of your employment with MigraTEC, whether on a voluntary or
involuntary basis.
3) MigraTEC agrees to file a registration statement covering the shares
underlying your stock option on or before October 15, 1999.
4) Your right to 3 weeks of paid vacation per year shall vest immediately.
To indicate your acceptance of the terms and conditions of this letter agreement
and the modifications to your current stock option rights with MigraTEC, please
sign both originals of this letter agreement and return one original to me.
Thank you for your cooperation in this matter.
Sincerely,
/s/ W. XXXXXX XXXXXXXXXX
---------------------------
W. Xxxxxx Xxxxxxxxxx
President, CEO and Director
Agreed and Accepted:
/s/ XXXX X. XXXXX
--------------------------
Xxxx X. Xxxxx
1
3
EXHIBIT (2)
September 7, 1999
Mr. W. Xxxxxx Xxxxxxxxxx
00000 X. Xxxxxxxx Xxxx #000
Xxxxxx, Xxxxx 00000
Re: Letter Agreement regarding Modification of Stock Options
Dear Xxxxxx:
Pursuant to our discussions, this letter agreement will act as a modification of
your employment agreement and any other agreements which MigraTEC, Inc., may
have with you with regard to any and all common stock options previously granted
to you by MigraTEC. It is understood, in this regard, that you are in agreement
with a reduction of the number of stock option shares currently granted to you
in exchange for certain consideration from MigraTEC set forth below.
The specific agreed upon changes to your stock option are as follows:
1) The total number of shares in your stock option are hereby reduced from
6,000,000 shares to 3,000,000 shares at an exercise price of $.20 per
share.
2) Your right to exercise all or any portion of the 3,000,000 shares
covered by your revised option, by tendering the appropriate payment to
MigraTEC, is fully vested as of the date of this letter agreement and
shall remain in effect for a period of four years after the date of any
termination of your employment with MigraTEC, whether on a voluntary or
involuntary basis.
3) MigraTEC agrees to file a registration statement covering the shares
underlying your stock option on or before October 15, 1999.
4) Your right to 3 weeks of paid vacation per year shall vest immediately.
To indicate your acceptance of the terms and conditions of this letter agreement
and the modifications to your current stock option rights with MigraTEC, please
sign both originals of this letter agreement and return one original to me.
Thank you for your cooperation in this matter.
Sincerely,
/s/ XXXXX X. XXXXXX, XX.
------------------------------
Xxxxx X. Xxxxxx, Xx.
Director, Compensation Committee Chairman
Agreed and Accepted:
/s/ W. XXXXXX XXXXXXXXXX
---------------------------
W. Xxxxxx Xxxxxxxxxx
2
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EXHIBIT (2)
September 7, 1999
Xx. Xxxx X. Xxxxxxx
00000 Xxxxxxxxx Xxxxx
Xxxxxxx Xxxxxx, Xxxxx 00000
Re: Letter Agreement regarding Modification of Stock Options
Dear Xxxx:
Pursuant to our discussions, this letter agreement will act as a modification of
your employment agreement and any other agreements which MigraTEC, Inc., may
have with you with regard to any and all common stock options previously granted
to you by MigraTEC. It is understood, in this regard, that you are in agreement
with a reduction of the number of stock option shares currently granted to you
in exchange for certain consideration from MigraTEC set forth below.
The specific agreed upon changes to your stock option are as follows:
1) The total number of shares in your stock option are hereby reduced from
1,500,000 shares to 750,000 shares at an exercise price of $.20 per
share.
2) Your right to exercise all or any portion of the 750,000 shares covered
by your revised option, by tendering the appropriate payment to
MigraTEC, is fully vested as of the date of this letter agreement and
shall remain in effect for a period of four years after the date of any
termination of your employment with MigraTEC, whether on a voluntary or
involuntary basis.
3) MigraTEC agrees to file a registration statement covering the shares
underlying your stock option on or before October 15, 1999.
4) Your right to 3 weeks of paid vacation per year shall vest immediately.
To indicate your acceptance of the terms and conditions of this letter agreement
and the modifications to your current stock option rights with MigraTEC, please
sign both originals of this letter agreement and return one original to me.
Thank you for your cooperation in this matter.
