Exhibit 10.2 Standard Option Agreement between ATI and Directors
DIRECTORS STOCK OPTION AGREEMENT dated the 20th day of March, 1997.
BETWEEN:
AZTEK TECHNOLOGIES INC., a body corporate duly incorporated in the
Province of British Columbia and having its head office at Xxxxx #0, 000
Xxxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0
(The "Company")
ON THE FIRST PART
AND:
XXXX SINTICHAKIS of 0000 Xxxxxxx Xxxxx, Xxxxxxx, X.X. X0X 0X0
(the "Director")
ON THE SECOND PART
WHEREAS the Company wishes to encourage the best efforts of the Director
and to recognize the Director's efforts and risk in performing the functions
of a director of the Company by granting to the Director an option to
purchase shares in the capital stock of the Company.
NOW THEREFORE the parties hereto agree as follows:
1. The Company hereby grants to the Director an option to purchase all or
any portion of 90,000 fully paid common shares (the "Optioned Shares") of the
Company from the treasury, exercisable ta the price of $1.82 per share, on or
before March 20, 1999.
2. The Option is exercisable by notice in writing to the Company
accompanied by a certified cheque in favour of the Company for the full
amount of the purchase price of the shares being then purchased. When such
payment is received, the Company covenants and agrees to issue and deliver to
the Director share certificates in the name of the Director for the number of
shares so purchased.
3. This is an option agreement only and does not impose upon the Director
any obligation to take up and pay for any of the Optioned Shares.
4. The Option shall not be transferable or assignable by the Director
otherwise than by Will or the law of intestacy and the Option may be exercised
during the lifetime of the Director only by the Director.
5. If the Director should die while a director of the Company, the Option
may then be exercised by the legal heirs or personal representatives of the
Director, to the same extent as if the Director were alive and a director of
the Company for a period not exceeding one year after the death of the
Director but only for such shares as the Director was entitled to at the date
of the death of the Director.
6. Subject to paragraph 5 hereof, the Option shall cease and become null
and void 30 days after the Director ceases to act as a director of the
Company.
7. In the event of any subdivision, consolidation or other change in the
share capital of the Company while any portion of the Option is outstanding,
the number of shares under option to the Director and the price thereof shall
be adjusted in accordance with such subdivision, consolidation or other change
in the share capital of the Company.
8. The Company hereby covenants and agrees that it will reserve in its
treasury sufficient shares to permit the issuance and allotment of shares to
the Director in the event the Option is exercised.
9. Time shall be of the essence of this Agreement.
10. The granting of the herein Stock Option and any amendment thereto,
shall be subject to the approval of the Vancouver Stock Exchange and the
shareholders of the Company.
11. Shareholder approval to the grant of the options shall be obtained
prior to the exercise of options granted to insiders (as defined in the
Securities Act of British Columbia).
12. Shareholder approval shall be obtained in respect of amendments to the
agreement if the option as originally constituted was approved by the
shareholders of the optionee is an insider of the Company at the time of the
amendment.
13. This Agreement shall enure to the benefit of or be binding upon the
Company, its successors and assigns and the Director and the Director's
personal representatives to the extend provided in paragraph 5.
IN WITNESS WHEREOF the parties have hereunto caused these presents to be
executed as of the day and year first above written.
The COMMON SEAL OF
AZTEK TECHNOLOGIES INC.
was hereunto affixed in the presence of:
/s/ Xxxx Naka [Corporate Seal]
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Xxxx Naka
SIGNED, SEALED AND DELIVERED
in the presence of:
/s/ Xxxxx Xxxxx /s/ Xxxx Sintichakis
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Name XXXX SINTICHAKIS
0-000 Xxxxxxxx Xxx.
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Address
Kelowna, B.C.
