Document:

EXHIBIT 10.2

 

AXS-ONE, INC.

STOCK OPTION AGREEMENT UNDER THE

AXS-ONE, INC.

2005 STOCK OPTION PLAN

 

AXS-ONE, INC. (the “Company”)
hereby grants the individual named on the attached (the “Optionee”) an option
to purchase the number of shares of Common Stock set forth on the attached
hereto (“Option Shares”) at the exercise price per share set forth (the “Option”).  This Option is intended to qualify as an
incentive stock option under Section 422 of the Internal Revenue Code of
1986, as amended (the “Code”).

 

1.                                       Grant under the 2005 Stock Incentive Plan.  This Option is granted pursuant to the
AXS-One, Inc. 2005 Stock Incentive Plan (the “Plan”) and, unless the context
otherwise requires, terms used herein shall have the same meaning as in the
Plan.  Determinations made in connection
with this Option shall be governed by the Plan. 
This Agreement is subject to all the terms, conditions and provisions of
the Plan, including, without limitation, the amendment provisions thereof, and
to such rules, regulations and interpretations relating to the Plan as may be
adopted by the Committee and as may be in effect from time to time.  The Plan is incorporated herein by
reference.  If and to the extent that
this Agreement conflicts or is inconsistent with the terms, conditions and
provisions of the Plan, the Plan shall control, and this Agreement shall be
deemed to be modified accordingly.

 

2.                                       Vesting and Term of Option if Employment Continues.  If the Optionee continues to be employed by
the Company through the applicable vesting dates set forth on the attached
hereto, the Optionee may exercise this Option, in whole or in part, for up to
the applicable number of Option Shares set forth on the attached, provided that
there is no Termination of Employment prior to each applicable vesting
date.  These rights are cumulative and,
while the Optionee continues to be employed by the Company, may be exercised up
to and including the date which is 10 years from the date this Option is
granted, subject to earlier termination as provided herein and in the
Plan.  All of the foregoing rights are
subject to paragraph 3 in the event of a Termination of Employment.

 

3.                                       Termination of Employment.  In the event of the Optionee’s Termination of
Employment with the Company, this Option shall expire, to the extent then
exercisable, on the earlier of: (x) the tenth anniversary of this Agreement, or (y) as
follows:

 

(a)                                  the
first anniversary of the Optionee’s Termination of Employment by reason of
death, Disability or Retirement, provided that, in the case of the Optionee’s
death during the one year period following a Termination of Employment by
reason of Disability or Retirement, this Option shall expire on the first
anniversary of the date of the Optionee’s death;

 

(b)                                 ninety
(90) days after the Optionee’s involuntary Termination of Employment without
Cause;

 

 

(c)                                  thirty
(30) days after the Optionee’s voluntary Termination of Employment which occurs
prior to, or more than ninety (90) days after, the occurrence of an event which
would constitute grounds for a Termination of Employment for Cause; or

 

(d)                                 on
the date of a Termination of Employment of the Optionee for Cause.

 

4.                                       Payment of Exercise Price.  The exercise price is payable in United
States dollars and may be paid (a) in cash, (b) by check, bank draft or money
order payable to the Company, (c) with the Committee’s prior written consent,
by delivery of shares of Common Stock owned by the Optionee for a period of at
least 6 months (and for which the Optionee has good title free and clear of any
liens and encumbrances) having a Fair Market Value equal to the exercise price
on the date of exercise, (d) if the Common Stock is traded on a national
securities exchange, the Nasdaq Stock Market, Inc. or quoted on a national
quotation system sponsored by the National Association of Securities Dealers,
through the delivery of irrevocable instructions to a broker to deliver
promptly to the Company an amount equal to the purchase price, or (e) by any
combination of the foregoing, equal in amount to the exercise price.

 

5.                                       Method of Exercise.  Subject to the terms and conditions of this
Agreement and the Plan, this Option may be exercised by written notice to the
Company, at the principal executive office of the Company, or to such transfer
agent as the Company shall designate. 
Such notice shall state the election to exercise this Option and the
number of Option Shares in respect of which it is being exercised and shall be
signed by the person or persons so exercising this Option.  Such notice shall be accompanied by payment
of the full exercise price of such Option Shares, and the Company shall deliver
a certificate representing such Option Shares as soon as practicable after the
notice shall be received.  The certificate
for the Option Shares as to which this Option shall have been exercised shall
be registered in the name of the person so exercising this Option and shall be
delivered as provided above to or upon the written order of the person
exercising this Option.  In the event
this Option shall be exercised by any person other than the Optionee, such
notice shall be accompanied by appropriate proof of the right of such person to
exercise this Option. All Option Shares that shall be purchased upon the
exercise of this Option as provided herein shall by fully paid and
non-assessable.

