Document:

Exhibit 10.2 

MapInfo Corporation

1993 Director Stock Option Plan

 

     1.     Purpose

            The purpose of this 1993 Director Stock Option Plan (the "Plan") of MapInfo Corporation (the "Company") is to encourage ownership in the Company by outside directors of the
Company whose continued services are considered essential to the Company's future progress and to provide them with a further incentive to remain as directors of the Company.

     2.     Administration

            The Board of Directors shall supervise and administer the Plan. Grants of stock options under the Plan and the amount and nature of the awards to be granted shall be automatic
in accordance with Section 5. However, all questions of interpretation of the Plan or of any options issued under it shall be determined by the Board of Directors and such determination shall be final and binding upon all persons having an interest
in the Plan.

     3.     Participation in the Plan

            Directors of the Company who are not employees of the Company or any subsidiary of the Company shall be eligible to participate in the Plan.

     4.     Stock Subject to the Plan

            (a)     The maximum number of shares which may be issued under the Plan shall be 165,0001 shares of the
Company's Common Stock, par value $.002 per share ("Common Stock"), subject to adjustment as provided in Section 9 of the Plan.

            (b)     If any outstanding option under the Plan for any reason expires or is terminated without having been exercised in full, the shares allocable to the
unexercised portion of such option shall again become available for grant pursuant to the Plan.

            (c)     All options granted under the Plan shall be non-statutory options not entitled to special tax treatment under Section 422 of the Internal
Revenue Code of 1986, as amended to date and as it may be amended from time to time (the "Code").

 

1  Number revised to reflect 3 for 2 stock split in the form of a stock dividend effective 1/10/00.

 

     5.     Terms, Conditions and Form of Options

            Each option granted under the Plan shall be evidenced by a written agreement in such form as the Board of Directors shall from time to time approve, which agreements shall
comply with and be subject to the following terms and conditions:

            (a)     Option Grants. On the date of each annual meeting of stockholders of the Company, the Company shall grant to each eligible director an
option for such number of shares of Common Stock equal to $20,000 divided by the option exercise price per share for each such option (the "Annual Option"). 

            (b)     Option Exercise Price. The option exercise price per share for each option granted under the Plan shall equal (i) the last reported
sales price per share of the Company's Common Stock on the NASDAQ National Market System (or, if the Company is traded on a nationally recognized securities exchange on the date of grant, the reported closing sales price per share of the Company's Common
Stock by such exchange) on the date of grant (or if no such price is reported on such date such price as reported on the nearest preceding day) or (ii) if the Common Stock is not traded on NASDAQ or an exchange, the fair market value per share
on the date of grant as most recently determined by the Board of Directors.

            (c)     Options Non-Transferable. Each option granted under the Plan by its terms shall not be transferable by the optionee otherwise than by will,
or by the laws of descent and distribution, and shall be exercised during the lifetime of the optionee only by him. No option or interest therein may be transferred, assigned, pledged or hypothecated by the optionee during his lifetime, whether by
operation of law or otherwise, or be made subject to execution, attachment or similar process.

            (d)     Exercise Period. Each Annual Option shall become exercisable at the end of nine years and nine months after the date of grant, provided
 that such option shall become exercisable one year after the date of grant if the director has attended during such year at least 75% of the aggregate of the number of meetings of the Board of Directors and the number of meetings held by all committees
on which he then served. In the event an optionee ceases to serve as a director, each such option may be exercised by the optionee (or, in the event of his death, by his administrator, executor or heirs), at any time within 12 months after the optionee
ceases to serve as a director, to the extent such option was exercisable at the time of such cessation of service. Notwithstanding the foregoing, no option shall be exercisable after the expiration of ten years from the date of grant.

            (e)     Exercise Procedure. Options may be exercised only by written notice to the Company at its principal office accompanied by (i) payment in
cash of the full consideration for the shares as to which they are exercised or (ii) an irrevocable undertaking by a broker to deliver promptly to the Company sufficient funds to pay the exercise price or delivery of irrevocable instructions to a broker
to deliver promptly to the Company cash or a check sufficient to pay the exercise price.

