Document:

Prepared and filed by St Ives Burrups

EXHIBIT 10.6

Option No. 99-____

FINDWHAT.COM

NON-QUALIFIED STOCK OPTION

AGREEMENT

     AGREEMENT made as of the ___day of __________________, ______ (the “Grant Date”) by and between FINDWHAT.COM, INC., a Delaware corporation, having its office and principal place of business located at 5220 Summerlin Commons Blvd., Fort Myers, FL 33907 (the “Corporation”) and __________________ (the “Holder”).

W I T N E S S E T H:

     WHEREAS, on the Grant Date, the Corporation authorized the grant to the Holder of an option to purchase an aggregate of _______ shares of the authorized but unissued Common Stock of the Corporation, $.001 par value (the “Stock”), pursuant to the Corporation’s 1999 Stock Non-Qualified (the “Plan”), conditioned upon the Holder’s acceptance thereof upon the terms and conditions set forth in this Agreement; and

     WHEREAS, the Holder desires to acquire said option on the terms and conditions set forth in this Agreement;

     NOW, THEREFORE, in consideration of the foregoing and of the terms and conditions herein contained and for other good and valuable consideration, the parties hereto agree as follows:

		
A.	
The Corporation hereby grants to the Holder the right and option (hereinafter called the “Option”), to purchase all or any part of an aggregate _______ shares of Stock on the terms and conditions herein set forth and in the Plan, which is incorporated by reference herein.  The Holder acknowledges receipt of a copy of the Plan.
	 	 	 

		
B.	
The Holder is an employee of the Company and this Option shall be deemed to be a non-qualified stock option.
		 	 

		
C.	
The purchase price (“Purchase Price”) of each share of Stock subject to this Option shall be $_______ subject to adjustment as provided in section G hereof.
	 	 	 

		
D.	
This Option may be exercised, from time to time, in full or in part, by the Holder to the extent it is vested (as specified below) and shall remain exercisable (subject to the provisions herein) until it has been exercised as to all of the shares of Stock or the [  ] anniversary of the Grant Date (the “Exercise Period”), whichever occurs first.  Unless terminated in accordance with the Plan, this Option will vest at the rate of 25% per year from the Grant Date, but only if the Holder has remained in the continuous employ of the Corporation from the Grant Date to the date of vesting.  Notwithstanding any terms, conditions or language to the contrary contained in the Plan, in the event the Holder’s employment by the Corporation or any of its
subsidiaries is terminated (for any reason other than death, disability or discharge for cause, as defined in the Plan) any Option granted to the Holder or unexercised portion thereof which was otherwise exercisable on the date of termination of employment shall terminate unless, such Option, to the extent exercisable at termination, is exercised within the earlier of six (6) months after the Holder ceases to be an employee or the date of expiration of the Option.  If the Holder’s employment is terminated for cause, as defined in the Plan, any Option or unexercised portion thereof granted to the Holder shall terminate and be of no further force and effect from the date of discharge. 

	 	 

	 	 	[For Use with Certain Executive Agreements]

	 	 	[This Option may be exercised, from time to time, in full or in part, by the Holder to the extent it is vested (as specified below) and shall remain exercisable (subject to the provisions herein) until it has been exercised as to all of the shares of Stock or the [  ] anniversary of the Grant Date (the “Exercise Period”), whichever occurs first.  Unless terminated in accordance with the Plan, this Option will vest in accordance with the following schedule, but only if the Holder has remained in the continuous employ of the Corporation from the Grant Date to the date of vesting: 

                         Date                                                       Options Exercisable

	 	 	Notwithstanding the forgoing or any terms, conditions or language to the contrary contained in the Plan: 

			 	 
			
1.	
in the event the Holder’s employment by the Corporation or any of its subsidiaries is terminated (1) by the Corporation without Cause (as defined in Executive’s [Amended and Restated] Employment Agreement with the Corporation as of ___________ (the “Employment Agreement”)) or by Executive for Good Reason (as defined in the Employment Agreement), or (2) there is a Change in Control of the Company (as defined in the Employment Agreement), any unvested Option granted to the Holder or unexercised portion thereof shall immediately fully vest and remain exercisable until the tenth anniversary of the Grant Date;

-2-

			
2.	
in the event the Holder’s employment by the Corporation or any of its subsidiaries is terminated for any reason (other than the events set forth in paragraph D(1), death or disability, as defined in the Plan, or discharge by the Corporation for Cause, as defined in the Employment Agreement), any Option granted to the Holder or unexercised portion thereof which was otherwise exercisable on the Termination Date (as defined in the Employment Agreement) shall terminate unless such Option, to the extent exercisable at termination, is exercised within the earlier of six (6) months after the Termination Date and the date of expiration of the Exercise Period; and
	 	 	 	 

			
3.	
if the Holder’s employment is terminated for Cause, as defined in the Employment Agreement, any Option or unexercised portion thereof granted to the Holder shall terminate and be of no further force and effect from the date of discharge.] 
	 	 	 	 

