NON-STATUTORY STOCK OPTION AGREEMENT
Exhibit
10.7
THIS
AGREEMENT is made as of January
20, 2009, between AngioDynamics, Inc., ("Company") and Xxxxxx X.
Xxxxx ("Optionee"). Terms used herein have the same meaning as in the
Company's 2004 Stock and Incentive Award Plan, as amended ("Plan").
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1.
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The
Company hereby grants to Optionee a Non-Statutory Stock Option to purchase
75,000 shares (the
“Shares”) of Common Stock pursuant and subject to the terms of the Plan, a
copy of which has been delivered to Optionee and which is incorporated
herein by reference.
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2.
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The
option price per Share shall be the average of the high and low sale
prices of Company stock on the date of grant (as reported by NASDAQ) or on
the most prior day on which sales of Company stock were
reported.
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3. | The Option shall expire on January 31, 2010 unless earlier terminated. |
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4.
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In
the event that Optionee violates the terms of the non-compete provisions
of his employment agreement with the Company, the Option shall immediately
expire and Optionee shall have no rights
hereunder.
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5.
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Except
as provided hereinafter and in the Plan, the Option shall become
exercisable on October 31, 2009, provided that the Optionee has remained
in the continuous employ of the Company from the date of this Agreement.
For purposes of this Agreement, service as a consultant or director of the
Company shall be deemed to be employment by the
Company.
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Notwithstanding
the foregoing, the Option shall be exercisable as to all Shares covered hereby
upon a “Change in Control” (if the Option has not expired under Section 3, 4 or
7).
The
Option may be exercised in accordance with the Plan prior to the expiration date
(or earlier termination or cancellation date under Section 3, 4 or 7) at any
time, and may be exercised in whole or in part as to the Shares then available
for purchase. This Option may be exercised only to acquire whole
shares. No fractional shares shall be issued, and an exercise that
would otherwise result in the issuance of fractional shares shall be disregarded
to the extent of the fraction.
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6.
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The
Option shall not be transferable otherwise than by will or by the laws of
descent and distribution and during the lifetime of Optionee shall be
exercisable only by Optionee.
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7.
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In
the event Optionee ceases to be employed by the Company for any reason
other than death or disability, the Option may be exercised (if it has not
expired under Sections 3 or 4 and is exercisable under Section 5), to the
extent the Optionee is entitled to do so on the date of termination, only
during the period ending three months from the date of such
cessation.
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Notwithstanding
the foregoing, in the event the Optionee’s employment is terminated
for cause (as defined in the employment agreement between the parties) or
Optionee’s consulting agreement is terminated by the Company for cause (as
defined in the consulting agreement between the parties), the Option shall
terminate at the time of such termination.
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8.
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In
the event Optionee ceases to be employed by the Company by reason of death
or disability, the Option may be fully exercised as to all Shares covered
hereby (if it has not expired under Sections 3, 4 or 7 but regardless of
whether it is exercisable under Section 5) only during the period ending
one year from the date of such
cessation.
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9.
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Nothing
herein or in the Plan shall confer upon any employee of the Company any
right to continue in the employment of the
Company.
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10.
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The
Option and the Plan are subject to adjustments, modifications and
amendments as provided in the Plan.
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11.
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Subject
to the Plan, this Agreement shall bind and inure to the benefit of the
Company, Optionee and their respective successors, permitted assigns and
personal representatives.
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12.
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This
Agreement will be governed by and construed under the laws of
Delaware.
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13.
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Any
dispute or claim arising out of or in connection with any provision of
this Agreement will be finally settled by binding arbitration in Albany
County, New York in accordance with the rules of the American Arbitration
Association by one arbitrator appointed in accordance with said rules. The
arbitrator shall apply Delware law, without reference to rules of
conflicts of law or rules of statutory arbitration, to the resolution of
any dispute and shall have the authority to award reasonable attorneys’
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fees, costs and expenses to the party that substantially prevails. Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this paragraph, without breach of this arbitration provision. |
IN
WITNESS WHEREOF, the undersigned have executed this Agreement to be effective
from the date first above written.
ANGIODYNAMICS,
INC.
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By:
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/s/
Xxxxxxx X. Xxxxx
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Xxxxxxx
Xxxxx
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Chairman
of the Board of Directors
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BY:
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/s/
Xxxxxx X. Xxxxx
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Xxxxxx
X. Xxxxx
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