 

6.                                       Option Not Transferable.  This Option is not transferable or assignable
except by will or by the laws of descent and distribution.  During the Optionee’s lifetime, only the
Optionee, or the Optionee’s guardian or legal representative, can exercise this
Option.  In addition, this Option shall not be assigned,
negotiated, pledged or hypothecated in any way (whether by operation of law or
otherwise), and this Option shall not be subject to execution, attachment or
similar process.  Upon any attempt to
transfer, assign, negotiate, pledge or hypothecate this Option, or in the event
of any levy upon this Option by reason of any execution, attachment or similar
process contrary to the provisions hereof, this Option shall immediately become
null and void.  Notwithstanding the
foregoing, after the grant of this Option, the Committee may determine that the
Option is transferable in whole or part and in such other circumstances, and
under such other conditions, as specified by the Committee.

 

7.                                       No Obligation to Exercise Option.  The grant and acceptance of this Option
imposes no obligation on the Optionee to exercise it.

 

8.                                       No Obligation to Continue Employment.  This Agreement does not guarantee that the
Company or its subsidiaries or affiliates will continue to employ the Optionee
for any specific time period, nor does it modify in any respect the Company’s
and its subsidiaries’ and affiliates’ right to terminate or modify the Optionee’s
employment or compensation.

 

 

9.                                       No Rights as a Stockholder.  The Optionee shall have no rights as a
stockholder with respect to Option Shares subject to this Agreement until the
Optionee has exercised the Option, paid the exercise price and become the
holder of record of the Option Shares. 
Except as is expressly provided in the Plan with respect to certain
changes in the capitalization of the Company, no adjustment shall be made for
dividends or similar rights for which the record date is prior to the date such
stock certificate is issued.

 

10.                                 Disqualifying Dispositions. The
Optionee shall notify the Company in writing immediately after the Optionee
makes a Disqualifying Disposition of any Option Shares received pursuant to the
exercise of this Option.  A Disqualifying
Disposition is any disposition (including any sale) of such Option Shares
before the later of (a) two years after the date the Optionee was granted this
Option, or (b) one year after the date the Optionee acquired Option Shares
by exercising this Option.  If the
Optionee dies before such Option Shares are sold, these holding period
requirements do not apply and no Disqualifying Disposition can occur
thereafter.  The Optionee also agrees to
provide the Company with any information which it shall request concerning any
such disposition.  The Optionee
acknowledges that the favorable income tax treatment otherwise available with
respect to the exercise of an incentive stock option will not be available if
(a) the Optionee makes a Disqualifying Disposition of the Option Shares
received on exercise of the Option, or (b) except in the event of the Optionee’s
death, the Optionee is not employed by either the Company or its subsidiary or
affiliate at all times during the period commencing on the date this Option is
granted and ending on the day three months (or in the case of an Optionee who
is “disabled” (within the meaning of Section 22(e)(3) of the Code), one
year) before the date of exercise of this Option.

 

11.                                 Withholding Taxes.  The Optionee hereby agrees that the Company
may withhold from the Optionee’s wages or any amounts due the Optionee the
appropriate amount of federal, state and local income and employment taxes
attributable to the Optionee’s exercise of such Option.  At the Committee’s discretion, the amount
required to be withheld may be withheld in cash from such wages or amounts, or
in kind (with respect to compensation income attributable to the exercise of
the Option) from the Option Shares otherwise deliverable to the Optionee on
exercise of the Option.  The Optionee
further agrees that, if the Company does not withhold an amount from the
Optionee’s wages or amounts due the Optionee sufficient to satisfy the Company’s
withholding obligation, the Optionee will reimburse the Company on demand, in
cash, for the amount underwithheld.

 

12.                                 Termination Repayment.  
Notwithstanding anything else herein to the contrary, in the event the Optionee’s
Termination of Employment occurs not more than three (3) months after the date
of exercise of this Option or the Optionee engages in a “competitive activity”
(as determined by the Committee, in its sole discretion) after the exercise of
this Option, the Optionee shall pay the Company an amount in cash (within ten
(10) business days) for each share with respect to which this Option was
exercised, equal to the difference between: 
(a) the Fair Market Value of a share of Common Stock on the date of such
Termination or determination, as applicable, and (b) the exercise price paid
per share.

