Document:

exv10w7

 

Exhibit 10.7

[Grant Date]

[Grantee Name]

[Grantee Address]

INCENTIVE

STOCK OPTION AGREEMENT

Dear [Grantee Name]:

     You are hereby notified that the Board of Directors of Canyon Resources Corporation (the
“Corporation”) has granted you an option pursuant to the Amended and Restated Incentive Stock
Option Plan which was amended and restated on March 11, 2004 by the Board of Directors and approved
by Shareholder vote on July 14, 2004.

     The option granted to you is to purchase [#] shares of the $.01 par value common stock of the
Corporation at the price of [Strike Price $] per share. The date of grant of this option is the
effective date of this notice and it is the determination of the Board of Directors that, on the
date of the grant, the fair market value of the Corporation’s $.01 par value common stock was
[Stock Price $] per share. The term of your option is five years from the date of grant, and shall
expire on midnight, [Expiry Date], although the option may be terminated earlier as set forth in
the Plan. The option may be exercised at any time within this five year period.

     Enclosed is a copy of the Plan governing the option granted to you. You should read the Plan
carefully since your option is in all respects limited and conditioned as provided in the Plan
including, but not limited to, the following:

	 	a)	 	Should your employment be terminated for any reason other than death or
disability, any options granted to you under the Plan which have not been exercised
shall expire 90 days after the effective date of such termination and shall be
exercisable during such 90-day period only to the extent they were exercisable on the
effective date of termination. If your employment terminates because of death or total
disability, your option may be exercised in full for 12 months after such death or
disability.
	 
	 	b)	 	You shall not, by reason of this option, have any rights of a stockholder of
the Corporation until the date of the issuance of a stock certificate to you for such
shares.
	 
	 	c)	 	Your option granted under the Plan shall be exercisable during your lifetime
only by you. It shall not be assigned, pledged, or hypothecated in any way, shall not
be subject to execution, and shall not be transferable by you otherwise than by will,
or as determined by the laws of descent and distribution.

 

 

[Grant Date]

Incentive Stock Option Agreement

Page 2

     Also enclosed is a copy of the Corporation’s Prospectus pertaining to the registration under
federal securities laws of shares of common stock to be issued pursuant to the option.

     Upon exercise of a stock option, it is the responsibility of the optionee to comply with any
applicable SEC Rule 16(b) reporting requirements.

     At the time or times when you wish to exercise your option in whole, or in part, you shall
deliver a written notice of such election to the Corporation, either in person or by certified
mail, stating the number of shares with respect to which option is being exercised, and specifying
a date on which the shares will be taken and payment made therefore. This date shall be at least 15
days after giving such notice, unless an earlier date is mutually agreed upon. Payment must be made
in full by cash or certified check. In addition, payment may be made by delivery of other shares
of common stock of the Corporation having a fair value equal to the option price. Shares presented
for payment must have been previously owned by you for at least six months.

     If the above procedures meet with your approval, please acknowledge receipt of a copy of the
Plan and the Prospectus and indicate your acceptance of the copy of this letter in the space
provided below and return it to the Corporation, either in person, or by certified mail.

     If there is any inconsistency between the terms of this Option Agreement and the terms of the
Plan and/or the Prospectus, the terms of the Plan shall govern.

     The effective date of this agreement is [Grant Date].

	 	 	 	 	 
	 	CANYON RESOURCES CORPORATION
 	 
	 	By:  	 	 
	 	 	James K. B. Hesketh 	 
	 	 	President 	 
	 

     I, [Grantee Name], have received a copy of the Amended and Restated Incentive Stock Option
Plan and the Prospectus covering the shares to be issued thereunder, and I accept and agree by all
of the terms thereof.

     Dated this             day of            , 20_.

 
[Grantee Name]exv10w8

 

Exhibit 10.8

[Grant Date]

[Grantee Name]

[Address]

NON-QUALIFIED

STOCK OPTION AGREEMENT

Dear [Grantee Name]:

     You are hereby notified that the Board of Directors of Canyon Resources Corporation (the
“Corporation”) has granted you an option to purchase Canyon Common Stock pursuant to the Amended
and Restated Non-Qualified Stock Option Plan.

     The option granted to you is to purchase [#] shares of the $.01 par value common stock of the
Corporation at the price of [Strike Price $] per share. The date of grant of this option is the
effective date of this notice. Your option may not be exercised for twelve months from the date of
grant, except in the event of your death. The term of your option is five years from the date of
grant, and shall expire on midnight, [Expiry Date], although the option may be terminated earlier
as set forth in the Plan.

     Enclosed is a copy of the Plan governing the option granted to you. You should read the Plan
carefully since your option is in all respects limited and conditioned as provided in the Plan
including, but not limited to, the following:

	 	a)	 	Should your services as a consultant or director be terminated for any
reason other than death, for cause, or due to a merger or amalgamation of the
Corporation, any options granted to you under the Plan which have not been exercised
shall expire 90 days after the effective date of such termination and shall be
exercisable during such 90-day period only to the extent they were exercisable on
the effective date of termination. If your employment terminates because of death,
your option may be exercised by your estate in full for six months after such death.
If your services as a consultant or director are terminated for cause, any
unexercised portion of your option shall immediately expire. Should your services as
a consultant or director be terminated due to a merger or amalgamation of the
Corporation, these options granted to you on [Grant Date], shall survive and remain
exercisable for their full five-year term.

