EXHIBIT 10(AA)
MARLTON TECHNOLOGIES, INC.
STOCK OPTION AGREEMENT
THIS STOCK OPTION (the "Option") is granted this 7th day of August,
2000 by MARLTON TECHNOLOGIES, INC., a New Jersey corporation (the "Company") to
[Xxxxxxx Xxxxxx, Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxx Xxxxxxxx] (the "Optionee").
W I T N E S S E T H:
1. Grant. Pursuant to the Company's 1992 Director Stock Plan, as
amended (the "Plan"), the Company hereby grants to the Optionee Stock Options
(the "Options") to purchase on the terms and conditions set forth in the Plan
and herein, an aggregate of Twenty Thousand (20,000) shares of the Company's
Common Stock, par value, $.10 per share (the "Option Shares"), at the purchase
price of Two Dollars ($2.00) per share (the "Option Price"). Capitalized terms
used in this Agreement and not otherwise defined herein shall have the meanings
assigned to such terms in the Plan.
2. Term. This Option Agreement and Optionee's right to acquire Options
vested in accordance with Paragraph 3 shall terminate at 5:00 p.m. (local
Philadelphia time) on June 21, 2005.
3. Vesting. Options to purchase 10,000 Option Shares will be fully
vested as of August 7, 2000. Options to purchase an additional 834 Option Shares
will vest each month (with respect to the first and last months hereunder 15 or
more days of service in a month shall be deemed a full month, and less than 15
days of service in a month shall be deemed no service during such month) that
Optionee continues as a director of the Company subsequent to June 21, 2000,
provided the aggregate of the Option Shares vested does not exceed 20,000.
4. Method of Exercise and Payment. This Option may be exercised with
respect to vested Option Shares from time to time, in whole or in part. When
exercisable under Paragraph 3, the Option may be exercised by written notice to
the Company specifying the total number of Option Shares to be exercised. The
notice shall be accompanied by payment in cash or by check equal to the
aggregate Option Price of all Option Shares covered by such notice. Such
exercise shall be effective upon the actual receipt by the Company of such
written notice and payment.
5. Notices. Any notice to be given to the Company shall be addressed to
the Company at its principal executive office, and any notice to be given to the
Optionee shall be addressed to the Optionee at the address then appearing on the
records of the Company or at such other address as either party hereafter may
designate in writing to the other. Any such notice shall be deemed to have been
duly given when deposited in the United States mail, addressed as aforesaid,
registered or certified mail, and with proper postage and registration or
certification fees.
6. General. This Option shall not be assignable by Optionee. This
Option Agreement shall not be subject to the provisions and restrictions of
Section 421, 422A(b) et. Seq. of the Internal Revenue Code of 1986, as it may be
amended from time to time. Stock certificates representing the Option Shares
acquired shall bear any legends required by applicable state and federal
securities laws. Company stock issuances are unregistered, requiring a one-year
holding period.
IN WITNESS WHEREOF, the Company has granted this Option as of the day
and year first above written.
MARLTON TECHNOLOGIES, INC.
Attest: ___________________________ By:___________________________
Xxxx X. Xxxxxxxx, Secretary Xxxxxx X. Xxxxxxxx, President
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