		
E.	
The Purchase Price of the shares of Stock as to which the Option is exercised shall be paid in full at the time of exercise by cash or check payable to the order of the Corporation.  The Holder shall not have any of the rights of a stockholder with respect to the Stock covered by the Option until the date of the issuance of a stock certificate to Holder for such shares of Stock.
	 	 	 

		
F.	
 
	 	 	 

		
 	
1.	
Except as provided in paragraph F(2), this Option and the rights and privileges conferred hereby may not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process.  Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this Option or any right or privilege conferred hereby, contrary to the provisions hereof, or upon the levy of any attachment or similar process on the rights and privileges conferred hereby, this Option and the rights and privileges conferred hereby shall immediately become null and void.

			 	 
			
2.	
Upon the death of the Holder, any Option granted to him or the unexercised portion thereof, which was otherwise exercisable on his date of death, shall terminate unless such Option to the extent exercisable at death is exercised by the executor or administrator of his estate, within the earlier of six (6) months following the Holder’s death or the date of the expiration of the Option.
	 	 	 	 

-3-

			
3.	
The Board of Directors of the Corporation or the Corporation’s Stock Non-Qualified Committee (the “Committee”), as the case may be, may require, as a condition to the sale of Stock or the exercise of any Option, that the person exercising such Option give to the Corporation such documents including such appropriate investment representations as may be required by counsel for the Corporation and such additional agreements and documents as the Board of Directors or the Committee, as the case may be, shall determine to be in the best interests of the Corporation.
	 	 	 	 

		
G.	
 
	 	 	 

		
 	 1.	
If the outstanding shares of Stock of the Corporation are increased, decreased, changed into or exchanged for a different number or kind of stock or securities of the Corporation or stock of a different par value or without par value, through reorganization, recapitalization, reclassification, stock dividend, stock split, forward or reverse stock split or otherwise, an appropriate and proportionate adjustment shall be made in the maximum number and/or kind of securities allocated to this Option, without change in the aggregate purchase price applicable to the unexercised portion of the outstanding Options, but with a corresponding adjustment in the price for each share of Stock or other unit of any security covered by this Option.

			 	 
			
2.	
Adjustments under this section G or any other adjustment in the terms of this Agreement made in accordance with the terms of the Plan as a result of a merger, consolidation, sale of substantially all of the Corporation’s assets or similar transaction affecting the Corporation as specified in section 3 of the Plan, shall be made by the Board of Directors, whose determination as to what adjustments shall be made, and the extent thereof, shall be final binding and conclusive.  No fractional shares of Stock shall be issued under the Plan or any such adjustment.
	 	 	 	 

		
H.	
Subject to the terms and conditions of this Agreement, the Option may be exercised with respect to all or any portion of the Stock subject hereto by the delivery to the Corporation, at its principal place of business of (a) the written Notice of Exercise in the form attached hereto as Exhibit A, which is incorporated herein by reference, specifying the number of shares of Stock with respect to which the Option is being exercised and signed by the person exercising the Option as provided herein, (b) payment of the Purchase Price and (c) payment of any withholding tax that the Corporation may be required to withhold as a result of exercises of the Option by the Holder.  Subject to the provisions of the Plan, the Corporation shall issue and deliver a certificate or
certificates representing said Stock as soon as practicable after the notice and payment is so received.  The certificate or certificates for the Stock as to which the Option shall have been so exercised shall be registered in the name of the person or persons so exercising the Option, and shall be delivered as aforesaid to or upon written order of the person or persons exercising the Option.  In the event the Option is being exercised pursuant to the Plan by any person or persons other than the Holder, the notice shall be accompanied by appropriate proof of the right of such person or persons to exercise the Option.
	 	 	 

-4-

		
I.	
Except as otherwise provided herein, in the event of a conflict between the provisions of the Plan and the provisions of this Agreement, the Plan shall in all respects be controlling.
	 	 	 

		
J.	
All offers, acceptances, notices, requests, deliveries, payments, demands and other communications which are required or permitted to be given under this Agreement shall be in writing and shall be either delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to the parties at their respective addresses set forth herein, or to such other address as either shall have specified by notice in writing to the other.  Same shall be deemed given hereunder when so delivered or received, as the case may be.
	 	 	 

