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Exhibit 4.19    
    

SR TELECOM INC.

RESTATED 1998 KEY EMPLOYEE STOCK OPTION PLAN  

        Amendments to the Restated 1998 Key Employee Stock Option Plan (in effect as of the 19th day of April 2001) have been approved by the Board
of Directors of the Corporation as of February 12th, 2003, subject to approval of the Shareholders and the Toronto Stock Exchange. These amendments have been integrated with the
remnant of the Plan to form the Restated 1998 Key Employee Stock Option Plan, the text of which is as follows: 

1.     Establishment of the Plan  

The
purpose of the Restated 1998 Key Employee Stock Option Plan (the "Plan") is to provide compensation in part to the key employees and directors of SR Telecom Inc. ("SRT") and its
subsidiaries through the granting of options to acquire common shares of SRT. The Board of Directors of SRT (the "Board") may grant options to purchase on a periodic basis common shares hereunder. A
total of four million, five hundred thousand (4,500,000) common shares of SRT have been set aside and reserved for issuance under the Plan. Shares reserved under lapsed or expired options will be
available for future grants. The Board shall have full and complete authority to interpret the Plan and to establish the rules and regulations applying to it and to make all other determinations it
deems necessary or useful for the administration of the Plan, provided that such interpretations, rules, regulations and determinations shall be consistent with the rules of all stock exchanges on
which the shares of SRT are then listed and with relevant securities legislation. Subject to regulatory approval, the Board may, at any time, amend, suspend or terminate the Plan in whole or in part. 

2.     Granting of Options  

Options
are to be granted by the Board on a periodic basis to key employees and directors of SRT and its subsidiaries, at the discretion of the Board. No more than four million, five hundred thousand
(4,500,000) common shares may be issued under the Plan provided, however, the number of shares reserved for issuance to any one person pursuant to options granted may not exceed five (5%)
per cent of the outstanding issue and no share shall be reserved for issue pursuant to any option granted to a Director of the Corporation if the effect of such reservation would increase the
number of shares reserved pursuant to all grants of options to Directors in the aggregate, including any shares reserved for issue and issued pursuant to any option previously granted and exercised
(but expressly excluding shares reserved under any grant of option, made before or after the establishment of the Plan, to a Director who, at the time of such grant, was a member of the management or
professional staff of the Corporation or a subsidiary thereof, and received the grant on that basis) to a number in excess of 0.25% of the total number of shares then issued and outstanding. provided,
however, the number of shares reserved for issuance to any one person pursuant to options granted may not exceed five (5%) per cent of the outstanding issue and no share shall be reserved for
issue pursuant to any option granted to a Director of the Corporation if the effect of such reservation would increase the number of shares reserved pursuant to all grants of options to Directors in
the aggregate, including any shares reserved for issue and issued pursuant to any option previously granted and exercised (but expressly excluding shares reserved under any grant of option, made on or
after the establishment of the Plan, to a Director who, at the time of such grant, was a member of the management or professional staff of the Corporation or a subsidiary thereof, and received the
grant on that basis) to a number in excess of 0.25% of the total number of shares then issued and outstanding. 

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3.     Purchase Price  

The
purchase price of the common shares in respect of which options are granted shall be determined by the Board, in its discretion, at the time that each option is granted, but shall not be lower
than the weighted average trading price of the common shares on the Toronto Stock Exchange for the five trading days immediately next preceding the date of grant of the option. 

4.     Exercise Schedule  

Options
granted pursuant to the Plan may be exercised for a period of up to ten years from the date of the grant The holder of an option may exercise his or her option, in whole or in part, in respect
of 20% of the common shares under option during the second year following the grant thereof, in respect of 20% of the common shares under option during the third year following the grant thereof, in
respect of 20% of the common shares under the option during the fourth year following the grant thereof, in respect of 20% of the common shares under option during the fifth year following the grant
thereof and the balance of the common shares under the option during the sixth year following the grant thereof. In the event that an option is not exercised prior to expiry during the period when it
may initially be exercised, it may nonetheless be exercised during a subsequent period. 

Notwithstanding
the provision of the above paragraph 

	a.
	options
granted to a director pursuant to the Plan shall be vested one year after the grant thereof and a director may exercise his or her option, in whole or in part, from the start
of the second year following the grant thereof; and

	b.
	the
Board may elect to change the exercise schedule provided above if the circumstances so justify, including, without limitation, to create an additional retention incentive for key
employees and directors but in no event should that result in the granting of an option exercisable for a period of more than ten years from the date of the grant. 

5.     Method of Exercise  

The
options may be exercised, in whole or in part, upon the holder thereof giving a notice to SRT, marked to the attention of the President, with a copy to the Secretary. The notice must specify the
number of common shares with respect to which the option is exercised and be accompanied by full payment of the purchase price of the common shares to be purchased. The Secretary shall advise all
stock exchanges on which the shares of SRT are listed with respect to the issuance of such common shares. 

