Amendment to Stock Option Agreement
Exhibit 10.68
Amendment to Stock Option Agreement
This Amendment to Stock Option Agreement (the “Amendment”) is made on the ___ day of
December, 2006 by and between Cyberonics, Inc., a Delaware corporation (the “Company”) and
(“Optionee”).
Whereas, the Company and Optionee entered into a Stock Option Agreement having a grant date of
May 2, 2001 (the “Agreement”); and
Whereas, the Company has undergone an extensive investigation of its option grant practices
and procedures; and
Whereas, that investigation has revealed that the options granted under the Agreement were
misdated; and
Whereas, the Company and Optionee have mutually agreed to amend the Agreement to modify the
Date of Grant and Exercise Price per Share;
Now, Therefore, for a good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:
1. Section I, Notice of Stock Option Grant of the Agreement is amended to delete the stated
Date of Grant and Exercise Price per Share and substitute the following:
“Date of Grant
|
April 30, 2001 | |
Exercise Price per Share
|
$11.47” |
2. This Amendment supersedes all prior agreements, amendments, understandings, negotiations,
and discussion, oral or written, related to such subject matter.
3. Except as expressly amended herein, the terms of the Agreement remain unchanged.
4. This Amendment may be signed in counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. Signatures by
facsimile shall bind the parties hereto.
OPTIONEE
|
CYBERONICS, INC. | |||||
| By: | ||||||
| Xxxx X. Xxxxxxxx | ||||||
| Chief Financial Officer |
Schedule of Optionees
| Name | ||
Xxxxx, Xxxxxxx
|
||
Xxxxxx, Xxxx |
||
Xxxxx, Xxxx |
||
Xxxxx, Xxxxx |
||
Xxxxxxx, Xxxxxxx |
