Document:

Exhibit 10.7

Exhibit 10.7

 

INCENTIVE STOCK OPTION AGREEMENT

HUDSON TECHNOLOGIES, INC.

 

AGREEMENT made as of the (insert date) (the "Grant Date") between Hudson Technologies, Inc. (the "Company"), a New York corporation, having a principal place of business at 275 North Middletown Road, Pearl River, New York  10965, and  (insert name of Grantee) (the "Grantee"). 

WHEREAS, the Company desires to grant to the Grantee an Incentive Stock Option to purchase shares of its common stock, par value $.01 per share (the "Shares"), under and for the purposes of the 1997 Stock Option Plan of the Company (the "Plan") pursuant to the terms thereof;

WHEREAS, the Company and the Grantee understand and agree that unless otherwise defined herein any terms used herein have the same meanings as in the Plan.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

1. Grant of Option.  The Company hereby grants to the Grantee the right and option to purchase all or any part of an aggregate of (insert number of shares) shares, Common Stock, $.01 par value, on the terms and conditions and subject to all the limitations set forth herein and in the Plan, which is incorporated herein by reference.  The Grantee acknowledges receipt of a copy of the Plan.

2. Purchase Price.  The purchase price of the Shares covered by the Option shall be (insert price per share) per share.

3. Exercise of Option.  The Option granted hereby shall vest and be exercisable as follows:

	 	
Amount
	 	
Date Vested*
	 	
Date Exercisable*

	 	
insert
	 	
10/1/04
	 	
10/1/04

	 	 	 	
1/1/05
	 	
1/1/05

	 	 	 	
4/1/05
	 	
4/1/05 

	 	 	 	
7/1/05
	 	
7/1/05

	 	 	 	
10/1/05
	 	
10/1/05

	 	 	 	
1/1/06
	 	
1/1/06

	 	 	 	
4/1/06
	 	
4/1/06

	 	 	 	
7/1/06
	 	
7/1/06

* illustrative of typical vesting schedule, where options vest quarterly over two years.

4. Term of Option.  The option shall terminate (insert term) years from the date of this Agreement, but shall be subject to earlier termination as provided herein or in the Plan.

If the Grantee ceases to be employed by the Company for any reason other than death, termination for cause or voluntary termination without the consent of the Company, the Option may be exercised at any time within three (3) months days after the date the Grantee ceases to be an employee, but in any event not later than the date on which the option terminates under this Agreement.  In such event, the Option shall be exercisable only to the extent that the right to purchase Shares under the Plan has accrued and is in effect at the date of such cessation of employment.

In the event that the Grantee is terminated for cause or voluntarily terminates without the consent of the Company, the options granted under this Agreement, to the extent not theretofore exercised, shall automatically terminate as of the date of termination of the Grantee's employment. In the event of Disability of the Grantee (as determined by the Board of Directors of the Company or the 1997 Stock Option Plan Committee of the Company, as the case may be, and as to the fact and date of which the Grantee is notified by the Board or that Committee, as the case may be, in writing), the Option shall be exercisable within one (1) year after the date of such Disability, but in any event not later than the date on which the option terminates under this Agreement.  In such event, the Option shall be exercisable to the extent that the right to purchase the Shares hereunder has accrued on the date the Grantee becomes Disabled and is in effect as of such determination date.

In the event of the death of the Grantee while an employee of the Company or within ninety (90) days after the termination of employment (other than termination for cause or without consent of the Company), the Option shall be exercisable to the extent exercisable but not exercised as of the date of death and in such event, the Option must be exercised, if at all, within one (1) year after the date of death of the Grantee, but in any event not later than the date on which the option terminates under this Agreement

5. Non-Assignability.  The Option shall not be transferable by the Grantee otherwise than by will or by the laws of descent and distribution and shall be exercisable, during the Grantee's lifetime, only by the Grantee.  The Option shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process.  Any attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any rights granted hereunder contrary to the provisions of this Section 5, or the levy of any attachment or similar process upon the Option or such right, shall be null and void.