Sincerely,
/s/ W. XXXXXX XXXXXXXXXX
------------------------------
W. Xxxxxx Xxxxxxxxxx
President, CEO and Director
Agreed and Accepted:
/s/ XXXX X. XXXXXXX
-------------------------
Xxxx X. Xxxxxxx
3
5
EXHIBIT (2)
September 7, 1999
Xx. Xxxxxx X. Xxxxxxxx
0000 Xxxxxxxxxx
Xxxxxx, Xxxxx 00000
Re: Letter Agreement regarding Modification of Stock Options
Dear Xxx:
Pursuant to our discussions, this letter agreement will act as a modification of
your employment agreement and any other agreements which MigraTEC, Inc., may
have with you with regard to any and all common stock options previously granted
to you by MigraTEC. It is understood, in this regard, that you are in agreement
with a reduction of the number of stock option shares currently granted to you
in exchange for certain consideration from MigraTEC set forth below.
The specific agreed upon changes to your stock option are as follows:
1) The total number of shares in your stock option are hereby reduced from
1,200,000 shares to 600,000 shares at an exercise price of $.20 per
share.
2) Your right to exercise all or any portion of the 600,000 shares covered
by your revised option, by tendering the appropriate payment to
MigraTEC, is fully vested as of the date of this letter agreement and
shall remain in effect for a period of four years after the date of any
termination of your employment with MigraTEC, whether on a voluntary or
involuntary basis.
3) MigraTEC agrees to file a registration statement covering the shares
underlying your stock option on or before October 15, 1999.
4) Your right to 3 weeks of paid vacation per year shall vest immediately.
To indicate your acceptance of the terms and conditions of this letter agreement
and the modifications to your current stock option rights with MigraTEC, please
sign both originals of this letter agreement and return one original to me.
Thank you for your cooperation in this matter.
Sincerely,
/s/ W. XXXXXX XXXXXXXXXX
------------------------------
W. Xxxxxx Xxxxxxxxxx
President, CEO and Director
Agreed and Accepted:
/s/ XXXXXX X. XXXXXXXX
-----------------------
Xxxxxx X. Xxxxxxxx
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EXHIBIT (2)
September 7, 1999
Xx. Xxxxxxxx Xxxxxxx
000 Xxxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxx
Xxxxxx M5M-1T6
Re: Letter Agreement regarding Modification of Stock Options
Dear Ben:
Pursuant to our discussions, this letter agreement will act as a modification of
the existing options granted to you by MigraTEC, Inc. It is understood, in this
regard, that you are in agreement with a reduction of the number of stock option
shares currently granted to you in exchange for certain consideration from
MigraTEC set forth below.
The specific agreed upon changes to your stock option are as follows:
1) The total number of shares in your stock option are hereby reduced from
1,200,000 shares to 600,000 shares at an exercise price of $.20 per
share.
2) Your right to exercise all or any portion of the 600,000 shares covered
by your revised option, by tendering the appropriate payment to
MigraTEC, is fully vested as of the date of this letter agreement and
shall remain in effect for a period of four years from the date of this
letter.
3) MigraTEC agrees to file a registration statement covering the shares
underlying your stock option on or before October 15, 1999.
To indicate your acceptance of the terms and conditions of this letter agreement
and the modifications to your current stock option rights with MigraTEC, please
sign both originals of this letter agreement and return one original to me.
Thank you for your cooperation in this matter.
Sincerely,
/s/ W. XXXXXX XXXXXXXXXX
------------------------------
W. Xxxxxx Xxxxxxxxxx
President, CEO and Director
Agreed and Accepted:
/s/ XXXXXXXX XXXXXXX
--------------------------
Xxxxxxxx Xxxxxxx
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EXHIBIT (2)
September 7, 1999
Xx. Xxxxx X. Xxxxxx, Xx.
0000 Xxxxxxx Xxxx Xxxx #000
Xxxxx, Xxxxx 00000
Re: Letter Agreement regarding Modification of Stock Options
Dear Xxxxx:
Pursuant to our discussions, this letter agreement will act as a modification of
the existing options granted to you by MigraTEC, Inc. It is understood, in this
regard, that you are in agreement with a reduction of the number of stock option
shares currently granted to you in exchange for certain consideration from
MigraTEC set forth below.
