Document:

exv10w18

 

Exhibit 10.18

XATA CORPORATION

FORM OF

NON-QUALIFIED STOCK OPTION AGREEMENT

FOR DIRECTORS

THIS AGREEMENT, made this ___day
of ____________, ___, by and between XATA Corporation, a
Minnesota corporation (the “Company”), and _________ (“Optionee”).

     WITNESSETH, THAT:

     WHEREAS, the Company pursuant to its 2007 Long-Term Incentive and Stock Option Plan wishes to
grant this stock option to Optionee.

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained,
the parties hereto hereby agree as follows:

1. Grant of Option:

The Company hereby grants to Optionee, on the date set forth above the right and option
(hereinafter called “the option”) to purchase all or any part an aggregate of ______
 shares of Common Stock, par value $0.01 per share, at the price of $______ per share on the
terms and conditions set forth herein. This option is not intended to be an incentive stock
option within the meaning of Section 422 of the Internal Revenue Code of 986, as amended (the
“Code”).

2. Duration and Exercisability

	 	(a)	 	This option shall in all events terminate ten (10) years after the date of grant, and
subject to the other terms and conditions set forth herein, this option may be exercised
by Optionee as to all ___shares on or after the date hereof until expiration at 5:00
p.m. Minneapolis, Minnesota time on the tenth anniversary of the date hereof.
	 
	 	(b)	 	During the lifetime of Optionee, the option shall be exercisable only by Optionee and
shall not be assignable or transferable by Optionee, other than by will or the laws of
descent and distribution.

3. Manner of Exercise

	 	(a)	 	The option can be exercised only by Optionee or other proper party by delivering within
the option period written notice to the Company at its principal office. The notice shall
state the number of shares as to which the option is being exercised and be accompanied by
payment in full of the option price for all shares designated in the notice.
	 
	 	(b)	 	Optionee may pay the option price in cash, by check (bank check, certified check or
personal check), by money order, or with the approval of the Company (i) by delivering to
the Company for cancellation Common Shares of the Company with a fair market value as of
the date of exercise equal to the option price or the portion thereof being paid by
tendering such shares, or (ii) by delivering to the Company a combination of cash and
Common Shares of
the Company with an aggregate fair market value and a principal amount equal to the option

 

 

	 	 	 	price. For these purposes, the fair market value of the Company’s Common Shares as of any
date shall be reasonably determined by the Company pursuant to the Plan.

4. Miscellaneous

	 	(a)	 	This option is issued pursuant to the Company’s 2007 Long-Term Incentive and Stock
Option Plan and is subject to its terms. The terms of the Plan are available for
inspection during business hours at the principal offices of the Company. Capitalized
terms not defined in this option have the meanings assigned to them in the Plan.
	 
	 	(b)	 	Optionee shall have none of the rights of a shareholder with respect to shares subject
to this option until such shares shall have been issued to Optionee upon exercise or this
option.
	 
	 	(c)	 	The exercise of all or any parts of this option shall only be effective at such time
that the sale of Common Shares pursuant to such exercise will not violate any state or
federal securities or other laws.
	 
	 	(d)	 	If there shall be any change in the Common Shares of the Company through merger,
consolidation, reorganization, recapitalization, dividend in the form of stock (of whatever
amount), stock split or other change in the corporate structure of the Company, and all or
any portion of the option shall then be unexercised and not yet expired, then appropriate
adjustments in the outstanding option shall be made by the Company, in order to prevent
dilution or enlargement of option rights. Such adjustments shall include, where
appropriate, changes in the number of shares of Common Shares and the price per share
subject to the outstanding option.
	 
	 	(e)	 	The Company shall at all times during the term of the option reserve and keep available
such number of shares as will be sufficient to satisfy the requirements of this Agreement.
	 
	 	(f)	 	In order to provide the Company with the opportunity to claim the benefit of any income
tax deduction which may be available to it upon the exercise of the option, and in order to
comply with all applicable federal or state income tax laws or regulations, the Company may
take such action as it deems appropriate to insure that, if necessary, all applicable
federal or state payroll, withholding, income or other taxes are withheld or collected from
Optionee. Optionee may elect to satisfy his federal and state income tax withholding
obligations upon exercise of this option by (i) having the Company withhold a portion of
the shares of Common Stock otherwise to be delivered upon exercise of such option having a
fair market value equal to the amount of federal and state income tax required to be
withheld upon such exercise, in accordance with the rules of the Committee, or (ii)
delivering to the Company shares of its Common Stock other than the shares issuable upon
exercise of such option with a fair market value equal to such taxes, in accordance with
the rules of the Committee.

