Document:

Exhibit 10.23

 

NOTICE OF

ACCELERATION OF VESTING OF CERTAIN STOCK OPTIONS AND

ACKNOWLEDGEMENT
OF LOCK-UP

 

WHEREAS, Albany Molecular Research, Inc. (the “Company”)
has previously granted to                       
(the “Optionee”) the stock option(s) specified on Exhibit A hereto, some
or all of which were not vested as of December 30, 2005 (the “Options”); and

 

WHEREAS, pursuant to and in accordance with the
recommendation of the Compensation Committee, the Board of Directors of the
Company (the “Board”) has determined that the Company’s 1998 Stock Option and
Incentive Plan (the “Plan”), under which the Options were granted, permits the
Company to accelerate the vesting of the Options and in connection therewith
permits the Company to limit the ability of the Optionee to sell any of the
Company’s common stock (the “Stock”) acquired upon the exercise of the Options
before the Options’ original vesting dates (the “Original Vesting Dates”); and

 

WHEREAS, on December 30, 2005, the Board accelerated
the vesting of the Options and in connection therewith has limited the ability
of the Optionee to sell any Stock acquired upon the exercise of the Options
before the Options’ Original Vesting Dates.

 

NOW, THEREFORE, the Company, intending to be legally
bound, does hereby notify the Optionee that the Options are now subject to the
following:

 

1.             Effective
as of the date hereof, the Options are now exercisable in full, provided that
any shares of Stock acquired upon the exercise of such Options before the
corresponding Original Vesting Date may not be sold before such Original
Vesting Date (other than shares of Stock needed to cover the exercise price and
satisfy withholding taxes) or, if earlier, (A) the Optionee’s last day of
employment with the Company or last day of service as a director of the
Company, as applicable, or (B) upon a Change of Control as defined in the Plan
(the “Lock-Up”). In order to ensure that the Lock-Up is adhered to, if any such
Options are exercised prior to the corresponding Original Vesting Dates, then
the related Stock certificates will be held by the Company until the
corresponding Original Vesting Dates.

 

2.             Except
as so amended, the Options in all other respects are hereby confirmed.

 

IN WITNESS WHEREOF, the Company has executed this
Notice this 25th day of January, 2006.

 

	
   

  	
  ALBANY MOLECULAR RESEARCH, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and Accepted:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [Optionee]EXHIBIT 10.46

 

EXPEDITORS
INTERNATIONAL OF WASHINGTON, INC.

2005 STOCK OPTION
PLAN

 

INCENTIVE STOCK
OPTION AGREEMENT

 

THIS AGREEMENT is
entered into as of                                  (the
“Date of Grant”) between Expeditors International of Washington, Inc., a
Washington corporation (the “Company”), and                                  (the
“Optionee”).

 

WHEREAS, the
Company has approved and adopted the 2005 Stock Option Plan (the “Plan”),
pursuant to which the Board of Directors is authorized to grant to employees of
the Company and its subsidiaries and affiliates stock options to purchase
common stock, $.01 par value, of the Company (the “Common Stock”);

 

WHEREAS, the Plan
provides for the granting of stock options that either (i) are intended to
qualify as “Incentive Stock Options” within the meaning of Section 422 of
the Internal Revenue Code of 1986, as amended (the “Code”), or (ii) do not
qualify under Section 422 of the Code (“Non-Qualified Stock Options”);

 

WHEREAS, on                                  (the
“Date of Grant”) the Company authorized the grant to the Optionee of an
Incentive Stock Option to purchase          shares
of Common Stock (the “Option”);

 

NOW, THEREFORE,
the Company hereby grants to Optionee the option to purchase, upon the terms
and conditions set forth herein and in the Plan,          shares
of Common Stock.

 

1.                                       Exercise
Price. The exercise price for the Option shall be $          per
share.

 

2.                                       Limitation
on the Number of Shares. The tax treatment set forth in Section 422 of
the Code is subject to certain limitations. These limitations, which are
described in Section 5(a) of the Plan and are based upon the Code,
generally limit the number of shares that will qualify under Section 422
in any given calendar year. Under Section 5(a) any portion of an
Option that exceeds the annual limit shall be a “Non-Qualified Stock Option.”  The Company can make no representation that
any of this Option will actually qualify under Section 422 when exercised.

 

 

3.                                       Vesting
Schedule.

 

	
   

  	
   

  	
  Portion of Total Option

  	
   

  
	
  Vesting Date

  	
   

  	
  Which Will Be Exercisable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Three
  years from the Date of Grant

  	
   

  	
  50

  	
  %

  
	
  Four
  years from the Date of Grant

  	
   

  	
  75

  	
  %

  
	
  Five
  years from the Date of Grant

  	
   

  	
  100

  	
  %

  

 

Upon any Change in
Control of the Company, as defined in the Plan, the Option shall accelerate and
become fully vested and exercisable in accordance with Section 5(n) of the
Plan.

 

4.                                       Option
Not Transferable. This Option may not be transferred, assigned,
pledged or hypothecated in any manner (whether by operation of law or
otherwise) other than by will or by the laws of descent and distribution, and
shall not be subject to execution, attachment or similar process. Should any of
the foregoing occur, Section 4 of the Plan provides that this Option shall
terminate and become null and void.

 

5.                                       Investment
Intent. By accepting this Option, Optionee represents and agrees for
himself, and all persons who acquire rights in this Option in accordance with
the Plan through Optionee, that none of the shares of Common Stock purchased
upon exercise of this Option will be distributed in violation of applicable
federal and state laws and regulations, and Optionee shall furnish evidence
satisfactory to the Company (including a written and signed representation
letter and a consent to be bound by all transfer restrictions imposed by
applicable law, legend condition, or otherwise) to that effect, prior to
delivery of the purchased shares of Common Stock.