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6.     Lapse of Options  

Except
as provided herein, any option granted pursuant to the Plan and vested at the time of termination of employment for any reason other than death, retirement or disability shall lapse on a date
which is the earlier of the date on which such option would otherwise expire or thirty (30) days after the date on which the holder thereof ceases to be a key employee of SRT or of one of its
subsidiaries or such other date as determined by the Board which date shall not be less than thirty (30) days and not more than one hundred and eighty (180) days after the date on which
the holder thereof ceases to be a key employee of SRT or of one of its subsidiaries. In the event of death, retirement or disability of the option holder, any option held and vested at the time of the
death, retirement or disability, as the case may be, shall lapse on a date which is the earlier of the date on which such option would otherwise expire or twelve (12) months after the date of
such death, retirement or disability. Any option granted pursuant to the Plan but not vested at the time of the termination of employment for any reason shall be cancelled. Notwithstanding the above
provisions the Board may elect to extend the expiry date on termination to a date not later than the original expiry date, if the circumstances so justify. 

7.     Stock Exchange Listing  

SRT
shall do all the things necessary in order to effect the listing of the common shares issued upon the exercise of options granted pursuant to the Plan on all stock exchanges upon which the common
shares of SRT are then listed. The Plan and the granting of options pursuant thereto shall be subject to the approval of the appropriate regulatory authorities. 

8.     Option Agreements  

Upon
the granting of options pursuant to the Plan, SRT shall enter into an option agreement with the holder thereof. The option agreement shall set forth the basic conditions of the Plan and shall
specify in particular the number of common shares under option and the purchase price thereof. Except as provided herein, the option agreement cannot be modified without the consent of the option
holder. 

9.     Non-Transferability  

Options
granted pursuant to the Plan may not be transferred, assigned or pledged by the holder thereof. 

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10.   Loans  

SRT
may in its discretion extend loans to Optionees to purchase shares under option, subject to the provisions of the Canada Business Corporations Act, on such terms as the Board may from time to time
determine provided that the time for repayment shall not in any event exceed seven (7) years and shall accelerate and be repayable in the event of termination of employment within six months of
the termination date. The shares acquired with such financing shall be held as security for the loan. The Optionee will be responsible for repayment of the loan in full, notwithstanding any shortfall
in the realized value of the security. 

11.   Modifications  

In
the event of the subdivision, consolidation, reclassification or other change to the common shares of SRT, the Plan and the options granted pursuant thereto, whether granted prior to or after such
modification, shall be deemed to be changed thereby and to apply to the shares resulting from such subdivision, consolidation, reclassification, or other change mutatis mutandis, and appropriate
adjustments will be made to the purchase price of the common shares under option. Subject to regulatory approval, such adjustment will be definitive and mandatory for the purposes of the Plan. 

12.   Final Provisions  

SRT's
obligation to issue options granted or common shares under the terms of the Plan Is subject to applicable laws and regulations in respect of the Issuance or distribution of securities and to the
rules of any stock exchange on which the common shares of SRT are then listed. Each option holder shall agree to comply with such laws, regulations and rules and to provide to SRT any information or
undertaking required to comply with such laws, regulations and rules. 

The
participation in the Plan of a key employee or director of SRT or any of its subsidiaries shall be entirely optional and shall not be interpreted as conferring upon a senior executive or a key
employee of SRT or any of its subsidiaries any right or privilege whatsoever except for the rights and privileges set out expressly in the Plan. Neither the Plan nor any act that is done under the
terms of the Plan shall be interpreted as restricting the right of SRT or any of its subsidiaries to terminate the employment of a key employee at any time. Any notice or dismissal given to a key
employee at the time his or her employment is terminated, or any payment in the place and stead of such notice, or any combination of the two, shall not have the effect of extending the duration of
the employment for purposes of the Plan. 

The
Plan does not provide for any guarantee in respect of any loss or profit which may result from fluctuations in the price of the common shares. 

SRT
and its subsidiaries shall assume no responsibility as regards the tax consequences that participation in the Plan will have for a key employee or director of SRT or any of its subsidiaries, and
such persons are responsible for payment of all taxes incurred in relation to the exercise of options and urged to consult their own tax advisors in that regard. 

The
Plan and any option granted under the terms of the Plan shall be governed and interpreted according to the laws of the Province of Quebec and the laws of Canada applicable therein. 

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QuickLinks

Exhibit 4.19Exhibit 4.20  

SR TELECOM INC.

RESTATED DIRECTORS' SHARE COMPENSATION PLAN  

1.     Purpose of the Plan  

The
Plan is designed to further align the interests of the Directors of SR Telecom Inc. ("SRT") with those of its Shareholders by enabling Directors to be compensated through the issue of
Common Shares at market prices in lieu of cash. 

