Document:

Ex-10.11 Amendment to Time-Based Stock Option Agre

 

EXHIBIT
10.11

AMENDMENT TO

TIME-BASED VESTING INCENTIVE STOCK OPTION AGREEMENT

     This Amendment to the Time-Based Vesting Incentive Stock Option Agreement (this
“Amendment”) is entered into and effective as of December 20, 2006 between FGX
International Holdings Limited, a British Virgin Islands company (the “Company”) and Alec
Taylor (the “Optionee”).

     WHEREAS, the Company and the Optionee are parties to that certain Time-Based Vesting Incentive
Stock Option Agreement, dated as of December 15, 2005 (the “Agreement”) pursuant to which
the Company granted the Optionee the Option to purchase the Option Shares;

     WHEREAS, the parties desire to amend the Agreement to clarify the intent of the parties
regarding the treatment of the Option following termination of the Optionee’s employment by the
Company without Cause within six months following a Change of Control after the consummation of an
Initial Public Offering by the Company; and

     WHEREAS, pursuant to Section 9(j) of the Agreement, the Agreement may be amended, supplemented
or modified in whole or in part by an instrument in writing signed by the parties against whom
enforcement of any such amendment, supplement or modification is sought;

     NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

     1. Capitalized Terms. Capitalized terms used but not defined herein shall have the
meanings set forth in the Agreement.

     2. Amendment. Upon consummation of an Initial Public Offering, the proviso following
the first sentence in Section 7(c) shall be removed and Section 7(c) shall be amended and restated
in its entirety as follows:

     “(c) Termination Without Cause. If the Company or any of its subsidiaries, as
applicable, terminates the Optionee’s employment with the Company or such subsidiary without
Cause, then (i) the vesting of the portion, if any, of this Option that has not vested as of
the date of such termination but would have vested on or prior to December 31 of the year in
which such termination occurs under Section 3(b) (the “Accelerated Portion”) shall be
accelerated, and the Accelerated Portion shall become immediately exercisable as of the date
of such termination, (ii) the Accelerated Portion, together with the portion of this Option,
if any, that has vested as of the date of such termination shall be exercisable by the
Optionee for a period of time not to exceed thirty (30) days after the date of such
termination, at which time, the vested and unexercised portion of this Option (including any
part of the Accelerated Portion that remains unexercised) shall terminate, and the Optionee
shall have no further right to purchase Ordinary Shares pursuant thereto, and (iii) the
portion, if any, of this Option that has not vested as of the date of such termination
(after taking into account the Accelerated Portion) shall terminate

 

 

immediately, and the Optionee shall have no further right to purchase Ordinary Shares
pursuant to the unvested portion of this Option. For avoidance of doubt, if there should be
a Change of Control and the Optionee continues to be employed by the Company or any of its
subsidiaries, as applicable, on the Change of Control Date, this Option shall become fully
vested and exercisable in full pursuant to Section 3(c).”

     3. Complete Agreement. The Agreement, as amended by this Amendment, (including the
Plan and the other documents and exhibits referred to in the Agreement) constitutes the entire
agreement among the parties with respect to the subject matter hereof and supersedes any prior
understandings, agreements, or representations by or among the parties, written or oral, that may
have related in any way to the subject matter hereof. Except as modified by this Amendment, the
Agreement shall remain unchanged and shall continue in full force and effect. No representations,
warranties, covenants or agreements have been made concerning or affecting this subject matter of
the Amendment, except as are contained herein.

     4. Counterparts. This Amendment may be executed in one or more counterparts, each of
which will be deemed an original and all of which together will constitute one and the same
instrument.

