Document:

Exhibit
10.1

PACE
MEDICAL, INC.

 

NON-QUALIFIED
STOCK OPTION AGREEMENT

 

NON-QUALIFIED
STOCK OPTION AGREEMENT dated as of January 3, 2005 by and between PACE MEDICAL, INC., a Massachusetts corporation (hereinafter
called the “Corporation”), and STEVEN E. HANSON
(hereinafter called the “Optionee”).

 

WHEREAS, the
Corporation desires to afford the Optionee the opportunity to purchase shares
of its Common Stock;

 

NOW,
THEREFORE, in consideration of the premises and of the mutual
covenants and agreements hereinafter set forth, the parties hereby mutually
covenant and agree as follows:

 

1.
Grant of Option.  Subject to
the terms and conditions set forth herein, the Corporation grants to the
Optionee the right and option to purchase from the Corporation at a price of $.28
per share up to but not exceeding in the aggregate Four Hundred Thousand
(400,000) shares of the Corporation’s Common Stock, par value $.01 per share
(the “Common Stock”).

 

2.
Term.  This Agreement and the option
granted hereby shall terminate five (5) years from the date hereof but shall be
subject to earlier termination as herein provided.  Upon termination, the option granted hereby
shall thereupon expire and thereafter shall not be exercisable.

 

3. Exercise of Option. 
(a)  The option hereby granted may
be exercised at any time or from time to time in whole or in part during the
term hereof.

 

(b)  Upon any one exercise of the option granted
hereby, the Optionee or his legal representative may purchase all or any part
of the shares of Common Stock as to which such option is then exercisable,
provided however, that no less than one hundred (100) shares may be purchased
upon any one exercise of such option unless the number of shares purchased at
such time is the total number of shares in respect of which such option is then
exercisable.

 

(c)  The option hereby granted shall be exercised
by the Optionee delivering to the Clerk of the Corporation, from time to time,
on any business day, written notice specifying the number of shares the
Optionee then desires to purchase, together with cash or a certified or bank
cashier’s check to the order of the Corporation for an amount in United States
dollars equal to the option price of such shares.

 

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(d)  Upon each such exercise, a
certificate representing the number of shares purchased shall be issued in the
name of the person or persons exercising the option granted hereby and
delivered to the Optionee.

 

4.
Restrictions on Issuance of Shares.  (a) 
Notwithstanding the provisions of Section 2 hereof, the Corporation may
delay the issuance of shares covered by the exercise of the option granted
hereby and the delivery of a certificate for such shares until

 

(i)  one of the following conditions shall be
satisfied:

 

                              (A)                                                the shares with
respect to which the option granted hereby has been exercised are at the time
of the issuance of such shares effectively registered under the Securities Act
of 1933 as now in force or hereafter amended; or

 

                                (B)                                                a no-action
letter in respect to the issuance of such shares shall have been obtained by
the Corporation from the Securities and Exchange Commission; or

 

                                (C)                                                counsel for the
Corporation shall have given an opinion, which opinion shall not be
unreasonably conditioned or withheld, that such shares are exempt from
registration under the Securities Act of 1933 as now in force or hereafter
amended; and

 

(ii)  one of the following conditions shall be
satisfied:

 

                              (A)                                                approval shall
have been obtained from such federal and state governmental agencies, other
than the Securities and Exchange Commission, as may be required under any
applicable law, rule or regulation; or

 

                                (B)                                                counsel for the
Corporation shall have given an opinion, which opinion shall not be
unreasonably conditioned or withheld, that no such approval is required.

 

(b)  It is intended that all exercises of the
option granted hereby shall be effective, and the Corporation shall use its
best efforts to bring about compliance with the above conditions within a
reasonable time, except that the Corporation shall be under no obligation to
cause a registration statement or a post-effective amendment to any
registration statement to be prepared at its expense or to comply with
Regulation A or any other exemption under the Securities Act of 1933 as now in
force or hereafter amended, solely for the purpose of covering the issuance of
shares in respect of which the option granted hereby may be exercised.  Therefore, the Optionee shall not be

 

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entitled to any rights in any shares of
Common Stock to be issued under the option granted hereby until delivery of a
certificate therefor by the Corporation.