The specific agreed upon changes to your stock option are as follows:
1) The total number of shares in your stock option are hereby reduced from
1,000,000 shares to 500,000 shares at an exercise price of $.20 per
share.
2) Your right to exercise all or any portion of the 500,000 shares covered
by your revised option, by tendering the appropriate payment to
MigraTEC, is fully vested as of the date of this letter agreement and
shall remain in effect for a period of four years from the date of this
letter.
3) MigraTEC agrees to file a registration statement covering the shares
underlying your stock option on or before October 15, 1999.
To indicate your acceptance of the terms and conditions of this letter agreement
and the modifications to your current stock option rights with MigraTEC, please
sign both originals of this letter agreement and return one original to me.
Thank you for your cooperation in this matter.
Sincerely,
/s/ W. XXXXXX XXXXXXXXXX
------------------------------
W. Xxxxxx Xxxxxxxxxx
President, CEO and Director
Agreed and Accepted:
/s/ XXXXX X. XXXXXX, XX.
--------------------------
Xxxxx X. Xxxxxx, Xx.
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EXHIBIT (2)
September 7, 1999
Xx. Xxxxxxx X. Xxxx, Xx.
4430 Bordeaux
Xxxxxx, Xxxxx 00000
Re: Letter Agreement regarding Modification of Stock Options
Dear Xxxx:
Pursuant to our discussions, this letter agreement will act as a modification of
the existing options granted to you by MigraTEC, Inc. It is understood, in this
regard, that you are in agreement with a reduction of the number of stock option
shares currently granted to you in exchange for certain consideration from
MigraTEC set forth below.
The specific agreed upon changes to your stock option are as follows:
1) The total number of shares in your stock option are hereby reduced from
1,000,000 shares to 500,000 shares at an exercise price of $.20 per
share.
2) Your right to exercise all or any portion of the 500,000 shares covered
by your revised option, by tendering the appropriate payment to
MigraTEC, is fully vested as of the date of this letter agreement and
shall remain in effect for a period of four years from the date of this
letter.
3) MigraTEC agrees to file a registration statement covering the shares
underlying your stock option on or before October 15, 1999.
To indicate your acceptance of the terms and conditions of this letter agreement
and the modifications to your current stock option rights with MigraTEC, please
sign both originals of this letter agreement and return one original to me.
Thank you for your cooperation in this matter.
Sincerely,
/s/ W. XXXXXX XXXXXXXXXX
------------------------------
W. Xxxxxx Xxxxxxxxxx
President, CEO and Director
Agreed and Accepted:
/s/ XXXXXXX X. XXXX, XX.
--------------------------
Xxxxxxx X. Xxxx, Xx.
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EXHIBIT (2)
September 7, 1999
Xx. Xxxxxx X. Xxxxx
0000 Xxxxxx Xxxxxx #000
Xxxxxx, Xxxxx 00000
Re: Letter Agreement regarding Modification of Stock Options
Dear Marc:
Pursuant to our discussions, this letter agreement will act as a modification of
the existing options granted to you by MigraTEC, Inc. It is understood, in this
regard, that you are in agreement with a reduction of the number of stock option
shares currently granted to you in exchange for certain consideration from
MigraTEC set forth below.
The specific agreed upon changes to your stock option are as follows:
1) The total number of shares in your stock option are hereby reduced from
1,100,000 shares to 550,000 shares at an exercise price of $.20 per
share.
2) Your right to exercise all or any portion of the 550,000 shares covered
by your revised option, by tendering the appropriate payment to
MigraTEC, is fully vested as of the date of this letter agreement and
shall remain in effect for a period of four years from the date of this
letter.
3) MigraTEC agrees to file a registration statement covering the shares
underlying your stock option on or before October 15, 1999.
To indicate your acceptance of the terms and conditions of this letter agreement
and the modifications to your current stock option rights with MigraTEC, please
sign both originals of this letter agreement and return one original to me.
Thank you for your cooperation in this matter.
Sincerely,
/s/ W. XXXXXX XXXXXXXXXX
------------------------------
W. Xxxxxx Xxxxxxxxxx
President, CEO and Director
Agreed and Accepted:
/s/ XXXXXX X. XXXXX
-----------------------
Xxxxxx X. Xxxxx
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