Exhibit 10.18

 

BORLAND SOFTWARE CORPORATION

 

AUTOMATIC STOCK OPTION AGREEMENT

 

RECITALS

 

A. The Corporation has implemented an automatic option grant program under the
Plan pursuant to which eligible non-employee members of the Board will
automatically receive special option grants at periodic intervals over their
period of Board service in order to provide such individuals with a meaningful
incentive to continue to serve as members of the Board.

 

B. Optionee is an eligible non-employee Board member, and this Agreement is
executed pursuant to, and is intended to carry out the purposes of, the Plan in
connection with the automatic grant of an option to purchase shares of Common
Stock under the Plan.

 

C. All capitalized terms in this Agreement shall have the meaning assigned to
them in the attached Appendix.

 

NOW, THEREFORE, it is hereby agreed as follows:

 

1. Grant of Option. The Corporation hereby grants to Optionee, as of the Grant
Date, a Non-Statutory Option to purchase up to the number of Option Shares
specified in the Grant Notice. The Option Shares shall be purchasable from time
to time during the option term specified in Paragraph 2 at the Exercise Price.

 

2. Option Term. This option shall have a term of ten (10) years measured from
the Grant Date and shall accordingly expire at the close of business on the
Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6.

 

3. Limited Transferability.

 

(a) This option may be assigned in whole or in part during Optionee’s lifetime
to one or more members of Optionee’s family or to a trust established for the
exclusive benefit of one or more such family members or to Optionee’s former
spouse, to the extent such assignment is in connection with the Optionee’s
estate plan or pursuant to a domestic relations order. The assigned portion
shall be exercisable only by the person or persons who acquire a proprietary
interest in the option pursuant to such assignment. The terms applicable to the
assigned portion shall be the same as those in effect for this option
immediately prior to such assignment.

 

(b) Should the Optionee die while holding this option, then this option shall be
transferred in accordance with Optionee’s will or the laws of inheritance.
However, Optionee may designate one or more persons as the beneficiary or
beneficiaries of this option, and this option shall, in accordance with such
designation, automatically be transferred to such beneficiary or beneficiaries
upon the Optionee’s death while holding this option. Such

 

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beneficiary or beneficiaries shall take the transferred option subject to all
the terms and conditions of this Agreement, including (without limitation) the
limited time period during which this option may, pursuant to Paragraph 5, be
exercised following Optionee’s death.

 

4. Exercisability/Vesting.

 

(a) This option shall be immediately exercisable for any or all of the Option
Shares, whether or not the Option Shares are at the time vested in accordance
with the Vesting Schedule, and shall remain so exercisable until the Expiration
Date or sooner termination of the option term under Paragraph 5 or 6.

 

(b) Optionee shall, in accordance with the Vesting Schedule set forth in the
Grant Notice, vest in the Option Shares in a series of installments over his or
her period of Board service. The Option Shares shall, however, be subject to
accelerated vesting pursuant to the provisions of Paragraph 5, 6 or 7, but in no
event shall any additional Option Shares vest following Optionee’s cessation of
service as a Board member.

 

5. Cessation of Board Service. Should Optionee’s service as a Board member cease
while this option remains outstanding, then the option term specified in
Paragraph 2 shall terminate (and this option shall cease to be outstanding)
prior to the Expiration Date in accordance with the following provisions:

 

(a) Should Optionee cease to serve as a Board member for any reason (other than
death or Permanent Disability) while this option is outstanding, then the period
during which this option may be exercised shall be reduced to a twelve
(12)-month period measured from the date of such cessation of Board service, but
in no event shall this option be exercisable at any time after the Expiration
Date. During such limited period of exercisability, Optionee (or the person or
persons to whom this option is transferred pursuant to a permitted transfer
under Paragraph 3) may not exercise this option in the aggregate for more than
the number of Option Shares (if any) in which Optionee is vested on the date of
his or her cessation of Board service. Upon the earlier of (i) the expiration of
such twelve (12)-month period or (ii) the specified Expiration Date, the option
shall terminate and cease to be exercisable with respect to any vested Option
Shares for which the option has not been exercised.