6. Exercise of Option and Issue of Shares.  The Option may be exercised in whole or in part (to the extent that it is exercisable in accordance with its terms) by giving written notice to the Company, together with the tender of the Option price.  Such written notice shall be signed by the person exercising the Option, shall state the number of Shares with respect to which the Option is being exercised, shall contain any warranty required by Section 7 below and shall otherwise comply with the terms and conditions of this Agreement and the Plan.  The Company shall pay all original issue taxes with respect to the issue of the Shares pursuant hereto and all other fees and expenses necessarily incurred by the Company in connection herewith.  Except as specifically set forth herein, the holder acknowledges that any income or other taxes due from him or her with respect to this Option or the Shares issuable pursuant to this Option shall be the responsibility of the holder.  The holder of this Option shall have rights as a shareholder only with respect to any Shares covered by the Option after due exercise of the Option and tender of the full exercise price for the Shares being purchased pursuant to such exercise.

7. Purchase for Investment.  Unless the offering and sale of the Shares to be issued upon the particular exercise of the Option shall have been effectively registered under the Securities Act of 1933, as now in force or hereafter amended, or any successor legislation (the "Act"), the Company shall be under no obligation to issue the Shares covered by such exercise unless and until the following conditions have been fulfilled:

(a) The person(s) who exercise the Option shall warrant to the Company, at the time of such exercise, that such person(s) are acquiring such Shares for his or her own account, for investment and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by the provisions of the following legend which shall be endorsed upon the certificate(s) evidencing their option Shares issued pursuant to such exercise:

	
"The shares represented by this certificate have not been registered under the Securities Act of 1933 as amended (the "Act").  Such shares may not be sold transferred or otherwise disposed of unless they have first been registered under the Act or unless in the opinion of counsel satisfactory to the Company's counsel such registration is not required."

(b) The Company shall have received an opinion of its counsel that the Shares may be issued upon such particular exercise in compliance with the Act without registration thereunder.  Without limiting the generality of the foregoing, the Company may delay issuance of the Shares until completion of any action or obtaining of any consent, which the Company deems necessary under any applicable law (including without limitation state securities or "blue sky" laws).

8. Notices.  Any notices required or permitted by the terms of this Agreement or the Plan shall be given by registered or certified mail, return receipt requested, and sent, if the Company, at its principal executive offices, and if the Grantee, at the Grantee's most current residence address as reflected in the records of the Company or to such other address or addresses of which notice in the same manner has previously been given.  Any such notice shall be deemed to have been given when mailed in accordance with the foregoing provisions.  Either party hereto may change the address of which notices shall be given by providing the other party hereto with written notice of such change.

9. Governing Law.  This Agreement shall be construed and enforced in accordance with the law of the State of New York.

10. Benefit of Agreement.  This Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators and successors of the parties hereto.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Grantee has hereunto set his or her hand, all as of the day and year first above written.

 

	
HUDSON TECHNOLOGIES, INC.

	 
	
____________________________________

	
(insert name and title of Company officer)

	 
	
______________________________________

	
(insert Grantee's name), Granteeexhibit 10.52

	
DATED
	
2004

	
 

CME Romania BV

 

 

- and -

 

 

Adrian Sarbu

 

 

- and -

 

 

Rootland Trading Ltd

 

 

 

 

	
 

 

PUT OPTION

 

 

	
 

 

 

 

 

 

 

 

 

Ref: OMM/CMO 

	  
	 	 	 
	

	 

THIS Deed is made [...] July 2004

BETWEEN

		(1)	Adrian Sarbu, a Romanian citizen, with his domicile at Calea Dorobantilor nr. 230, sector 1, Bucharest, holder of ID card seria RT no. 000114, issued by SEP on 29 October 1998, CNP 1550418400654, (hereinafter "Sarbu"); 

		(2)	Rootland trading Limited, a Cypriot company with its registered office at Julia House, 1st Floor, 3 Themistocles Dervis Street, CY-1066, Nicosia, represented by its director Lakis Theodorou, (hereinafter "Rootland")

Sarbu and Rootland together (the "Seller"); and

		(2)	CME Romania BV, a Dutch limited liability company, company number 33246826 with its registered office at Birkstraat 89, Soest, 3768 HD, The Netherlands, represented by Alphons van Spaendonck and Pan Invest BV 

       (the "Buyer"). 