		
K.	
Neither any failure nor any delay by any party in exercising any right, power or privilege under this Agreement or any of the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege.  To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement or any of the documents referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in a written document signed by the other party, (b) no waiver
that may be given by a party will be applicable except in the specific instance for which it is given, and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of that party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.
	 	 	 

		
L.	
This Agreement constitutes the entire Agreement between the parties with respect to the subject matter hereof.
	 	 	 

		
M.	
This Agreement shall inure to the benefit of and be binding upon the parties hereto and to the extent not prohibited herein, their respective heirs, successors and assigns and representatives.  Nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto and as provided above, their respective heirs, successors, assigns and representatives any rights, remedies, obligations or liabilities.
	 	 	 

-5-

		
N.	
This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

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

	 	FINDWHAT.COM,
    INC. 
	 	 
	 	 
	 	By:__________________________
	 	     Name:
	 	     Title:
	 	 
	 	 
	 	HOLDER: _____________________________
	 	 

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EXHIBIT A

NOTICE OF EXERCISE OF

FINDWHAT.COM NON-QUALIFIED STOCK OPTION

TO PURCHASE COMMON STOCK OF

FINDWHAT.COM

Name __________________________

Address _______________________

_______________________________

Date __________________________

FindWhat.com

5220 Summerlin Commons Blvd.

Fort Myers, FL 33907

Attention:  President

Re:      Exercise of FindWhat.com Stock Option                         

Gentlemen:

          Subject to acceptance hereof in writing by FindWhat.com, Inc. (the “Company”) pursuant to the provisions of the FindWhat.com 1999 Stock Option Plan, I hereby elect to exercise options granted to me to purchase ________ shares of $.001 par value common stock of the Company (the “Common Stock”) under the FindWhat.com Non-Qualified Stock Option Agreement dated as of __________________,  __________ (the “Agreement”), at $_________ per share (subject to adjustment as provided in the Agreement).

          Enclosed is a check in the amount of $_________, representing the full purchase price, payable to the order of FindWhat.com. If applicable, I have also enclosed a check payable to FindWhat.com representing payment of applicable withholding taxes. 

          As soon as the Stock Certificate is registered in my name, please deliver it to me at the above address.

          Unless the issuance of the shares of Common Stock being purchased by me pursuant to the Agreement are subject to an effective registration statement under the Securities Act of 1933 (the “Act”), I hereby represent, warrant, covenant and agree with the Company as follows:

	 	     The shares of the Common Stock being acquired by me will be acquired for my own account for investment and without the intent of participating, directly or indirectly, in a distribution of the Common Stock and not with a view to, or for resale in connection with, any distribution of the Common Stock, nor am I aware of the existence of any distribution of the Common Stock;

	 	 
	 	     I am not acquiring the Common Stock based upon any representation, oral or written, by any person with respect to the future value of, or income from, the Common Stock but rather upon an independent examination and judgment as to the prospects of the Company;

	 	 
	 	     The Common Stock was not offered to me by means of publicly disseminated advertisements or sales literature, nor am I aware of any offers made to other persons by such means;

	 	 
	 	     I am able to bear the economic risks of the investment in the Common Stock, including the risk of a complete loss of my investment therein;

	 	 
	 	     I have and have had complete access to and the opportunity to review and make copies of all material documents related to the business of the Company.  I have examined such of these documents as I wished and am familiar with the business and affairs of the Company.  I realize that the purchase of the Common Stock is a speculative investment, that any possible profit therefrom is uncertain and that I may lose my entire investment;

	 	 
	 	     I have had the opportunity to ask questions of and receive answers from the Company and any person acting on its behalf and to obtain all material information reasonably available with respect to the Company and its affairs.  I have received all information and data with respect to the Company which I have requested and which I have deemed relevant in connection with the evaluation of the merits and risks of my investment in the Company;

	 	 
	 	     I have such knowledge and experience in financial and business matters that I am capable of evaluating the merits and risks of the purchase of the shares of Common Stock hereunder and I am able to bear the economic risks of such purchase; and

	 	 
	 	     The agreements, representations, warranties and covenants made by me herein extend to and apply to all of the Common Stock of the Company issued to me pursuant to the Option of which this exhibit forms a part.  Acceptance by me of the certificate representing such Common Stock shall constitute a confirmation by the undersigned that all such agreements, representations, warranties and covenants made herein by the undersigned shall be true and correct at such time.
	 	 

	 	     I understand that the certificates representing the shares of Common Stock being purchased by me in accordance with this notice shall bear a legend referring to the foregoing covenants, representations and warranties and restrictions on transfer, and I agree that a legend to that effect may be placed on any certificate which may be issued to me as a substitute for the certificates being acquired by me in accordance with this notice.