2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day
and year first above written.

	 	 	 	 	 
	 	XATA Corporation

 	 
	 	By:  	 	 
	 	 	Its: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	Optionee:

 	 
	 	 	 
	 	 	 
	 	 	 

3exv10w19

 

Exhibit 10.19

XATA CORPORATION

FORM OF

INCENTIVE STOCK OPTION AGREEMENT

FOR EMPLOYEES

THIS AGREEMENT, made this ___day
of ____________, ___, by and between XATA Corporation, a
Minnesota corporation (the “Company”), and ____________(“Optionee”).

WITNESSETH, THAT:

WHEREAS, the Company pursuant to its 2007 Long-Term Incentive and Stock Option Plan wishes to grant
this stock option to Optionee.

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the
parties hereto hereby agree as follows:

1. Grant of Option

The Company hereby grants to Optionee, on the date set forth above, the right and option
(hereinafter called “the option”) to purchase all or any part of an aggregate of ___shares of
Common Stock, par value $0.01 per share (the “Common Shares”), at the price of $______ per share
on the terms and conditions set forth herein. This option is intended to be an incentive stock
option within the meaning of Section 422 of the Internal Revenue code of 1986, as amended (the
“Code”), except to the extent this option is disqualified from treatment as an incentive stock
option under the Code. To the extent that all or any portion of this option is not treated as an
incentive stock option, it shall be treated as a nonqualified stock option. For purposes of this
option, employment by any subsidiary of the Company is equivalent to employment by the Company.

2. Duration and Exercisability

	(a)	 	This option shall in all events terminate at 5 p.m. Minneapolis, Minnesota time on
______, which is five (5) years after the date of grant. Subject to the other
terms and conditions set forth herein, this option may be exercised by Optionee in cumulative
installments as follows on the specified date(s):

	 	 	 
	 	 	Cumulative number of
	On or after each of	 	shares as to which
	the following dates	 	option is exercisable
	
	 	 

	(b)	 	During the lifetime of Optionee, the option shall be exercisable only by Optionee and shall
not be assignable or transferable by Optionee, other than by will or the laws of descent and
distribution.

	(c)	 	In the event of (i) a consolidation or merger in which the Company is not the surviving
corporation or which results in the acquisition of a majority of the Company’s then
outstanding

 

 

	 	 	voting Common Stock by a single person or entity or by a group of persons and/or entities
acting in concert, (ii) a sale or transfer of all or substantially all the Company’s assets,
or (iii) a dissolution or liquidation of the Company (as to any of the foregoing, a “Covered
Transaction”), the option shall terminate and cease to be exercisable as of the effective time
of the Covered Transaction; provided, however, that immediately prior to the consummation of
the Covered Transaction the option shall be exercisable in full as to all Common Shares,
unless the Board of Directors provides for one or more substitute or replacement options or
awards from, or the assumption of the option by, the acquiring entity (if any) or its
affiliates.
	 
	 	 	Further, Optionee agrees that the Board of Directors may provide that the provisions of the
preceding paragraph shall also apply to (i) mergers or consolidations involving the Company
that do not constitute a Covered Transaction, or (ii) other transactions, not constituting a
Covered Transaction, that involve the acquisition of the Company’s outstanding Common Stock.
Optionee expressly consents to the modification of the option to conform with any such
determination by the Board.

3. Effect of Termination of Employment

	(a)	 	In the event that Optionee shall cease to be employed by the Company or its subsidiaries, if
any, for any reason other than Optionee’s serious misconduct or Optionee’s death or disability
(as such term is defined in Section 3(c) hereof), Optionee shall have the right to exercise
the option at any time within three (3) months after such termination of employment to the
extent of the full number of shares Optionee was entitled to purchase under the option on the
date of termination, subject to the condition that no option shall be exercisable after the
expiration of the term of the option.

