Document:

EX-4.9:

 

Exhibit 4.9

BSL Holdings, Inc.

NONQUALIFIED STOCK OPTION AGREEMENT

	 	 	 
	Name
of Optionee:

	 	Lockwood Holmes
	 
	 	 
	Number of Shares of BSL
	 	 
	Holdings, Inc. Common
	 	 
	Stock, $.01 par value,
	 	 
	Covered by Option:

	 	1,000,000 shares (“Option Shares”)
	 
	 	 
	Per Share Option Price:

	 	$1.00
	 
	 	 
	Option Grant Date:

	 	June 11, 1999
	 
	 	 
	Date Exercisable:

	 	June 11, 2001
	 
	 	 
	Option Termination Date:

	 	June 11, 2009

	 	 	This Stock Option Agreement (this “Agreement”) is executed and delivered as of the Option Grant
Date by and between BSL Holdings, Inc. (the “Company”) and the Optionee. The Optionee and the
Company hereby agree as follows:
	 
	 	 	1. Grant of Option. The Company hereby grants to the Optionee an option to
purchase the Option Shares at the Per Share Option Price. The Option granted hereby is being
issued pursuant to and subject to the terms and conditions of Section 1.7 of the Asset
Purchase Agreement, dated as of the Option Grant Date (the “Purchase Agreement”), among Holmes
Lumber Company, a Florida corporation (“Seller”), Optionee, the Company and Holmes Lumber
Company, a Delaware corporation and wholly owned subsidiary of the Company (“Buyer”).
	 
	 	 	2. Exercisability. The Option shall be exercisable during the eight-year period
following the second anniversary of the Option Grant Date; provided that Optionee must
be an employee of Buyer at all times from the Option Grant Date through the date of exercise
of such Option. If the Optionee fails to exercise the Option during such eight-year period

 

 

	 	 	following the date of such second anniversary of the Option Grant Date, the Option is
automatically terminated. Notwithstanding the foregoing, if Optionee’s employment or service
with Buyer is terminated by Buyer without Cause (as hereinafter defined)(A) after the second
anniversary of the Option Grant Date, the Option granted hereby shall remain exercisable as to
the full number of Option Shares, for a period of ninety days immediately following such
termination of employment or service, or (B) prior to the second anniversary of the Option
Grant Date, then the Option shall be exercisable during
the ninety-day period following the date of such termination; provided, however,
that the number of shares of Company Common Stock issuable upon exercise of the Option shall be
reduced pro rata, to a number of shares equal to one million, multiplied by a
fraction, the numerator of which is the number of days elapsed from the Option Grant Date to the
date of such termination and the denominator of which is seven hundred and thirty (730). If the
Optionee fails to exercise the Option during such ninety-day period following the date of such
termination without Cause, the Option is automatically terminated.
	 
	 	 	3. Nonqualified Stock Options. The Option granted hereby shall be treated as a
nonqualified stock option under the Internal Revenue Code.
	 
	 	 	4. Termination of Options.

	 	(a)	 	If the Optionee’s employment or service with Buyer is terminated by Buyer for
Cause (whether before or after the second anniversary of the Option Grant Date)or terminated
by Optionee for any reason prior to the second anniversary of the Option Grant Date, the
Option is automatically terminated. As used herein, “Cause” means the determination, in good
faith, by the Board of Directors of the Company, after notice to the Optionee and a reasonable
opportunity to cure, that one or more of the following events has occurred: (i) the Optionee
has violated the Non-Competition Agreement, dated as of the Option Grant Date, between the
Company and Buyer; (ii) the Optionee has failed to perform his material duties as an employee
of Buyer in a reasonably satisfactory manner or to devote sufficient time and attention to the
business of Buyer; (iii) any reckless or grossly negligent act by the Optionee having the
effect of injuring the interest, business or reputation of the Company or Buyer or any of
their subsidiaries or affiliates in any material respect; (iv) the Optionee’s commission of
any felony (including entry of a nolo contendere plea); or (v) any
misappropriation or embezzlement by the Optionee of the property of the Company, Buyer or any
of their subsidiaries or affiliates.
	 