 

5.
Purchase for Investment. 
(a)  Unless the shares to be
issued upon exercise of the option granted hereby have been effectively
registered under the Securities Act of 1933 as now in force or hereafter
amended, the Corporation shall be under no obligation to issue any shares
covered by such option unless the person who exercises such option, in whole or
in part, shall give a written representation to the Corporation satisfactory in
form and scope to the Corporation’s counsel and upon which, in the opinion of
such counsel the Corporation may reasonably rely, that he/she is acquiring the
shares issued to him pursuant to such exercise of such option as an investment
and not with a view to, or for sale in connection with, the distribution of any
such shares.

 

(b)  The certificate for each share of Common
Stock issued pursuant to such exercise of the option granted hereby may bear a
reference to the investment representation made in accordance with this Section
4 and to the fact that no registration statement has been filed with the
Securities and Exchange Commission in respect to such shares.

 

(c)  In the event that the Corporation shall
nevertheless, deem it necessary or desirable to register under the Securities
Act of 1933 or other applicable statutes any shares with respect to which the
option granted hereby shall have been exercised, or to qualify any such shares
for exemption from the Securities Act of 1933 or other applicable statutes,
then the Corporation shall take such action at its own expense and may require
from the Optionee such information in writing for use in any registration
statement, prospectus, preliminary prospectus or offering circular as is
reasonably necessary for such purpose and may require reasonable indemnity to
the Corporation and its officers and directors from such holder against all
losses, claims, damages, and liabilities arising from such use of the
information so furnished and caused by any untrue statement of any material
fact therein or caused by the omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in
the light of the circumstances under which they were made.

 

6.  Termination of Employment.  (a) 
The option hereby granted shall terminate and be of no force or effect
upon the termination of the Optionee’s employment with the Corporation (whether
as an employee, consultant, officer or director) for any reason, provided
however, that in the event of the termination of the Optionee’s employment such
option may be exercised (to the extent exercisable by the Optionee at the date
of such termination) at any time within three (3) months after the date of such
termination, but in any event not later than five (5) years from the date
hereof and provided further, however, that if the termination of the Optionee’s
employment shall result from the Optionee’s death, such option may be exercised
(to the extent exercisable by the Optionee at the date of his death) by the
Optionee’s personal representative or by the

 

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person or persons to whom such option shall
have been transferred by will or by the laws of descent and distribution, at
any time within three (3) months after the date of the Optionee’s death but in
any event not later than five (5) years from the date hereof.

 

(b)  Employment by the Corporation shall be deemed
to include employment of the Optionee by, and to continue during any period in
which the Optionee is in the employment of, any corporation in which the
Corporation has a proprietary interest by reason of stock ownership or
otherwise including any corporation in which the Corporation acquires a
proprietary interest after the date hereof (but only if the Corporation owns,
directly or indirectly, stock possessing not less than 50% of the total
combined voting power of all classes of stock in such corporation).

 

(c)  Whenever the word “Optionee” is used in any
provision of this Agreement under circumstances where the provision should
logically be construed to apply to the estate, personal representative, or
beneficiary to whom this option may be transferred by will or by the laws of
descent and distribution, it shall be deemed to include such person.

 

7.  Assignability.  The option granted hereby is not assignable
or transferable by the Optionee otherwise than by will or the laws of descent
and distribution and is exercisable during the Optionee’s lifetime only by
him.  No assignment or transfer of such
option, or of the right represented thereby, whether voluntary or involuntary,
by operation of law or otherwise, except by will or the laws of descent and distribution,
shall vest in the assignee or transferee any interest or right herein
whatsoever, and immediately upon any attempt to assign or transfer such option
the same shall terminate and be of no force or effect.

 

8.  Limitation on Rights.  (a) 
The Optionee shall not be deemed for any purpose to be a shareholder of
the Corporation with respect to any shares as to which the option granted
hereby shall not have been exercised and payment and issuance made as herein
provided.  Nothing herein shall confer on
the Optionee any right to continue in the employ of the Corporation or its
subsidiaries, nor affect the right of the Corporation or its subsidiaries to
terminate the Optionee’s employment at any time without liability to the
Corporation.

 

(b)  The existence of the option granted hereby
shall not affect in any way the right or power of the Corporation or its
shareholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in the Corporation’s capital structure or its
business, or any merger or consolidation of the Corporation, or any issue of
bonds, debentures, preferred or prior preference stocks ahead of or convertible
into, or otherwise affecting the Common Stock or the rights thereof, or the
dissolution or liquidation of the Corporation, or any sale or transfer of all
or any part of its assets or business, or any other corporate act or
proceeding, whether of a similar character or otherwise.