                                   

	 	Very truly yours,
	 	 
	 	 
	 	_______________________

–––––––––––––––––––––

AGREED TO AND ACCEPTED:

FINDWHAT.COM, INC.

By: _______________________________

Title: ____________________________

Number of Shares

Exercised: ________________________

Number of Shares

Remaining: ________________________       Date: ___________________Prepared and filed by St Ives Burrups

EXHIBIT 10.12

Stock Option No. 04-___

FINDWHAT.COM 
STOCK OPTION AGREEMENT

2004 STOCK INCENTIVE PLAN

     This Stock Option Agreement dated this _____ day of _______________, 20___ (“Award Agreement”), is entered into by and between _______________ (the “Participant”) and FindWhat.com, Inc. (the “Company”), a Delaware corporation.

     WHEREAS, the Company has adopted the 2004 Stock Incentive Plan (the “Plan”) administered by the Compensation Committee of the Company’s Board of Directors (the “Committee”); and

     WHEREAS, pursuant to the Plan, the Company has granted an option to the Participant and the Company and Participant are executing this Award Agreement to evidence the grant of and terms of such option. 

Grant of Option.  The Company hereby grants an option (the “Option”) pursuant to the following terms:

		
1.	
Date of Grant:	

  	
		
2.	
Number of Shares:	
	
		
3.	
Exercise Price:	
	
		
4.	
Expiration Date:	
	
		
5.	
Vesting:  Subject to the provisions of the Plan and the other provisions of this Agreement, this Option shall vest as follows:

	 	 	 

	Period of Employment

  (from Date of Grant)	Vested Percentage
	Less than One Year	    0%
	At Least One Year but Less than Two Years	__%
	At Least Two Years but Less than Three Years	__%
	Etc...-	__%

[OR]

This option shall vest and be fully exercisable as follows[_____________].

		
6.	
Tax Status.  The Option is [NOT] intended to qualify as an Incentive Stock Option pursuant to Section 422 of the Internal Revenue Code of 1986.

Additional Terms.  The Option and this Award Agreement are subject to the terms and provisions of Exhibit A hereto and the Plan, and except where the context clearly indicates otherwise, all capitalized terms used herein and in Exhibit A shall have the same meaning ascribed to them by the Plan.  By executing this Award Agreement, the Participant agrees to be bound by the terms and provisions of this Agreement, Exhibit A, the Plan, by the actions of the Committee, and by the actions of the Board of the Company under the Plan.

     IN WITNESS WHEREOF, THE Company and the Participant have executed this Award Agreement.

	 	COMPANY 	 
	 	 	 	 
	 	By:	 	 
	 	 	
	 
	 	Title:	 	 
	 	 	
	 
	 	 	
	 	PARTICIPANT 	
	 	 	 	 
	 	

  	 
	 	 	 
	 	
	 
	 	Printed Name	 
	 	 	 	 
	 	Date:	
	 

 

Back to Contents

Exhibit A to FindWhat.com

Stock Option Agreement

2004 Stock Incentive Plan

	1.	
THIS OPTION MAY, BUT NEED NOT, BE EXERCISED IN INSTALLMENTS.

	 	 
	2.	
 THIS OPTION MAY BE EXERCISED ONLY TO THE EXTENT VESTED.  

	 	 
	3.	
 IN THE EVENT OF TERMINATION OF EMPLOYMENT OF PARTICIPANT, THE NUMBER OF SHARES WHICH MAY BE PURCHASED PURSUANT TO THIS OPTION SHALL BE DETERMINED IN ACCORDANCE WITH THE TERMS OF THE PLAN. [FOR USE IN EMPLOYEE OPTIONS ONLY]

[FOR INSERTION IN CERTAIN EXECUTIVE’S OPTIONS (EMPLOYMENT AGREEMENT DRIVEN) – NOTWITHSTANDING THE FOREGOING, IN THE EVENT THE PARTICIPANT’S EMPLOYMENT BY THE COMPANY OR ANY OF ITS SUBSIDIARIES IS TERMINATED (1) BY THE COMPANY WITHOUT CAUSE (AS DEFINED IN PARTICIPANT’S EMPLOYMENT AGREEMENT WITH THE CORPORATION IN EFFECT AS OF DATE OF GRANT (THE “EMPLOYMENT AGREEMENT”)) OR BY PARTICIPANT FOR GOOD REASON (AS DEFINED IN THE EMPLOYMENT AGREEMENT), OR (2) THERE IS A CHANGE IN CONTROL OF THE COMPANY (AS DEFINED IN THE EMPLOYMENT AGREEMENT), ANY UNVESTED OPTION GRANTED TO THE PARTICIPANT OR UNEXERCISED PORTION THEREOF SHALL IMMEDIATELY FULLY VEST AND REMAIN EXERCISABLE UNTIL THE EXPIRATION DATE SET FORTH IN THE
AWARD AGREEMENT; AND IF THE PARTICIPANT’S EMPLOYMENT IS TERMINATED FOR CAUSE, AS DEFINED IN THE EMPLOYMENT AGREEMENT, ANY OPTION OR UNEXERCISED PORTION THEREOF GRANTED TO THE PARTICIPANT SHALL TERMINATE AND BE OF NO FURTHER FORCE AND EFFECT FROM THE DATE OF DISCHARGE.]