INTRODUCTION

	(A)	Pro TV SA (the "Company") was incorporated in Romania with the company number CUI 2835638 and has its main office at 109 Blvd. Pache Protopopescu, Sector 2, Bucharest and has an authorised and paid up share capital of ROL 123,300,000 divided into 1233 of nominal shares of ROL 100,000 each.

	(B)	The Seller is the registered holder of 246 of nominal shares of ROL 100,000 each in the capital of the Company, of which Sarbu holds 185 and Rootland the remaining 61 (the "Shares").

	(C)	The Seller and the Buyer have agreed that the Seller may require the Buyer to buy the Shares on the terms set out below.

AGREED TERMS

 

	1.	Definitions and Interpretation

 

	1.1	Definitions

 

In this deed:

 

"Business Day" means a day other than a day which is a Saturday, a Sunday or public holiday in The Netherlands or Romania;

 

 

	  
	 	 	 
	

	 

 

"Insolvency Event" in relation to the Seller. Buyer or the Company, means any of the following:

 

		(a)	dissolution and voluntary liquidation proceedings being initiated against Pro TV SA, based on the provisions of Romanian law 31/1990 as a result of a decision of the GMS taken without the positive vote of the Seller or the Buyer; or

 

reorganising and judiciary liquidation proceedings being declared against Pro TV SA, based on the provisions of Romanian law 64/1995 by a third party

 

	 	(a)	a meeting of creditors being held or an arrangement or composition with or for the benefit of its creditors being proposed by or in relation to the Seller, the Buyer or the Company;

 

	 	(b)	a receiver or other similar person taking possession of or being appointed over or any distress, execution or other process being levied or enforced (and not being discharged within seven days) on the whole or a material part of the assets of the Seller, the Buyer or the Company;

 

	 	(c)	a petition being presented (and not being discharged within 28 days) or a resolution being passed or an order being made for the administration or the winding-up, bankruptcy or dissolution of the Seller, the Buyer or the Company;

 

	 	(d)	the happening in relation to the Seller, the Buyer or the Company of an event analogous to any of the above in any jurisdiction in which it is incorporated or resident or in which it carries on business or has assets;

 

"First Option Notice" means the first notice from the Seller requiring the Buyer to buy 61 of the 246 Shares, being approximately 5% of the total outstanding share capital of the Company;

 

"First Option Period" means the period from 1 March 2006 and ending at midnight on 28 February 2009; and

 

Second Option Notice" means the second notice from the Seller requiring the Buyer to buy the remaining 185 from the original 246 Shares, being approximately 15% of the share capital of the Company, if the First Option has been exercised or 100% of the Shares, being approximately 20% of the share capital of the Company, if the First Option Notice was not exercised during the First Option Period;

 

"Second Option Period" means the period starting on 1 March 2009 and ending on 28 February 2029;

 

 

	  
	 	 	 
	

	 

 

"Option Price" means for both the First and the Second Option, the value of the stake available to the Buyer to purchase established as follows:

 

	 	(i)	The Seller and the Buyer each appoint and pay for their own internationally recognised bank to prepare a valuation of the Shares. So long as the mid-point of each of the valuation spreads are within 15% of each other, the average of the mid-points of both valuations shall be used to establish the purchase price; however,

 

	 	(ii)	Should the mid-points from the spreads of each of the valuations be more than 15% apart, both banks would appoint a third bank to carry out a third valuation. The cost of this valuation would be split between the Seller and the Buyer. The purchase price would then be established by taking the triangulated average of the mid-point of the spread of each of the three valuations,

 

	 	(iii)	The minimum price to be paid by the Buyer for both the First and Second Option, shall be established as follows: 

 

	 	(A)	For the Buyer to agree to pay a minimum price for either the First and Second Option, each must be exercised simultaneously with the put options available to the Seller for his shareholding in Media Pro International SA as set out in a put option agreement between the Buyer and the Seller signed as at the date of this deed (hereinafter the "MPI Deed");

 

	 	(B)	The minimum price will be set for the shares transferred under the First Option coupled with the shares transferred under the first option set out in the MPI Deed. Similarly the minimum price for the Second Option is agreed as a total amount for those shares transferred in addition to the shares transferred under the second option set out in the MPI Deed;

 