 

6.                                       Termination
of Option. A vested Option shall terminate, to the extent not previously
exercised, upon the occurrence of the first of the following events:

 

(i)                                     ten
years from the Date of Grant;

 

(ii)                                  the
termination of Optionee’s employment with the Company for any reason other than
death or disability; or

 

(iii)                               the
expiration of 90 days from the date of death of the Optionee or the cessation
of employment of the Optionee by reason of Disability.

 

In the event of
death of the Optionee, the Option shall be exercisable only by the person or
persons to whom the Optionee’s rights under the Option shall pass by the
Optionee’s will or by the laws of descent and distribution of the state or
county of the Optionee’s domicile at the time of death. Each unvested Option
granted pursuant hereto shall terminate upon the Optionee’s termination of
employment for any reason whatsoever, including death or Disability.

 

 

7.                                       Stock.
In the case of any stock split, stock dividend or like change in the nature of
shares granted by this Agreement, the number of shares and option price shall
be proportionately adjusted as set forth in Section 5(m) of the Plan.

 

8.                                       Exercise
of Option. Each exercise of this Option shall be by means of written notice
delivered to the Company at its principal executive office in Seattle,
Washington, specifying the number of shares of Common Stock to be purchased and
accompanied by payment in cash, or by certified or cashier’s check payable to
the order of the Company, of the full exercise price for the Common Stock to be
purchased. Alternatively, the Optionee may pay for all or any portion of
the exercise price by delivery of previously acquired shares of Common Stock
with a fair market value equal to or greater than the full exercise price or by
complying with any other payment mechanism which the Plan Administrator may approve
at the time of exercise. The Optionee agrees that he will also pay to the
Company the amount necessary for the Company to satisfy its withholding
obligation imposed by the Internal Revenue Code of 1986, if any.

 

9.                                       Holding
Period for Incentive Stock Options. In order to obtain the favorable tax
treatment currently provided by Section 422 of the Code, the shares of
Common Stock must be sold, if at all, after a date which is the later of two (2) years
from the date this agreement is entered into or one (1) year from the date
upon which the Options are exercised. The Optionee agrees to report sales of
such shares prior to the above determined date within one (1) business day
after such sale is concluded. Any tax withholding would be due to the Company
at this time.

 

10.                                 Optionee
Acknowledgments. Optionee acknowledges that he has read and understands the
terms of this Agreement and that:

 

(a)                                  The
issuance of shares of Common Stock pursuant to the exercise of this Option, the
issuance of any securities with respect to such Common Stock by way of a stock
dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or reorganization, and any resale of
any such shares of Common Stock, may only be effected in compliance with
applicable state and federal laws and regulations, including the Securities Act
of 1933, as amended (the “Securities Act”);

 

(b)                                 By
acceptance of the Option, he agrees to defend, indemnify and hold the Company
harmless from and against loss or liability arising from the transfer of the
Option or any Common Stock issued pursuant thereto or any interest therein in
violation of the provisions of the Securities Act or of this Option Agreement;

 

(c)                                  He
agrees that prior to any exercise of the Option, he will seek access to all
information relating to the merits and risks of acquiring Common Stock
necessary to make an informed decision;

 

(d)                                 He
is not entitled to any rights as a shareholder with respect to any shares of
Common Stock issuable hereunder until he becomes a shareholder of record;

 

 

(e)                                  The
shares of Common Stock subject hereto may be adjusted in the event of
certain organic changes in the capital structure of the Company or for any
other reason permitted by the Plan; and

 

(f)                                    This
Agreement does not constitute an employment agreement nor does it entitle
Optionee to any specific employment or to employment for a period of time, and
Optionee’s continued employment, if any, with the Company shall be at will and
is subject to termination in accordance with the Company’s prevailing policies
and any other agreement between Optionee and the Company.

 

11.                                 Professional
Advice. The acceptance and exercise of the Option and the sale of Common
Stock issued pursuant to exercise of the Option may have consequences under
federal and state tax and securities laws which may vary depending on the
individual circumstances of the Optionee. Accordingly, the Optionee
acknowledges that he has been advised to consult his personal legal and tax
advisor in connection with this Agreement and his dealings with respect to the
Option or the Common Stock.

 

12.                                 Notices.
Any notice required or permitted to be made or given hereunder shall be hand
delivered or mailed by certified or registered mail to the addresses set forth
below, or as changed from time to time by written notice to the other.

 

Notices shall be
deemed received and effective upon the earlier of (i) hand delivery to the
recipient, or (ii) five days after the date of postmark by the United
States Postal Service or its successor.

 

	
   

  	
  Company:

  	
  Expeditors
  International of

  
	
   

  	
   

  	
  Washington, Inc.

  
	
   

  	
   

  	
  Attention: Stock Option
  Administration

  
	
   

  	
   

  	
  1015 Third Avenue, 12th
  Floor

  
	
   

  	
   

  	
  Seattle,
  Washington  98104

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Optionee:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (address)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (address)

  

 

 

13.                                 Agreement
Subject to Plan. This Option and this Agreement evidencing and confirming
the same are subject to the terms and conditions set forth in the Plan and in
any amendments to the Plan existing now or in the future, which terms and
conditions are incorporated herein by reference. A copy will be made available
upon request. Should any conflict exist between the provisions of the Plan and
those of this Agreement, those of the Plan shall govern and control. This
Agreement and the Plan set forth the entire understanding between the Company
and the Optionee with respect to the Option and shall be construed and enforced
under the laws of the State of Washington.

 

Dated as of the         day
of                      ,          .

 

	
  EXPEDITORS
  INTERNATIONAL

  	
   

  
	
    OF WASHINGTON, INC.

  	
  OPTIONEE

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Chairman and C.E.O.

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