	(b)	 	In the event that Optionee shall cease to be employed by the Company or its subsidiaries, if
any, by reason of Optionee’s serious misconduct during the course of employment, including but
not limited to wrongful appropriation of the Company’s funds, or in the event that Optionee
violates the covenants set forth in Section 5 hereof, the option shall be terminated as of the
date of the misconduct.

	(c)	 	If Optionee shall die while in the employ of the Company or a subsidiary, if any, or within
three (3) months after termination of employment for any reason other than serious misconduct
or if employment is terminated because Optionee has become disabled (within the meaning of the
Code Section 22(e)(3)) while in the employ of the Company or a subsidiary, if any, and
Optionee shall not have fully exercised the option, such option may be exercised at any time
within twelve (12) months after Optionee’s death or date of termination of employment for
disability by Optionee, personal representatives or administrators, or guardians of Optionee,
as applicable, or by any person or persons to whom the option is transferred by will or the
applicable laws of descent and distribution, to the extent of the full number of shares
Optionee was entitled to purchase under the option on the date of death, termination of
employment, if earlier, or date of termination for such disability and subject to the
condition that no option shall be exercisable after the expiration of the term of the option.

 

 

4. Manner of Exercise

	(a)	 	The option can be exercised only by Optionee or other proper party by delivering within the
option period written notice to the Company at its principal office. The notice shall state
the number of shares as to which the option is being exercised and be accompanied by payment
in full of the option price for all shares designated in the notice.

	(b)	 	Optionee may pay the option price in cash, by check (bank check, certified check or personal
check), by money order, or with the approval of the Company by delivering to the Company or
its designated agent an executed irrevocable option exercise form, together with irrevocable
instructions to a securities broker-dealer approved by the Company (which approval shall not
be unreasonable withheld) to sell a sufficient portion of the shares and deliver the sale
proceeds directly to the Company in payment of the exercise price in cash, by check, or by
wire transfer, as the Company may direct.

5. Miscellaneous

	(a)	 	This option is issued pursuant to the Company’s 2007 Long-Term Incentive and Stock Option
Plan and is subject to its terms. The terms of the Plan are available for inspection during
business hours at the principal offices of the Company.

	(b)	 	This Agreement shall not confer on Optionee any right with respect to continuance of
employment by the Company or any of its subsidiaries, nor will it interfere in any way with
the right of the Company to terminate such employment at any time. Optionee shall have none
of the rights of a shareholder with respect to shares subject to this option until such shares
shall have been issued to Optionee upon exercise of this option.

	(c)	 	The exercise of all or any parts of this option shall only be effective at such time that the
sale of Common Shares pursuant to such exercise will not violate any state or federal
securities or other laws.

	(d)	 	If there shall be any change in the Common Shares of the Company through merger,
consolidation, reorganization, recapitalization, dividend in the form of stock (of whatever
amount), stock split or other change in the corporate structure of the Company, and all or any
portion of the option shall then be unexercised and not yet expired, then appropriate
adjustments in the outstanding option shall be made by the Company, in order to prevent
dilution or enlargement of option rights. Such adjustments shall include, where appropriate,
changes in the number of shares of Common Shares and the price per share subject to the
outstanding option.

	(e)	 	The Company shall at all times during the term of the option reserve and keep available such
number of shares as will be sufficient to satisfy the requirements of this Agreement.

	(f)	 	If Optionee shall dispose of any of the Common Shares of the Company acquired by Optionee
pursuant to the exercise of the option within two (2) years from the date this option was
granted or within one (1) year after the transfer of any such shares to Optionee upon exercise
of this option, then, in order to provide the Company with the opportunity to claim the
benefit of any 

 

 

	 	 	income tax
deduction which may be available to it under the circumstances, Optionee shall promptly notify
the Company of the dates of acquisition and disposition of such shares, the number of shares
so disposed of, and the consideration, if any, received for such shares. In order to comply
with all applicable federal or state income tax laws or regulations, the Company may take such
action as it deems appropriate to insure (i) notice to the Company of any disposition of the
Common Shares of the Company within the time periods described above and (ii) that, if
necessary, all applicable federal or state payroll, withholding, income or other taxes are
withheld or collected from Optionee.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and
year first above written.

	 	 	 	 	 
	 	XATA Corporation

 	 
	 	By:  	 	 
	 	 	Its: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	Optionee

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