	4.	
 NOTWITHSTANDING PARAGRAPH 3 THIS OPTION SHALL IMMEDIATELY TERMINATE IN THE EVENT THE PARTICIPANT ENGAGES, DIRECTLY OR INDIRECTLY, FOR THE BENEFIT OF THE PARTICIPANT OR OTHERS, IN ANY ACTIVITY, EMPLOYMENT OR BUSINESS DURING EMPLOYMENT OR WITHIN TWELVE (12) MONTHS AFTER THE DATE OF TERMINATION OR RETIREMENT WHICH, IN THE SOLE OPINION AND DISCRETION OF THE COMPENSATION COMMITTEE OR ITS DELEGATE, IS COMPETITIVE WITH THE COMPANY OR ANY OF ITS SUBSIDIARIES. [FOR USE IN EMPLOYEE OPTIONS ONLY]

	 	 
	5.	
 NOTWITHSTANDING PARAGRAPH 3, THIS OPTION SHALL IMMEDIATELY TERMINATE, IF IN THE SOLE OPINION AND DISCRETION OF THE COMPENSATION COMMITTEE OR ITS DELEGATE, THE PARTICIPANT (A) ENGAGES IN A MATERIAL BREACH OF THE COMPANY’S CODE OF BUSINESS CONDUCT OR SIMILAR POLICY; (B) COMMITS AN ACT OF FRAUD, EMBEZZLEMENT OR THEFT IN CONNECTION WITH THE PARTICIPANT’S DUTIES OR IN THE COURSE OF EMPLOYMENT; OR (C) WRONGFULLY DISCLOSES SECRET PROCESSES OR CONFIDENTIAL INFORMATION OF THE COMPANY OR ITS SUBSIDIARIES. [FOR USE IN EMPLOYEE OPTIONS ONLY]

	 	 
	6.	
 THIS OPTION MAY NOT UNDER ANY CIRCUMSTANCES BE EXERCISED ON OR AFTER THE TENTH (10) ANNIVERSARY OF THE GRANT DATE.

	 	 
	7.	
 NOTHING HEREIN CONFERS UPON THE PARTICIPANT ANY RIGHT TO CONTINUE IN THE EMPLOY OF THE COMPANY OR OF ANY SUBSIDIARY. [FOR USE IN EMPLOYEE OPTIONS ONLY]

	 	 
	8.	
 THIS OPTION IS NOT TRANSFERABLE OTHERWISE THAN BY WILL OR THE LAWS OF DESCENT AND DISTRIBUTION AND IS EXERCISABLE DURING THE PARTICIPANT’S LIFETIME ONLY BY THE PARTICIPANT.  IT MAY NOT BE ASSIGNED, TRANSFERRED (EXCEPT AS AFORESAID), PLEDGED OR HYPOTHECATED IN ANY WAY, WHETHER BY OPERATION OF LAW OR OTHERWISE, AND SHALL NOT BE SUBJECT TO EXECUTION, ATTACHMENT, OR SIMILAR PROCESS.  ANY ATTEMPT AT ASSIGNMENT, TRANSFER, PLEDGE, HYPOTHECATION, OR OTHER DISPOSITION OF THIS OPTION CONTRARY TO THE PROVISIONS HEREOF AND THE LEVY OF ANY ATTACHMENT OR SIMILAR PROCESS UPON THIS OPTION, SHALL BE NULL AND VOID AND WITHOUT EFFECT.

 

2

Exhibit A to FindWhat.com

Stock Option Agreement

2004 Stock Incentive Plan

	 	 
	9.	
 THE OPTION MAY BE EXERCISED ONLY BY DELIVERING TO THE SECRETARY OR OTHER DESIGNATED EMPLOYEE OR AGENT OF THE COMPANY A WRITTEN, ELECTRONIC, OR TELEPHONIC NOTICE OF EXERCISE, SPECIFYING THE NUMBER OF COMMON SHARES WITH RESPECT TO WHICH THE OPTION IS THEN BEING EXERCISED, AND BY PAYMENT OF A) THE FULL PURCHASE PRICE OF THE SHARES BEING PURCHASED IN ACCORDANCE WITH THE TERMS OF THE PLAN, AND B) ANY STATUTORY FEES OR TAXES REQUIRED TO BE COLLECTED BY THE COMPANY. 