 

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9.  Adjustments Upon Changes in Capitalization.  (a) 
The shares with respect to which the option granted hereby is granted
are shares of the Common Stock as constituted on the date of this Agreement,
but if and whenever, prior to the delivery by the Corporation of all of the
shares of Common Stock with respect to which this option is granted, the
Corporation shall effect a subdivision or consolidation of shares, or other
capital readjustment, or the payment of a stock dividend, or other increase or
decrease of the number of shares of Common Stock outstanding, without receiving
compensation therefor in money, services or property, then

 

                               (i)                                                  in the event of
any increase in the number of such shares outstanding, the number of shares of
Common Stock then remaining subject to option hereunder shall be
proportionately increased (except that any fraction of a share resulting from
any such adjustment shall be excluded from the operation of this Agreement),
and the cash consideration payable per share shall be proportionately reduced,
and

 

                                  (ii)                                                in the event of
a reduction in the number of such shares outstanding, the number of shares of
Common Stock then remaining subject to option hereunder shall be
proportionately reduced (except that any fractional shares resulting from any
such adjustment shall be excluded from the operation of this Agreement), and
the cash consideration payable per share shall be proportionately increased.

 

(b)  In the event of (i) any merger of one or more
other corporations into the Corporation or any consolidation of the Corporation
and one or more other corporations in which the Corporation is not the
surviving or resulting corporation or (ii) any merger of one or more other
corporations into the Corporation or any consolidation of the Corporation and
one or more other corporations in which the Corporation shall be the surviving
or resulting corporation and the then issued and outstanding shares of Common
Stock shall be converted into and/or exchanged for cash and/or any securities
of any other corporation, then, in any such case and without the need for any
further action by the Corporation or its stockholders, this Agreement and the
option granted hereby shall terminate as of the effective time of the merger or
consolidation and thereupon be of no force or effect, and the holder hereof
shall, at no additional cost, be entitled solely to receive (at such effective
time and otherwise in the form and manner provided by the terms of the
agreement of merger or consolidation) an amount of the consideration payable
under the terms of such agreement equal to the excess of (i) the aggregate
consideration (valued in accordance with the terms thereof) to which the holder
hereof would have been entitled pursuant to the terms of such agreement if,
immediately prior to such effective time, the holder hereof had been the holder
of record of a number of shares of Common Stock equal to the aggregate number
of shares of Common Stock as to which this Agreement was exercisable
immediately prior to such effective time over (ii) the aggregate exercise price
payable hereunder with respect to such number of shares.  In the event of any other merger or
consolidation in which the

 

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Corporation is the surviving or resulting
corporation, this Agreement and the option granted hereby shall remain in full
force and effect in accordance with its terms. 
In the event of any dissolution or liquidation of the Corporation, this
Agreement and the option granted hereby shall terminate and thereupon be of no
force or effect.

 

10.  Miscellaneous.  (a) 
This Agreement is the sole and only agreement between the parties hereto
with respect to the subject matter hereof and may not be modified or amended
except by a subsequent written agreement duly executed by the parties hereto.

 

(b)  The Corporation shall at all times during the
term of the option granted hereby reserve and keep available such number of
shares of Common Stock as will be sufficient to satisfy the requirements of
such option.

 

(c)  Any notice which either party hereto may be
required or permitted to give to the other shall be in writing, and may be
delivered personally or by mail, postage prepaid, addressed as follows:  To the Corporation (Attention to the Clerk),
at its principal office at 391 Totten Pond Road, Waltham, Massachusetts 02154,
or at such other address as the Corporation, by notice to the Optionee, may
designate in writing from time to time; and to the Optionee at his address as
the Optionee, by notice to the Clerk of the Corporation, may designate in
writing from time to time.

 

(d)  This Agreement shall be governed by and
construed in accordance with the laws of the Commonwealth of Massachusetts.

 

IN
WITNESS WHEREOF, the Corporation has caused this Non-Qualified Stock
Option Agreement to be executed by its duly-authorized officer, and the
Optionee has hereunto set his hand and seal, all on the day and year first
above written.

