Exhibit 10.22
Amendment No. 1 to Stock Option Agreement
This Amendment No. 1, dated as of September 17, 1997 to the Stock Option
Agreement dated as of October 20, 1992 with respect to 150,000 option shares at
an exercise price of five dollars and sixty-six and one-half cents ($5.665) per
share (the "Stock Option Agreement"), is entered into by and between Unilab
Corporation, a Delaware corporation (the "Corporation") and Xxxxxxx X.
Xxxxxxxxxx (the "Option Holder").
The Stock Option Agreement is hereby amended as follows:
1. Section 1 is amended by deleting the final sentence thereof, with the
effect of immediately vesting all Options.
2. Section 3 is amended by (i) adding to the first sentence thereof, after
the word "to" and before the word "a", the words "all or"; and (ii)
deleting the following words from the beginning of the third sentence
of the section: "Unless terminated earlier pursuant to Paragraph 6
hereof,", so that the sentence reads in its entirety as follows: "Any
Option not exercised within such time shall terminate."
3. Sections 6(a) and 6(b) are deleted in their entirety and replaced by
the following: "Option Holder or his estate shall be entitled to
exercise the Option through the Expiration Date notwithstanding
termination of Option Holder's employment by the Corporation or Option
Holder's death prior to the Expiration Date".
4. Section 9 is hereby deleted in its entirety and replaced with the
following:
9. Mergers, Recapitalizations and Dissolutions. The "acquisition" of
the Corporation by another entity shall cause each outstanding
option to become an option to purchase shares of the acquiring
entity, for the balance of the term of the option, at a price and
for a number of shares as is consistent with the acquisition
terms, notwithstanding any contrary provision in the Stock Option
Program in accordance with which this option was granted. The
"acquisition" of the Corporation by another entity shall be
defined to be either a merger or consolidation with an acquiring
entity (or subsidiary or affiliate thereof) in which the
Corporation is not the surviving entity or in which the
Corporation becomes a subsidiary of an acquiring entity; the sale
of substantially all of the Corporation's assets; or the
dissolution or liquidation of the Corporation.
Except as expressly provided above, the Stock Option Agreement shall
remain in full force and effect.
This Amendment No. 1 shall be governed by and construed in accordance with
the laws of the State of Delaware, other than its conflicts of laws provisions.
OPTION HOLDER UNILAB CORPORATION
By:
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Name: Xxxxxxx X. Xxxxxxxxxx Name:
Title:
