Document:

Exhibit 10.11

 

OPTION TERMINATION AGREEMENT

 

This OPTION TERMINATION AGREEMENT (the “Agreement”) is made as of February
          , 2006, by and
among Open Link Financial, Inc., a Delaware corporation (the “Company”), and the individual
set forth on Exhibit A
hereto (“Optionholder”).

 

RECITAL

 

WHEREAS, Optionholder holds the option or options (together, the “Options”) to purchase up to
the number shares of the Company’s common stock, par value $.001 per share (the
“Common Stock”), set forth on Exhibit A
hereto under the heading “Option Shares” (the “Option Shares”), at the exercise price(s) per share
as set forth on Exhibit A
hereto under the heading “Per Share Exercise Price” (the “Per Share Exercise Price”);

 

WHEREAS, the Option was issued to Optionholder pursuant to the terms of
one or more agreements between Optionholder and the Company (together, the “Option Agreements”) and the
terms of the Company’s Amended and Restated 1995 Stock Option Plan, as amended
and in effect, (the “Plan”);

 

WHEREAS, the Company wishes to cancel the Options and terminate the
Option Agreements, and the Optionholders wish to have the Options cancelled and
Option Agreements terminated by the Company, in exchange for the Net Option
Consideration (as defined below); and

 

WHEREAS, the Company has delivered to Optionholder that certain
Disclosure Memoraundum dated February       ,
2006 (as the same may be amended, the “Disclosure Memorandum”).

 

NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the undersigned agree as follows:

 

1.             Option Termination. Effective as of February       ,
2006 (the “Effective Time”), upon
the receipt by Optionholder of the Net Option Consideration and without further
action on the part of anyone, (a) the Options and all related Option
Agreements shall be cancelled and shall terminate in all respects; (b) all
of Optionholder’s rights and claims in respect of such Option and such Option
Agreements, as well as all of Optionholder’s rights and claims under the Plan,
shall terminate in all respects; and (c) at such time, Optionholder’s sole
right in respect of the Options and the Option Agreements shall be to receive
the Net Option Consideration (as defined below).

 

2.             Option Consideration. At the Effective Time, the Company
hereby agrees to pay to Optionholder an amount equal to (a) $5.53 in cash
for each Option Share less (b) the Per Share Exercise Price of each such
Option Share. The aggregate amount of cash to be paid to Optionholder and is as
set forth on Exhibit A
hereto under the heading “Net Option Consideration” (the “Net Option Consideration”).
The Net Option Consideration shall be treated as taxable wages and shall
therefore be reduced by applicable wage-based withholding taxes.

 

 

3.             Ownership
of Option and Shares of Common Stock. Optionholder represents and warrants
to the Company that immediately prior to the Effective Time, (a) Optionholder
is the owner of the Options and owns of record and beneficially the shares of
Common Stock set forth on Exhibit A (the “Common Shares”)
under the heading “Common Shares” free and clear of any and all liens, claims,
options, charges, pledges, security interests, deeds of trust, voting
agreements, voting trusts, encumbrances, rights or restrictions of any nature (“Claims”),
including Claims of spouses, former spouses or other family members, or other
stockholders (or former stockholders) of the Company, except as may be set
forth in the Option Agreements or the Plan and (b) other than the Options
and the Common Shares, Optionholder does not beneficially own, and does not
have any right to otherwise acquire, any securities of the Company.

 

4.             Release.

 

(a)           General Release. Effective as of the
Effective Time and subject to Optionholder’s receipt of the portion of the Net
Option Consideration as set forth herein, Optionholder hereby releases and
forever discharges the Company and the Company’s individual, joint or mutual,
past, present and future representatives, affiliates, principals, officers,
employees, insurers, subrogors, subrogees, licensees, predecessors, members,
directors, managers, stockholders, limited partners, controlling persons,
subsidiaries, successors and assigns (individually a “Releasee” and
collectively, the “Releasees”) from any and all claims, demands,
proceedings, causes of action, orders, obligations, contracts, agreements,
debts and liabilities whatsoever, whether known or unknown, suspected or
unsuspected, foreseeable and unforeseeable, liquidated and unliquidated,
insured and uninsured, both at law and in equity, which Optionholder now has,
has ever had or may hereafter have against the respective Releasees arising
contemporaneously with or prior to the Effective Time or on account of or
arising out of any matter, cause or event occurring contemporaneously with or
prior to the Effective Time related to their employment with the Company or
their ownership of the Common Shares, the Options or any other security of the
Company (collectively, the “Causes of Action”); provided, however,
that nothing contained herein shall (a) operate to release any obligation
of the Company arising under this Agreement or (b) operate to release any
obligation of the Company for any unpaid salary accrued with the thirty-day
period prior to this agreement or for any accrued benefits, vacation time or
right to reimbursement of expenses.

