Document:

exv10w51

 

EXHIBIT 10.51

Sterling Construction Company, Inc. 

(Formerly known as Oakhurst Company, Inc.)

1998 Stock Option Plan

Stock Option Agreement

Grantee:

Grant Date:

Option Shares:

Option Price Per Share:

Date All Shares are Exercisable:

Last Day to Exercise Option:

This Option Agreement is dated as of the Grant Date set forth above and is made between Sterling
Construction Company, Inc. (formerly, Oakhurst Company, Inc.) and
you,_______________, and evidences
the Company’s grant to you of a stock option (the “Option”) to purchase the number of Option Shares
of the Company’s Common Stock ($0.01 par value per share) set forth above at the Option Price Per
Share set forth above pursuant to the terms and conditions of this Option Agreement and the option
plan noted above (the “Plan”). To the extent permissible under applicable tax laws and
regulations, this Option is intended to be an Incentive Stock Option as defined in Section 422 of
the Internal Revenue Code of 1986, as amended, and any regulations thereunder.

A copy of the Plan is furnished to you with this Agreement unless you have already been given one.
An additional copy may be obtained on request to the Secretary of the Company.

The terms of the Plan and any rules and regulations of the Board of Directors of the Company or of
any committee of the Board of Directors that administers the Plan are incorporated in this
Agreement as if fully set forth in it. In the case of any ambiguity or any conflict between the
terms in this Option Agreement and the Plan, the provisions of the Plan shall govern:

	1.  	Exercisability.

	 	(a)  	The Option Shares shall become exercisable in three (3) substantially equal
installments as follows:

Option Shares from and after

Option Shares from and after

Option Shares from and after

	 	(b)  	You may purchase any one or more of the Option Shares that become exercisable on a
given date from that date through and including the Last Day to Exercise Option, set forth
above, unless this Option is sooner terminated as provided herein or in the Plan.

	2.  	Exercises. For an exercise to be effective, the Company must receive from you:

	 	(a)  	A written notice signed by you stating the Option Grant Date and the number of Option
Shares you wish to purchase; and

 

 

Stock Option Agreement ( ) Dated  — Page 2

	 	(b)  	Payment for the Option Shares either (i) by personal, cashier’s or certified check;
or (ii) by the surrender of shares of the Company’s Common Stock that have a fair market
value (as defined in the Plan) on the date of exercise equal to the purchase price of the
Option Shares being purchased, or a combination of both, all according to the rules and
regulations relating to the Plan.

	3.  	Issuance of Option Shares.

	 	(a)  	You will have no rights as a shareholder of the Company with respect to any Option
Shares purchased under this Option until a certificate representing such shares has been
issued and delivered to you.
	 
	 	(b)  	The Company will not be obligated to deliver a certificate for any Option Shares
unless —

	 	(i)  	Provision acceptable to the Company has been made for the payment of any
federal, state and local taxes that are due or that are required to be withheld by the
Company because of the purchase of the Option Shares; and
	 
	 	(ii)  	There has been compliance with all federal and state laws and regulations, in
particular, the Securities Act of 1933 and the Securities Exchange Act of 1934 and the
regulations promulgated under those acts, that the Company deems applicable, and all
other legal matters in connection with the issuance and delivery of the Option Shares
have been approved by the Company’s counsel.

	4.  	Transferability. This Option may not be assigned or transferred except (a) to immediate
family members (as defined in the Option Plan); or (b) by your will or according to the laws
of descent and distribution in the absence of a will.
	 
	5.  	Termination of Employment.

	 	(a)  	Except in the event of your death or disability, this Option will terminate 90 days
after your employment terminates.
	 
	 	(b)  	If your employment terminates by reason of your death, this Option may be exercised,
to the extent then exercisable, by your estate, personal representative or beneficiary at
any time prior to the earlier of the specified expiration date or one year from the date
of your death. If your employment terminates by reason of your disability, you may
exercise this Option to the extent of the number of shares then exercisable at any time
prior to the earlier of the specified expiration date or one year from the date of the
termination of your employment.

	6.  	Not an Employment Agreement. Nothing in this Option Agreement shall in any way affect your
right to resign from the Company’s employ or the Company’s right to terminate your employment.
	 
