Document:

Exhibit 10.41

	
            Revised Form, 3/1/2006
 

 

 

FOOT LOCKER ___________ STOCK OPTION AND AWARD PLAN

 

INCENTIVE STOCK OPTION AWARD AGREEMENT

 

Stock Option Grant

Effective                         (the “Date of Grant”), pursuant to action taken by the Compensation and Management Resources Committee [or the Stock Option Plan Sub-Committee] of the Board of Directors of Foot Locker, Inc. (the “Company”), a New York corporation, the Company hereby grants to you an incentive stock option (the “Option”), as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), under the Foot Locker                         Stock Option and Award Plan (the “Plan”), to purchase, in accordance with the terms of the Plan,

that number of full shares of common stock of the Company (“Common Stock”) set forth below at the purchase price per share of US $                    (the “Exercise Price”), which is 100 percent of the Fair Market Value (as defined in the Plan) of a share of Common Stock on               .

 

The Option has been granted to you for a period expiring on                   unless, prior to that time, the Option is exercised in full, is cancelled, or expires due to your death, retirement or other termination of employment, as provided in the Plan.  Except as otherwise provided in the Plan, the Option will become exercisable in annual installments over a three-year vesting period according to the vesting schedule set forth below.   

 

	
            Name of Participant:                                                                       
 

 

 

	
            Number of Shares of Common                                                   
 
	
            Stock Covered by the Option:
 	
             

 

 

	
            Date of Grant:                                                                                  
 

 

 

	
            Exercise Price Per Share:
	
            $                  
 

 

 

	
            Vesting Schedule:                                                                            

 

 

 

If the Option, or other incentive stock options granted to you under the Plan or any other stock option plan of the Company or its parent (if any) or subsidiary corporations, first become exercisable during any calendar year and those options represent shares of Common Stock having an aggregate Fair Market Value (determined as of the Date of Grant of each option) in excess of US $100,000, then those options (or portions thereof) representing the amount of the aggregate Fair Market Value exceeding US $100,000 shall automatically be converted (in reverse order of their Date of Grant) into Nonstatutory Options (as defined in the Plan).

 

 

 

The Option is subject to the terms of the Plan, the Prospectus covering the Plan dated                , any subsequently issued Prospectus or Appendix covering the Plan, and the terms and conditions set forth above.  All of these documents are incorporated herein by this reference and made a part of the Option.

 

Non-Competition [Optional provision, as determined by the Compensation and Management

Resources Committee or the Stock Option Plan Sub-Committee]

By accepting this Option, you agree that during the “Non-Competition Period” you will not engage in “Competition” with the Company or any of its subsidiaries, divisions, or affiliates (the “Control Group”).

 

As used herein, “Competition” means:

 

 (i)        participating, directly or indirectly, as an individual proprietor, stockholder, officer, employee, director, joint venturer, investor, lender, or in any capacity whatsoever within the United States of America or in any other country where any of your former employing members of the Control Group does business, in (A) a business in competition with the retail, catalog, or on-line sale of athletic footwear, athletic apparel and sporting goods conducted by the Control Group (the “Athletic Business”), or (B) a business that in the prior fiscal year supplied product to the Control Group for the Athletic Business having a value of $20 million or more at cost to the Control Group; provided, however, that such participation shall not include (X) the mere ownership of not more than 1 percent of the
total outstanding stock of a publicly held company; (Y) the performance of services for any enterprise to the extent such services are not performed, directly or indirectly, for a business in competition with the Athletic Business or for a business which supplies product to the Control Group for the Athletic Business; or (Z) any activity engaged in with the prior written approval of the Chief Executive Officer of the Company; or 

 

 (ii)        intentionally recruiting, soliciting or inducing, any employee or employees of the Control Group to terminate their employment with, or otherwise cease their relationship with the former employing members of the Control Group where such employee or employees do in fact so terminate their employment.

 

As used herein, “Non-Competition” Period means (i) the period commencing                  and ending on              , or any part thereof, during which you are employed by the Control Group and (ii) if your employment with the Control Group terminates for any reason during such period, the one-year period commencing on the date your employment with the Control Group terminates.  Notwithstanding the foregoing, the Non-Competition Period shall not extend beyond the date your employment with the Control Group terminates if such termination of employment occurs following a “Change in Control” as defined in Attachment A hereto. 