     6.     Assignments

            The rights and benefits of participants under the Plan may not be assigned, whether voluntarily or by operation of law, except as provided in Section 5(d).

     7.     Effective Date

            The Plan shall become effective immediately upon its adoption by the Board of Directors, but all grants of options shall be conditional upon the approval of the Plan by the
stockholders of the Company within 12 months after adoption of the Plan by the Board of Directors.

     8.     Limitation of Rights

            (a)     No Right to Continue as a Director. Neither the Plan, nor the granting of an option nor any other action taken pursuant to the Plan,
shall constitute or be evidence of any agreement or understanding, express or implied, that the Company will retain a director for any period of time.

            (b)     No Stockholders' Rights for Options. An optionee shall have no rights as a stockholder with respect to the shares covered by his options
until the date of the issuance to him of a stock certificate therefor, and no adjustment will be made for dividends or other rights (except as provided in Section 9) for which the record date is prior to the date such certificate is issued.

     9.     Changes in Common Stock

            (a)     If the outstanding shares of Common Stock are increased, decreased or exchanged for a different number or kind of shares or other securities,
or if additional shares or new or different shares or other securities are distributed with respect to such shares of Common Stock or other securities, through merger, consolidation, sale of all or substantially all of the assets of the Company,
reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other distribution with respect to such shares of Common Stock, or other securities, an appropriate and proportionate adjustment will be made in
(i) the maximum number and kind of shares reserved for issuance under the Plan, (ii) the number and kind of shares or other securities subject to then outstanding options under the Plan and (iii) the price for each share subject to any then
outstanding options under the Plan, without changing the aggregate purchase price as to which such options remain exercisable. No fractional shares will be issued under the Plan on account of any such adjustments.

            (b)     In the event that the Company is merged or consolidated into or with another corporation (in which consolidation or merger the stockholders of the
Company receive distributions of cash or securities of another issuer as a result thereof), or in the event that all or substantially all of the assets of the Company are acquired by any other person or entity, or in the event of a reorganization or
liquidation of the Company, the Board of Directors of the Company, or the board of directors of any corporation assuming the obligations of the Company, shall, as to outstanding options, either (i) provide that such options shall be assumed, or
equivalent options shall be substituted, by the acquiring or successor corporation (or an affiliate thereof), or (ii) upon written notice to the optionees, provide that all unexercised options will terminate immediately prior to the consummation of
such merger, consolidation, acquisition, reorganization or liquidations unless exercised by the optionee within a specified number of days following the date of such notice.

     10.     Amendment of the Plan

            The Board of Directors may suspend or discontinue the Plan or review or amend it in any respect whatsoever; provided, however, that without approval of the stockholders of the
Company no revision or amendment shall change the number of shares subject to the Plan (except as provided in Section 9), change the designation of the class of directors eligible to receive options, or materially increase the benefits accruing to
participants under the Plan. The Plan may not be amended more than once in any six-month period.

     11.     Governing Law

            The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of New York.

 

 

	
Adopted by the Board of Directors

on November 23, 1993

	
Approved by the stockholders

on December 8, 1993

 

AMENDMENT NO. 1 TO THE 1993 DIRECTOR STOCK OPTION PLAN

OF MAPINFO CORPORATION

 

     The first sentence of Subsection 5(a) of the 1993 Director Stock Option Plan (the "Plan") of MapInfo Corporation is hereby amended and restated in its entirety to provide as follows:

     "(a) Option Grants. On the date of each annual meeting of stockholders of the Company, the Company shall grant to each eligible director an option for such number of shares of Common Stock equal to $40,000 divided
by the option exercise price per share for each stock option (the "Annual Option")."