 

	
   

  	
  PACE MEDICAL, INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Drusilla F. Hays, Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Steven E. Hanson —
  Optionee

  

 

6Exhibit
10.18

 

STOCK
OPTION AGREEMENT

 

LAWSON
SOFTWARE, INC.

2001
STOCK INCENTIVE PLAN

 

1.             Option
Grant and Option Exercise Price. 
Pursuant to the Lawson Software, Inc. 2001 Stock Incentive Plan (the “Plan”),
Lawson Software, Inc., a Delaware corporation (the “Company”) grants to the
participant (“Participant”) whose name is specified on the Certificate of Stock
Option Grant on the Salomon Smith Barney website at www.benefitaccess.com (the “Certificate”),
an option to purchase shares of common stock (“Common Stock”) of the Company as
follows:

 

The Company grants to
Participant an option (the “Option” or “Stock Option”) to purchase the number
of full shares of Common Stock shown on the Certificate (the “Shares”) at an
exercise and purchase price in United States dollars (the “Grant Price”) per
Option Share equal to the Grant Price listed on the Certificate (which is the
closing price for the Common Stock on Nasdaq (symbol:  LWSN) on the Grant Date), subject to the
terms and conditions set forth in the Plan, this Stock Option Agreement (“Agreement”)
and the Certificate.  The Grant Date of
this Stock Option is stated on the Certificate. 
The Option will be in effect commencing on the Grant Date and
terminating on the Grant Expiration Date listed on the Certificate or such
earlier date and time described in this Agreement (the “Option Period”).  This Option is an “Incentive Stock Option
(ISO)” or a “Nonqualified Stock Option,” as identified on the Certificate under
“Type of Stock Option.”

 

2.             Option
Subject to Plan; Definitions.  This
Stock Option and its exercise are subject to the terms and conditions of the
Plan, and the terms of the Plan shall control to the extent not otherwise
inconsistent with the provisions of this Agreement.  This Stock Option is subject to any rules
promulgated pursuant to the Plan by the Board of Directors of the Company or
the Committee.  The capitalized terms not
otherwise defined in this Agreement have the same meanings assigned to them in
the Plan.

 

2.1                                 The term “Cause”
means Termination of Participant’s Service initiated by the Company or its
Subsidiaries because of:  (1) if
Participant has entered into any written and executed contract(s) with the
Company or its Subsidiaries, any breach by 
Participant of such contract that has a material adverse effect on the
Company or any Subsidiary (as reasonably determined by the Company) and which
is not or cannot be cured within 10 days after written notice from the Company
to Participant; (2) any violation by Participant of the Company’s or a Subsidiary’s
policies, rules or regulations that has a material adverse effect on the
Company or any Subsidiary (as reasonably determined by the Company) and which
is not or cannot be cured within 10 days after written notice from the Company
to Participant; (3) commission of any act of fraud, embezzlement or dishonesty
by Participant that is materially injurious to the Company or any Subsidiary
(as reasonably determined by the Company); or (4) any other intentional
misconduct by Participant adversely affecting the business or affairs of the
Company or any Subsidiary in any material manner (as reasonably determined by
the Company). 

 

2.2                                 The
term “Change in Control Transaction” means (1) a tender offer or exchange offer
for the ownership of 50% or more of the outstanding voting securities of the
Company, (2) the Company shall have entered into a definitive agreement with
respect to

 

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a tender offer, exchange
offer or  merger,  consolidation or other business combination
with another corporation and as a result of such tender offer, exchange offer,
merger, consolidation or combination less than 50% of the outstanding voting
securities of the surviving or resulting corporation shall be owned in the
aggregate by the former stockholders of the Company, other than affiliates
(within the meaning of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) of any party to such merger or consolidation, as the same shall have
existed immediately prior to such merger or consolidation, (3) the Company
shall have entered into a definitive agreement to sell substantially all of its
assets to another corporation which is not a direct or indirect wholly owned
subsidiary of the Company, (4) a person, within the meaning of Section 3(a)(9)
or of Section 13(d)(3) (as in effect on the date of this Agreement) of the
Exchange Act, shall acquire 50% or more of the outstanding voting securities of
the Company (whether directly, indirectly, beneficially or of record) (for purposes
hereof, ownership of voting securities shall take into account and shall
include ownership as determined by applying the provisions of Rule 13d-3(d)(1)(i)
as in effect on the date of this Agreement) pursuant to the Exchange Act, or
(5) individuals who constitute the Company’s Board of Directors on the date of
this Agreement (the “Incumbent Board”) cease for any reason to constitute at
least a majority thereof, provided that any person becoming a director
subsequent to the date of this Agreement whose election, or nomination for
election by the Company’s stockholders, was approved by a vote of at least 50%
of the directors comprising the Incumbent Board shall be, for purposes of this
clause (5), considered as though such person were a member of the Incumbent
Board. 