	7.  	Adjustments. As more fully described in the Plan, the number and kind of shares issuable
under this Option and the Option Price Per Share will be adjusted to account for any
reorganization, merger, recapitalization, or the like that affects the Company’s shares.

 

 

Stock Option Agreement ( ) Dated  — Page 2

In Witness Whereof, the parties have executed this Option Agreement as of the Grant Date set forth above.

	 	 	 	 	 
	Sterling Construction Company, Inc.	 	Grantee
	 
	 	 
	 	 
	By:
	 	 
	 	 
	 	 	 

	 	 
	Patrick T. Manning
	Chairman & Chief Executive Officer

 

 

Stock Option Agreement ( ) Dated  — Page 2

Sterling Construction Company, Inc. 

(Formerly known as Oakhurst Company, Inc.)

1998 Stock Option Plan

Stock Option Agreement

Grantee:

Grant Date:

Option Shares:

Option Price Per Share:

Date All Shares are Exercisable:

Last Day to Exercise Option:

This Option Agreement is dated as of the Grant Date set forth above and is made between Sterling
Construction Company, Inc. (formerly, Oakhurst Company, Inc.) and
you,__________, and evidences
the Company’s grant to you of a stock option (the “Option”) to purchase the number of Option Shares
of the Company’s Common Stock ($0.01 par value per share) set forth above at the Option Price Per
Share set forth above pursuant to the terms and conditions of this Option Agreement and the option
plan noted above (the “Plan”). To the extent permissible under applicable tax laws and
regulations, this Option is intended to be an Incentive Stock Option as defined in Section 422 of
the Internal Revenue Code of 1986, as amended, and any regulations thereunder.

A copy of the Plan is furnished to you with this Agreement unless you have already been given one.
An additional copy may be obtained on request to the Secretary of the Company.

The terms of the Plan and any rules and regulations of the Board of Directors of the Company or of
any committee of the Board of Directors that administers the Plan are incorporated in this
Agreement as if fully set forth in it. In the case of any ambiguity or any conflict between the
terms in this Option Agreement and the Plan, the provisions of the Plan shall govern:

	8.  	Exercisability.

	 	(a)  	The Option Shares shall become exercisable in three (3) substantially equal
installments as follows:

Option Shares from and after

Option Shares from and after

Option Shares from and after

	 	(b)  	You may purchase any one or more of the Option Shares that become exercisable on a
given date from that date through and including the Last Day to Exercise Option, set forth
above, unless this Option is sooner terminated as provided herein or in the Plan.

	9.  	Exercises. For an exercise to be effective, the Company must receive from you:

	 	(a)  	A written notice signed by you stating the Option Grant Date and the number of Option
Shares you wish to purchase; and

 

 

Stock Option Agreement ( ) Dated  — Page 2

	(b)  	Payment for the Option Shares either (i) by personal, cashier’s or certified check;
or (ii) by the surrender of shares of the Company’s Common Stock that have a fair market
value (as defined in the Plan) on the date of exercise equal to the purchase price of the
Option Shares being purchased, or a combination of both, all according to the rules and
regulations relating to the Plan.

	10.  	Issuance of Option Shares.

	 	(a)  	You will have no rights as a shareholder of the Company with respect to any Option
Shares purchased under this Option until a certificate representing such shares has been
issued and delivered to you.
	 
	 	(b)  	The Company will not be obligated to deliver a certificate for any Option Shares
unless —

	 	(i)  	Provision acceptable to the Company has been made for the payment of any
federal, state and local taxes that are due or that are required to be withheld by the
Company because of the purchase of the Option Shares; and
	 
	 	(ii)  	There has been compliance with all federal and state laws and regulations, in
particular, the Securities Act of 1933 and the Securities Exchange Act of 1934 and the
regulations promulgated under those acts, that the Company deems applicable, and all
other legal matters in connection with the issuance and delivery of the Option Shares
have been approved by the Company’s counsel.

	11.  	Transferability. This Option may not be assigned or transferred except (a) to immediate
family members (as defined in the Option Plan); or (b) by your will or according to the laws
of descent and distribution in the absence of a will.
	 
	12.  	Termination of Employment.

	 	(a)  	Except in the event of your death or disability, this Option will terminate 90 days
after your employment terminates.
	 