 

(b) Should Optionee die during the twelve (12)-month period following his or her
cessation of Board service but while this option is outstanding, then (i) the
personal representative of Optionee’s estate or (ii) the person or persons to
whom the option is transferred pursuant to Optionee’s will or the laws of
inheritance following Optionee’s death or to whom the option is transferred
during Optionee’s lifetime pursuant to a permitted transfer under Paragraph 3 or
(iii) the designated beneficiary or beneficiaries of this option (as the case
may be) shall have the right to exercise this option for any or all of the
Option Shares in which Optionee is vested at the time of Optionee’s cessation of
Board service (less any Option Shares purchased by Optionee after such cessation
of Board service but prior to death). Any such right

 

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to exercise this option shall terminate, and this option shall accordingly cease
to be exercisable for such vested Option Shares, upon the earlier of (i) the
expiration of the twelve (12)-month period measured from the date of Optionee’s
cessation of Board service or (ii) the specified Expiration Date.

 

(c) Should Optionee cease service as a Board member by reason of death or
Permanent Disability, then any Option Shares at the time subject to this option
but not otherwise vested shall vest in full so that this option may be exercised
for any or all of the Option Shares as fully vested shares of Common Stock at
any time prior to the earlier of (i) the expiration of the twelve (12)-month
period measured from the date of Optionee’s cessation of Board service or (ii)
the specified Expiration Date, whereupon this option shall terminate and cease
to be outstanding.

 

(d) Upon Optionee’s cessation of Board service for any reason other than death
or Permanent Disability, this option shall immediately terminate and cease to be
outstanding with respect to any and all Option Shares in which Optionee is not
otherwise at that time vested in accordance with the normal Vesting Schedule or
the special vesting acceleration provisions of Paragraphs 6 and 7 below.

 

6. Change in Control.

 

(a) In the event of a Change in Control effected during Optionee’s period of
Board service, any Option Shares at the time subject to this option but not
otherwise vested shall automatically vest so that this option shall, immediately
prior to the specified effective date for that Change in Control, become
exercisable for all of the Option Shares as fully vested shares of Common Stock
and may be exercised for any or all of those vested shares. Immediately
following the consummation of the Change in Control, this option shall terminate
and cease to be outstanding, except to the extent assumed by the successor
corporation or its parent company or otherwise continued in effect pursuant to
the terms of the Change in Control transaction.

 

(b) If this option is assumed in connection with a Change in Control or
otherwise continued in effect, then this option shall be appropriately adjusted,
immediately after such Change in Control, to apply to the number and class of
securities which would have been issuable to Optionee in consummation of such
Change in Control had the option been exercised immediately prior to such Change
in Control, and appropriate adjustments shall also be made to the Exercise
Price, provided the aggregate Exercise Price shall remain the same. To the
extent the actual holders of the Corporation’s outstanding Common Stock receive
cash consideration for their Common Stock in consummation of the Change in
Control transaction, the successor corporation may, in connection with the
assumption of this option, substitute one or more shares of its own common stock
with a fair market value equivalent to the cash consideration paid per share of
Common Stock in such Corporate Transaction.

 

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7. Hostile Take-Over.

 

(a) In the event of a Hostile Take-Over effected during Optionee’s period of
Board service, any Option Shares at the time subject to this option but not
otherwise vested shall automatically vest so that this option shall, immediately
prior to the effective date of that Hostile Take-Over, become exercisable for
all of the Option Shares as fully vested shares of Common Stock and may be
exercised for any or all of those vested shares.

 

(b) This option shall remain exercisable for such fully vested Option Shares
until the earlier of (i) the specified Expiration Date or (ii) the sooner
termination of this option in accordance with Paragraph 5 or 6.