     5. Governing Law. This Amendment shall be construed in accordance with and governed
by the laws of the State of Rhode Island applicable to contracts executed and to be wholly
performed within such State (without regard to the choice of law provisions thereof). Each party
hereby irrevocably and unconditionally consents and submits to the exclusive jurisdiction of the
courts of the State of Rhode Island sitting in Providence County, Rhode Island and of the United
States District Court for the District of Rhode Island for any actions, suits or proceedings
arising out of or relating to this Amendment and the transactions contemplated hereby and each
party agrees not to commence any action, suit or proceeding relating thereto except in such courts.
Each party further agrees that any service of process, summons, notice or document sent by U.S.
registered mail to its address set forth herein shall be effective service of process for any
action, suit or proceeding brought against it in any such court. Each party irrevocably and
unconditionally waives any objection to the laying of venue of any action, suit or proceeding
arising out of this Amendment or the transactions contemplated hereby in such courts, and
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any
action.

[Signatures Appear on Following Page]

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     IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first
above written.

	 	 	 	 	 
	 	FGX INTERNATIONAL HOLDINGS LIMITED

 	 
	 	By:  	/s/ Brian J. Lagarto
 	 
	 	 	Name:  	Brian Lagarto 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	OPTIONEE

 	 
	 	/s/ Alec Taylor
 	 
	 	Alec Taylor 	 
	 	 	 
	 

3Ex-10.12 Incentive Stock Option Agreement

 

EXHIBIT
10.12

INCENTIVE STOCK OPTION AGREEMENT

     This Stock Option Agreement (this “Agreement”) is entered into and effective as of October 2,
2004 (the “Grant Date”) between Envision Worldwide Holdings Limited, a British Virgin Islands
company (the “Company”) and Steven Crellin (the “Optionee”).

RECITALS

     The Company is desirous of increasing the incentive of the Optionee whose contributions are
important to the continued success of the Company and its subsidiaries by means of the grant to the
Optionee of options to purchase shares of the Company’s common stock, $1.00 par value per share
(“Common Stock”), under the Envision Worldwide Holdings Limited 2004 Key Executive Stock Option
Plan (the “Plan”), a copy of which is attached hereto as Exhibit A.

TERMS OF AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

1. GRANT OF OPTION

     Subject to the terms and conditions of this Agreement and the Plan, the Company hereby grants
to the Optionee an option (the “Option”) to purchase an aggregate of 0.33554 shares (the “Option
Shares”) of Common Stock. This Option is intended to be treated as an option which qualifies as an
“incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”). The number of Option Shares shall be subject to adjustment in the event of
changes in the capitalization of the Company as set forth in Section 19 of the Plan.

2. EXERCISE PRICE

     Subject to the terms and conditions of the Plan, the exercise price (the “Option Price”) of
this Option shall be $1,490,135 per Option Share (prorated for any partial Option Share), which is
not less than the fair market value of the Common Stock on the date of grant. The Option Price of
this Option shall be subject to adjustment in the event of changes in the capitalization of the
Company, as set forth in Section 19 of the Plan.

3. TERM AND VESTING OF OPTION

     (a) Option Period. Subject to the terms and conditions of the Plan, this Option shall
terminate and all rights to purchase shares hereunder shall cease on the tenth anniversary of the
Grant Date.

     (b) Vesting and Exercisability. Subject to the terms and conditions of the Plan, this
Option shall become exercisable upon the dates described in the following schedule and shall be
exercisable as to not more than the vested percentage of the shares subject to this Option as
follows:

 

 

	 	 	 	 	 	 	 	 	 
	 	 	Incremental	 	Cumulative
	 	 	Percentage of	 	Percentage of
	Date	 	Option Exercisable	 	Option Exercisable
	October 1, 2005
	 	 	35	%	 	 	35	%
	October 1, 2006
	 	 	35	%	 	 	70	%
	October 1, 2007
	 	 	30	%	 	 	100	%

Notwithstanding the foregoing, the Board of Directors of the Company (“Board”) may in its sole
discretion provide that any vesting requirement or other such limitation on the exercise of this
Option may be rescinded, modified or waived by the Board, in its sole discretion, at any time and
from time to time after the Grant Date, so as to accelerate the time at which this Option may be
exercised provided that the Optionee’s written consent be obtained prior to any such rescission or
modification which would adversely effect the Optionee’s rights hereunder.

