Exhibit 99.4 COVISTA COMMUNICATIONS, INC. STOCK OPTION ASSUMPTION AGREEMENT Dear [Capsule Optionee]: As you know, on February 8, 2002 (the "Closing Date") Capsule Communications, Inc. ("Capsule") merged with and into CCI Acquisitions Corp. ("CCI"), a...Stock Option Assumption Agreement • February 12th, 2002 • Covista Communications Inc • Telephone communications (no radiotelephone)
As you know, on February 8, 2002 (the "Closing Date") Capsule Communications, Inc. ("Capsule") merged with and into CCI Acquisitions Corp. ("CCI"), a Delaware corporation and wholly-owned subsidiary of Covista Communications, Inc. ("Covista") (the "Merger"). In the Merger, each holder of shares of Capsule common stock, other than Henry G. Luken, III, received 0.0916 of a share of Covista common stock for each share of Capsule common stock (the "Conversion Ratio"), and Henry G. Luken, III received 0.0688 of a share of Covista common stock for each share of Capsule common stock (the "Affiliate Conversion Ratio"). On the Closing Date you held one or more outstanding options to purchase shares of Capsule common stock granted to you under either the Capsule 1999 Stock Option Plan (the "1999 Plan") or the Capsule 2001 Stock Option Plan (the "2001 Plan") and documented with a Stock Option Agreement(s) and/or Notice(s) of Grant of Stock Option and any amendment(s) or waiver(s) thereto (collect