 

8. Adjustment in Option Shares. Should any change be made to the Common Stock by
reason of any stock split, stock dividend, recapitalization, combination of
shares, exchange of shares or other change affecting the outstanding Common
Stock as a class without the Corporation’s receipt of consideration, appropriate
adjustments shall be made to (i) the total number and/or class of securities
subject to this option and (ii) the Exercise Price in order to reflect such
change and thereby preclude a dilution or enlargement of benefits hereunder.

 

9. Stockholder Rights. The holder of this option shall not have any stockholder
rights with respect to the Option Shares until such person shall have exercised
the option, paid the Exercise Price and become a holder of record of the
purchased shares.

 

10. Manner of Exercising Option.

 

(a) In order to exercise this option with respect to all or any part of the
Option Shares for which this option is at the time exercisable, Optionee (or any
other person or persons exercising the option) must take the following actions:

 

(i) To the extent the option is exercised for vested Option Shares, execute and
deliver to the Corporation a Notice of Exercise for the Option Shares for which
the option is exercised. To the extent this option is exercised for unvested
Option Shares, execute and deliver to the Corporation a Purchase Agreement for
those unvested Option Shares.

 

(ii) Pay the aggregate Exercise Price for the purchased shares in one or more of
the following forms:

 

(A) cash or check made payable to the Corporation, shares of Common Stock held
by Optionee (or any other person or persons exercising the option) for the
requisite period necessary to avoid a charge to the Corporation’s earnings for
financial reporting purposes and valued at Fair Market Value on the Exercise
Date, or through a special sale and remittance procedure pursuant to which
Optionee (or any other person or persons exercising the option) shall

 

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concurrently provide irrevocable instructions (i) to a brokerage firm
(reasonably satisfactory to the Corporation for purposes of administering such
procedure) to effect the immediate sale of the purchased shares and remit to the
Corporation, out of the sale proceeds available on the settlement date,
sufficient funds to cover the aggregate Exercise Price payable for the purchased
shares plus all applicable income and employment taxes required to be withheld
by the Corporation by reason of such exercise and (ii) to the Corporation to
deliver the certificates for the purchased shares directly to such brokerage
firm on the settlement date in order to complete the sale.

 

(iii) Furnish to the Corporation appropriate documentation that the person or
persons exercising the option (if other than Optionee) have the right to
exercise this option.

 

(b) Except to the extent the sale and remittance procedure is utilized in
connection with the option exercise, payment of the Exercise Price must
accompany the Notice of Exercise (or the Purchase Agreement) delivered to the
Corporation in connection with the option exercise.

 

(c) As soon after the Exercise Date as practical, the Corporation shall direct
its transfer agent to issue to or on behalf of Optionee (or any other person or
persons exercising this option) a certificate for the purchased Option Shares,
with the appropriate legends affixed thereto. To the extent any such Option
Shares are unvested, the certificates for those Option Shares shall be endorsed
with an appropriate legend evidencing the Corporation’s repurchase rights and
may be held in escrow with the Corporation until such shares vest.

 

(d) In no event may this option be exercised for any fractional shares.

 

11. No Impairment of Rights. This Agreement shall not in any way affect the
right of the Corporation to adjust, reclassify, reorganize or otherwise make
changes in its capital or business structure or to merge, consolidate, dissolve,
liquidate or sell or transfer all or any part of its business or assets. In
addition, this Agreement shall not in any way be construed or interpreted so as
to affect adversely or otherwise impair the right of the Corporation or the
stockholders to remove Optionee from the Board at any time in accordance with
the provisions of applicable law.

 

12. Compliance with Laws and Regulations.

 

(a) The exercise of this option and the issuance of the Option Shares upon such
exercise shall be subject to compliance by the Corporation and Optionee with all
applicable requirements of law relating thereto and with all applicable
regulations of any stock exchange (or the Nasdaq National Market, if applicable)
on which the Common Stock may be listed for trading at the time of such exercise
and issuance.

