Document:

Exhibit 4.02

 

	
  CUSIP
  NO. 52523J420

  	
   

  	
   

  
	
  ISIN NO. US52523J4206

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  REGISTERED

  	
   

  	
  PRINCIPAL AMOUNT:
  $5,119,000

  
	
  No. R-1

  	
   

  	
   

  

 

 

LEHMAN BROTHERS HOLDINGS INC.

 

MEDIUM-TERM NOTE, SERIES I

 

NOTES LINKED TO AN ASIAN CURRENCY BASKET
 DUE MARCH 8, 2010

 

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY OR A NOMINEE OF THE DEPOSITORY. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE
COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

 

UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM (A “CERTIFICATED NOTE”), THIS GLOBAL SECURITY MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY
OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

 

 

2

 

LEHMAN BROTHERS HOLDINGS INC., a corporation duly
organized and existing under the laws of the State of Delaware (herein called
the “Company,” which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received, hereby
promises to pay to CEDE & Co., or registered assigns, on the Maturity
Date, an amount equal to
the Redemption Amount.

 

The “Maturity Date” is March 8,
2010, or if such day is not a Business Day, on the next following Business Day.

 

The “Valuation Date” is March 3,
2010; provided that, upon the occurrence of a Disruption Event with respect to
a Basket Currency, the Valuation Date for the affected Basket Currency may be
postponed (as described in “Disruption Events” below).

 

The “Redemption Amount” is the
amount equal to the sum of the principal amount of the Notes, plus $10, plus
the Additional Amount, if any.

 

The “Additional Amount” is an
amount per Note equal to the greater of (a) zero and (b) $10
multiplied by the product of the Basket Return times the Participation Rate.

 

The “Participation Rate” is
120%.

 

The “Basket Currencies” are the
Indonesian Rupiah (IDR), Indian Rupee (INR), South Korean Won (KRW) and
Malaysian Ringgit (MYR).

 

The “Basket Return”
is a quotient, the numerator of which is the difference of the Basket Ending Level
minus the Basket Starting Level and the denominator of which is the Basket
Starting Level.

 

The “Basket
Starting Level” is set equal to 100 on the Trade Date.

 

The “Basket Ending
Level” is the Basket closing level on the Valuation Date, equal to the product
of 100 times the sum of 1 plus the sum of the Weighted Currency Returns.

 

The “Weighted
Currency Return” for each Basket Currency is the product of the Currency Return
for such Basket Currency times the Basket Currency Weighting for such Basket
Currency.

 

The “Currency
Return” for each Basket Currency is a quotient, the numerator of which is the
difference of the Initial Spot Rate for such Basket Currency minus the Final
Spot Rate for such Basket Currency and the denominator of which is the Final
Spot Rate for such Basket Currency.

 

The “Final Spot
Rate” for each Basket Currency is the Reference Exchange Rate for that Basket
Currency on the Valuation Date, determined by the Calculation Agent in
accordance with the Spot Rate Source (subject to the occurrence of a Disruption
Event).

 

The “Weighting”
for each Basket Currency is 25%.

 

The “Initial Spot
Rate” for each Basket Currency is as follows:

 

 

3

 

	
  Basket

  Currency

  	
  Initial Spot

  Rate

  
	
  EUR/IDR

  	
  13821

  
	
  EUR/INR

  	
  61.187

  
	
  EUR/KRW

  	
  1441.6

  
	
  EUR/MYR

  	
  4.8453

  

 

 

The “Reference
Exchange Rates” are, for each Basket Currency, the spot exchange rates for that
Basket Currency quoted against the Euro, expressed as the number of units of
the Basket Currency per one EUR.

 

The “Issue
Date” is March 7, 2008.

 

If a
Disruption Event relating to one or more of the Basket Currencies is in effect
on the scheduled Valuation Date, the Calculation Agent will determine the
Basket Return using:

 

·                                          for each Basket Currency
that did  not suffer a Disruption Event on the scheduled
Valuation Date, the Final Spot Rate on the scheduled Valuation Date, and

 

·                                          for each Basket Currency
that did suffer a Disruption Event
on the scheduled Valuation Date, the Final Spot Rate on the immediately
succeeding scheduled Valuation Business Day for such Basket Currency on which
no Disruption Event occurs or is continuing with respect to such Basket
Currency;

 

provided, however, that if a
Disruption Event has occurred or is continuing with respect to a Basket
Currency on each of the three scheduled Valuation Business Days following the
scheduled Valuation Date, then (a) such third scheduled Valuation Business
Day shall be deemed the Valuation Date for the affected Basket Currency; and (b) the
Calculation Agent will determine the Final Spot Rate for the affected Basket
Currency on such day in accordance with Fallback Rate Observation Methodology.

