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AGREEMENT This Agreement is made by and among Xxxxxxx X. Xxxxxxxxxx ("Optionee") and Xxxxxx Aluminum Corporation and Xxxxxx Aluminum & Chemical Corporation, both Delaware corporations (together, the "Company"). WHEREAS, the Company granted to Optionee a stock option to purchase 750,000 shares of common stock, $.01 par value per share, of Xxxxxx Aluminum Corporation, and the terms and conditions of such grant are set forth in that certain Time-Based Stock Option Grant between Optionee and the Company having an effective date of June 1, 1999 (the "1999 Grant"); and WHEREAS, Optionee and the Company desire to amend the 1999 Grant to cancel 250,000 of the Option Shares and to allocate such canceled Option Shares among the Option Price categories and vesting installment dates specified in the 1999 Grant; and WHEREAS, Optionee and the Company desire to evidence the grant of a new stock option to Optionee to purchase up to 250,000 Option Shares and to specify the terms and conditions applicable thereto; NOW, THEREFORE, Optionee and the Company hereby agree as follows: 1. All capitalized terms used herein shall have the meanings provided in the 1999 Grant unless otherwise specifically provided herein. 2. Effective as of April 12, 2000, the 1999 Grant is amended to cancel 250,000 of the Option Shares comprised as follows: 50,000 Option Shares with a Base Exercise Price of $9.50 per Option Share, 100,000 Option Shares with a Base Exercise Price of $12.35 per Option Share, and 100,000 Option Shares with a Base Exercise Price of $14.25 per Option Share. Provided Optionee's Qualified Service Period has not previously terminated, and subject to the terms of the last sentence of Paragraph 4 of the 1999 Grant, the Option Shares thereafter remaining under the 1999 Grant shall become Vested Options, as allocated by Base Exercise Price, as of 12:01 a.m. Houston time on the following schedule: Option Shares ------------- $9.50 $12.35 $14.25 ----- ------ ------ January 1, 2001 30,000 60,000 60,000 January 1, 2002 30,000 60,000 60,000 January 1, 2003 30,000 60,000 60,000 January 1, 2004 10,000 20,000 20,000 Except as expressly set forth herein, the terms and conditions of the 1999 Grant are hereby ratified and affirmed. 3. This Agreement evidences that the Company has granted to Optionee, effective as of April 12, 2000, the right, privilege and option to purchase up to 250,000 Option Shares comprised as follows: 50,000 Option Shares with a Base Exercise Price of $9.50 per Option Share, 100,000 Option Shares with a Base Exercise Price of $12.35 per Option Share, and 100,000 Option Shares with a Base Exercise Price of $14.25 per Option Share. Provided Optionee's Qualified Service Period has not previously terminated, and subject to the same terms as are set forth in the last sentence of Paragraph 4 of the 1999 Grant, such Option Shares shall become Vested Options, as allocated by Base Exercise Price, as of 12:01 a.m. Houston time on the following schedule: Option Shares ------------- $9.50 $12.35 $14.25 ----- ------ ------ January 1, 2004 20,000 40,000 40,000 January 1, 2005 30,000 60,000 60,000 Except as expressly set forth herein, such stock option is granted on the same terms and conditions as are set forth in the 1999 Grant. IN WITNESS WHEREOF, Optionee and the Company have executed this Agreement effective as of the 12th day of April, 2000. "COMPANY" XXXXXX ALUMINUM CORPORATION By: /S/ XXXX XXXXXXXX Xxxx Xxxxxxxx Vice President and Chief Administrative Officer XXXXXX ALUMINUM & CHEMICAL CORPORATION By: /S/ XXXX XXXXXXXX Xxxx Xxxxxxxx Vice President and Chief Administrative Officer "OPTIONEE" /S/ XXXXXXX X. XXXXXXXXXX Xxxxxxx X. Xxxxxxxxxx