 

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(b) The inability of the Corporation to obtain approval from any regulatory body
having authority deemed by the Corporation to be necessary to the lawful
issuance and sale of any Common Stock pursuant to this option shall relieve the
Corporation of any liability with respect to the non-issuance or sale of the
Common Stock as to which such approval shall not have been obtained. The
Corporation, however, shall use reasonable efforts to obtain all such approvals.

 

13. Successors and Assigns. Except to the extent otherwise provided in Paragraph
3 or 6, the provisions of this Agreement shall inure to the benefit of, and be
binding upon, the Corporation and its successors and assigns and Optionee,
Optionee’s assigns, the legal representatives, heirs and legatees of Optionee’s
estate and any beneficiaries of this option designated by Optionee.

 

14. Notices. Any notice required to be given or delivered to the Corporation
under the terms of this Agreement shall be in either written or electronic
format and delivered to the Stock Administrator of the Corporation at its
principal corporate offices. Any notice required to be given or delivered to
Optionee shall be in writing and addressed to Optionee at the address indicated
below Optionee’s signature line on the Grant Notice. All notices shall be deemed
effective upon personal or electronic delivery or upon deposit in the U.S. mail,
postage prepaid and properly addressed to the party to be notified.

 

15. Construction. This Agreement and the option evidenced hereby are made and
granted pursuant to the Plan and are in all respects limited by and subject to
the terms of the Plan.

 

16. Governing Law. The interpretation, performance and enforcement of this
Agreement shall be governed by the laws of the State of California without
regard to the conflict-of-laws rules thereof or of any other jurisdiction.

 

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EXHIBIT I – FORM OF NOTICE OF EXERCISE

 

BORLAND SOFTWARE CORPORATION

 

NOTICE OF EXERCISE

CASH PURCHASE

 

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Name:

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Address:

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    Telephone:  

Home:

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Business:

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    E-Mail Address:  

 

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  Social Security Number:  

 

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Plan

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Option No.

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Grant Date

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NQ or ISO?

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(1)

Option Price

Per Share

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(2)

Number of
Shares to be
Exercised

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(3)

Total Option
Price

(1)x(2) = (3)

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                $       $                 $       $                 $       $  
              $       $                 $       $                 Total       $

 

Note: Applicable taxes will be due on exercises of NQ stock options (in addition
to exercise price).

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Deliver Shares as follows (check one):           ¨   [Broker Name]    ¨   
[Broker Name]                     Account #
                                                  Account #
                                              **Please note shares will not be
delivered without an account number listed ¨   Deliver stock certificate to
address listed above          

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Pursuant to the terms of the stock option(s) granted to me as identified above,
I hereby elect to purchase the number of vested shares of common stock of
Borland Software Corporation (“Borland”), at the option price specified above.
Concurrently with the delivery of this Exercise Notice, I shall hereby pay the
full purchase price of the shares exercised, plus any necessary taxes, to
Borland in accordance with the provisions of my agreement with the Corporation
(or other documents) evidencing the Option and shall deliver whatever additional
documents may be required by such agreement as a condition for exercise. I
UNDERSTAND THAT THE AFOREMENTIONED AUTHORIZATIONS MAY NOT BE REVOKED.

 

OPTIONEE’S SIGNATURE:                                         
                            DATE:                     

 

Complete and fax this form to Stock Admin at [Fax #]. Stock Admin will contact
you with the total amount due (including any necessary taxes). This document
should be completed after reviewing the Stock Option Exercise Instructions
available on the [Corporate website].

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EXHIBIT I (cont’d) – FORM OF NOTICE OF EXERCISE

 

BORLAND SOFTWARE CORPORATION

 

NOTICE OF EXERCISE

STOCK OPTION EXERCISE & SAME-DAY-SALE

[Broker Name]

 

Call:   

[Broker Name]

   Cost:   

[Fees]

    

[Broker Address]

                               

Domestic: [Broker Telephone]

              

International: [Broker Telephone]

         

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Name:

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Address:

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    Telephone:  

Home:

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Business:

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E-Mail Address:

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Social Security Number:

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Plan

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Option No.