 

5.             Disclosure
Memorandum. Optionholder represents and warrants that he, she or it has
received and read the Disclosure Memorandum and has had opportunities to
discuss with the Company the disclosure set forth therein and the transaction
contemplated hereby, and is entering in to this Agreement with due regard to
the matters described in the Disclosure Memorandum.

 

6.             Further
Actions. From and after the date of this Agreement, each of the parties
shall execute and deliver such instruments, documents and other writings as may
be reasonably necessary or desirable to confirm and carry out and to effectuate
fully the intent and purposes of this Agreement.

 

 

7.             Attorney’s Fees. In the event of any dispute between
any of the parties to this Agreement, the substantially prevailing party shall
be entitled to recover reasonable attorney’s fees from the other party.

 

8.             Governing Law. This Agreement is to be deemed to be
a contract made under, and is to be construed in accordance with, the laws of
the State of Delaware.

 

9.             Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument and shall become a
binding Agreement when the counterparts have been signed by each of the parties
to this Agreement and delivered to the other parties.

 

10.           Headings. The article and section headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

 

11.           Entire Agreement. This Agreement, including the
exhibit referred to herein, embodies the entire agreement and understanding of
the parties hereto in respect of the subject matter contained herein. This
Agreement supersedes all prior agreements and understandings between the
parties hereto with respect to such subject matter.

 

12.           Severability. If any one or more provisions
contained in this Agreement shall, for any reason, be held to be invalid,
illegal, or unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provision of this Agreement, but
this Agreement shall be construed as if such invalid, illegal, or unenforceable
provision had never been contained herein.

 

13.           Modifications and Amendments. The terms and provisions of this
Agreement may be modified or amended only by written agreement executed by
Company and Optionholder.

 

[The remainder of this page has been intentionally
left blank]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

 

	
   

  	
  OPEN LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name] 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  
				

 

 

Exhibit A

Optionholder:                        

 

OPTIONS

 

	
   

  	
   

  	
   

  	
   

  	
  Per Share

  	
   

  	
  Aggregate

  	
   

  	
  Aggregate Option

  	
   

  	
  Net Option

  
	
  Date of Grant

  	
   

  	
  Option Shares

  	
   

  	
  Exercise Price

  	
   

  	
  Exercise Price

  	
   

  	
  Consideration

  	
   

  	
  Consideration

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  COMMON STOCK

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Common
  Shares OwnedExhibit 10.12

 

OPTION TERMINATION AND STAY BONUS AGREEMENT

 

This OPTION TERMINATION AND STAY BONUS AGREEMENT (the “Agreement”)
is made as of February     , 2006, by and among Open
Link Financial, Inc., a Delaware corporation (the “Company”), and
the individual set forth on Exhibit A hereto (“Optionholder”).

 

RECITALS

 

WHEREAS, as of the date hereof, Optionholder holds (a) the vested
option or options (together, the “Vested Options”) to purchase up to the
number shares of the Company’s common stock, par value $.001 per share (the “Common
Stock”), set forth on Exhibit A-1 hereto under the heading “Vested
Option Shares” (the “Vested Option Shares”), and the (b) unvested
option or options (together, the “Unvested Options” and, together with
the Vested Options, the “Options”) to purchase up to the number of
shares of Common Stock set forth on Exhibit A-2  hereto under the heading “Unvested Option
Shares” (the “Unvested Option Shares”) at the exercise price(s) per
share as set forth on Exhibit A-1 
and Exhibit A-2 hereto, as applicable, under the heading “Per
Share Exercise Price” (the “Per Share Exercise Price”);

 

WHEREAS, the Options were issued to Optionholder pursuant to the terms
of one or more agreements between Optionholder and the Company (together, the “Option
Agreements”) and the terms of the Company’s Amended and Restated 1995 Stock
Option Plan, as amended and in effect, (the “Plan”);

 

WHEREAS, the Company and Optionholder wish to cancel the Options and
terminate the Option Agreements on the terms and conditions set forth in this
Agreement; and

 

WHEREAS, the Company has delivered to Optionholder that certain
Disclosure Memorandum dated February       ,
2006 (as the same may be amended, the “Disclosure Memorandum”).