 

You agree that the breach by you of the provisions included herein under the heading “Non-Competition” (the “Non-Competition Provision”) would result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law.  You therefore agree that in the event of a breach or a threatened breach of the Non-Competition Provision, the Company shall be entitled to (i) an immediate injunction and restraining order to prevent such breach, threatened breach, or continued breach, including by any and all persons acting for or 

 

 

with you, without having to prove damages and (ii) any other remedies to which the Company may be entitled at law or in equity.  The terms of this paragraph shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach of the Non-Competition Provision, including, but not limited to, recovery of damages.  In addition, in the event of your breach of the Non-Competition Provision, any stock options covered by this Nonstatutory Stock Option Award Agreement (“Award Agreement”) that are then unexercised (whether or not vested) shall be immediately cancelled.  You and the Company further agree that the Non-Competition Provision is reasonable and that the Company would not have granted the stock option provided for in this Award Agreement but for the inclusion of the Non-Competition Provision herein.  If any provision of the Non-Competition Provision is found by any court
of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend over the maximum period of time, range of activities, or geographic area as to which it may be enforceable.  The validity, construction, and performance of the Non-Competition Provision shall be governed by the laws of the State of New York without regard to its conflicts of laws principles.  For purposes of the Non-Competition Provision, you and the Company consent to the jurisdiction of state and federal courts in New York County.

 

Sign and Return Copy of Agreement

Please sign and return one copy of this Nonstatutory Stock Option Award Agreement (“Award Agreement”) by                                      to: Secretary, Foot Locker, Inc., 112 West 34th Street, New York, New York 10120, Attention: Sheilagh Clarke.  An Award Agreement that is mailed in an envelope that is postmarked on or before                     will be deemed to have been delivered by this date.

 

Please note your complete home address on the copy of the Award Agreement that you return.

 

                                   

[Date]

 

	
            FOOT LOCKER, INC.
 

 

 

	 	By:__________________________
          Name/Title

 

 

 

	
            SIGNATURE:
 	
            HOME ADDRESS:
 

 

_____________________________ 

	

            ________________
Signature
 	
            Street/P.O. Box
 

 

_____________________________ 

	
            ________________
Print Name
 	
            Town/City
 	
            State/Province
 

 

_____________________________

	
            Zip/Postal Code
 

 

 

 

ATTACHMENT A

 

Change in Control

 

A Change in Control shall mean any of the following:  (i)  (A) the making of a tender or exchange offer by any person or entity or group of associated persons or entities (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (a “Person”) (other than the Company or its Affiliates) for shares of common stock of the Company pursuant to which purchases are made of securities representing at least twenty percent (20%) of the total combined voting power of the Company’s then issued and outstanding voting securities; (B) the merger or consolidation of the Company with, or the sale or disposition of all or substantially all of the assets of the Company to, any Person other than (a) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving or parent entity) fifty percent (50%) or more of the combined voting power of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation; or (b) a merger or capitalization effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the beneficial owner, directly or indirectly (as determined under Rule 13d-3 promulgated under the Securities Exchange Act of 1934), of securities representing more than the amounts set forth in (C) below; (C) the acquisition of direct or indirect beneficial ownership (as determined under Rule 13d-3 promulgated under the Securities Exchange Act of 1934), in the aggregate, of securities of the Company representing twenty percent (20%) or more of the total combined voting power of the Company’s then issued and outstanding voting securities by any Person acting in
concert as of the date of this Agreement; provided, however, that the Board may at any time and from time to time and in the sole discretion of the Board, as the case may be, increase the voting security ownership percentage threshold of this item (C) to an amount not exceeding forty percent (40%); or (D) the approval by the shareholders of the Company of any plan or proposal for the complete liquidation or dissolution of the Company or for the sale of all or substantially all of the assets of the Company; or (ii) during any period of not more than two (2) consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into agreement with the Company to effect a transaction described in clause (i)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (?) of the directors then still in office
who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof.Seychelle Form 10-SB Amend 1 Ex 10-G Parsons Contract

    Exhibit
      10.G

    AGREEMENT

    

    THIS
      AGREEMENT
      is made
      and entered into on the day and date indicated below by and between Seychelle
      Environmental Technologies, Inc. ("The Company") and Richard Parsons
      ("PARSONS").