     (c) Acceleration Upon Change in Control. Notwithstanding the foregoing provisions of
Section 3(b), this Option shall become fully vested and exercisable in full as of the Change in
Control Date upon a Change in Control if the Optionee continues to be employed by the Company or
any of its subsidiaries on the Change in Control Date or his employment was terminated by the
Company or its subsidiaries, as applicable, “without Cause” within six (6) months before and in
anticipation of, or twelve (12) months after, the Change in Control Date.

     (d) For purposes of this Agreement, the following terms shall be defined as follows:

	 	(i)	 	“Cause” has the meaning set forth in the Employment
Agreement between Magnivision, Inc., a Delaware corporation and an indirect
subsidiary of the Company, and the Optionee dated as of the date hereof, and as
the same may be further amended from time to time by the parties in accordance
with the terms therein (the “Employment Agreement’).
	 
	 	(ii)	 	“Change in Control” will be deemed to have occurred if
(i) a Takeover Transaction occurs, or (ii) any election of the Board takes
place (whether by the directors then in office or by the stockholders at a
meeting or by written consent) and a majority of the directors in office
following such election are individuals who were not nominated by a vote of
two-thirds of the members of the Board immediately preceding such election, or
(iii) the Company effectuates a complete liquidation of the Company or a sale
or disposition of all or substantially all of its assets. A “Change in
Control” shall not be deemed to include, the recapitalization of the Company or
any transactions related thereto, consummated on or prior to the date hereof.
	 
	 	(iii)	 	“Change in Control Date” means the date on which a
Change in Control occurs.
	 
	 	(iv)	 	“Takeover Transaction” means (i) a merger or
consolidation of the Company with, or an acquisition of the Company or all or
substantially all of its assets by, any other corporation, other than a merger,
consolidation

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	 	 	 	or acquisition in which the individuals who were members of the Board
immediately prior to such transaction continue to constitute a majority of
the Board of the surviving corporation (or, in the case of an acquisition
involving a holding company, constitute a majority of the Board of Directors
of the holding company) for a period of not less than twelve (12) months
following the closing of such transaction, or (ii) when any person,
including any “group” as such term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), becomes
after the date hereof the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act) of securities of the Company representing more than fifty
percent (50%) of the total number of votes that may be cast for the election
of the Board, excluding (i) any person that is excluded from the definition
of “beneficial owner” under Rule 16(a)-1(a)(l) under the Exchange Act and
(ii) any person (including any such group) that consists of or is controlled
by (within the meaning of the definition of “affiliate” in Rule 144 under
the Securities Act of 1933, as amended (an “Affiliate”)) any person that is
a shareholder of the Company on the date hereof or any Affiliate of such
person.
	 
	 	(v)	 	“Without Cause” has the meaning set forth in the
Employment Agreement.

4. PROVISIONS OF PLAN

     The provisions of the Plan shall govern if and to the extent that there are inconsistencies
between those provisions and the provisions hereof. By execution of this Agreement, the Optionee
acknowledges receipt of a copy of the Plan and represents that he or she (a) is familiar with the
terms and provisions thereof, (b) accepts this Option granted hereby subject to all of the terms
and provisions of this Agreement and the Plan, and (c) after reviewing the Plan and this Agreement
in their entirety, has had the opportunity to obtain the advice of counsel and fully understands
all of the terms and provisions of this Agreement and the Plan prior to the execution hereof.

5. MANNER OF EXERCISE AND PAYMENT

     (a) Exercise. This Option may be exercised to the extent vested as provided in
Section 3 hereof by delivery to the Company on any business day, at its principal office, addressed
to the attention of the President of written notice of exercise, which notice shall specify the
number of shares with respect to which this Option is being exercised, and shall be accompanied by
payment in full of the Option Price of the shares for which this Option is being exercised, by one
or more of the methods provided below.