 

NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the undersigned agree as follows:

 

1.               Option
Termination. Effective as of February        ,
2006 (the “Effective Time”), upon the receipt by Optionholder of the Net
Vested Option Consideration (as defined below) and without further action on
the part of anyone, (a) the Options and all Option Agreements shall be
cancelled and shall terminate in all respects; (b) all of Optionholder’s
rights and claims in respect of such Options and such Option Agreements, as
well as all of Optionholder’s rights and claims under the Plan, shall terminate
in all respects; and (c) at such time, Optionholder’s sole right in
respect of the Options and the Option Agreements shall be to receive the Net
Vested Option Consideration and the Stay Bonus Amount (as defined below).

 

2.               Net
Vested Option Consideration. At the Effective Time, the Company hereby
agrees to pay to Optionholder an amount equal to the total amount set forth on Exhibit A-1  hereto under the heading “Net Vested Option
Consideration” (the “Net Vested Option Consideration”); which amount
represents $5.53 in cash for each Vested Option Share less the Per Share
Exercise Price of each such Vested Option Share. The Net Option Consideration
shall

 

 

be treated as taxable wages and shall therefore be reduced by
applicable wage-based holding taxes.

 

3.               Stay
Bonus. Subject to Section 4, and for as long as Optionholder maintains
a Service Relationship, the Company agrees to pay to Optionholder, on each date
set forth on Exhibit A-2 hereto under the heading “Stay Bonus Date”
(each, a “Stay Bonus Date”), a bonus in an amount equal to the amount
set forth on Exhibit A-2 hereto opposite the applicable Stay Bonus
Date under the heading “Stay Bonus Amount” (each, a “Stay Bonus Amount”);
which represents $5.53 in cash for each Unvested Option Share set forth
opposite such Stay Bonus Date on Exhibit A-2 hereto less the Per
Share Exercise Price of each such Unvested Option Share.

 

4.               Termination
of Optionholder’s Employment. If Optionholder’s Service Relationship
terminates for any reason, other than termination by the Company without Cause,
no further Stay Bonus Amounts shall be paid. If the Company terminates
Optionholder’s Service Relationship without Cause, all remaining unpaid Stay
Bonus Amounts shall be paid to Optionholder within ten (10) days of the
date of such termination.

 

5.               Ownership
of Option and Shares of Common Stock. Optionholder represents and warrants
to the Company that immediately prior to the Effective Time, (a) Optionholder
is the owner of the Options and owns of record and beneficially the shares of
Common Stock set forth on Exhibit A-3 (the “Common Shares”)
under the heading “Common Shares” free and clear of any and all liens, claims,
options, charges, pledges, security interests, deeds of trust, voting
agreements, voting trusts, encumbrances, rights or restrictions of any nature (“Claims”),
including Claims of spouses, former spouses or other family members, or other
stockholders (or former stockholders) of the Company, except as may be set
forth in the Option Agreements or the Plan and (b) other than the Options
and the Common Shares, Optionholder does not beneficially own, and does not
have any right to otherwise acquire, any securities of the Company.

 

6.               Release.
Effective as of the Effective Time and subject to Optionholder’s receipt of the
Net Vested Option Consideration as set forth herein, Optionholder hereby
releases and forever discharges the Company and the Company’s individual, joint
or mutual, past, present and future representatives, affiliates, principals,
officers, employees, insurers, subrogors, subrogees, licensees, predecessors,
members, directors, managers, stockholders, limited partners, controlling
persons, subsidiaries, successors and assigns (individually a “Releasee”
and collectively, the “Releasees”) from any and all claims, demands,
proceedings, causes of action, orders, obligations, contracts, agreements,
debts and liabilities whatsoever, whether known or unknown, suspected or
unsuspected, foreseeable and unforeseeable, liquidated and unliquidated,
insured and uninsured, both at law and in equity, which Optionholder now has,
has ever had or may hereafter have against the respective Releasees arising
contemporaneously with or prior to the Effective Time or on account of or
arising out of any matter, cause or event occurring contemporaneously with or
prior to the Effective Time related to their employment with the Company or
their ownership of the Common Shares, the Options or any other security of the
Company (collectively, the “Causes of Action”); provided, however,
that nothing contained herein shall (a) operate to release any obligation
of the Company arising under this Agreement including, without limitation,
payment of the Stay Bonus Amounts on the terms herein or (b) operate to
release any obligation of the Company for any unpaid salary accrued with the
thirty-

 

 

day period prior to this agreement or for any accrued benefits,
vacation time or right to reimbursement of expenses.