    

    WHEREAS,
      The
      Company wishes to issue a total of 240,000 of its common shares;

    

    WHEREAS,
      PARSONS
      wishes
      to acquire common shares of the Company under the terms and conditions of this
      Agreement, and the Company wishes to transfer the Shares under the terms and
      conditions of this Agreement; and

    

    WHEREAS,
      all
      parties hereto wish to be governed by the terms and conditions
      thereof;

    

    NOW,
      THEREFORE,
      in
      consideration of the premises and mutual covenants in this Agreement and
      intending to be legally bound, the parties hereto agree as follows:

    

    SECTION
      1. TRANSFER OF SHARES

    

    1.1
      Transfer of Shares. The Company agrees that it will issue to PARSONS a total
      of
      240,000 Shares at a price of $.03 per share, subject to the terms and conditions
      of this Agreement.

    

    1.2
      Transfer of Shares Free and Clear of Any Restrictions Except as Indicated.
      The
      parties hereby agree and warrant that such transfer of the Shares will be made
      free and clear of any liens or encumbrances whatsoever and any other
      restrictions such as would fail to give PARSONS full, complete, and unencumbered
      title to the Shares; provided, however, that PARSONS hereby grants to The
      Company the right to call a portion of the Shares as indicated below at the
      original purchase price should PARSONS leave the employment of the Company
      prior
      to December 1, 2007. The Company shall have one year to exercise its call
      provision as to any Shares that become eligible for such provision. The Company'
      call provisions are as follows:

    

    Prior
      to
      December 1,2005, all Shares may be called;

    Prior
      to
      December 1,2006, a total of 160,000 Shares may be called; and 

    Prior
      to
      December 1,2007, a total of 80,000 Shares may be called.

    

    1.3
      Extinguishment of Call Provisions. Notwithstanding the requirements of section
      1.2 above, in the event of the death or permanent disability (as defined by
      the
      rules and regulations of the Social Security Administration) of PARSONS, or
      upon
      the transfer of greater than 50% ownership of the Company to an unaffiliated
      third party, the call provisions of section 1.2 above shall no longer apply.
      PARSONS, or his successors and assigris, shall have the right to remove any
      restrictive endorsements or legends from any and all stock certificates, and
      this Agreement shall be terminated.

    

    1.4
      Transfer of Shares Subject to this Agreement. The transfer of the Shares to
      PARSONS shall apply to his heirs, legatees, estate, personal representatives,
      administrators, executors or successors in interest.

    1

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECTION
      2. ESCROW OF THE SHARES

    

    2.1
      Certificates. PARSONS hereby agrees to place three (3) stock certificates,
      each
      for 80,000 Shares with the Company. The shares will be held in escrow by the
      Company to secure the faithful performance of this Agreement. On or after each
      December 1st, beginning December 1, 2005, one stock certificate will be released
      from escrow to PARSONS until all certificates have been released; provided
      that
      PARSONS is employed by the Company on said dates, except as provided in section
      1.3 above.

    

    2.2
      Escrow of Shares Applies to Successors. The escrow provisions of the Shares
      transferred by PARSONS shall apply to his heirs, legatees, estate, personal
      representatives, administrators, executors or successors in
      interest.

    

    SECTION
      3. TRANSFER PROVISIONS

    

    Restriction
      on Transfers. Each party hereto agrees that he will not, without the prior
      written consent of the other party, sell, give, assign, or otherwise transfer
      ownership (any such event being referred to as "sell or transfer") any of the
      common shares of the Company owned by him at any time except pursuant to the
      provisions of this Agreement, and any attempt to sell or transfer-any of their
      common shares other than in accordance with the terms and provisions of this
      Agreement shall be null and void and of no effect whatsoever.

    

    SECTION
      4. DISPOSITION OF SHARES UPON BANKRUPTCY OR LIQUIDATION OF
      SHAREHOLDER

    

    4.1
      Mandatory Purchase By The Company Upon Bankruptcy or Liquidation of PARSONS.
      Upon the filing of a petition for Bankruptcy or Liquidation by PARSONS, the
      Company shall have the immediate and unqualified right to purchase and PARSONS
      (or successors and assigns) shall sell all of the common shares owned by PARSONS
      which are subject to a call provision at the original purchase price of the
      common stock. Such sale and purchase shall take place at the principal offices
      of the Company no later than the one hundred twentieth (l20th) day after the
      date of occurrence of the event giving rise to the mandatory purchase, upon
      the
      applicable terms and conditions hereinafter set forth in this
      Agreement.