	 	(C)	The allocation of the minimum price between the shares to be transferred under the First Option and the first option set out in the MPI Deed and similarly between the Second Option and the second option set out in the MPI Deed shall be agreed between the Buyer and the Seller on the basis of the independent valuations performed at that time the options are exercised for both Pro TV SA and Media Pro International SA;

 

 

	  
	 	 	 
	

	 

 

	 	(D)	The minimum price for a simultaneous transfer of shares under the First Option and first option under the MPI Deed will be United State Dollars One Million Four Hundred and Fifty Thousand (US$ 1,450,000) per percentage point from the share capital of both Pro TV SA and Media Pro International SA together. By way of example a transfer of 5% of the share capital of Pro TV SA from the Seller to the Buyer with a simultaneous transfer of 5% of the share capital of Media Pro International SA from the Seller to the Buyer would result in a payment by the Buyer to the Seller of United States Dollars Seven Million Two Hundred and Fifty Thousand (US$ 7,250,000);

 

	 	(E)	The minimum price for a simultaneous transfer of shares under the Second Option and second option under the MPI Deed will also be United State Dollars One Million Four Hundred and Fifty Thousand (US$ 1,450,000) per percentage point from the share capital of both Pro TV SA and Media Pro International SA together as more particularly described in the above sub-paragraph (D). 

 

 

	2.	Put option

 

	2.1	Upon the Seller giving to the Buyer the First Option Notice during the First Option Period, the Buyer, subject to clause 3, shall buy and the Seller with full title guarantee shall sell 61 of the 246 Shares at the Option Price. 

 

	2.2	      	Upon the Seller giving to the Buyer the Second Option Notice during the Second Option Period, the Buyer, subject to clause 3, shall buy and the Seller with full title guarantee shall sell 185 of the Shares, if the First Option Notice was issued and exercised or 100% of the Shares if it was not, both at the Option Price.

 

 

	3.	No transfers of shares or change in capital of the Company

 

Until the earlier of completion of the sale of the Shares and the exercise of the Second Option Notice:

 

 

	  
	 	 	 
	

	 

 

	 	(a)	Neither the Seller or the Buyer shall transfer any shares in the Company to any other person unless agreed by both the Buyer and the Seller in writing in advance of any such transaction; 

 

	 	(b)	The Seller and the Buyer shall exercise their rights as shareholders in the Company so as to procure that the Company does not issue, consolidate, sub-divide or convert any of its shares unless agreed by both in writing in advance of any such event; and

 

	 	(c)	The Seller shall not pledge or otherwise grant any lien or other encumbrance over any of the Shares without the prior consent of the Buyer. 

 

	4.	Convenants

 

The Seller agrees that upon exercising the Second Option the Company will retain ownership of the brands created by the Company, including but not limited to Pro TV, Acasa, Pro TV International and Pro Cinema.

 

 

	5.	Notices and other communications

 

	5.1	Where this deed provides for the giving of notice or the making of any other communication, such notice or communication shall not be effective unless given or made in writing in English in accordance with the following provisions of this clause.

 

	5.2	Any notice or communication to be given or made under or in connection with this deed may be:

 

	 	(a)	delivered or sent by post to:

 

	 	
the Seller
	
Adrian Sarbu

	 	 	
at Calea Dorobantilor nr. 230, sector

	 	 	
1, Bucharest, Romania

	 	 	 
	 	
the Buyer
	
Alphons van Spaendonck

	 	 	
Birkstraat 89, 3768 HD Soest, The

	 	 	
Netherlands

(such addresses being referred to below as the "Postal Address" of the relevant party); or

 

	 	(b)	sent by fax, to:

 

	 	
the Seller
	
fax: 00 40 21 2050315

	 	 	
asarbu@mediapro.ro

	 	
the Buyer
	
00 31 35 603 0359

	 	 	
sin.fid@consunet.nl

	 
	 	 	 
	

	 

and shall be marked in the case of the Seller for the attention of Adrian Sarbu and in the case of the Buyer for the attention of Alphons van Sapendonck.

 

	5.3	Any notice or other communication so delivered or sent shall subject to the provisions of clause 4.4(c) be deemed to have been served at the time when it arrives at the address to which it is delivered or sent except that if that time is between 5.30 p.m. on a Relevant Day and 9.00 a.m. on the next Relevant Day it shall be deemed to have been served at 9.00 a.m. on the second of such Relevant Days.

