Document:

ex10-1.htm

EXHIBIT 10.1

 

FIRST AMENDMENT TO

OPTIONABLE, INC. 

2004 STOCK OPTION PLAN

The Optionable, Inc 2004 Stock Option Plan is hereby amended, effective March 1, 2011, as follows:

1.   In Section 3, the words “Section 12” shall be deleted in its entirety and replaced by the words “Section 8” in lieu thereof.

2.   In Section 4, the following sentence shall be deleted in its entirety:

For purposes of the Plan, for an entity to be an eligible entity, it must be included in the definition of “employee” for purposes of a Form S-8 Registration Statement filed under the Securities Act of 1933, as amended (the “Act”).

3.  In the last sentence of subsection 6(d), the words “Section 12” shall be deleted in its entirety and replaced by the words “Section 11” in lieu thereof.

4.  In the second sentence of Section 8, the words “Section 13(b)(ii)” shall be deleted in its entirety and replaced by the words “Section 12(b)(ii)” in lieu thereof.

5.   Section 11 shall be deleted in its entirety and replaced in lieu thereof with the following: 

11. TERMINATION OF EMPLOYMENT, DEATH OR DISABILITY.

(a) (i) If the employment of an employee by, or the services of a non-employee Director for, or consultant or advisor to, the Company or a subsidiary corporation of the Company shall be terminated for Cause or (ii) if an employee, non-employee Director, consultant or advisor voluntarily terminates without Good Reason his/her employment or services to the Company or a subsidiary corporation of the Company, then his/her Option shall expire on the effective date of his/her termination of employment or services. For purposes of this subsection 11(a), a non-employee Director, consultant or advisor of the Company or a subsidiary corporation of the Company who becomes an employee or a non-employee Director of the Company, a subsidiary corporation of the Company, or a corporation which has assumed the Option of the Company as a result of a corporate reorganization shall not be considered to have terminated his employment or services. For purposes of this subsection 11(a), the retirement of an individual either pursuant to a pension or retirement plan adopted by the Company or at the retirement age prescribed by the Company shall be deemed to be a termination of such individual’s employment other than voluntarily or for Cause. “Cause” means being convicted or pleading guilty or nolo contendre for illegal conduct (other than any misdemeanor, traffic violation or similar misconduct), or a willful act that constitutes gross misconduct and that is materially injurious to the Company. “Good Reason” means a material reduction in the individual’s compensation and/or benefits, a material diminution in the individual’s job responsibilities or position within the Company, the relocation of the Company’s office or the individual’s principal duties with the Company outside of New York City, or such other terms or conditions as may be expressly set forth in a Stock Option Agreement.   

 

  

  

  

 

(b) If the holder of an Option under the Plan dies (i) while employed by, or while serving as a non-employee Director or a consultant or advisor to the Company or a subsidiary corporation of the Company, then his/her Option shall be exercised by his/her estate or by such person who acquired the right to exercise the Option by bequest or inheritance or by reason of death of such employee, non-employee Director, consultant or advisor at any time within one year after such death.

(c) If the holder of an Option under the Plan ceases employment in or services to the Company or a subsidiary corporation of the Company because of permanent and total disability within the meaning of Section 22(e)(3) of the Code while employed by, or while serving as a non employee Director for or consultant or advisor to, the Company or a subsidiary corporation of the Company, then such Option may be exercised at any time within one year after his/her termination of employment or services due the disability. 

(d) For purposes of this Section 11, the employment relationship of an employee of the Company or of a subsidiary corporation of the Company will be treated as continuing intact while he is on military or sick leave if such leave does not exceed ninety days or, if longer, so long as his/her right to reemployment is guaranteed either by statute or by contract.

(e) The Stock Option Agreement shall contain such other provisions and terms concerning termination of the Options as the Board of Directors deems appropriate, including without limitations the termination date of an Option where an employee, a non-employee Director, an advisor or a consultant resigns for Good Reason or has had his/her employment or services terminated without Cause. 

(f) Notwithstanding anything to the contrary in this Section 11, an Option may not be exercised pursuant to Section 11 except to the extent that the holder was entitled to exercise the Option at the time his/her death or at the time of termination of employment or services as a Director of, or consultant or advisor to, the Company or a subsidiary corporation of the Company in accordance with any vesting schedule or exercisability provisions in the Stock Option Agreement. 

 

  

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6.    Subsection 12(a) shall be deleted in its entirety and shall be replaced by the following in lieu thereof:

(a)   Subject to any limitations in Section 11 hereof, the Board of Directors or the Committee, in its sole discretion, shall determine and shall specify in the Stock Option Agreement (i) the date when all or any installment of the Options is to become exercisable; (ii) any condition or conditions to exercise such Options, including without limitations a condition that the holder thereof remain in the employment or service of the Company for any specified period of time before exercising the Options; and (iii) any limitations or extensions on exercisability of the Options including without limitations a limitation that the aggregate fair market value of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any employee during any calendar year shall not exceed one hundred thousand dollars ($100,000). 

7.   Section 14 shall be deleted in its entirety and shall be reserved.

I hereby certify that the foregoing amendments to the 2004 Stock Option Plan was duly adopted by the Board of Directors of Optionable, Inc. as of March 1, 2011.