 

13.                                 Provision of Documentation to Optionee.  By signing this Agreement, the Optionee
acknowledges receipt of a copy of this Agreement and a copy of the Plan.

 

14.                                 Governing Law.  This Agreement shall be governed by and
interpreted in accordance with the laws of the State of Delaware.

 

 

15.                                 Entire Agreement.  This Agreement, together with the Plan,
embodies the entire agreement and understanding between the parties hereto with
respect to the subject matter hereof.EXHIBIT 10.3

 

AXS-ONE, INC.

STOCK OPTION AGREEMENT UNDER THE

AXS-ONE, INC.

2005 STOCK OPTION PLAN

 

AXS-ONE, INC. (the “Company”)
hereby grants the individual named on the attached (the “Optionee”) an option
to purchase the number of shares of Common Stock set forth on the attached
hereto (“Option Shares”) at the exercise price per share set forth (the “Option”).  This Option is not intended to qualify as an incentive stock option under Section 422
of the Internal Revenue Code of 1986, as amended (the “Code”).

 

1.                                       Grant under the 2005 Stock Incentive Plan.  This Option is granted pursuant to the
AXS-One, Inc. 2005 Stock Incentive Plan (the “Plan”) and, unless the context
otherwise requires, terms used herein shall have the same meaning as in the
Plan.  Determinations made in connection
with this Option shall be governed by the Plan. 
This Agreement is subject to all the terms, conditions and provisions of
the Plan, including, without limitation, the amendment provisions thereof, and
to such rules, regulations and interpretations relating to the Plan as may be
adopted by the Committee and as may be in effect from time to time.  The Plan is incorporated herein by
reference.  If and to the extent that
this Agreement conflicts or is inconsistent with the terms, conditions and
provisions of the Plan, the Plan shall control, and this Agreement shall be
deemed to be modified accordingly.

 

2.                                       Vesting and Term of Option if Employment Continues.  If the Optionee continues to be employed by
the Company through the applicable vesting dates set forth on the attached
hereto, the Optionee may exercise this Option, in whole or in part, for up to
the applicable number of Option Shares set forth on the attached, provided that
there is no Termination of Employment prior to each applicable vesting
date.  These rights are cumulative and,
while the Optionee continues to be employed by the Company, may be exercised up
to and including the date which is 10 years from the date this Option is
granted, subject to earlier termination as provided herein and in the
Plan.  All of the foregoing rights are
subject to paragraph 3 in the event of a Termination of Employment.

 

3.                                       Termination of Employment.  In the event of the Optionee’s Termination of
Employment with the Company, this Option shall expire, to the extent then
exercisable, on the earlier of: (x) the tenth anniversary of this Agreement, or (y) as
follows:

 

(a)                                  the
first anniversary of the Optionee’s Termination of Employment by reason of
death, Disability or Retirement, provided that, in the case of the Optionee’s
death during the one year period following a Termination of Employment by
reason of Disability or Retirement, this Option shall expire on the first
anniversary of the date of the Optionee’s death;

 

(b)                                 ninety
(90) days after the Optionee’s involuntary Termination of Employment without
Cause;

 

 

(c)                                  thirty
(30) days after the Optionee’s voluntary Termination of Employment which occurs
prior to, or more than ninety (90) days after, the occurrence of an event which
would constitute grounds for a Termination of Employment for Cause; or

 

(d)                                 on
the date of a Termination of Employment of the Optionee for Cause.

 

4.                                       Payment of Exercise Price.  The exercise price is payable in United
States dollars and may be paid (a) in cash, (b) by check, bank draft or money
order payable to the Company, (c) with the Committee’s prior written consent,
by delivery of shares of Common Stock owned by the Optionee for a period of at
least 6 months (and for which the Optionee has good title free and clear of any
liens and encumbrances) having a Fair Market Value equal to the exercise price
on the date of exercise, (d) if the Common Stock is traded on a national
securities exchange, the Nasdaq Stock Market, Inc. or quoted on a national
quotation system sponsored by the National Association of Securities Dealers,
through the delivery of irrevocable instructions to a broker to deliver
promptly to the Company an amount equal to the purchase price, or (e) by any
combination of the foregoing, equal in amount to the exercise price.