 

2.3                                 The
term “Disability” means Termination of Participant’s Service because of a
permanent disability as defined under any retirement plan of the Company or its
Subsidiaries.

 

2.4                                 The
term “Fair Market Value” has the meaning described in Section 6 of the
Plan.

 

2.5                                 The
term “Retirement” means Termination of Participant’s Service (1) at or after
age 55 provided Participant has been employed by the Company or its
Subsidiaries for at least ten years or (2) at or after age 62.

 

2.6                                 The
term “Subsidiary” or “Subsidiaries” means a subsidiary corporation of the
Company as defined in the Plan.

 

2.7                                 The
term “Termination of Participant’s Service” means the last day of Participant’s
regular full time or part time employment with the Company and its Subsidiaries.

 

3.             Vesting
and Acceleration of Vesting.  Except
as specifically provided in this Agreement and the Plan, this Stock Option will
vest and first become exercisable on the respective vesting dates specified in
the Certificate, but only if Participant has at all times been a regular full
time or part time employee of the Company or any Subsidiary from the Grant Date
to the applicable vesting date.  Vested
Option Shares may be exercised and purchased during the Option Period, until
termination under Section 4 below. 
No vesting of the Option shall occur after Termination of Participant’s
Service (except due to death, Disability or Retirement).  If there is a Termination of Participant’s
Service because of Participant’s death, Disability or Retirement, all
conditions of vesting will be assumed to have been met immediately before such
death, Disability or Retirement, and Participant or Participant’s estate will
have the right to exercise the full number of Shares remaining under the
Option, whether or not vested, during the applicable time period

 

2

 

in Section 4
below.  If there is a Termination of
Participant’s Service initiated by the Company or any Subsidiary (or successor)
other than for Cause within 90 days after a consummated Change in Control
Transaction, the vesting dates in the Certificate will be accelerated one year
(e.g. the number of vested Shares will be the same number as would have been
vested one year after the employment termination date had that termination not
occurred).  The Company’s leave of
absence procedure concerning stock options, that is in effect as of the date of
this Agreement, will also govern the vesting of the Option during a Company
approved leave of absence.  

 

4.             Termination
and Forfeiture.  The Stock Option,
whether or not vested, automatically expires at 5:00 p.m. United States Central
Time on the Grant Expiration Date, unless terminated on an earlier date as
described in this Agreement or the Plan. 
All or any portion of the Stock Option that is not vested on the date of
Termination of Participant’s Service will be forfeited on that date (unless
termination is due to death, Disability or Retirement).  The unexercised portion of the Stock Option
that is vested will automatically terminate and be forfeited at the first of
the following to occur:

 

(1)                                  5:00
p.m. United States Central Time on the date of Termination of Participant’s
Service initiated by the Company or any Subsidiary for Cause;

(2)                                  5:00
p.m. United States Central Time on the date that is 90 days after Termination
of Participant’s Service for any reason or no reason, other than for (a) Cause,
(b) death, (c) Disability or (d) Retirement;

(3)                                  5:00
p.m. United States Central Time on the date that is one year after the date of
Termination of Participant’s Service due to death, Disability or Retirement; or

(4)                                  5:00
p.m. United States Central Time on the Grant Expiration Date.

 

5.             No
Fractional Shares.  This Stock Option
may be exercised only in whole Shares and not fractional Shares.  Any fraction of a Share that would otherwise
vest on any vesting date will be rounded down to the nearest whole Share. 

 

6.             Manner
of Exercise.  Before the end of the
Option Period, this Stock Option may be exercised only by Participant (or by
Participant’s guardian or legal representative, or by Participant’s estate (if
Participant is deceased)) up to the extent then vested and exercisable by
delivering to the Company’s stock option administrator an irrevocable notice of
exercise in the form required by the Company. 
The notice of exercise shall state the number of Shares for which the
Option is being exercised and shall be accompanied by payment in full of the
Grant  Price for those Shares (under Section 7
below) and applicable tax withholdings (under Section 10 below).