	
Adopted by the Board of Directors on 

December 9, 1994

	
Approved by the stockholders

on January 20, 1995

 
 

AMENDMENT NO. 2 TO THE 1993 DIRECTOR STOCK OPTION PLAN

OF MAPINFO CORPORATION

 

     The first sentence of Subsection 5(a) of the 1993 Director Stock Option Plan (the "Plan") of MapInfo Corporation is hereby amended and restated in its entirety, subject to stockholder approval, to provide as follows:

     "(a) Option Grants. On the date of each annual meeting of stockholders of the Company, the Company shall grant to each eligible director an option for 4,5002 shares of Common Stock (the "Annual
Option")."

	
Adopted by the Board of Directors on

December 19, 1995

	
Approved by the Stockholders on 

February 2, 1996

 

 

2  Number revised to reflect 3 for 2 stock split in the form of a stock dividend effective 1/10/00.

 

 

AMENDMENT NO. 3 TO THE 1993 DIRECTOR STOCK OPTION PLAN

OF MAPINFO CORPORATION

 

     Subsection 4(a) of the 1993 Director Stock Option Plan (the "Plan") of MapInfo Corporation is hereby amended and restated in its entirety, subject to stockholder approval, to provide as follows:

     "(a)     The maximum number of shares which may be issued under the Plan shall be 75,0003 shares of the Company's Common Stock, par value $.002 per share ("Common Stock"), subject to
adjustment as provided in Section 9 of the Plan."

     The first sentence of Subsection 5(a) of the Plan is hereby amended and restated in its entirety, subject to stockholder approval, to provide as follows:

     "(a) Option Grants. On the date of each annual meeting of stockholders of the Company, the Company shall grant to each eligible director an option for 7,5004 shares of
Common Stock (the "Annual Option")."

 

	
Adopted by the Board of Directors on 

November 12, 1996

	
Approved by the Stockholders on

March 20, 1997

 

 

3  Number revised to reflect 3 for 2 stock split in the form of a stock dividend effective 1/10/00.

4  Number revised to reflect 3 for 2 stock split in the form of a stock dividend effective 1/10/00.

 

AMENDMENT NO. 4 TO THE 1993 DIRECTOR STOCK OPTION PLAN

OF MAPINFO CORPORATION

 

     Section 5(c) of the 1993 Director Stock Option Plan (the "Plan") of MapInfo Corporation is hereby amended and restated in its entirety to provide as follows:

     "(c) Options Non-Transferable. Except as otherwise provided in the option agreement evidencing the option grant, each option granted under the Plan shall not be transferable by the optionee
otherwise than by will, or by the laws of descent and distribution, and shall be exercised during the lifetime of the optionee only by him."

     Section 10 of the Plan is hereby amended and restated in its entirety to read as follows:

     "10. Amendment of the Plan. The Board of Directors may at any time, and from time, modify, terminate or amend the Plan in any respect, except that if at any time the approval of the stockholders of the Company is
required as to such modification or amendment under any applicable tax or regulatory requirement, the Board of Directors may not effect such modification or amendment without such approval."

 

	
Adopted by the Board of Directors on

December 9, 1996

 

 

 

AMENDMENT NO. 5 TO THE 1993 DIRECTOR STOCK OPTION PLAN

OF MAPINFO CORPORATION

 

     Section 11 of the 1993 Director Stock Option Plan (the "Plan") of MapInfo Corporation is hereby amended and restated in its entirety to provide as follows:
     11.     Governing Law

            The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Delaware."

	
Adopted by the Board of 

Directors on February 11, 1998

 

 

AMENDMENT NO. 6 TO THE 1993 DIRECTOR STOCK OPTION PLAN

OF MAPINFO CORPORATION

 

     Subsection 4(a) of the 1993 Director Stock Option Plan (the "Plan") of MapInfo Corporation is hereby amended and restated in its entirety, subject to stockholder approval, to provide as follows:

     "(a)     The maximum number of shares which may be issued under the Plan shall be 120,0005 shares of the Company's Common Stock, par value $.002 per share ("Common Stock"), subject to
adjustment as provided in Section 9 of the Plan."