	 	 
	10.	
 THE COMPANY SHALL NOT BE REQUIRED TO ISSUE OR DELIVER ANY SHARES PURCHASED UPON ANY EXERCISE PENDING COMPLIANCE WITH ALL APPLICABLE FEDERAL AND STATE SECURITIES AND OTHER LAWS (INCLUDING ANY REGISTRATION REQUIREMENTS) AND COMPLIANCE WITH THE RULES AND PRACTICES OF ANY STOCK EXCHANGE UPON WHICH THE COMPANY’S COMMON SHARES ARE LISTED.

	 	 
	11.	
 IN THE EVENT THERE IS ANY CHANGE IN THE NUMBER OF ISSUED COMMON SHARES OF THE COMPANY WITHOUT NEW CONSIDERATION TO THE COMPANY (SUCH AS BY STOCK DIVIDENDS OR STOCK SPLIT-UPS), THEN (I) THE NUMBER OF SHARES AT THE TIME UNEXERCISED UNDER THIS OPTION SHALL BE CHANGED IN PROPORTION TO SUCH CHANGE IN ISSUED SHARES; AND (II) THE OPTION PRICE FOR THE UNEXERCISED PORTION OF THE OPTION SHALL BE ADJUSTED SO THAT THE AGGREGATE CONSIDERATION  PAYABLE TO THE COMPANY UPON THE PURCHASE OF ALL SHARES NOT THERETOFORE PURCHASED SHALL NOT BE CHANGED.

	 	 
	 	IF THE OUTSTANDING COMMON SHARES OF THE COMPANY SHALL BE COMBINED, OR BE CHANGED INTO ANOTHER KIND OF STOCK OF THE COMPANY OR INTO SECURITIES OF ANOTHER CORPORATION, WHETHER THROUGH RECAPITALIZATION, REORGANIZATION, SALE, MERGER, CONSOLIDATION, SPIN-OFF, ETC., THE COMPANY SHALL CAUSE ADEQUATE PROVISION TO BE MADE WHEREBY THE PERSON OR PERSONS ENTITLED TO EXERCISE THIS OPTION SHALL THEREAFTER BE ENTITLED TO RECEIVE, UPON DUE EXERCISE OF ANY PORTION OF THE OPTION, THE SECURITIES WHICH THAT PERSON WOULD HAVE BEEN ENTITLED TO RECEIVE FOR COMMON SHARES ACQUIRED THROUGH EXERCISE OF THE SAME PORTION OF SUCH OPTION IMMEDIATELY PRIOR TO THE EFFECTIVE DATE OF SUCH RECAPITALIZATION, REORGANIZATION, SALE, MERGER, CONSOLIDATION,
SPIN-OFF, ETC.  IF APPROPRIATE, DUE ADJUSTMENT SHALL BE MADE IN THE PER SHARE OR PER UNIT PRICE OF THE SECURITIES PURCHASED ON EXERCISE OF THIS OPTION FOLLOWING SAID RECAPITALIZATION, REORGANIZATION, SALE, MERGER, CONSOLIDATION, SPIN-OFF, ETC.

	 	 
	12.	
 NEITHER THIS OPTION, SHARES ISSUED UPON ITS EXERCISE, ANY EXCESS OF MARKET VALUE OVER OPTION PRICE, NOR ANY OTHER RIGHTS, BENEFITS, VALUES OR INTEREST RESULTING FROM THE GRANTING OF THIS OPTION SHALL BE CONSIDERED AS COMPENSATION FOR PURPOSES OF ANY PENSION OR RETIREMENT PLAN, INSURANCE PLAN, INVESTMENT OR STOCK PURCHASE PLAN, OR ANY OTHER EMPLOYEE BENEFIT PLAN OF THE COMPANY OR ANY OF ITS SUBSIDIARIES.