 

 

Non-Qualified Stock Option Agreement

Page 2

[Grant Date]

	 	b)	 	You shall not, by reason of this option, have any rights of a stockholder of
the Corporation until the date of the issuance of a stock certificate to you for such
shares.
	 
	 	c)	 	Your option granted under the Plan shall be exercisable during your lifetime
only by you. It shall not be transferable by you otherwise than by will or as
determined by the laws of descent and distribution.

     Also enclosed is a copy of the Corporation’s Amended Prospectus dated November 16, 2004,
pertaining to the registration under the federal securities laws, of certain shares of common stock
to be issued pursuant to options granted pursuant to the Plan.

     Upon exercise of a stock option, it is the responsibility of the optionee to comply with any
applicable SEC Rule 16(b) reporting requirements.

     At the time or times when you wish to exercise your option in whole, or in part, you shall
deliver a written notice of such election to the Corporation, either in person or by certified
mail, stating the number of shares with respect to which option is being exercised, and by paying,
in full, the purchase price for the options shares purchased. Payment must be made in full by cash
or certified check. If the above procedures meet with your approval, please acknowledge receipt of
a copy of the Plan and the Prospectus and indicate your acceptance of the copy of this letter in
the space provided below and return it to the Corporation in person or by certified mail.

     The effective date of this agreement is [Grant Date].

	 	 	 	 	 
	 	CANYON RESOURCES CORPORATION

 	 
	 	By:  	 	 
	 	 	James K. B. Hesketh 	 
	 	 	President & CEO 	 
	 

     I, [Grantee Name], received a copy of the Amended and Restated Non-Qualified Stock Option Plan
and the Prospectus, dated November 16, 2004, covering the shares to be issued thereunder and I
accept and agree by all of the terms thereof.

     Dated this            day of            , 20_.

 
[Grantee Name]Exhibit 10.01.2  

Citigroup Inc.

399 Park Avenue

New York, New York 10043 

November 16,
2001 

Mr. Sanford
I. Weill

399 Park Avenue

New York, New York 10022 

Dear
Sandy: 

        This
letter agreement specifically references and explicitly expresses an intention to supplement and clarify certain terms of your Amended and Restated Employment Agreement dated as of
November 16, 2001 (the "Amended Agreement") with the Company. Terms used in this letter agreement and not otherwise defined shall have the
meanings ascribed to them in the Amended Agreement. 

	1.
	With
respect to Section 7(a)(i)(x) of the Amended Agreement, to the extent that you desire to manage assets, directly or indirectly, for more than a  de minimis number but nevertheless a limited
number of family members and personal friends, the Company shall not unreasonably withhold its written
consent.

	2.
	In
Section 7(d) of the Amended Agreement, the term "appropriate due process" shall be deemed to mean that the determination of a breach of any of the covenants set forth in
Section 7(a) of the Amended Agreement (each, a "Covenant") shall not have been made unless and until there shall have been delivered to you a
copy of a resolution duly adopted by an affirmative vote of not less than a majority of the full Board of Directors of the Company then in office, excluding you (the  "Board"), at a meeting of the Board,
after 30 days prior written notice to you and an opportunity for you, together with your counsel (if you
choose to have counsel present at such meeting), to be present and heard before the Board, finding that, in the good faith opinion of the Board, you have breached a Covenant and specifying the
particulars thereof.

	3.
	Notwithstanding
anything to the contrary contained in Paragraph 1 of this letter agreement or any provision of the Amended Agreement, if you breach any Covenant, the Company
shall be permitted to seek any right or remedy available to it under Section 7(b)(ii) of the Amended Agreement prior to or absent a formal determination of a breach of such Covenant
pursuant to Paragraph 1 of this letter agreement. 

 
	4.
	In
Section 7(e) of the Amended Agreement, the term "comparable", with respect to Company facilities and services, means, as appropriate, comparable in number, quality, size and
location (which, in the case of the office will be located in midtown Manhattan in New York City, New York). Without limiting the generality of the foregoing, consistent with current practice,
(a) your access to and use of Company aircraft shall be on a priority (not a dedicated) basis, (b) facilities and services subject to ordinary-course wear and tear (such as the car)
shall be replaced and/or upgraded periodically and (c) security arrangements shall be enhanced from time to time to the extent necessary to take into account reasonable threat assessments.

	5.
	In
Section 7(e) of the Amended Agreement, the phrase "on the same basis as", for purposes of facilities and services covered by such section, means that to the extent that you
currently enjoy such facilities and services free of out-of-pocket taxes payable by you, you shall continue to enjoy the same without any out-of-pocket
tax expense, including reimbursement of any taxes which may be imposed on you in such connection and including reimbursement of any taxes imposed upon such reimbursement.

	6.
	This
letter agreement shall not be amended or terminated other than by the written consent of the parties.

	7.
	This
letter agreement shall be governed by, and construed and enforced in accordance with, the laws of the state of Delaware. 

	 	 	Sincerely
	

Agreed and accepted:	
 	
CITIGROUP INC.
	
/s/  SANFORD I. WEILL      
	
 	

 	

/s/  CHARLES PRINCE      

	Sanford I. Weill	 	By:	Charles Prince
	 	 	Title:	Corporate Secretary
	

 	
 	

WITNESS
	

 	
 	

/s/  ARTHUR ZANKEL      
 Arthur Zankel

2

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