	 	(b)	 	In case of termination of the Optionee’s employment or service with the Company due to death
or Disability (as hereinafter defined), then the Option granted hereby shall remain
exercisable for the full number of Option Shares by the Optionee or Optionee’s estate,
beneficiaries or heirs for a period of ninety days immediately following such termination of
employment. If the Option is not exercised within such ninety-day period, the Option is
automatically terminated. As used herein,
“Disability” shall mean the Optionee becomes unable
to perform his normal duties by reason of physical or mental illness or accident for any three
(3) consecutive month period.

 

 

	 	(c)	 	Notwithstanding the foregoing, the Option granted hereby shall in no event terminate later
than the close of business on the Option Termination Date and may be terminated earlier
pursuant to this Agreement.

	 	 	5. Shareholders Agreement. The Option Shares issued upon exercise of the
Option shall be subject to the terms and conditions of the Shareholders Agreement, dated as of
the Option Grant Date, among Stonegate Resources Holdings, LLC, the Company and the Optionee
(the “Shareholders Agreement”).
	 
	 	 	6. The Optionee shall comply with and be bound by all the terms and conditions contained in
this Agreement, the Purchase Agreement and the Shareholders Agreement.
	 
	 	 	7. Options granted hereby shall not be transferable except by will or the laws of descent and
distribution. Prior to the Option Termination Date, the Option may be exercised only by the
Optionee, the guardian or legal representative of the Optionee.
	 
	 	 	8. The obligation of the Company to sell and deliver any stock under this Option is
specifically subject to all applicable laws, rules, regulations, governmental and stockholder
approvals and Company policies.
	 
	 	 	9. The Option Shares issued upon exercise of this Option may not be sold, assigned,
mortgaged, pledged, hypothecated, or otherwise transferred or disposed of other than in
compliance with the terms and conditions of the Shareholders Agreement.
	 
	 	 	10. In addition to the restrictions on transfer imposed by the Company as described in
paragraph 9 above, the Option Shares issued upon exercise of this Option are “restricted
securities,” as such term is defined in Rule 144 under the Securities Act. Any resale of such
Option Shares must comply with the registration requirements of the Securities Act (and any
state securities laws that may be applicable) or an exemption therefrom.
	 
	 	 	11. The certificates for the Option Shares will bear restrictive legends as set forth in the
Shareholders Agreement and shall be subject to the rights and obligations of such Shareholders
Agreement.
	 
	 	 	12. By signing this Agreement, the Optionee agrees not to sell any Option Shares at a time
when the Shareholders Agreement or any law, regulation or Company policy prohibits a sale.
	 
	 	 	13. This Agreement does not give the Optionee the right to be retained by the Company or any
of its subsidiaries in any capacity. The Company reserves the right to terminate the
Optionee’s service at any time, with or without Cause.
	 
	 	 	14. The Optionee or the Optionee’s estate, beneficiaries or heirs have no rights as a

 

 

	 	 	stockholder of the Company until a certificate for the Option Shares has been issued. No
adjustments are made for dividends or other rights if the applicable record date occurs before the
Optionee’s stock certificate is issued.
	 
	 	 	15. Any notice by the Optionee to the Company hereunder shall be in writing and shall be
deemed duly given only upon receipt thereof by the Company at its principal offices. Any
notice by the Company to the Optionee shall be in writing and shall be deemed duly given if
mailed to the Optionee at the address last specified to the Company by the Optionee.
	 
	 	 	16. The validity and construction of this Agreement shall be governed by the laws of the
State of Delaware.
	 
	 	 	IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized
representative and the Optionee has hereunto set his hand as of the Option Grant Date.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	BSL HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Donald F. McAleenan	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:

Title:
	 	Donald F. McAleenan,

Senior Vice President,

General Counsel and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Lockwood Holmes	 	 
	 	 	 	 	 
	 	 	Lockwood HolmesEX-4.10:

 

Exhibit 4.10

BSL HOLDINGS, INC.

NONQUALIFIED STOCK OPTION AGREEMENT

(QUALIFIED OFFICER)

	 	 	 
	Name of Optionee:

	 	Gifford M. Shaw
	 
	 	 
	Number of Shares of BSL Holdings, Inc.