	 	 
	13. 	THE GRANT OF A STOCK OPTION UNDER THE PLAN DOES
    NOT CREATE ANY CONTRACTUAL OR OTHER RIGHT TO RECEIVE ADDITIONAL STOCK OPTION
    GRANTS OR OTHER
  PLAN BENEFITS IN THE FUTURE. NOTHING CONTAINED IN THIS AWARD AGREEMENT IS INTENDED
  TO CREATE OR ENLARGE ANY OTHER CONTRACTUAL OBLIGATIONS BETWEEN THE COMPANY
  OR ANY OF ITS SUBSIDIARIES AND THE PARTICIPANT. FUTURE GRANTS, IF ANY, AND
  THEIR TERMS AND CONDITIONS, WILL BE AT THE SOLE DISCRETION OF THE COMPENSATION
  COMMITTEE. THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE AWARD OF AN OPTION
  PURSUANT TO THIS AWARD AGREEMENT IS NOT AN ELEMENT OF THE PARTICIPANT’S
  COMPENSATION, INCLUDING, BUT NOT LIMITED TO, WITH RESPECT TO THE DETERMINATION
  OF ANY SEVERANCE, REDUNDANCY OR RESIGNATION PAYMENTS OR BENEFITS, AND HAS BEEN
  AWARDED AT THE COMPANY’S SOLE DISCRETION.

 

3

Exhibit A to FindWhat.com

Stock Option Agreement

2004 Stock Incentive Plan

	 	 
	14.	
 THIS AWARD AGREEMENT IS INTENDED TO GRANT THE OPTION
UPON THE TERMS AND CONDITIONS AUTHORIZED BY THE PLAN. EACH AND EVERY PROVISION
OF THIS AWARD AGREEMENT SHALL BE ADMINISTERED, INTERPRETED, AND CONSTRUED SO
THAT THE OPTION SHALL CONFORM TO THE PROVISIONS OF THE PLAN. ANY PROVISIONS OF
THIS AWARD AGREEMENT THAT CANNOT BE SO ADMINISTERED, INTERPRETED, OR CONSTRUED
SHALL BE DISREGARDED. IN THE EVENT THAT ANY PROVISION OF THIS AWARD AGREEMENT
IS HELD INVALID OR UNENFORCEABLE BY A COURT OF COMPETENT JURISDICTION, SUCH PROVISION
SHALL BE CONSIDERED SEPARATE AND APART FROM THE REMAINDER OF THIS AWARD AGREEMENT,
WHICH SHALL REMAIN IN FULL FORCE AND EFFECT. IN THE EVENT THAT ANY PROVISION
IS HELD TO BE UNENFORCEABLE FOR BEING UNDULY BROAD AS WRITTEN, SUCH PROVISION
SHALL BE DEEMED AMENDED TO NARROW ITS APPLICATION TO THE EXTENT NECESSARY TO
MAKE THE PROVISION ENFORCEABLE ACCORDING TO APPLICABLE LAW AND SHALL BE ENFORCED
AS AMENDED.

	 	 
	15.	
 IF ANY RESTRICTIONS SET FORTH IN SECTION 4 OF EXHIBIT
A OF THIS AWARD AGREEMENT ARE FOUND BY ANY COURT OF COMPETENT JURISDICTION TO
BE UNENFORCEABLE BECAUSE IT EXTENDS FOR TOO LONG A PERIOD OF TIME OR OVER TOO
GREAT A RANGE OF ACTIVITIES OR IN TOO BROAD A GEOGRAPHIC AREA, IT SHALL BE INTERPRETED
TO EXTEND ONLY OVER THE MAXIMUM PERIOD OF TIME, RANGE OF ACTIVITIES OR GEOGRAPHIC
AREA AS TO WHICH IT MAY BE ENFORCEABLE. THE INVALIDITY OR UNENFORCEABILITY OF
ANY PROVISION OF THIS AWARD AGREEMENT SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY
OF ANY OTHER PROVISION OF THIS AWARD AGREEMENT.