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Grant Date

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NQ or ISO?

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(1)

Option Price

Per Share

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(2)

Number of
Shares to be
Exercised

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(3)

Total Option
Price

(1)x(2) = (3)

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                $       $                 $       $                 $       $  
              $       $                 $       $                 Total       $

 

Note: Applicable taxes will be due on exercises of NQ stock options (in addition
to exercise price).

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Pursuant to the terms of the stock option(s) granted to me, as identified above,
I hereby elect to purchase the number of vested shares of common stock of
Borland Software Corporation, at the option price specified above. I understand
that payment for the full purchase price of the shares exercised, plus any
necessary taxes, will be sent directly to Borland Software Corporation by
[Broker Name] on the settlement for the trade and that Borland Software
Corporation will also cause the stock certificates for the purchased shares to
be delivered to [Broker Name] on such settlement date. I understand that it is
my responsibility to contact [Broker Name] to initiate the trade. I UNDERSTAND
THAT THE AFOREMENTIONED AUTHORIZATIONS MAY NOT BE REVOKED. I ALSO UNDERSTAND
THAT I MAY USE ANY OTHER BROKER WHICH IS REASONABLY SATISFACTORY TO BORLAND
SOFTWARE CORPORATION FOR PURPOSES OF ADMINISTERING SUCH CASHLESS EXERCISE
PROCEDURE.

 

OPTIONEE’S SIGNATURE:                                         
                            DATE:                     

 

Complete and fax this form (within 24hrs of your trade) to Stock Admin at [Fax
#]. This document should be completed after reviewing the Stock Option Exercise
Instructions available on the [Corporate website].

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APPENDIX

 

The following definitions shall be in effect under the Agreement:

 

A. Agreement shall mean this Automatic Stock Option Agreement.

 

B. Board shall mean the Corporation’s Board of Directors.

 

C. Change in Control shall mean a change in ownership or control of the
Corporation effected through any of the following transactions:

 

(i) there is consummated a merger, consolidation or other reorganization, unless
securities representing more than fifty percent (50%) of the total combined
voting power of the voting securities of the successor corporation are
immediately thereafter beneficially owned, directly or indirectly and in
substantially the same proportion, by the persons who beneficially owned the
Corporation’s outstanding voting securities immediately prior to such
transaction, or

 

(ii) the sale, transfer or other disposition of all or substantially all of the
Corporation’s assets in complete liquidation or dissolution of the Corporation
other than a sale or disposition by the Corporation of all or substantially all
of the Corporation’s assets to an entity, at least fifty percent (50%) of the
combined voting power of the voting securities of which are owned by
stockholders of the Corporation in substantially the same proportions as their
ownership of the Corporation immediately prior to such sale, or

 

(iii) the acquisition, directly or indirectly, by any person or related group of
persons (other than the Corporation or a person that directly or indirectly
controls, is controlled by, or is under common control with, the Corporation) of
beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of
securities possessing more than thirty percent (30%) of the total combined
voting power of the Corporation’s outstanding securities pursuant to a tender or
exchange offer made directly to the Corporation’s stockholders.

 

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have
occurred by virtue of the consummation of any transaction or series of
integrated transactions immediately following which the record holders of the
Common Stock immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity
which owns all or substantially all of the assets of the Corporation immediately
following such transaction or series of transactions.

 

D. Code shall mean the Internal Revenue Code of 1986, as amended.

 

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E. Common Stock shall mean shares of the Corporation’s common stock.

 

F. Corporation shall mean Borland Software Corporation, a Delaware corporation,
and any successor corporation to all or substantially all of the assets or
voting stock of Borland Software Corporation which shall by appropriate action
adopt the Plan.

 

G. Exercise Date shall mean the date on which the option shall have been
exercised in accordance with Paragraph 10 of the Agreement.