     (b) Payment. Payment of the Option Price for the shares of Common Stock purchased
pursuant to the exercise of this Option shall be made (i) in cash or in cash equivalents; (ii)
through the tender to the Company of shares of Common Stock, which shares shall be valued, for
purposes of determining the extent to which the Option Price has been paid thereby, at their fair
market value (determined in good faith by the Board) on the date of exercise; (iii) by

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delivering a written direction to the Company that this Option be exercised pursuant to a
“cashless” exercise/sale procedure (pursuant to which funds to pay for exercise of this Option are
delivered to the Company by a broker upon receipt of stock certificates from the Company) or a
cashless exercise/loan procedure (pursuant to which the Optionee would obtain a margin loan from a
broker to fund the exercise) through a licensed broker acceptable to the Company whereby the stock
certificate or certificates for the shares of Common Stock for which this Option is exercised will
be delivered to such broker as the agent for the individual exercising this Option and the broker
will deliver to the Company cash (or cash equivalents acceptable to the Company) equal to the
Option Price for the shares of Common Stock purchased pursuant to the exercise of this Option plus
the amount (if any) of federal and other taxes that the Company, may, in its judgment, be required
to withhold with respect to the exercise of this Option; (iv) to the extent permitted by applicable
law and agreed to by the Board in its sole and absolute discretion, by the delivery of a promissory
note of the Optionee to the Company on such terms as the Board shall specify in its sole and
absolute discretion; or (v) by a combination of the methods described in clauses (i), (ii), (iii)
and (iv). Payment in full of the Option Price need not accompany the written notice of exercise if
this Option is exercised pursuant to the cashless exercise/sale procedure described above. An
attempt to exercise any Option granted hereunder other than as set forth above shall be invalid and
of no force and effect.

     (c) Issuance of Certificates. Promptly after the exercise of this Option, Optionee
shall be entitled to the issuance of a certificate or certificates evidencing his ownership of such
shares of Common Stock. The Company shall use reasonable efforts to deliver the certificate within
seven (7) days following such exercise. An individual holding or exercising an Option shall have
none of the rights of a shareholder until the shares of Common Stock covered thereby are fully paid
and issued to him and, except as provided in Section 19 of the Plan, no adjustment shall be made
for dividends or other rights for which the record date is prior to the date of such issuance.

     (d) Execution of Shareholders’ Agreement as Condition to Exercise of Option. In the
event that the Optionee shall desire to exercise all or any portion of this Option prior to the
date on which the Company shall have completed an Initial Public Offering (as defined in the Plan),
the Optionee shall, as a condition precedent to such Optionee’s exercise of this Option, execute
and deliver (to the extent the Optionee is not already a party thereto) a copy of that certain
Shareholders’ Agreement in the form attached hereto as Exhibit B, with such amendments,
modifications and changes thereto as shall have been made by the parties thereto prior to the
execution thereof by the Optionee.

     (e) Lock-Up of Option Shares. During the period commencing on the date hereof and
ending one hundred eighty (180) days after the date of the final prospectus relating to each of the
Initial Public Offering and any subsequent public offering of any of the Company’s securities (or
such longer period as may be required by the lead underwriter(s) in connection with such Initial
Public Offering or any such subsequent public offering), Optionee agrees not to (i) offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to
sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly
or indirectly, any Option Shares or (ii) enter into any swap or other arrangement that transfers
all or a portion of the economic consequences associated with the ownership of any Option Shares,
without the prior written consent of the Board.

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     (f) Change of Control. In the event of a Change of Control, the Optionee shall be
entitled to receive upon exercise and payment in accordance with the terms of this Agreement the
same shares, securities or property as he would have been entitled to receive upon the occurrence
of such event if he had been, immediately prior to such event, the holder of the number of shares
of Common Stock purchasable under this Option.