 

For
purposes of the above, “scheduled Valuation Business Day” means a day that is
or, in the judgment of the Calculation Agent, should have been, a Valuation
Business Day for the affected Basket Currency.

 

A “Disruption
Event” means any of the
following events with respect to a Basket Currency, as determined in good faith
by the Calculation Agent:

 

(A)                              the occurrence and/or existence of an event on any day that has the
effect of preventing or making impossible (x) the delivery of EUR from
accounts inside the Basket Currency Jurisdiction for that Basket Currency to
accounts outside that Basket Currency Jurisdiction; or (y) the conversion
of the Basket Currency into EUR through customary legal channels;

 

 

4

 

(B)                                the occurrence of any
event causing the Reference Exchange Rate for the Basket Currency to be split
into dual or multiple currency exchange rates; or

 

(C)                                the Final Spot Rate being unavailable for the Basket
Currency, or the occurrence of an event (i) in the Basket Currency
Jurisdiction for that Basket Currency that materially disrupts the market for
the Basket Currency or (ii) that generally makes it impossible to obtain
the Final Spot Rate for the Basket Currency, on the Valuation Date.

 

A “Valuation Business Day” means,
with respect to each Basket Currency, any day, other than a Saturday or Sunday,
that is neither a legal holiday nor a day on which commercial banks are
authorized or required by law, regulation or executive order to close
(including for dealings in foreign exchange in accordance with the practice of
the foreign exchange market) in the city or jurisdiction indicated in the table
below:

 

	
  Basket Currency

   

  	
  Screen Reference

   

  	
  Valuation Business Day

   

  
	
  IDR

  	
  ECB37

  	
  Jakarta

  
	
  INR

  	
  RBIB

  	
  Mumbai

  
	
  KRW

  	
  ECB37

  	
  Seoul

  
	
  MYR

  	
  ECB37

  	
  Kaula
  Lumpur

  

 

 

The “Spot Rate Source” for the IDR
is the
Indonesian Rupiah/Euro reference rate, expressed as the amount of Indonesian
Rupiah per one Euro, which appears on Reuters page ECB37 to the right of
the caption “IDR” at approximately 2:15 p.m., Central European time, on
the Valuation Date.  The Spot Rate Source
for the INR is the Indian Rupee/Euro reference rate, expressed as the amount of
Indian Rupee per one Euro, for settlement in two Business Days reported by the
Reserve Bank of India which appears on Reuters page RBIB at approximately
2:30 p.m., Mumbai time, or as soon thereafter as practicable, on the
Valuation Date.  The Spot Rate Source for
the South Korean Won/Euro reference rate, expressed as the amount of South
Korean Won per one Euro, which appears on the Reuters page ECB37 to the
right of the caption “KRW” at approximately 2.15 p.m., Central European
time, on the Valuation Date.  The Spot
Rate Source for the MYR is the Malaysian Ringgit/Euro reference rate, expressed
as the amount of Malaysian Ringgit per one Euro, which appears on the Reuters page ECB37
to the right of the caption “MYR” at approximately 2:15 p.m., Central
European time, on the Valuation Date.

 

The screen or time of observation
indicated in relation to any Final Spot Rate above shall be deemed to refer to
such screen or time of observation as modified or amended from time to time, or
to any substitute screen thereto.

