Document:

EX-10.6 FORM OF STOCK OPTION AGREEMENT

 

Exhibit 10.6

GLENAYRE 1996 INCENTIVE STOCK PLAN

STOCK OPTION AGREEMENT

	 	 	 
	

	
    
    GRANTED TO:

    	 	 
	

	
    
    NUMBER OF SHARES:

    	 	 
	

	
    
    OPTION PRICE PER SHARE:

    	 	 
	

	
    
    GRANT DATE:

    	 	 
	

	
    
    VESTING SCHEDULE

    	 	 
	

	
    
    EXPIRATION DATE:

    	 	
    Tenth Anniversary of Grant Date
    
	

     
This Stock Option Agreement is between Glenayre
Technologies, Inc. (“Glenayre”) and you.

     
Glenayre sponsors the Glenayre 1996 Incentive
Stock Plan (the “Plan”). A Prospectus describing the
Plan is enclosed. The Plan is available upon request, and its
terms are incorporated in this Agreement. Terms defined in the
Plan have the same meanings in this Agreement. Additional terms
are defined in Exhibit A to this Agreement.

     
You and Glenayre mutually agree as follows:

     
1. Subject to the terms of the Plan and this
Agreement, Glenayre grants to you the Option to purchase from
Glenayre the above-stated number of Shares of Glenayre’s
Common Stock at the Option Price per Share stated above. You
acknowledge having read the Prospectus and agree to be bound by
all terms of the Plan. This Option [is/is not] an Incentive
Stock Option as defined by U.S. tax laws.

     
2. This Option vests and is exercisable by
you in installments shown in the Vesting Schedule set forth
above. However, subject to the limitations of Section 14.2
of the Plan, this Option shall become vested and exercisable in
full upon a Change of Control of Glenayre and shall continue to
be exercisable until the Expiration Date.

     
If you choose to exercise this Option, you must
do so pursuant to the terms of the Plan and your stock option
agreement and pay the Option Price set forth in the Plan. You
must also pay any applicable withholding taxes in accordance
with the Plan. Shares issued upon exercise of this Option shall
be issued solely in your name. Your right to purchase Shares
under this Option is cumulative so that when your right to
purchase an installment of Shares has vested, you may purchase
any of those Shares thereafter until the expiration of this
Option. This Option may not be exercised for less than 100
Shares unless the number of Shares is the total number
exercisable at that time under this Option. This Option is
exercisable during your lifetime only by you and cannot be
transferable by you other than by will, or if you die without a
will, as provided by applicable law. In the event of your death,
this Option shall be exercisable to the extent provided in this
Agreement and the Plan by your legal representative.

     
3. This Option shall expire on the earlier
of (1) the Expiration Date stated above or (2) the
following Cancellation Date if your employment with the Glenayre
Companies terminates (depending on the reason for termination):

	 	 	 	 	 
	Reason for Termination				Cancellation Date
	
				

	
    
    Death, Disability or Retirement
    

    	 	 	 	
    One year after the termination date
    
	
    
    Cause or voluntary resignation
    

    	 	 	 	
    On the termination date
    
	
    
    All other terminations
    

    	 	 	 	
    90 days after your termination date
    

     
For purposes of this Agreement, your termination
date shall be the last day you provide your services to the
Glenayre Company, which employs you (i.e., your last day worked).

 

     
IN WITNESS WHEREOF, Glenayre and you have
executed this Agreement, effective as of the Grant Date stated
above.

	 	 	 
	
    
    GLENAYRE TECHNOLOGIES, INC

    	 	
    EMPLOYEE:
	 
	
    
    By:
    

    	 	 
	
    
    

    	 	
    

 

EXHIBIT A to

STOCK OPTION AGREEMENT

Definitions

     
“Cause”
means your:

			
	 	(1) 	
    conviction for, or plea of nolo contendere to, a
    felony or a crime involving moral turpitude,
    
	 
	 	(2) 	
    commission of an act of personal dishonesty or
    fraud in connection with your employment by the Glenayre
    Companies,
    
	 
	 	(3) 	
    commission of an act which your supervisor or
    manager shall have found to involve your willful misconduct or
    gross negligence in your duties as an employee of the Glenayre
    Companies,
    
	 
	 	(4) 	
    habitual absenteeism, chronic alcoholism or other
    form of addiction which adversely affect your ability to perform
    your duties as an employee of the Glenayre Companies,
    
	 
	 	(5) 	
    material and continued failure, after reasonable
    notice and opportunity to cure, to satisfactorily perform your
    duties as determined by your supervisor or manager, or
    
	 
	 	(6) 	
    breach, after reasonable notice and opportunity
    to cure, of any material provision of any agreement between you
    and any of the Glenayre Companies.
    

		
	 	     
    However, if “Cause” is defined in
    another agreement between you and any of the Glenayre Companies,
    that definition shall be applied under this Agreement.
    

     
“Glenayre Companies”
means Glenayre Technologies, Inc. and
its Subsidiaries.

     
“Retirement”
means your termination of employment
with the Glenayre Companies after age 65.Exhibit 10.16

 

EXHIBIT 10.16

STONERIDGE, INC.