	 	 
	Common Stock, $.01 par value,
	 	 
	Covered by Option:

	 	24,773 shares (“Option Shares”)
	 
	 	 
	Per Share Option Price:

	 	$0.25
	 
	 	 
	Option Grant Date:

	 	December 30, 1998
	 
	 	 
	Option Vesting Date:

	 	December 30, 1998. The Option granted hereby is
immediately exercisable.
	 
	 	 
	Option Termination Date:

	 	December 30, 2008

 

 

     This Stock Option Agreement (this “Agreement”) is executed and delivered as of the
Option Grant Date by and between BSL Holdings, Inc. (the Company”) and the Optionee. The
Optionee and the Company hereby agree as follows:

1. Grant of Option.

	 	(a)	 	The Company hereby grants to the Optionee an option to purchase the Option Shares at the Per
Share Option Price. The Option granted hereby is being issued pursuant to Section 1.2(c) of the
Agreement and Plan of Merger dated as of November 10, 1998, as amended December 30, 1998, among
Pelican Companies, Inc. (“Pelican”), the Company and Pelican Acquisition Corp. (the “Merger
Agreement”). The Option granted hereby is being issued pursuant to and subject to the terms and
conditions of an offering (the “Offering”) made by the Company to eligible officers of Pelican
as described in the Company’s Qualified Officer Confidential Offering Memorandum dated December
1, 1998 (the “Offering Memorandum"), a copy of which has been distributed to the
Optionee.
	 
	 	(b)	 	By signing this Agreement, the Optionee acknowledges that he has reviewed the Offering
Memorandum, including the Summary of Terms of the Offering on pages 11-15 of the Offering
Memorandum, which describes the general terms and conditions of the Option granted hereby.

	2.	 	Nor qualified Stock Options. The Option granted hereby shall be treated as a
nonqualified stock option under the Internal Revenue Code.
	 
	3.	 	Termination of Option,

	 	(a)	 	In case of termination of the Optionee’s employment or service with the
Company due to death, the Option granted hereby shall remain exercisable by the
Optionee’s estate, beneficiaries or heirs for a period of 120 days immediately
following such termination of employment. If the Option is not exercised within
such 120 day period, the Option is automatically terminated.
	 
	 	(b)	 	In case of termination of the Optionee’s employment or service with the
Company for any other reason, the Option granted hereby shall remain exercisable for
a period of 90 days immediately following such termination of employment or service.
For purposes of this Agreement, the Company shall determine the effective date of an
Optionee’s

 

 

	 	 	 	termination of employment or service. If the Option is not exercised within such
90 day period, the Option is automatically terminated.

	 	(c)	 	Notwithstanding the foregoing, the Option granted hereby shall in no event
terminate later than the close of business on the Option Termination Date and may be
terminated earlier pursuant to this Agreement.
	 
	 	(d)	 	This Option will automatically terminate in the event the Optionee fails to
satisfy the Minimum Investment Requirement for participation in the Offering as
described under the captions “Minimum Investment” and “Subscription Period” on pages
12-14 of the Offering Memorandum.

	4.	 	Repurchase of Option Shares
	 
	 	 	At the Officer’s Option

	 	(a)	 	In the event that the Optionee’s employment with the Company terminates for
any reason, upon the Optionee’s request, the Company will repurchase the Option
Shares issued upon exercise of the Option at their then applicable fair market
value as determined by the Board of Directors in its sole discretion. The
Optionee’s written irrevocable request to the Company to repurchase such Option
Shares must be received by the Company within 90 days after the Optionee’s last
date of employment. The Company will repurchase the Option Shares within 60 days
after receipt of the Optionee’s request by delivering a check to the Optionee in
the full amount of the purchase price.
	 
	 	(b)	 	The Company’s obligation to repurchase the Optionee’s
Option Shares will not apply to the extent that total repurchases by the Company
of Common Stock from all employees of the Company and its subsidiaries during the
calendar year in which the Optionee’s employment is terminated exceed $500,000.
The Company’s obligation to repurchase the Option Shares will also be subject to
compliance with applicable law and the provisions of the Company’s then existing
loan facility.