	 	 
	16. 	THE PARTICIPANT VOLUNTARILY ACKNOWLEDGES
    AND CONSENTS TO THE COLLECTION, USE, PROCESSING AND TRANSFER OF PERSONAL
    DATA AS DESCRIBED IN THIS SECTION. THE PARTICIPANT IS NOT OBLIGED TO CONSENT
    TO SUCH COLLECTION, USE, PROCESSING AND TRANSFER OF PERSONAL DATA. HOWEVER,
    FAILURE TO PROVIDE THE CONSENT MAY AFFECT THE PARTICIPANT’S ABILITY
    TO PARTICIPATE IN THE PLAN. THE COMPANY AND ITS SUBSIDIARIES HOLD CERTAIN
    PERSONAL INFORMATION ABOUT THE PARTICIPANT, INCLUDING THE PARTICIPANT’S
    NAME, HOME ADDRESS AND TELEPHONE NUMBER, DATE OF BIRTH, SOCIAL SECURITY NUMBER
    OR OTHER EMPLOYEE IDENTIFICATION NUMBER, SALARY, NATIONALITY, JOB TITLE,
    ANY SHARES OF STOCK OR DIRECTORSHIPS HELD IN THE COMPANY AND DETAILS OF ALL
    OPTIONS OR ANY OTHER ENTITLEMENT TO SHARES OF STOCK AWARDED, CANCELLED, PURCHASED,
    VESTED, UNVESTED OR OUTSTANDING IN THE PARTICIPANT’S FAVOR, FOR THE
    PURPOSE OF MANAGING AND ADMINISTERING THE PLAN (“DATA”). THE
    COMPANY AND ITS SUBSIDIARIES WILL TRANSFER DATA AMONGST THEMSELVES AS NECESSARY
    FOR THE PURPOSE OF IMPLEMENTATION, ADMINISTRATION AND MANAGEMENT OF THE PARTICIPANT’S
    PARTICIPATION IN THE PLAN, AND THE COMPANY AND ITS SUBSIDIARIES MAY EACH
    FURTHER TRANSFERDATA TO ANY THIRD PARTIES ASSISTING THE COMPANY IN THE IMPLEMENTATION,
    ADMINISTRATION AND MANAGEMENT OF THE PLAN. THESE RECIPIENTS MAY BE LOCATED
    IN THE EUROPEAN ECONOMIC AREA OR ELSEWHERE THROUGHOUT THE WORLD, SUCH AS
    THE UNITED STATES. THE PARTICIPANT AUTHORIZES THEM TO RECEIVE, POSSESS, USE,
    RETAIN AND TRANSFER THE DATA, IN ELECTRONIC OR OTHER FORM, FOR THE PURPOSES
    OF IMPLEMENTING, ADMINISTERING AND MANAGING THE PARTICIPANT’S PARTICIPATION
    IN THE PLAN, INCLUDING ANY REQUISITE TRANSFER OF SUCH DATA AS MAY BE REQUIRED
    FOR THE ADMINISTRATION OF THE PLAN AND THE SUBSEQUENT HOLDING OF SHARES ON
    THE PARTICIPANT’S BEHALF BY A BROKER OR OTHER THIRD PARTY WITH WHOM
    THE PARTICIPANT MAY ELECT TO DEPOSIT ANY SHARES ACQUIRED PURSUANT TO THE
    PLAN. THE PARTICIPANT MAY, AT ANY TIME, REVIEW DATA, REQUIRE ANY NECESSARY
    AMENDMENTS TO IT OR WITHDRAW THE CONSENTS HEREIN IN WRITING BY CONTACTING
    THE COMPANY; HOWEVER, WITHDRAWING CONSENT MAY AFFECT THE PARTICIPANT’S
    ABILITY TO PARTICIPATE IN THE PLAN.

 

4

Exhibit A to FindWhat.com

Stock Option Agreement

2004 Stock Incentive Plan

	17.	
 NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN
OR IN THE PLAN, IF PARTICIPANT IS AN EMPLOYEE OF COMPANY AND THE COMPANY TRANSFERS
THE EMPLOYEE TO A COUNTRY OTHER THAN THE COUNTRY OF EMPLOYMENT ON THE GRANT DATE,
THE VESTING SCHEDULE OF THIS OPTION SHALL BE MODIFIED AND ALL OPTIONS SCEHDULED
TO VEST WITHIN 12 MONTHS OF THE DATE OF THE TRANSFER SHALL IMMEDIATELY VEST AND
BECOME EXERCISABLE IN ACCORDANCE WITH THE OTHER PROVISIONS OF THE PLAN AND THE
REMAINING UNVESTED OPTIONS, IF ANY, SHALL TERMINATE AND NOT BE EXERCISABLE.HOWEVER
IN SUCH CASE, THE PARTICIPANT WILL ONLY HAVE FROM THE TIME OF NOTICE OF TRANSFER
BY THE COMPANY UNTIL THE ACTUAL TRANSFER DATE TO EXERCISE HIS OR HER VESTED OPTIONS.
OTHERWISE, THE VESTED OPTIONS SHALL TERMINATE ON THE DAY PRIOR TO THE PARTICPANT’S
ACTUAL TRANSFER DATE.

	 	 
	18.	
 UPON TERMINATION OF PARTICIPANT’S EMPLOYMENT,
ANY VESTED OPTIONS GRANTED HEREIN SHALL TERMINATE UPON THE EARLIER OF THE APPLICABLE
TIME PERIOD SET FORTH IN THE PLAN OR PARTICIPANT’S CHANGE OF RESIDENCE
TO A COUNTRY OTHER THAN THE COUNTRY OF EMPLOYMENT ON THE GRANT DATE.

5

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