 

The “Fallback
Rate Observation Methodology” means
that the Reference Exchange Rate, Final Spot Rate or other rate, as specified
in the applicable pricing supplement, in respect of a basket currency will
equal the noon buying rate in New York for cable transfers in foreign
currencies as announced by the Federal Reserve Bank of New York for customs
purposes (the “Noon Buying Rate”) on the relevant Valuation Date or such other
date specified in the applicable pricing supplement. If the Noon Buying Rate is
not announced on that date, the Reference Exchange Rate, Final Spot Rate or
other rate for such Basket Currency will be 

 

 

5

 

calculated on the basis of the
arithmetic mean of the applicable spot quotations received by the Calculation
Agent at approximately 10:00 a.m., New York City time, on the Valuation
Business Day next succeeding the Valuation Date or such other date specified in
the applicable pricing supplement, for the purchase or sale for deposits in the
basket currency by the New York offices of three leading banks engaged in the
interbank market (selected in the sole discretion of the Calculation Agent)
(the “Reference Banks”). If fewer than three Reference Banks provide spot
quotations, then the Reference Exchange Rate, Final Spot Rate or other rate, as
applicable, will be calculated on the basis of the arithmetic mean of the
applicable spot quotations received by the Calculation Agent at approximately
10:00 a.m., New York City time, on the relevant date from two Reference
Banks (selected in the sole discretion of the Calculation Agent), for the
purchase or sale for deposits in the Basket Currency. If these spot quotations
are available from only one Reference Bank, then the Calculation Agent, in its
sole discretion, will determine whether that quotation is reasonable to be
used. If no spot quotation is available, then the Reference Exchange Rate,
Final Spot Rate or other rate, as applicable, for such Basket Currency will be
determined by the Calculation Agent in good faith and in a commercially
reasonable manner.

 

A “Business Day”, notwithstanding any
provision in the Indenture, is any day that is not is not a Saturday or Sunday
and that is not a day on which banking institutions in New York City generally
are authorized or obligated by law or executive order to be closed.

 

The “Calculation Agent” means Lehman Brothers
Inc.

 

Except as provided below, the Redemption Amount may, at the option of
the Company, be made by check mailed to the person entitled thereto at such
person’s address as it appears on the registry books of the Company.

 

Payment of the Redemption Amount will be made in immediately available
funds in accordance with the normal procedures of the Trustee (or any duly
appointed Paying Agent).

 

The Company will pay any administrative costs imposed by banks
in making payments in immediately available funds, but any tax, assessment or
governmental charge imposed upon payments hereunder, including, without limitation,
any withholding tax, will be borne by the Holder hereof.

 

References herein
to “U.S. dollars” or “U.S.$” or “$” or “USD” are to the coin or currency of the
United States as at the time of payment is legal tender for the payment of
public and private debts.

 

REFERENCE IS
HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE
HEREOF.  SUCH FURTHER PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

 

This Note shall
not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Trustee under the
Indenture.

 

 

6

 

IN WITNESS
WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be signed
by its Chairman of the Board, its President, its Vice Chairman, its Chief
Financial Officer, one of its Vice Presidents or its Treasurer, by manual or
facsimile signature under its corporate seal, attested by its Secretary or one
of its Assistant Secretaries by manual or facsimile signature.

 

	
  Dated:  March 7, 2008

  	
   

  
	
   

  	
   

  
	
  [SEAL]

  	
  LEHMAN BROTHERS
  HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Andrew Yeung

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Cindy Buckholz

  
	
   

  	
   

  	
  Title:

  	
  Assistant Secretary

  
					

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the
Securities of the series designated herein referred to in the within-mentioned
Indenture.

 

	
  CITIBANK, N.A.

  	
   

  
	
  as
  Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer

  	
   

  
				

 

 

[REVERSE
OF NOTE]

 

 

LEHMAN BROTHERS
HOLDINGS INC.

MEDIUM-TERM NOTES,
SERIES I

NOTES LINKED TO AN ASIAN CURRENCY BASKET
 DUE MARCH 8, 2010

 

 

Section 1.  General.  This Note is one of a duly authorized series
of Notes of the Company designated as the Medium-Term Notes, Series I,
Notes Linked to an Asian Currency Basket (herein called the “Notes”).  The
Notes are one of an indefinite number of series of debt securities of the
Company (collectively, the “Securities”) issued or issuable under and pursuant
to an indenture dated as of September 1, 1987, as amended and supplemented
(the “Indenture”), duly executed and delivered by the Company and Citibank,
N.A., as Trustee (herein called the “Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder of
the Trustee, the Company and the holders of the Securities.  The separate series of Securities may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different
redemption provisions or repurchase rights (if any), may be subject to
different sinking, purchase or analogous funds (if any), may be subject to
different covenants and Events of Default and may otherwise vary as in the
Indenture provided.