 

	5.4	Where either party has given notice to the other of any different address or number to be used for the purposes of this clause then such different address or number shall be substituted for that shown above.

 

For the purposes of this clause:

 

	 	(a)	"Relevant Day" means any day other than a Saturday, Sunday or a day which is a public holiday at the Postal Address of the receiving party;

 

	 	(b)	any reference to a time is to the time at the Postal Address of the receiving party;

 

	 	(c)	reference to an electronic communication (including a fax) being received shall, in the case of a party which is a corporate body or partnership, mean receipt at the first device hosting electronic communication services for that corporate body or partnership at which it is received and, in the case of a party who is an individual, shall mean receipt on a device owned (or used for reading electronic communications) by the individual which receipt shall, notwithstanding the provisions of clause 4.3, and in the absence of evidence of earlier receipt, be deemed to have occurred 96 hours after sending; and

 

	 	(d)	"electronic communication" has the same meaning as in the Electronic Communications Act 2000.

 

 

	6.	Miscellaneous

 

	6.1	The terms of this deed are confidential and no party shall make any statement about its contents unless the Seller and the Buyer have approved it in writing.

 

	6.2	No term of this deed shall be varied except in writing signed by all of the parties.

	  
	 	 	 
	

	 

 

	6.3	The headings to the clauses in this deed are for ease of reference only and do not form part of this deed.

 

 

	7.	Entire agreement

 

		7.1	This deed:

 

	 	(i)	constitutes the entire agreement between the parties about the subject matter of this deed; and

 

	 	(ii)	(in relation to such subject matter) supersede all earlier discussions, understandings and agreements between any of the parties and all earlier representations by any party.

 

The parties have not entered into this deed in reliance upon, nor have they given, any representation, warranty or promise except as expressly set out in this deed.

 

		7.2	If a party has given any representation, warranty or promise then, (except to the extent that it has been set out in this deed) the party to whom it is given waives any rights or remedies which it may have in respect of it.

 

		7.3	This clause shall not exclude the liability of any party for fraudulent misrepresentation or concealment or any resulting right to rescind this deed.

 

	8.	Governing law

 

The governing law of this deed is that of England and Wales.

 

 

	9.	Jurisdiction

 

	9.1	The courts of England and Wales have non- exclusive jurisdiction to settle any claim or dispute arising out of or in connection with this deed. The parties to this deed irrevocably submit to such jurisdiction and waive any objection to it, on the ground of inconvenient forum or otherwise. A judgment, order or decision of those courts in respect of any such claim or dispute may be recognised or enforced by any courts of any state which, under the laws and rules applicable in that state, are competent or able to grant such recognition or enforcement; and

 

 

	  
	 	 	 
	

	 

 

	9.2	Notwithstanding the submission to that exclusive jurisdiction, and subject to clause 8.3 below any party to this deed may bring proceedings in the courts of any other state which have jurisdiction for reasons other than the parties' choice, for the purpose of seeking:

 

	 	(a)	an injunction, order or other non-monetary relief (or its equivalent in such other state); and/or

 

	 	(b)	any relief or remedy which, if it (or its equivalent) were granted by the courts of England and Wales, would not be enforceable in such other state.

 

This deed has been entered into as a deed and delivered on the date shown on the first page.

	
SIGNED as a deed by Adrian Sarbu
	

)/s/ Adrian Sarbu

	
 

	
in the presence of:
	)	
 

 

	 	 	 
	
Witness: 
	
Signature.............
	 
	 	
Name...................
	 
	 	
Occupation............
	 
	 	
Address...............
	 
	 	 	 
	 	 	 

	
EXECUTED as a deed by Rootland
	
)

	
Trading Ltd. acting by Lakis Theodorou 
	
)

	
a director 
	
)

	 	 	 
	 	
/s/ Lakis Theodorou 
	 
	 	
Director
	 

	
EXECUTED as a deed by CME Romania BV
	
)

	
acting by Alphons van Spaendonck a director
	
)

	
and Pan Invest BV, a director
	
)

	 	 	 
	 	
/s/ Alphons van Spaendonck 
	 
	 	
Director
	 
	 	 	 
	 	
/s/ Pan Invest BV 
	 
	 	
Director

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