 

 

	
Adopted by the Board of Directors on 

November 14, 1998

	
Approved by the Stockholders on

February 24, 1999

 

 

 

5  Number revised to reflect 3 for 2 stock split in the form of a stock dividend effective 1/10/00.

 

AMENDMENT NO. 7 TO THE 1993 DIRECTOR STOCK OPTION PLAN

OF MAPINFO CORPORATION

 

     Subsection 4(a) of the 1993 Director Stock Option Plan (the "Plan") of MapInfo Corporation is hereby amended and restated in its entirety, subject to stockholder approval, to provide as follows:

     "(a)     The maximum number of shares which may be issued under the Plan shall be 165,0006 shares of the Company's Common Stock, par value $.002 per share
("Common Stock"), subject to adjustment as provided in Section 9 of the Plan."

 

 

	
Adopted by the Board of Directors on

November 23, 1999

	
Approved by the Stockholders on

March 7, 2000

 

 

6  Number revised to reflect 3 for 2 stock split in the form of a stock dividend effective 1/10/00.Exhibit 10.3

 

Employment Agreement

Agreement effective April 1, 2000, between MAPINFO CORPORATION, One Global View, Troy, NY 12180 ("MapInfo" or "Company"), and D. JOSEPH GERSUK, residing at 36 East Ridge Road, Loudonville, NY 12211 ("Gersuk").

1.0 EMPLOYMENT AND TERM

     1.1 MapInfo agrees to continue employment of Gersuk, and he agrees to serve, as the MapInfo Chief Financial Officer responsible for overall MapInfo financial and administrative management., with the
titles of Executive Vice President Finance and CFO, and Treasurer.

     1.2 Gersuk shall devote his best and full-time efforts to fulfilling his responsibilities to MapInfo. He shall use his individual expertise to the extent possible for effective financial and administrative
operation of the company, as well as the growth of the business, subject to the control, discretion and approval of the Chief Executive Officer. In the performance of his duties, he shall make his office in the U.S. headquarters of MapInfo.

     1.3 Term. The term of this Agreement shall begin on April 1, 2000, and continue until March 31, 2002, unless terminated by MapInfo at any time for "Cause" in accordance with any of the following definitions
for the purposes of this Agreement, or inability to perform as set forth in Section 5 below:

2.0 COMPENSATION AND BENEFITS

As compensation for his services, the Company shall pay and provide the following to Gersuk, with this compensation plan reviewed on or before April 1, 2001, and increased as and if appropriate:

     2.1 A base salary of Two Hundred & Thirty Thousand Dollars ($230,000.00) per year.

     2.2 Incentive earnings potential of up to fifty per cent (50%) of base salary, consisting of two components: (1) two-thirds based on the performance of the Company in accordance with the applicable MapInfo
Executive Incentive Compensation Program (hereafter "MEICP"); and (2) one-third based on Gersuk achieving his MBO's (e.g. keeping expenses within budget approvals), as such objectives, both corporate and personal, are set by the MapInfo Chief Executive
Officer in conference with Gersuk, all subject to the following:

          2.2.1 Prior to or early in each quarter, MBO's will be agreed upon jointly and recorded.

          2.2.2 Incentive payments earned will be paid quarterly, by the end of the month after the close of the applicable quarter and in accordance with the current MEICP for '00, and
as it may be amended for subsequent years..

     2.3 Total cash compensation at a maximum of Three Hundred and Forty-Five Thousand ($345,000) per year, if maximum EPS and all MBO's are met.

     2.4 Participation on the same basis, subject to the same qualifications, as other employees of the Company in any disability, pension, life insurance, health insurance, hospitalization and other fringe
benefit programs in effect with respect to other employees of the Company, in accordance with the written terms of said plans which shall be controlling.

     2.5 In addition to his salary, Gersuk shall be granted thirty-five thousand (35,000) additional non qualified stock options under the MapInfo 1993 Stock Incentive Plan (the "Plan") in accordance with the
provisions of that Plan, a copy of which has been received by Gersuk, with:

          2.5.1 the exercise price of the options set at the NASDQ listed closing price on the date this Agreement is executed; and

          2.5.2 eleven thousand five hundred (11,655) of the options shall fully vest March 31, 2001, and the remaining twenty-three thousand three hundred and forty-five shall fully
vest March 31, 2002, all subject to the standard MapInfo stock option agreement, except as modified by this Agreement with regard to vesting.