 

Section 2.  Principal Amount for Indenture Purposes.  For the purpose of determining whether
Holders of the requisite amount of Notes of this series outstanding under the
Indenture have made a demand, given a notice or waiver or taken any other
action, the principal amount of this Note will be deemed to be the principal
amount of this Note then outstanding.

 

Section 3.  Modification and Waivers.  The Indenture contains provisions permitting
the Company and the Trustee, with the consent of the Holders of not less than
66-2/3% in aggregate principal amount of each series of the Securities at the
time Outstanding to be affected, evidenced as in the Indenture provided, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the holders of
the Securities of all such series; provided, however, that no such supplemental
indenture shall, among other things, (i) change the fixed maturity of any
Security, or reduce the Additional Amount or the principal amount thereof, or
reduce the rate or extend the time of payment of interest thereon or reduce any
premium or other amount payable on redemption, or make the Additional Amount or
the principal amount thereof, premium or other amount payable, if any, or
interest thereon payable in any coin or currency other than that herein above
provided, without the consent of the Holder of each Security so affected, or (ii) change
the place of payment on any Security, or impair the right to institute suit for
payment on any Security, or reduce the aforesaid percentage of Securities, the
holders of which are required to consent to any such supplemental indenture,
without the consent of the holders of each Security so affected.  It is also provided in the Indenture that,
prior to any declaration accelerating the maturity of any series of Securities,
the holders of a majority in aggregate principal amount of the Securities of
such series

 

 

Outstanding may on behalf
of the holders of all the Securities of such series waive any past default or
Event of Default under the Indenture with respect to such series and its consequences,
except a default in the payment of interest, if any, on the Additional Amount
or the principal amount, or premium, if any, on any of the Securities of such
series, or in the payment of any sinking fund installment or analogous
obligation with respect to Securities of such series.  Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future
holders and owners of this Note and any Notes of this series which may be
issued in exchange or substitution herefor, irrespective of whether or not any
notation thereof is made upon this Note or such other Notes of this series.

 

Section 4.  Obligations Unconditional.  No reference herein to the Indenture and no
provisions of this Note or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
Additional Amount or the principal amount on this Note at the place, at the
respective times, at the rate, and in the coin or currency herein prescribed.

 

Section 5.  Defeasance.  The Indenture contains provisions for the
discharge of the Indenture and defeasance at any time of the indebtedness on
this Note upon compliance by the Company with certain conditions set forth
therein, which provisions apply to this Note.

 

Section 6.  Authorized Form and Denominations.  The Notes of this series are issuable in
registered form, without coupons.  Each
Note will be issued initially as either a Global Security or a Certificated
Note, at the option of the Company, in denominations of $10 or whole multiples
of $10, either at the office or agency to be designated and maintained by the
Company for such purpose in the Borough of Manhattan, New York City, pursuant
to the provisions of the Indenture or at any of such other offices or agencies
as may be designated and maintained by the Company for such purpose pursuant to
the provisions of the Indenture, and in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service
charge, except for any tax or other governmental charges imposed in connection
therewith.  Notes of this series are
exchangeable for a like aggregate principal amount of Notes of this series of a
different authorized denomination, except that Global Securities will not be
exchangeable for Certificated Notes of this series.

 

Section 7.  Registration of Transfer.  As provided in the Indenture and subject to
certain limitations as therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for
registration of transfer, at the Corporate Trust Office or agency in a Place of
Payment for this Note, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar
requiring such written instrument of transfer duly executed by, the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more
new Notes of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

 

If at any time the
Depository notifies the Company that it is unwilling or unable to continue as
Depository or if at any time the Depository shall no longer be eligible under
the Indenture, the Company shall appoint a successor Depository.  If a successor Depository for the Notes of
this series is not appointed by the Company within 90 days after the Company
receives

 

 

such notice or becomes
aware of such ineligibility, the Company will issue, and the Trustee will
authenticate and deliver, Notes of this series in definitive form in an
aggregate principal amount equal to the principal amount of this Note.

 

No service charge
shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith.

 

Prior to due
presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the person in whose name
this Note is registered as the owner hereof for all purposes, and neither the
Company nor the Trustee nor any agent of the Company or of the Trustee shall be
affected by any notice to the contrary.