	 	(b)  	If your employment terminates by reason of your death, this Option may be exercised,
to the extent then exercisable, by your estate, personal representative or beneficiary at
any time prior to the earlier of the specified expiration date or one year from the date
of your death. If your employment terminates by reason of your disability, you may
exercise this Option to the extent of the number of shares then exercisable at any time
prior to the earlier of the specified expiration date or one year from the date of the
termination of your employment.

	13.  	Not an Employment Agreement. Nothing in this Option Agreement shall in any way affect your
right to resign from the Company’s employ or the Company’s right to terminate your employment.

	14.  	Adjustments. As more fully described in the Plan, the number and kind of shares issuable
under this Option and the Option Price Per Share will be adjusted to account for any
reorganization, merger, recapitalization, or the like that affects the Company’s shares.

 

 

Stock Option Agreement ( ) Dated  — Page 2

In Witness Whereof, the parties have executed this Option Agreement as of the Grant Date set forth above.

	 	 	 	 	 
	Sterling Construction Company, Inc.	 	Grantee
	 
	 	 
	 	 
	By:
	 	 
	 	 
	 	 	 

	 	 
	Patrick T. Manning
	Chairman & Chief Executive Officerexv10w52

 

Stock Option Agreement ( ) Dated  — Page 2

EXHIBIT 10.52

	 	 	 
	Notice of Grant of Stock Option &

	 	Sterling Construction Company, Inc.
	Stock Option Agreement

	 	Taxpayer ID #:25-1655321
	

	 	2751 Centerville Road — Suite 3131
	

	 	Wilmington, Delaware 19803

Optionee:

Grant Date:

Option Shares:

Option Price Per Share:

Option Expiration Date:

Option Plan:                                2001 Stock Incentive Plan

Effective on the Grant Date set forth above, Sterling Construction Company, Inc. (the “Company”)
has granted to you a stock option that to the extent permissible under applicable tax laws and
regulations is intended to be an Incentive Stock Option as defined in Section 422 of the Internal
Revenue Code of 1986, as amended, and any regulations thereunder (the “Code”) to purchase the
number of Option Shares of the Company’s common stock (par value $0.01 per share) set forth above
at the Option Price Per Share set forth above, on the condition that you enter into this Option
Agreement with the Company.

The Option Shares become exercisable (vest) in installments from and after the vesting dates set
forth below:

	 	 	 
	Number of	 	 
	Option Shares
	 	Vesting Date

 

You may purchase any one or more of the Option Shares that become exercisable on a given date from
that date through and including the Option Expiration Date set forth above, unless this Option is
sooner terminated or ceases to be exercisable as provided in this Agreement or in the Option Plan.

By signing this Option Agreement, you and the Company agree that this Option is governed by the
terms and conditions set forth on this page and on the following Pages 2 and 3 of this Option
Agreement as well as by the terms and conditions of the Option Plan, a copy of which has been
furnished to you. An additional copy of the Option Plan will be furnished to you on request to the
Company’s Treasurer.

	 	 	 	 	 
	Sterling Construction Company, Inc.	 	Optionee
	 
	 	 
	 	 
	By:
	 	 
	 	 
	 	 	 

	 	 
	Patrick T. Manning
	Chairman & Chief Executive Officer

 

 

Stock Option Agreement ( ) Dated  — Page 2

Additional Stock Option Agreement Terms

      Exercises. For an exercise to be effective, the Company must receive from you:

A written notice signed by you stating the Option Grant Date and the number of Option
Shares you wish to purchase; and

Payment for the Option Shares either (i) by personal, cashier’s or certified check; or (ii) by
the surrender of shares of the Company’s Common Stock that you have held for at least six
months and that have a fair market value (as defined in the Plan) on the date of exercise
equal to the purchase price of the Option Shares being purchased, or a combination of both,
all according to the rules and regulations relating to the Plan.

Issuance of Option Shares.

You will have no rights as a shareholder of the Company with respect to any Option Shares
purchased under this Option until a certificate representing such shares has been issued
and delivered to you.