 

7.                                       Disclosure
Memorandum. Optionholder represents and warrants that he, she or it has
received and read the Disclosure Memorandum and has had opportunities to
discuss with the Company the disclosure set forth therein and the transaction
contemplated hereby, and is entering into this Agreement with due regard to the
matters described in the Disclosure Memorandum.

 

8.                                       Definitions.
For all purposes of this Agreement, the following terms shall have the
following respective meanings.

 

“Board” means the board of directors
of the Company or any successor entity.

 

“Cause” means dismissal as a result of (i) the commission
of any act by Optionholder constituting financial dishonesty against the
Company or its subsidiaries (which act would be chargeable as a crime under
applicable law); (ii) Optionholder’s engaging in any other act of
dishonesty, fraud, intentional misrepresentation, moral turpitude, illegality
or harassment which, as determined in good faith by the Board, would: (A) materially
adversely affect the business or the reputation of the Company or any of its
subsidiaries with their respective current or prospective customers, suppliers,
lenders and/or other third parties with whom such entity does or might do
business; or (B) expose the Company or any of its subsidiaries to a risk
of civil or criminal legal damages, liabilities or penalties; (iii) the
repeated willful failure by Optionholder to follow the directives of the chief
executive officer of the Company or any of its Subsidiaries, the Board, or the
board of directors of any of the Company’s subsidiaries or (iv) any material
misconduct, material violation of the Company’s written policies, or willful
and deliberate non-performance of duty by Optionholder in connection with the
business affairs of the Company or its subsidiaries.

 

“Service Relationship” shall mean any relationship as an
employee, part-time employee, or other key person (including consultants) of
the Company or any subsidiary or any successor entity such that, for example, a
Service Relationship shall be deemed to continue without interruption in the
event Optionholder’s status changes from full-time employee to part-time
employee or consultant.

 

9.                                       Further
Actions. From and after the date of this Agreement, each of the parties shall
execute and deliver such instruments, documents and other writings as may be
reasonably necessary or desirable to confirm and carry out and to effectuate
fully the intent and purposes of this Agreement.

 

10.                                 Attorney’s
Fees. In the event of any dispute between any of the parties to this
Agreement, the substantially prevailing party shall be entitled to recover
reasonable attorney’s fees from the other party.

 

11.                                 Governing
Law. This Agreement is to be deemed to be a contract made under, and is to
be construed in accordance with, the laws of the State of Delaware.

 

 

12.             Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same
instrument and shall become a binding Agreement when the counterparts have been
signed by each of the parties to this Agreement and delivered to the other
parties.

 

13.             Headings.
The article and section headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this Agreement.

 

14.             Entire
Agreement. This Agreement, including the exhibits referred to herein,
embody the entire agreement and understanding of the parties hereto in respect
of the subject matter contained herein. This Agreement supersedes all prior
agreements and understandings between the parties hereto with respect to such
subject matter.

 

15.             Severability.
If any one or more provisions contained in this Agreement shall, for any
reason, be held to be invalid, illegal, or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect any other
provision of this Agreement, but this Agreement shall be construed as if such
invalid, illegal, or unenforceable provision had never been contained herein.

 

16.             Modifications
and Amendments. The terms and provisions of this Agreement may be modified
or amended only by written agreement executed by Company and Optionholder.

 

[The remainder of this page has been
intentionally left blank]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

 

	
   

  	
  OPEN LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name] 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  
				

 

 

Optionholder:                      

 

Exhibit A-1

 

VESTED OPTIONS

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Aggregate

  	
   

  	
   

  
	
  Vested Option

  	
   

  	
  Per Share

  	
   

  	
  Aggregate

  	
   

  	
  Vested Option

  	
   

  	
  Net Vested Option

  
	
  Shares

  	
   

  	
  Exercise Price

  	
   

  	
  Exercise Price

  	
   

  	
  Consideration

  	
   

  	
  Consideration

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total:

  	
   

  	
   

  	
   

  

 

Exhibit A-2

 

UNVESTED OPTIONS

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Aggregate

  	
   

  	
   

  	
   

  	
   

  
	
  Unvested Option

  	
   

  	
  Per Share

  	
   

  	
  Aggregate

  	
   

  	
  Unvested Option

  	
   

  	
   

  	
   

  	
   

  
	
  Shares

  	
   

  	
  Exercise Price

  	
   

  	
  Exercise Price

  	
   

  	
  Consideration

  	
   

  	
  Stay Bonus Amount

  	
   

  	
  Stay Bonus Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Exhibit A-3

 

Common Shares Owned:

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