 

 

	 	 	 	At the Company’s Option

	 	(i)	 	The Company will have a 120 day option to repurchase
the Optionee’s Option Shares in the event that the Optionee’s
employment with the Company terminates for any reason. The repurchase price will
be the fair market value of the Option Shares as determined by the Board in its
sole discretion. The Company may exercise its option by providing the Optionee
with written notice of its election to repurchase, together with a check in the
full amount of the purchase price, within 120 days after the Optionee’s last
date of employment.
	 
	 	(ii)	 	The Company’s repurchase rights and obligations relating to the
Option Shares will terminate upon an initial public offering (an “IPO”) of the
Company’s Common Stock pursuant to the Securities Act of 1933, as amended (the
“Securities Act”).

	5.	 	The Optionee shall comply with and be bound by all the terms and conditions contained in
this Agreement.
	 
	6.	 	Options granted hereby shall not be transferable except by will or the laws of descent and
distribution. During the lifetime of the Optionee, the Option may be exercised only by the
Optionee, the guardian or legal representative of the Optionee.
	 
	7	 	The obligation of the Company to sell and deliver any stock under this Option is
specifically subject to all applicable laws, rules, regulations, governmental and
stockholder approvals and Company policies.
	 
	8.	 	The Option Shares issued upon exercise of this Option may not be sold, assigned, mortgaged,
pledged, hypothecated, or otherwise transferred or disposed of to any third party, until and
unless the Company completes an IPO. In the event the Company completes an IPO, the Option
Shares may be sold thereafter, subject to applicable legal and timing restrictions. If the
Optionee’s employment with the Company is terminated prior to an IPO, the Optionee’s Option
Shares are subject to repurchase by the Company under the terms and conditions described in
paragraph 4 of this Agreement.
	 
	9.	 	In addition to the restrictions on transfer imposed by the Company as described in
paragraph 8 above, the Option Shares issued upon exercise of this Option are “restricted
securities,” as such term is defined in Rule 144 under the Securities Act. Any resale of
such Option Shares must comply with the registration requirements of the Securities Act
(and any state securities laws that may be applicable) or an exemption therefrom.

 

 

	10.	 	The certificates for the Option Shares will bear restrictive legends
in substantially the following form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES ACT OF ANY STATE. THE
SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND SUCH STATE LAWS AS MAY BE APPLICABLE, OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

IN ADDITION TO THE FOREGOING, THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND TO CERTAIN REPURCHASE RIGHTS
EXERCISABLE BY THE COMPANY. THESE RESTRICTIONS ON TRANSFER AND REPURCHASE RIGHTS
ARE SET FORTH IN THE STOCK OPTION AGREEMENT BETWEEN THE COMPANY AND THE HOLDER OF
THE SECURITIES, AND REFERENCE TO SUCH AGREEMENT SHOULD BE MADE FOR A FULL
DESCRIPTION OF SUCH TRANSFER RESTRICTIONS AND REPURCHASE RIGHTS.

	11.	 	By signing this Agreement, the Optionee agrees not to sell any Option Shares at a time when
any law, regulation or Company policy prohibits a sale.
	 
	12.	 	This Agreement does not give the Optionee the right to be retained by the Company or any
of its subsidiaries in any capacity. The Company reserves the right to terminate the
Optionee’s service at any time, with or without cause.
	 
	13.	 	The Optionee or the Optionee’s estate, beneficiaries or heirs have no rights as a
stockholder of the Company until a certificate for the Option Shares has been issued. No
adjustments are made for dividends or other rights if the applicable record date occurs
before the Optionee’s stock certificate is issued.
	 
	14.	 	Any notice by the Optionee to the Company hereunder shall be in writing and shall be deemed
duly given only upon receipt thereof by the Company at its principal offices. Any notice by
the Company to the Optionee shall be in writing and shall be deemed duly given if mailed to
the Optionee at the address last specified to the Company by the Optionee.

 

 

	15.	 	The validity and construction of this Agreement shall be governed by the laws of the
State of Delaware.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized
representative and the Optionee has hereunto set his hand as of the Option Grant Date.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	BSL HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Donald F. McAleenan	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:

Title:
	 	Donald F. McAleenan,

Senior Vice President,

General Counsel and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Gifford Shaw	 	 
	 	 	 	 	 
	 	 	Gifford Shaw

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]