The Company will not be obligated to deliver a certificate for any Option Shares unless —

	 	(i)  	Provision acceptable to the Company has been made for the payment of any
federal, state and local taxes that are due or that are required to be withheld by the
Company because of the purchase of the Option Shares; and
	 
	 	(ii)  	There has been compliance with all federal and state laws and regulations, in
particular, the Securities Act of 1933 and the Securities Exchange Act of 1934 and the
regulations promulgated under those acts, that the Company deems applicable, and all
other legal matters in connection with the issuance and delivery of the Option Shares
have been approved by the Company’s counsel.

Non-Transferability. During your lifetime, this Option may only be exercised by you or in the case
of your disability, by your legal representative. In addition, this Option may not be
assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of
law, except (a) by your will or according to the laws of descent and distribution; or (b) to
immediate family members (as defined in the Option Plan) to the extent permitted by applicable
laws.

Termination of Employment. For purposes of this Section 4, the word “Company” includes the
Company’s subsidiaries, and the “Termination Date” means the date that you cease to have an
employment relationship with the Company.

If your employment terminates by reason of (i) your disability (within the meaning of
Section 22(e)(3) of the Code;) or (ii) your death; or if you should die within three months
after the Termination Date (unless termination was for Cause, as defined below), then this
Option may nevertheless be exercised by you, by your legal representative, by your estate,
or by your beneficiaries, as the case may be, but only to the extent it was exercisable on
the Termination Date and only on or before the earlier to occur of (x) the first
anniversary of the Termination Date and (y) the Option Expiration Date.

If your employment is terminated pursuant to a “cause” or “good reason” provision of any
employment agreement between you and the Company and/or any of its subsidiaries ,or absent
such an agreement, for Cause (as defined below,) then this Option will terminate effective
upon the Termination Date.

If your employment terminates for any reason other than those set forth in Sections
4(a) or 4(b), above, then this Option may nevertheless be exercised by you, but
only to the extent it was exercisable on the Termination Date and only on or before the
earlier to occur of (i) the expiration of ninety days after the Termination Date and (ii)
the Option Expiration Date.

 

 

Stock Option Agreement ( ) Dated  — Page 2

“Cause” shall mean willful misconduct by you or willful failure by you to perform your
responsibilities to the Company (including but not limited to a breach of any material
provision of any agreement between you and the Company) as determined by the Company acting
in good faith, which determination shall be conclusive. Your employment shall be
considered to have been terminated for Cause if the Company determines within thirty days
after the Termination Date that discharge for Cause was warranted.

Not an Employment Agreement. Nothing in this Option Agreement shall in any way affect your right
to resign from the Company’s employ or the Company’s right to terminate your employment.

Adjustments. As more fully described in the Plan, the number and kind of shares issuable under
this Option and the Option Price Per Share will be adjusted to account for any reorganization,
merger, recapitalization, or the like that affects the Company’s shares.

[Acceleration of Vesting. This Option shall become immediately exercisable as to all then unvested
shares thirty days prior to the effective date of a Change In Control of the Company as that
term is defined in the Option Plan.]

 

 

Stock Option Agreement ( ) Dated  — Page 2

	 	 	 
	Notice of Grant of Stock Option &

	 	Sterling Construction Company, Inc.
	Stock Option Agreement

	 	Taxpayer ID #:25-1655321
	

	 	2751 Centerville Road — Suite 3131
	

	 	Wilmington, Delaware 19803

Optionee:

Grant Date:

Option Shares:

Option Price Per Share:

Option Expiration Date:

Option Plan:        
          
          2001 Stock Incentive Plan

Effective on the Grant Date set forth above, Sterling Construction Company, Inc. (the “Company”)
has granted to you a stock option to purchase the number of Option Shares of the Company’s common
stock (par value $0.01 per share) set forth above at the Option Price Per Share set forth above, on
the condition that you enter into this Option Agreement with the Company.

The Option Shares become exercisable (vest) in installments from and after the vesting dates set
forth below:

	 	 	 
	Number of	 	 
	Option Shares
	 	Vesting Date

 

You may purchase any one or more of the Option Shares that become exercisable on a given date from
that date through and including the Option Expiration Date set forth above, unless this Option is
sooner terminated or ceases to be exercisable as provided in this Agreement or in the Option Plan.

By signing this Option Agreement, you and the Company agree that this Option is governed by the
terms and conditions set forth on this page and on the following Pages 2 and 3 of this Option
Agreement as well as by the terms and conditions of the Option Plan, a copy of which has been
furnished to you. An additional copy of the Option Plan will be furnished to you on request to the
Company’s Treasurer.