2.     Definitions  

In
this document: 

	(a)
	"Board"
means the Board of Directors of the Corporation;

	(b)
	"Business
Day" means a day on which Canadian Chartered Banks are open for the transaction of business in Montreal and The Toronto Stock Exchange is open for trading in Toronto;

	(c)
	"Compensation
Calculation Date" means the first day of each calendar quarter, being the months of January, April, July and October of each year or the Business Day next following;

	(d)
	"Common
Shares" means common shares in the capital stock of the Corporation;

	(e)
	"Corporation"
means SR Telecom Inc.;

	(f)
	"Directors"
means duly elected or appointed Directors of the Corporation;

	(g)
	"Fee
Schedule" means such schedule of monetary compensation as may be established by the Board from time to time with respect to compensation of Directors, including annual retainer
fees, fees for attendance at meetings of the Board or committees thereof, and such other fees as the Board may deem appropriate for services rendered on behalf of the Corporation as a member of the
Board;

	(h)
	"Market
Price", per share at any date, means the weighted average trading price of the Common Shares established by the Toronto Stock Exchange for the five trading days immediately
next preceding the Compensation Calculation Date;

	(i)
	"Selected
Percentage" means such fix number, between 10 and 100, as a director may have chosen to establish the percentage of Quarterly Compensation to be received by that director in
the form of Common Shares;

	(j)
	"Plan"
means this Directors' Share Compensation Plan of the Corporation, as the same may be amended or varied from time to time;

	(k)
	"Quarterly
Compensation Period" means a period of three months commencing on the first day of each of the months of January, April, July and October, and ending on the last day of
each calendar quarter in each year;

	(l)
	"Quarterly
Compensation" means the aggregate compensation receivable by a participating director with respect to any such Quarterly Compensation Period. 

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3.     Administration of the Plan  

Until
otherwise determined, the Corporation under the direction of the Board shall administer the Plan. 

4.     Calculation of Compensation  

On
the first Compensation Calculation Date next following the date of approval of the Plan by the shareholders of this Corporation, the Corporate Secretary shall determine the aggregate compensation
to which each Director is entitled with respect to the Quarterly Compensation Period ending with the day before such Compensation Calculation Date. 

5.     Fixation of Selected Percentage  

Following
the approval of the Plan by the shareholders of the Corporation, each Director shall file a notice with the Secretary of the Corporation as to the Selected Percentage of Quarterly
Compensation applicable in the year in which such approval is received and shall, on or before the last day of such year, and each year thereafter, file a notice with the Corporation of the
Selected Percentage applicable in the year next following the date of each such notice. 

6.     Payment of Quarterly Compensation  

The
Quarterly Compensation receivable shall be paid to each director respectively, 

	(a)
	as
to the amount established by application of the Selected Percentage, through the issue of Common Shares, and

	(b)
	as
to the balance of compensation receivable, in cash. 

        The
election of the Selected Percentage may be made only once in respect of any financial year of the Corporation, pursuant to Section 5 herein, and may not be changed
during such year. 

7.     Issuance of Common Shares  

The
number of Common Shares issuable to each Director shall be equal to the number determined by dividing the Selected Percentage of compensation payable to each Director respectively for the
Quarterly Compensation Period by the Market Price of the Common Shares as at the Compensation Calculation Date, disregarding fractions. 

8.     Number of Shares Issuable Under the Plan  

The
aggregate number of Common Shares to be reserved for issuance under the Plan shall be Four Hundred and Fifty Thousand (450,000). 

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9.     Decisions of the Board  

All
decisions and interpretations of the Board respecting the Plan or the Common Shares issued or issuable hereunder shall be conclusive and binding on the Corporation and on the Directors and their
respective personal legal representatives. 

10.   Amendment or Discontinuance of Plan  

The
Board may amend or discontinue the Plan at any time. 

11.   Government Regulation  

The
Corporation's obligation to issue and deliver Common Shares under the Plan is subject to: 

	(a)
	the
approval of the Toronto Stock Exchange;

	(b)
	the
satisfaction of all requirements under applicable securities laws in respect thereof and obtaining all such regulatory approvals as the Corporation shall determine to be necessary
or advisable in connection with the authorization, issuance or sale thereof;

	(c)
	the
admission of such Common Shares to listing on the Toronto Stock Exchange; and

	(d)
	the
receipt from the Director to whom such Common Shares are to be issued of such representations, agreements and undertakings as to future dealings in such Common Shares as the
Corporation may determine to be necessary or advisable in order to safeguard against the violation of the securities laws of any jurisdiction. 

In
this connection, the Corporation shall take all reasonable steps to obtain such approvals as may be necessary for the issuance of such Common Shares in compliance with applicable securities laws
and for the listing of such Common Shares on the Toronto Stock Exchange. 

12.   Rights as a Shareholder  

A
Director shall have no rights as a holder of Common Shares issuable hereunder until a share certificate representing such Common Shares, as contemplated by paragraph 4 above, has been issued
by the Corporation. 

13.   Approvals  

The
Plan shall be subject to: 

	(a)
	the
approval of the shareholders of the Corporation to be given and evidenced by a resolution at a meeting of the shareholders of the Corporation; and

	(b)
	the
acceptance by the Toronto Stock Exchange. 

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