6. TRANSFERABILITY OF OPTION

     This Option shall not be assignable or transferable by the Optionee, other than by will or the
laws of descent and distribution.

7. TERMINATION OF EMPLOYMENT

     (a) Voluntary Termination by Optionee. If the Optionee voluntarily terminates his
employment with the Company or its subsidiaries, as applicable, (i) the portion, if any, of this
Option that has vested as of the date of such termination shall be exercisable for a period not to
exceed thirty (30) days after the date of such termination, at which time, the vested and
unexercised portion of this Option shall terminate, and the Optionee shall have no further right to
purchase shares of Common Stock pursuant to the vested but unexercised portion of this Option, and
(ii) the portion, if any, of this Option that has not vested as of the date of such termination
shall terminate immediately, and the Optionee shall have no further right to purchase shares of
Common Stock pursuant to the unvested portion of this Option.

     (b) Termination for Cause. If the Company or any of its subsidiaries, as applicable,
terminates the Optionee’s employment with the Company or such subsidiary for Cause, this Option
(including that portion of the Option that has vested and that portion of the Option that has not
vested as of the date of such termination) shall terminate immediately, and the Optionee shall have
no further right to purchase shares of Common Stock pursuant to this Option. The Board shall
determine whether Cause exists for purposes of this Agreement and such determination shall be
final, binding and conclusive.

     (c) Termination Without Cause. If the Company or any of its subsidiaries, as
applicable, terminates the Optionee’s employment with the Company or such subsidiary without Cause,
then (i) the vesting of the portion, if any, of this Option that has not vested as of the date of
such termination but would have vested on or prior to December 31 of the year in which such
termination occurs under Section 3(b) (the “Accelerated Portion”) shall be accelerated, and the
Accelerated Portion shall become immediately exercisable as of the date of such termination, (ii)
the Accelerated Portion, together with the portion of this Option, if any, that has vested as of
the date of such termination shall be exercisable by the Optionee for a period of time not to
exceed thirty (30) days after the date of such termination, at which time, the vested and
unexercised portion of this Option (including any part of the Accelerated Portion that remains
unexercised) shall terminate, and the Optionee shall have no further right to purchase shares of
Common Stock pursuant thereto, and (iii) the portion, if any, of this Option that has not vested as
of the date of such termination (after taking into account the Accelerated Portion) shall terminate
immediately, and the Optionee shall have no further right to purchase shares of Common Stock
pursuant to the unvested portion of this Option; provided, however, that should a Change in Control
to occur within six (6) months after the date of such termination and such termination

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occurred in anticipation of such Change in Control, then the portion of this Option that shall
have terminated under this Section 7(c) shall be deemed to have been reinstated and shall become
fully vested and exercisable in full as of the Change in Control Date in accordance with Section
3(c) above. For avoidance of doubt, if there should be a Change of Control and the Optionee
continues to be employed by the Company or any of its subsidiaries, as applicable, on the Change of
Control Date, this Option shall become fully vested and exercisable in full pursuant to Section
3(c).

     (d) Death. If the Optionee dies while serving as an employee of the Company or any of
its subsidiaries, as applicable, then (i) the vesting of the portion, if any, of this Option that
has not vested as of the date of the Optionee’s death but would have vested on or prior to December
31 of the year in which he dies (the “Death Accelerated Portion”) shall be accelerated, and the
Death Accelerated Portion shall become immediately exercisable as of the date of the Optionee’s
death, (ii) the Death Accelerated Portion, together with the portion of this Option, if any, that
has vested as of the date of his death shall be exercisable by the executors or administrators or
legatees or distributees of the Optionee’s estate for a period of time not to exceed ninety (90)
days after the date of the Optionee’s death, at which time, the vested and unexercised portion of
this Option shall expire, and such persons shall have no further right to purchase shares of Common
Stock pursuant to the vested but unexercised portion of this Option and (iii) the portion, if any,
of this Option that has not vested as of the date of the Optionee’s death (after taking into
account the Death Accelerated Portion) shall terminate immediately, and the executors,
administrators, legatees and/or distributees of the Optionee’s estate shall have no further right
to purchase shares of Common Stock pursuant to the unvested portion of this Option.