	 	 	 	 	 
	Sterling Construction Company, Inc.	 	Optionee
	 
	 	 
	 	 
	By:
	 	 
	 	 
	 	 	 

	 	 
	Patrick T. Manning
	Chairman & Chief Executive Officer

 

 

Stock Option Agreement ( ) Dated  — Page 2

Additional Stock Option Agreement Terms

Exercises. For an exercise to be effective, the Company must receive from you:

A
written notice signed by you stating the Option Grant Date and the number of Option
Shares you wish to purchase; and

Payment for the Option Shares either (i) by personal, cashier’s or certified check; or (ii) by
the surrender of shares of the Company’s Common Stock that you have held for at least six
months and that have a fair market value (as defined in the Plan) on the date of exercise
equal to the purchase price of the Option Shares being purchased, or a combination of both,
all according to the rules and regulations relating to the Plan.

Issuance of Option Shares.

You will have no rights as a shareholder of the Company with respect to any Option Shares
purchased under this Option until a certificate representing such shares has been issued
and delivered to you.

The Company will not be obligated to deliver a certificate for any Option Shares unless —

	 	(iii)  	Provision acceptable to the Company has been made for the payment of any
federal, state and local taxes that are due or that are required to be withheld by the
Company because of the purchase of the Option Shares; and
	 
	 	(iv)  	There has been compliance with all federal and state laws and regulations, in
particular, the Securities Act of 1933 and the Securities Exchange Act of 1934 and the
regulations promulgated under those acts, that the Company deems applicable, and all
other legal matters in connection with the issuance and delivery of the Option Shares
have been approved by the Company’s counsel.

Non-Transferability. During your lifetime, this Option may only be exercised by you or in the case
of your disability, by your legal representative. In addition, this Option may not be
assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of
law, except (a) by your will or according to the laws of descent and distribution; or (b) to
immediate family members (as defined in the Option Plan) to the extent permitted by applicable
laws.

Termination of Employment. For purposes of this Section 4, the word “Company” includes the
Company’s subsidiaries, and the “Termination Date” means the date that you cease to have an
employment relationship with the Company.

If your employment terminates by reason of (i) your disability (within the meaning of
Section 22(e)(3) of the Code;) or (ii) your death; or if you should die within three months
after the Termination Date (unless termination was for Cause, as defined below), then this
Option may nevertheless be exercised by you, by your legal representative, by your estate,
or by your beneficiaries, as the case may be, but only to the extent it was exercisable on
the Termination Date and only on or before the earlier to occur of (x) the first
anniversary of the Termination Date and (y) the Option Expiration Date.

If your employment is terminated pursuant to a “cause” or “good reason” provision of any
employment agreement between you and the Company and/or any of its
subsidiaries, or absent
such an agreement, for Cause (as defined below,) then this Option will terminate effective
upon the Termination Date.

If your employment terminates for any reason other than those set forth in Sections
4(a) or 4(b), above, then this Option may nevertheless be exercised by you, but
only to the extent it was exercisable on the Termination Date and only on or before the
earlier to occur of (i) the expiration of ninety days after the Termination Date and (ii)
the Option Expiration Date.

 

 

Stock Option Agreement ( ) Dated  — Page 2

“Cause” shall mean willful misconduct by you or willful failure by you to perform your
responsibilities to the Company (including but not limited to a breach of any material
provision of any agreement between you and the Company) as determined by the Company acting
in good faith, which determination shall be conclusive. Your employment shall be
considered to have been terminated for Cause if the Company determines within thirty days
after the Termination Date that discharge for Cause was warranted.

Not an Employment Agreement. Nothing in this Option Agreement shall in any way affect your right
to resign from the Company’s employ or the Company’s right to terminate your employment.

Adjustments. As more fully described in the Plan, the number and kind of shares issuable under
this Option and the Option Price Per Share will be adjusted to account for any reorganization,
merger, recapitalization, or the like that affects the Company’s shares.

[Acceleration of Vesting. This Option shall become immediately exercisable as to all then unvested
shares thirty days prior to the effective date of a Change In Control of the Company as that
term is defined in the Option Plan.]

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