 

7.             Payment
of Grant Price.  Participant may pay
the Grant Price by wire transfer or check (bank check, certified check or
personal check) or by delivering to the Company for cancellation, in accordance
with the rules of the Committee, shares of Common Stock which have a Fair
Market Value in United States dollars equal to the Grant Price and which either
(i) were purchased on a national stock exchange or on the NASDAQ NMS system or
(ii) have been issued and outstanding more than six months.  The Grant Price is payable in United States
dollars.  

 

8.             Delivery
of Shares.  The Company will deliver
to Participant the Shares (either in certificate or electronic form as
requested by Participant) promptly after proper exercise of the Option and
receipt of the Grant Price and applicable tax withholdings.  Notwithstanding any provision in this
Agreement to the contrary, the obligation of the Company to deliver Shares is

 

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subject to the condition
that if at any time the Committee shall determine in its discretion that the
listing, registration, or qualification of the Stock Option or the Shares upon
any securities exchange or under any state or federal law, or the consent or
approval of any governmental regulatory body, is necessary as a condition of,
or in connection with, the Stock Option or the issuance or purchase of Shares
thereunder, then the Stock Option may not be exercised in whole or in part
unless such listing, registration, qualification, consent or approval shall
have been effected or obtained free of any conditions not reasonably acceptable
to the Committee. 

 

9.             Tax
Requirements for Incentive Stock Options; Disqualifying Disposition.  This Section 9 will apply only if this
Stock Option is identified as an Incentive Stock Option or ISO on the
Certificate.  If this Section 9
applies, then subject to the provisions of the Plan, this Stock Option is an
Incentive Stock Option.  To the extent
the number of Shares exceeds the limit set forth in Section 4 of the Plan,
such Shares shall be deemed granted pursuant to a Nonqualified Stock
Option.  In such event, then unless
otherwise indicated by Participant in the notice of exercise pursuant to Section 6
above, upon any exercise of this Stock Option, the number of exercised Shares
that shall be deemed to be exercised pursuant to an Incentive Stock Option
shall equal the total number of Shares so exercised multiplied by a fraction,
(a) the numerator of which is the number of unexercised Option Shares that
could then be exercised pursuant to an Incentive Stock Option and (b) the
denominator of which is the then total number of unexercised Option Shares that
could then be exercised.  If Common Stock
acquired upon exercise of this Stock Option is disposed of by Participant in a “Disqualifying
Disposition,” such Participant shall notify the Company in writing within 30
days after such disposition of the date and terms of such disposition.  For purposes hereof, “Disqualifying
Disposition” means a disposition of Common Stock that is acquired upon the
exercise of an Incentive Stock Option prior to the expiration of either two
years from the Grant Date of such Incentive Stock Option or one year from the
transfer of Shares to Participant pursuant to the exercise of such Incentive
Stock Option.  If a Disqualifying
Disposition occurs, the tax requirements described in Section 10 will
apply.

 

10.           Tax
Requirements and Withholdings for Nonqualified Stock Options.  This Section 10 will apply only if this
Stock Option is identified as a Nonqualified Stock Option on the Certificate or
is considered a Nonqualified Stock Option under Section 9 above.  In order to provide the Company and its
Subsidiaries with the opportunity to claim the benefit of any income tax deduction
in any jurisdiction which may be available to it upon the exercise of the
Nonqualified Stock Option, and in order to comply with all applicable income
tax laws or regulations of any applicable country, state or other jurisdiction,
the Company and its Subsidiaries may take such action as it deems appropriate
to ensure that, if necessary, all applicable payroll, withholding, income, NIC
or other taxes (of any applicable country, state or other jurisdiction) are
withheld or collected from Participant. 
Participant may elect to satisfy Participant’s minimum income tax
withholding obligations under such laws or regulations upon exercise of the
Option by (i) paying that amount by wire transfer or check (bank check,
certified check or personal check), (ii) having the Company or its Subsidiaries
withhold a portion of the shares of Shares otherwise to be delivered upon
exercise of such Option having a Fair Market Value in United States dollars (on
the date of exercise of Option) equal to the minimum amount of such taxes
required to be withheld on such exercise, in accordance with the rules of the
Committee, or (iii) delivering to the Company for cancellation, in accordance
with the rules of the Committee, shares of Common Stock which have a Fair
Market Value equal to such tax withholdings and which either (a) were purchased
on a national stock exchange or on the NASDAQ NMS system or (b) have been
issued and outstanding more than six months. 
The Company may, at its discretion, require Participant to pay the withholding
taxes under clause (i) above in lieu of the alternatives in clauses (ii) or
(iii) above.