     (e) Disability. If the Optionee’s employment with the Company or any of its
subsidiaries, as applicable, is terminated by reason of the “permanent and total disability”
(within the meaning of Section 22(e)(3) of the Code) of such Optionee, then (i) the vesting of the
portion, if any, of this Option that has not vested as of the date of such termination but would
have vested on or prior to December 31 of the year in which such termination occurs (the
“Disability Accelerated Portion”) shall be accelerated, and the Disability Accelerated Portion
shall become immediately exercisable as of the date of such termination, (ii) the Disability
Accelerated Portion, together with the portion of this Option, if any, that has vested as of the
date of such termination, shall be exercisable by the Optionee for a period of time not to exceed
ninety (90) days after the date of such termination, at which time, the vested and unexercised
portion of this Option shall terminate, and the Optionee shall have no further right to purchase
shares of Common Stock pursuant to the vested but unexercised portion of this Option, and (iii) the
portion, if any, of this Option that has not vested as of the date of such termination (after
taking into account the Disability Accelerated Portion) shall terminate immediately, and the
Optionee shall have no further right to purchase shares of Common Stock pursuant to the unvested
portion of this Option. Whether a termination of employment is to be considered by reason of
“permanent and total disability” for purposes of this Agreement shall be determined by the Board,
which determination shall be final, conclusive and binding on the Optionee.

     (f) General. Notwithstanding the foregoing, the Board may provide, in its sole and
absolute discretion, that following termination of employment of the Optionee with the Company or
any of its subsidiaries, as applicable, the Optionee may exercise an Option, in whole or in part,

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at any time subsequent to such termination of employment and prior to termination of the
Option, either subject to or without regard to any vesting or other limitation on exercise imposed
hereunder. Unless otherwise determined by the Board, temporary absence from employment because of
illness, vacation, approved leaves of absence, military service and transfer of employment shall
not constitute a termination of employment with the Company or any of its subsidiaries, as
applicable.

8. DISCLAIMER OF RIGHTS

     No provision of this Agreement shall be construed to confer upon the Optionee, the right to
remain in the employ of the Company or any of its subsidiaries or to interfere in any way with the
right and authority of the Company or any of its subsidiaries either to increase or decrease the
compensation of the Optionee, at any time, or to terminate any employment relationship between the
Optionee and the Company or any of its subsidiaries.

9. MISCELLANEOUS

     (a) Waivers, Etc. Neither the failure nor any delay on the part of either party to
exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude
any other or further exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any occurrence be
construed as a waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

     (b) Governing Law and Jurisdiction. This Agreement shall be construed in accordance
with and governed by the laws of the State of Rhode Island applicable to contracts executed and to
be wholly performed within such State (without regard to the choice of law provisions thereof).
Each party hereby irrevocably and unconditionally consents and submits to the exclusive
jurisdiction of the courts of the State of Rhode Island sitting in Providence County, Rhode Island
and of the United States District Court for the District of Rhode Island for any actions, suits or
proceedings arising out of or relating to this Agreement and the transactions contemplated hereby
and each party agrees not to commence any action, suit or proceeding relating thereto except in
such courts. Each party further agrees that any service of process, summons, notice or document
sent by U.S. registered mail to its address set forth herein shall be effective service of process
for any action, suit or proceeding brought against it in any such court. Each party irrevocably
and unconditionally waives any objection to the laying of venue of any action, suit or proceeding
arising out of this Agreement or the transactions contemplated hereby in such courts, and
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any
action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