 

5.                                       Method of Exercise.  Subject to the terms and conditions of this
Agreement and the Plan, this Option may be exercised by written notice to the
Company, at the principal executive office of the Company, or to such transfer
agent as the Company shall designate. 
Such notice shall state the election to exercise this Option and the
number of Option Shares in respect of which it is being exercised and shall be
signed by the person or persons so exercising this Option.  Such notice shall be accompanied by payment
of the full exercise price of such Option Shares, and the Company shall deliver
a certificate representing such Option Shares as soon as practicable after the
notice shall be received.  The certificate
for the Option Shares as to which this Option shall have been exercised shall
be registered in the name of the person so exercising this Option and shall be
delivered as provided above to or upon the written order of the person
exercising this Option.  In the event
this Option shall be exercised by any person other than the Optionee, such
notice shall be accompanied by appropriate proof of the right of such person to
exercise this Option. All Option Shares that shall be purchased upon the
exercise of this Option as provided herein shall by fully paid and
non-assessable.

 

6.                                       Option Not Transferable.  This Option is not transferable or assignable
except by will or by the laws of descent and distribution.  During the Optionee’s lifetime, only the
Optionee, or the Optionee’s guardian or legal representative, can exercise this
Option.  In addition, this Option shall not be assigned,
negotiated, pledged or hypothecated in any way (whether by operation of law or
otherwise), and this Option shall not be subject to execution, attachment or
similar process.  Upon any attempt to
transfer, assign, negotiate, pledge or hypothecate this Option, or in the event
of any levy upon this Option by reason of any execution, attachment or similar
process contrary to the provisions hereof, this Option shall immediately become
null and void.  Notwithstanding the
foregoing, after the grant of this Option, the Committee may determine that the
Option is transferable in whole or part and in such other circumstances, and
under such other conditions, as specified by the Committee.

 

7.                                       No Obligation to Exercise Option.  The grant and acceptance of this Option
imposes no obligation on the Optionee to exercise it.

 

8.                                       No Obligation to Continue Employment.  This Agreement does not guarantee that the
Company or its subsidiaries or affiliates will continue to employ the Optionee
for any specific time period, nor does it modify in any respect the Company’s
and its subsidiaries’ and affiliates’ right to terminate or modify the Optionee’s
employment or compensation.

 

 

9.                                       No Rights as a Stockholder.  The Optionee shall have no rights as a
stockholder with respect to Option Shares subject to this Agreement until the
Optionee has exercised the Option, paid the exercise price and become the
holder of record of the Option Shares. 
Except as is expressly provided in the Plan with respect to certain
changes in the capitalization of the Company, no adjustment shall be made for
dividends or similar rights for which the record date is prior to the date such
stock certificate is issued.

 

10.                                 Withholding Taxes.  The Optionee hereby agrees that the Company
may withhold from the Optionee’s wages or any amounts due the Optionee the
appropriate amount of federal, state and local income and employment taxes
attributable to the Optionee’s exercise of such Option.  At the Committee’s discretion, the amount
required to be withheld may be withheld in cash from such wages or amounts, or
in kind (with respect to compensation income attributable to the exercise of
the Option) from the Option Shares otherwise deliverable to the Optionee on
exercise of the Option.  The Optionee
further agrees that, if the Company does not withhold an amount from the
Optionee’s wages or amounts due the Optionee sufficient to satisfy the Company’s
withholding obligation, the Optionee will reimburse the Company on demand, in
cash, for the amount underwithheld.

 

11.                                 Termination Repayment.  
Notwithstanding anything else herein to the contrary, in the event the Optionee’s
Termination of Employment occurs not more than three (3) months after the date
of exercise of this Option or the Optionee engages in a “competitive activity”
(as determined by the Committee, in its sole discretion) after the exercise of
this Option, the Optionee shall pay the Company an amount in cash (within ten
(10) business days) for each share with respect to which this Option was
exercised, equal to the difference between: 
(a) the Fair Market Value of a share of Common Stock on the date of such
Termination or determination, as applicable, and (b) the exercise price paid
per share.

 

12.                                 Provision of Documentation to Optionee.  By signing this Agreement, the Optionee
acknowledges receipt of a copy of this Agreement and a copy of the Plan.

 

13.                                 Governing Law.  This Agreement shall be governed by and
interpreted in accordance with the laws of the State of Delaware.

 

14.                                 Entire Agreement.  This Agreement, together with the Plan,
embodies the entire agreement and understanding between the parties hereto with
respect to the subject matter hereof.

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