 

 

	
 

	
 

	/s/ Brad P. O’Sullivan	 
	 	 	
Brad P. O’Sullivan

	 
	 	 	
Chief Executive Officer

	 
	 	 	 	 

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EXHIBIT 10.2

 

OPTIONABLE, INC.

 

FIRST AMENDEMENT TO NONSTATUTORY STOCK OPTION AGREEMENT

    This First Amendment (this “Amendment”) to the Nonstatutory Stock Option Agreement is made and entered into as of March 1, 2011 by and between Optionable, Inc. (the “Company”) and Matthew L. Katzeff (the “Optionee”).

    WHEREAS, the Company and the Optionee entered into the Nonstatutory Stock Option Agreement (the “Agreement”) on October 14, 2010; and

   

    WHEREAS, the Company and the Optionee desire to amend certain provisions of the Agreement.

 

    NOW THEREFORE, for good and valuable consideration, the parties hereto hereby agree to as follows:

 

    1.   Capitalized terms not defined herein shall have the meanings ascribed to such terms in the Agreement.

 

    2.   For purposes of the Agreement and this Amendment, the “Plan” shall mean the Company’s 2004 Stock Option Plan as amended on March 1, 2011.

 

    3.   Section 2 of the Agreement shall be deleted in its entirety and shall be replaced by the following in lieu thereof:

 

    2.  Exercise Price.  The exercise price per share (“Exercise Price”) for the Shares covered by the Option shall be $0.02.

 

    4.  The following paragraph shall be added to the end of Section 3 of the Agreement:

 

    If the Optionee resigns for Good Reason (as defined in the Plan) or has his employment with, or services to, the Company terminated without Cause (as defined in the Plan), or is not nominated for re-election to the Board of Directors without Cause, then all his Options shall be fully vested and exercisable on the effective date of such resignation or termination of services or employment.

 

    5.   Subsection 4(b) of the Agreement shall be deleted in its entirety and shall be replaced by the following in lieu thereof:

 

(b)  Termination.  The Option shall terminate and shall no longer be exercisable, even if vested, upon the earliest to occur of (i) any of the events in Section 11 of the Plan and (ii) the second year anniversary of the effective date of the Optionee’s (A) resignation for Good Reason (as defined in the Plan), (B) termination of employment with, or services to, the Company without Cause (as defined in the Plan), or (C) termination of services as a Director after the Board of Directors fail without Cause to nominate the Optionee for re-election to the Board of Directors.

 

    6.  Subsection 5(a) of the Agreement shall be deleted in its entirety and shall be replaced by the following in lieu thereof:

 

  

  

  

 

(a)  Exercisability.   The Option shall be exercisable at any time prior to its termination pursuant to Section 11 of the Plan only to the extent of the Vested Percentage as of that time; provided that if the Optionee resigns for Good Reason,  if the Optionee’s employment with, or services to, the Company is terminated without Cause, or if the Optionee’s services as a Director is terminated after the Board of Directors fails without Cause to nominate him for re-election to the Board of Directors, then all his Options shall be fully exercisable and vested on the effective date of such resignation or termination of services or employment; provided further that all Options shall immediately vest and be exercisable in the event of a Change of Control of the Company.

 

    7.  Section 6 of the Agreement shall be deleted in its entirety and shall be replaced in lieu thereof with the following:

 

        6.   Securities Law Restrictions and Registration Rights.

 

(a)  The grant of the Option and the issuance of Shares upon exercise of the Option shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. The Option may not be exercised if the issuance of Shares upon such exercise would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations.  As a condition to the exercise of the Option, the Company may require the Optionee to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be reasonably requested by the Company.

 

(b)  The Company shall be under no obligation to cause a registration statement or a post-effective amendment to any registration statement to be prepared for the purposes of covering the issue of Shares; provided that if the Optionee resigns for Good Reason, if his employment with, or services to, the Company is terminated without Cause, or if his services as a Director is terminated after the Board of Directors fails without Cause to nominate him for re-election to the Board of Directors, then the Optionee shall have the right to require the Company use its best efforts to file, at the Company’s sole cost and expense, a registration statement promptly upon the Company’s receipt of Optionee’s written request. The Company shall not be obligated to file more than one registration under such demand rights.

 

    8.  In the last sentence of Subsection 10(a) of the Agreement, the words “Section 10” shall be deleted in its entirety and replaced by the words “Section 13 of the Plan” in lieu thereof.

 

    9.   In Section 15 of the Agreement, “State of “Delaware” shall be deleted in its entirety and replaced by “State of New York” in lieu thereof.

 

    10.   Exhibit A of the Agreement shall be deleted in its entirety.

 

  

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    11.   Except as specifically set forth herein, this Amendment shall have no effect on the terms and conditions set forth in the Agreement, which terms and conditions shall continue to be of full force and effect. In the event of any conflict or inconsistency between the provisions of this Amendment and the Agreement, the provisions of this Amendment shall govern and control.

 

    12.  This Amendment shall be governed by the laws of the State of New York, without regards to the principles of conflicts of laws thereof.

 

    IN WITNESS WHEREOF, the parties hereto have executed this Amendment.

 

 

	 OPTIONABLE, INC.	 	 OPTIONEE
	 	 	 
	 	 	 
	 Brad P. O’Sullivan 	 	 Matthew L. Katzeff
	Chief Executive Officer	 	 

 

 

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