     2.6 Reimbursement for all reasonable expenses necessarily incurred by him in connection with the performance of his duties, payable in accordance with the standard expense Account procedures of MapInfo
 .

3.0 NON-COMPETITION

Gersuk reaffirms his previously executed attached Employee Intellectual Property, Confidentiality and Non-Competition Agreement (Schedule A) as a condition of this new Agreement for continued employment.

4.0 IRREPARABLE INJURY

     4.1 Both parties hereto recognize that the services to be rendered by Gersuk during the term of his employment are special, unique and or extraordinary character, and Gersuk acknowledges that any
violation by him of Section 3 of this Agreement may cause the Company irreparable injury.

     4.2 In the event of a breach or threatened breach by Gersuk of the provisions of Section 3, MapInfo shall be entitled to an injunction restraining Gersuk from violating the terms thereof, and from providing
any confidential information to any person, firm, corporation or other entity, whether or not Gersuk is then employed by, or an officer, director or owner thereof.

     4.3 Nothing herein shall be construed as prohibiting MapInfo from pursuing any other remedies available to it for such breach or threatened breach, including recovery of damages from Gersuk.

5.0 EARLY TERMINATION

Definitions for purposes of this Agreement:

     "Cause" shall be defined and limited to (i) the willful and continued failure by Gersuk to substantially perform his duties hereunder (other than any such failure resulting from his incapacity due to
physical or mental illness), or (ii) conviction for any crime other than simple offenses or traffic offenses or misdemeanors that could not relate to performance or harm the Company in any way, or (iii) breach of Gersuk's fiduciary responsibilities to the
Company; or (iv) conduct relating moral turpitude; or (v) commission of fraud or gross misconduct in Gersuk's dealings with or on behalf of the Company; or (vi) or any breach by Gersuk of any duty of confidentiality owed to the Company.

     "Change in Control of the Company" shall mean an acquisition (directly or indirectly)) resulting in more than 50% of the Company's voting stock or assets being acquired by one or more entities that
thereby gain management control of the Company. This section shall govern in case of any conflict between the wording of this Agreement and the wording of the Plan under which options are granted to Gersuk.

     "Notice of Termination" shall mean a written notice to the other party that Gersuk is either terminating or to be terminated for one of the reasons set forth in this Agreement.

     5.1 Gersuk's employment may be terminated prior to March 31, 2002 only under any of the following circumstances:

          5.1.1 the death of the Gersuk;

          5.1.2 a mental, physical or other disability or condition of Gersuk which renders him incapable of performing his obligations under this Agreement for a period of three (3)
consecutive months;

          5.1.3 by Gersuk for Change in Control of the Company.

          5.1.4 by the Company for Cause. 

     5.2 Any termination of Gersuk's employment by the Company or by Gersuk shall be communicated by written Notice of Termination to the other party hereto.

     5.3 "Date of Termination" shall mean:

          5.3.1 If Gersuk's employment is terminated by his death, the date of his death;

          5.3.2 If Gersuk's employment is terminated by reason of the event specified in subsection 51.2. above, thirty (30) days after Notice of Termination is given (provided that Gersuk shall not
have returned to the performance of his duties on a full-time basis during such thirty (30) day period), or

          5.3.3 If Gersuk's employment is terminated for Cause pursuant to subsection 5.1.4 above, the date the Notice of Termination is given or later if so specified in such Notice of Termination.

          5.3.4 If Gersuk's employment is terminated for any other reason, the date on which a Notice of Termination is given, unless a different date is specified therein. 

     5.4 If within thirty (30) days after any Notice of Termination is given the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of Termination
shall be the date fixed, either by arbitration award (should both parties agree to arbitrate the matter) or by a final judgment, order or decree of a court of competent jurisdiction.