     (c) Notices. All notices, requests, demands and other communications required or
permitted under this Agreement shall be in writing and shall be deemed to have been duly given,
made and received only when personally delivered, one business day following the day when deposited
with an overnight courier service for overnight priority service, such as Federal

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Express, for delivery to the intended addressee or three days following the day when deposited
in the United States mails, first class postage prepaid, certified or registered mail, and
addressed, in the case of the Company at its principal place of business and to the attention of
its Stock Option Administrator and, in the case of Optionee, as set forth below Optionee’s
signature on the last page hereof. Any person may alter the address to which communications or
copies are to be sent by giving notice of such change of address in conformity with the provisions
of this Section for the giving of notice.

     (d) Binding Nature of Agreement; Transferability. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective heirs, personal
representatives, successors and permitted assigns. This Agreement shall not be assignable or
transferable by the Optionee other than by will or the laws of descent and distribution.

     (e) Severability. The provisions of this Agreement are independent of and separable
from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue
of the fact that for any reason any other or others of them may be invalid or unenforceable in
whole or in part.

     (f) Section Headings. The section headings in this Agreement are for convenience
only; they form no part of this Agreement and shall not affect its interpretation.

     (g) Number of Days. In computing the number of days for purposes of this Agreement,
all days shall be counted, including Saturdays, Sundays and holidays; provided, however, that if
the final day of any time period falls on a Saturday, Sunday or holiday on which national banks are
or may elect to be closed, then the final day shall be deemed to be the next day which is not a
Saturday, Sunday or such holiday.

     (h) No Third-Party Beneficiaries. This Agreement shall not confer any rights or
remedies upon any person other than the parties and their respective heirs, personal
representatives, successors and assigns.

     (i) Entire Agreement. This Agreement (including the Plan and the other documents and
exhibits referred to herein) constitutes the entire agreement among the parties with respect to the
subject matter hereof and supersedes any prior understandings, agreements, or representations by or
among the parties, written or oral, that may have related in any way to the subject matter hereof.

     (j) Amendments. This Agreement may not be amended, supplemented or modified in whole
or in part except by an instrument in writing signed by the party or parties against whom
enforcement of any such amendment, supplement or modification is sought.

     (k) Construction. The language used in this Agreement will be deemed to be the
language chosen by the parties to express their mutual intent, and therefore strict construction
shall be applied against any party. Any reference to any federal, state, local or foreign statute
or law shall be deemed also to refer to the rules and regulations promulgated thereunder, unless
the context requires otherwise. The parties intend that each representation, warranty, and
covenant contained herein shall have independent significance. If any party has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists

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another representation, warranty or covenant relating to the same subject matter (regardless
of the relative levels of specificity) which the party has not breached shall not detract from or
mitigate the fact that the party is in breach of the first representation, warranty or covenant.

     (l) Counterparts. This Agreement may be executed in one or more counterparts, each of
which will be deemed an original and all of which together will constitute one and the same
instrument.

     (m) Pronouns. The use of any gender in this Agreement shall be deemed to include all
genders, and the use of the singular shall be deemed to include the plural and vice versa, wherever
it appears appropriate from the context.

[Signatures Appear on Following Page]

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     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written.

	 	 	 	 	 
	 	ENVISION WORLDWIDE HOLDINGS LIMITED

 	 
	 	By:  	/s/ John R. Ranelli
 	 
	 	 	John R. Ranelli, President and Chief 	 
	 	 	Executive Officer 	 
	 
	 	OPTIONEE

 	 
	 	/s/ Steven Crellin
 	 
	 	Steven Crellin 	 
	 	Address: 16221 Oneida Place

                  Davie, FL 33331 	 

10

 

	 	 	 	 	 

EXHIBIT A

ENVISION WORLDWIDE HOLDINGS LIMITED

2004 KEY EXECUTIVE STOCK OPTION PLAN

11

 

EXHIBIT B

FORM OF SHAREHOLDERS’ AGREEMENT

12

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