 

Section 8.  Events of Default.  If an Event of Default with respect to Notes
of this series shall occur and be continuing, the amount that may be declared
due and payable upon any acceleration of the notes will be determined by the
Calculation Agent for the period from and including the Issue Date to but
excluding the date of early repayment and will equal, for each note, the
Redemption Amount, calculated as the date of early repayment were the Maturity
Date. If a bankruptcy proceeding is commenced in respect of Lehman Brothers
Holdings, the claim of the beneficial owner of a note for the period from and
including the Issue Date to but excluding the date of early repayment will be
capped at the Redemption Amount, calculated as though the date of the commencement
of the proceeding were the Maturity Date.

 

Section 9.  No Recourse Against Certain Persons.  No recourse for the payment of the Additional
Amount or for any claim based hereon or otherwise in respect hereof, and no
recourse under or upon any obligation, covenant or agreement of the Company in
the Indenture or any Indenture supplemental thereto or in any Note, or because
of the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, officer or director, as such, past, present or
future, of the Company or of any successor corporation, either directly or
through the Company or any successor corporation, whether by virtue of any
constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

 

Section 10.  Defined
Terms.  All terms used but not
defined in this Note are used herein as defined in the Indenture.

 

Section 11.  GOVERNING LAW.  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.Exhibit 10.1

 

DEFERRED STOCK AWARD AGREEMENT

UNDER THE OPTIUM CORPORATION

2006 STOCK OPTION AND INCENTIVE PLAN

 

Name
of Grantee:  Eitan Gertel

No. of Restricted Stock Units Granted: 
41,633

Grant
Date:  11-Mar-2008

 

Pursuant to the Optium Corporation 2006 Stock Option and Incentive Plan
(the “Plan”) as amended through the date hereof, Optium Corporation (the “Company”)
hereby grants a Deferred Stock Award (an “Award”) consisting of the number of
phantom stock units listed as “Restricted Stock Units” above (the “Restricted
Stock Units”) to the Grantee named above. 
Each Restricted Stock Unit shall relate to one share of Common Stock,
par value $.01 per share (the “Stock”) of the Company specified above, subject
to the restrictions and conditions set forth herein and in the Plan.

 

1.      Restrictions on Transfer of Award. 
The Award shall not be sold, assigned, transferred, pledged or otherwise
encumbered or disposed of by the Grantee, until (i) the Restricted Stock
Units have vested as provided in Section 2 of this Award Agreement, and (ii) shares
have been issued pursuant to Section 4 of this Award Agreement.

 

2.      Vesting of Restricted Stock Units. 
The Restricted Stock Units shall vest in accordance with the schedule
set forth below, provided in each case that the Grantee is then, and since the
Grant Date has continuously remained, in a service relationship (in the
capacity of an employee, officer, director or consultant) with the Company or
its Subsidiaries.

 

	
  Incremental (Aggregate) Number
  of Restricted Stock Units Vested

  	
   

  	
  Vesting Date

  
	
  25%

  	
   

  	
  May 1, 2008

  
	
  25%

  	
   

  	
  August 1, 2008

  
	
  25%

  	
   

  	
  November 1, 2008

  
	
  25%

  	
   

  	
  February 1, 2009

  

 

In the event of an Acquisition (as defined in the Plan) or upon any
involuntary termination of employment of the Grantee (other than an involuntary
termination for “cause” (as determined by the Company in its absolute
discretion)), any Restricted Stock Units that remain unvested at the time of
such Acquisition shall become fully vested at such time.  The Committee may at any time accelerate the
vesting schedule specified in this Section 2.

 

3.      Forfeiture.  If the
Grantee’s employment with the Company and its Subsidiaries is voluntarily
terminated by the Grantee or involuntarily terminated for “cause” (as
determined by the Company in its absolute discretion) prior to vesting of
Restricted Stock Units granted herein, all Restricted Stock Units shall
immediately and automatically be forfeited and returned to the Company.

 

 

 

 

 

4.      Issuance
of Shares of Stock; Rights as Stockholder.

 

(a)        As soon as practicable
following each vesting date, but in no event later than 30  days
after each such vesting date, the Company shall direct its transfer agent to
issue to the Grantee in book entry form the number of shares of Stock equal to
the number of Restricted Stock Units credited to the Grantee that have vested
pursuant to Section 2 of this Award Agreement on such date in satisfaction
of such Restricted Stock Units.  Such
issuance may be effected by the Company directing its transfer agent to deposit
such shares of Stock into the Grantee’s brokerage account.  The Grantee’s cost basis in any shares of
Stock issued hereunder shall be $0.00.