 

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11.           Investment
Representation.  Unless the Common
Stock is issued to Participant in a transaction registered under applicable
federal and state securities laws, Participant represents and warrants to the
Company that all Common Stock which may be purchased hereunder will be acquired
by Participant for investment purposes for Participant’s own account and not with
any intent for resale or distribution in violation of federal or state
securities laws.  Unless the Common Stock
is issued to Participant in a transaction registered under the applicable
federal and state securities laws, all certificates issued with respect to the
Common Stock shall bear an appropriate restrictive investment legend.

 

12.           Impact
on Employment Status.  This
Agreement, the Certificate and the Plan are not an employment contract.  Nothing contained in this Agreement, the
Certificate or the Plan shall confer on Participant any right to continue in
the employ of the Company or any Subsidiary or other affiliate of the Company
or affect in any way the right of the Company or any Subsidiary or other
affiliate to terminate the employment of Participant at any time.

 

13.           Adjustments.  In the event of any stock split, stock
dividend, recapitalization or combination of shares by the Company after the
Grant Date, the number of Shares subject to the Option and the Grant Price per
Share shall be equitably adjusted in the same manner as the outstanding shares
of Common Stock, in accordance with the rules of the Committee.  The number of Option Shares designated in the
Certificate has been adjusted for all stock splits that were effective before
the Grant Date.

 

14.           Non-Transferability
of Option.  This Stock Option is not
assignable or transferable by Participant except by will or by the laws of
descent and distribution.

 

15.           Consent
to Internal Use of Personal Data. 
Participant consents to the Company’s and its Subsidiaries’ (and the
Company’s stock option administrator) receiving and using personal data related
to Participant for employment-related purposes only and for gathering and
making required reports to government authorities. 

 

15.           No
Right of Future Stock Option Grants. 
Nothing contained in this Agreement, the Certificate or the Plan shall
confer on Participant any right to receive any additional stock options in the
future from the Company, Subsidiary or any other affiliate of the Company or
affect in any way the right of the Company, Subsidiary or any other affiliate
to terminate the granting of stock options at any time.

 

16.           Interpretation
of Terms; General.  The Committee
shall interpret the terms of the Option and this Agreement, the Certificate and
Plan and all determinations shall be final and binding.  The Option and this Agreement, the
Certificate and Plan (1) are governed by the laws of the State of Minnesota,
(2) may be amended only in writing, signed by an executive officer of the Company,
and (3) supersede any other verbal or written agreements or representations
concerning the Option.

 

17.           Official
Language.  The official language of
the Option and this Agreement, the Certificate and Plan is English.  Documents or notices not originally written
in English shall have no effect until they have been translated into English,
and the English translation shall then be the prevailing form of such documents
or notices.  Any notices or other
documents required to be delivered to the Company (or stock option
administrator) under this Notice, shall be translated into English, at
Participant’s expense, and provided promptly to the Company in English (to the

 

5

 

attention of the
Company’s Corporate Secretary).  The
Company may also request an untranslated copy of such documents.

 

18.           Signature
and Validity.  An executive officer
of the Company has signed this Agreement electronically on behalf of the
Company.   The Participant is deemed to
have signed this Agreement and agreed to all of its terms by having
electronically indicated Participant’s acceptance and agreement on the
Certificate on the Salomon Smith Barney website at www.benefitaccess.com.  If there is any discrepancy between the
number of Option Shares shown in the Certificate and the number shown in the
records of the Company’s Corporate Secretary, the records of the Company’s
Corporate Secretary shall prevail.

 

	
  Lawson Software, Inc.

  
	
   

  
	
   

  
	
  By

  	
  /s/ Jay Coughlan

  	
   

  
	
   

  	
   

  
	
   

  	
  Jay Coughlan,

  
	
   

  	
  President and Chief
  Executive Officer

  

 

6

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