    

    4.2
      Terms
      of Payment for Shares. Payment of the purchase price for the common shares
      shall
      be made in cash or past services at the closing, except as otherwise provided
      herein.

    

    4.3
      Transfer of Shares Subject to this Agreement. The provisions of this Section
      4
      shall apply to the heirs, legatees, estate, personal representatives,
      administrators, executors or successors in interest of the parties or any
      subsequent holder, as the case may be, and each of them shall hold such common
      shares subject to rights, obligations and restrictions set forth in this
      Agreement.

    

    2

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECTION
      5. RESTRICTIVE ENDORSEMENTS.

    

    5.1
      Placing Restrictive Endorsements on Certificates Representing the Shares. The
      certificates representing the Shares during the term of this Agreement shall
      bear such notation or other statement concerning the restrictions on such Shares
      imposed by this Agreement as shall be required by Colorado law in order to
      make
      these restrictions enforceable against subsequent shareholders.

    

    5.2
      Removal of Restrictive Endorsements. If, for any reason, any of the Shares
      are
      no longer subject to the restrictions and provisions hereof, the Company shall
      promptly issue, execute and deliver a new certificate or certificates for such
      Shares without such endorsement upon the request of the holder thereof and
      the
      surrender to the Company of the certificates containing such
      endorsement.

    

    SECTION
      6. TRANSFER OF SHARES.

    

    6.1
      Restriction on Transfer. PARSONS hereby authorizes and directs the Company
      not
      to make any transfer of record of any of the Shares subject to this Agreement
      otherwise than in accordance with the terms and provisions hereof.

    

    SECTION
      7. TERM OF AGREEMENT.

    

    7.1
      Termination of this Agreement. This Agreement shall remain in effect until
      terminated by (a) written agreement of all of the parties hereto (unless any
      such party and any permitted transferee thereof no longer own Shares in the
      Company, in which event such party's agreement to terminate will not be
      necessary); (b) cessation of the Company's business and winding up of its
      affairs; or (c) in accordance with section 1.3 above.

    

    7.2
      Removal of Restrictive Endorsements. Upon termination of this Agreement, the
      Shareholders, or any subsequent holder of their Shares, shall surrender the
      certificate or certificates representing their Shares to the Company, and the
      Company shall issue a new certificate or certificates in lieu thereof for an
      equal number of Shares without the restrictive endorsement referred to
      herein.

    

    SECTION
      8. WARRANTIES

    

    8.1
      Warranties. Each party hereto represents and warrants to each other party hereto
      that he has the authority to enter into this Agreement, to perform all terms
      and
      conditions thereunder, and to be bound thereby.

    

    8.2
      Survival of Warranties. The warranties and representations contained herein
      shall survive the termination date in Section 7 above for a period of two years
      from the date thereof.

    

    

    3

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECTION
      9. NOTICES.

    

    9.1
      Notices. All notices and other communications required or permitted to be given
      hereunder shall be in writing and shall be deemed to have been duly given if
      delivered by hand or mailed first class, postage prepaid, by registered or
      certified mail to the intended recipient at their address as set forth in the
      records of the Company from time to time.

    

    SECTION
      10. MISCELLANEOUS.

    

    10.1
      Miscellaneous. This Agreement sets forth the entire understanding and agreement
      of the parties hereto concerning the subject matter hereof. No representation,
      promise, inducement or statement of intention has been made by or on behalf
      of
      any party hereto concerning the subject matter hereof which is not set forth
      in
      this Agreement, except that the parties hereto hereby acknowledge and agree
      that
      this Agreement is intended to and shall supersede all previous plans and
      agreements, verbal or otherwise, by and between any party hereto and the Company
      regarding the Company and its business.

    

    10.2
      Applicable Law. This Agreement was contracted in Nevada and shall be subject
      to
      the laws thereof.

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement on the 1st day of December
      2004.

    

    

    

    /s/
      SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.

    

    

    

    /s/
      RICHARD PARSONS, individually

    

    

    4

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