 

H. Exercise Price shall mean the exercise price per share as specified in the
Grant Notice.

 

I. Expiration Date shall mean the date on which the option expires as specified
in the Grant Notice.

 

J. Fair Market Value per share of Common Stock on any relevant date shall be
determined in accordance with the following provisions:

 

(i) If the Common Stock is at the time traded on the Nasdaq National Market,
then the Fair Market Value shall be the last sale price per share of Common
Stock on the date in question, as the price is reported by the National
Association of Securities Dealers on the Nasdaq National Market and published in
The Wall Street Journal. If there is no reported sale of the Common Stock on the
date in question, then the Fair Market Value shall be the last sale price on the
last preceding date for which such quotation exists.

 

(ii) If the Common Stock is at the time listed on any Stock Exchange, then the
Fair Market Value shall be the last sale price per share of Common Stock on the
date in question on the Stock Exchange which serves as the primary market for
the Common Stock, as such price is officially quoted in the composite tape of
transactions on such exchange and published in The Wall Street Journal. If there
is no reported sale of the Common Stock on the date in question, then the Fair
Market Value shall be the last sale price on the last preceding date for which
such quotation exists.

 

K. Grant Date shall mean the date of grant of the option as specified in the
Grant Notice.

 

L. Grant Notice shall mean the Notice of Grant of Automatic Stock Option
accompanying the Agreement, pursuant to which Optionee has been informed of the
basic terms of the option evidenced hereby.

 

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M. Hostile Take-Over shall mean a change in ownership or control of the
Corporation effected through either of the following transactions:

 

(i) a change in the composition of the Board such that the following individuals
cease for any reason to constitute a majority of the Board then serving:
individuals who, on the date hereof, constitute the members of the Board and any
new Board member (other than a Board member whose initial assumption of office
is in connection with an actual or threatened election contest, including (but
not limited to) a consent solicitation, relating to the election of Board
members) whose appointment or election by the Board or nomination for election
by the Corporation’s stockholders was approved or recommended by a vote of at
least two-thirds (2/3) of the Board members then still in office who either were
Board members on the date hereof or whose appointment, election or nomination
for election was previously so approved or recommended, or

 

(ii) the acquisition, directly or indirectly, by any person or related group of
persons (other than the Corporation or a person that directly or indirectly
controls, is controlled by, or is under common control with, the Corporation) of
beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of
securities possessing more than thirty percent (30%) of the total combined
voting power of the Corporation’s outstanding securities pursuant to a tender or
exchange offer made directly to the Corporation’s stockholders which the Board
does not recommend such stockholders to accept.

 

N. 1934 Act shall mean the Securities Exchange Act of 1934, as amended.

 

O. Non-Statutory Option shall mean an option not intended to satisfy the
requirements of Code Section 422.

 

P. Notice of Exercise shall mean the notice of exercise in the form of Exhibit
I.

 

Q. Option Shares shall mean the number of shares of Common Stock subject to the
option.

 

R. Optionee shall mean the person to whom the option is granted as specified in
the Grant Notice.

 

S. Permanent Disability shall mean the inability of Optionee to perform his or
her usual duties as a member of the Board by reason of any medically
determinable physical or mental impairment which is expected to result in death
or has lasted or can be expected to last for a continuous period of twelve (12)
months or more.

 

T. Plan shall mean the Corporation’s 2002 Stock Incentive Plan.

 

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U. Purchase Agreement shall mean the stock purchase agreement (in form and
substance satisfactory to the Corporation) which grants the Corporation the
right to repurchase, at the Exercise Price, any and all unvested Option Shares
held by Optionee at the time of Optionee’s cessation of Board service and which
precludes the sale, transfer or other disposition of any purchased Option Shares
while those shares are unvested and subject to such repurchase right.

 

V. Stock Exchange shall mean the American Stock Exchange or the New York Stock
Exchange.

 

W. Vesting Schedule shall mean the vesting schedule specified in the Grant
Notice, pursuant to which the Option Shares will vest in a series of
installments over the Optionee’s period of Board service, subject to
acceleration in accordance with the provisions of the Agreement.

 

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