LONG-TERM INCENTIVE PLAN

SHARE OPTION AGREEMENT

     Stoneridge, Inc. (the “Company”) hereby grants to XXX (the “Holder”) the right to purchase, at
the option of the Holder, an aggregate of XXX Common Shares, without par value, of the Company (the
“Shares”), at $XX.XX per share, upon the following terms and conditions:

     1. The option granted herein vests and is exercisable on and after XXXX.

     2. The option granted herein, when vested, may be exercised in blocks of 50 or more Shares on
and after XXXX, and prior to a date ten (10) years from the date hereof, but not thereafter, by (i)
the giving by the Holder to the Company, at its corporate offices in Warren, Ohio, of a written
notice of such election, and specifying the number of Shares then being purchased; (ii) the payment
by the Holder to the Company of the purchase price of the Shares so specified; and (iii) the giving
by the Holder to the Company of the Holder’s written representation that the Shares being purchased
are being acquired not with a view to resale or distribution and that such Shares will not be sold
or otherwise transferred except in compliance with the Securities Act of 1933, as amended, (the
“Securities Act”) and applicable state securities laws, and authorizing the Company to imprint the
certificates evidencing such Shares with a legend to that effect—but if, either before or after the
issuance of this option, a registration is effected under the Securities Act with respect to the
Shares subject to the Company’s Long-Term Incentive Plan (“the Plan”) which are the subject of this
option, then, in that event, any restrictions in this subparagraph (iii) or in any undertaking made
pursuant hereto will be inoperative. Upon receipt of such notice, payment and any required
representation, the Company will promptly cause certificates for such number of Shares so purchased
to be issued and delivered to the Holder; but no Shares will be issued and delivered upon any
exercise of this option unless and until, in the opinion of counsel for the Company, any and all
applicable federal and state securities laws pertaining to the issuance and delivery of such Shares
have been complied with in full.

     3. Payment of the purchase price may be made in cash or in Shares of the Company valued at the
closing sales price per Share (or if there are no sales, then the average of the closing bid and
asked price per Share) on the New York Stock Exchange on the last trading day preceding the date on
which the option is exercised.

     4. This option may not be exercised unless the Holder is, at the time of exercise, in the
employ of the Company or a subsidiary thereof and has been continuously so employed since the
option was granted, but (i) in the event of termination of that employment for any reason other
than death or permanent and total disability within the meaning of Section 22(e)(3) of the Code,
the Holder may exercise the option within ninety (90) days next succeeding that termination of
employment, or within the balance of the period of this option if less than ninety (90) days, to
the extent vested and to the extent that he was otherwise entitled to exercise it at the date of
that termination; and (ii) in the event of the death or permanent and total disability of the
Holder while in the employ of the Company or a subsidiary thereof, this option may be exercised
within one (1) year next succeeding that event, or within the balance of the period of this option
if less than one (1) year, and then only to the extent vested or to the extent that the option
would have become vested within that period from the time of death or permanent and total
disability had the Holder continued to fulfill all conditions of this option during that period
and, in the case of death, only by the executor or administrator of his estate, and in the case of
permanent and total disability, by the Holder or by the Holder’s duly authorized legal
representative if the Holder is unable to exercise the option as a result of the Holder’s
disability.

     5. The rights hereby granted are nontransferable and non-assignable and may be exercised,
during his lifetime, only by the Holder (or in the case of the permanent and total disability of
the Holder, by his duly authorized legal representative but only if, and to the extent, permitted
by Section 422 of the Code) and, after his death, only by the executor or administrator of the
estate of the Holder as and to the extent provided in this Agreement; except that the Holder may
transfer all or any portion of the option granted herein during his lifetime to one or more members
of his family, or to one or more trusts for the benefit of one or more members of his family,
subject to his receipt of the Compensation Committee’s (“the Committee”) express written consent
(or the express written consent of any subsequent committee of the Board of Directors responsible
for the administration of the Plan) to the transfer and so long as no consideration is paid for the
transfer and such transfer would not result in the loss of any exemption under

 

 

Section 16 of the Securities Exchange Act of 1934 for any option or portion of this option
that the Committee does not permit to be so transferred. The transferee of this option shall be
subject to all restrictions, terms, and conditions applicable to this option prior to its transfer,
except that this option shall not be further transferable inter vivos by the transferee.

     6. On any change in number or kind of outstanding Shares of the Company by reason of a
recapitalization, merger, consolidation, reorganization, separation, liquidation, share split,
share dividend, combination of shares or any other change in the corporate structure or Shares of
the Company, the Company, by action of the Committee, is empowered to make such adjustment, if any,
in the number and kind of Shares subject to this option and in the price per Share to be paid upon
any subsequent exercise of this option as it considers appropriate for the protection of the
Company and of the Holder.

     7. This option is granted under and pursuant to the Plan.

     8. No later than the date as of which an amount first becomes includable in the gross income
of the Holder for federal income tax purposes with respect to the option granted hereunder, the
Holder shall pay to the Company, or make arrangements satisfactory to the Committee regarding the
payment of, any federal, state or local taxes of any kind required by law to be withheld with
respect to that amount. Unless otherwise determined by the Committee, withholding obligations may
be settled with Shares, including Shares that are part of the option that gives rise to the
withholding requirement. The making of that payment or those arrangements is a condition to the
obligations of the Company under the Plan, and the Company and its subsidiaries and affiliates may,
to the extent permitted by law, deduct and such taxes from any payment of any kind otherwise
payable to the Holder.

     9. This option is a non-qualified stock option and is not intended to be an incentive
stock option within the meaning of the Internal Revenue Code of 1986, as amended.

     10. The Plan and the option granted hereunder shall be governed by and construed in accordance
with the laws of the State of Ohio.

     IN WITNESS WHEREOF, the Company has caused its corporate name to be subscribed by its duly
authorized officer as of the XXXX.

	 	 	 	 	 
	 	Stoneridge, Inc.

 

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

	 	 	 
	 	The foregoing Option is hereby accepted.
	 
	 	 	 
	 	 	 
	 	

(Signature)

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