6.0 COMPENSATION UPON EARLY TEMINATION OR DISABILITY

     6.1 During any period that Gersuk fails to perform his duties hereunder as a result of incapacity due to physical or mental illness ("disability period"), Gersuk shall continue to receive his full salary at the rate
then in effect for such period until his employment is terminated pursuant to 5.1.2, above, provided that payments so made to Gersuk during the disability period shall be reduced by the sum of the amounts, if any, payable to Gersuk at or prior to the time
of any such payment under disability benefit plans of the Company and which were not previously applied to reduce any such payment.

     6.2 If Gersuk's employment is terminated by his death, the Company shall have no further payment obligations to Gersuk other than those arising from his employment prior to his death.

     6.3 If Gersuk's employment shall be terminated for Cause, the Company shall pay Gersuk his full salary through the Date of Termination at the rate in effect at the time Notice of Termination is given, and any incentive
compensation earned under Section 2.2 through the Date of Termination and the Company shall have no further obligations to Gersuk under this Agreement.

     6.4 If Gersuk shall terminate his employment by resigning, the Company shall pay Gersuk his full salary through the Date of Termination at that rate in effect at the Notice of Termination is given, and any incentive
compensation earned under Section 2.2 as of the Date of Termination.

     6.5 If Gersuk's employment shall be terminated by MapInfo for reasons other than pursuant to sections 5.1.1, 5.1.2 or 5.1.4 above, then:

          6.5.1 If termination is within the first year of this Agreement, the Company shall pay Gersuk his base salary due for the remainder of the Agreement;

          6.5.2 If termination is within the second year of this Agreement, the Company shall pay Gersuk $230,000.

     6.6 Upon any change in control of the Company, where Gersuk is not the surviving CFO, or is offered a position not equivalent to his present position, then, at his option, his employment shall terminate upon such change in
control; and

          6.6.1 the Company shall pay to Gersuk in a lump sum at his option within fourteen (14) days following the Date of Termination:

               6.6.1.1 his full base salary due through the end of the contract period (March 31, 2002), at the rate in effect at the time Notice of Termination is given, but in
any event not less than one full year of salary regardless of the remaining number of months under this Agreement; and

               6.6.1.2 an additional payment that is equal to the average of the incentive compensation paid to Gersuk during the preceding two full contract employment years
divided by twelve (12) and multiplied by the months remaining on the term of this contract.

     6.7 Upon any Change in Control of the Company, all unexpired and unvested stock options of Gersuk to purchase common stock of Employer shall immediately vest as of the date of such change in control, and be
exercisable upon such terms that are provided in the Plan under which the options were granted.

7.0 AMENDMENTS

This Agreement shall be amended only in writing, signed by Gersuk and MapInfo's Chief Executive Officer.

8.0 NOTICES

All notices required or permitted to be given under this Agreement shall be hand delivered or sent by registered or certified mail, return requested to the last known address of either party.

9.0 SUCCESSORS AND ASSIGNS

This Agreement shall inure to the benefit of and be binding upon MapInfo, its successors and assigns, including, without limitation, any corporation which may acquire all or substantially all of Maplnfo's assets and business or into
which MapInfo may be consolidated or merged, and Gersuk, his heirs, executors, administrators and legal representatives. Gersuk may assign his right to payment under this Agreement, but not his obligations under this Agreement.

10.0 ENTIRE AGREEMENT, NO WAIVER

This Agreement is the complete and entire agreement of the parties regarding the subject matter hereof, and supersedes all prior agreements or understandings between the parties except as to matters that many be ongoing, such as any
loan from the Company to Gersuk.. No waiver or modification of the terms hereof shall be valid unless in writing signed by both parties hereto and only to the extent therein set forth.

11.0 GOVERNING LAW

This Agreement shall be governed by the laws of New York State, and venue for any legal action shall be Supreme Court, Albany or Rensselaer County.

 

                                       
                MAPINFO CORPORATION

                                          
             /s/ John C. Cavalier____________

Date:     1/19/00                                 
    John C. Cavalier

                                          
             President & Chief Executive Officer

 

                                          
             /s/ D. Joseph Gersuk___________

Date:     1/19/00                                 
    D. Joseph Gersuk

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