 

(b)       In each instance above,
the issuance of shares of Stock shall be subject to the payment by the Grantee
by cash or other means acceptable to the Company of any federal, state, local
and other applicable taxes required to be withheld in connection with such
issuance in accordance with Section 7 of this Award Agreement.

 

(c)        The Grantee understands
that (i) the Grantee shall have no rights with respect to the shares of
Stock underlying the Restricted Stock Units, such as voting rights, dividend
rights and dividend equivalent rights, unless and until such shares of Stock
have been issued to the Grantee as specified in Section 4(a) hereof
and (ii) once shares have been delivered by book entry to the Grantee in
respect of the Restricted Stock Units, the Grantee will be free to sell such
shares of Stock, subject to applicable requirements of federal and state
securities laws and Company policy.

 

5.      Incorporation of Plan. 
Notwithstanding anything herein to the contrary, this Award Agreement
shall be subject to and governed by all the terms and conditions of the Plan,
including the powers of the Committee set forth in Section 2(b) of
the Plan.  Capitalized terms in this
Award Agreement shall have the meaning specified in the Plan, unless a
different meaning is specified herein.

 

6.      Transferability of this Award Agreement. 
This Award Agreement is personal to the Grantee, is non-assignable and
is not transferable in any manner, by operation of law or otherwise, other than
by will or the laws of descent and distribution.

 

7.      Tax Withholding. 
This Section 7 applies only to Grantees who are subject to U.S.
Federal tax withholding.  The Grantee shall,
not later than the date (the “Taxation Date”) as of which the receipt of this
Award becomes a taxable event for U.S. Federal income tax purposes (if
applicable to Grantee), pay to the Company or make arrangements satisfactory to
the Committee for payment of any U.S. Federal, state, and local taxes required
by law to be withheld on account of such taxable event.  The Grantee may elect to have the required
minimum tax withholding obligation satisfied, in whole or in part, by (i) authorizing
the Company to withhold from shares of Stock to be issued, or (ii) transferring
to the Company, a number of shares of Stock with an aggregate Fair Market Value
that would satisfy the withholding amount due.  
Unless the Grantee shall have otherwise notified the Company in writing
to it Chief Financial Officer at least 30 days prior to a Taxation Date, the
Grantee shall be deemed to have elected to satisfy such obligation in the
manner set forth in clause (i) of the prior sentence.  Notwithstanding the 

 

 

2

 

 

foregoing,
the Company may require that such obligation be satisfied in cash by the
Grantee upon notice to Grantee at least 30 days prior to the Taxation Date.

 

8.      No Obligation to Continue Service
Relationship.  Neither the Company nor any Subsidiary is
obligated by or as a result of the Plan or this Award Agreement to continue the
Grantee in employment or other service relationship and neither the Plan nor
this Award Agreement shall interfere in any way with the right of the Company
or any Subsidiary to terminate the employment or other service relationship of
the Grantee at any time.

 

9.      Notices.  Notices
hereunder shall be mailed or delivered to the Company at its principal place of
business and shall be mailed or delivered to the Grantee at the address on file
with the Company or, in either case, at such other address as one party may
subsequently furnish to the other party in writing.

 

	
   

  	
  OPTIUM CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  
	
   

  	
   

  
	
   

  	
  /s/
  David Renner

  
	
   

  	
  Name:
  David Renner

  
	
   

  	
  Title:
  CFO

  
	
   

  	
  Address:
  200 Precision Road, Horsham, PA 19044

  
	
   

  	
   

  
	
   

  	
   

  
	
  The foregoing Award Agreement is hereby accepted and
  the terms and conditions thereof hereby agreed to by the undersigned.

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  /s/ Eitan Gertel

  
	
   

  	
  Eitan Gertel

  
	
   

  	
   

  
	
   

  	
  Grantee’s name and address:

  
	
   

  	
   

  
	
   

  	
  Eitan Gertel

  
	
   

  	
  P.O. Box 38

  
	
   

  	
  Gwynedd, PA 19436

  
				

 

 

3

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